stadium broke the world attendance record for a women's sporting event. the team defeated omaha 3-0 in a sweep. memorial stadium's official capacity is just over 85,000 for football. >> standing room over, baby. >> seats and standing room only gave it extra room. congratulations to the very good women's volleyball team at nebraska, and thank you for watching "power lunch." tyler, thanks so much. welcome to "closing bell," i'm scott wapner live from post 9 here at the new york stock exchange and this hour begins with a question on everyone's mind, will september sizzle or stink for stocks? history suggests the latter, but what about the market's newfound momentum, that's key. we'll discuss with goldman's tony pas carell low in just a moment. your score card with 60 minutes to go in regulation, the fed's favorite inflation, read the pce, it came in just right, which sent yields lower and stocks higher, at least initially. the dow has been in a fight all day long to stay positive, it's having a little bit of a tough

time now. it was getting a nice lift from those salesforce earnings, though. and speaking of tech and those ai plays, nasdaq's been the strongest of the three majors for most of the session. it's still green as you saw. there's alphabet, amazon, and how about broadcom, they're outperforming today. they report those earnings in overtime. takes us to our talk of the tape. the rally back in stocks over the past couple of weeks, whether there's enough staying power to sustain that movie. let's ask tony pas carell low, joins me back here at post 9. good to see you again. >> thanks, scott. >> have you bulls wrestled back the momentum that seemingly was lost a couple of weeks ago. >> s&p up five days in a row, subject to the next hour. i would say the momentum is back in favor of the bulls. it's been kind of an interesting month, i think as you said, a tale of two different months. those first three weeks i think we felt the pinch of higher interest rates along the entire curve. i also think the market started

wringing its hands around the trajectory of chinese gdp growth. i think we're breathing easier on both of those narratives. i do think in the end the story of late august has been the story all year, which is the market strength has been driven by the ongoing durability of the u.s. economy, and of course the supremacy of u.s. tech. i still think those are the two bill variables in the equation. >> let's take a few of those things. consumer, no concerns that the consumer is about to crack in any meaningful way? >> i think there's two headwinds coming at us, one is the resumption of student debt and the other is the ongoing drawdown of excess savings. that said, let's think about this. over the past couple of weeks, walmart, home depot, target, visa, they've all basically told us the consumer is fine, from a macro perspective. there's other data points against that. we saw dollar general. then you look at the government data, you look at personal spending this morning. you look at retail sales earlier

in the month, i think the big ball for the consumer is if we're right and the unemployment number tomorrow is 3.5%, and we continue to generate kind of above trend wage gains, i think one can only go so far with worrying about the u.s. consumer. >> how about yields? that's the big equation, right? that still matters more than anything in terms of what we're going to do in september. is that right? >> i think that's right. it's been a really interesting sequence. if you think about may, june, july, when the market -- when the equity market really found upside, in a way it was impervious to the higher in yields. you could just kind of feel it on the front of the month when u.s. rates moved higher along the curve and introduce an element of impingeimpingement. the bond market settles in and the stock market moves higher. my guess is rates will be here or higher far or a while longer. i think the fundamental driver has been good growth data point to point.

i think that's on net positive for the equity market, evening if on a given day or week it introduces -- >> but softening data over the procedure of the next month is a good thing for stocks? i don't want to say -- it's not necessarily bad news, but a little bit softer economic data is exactly what the fed's hoping for and perhaps what investors think they need to believe in this, you know, fed being done narrative a little bit further. >> so i think we should -- i'll take the labor market as an example. i don't think we're rooting for uniformly bad or good news. i think if we walk out of the office tomorrow, and the news of the week is basically job openings down, quit rate down, wages well behaved without job loss, say 149,000 jobs are printed tomorrow, that's our forecast, 3.5% unemployment rate. i think the composite, i think that's a very tidy story for the fed. i think that's a good story for the bulls. >> are you a believer in the earnings story? speaking of stories. i mean, you know, the estimates at this point are like this third quarter is the turn around

quarter. you incrementally go positive, and then fourth quarter follows through further, and then you make a real good turn into 24. does that make sense? >> our call is 224 for this yeerk year, and then 237 for next year plus 5%. we agree the sequence of the year is basically q2 marked the low in earnings and in the end earnings came out better than we expected. given, i'm sure we'll talk about this -- given what a large share of the equation, mega cap tech represents, given what we've seen from those top seven company, if i'm going to bet, i'm going to take the over on 224 and 237. >> you were as wild as anybody on nvidia's results, weren't you? >> the ai thing is interesting. if we're sitting here three or four months ak it felt like a new world had been revealed. the market picked that up. it became prosecuted very clearly in nvidia, in microsoft, in google. today it's like a well-known more well-known variable. again, i think if this is the early innings of a secular shift, that is our view.

i think that's the view of most people, these things don't go on for just ten months. nvidia bottomed in october. chatgpt was announced in november. big ball, long run. i do think it's early eengs. the companies at the top of the index have the most leverage to that theme. >> are we going to be talking about the so-called magnificent seven and then the s&p 493 on the other side of that, and it's going to be those diverging gains yet again? >> that would be my bet, if i had to pick something to invest on, afternoon for the last four months of the year, if i had to make one bid and push it forward, for me it would be megacap tech. those are the freight trains. i don't want to understood in front of them. they're doing everything right. look at local price action in nvidia, google, microsoft, apple. i wouldn't fight that. we talked about it before i got on. go back to the end of '08. na nasdaq's up in 14 of 15 years. i'm not going to fight the

freight train. >> and the reason why the freight train keeps rolling on has to do more than with just rates being low over that extended period of time. ambulance balance sheets look better. is that why you don't mind paying the multiples that are a little higher than the other stocks in the market? >> i think it's hiding in plain sight, and you said it's the best balance sheets in the world, the returning capital. they'regenerating above trend earnings growth. they have convexity to the newest, most interesting theme in the marketplace, and nvidia's cheaper today than it was before it made this big run. >> talked to a lot of hedge funds, obviously, and running the hedge fund coverage over at goldman, what's the deal on the idea that mega cap is according to some, still under owned. now, i've had pushback from others on that. what's the case? >> well, i'd say this. again, nvidia is va very good representation of the theme, which is when we're going into earnings last week, if you asked our people who know flows and

positioning technicals best, they'd say, hey, out of ten, the ownership level is a ten. they'd deliver spectacular results. the stock spent a day or two kind of distributing that, and here we are making a higher high. i do think these stocks are well owned, i do think the themes are well-known. it just doesn't arrest the funda fundamental strength of the earnings growth. if you're going to bet anywhere in the world, can you find a better option on top of the s&p 500. >> what do you think is more important to the market's trajectory, apple or nvidia? >> i think in the end it's probably apple, it shoulders the most market cap weight definitionally. >> simply because it's close to $3 trillion in market cap, it's going to have a more important position. you know where i'm getting. it's kind of a loaded question. the fact that all of the hype has been around nvidia, and in many respects, it's reflected where sentiment is overall in the market, maybe even more so than apple. >> in the context of your earlier question about ai. again, the market is attached to google. it's attached to microsoft. of course it's attached to

nvidia. when you think about kind of the raw materials for ai, what does it require? it requires data and it requires capex. okay, who can do that and hasn't turned the card over, i think apple's the biggest one who has yet to tell us where the leverage is. >> nvidia's kind of kept the narrative intact of where this is all going, right, with this transformative technology, and then apple -- and look, they're going to roll out their new phone in a couple of weeks, we presume, based on the invitation that they send out, that has the possibility then of taking up the story in some respects and making taking nvidia off the hook for a minute. >> it's funny. this was the q1 result for nvidia, and then q2, which kind of blew our mind, a billion here, a billion there. apple's generated a billion dollars of revenue a day, just to give you a scale of the immensity of the footprint.

god bless america, we both of te stocks at the top of our index. if it came to a choice, apple would carry the load. >> quickly, are we at risk of more consolation in the majority before, you know, you think there's that still push higher between now and the end of the year? >> i think it's certainly possible. august seasonals tend to be tricky. september seasonals tend to be the worst of the year. the china variable and interest rate variable could be with us for a while longer. we get through those seasonals, we'll be talking about year end seasonals which classly are very powerful for nasdaq. >> tony, good to see you. >> let's now bring in joe terranova and nicole web of wealth enhancement group. joe a cnbc contributor. nicole, what do you make of what tony said? what's your own prediction as we turn the calendar here and we start thinking about the fall? >> yeah, you know, we are having

a lot of conversations at our firm about changing our year end expectations. a lot of it has to do with the freight train tony spoke of. two months ago as we started to see the ten-year tick higher a lot of pressure on duration assets, a little bit of curiosity around if inflation on the back half of the year around goods prices increasing, you know, could be problematic, yet good for maybe a value trade, and now we're looking at it going, you know, the jolts data and where we're seeing this moderation around inflation, a little bit of slip pipiness, th conversati confidence in spending. a lot of it is the application of ai in the spending frenzy that's going to go along with it. >> joe, i feel like you and tony see eye to eye on a lot of this market view. >> i feel like i should just get up and enjoy labor day weekend because everything tony said i'm

basically just going to repeat it now. i believe that he's spot on. i think what we've done here over the last 11 days has really built a nice cushion, so let's just say for a second september turns out to be awful and yields are out of control. what we already went down to 43.35 for the s&p 500 on august 18th. we've got a nice bounce here. we're up about 200 handles from that, so i feel as though we've built a cushion, and we can just survive through september with nothing more than a garden variety correction overall. that's the downside that you think about on the upside, you have a much faster snapback than we normally see during a seasonal peer, and it's being led once again by where the leadership has been for the entirety of 2023. and that's the mega caps in technology. >> joe, are we going to be okay? are we going to feel fine getting back to where we were before? i.e. a so-called top heavy

market where we're justcontent with the fact that this is the way it's going to be for the near-term. >> i went back, look, we're coming up on the end of the unofficial summer season, so if you go back to memorial day, take the friday, may 26th and do a measurement of the various indexes. the s&p was up 7.3%. small caps are right there with the s&p 500. they're up whether you look at the russell 3000 or the s&p 500. consumer discretionary very strong. energy up 12% since may 26th. industrials up 10% since may 26th. so scott, you can't dismiss that there has been a little bit of a broadening out. the percentage of s&p 500 companies above their 200 day moving around memorial day was running at 44%. that's up to 60% now. yeah, it's been about technology, it's been about megacaps, we to have to

acknowledge there has been a degree of broadening out. and the recent earnings for consumer discretionary were remarkably strong. >> yeah, to what degree do you need a chase to push this market much higher from where it's been trading around. i look at a stat that bespoke had out. it's fairly telling about the nonbelievers, that individual investors aren't buying this market. the weekly aaii polls showed little rebound in bullish sentiment overall. >> and i can speak directly to that, our firm works with individuals and families, and they are still hesitant to enter the market and there was this sentiment over the last three months that hedge funds were going to come back. october was going to be incredibly volatile. you were going to see profit taking, and it's not that. the consensus has moved towards the recession is not in sight, and also to the fact that even if the consumer starts to

weaken, there's enough growth to offset it. that is the story. the story is we were so worried about the slipping of the consumer in regard to their ability to spend due to rates, but what we're seeing on the other side of this is the fed lucked out. all of a sudden ai came into play and the adaptation across all industries and the enterprise level spending is going to go into that will offset what we're seeing or fearing in consumer weakness in the first half of next year. that is where investors need to be moving into this market. i wouldn't say it's a chase. it's a not missing out on the fact that we are in a secular bull market, and it's going to be choppy. anytime you see pressure on that ten-year, meaning it heads-up again will probably will more buying opportunities across the board. but that's 493 other companies you spoke to, well, that's where you're going to see productivity and spend that was accelerated during covid and obviously the spend across ai in forward

years. you buy now because the market's already looking ahead. >> joe, what happens if the consumer does start to roll over? i mean, manufacturing's still no good. what about that? what if it happens? what if some of these stories that we're hearing from retailers, you know, i guess especially on the apparel side, what happens if it becomes more pervasive. >> i expect that actually the consumer will weaken, and i think if the economy were to grow a little bit hotter than where we are right now, if the consumer were to maintain this level of espending, i think tha reintroduces the federal reserve to use the analogy if the market is a pitcher and the federal reserve is the umpire, they tighten strike zone once more and you're thinking about more rate hikes. the base case has to be yeah, the consumer is going to weaken. that's going to put the federal reserve in the position where they're keeping that strike zone a little wider. they're not adversarial, and i

never bought into the premise of rate cuts. i don't think your belief on why markets should rally or you should be invested is because the fed is going to cut rates. if they hit the inflation target of 2%, yes, there's justification for saying, okay, the federal reserve is going to cut rates, but i think the totality of it all, the consumer weakening isn't necessarily a bad thing for risk asset, and it's somewhat expected. >> nicole, what's one unloved part of the market that you think could surprise us in the fall? >> banks. i mean, the jpmorgans and the goldman sachs, i think when you look at jpmorgan's -- when you look at trading at nine times with a 2.6% dividend, we think that's a strong buy, and so, you know, we think they've been a bit unjustly punished by the regional bank story and a little bit of the fragility of the interest rate environment, but

for us that's one area that we keep looking at. >> we'll leave it there, nicole, thank you, swrjoey as well, we' see you in the zone. let's get to our question of the day. will stocks resume their pullback in september or finish higher than today's close. you can head t tto @cnbcclosingbell to vote. let's get a check on top stocks to watch with kristina partsinevelos as we head into the close. kristina. >> thanks, scott. let's talk about okta, having its best day of the year after earnings and guidance surpassed analysts' expectations. shares are up over 12%. there's a number of analysts on wall street right now raising their price targets on the software name including evercore. analysts over there upfwrading okta to inline from underperform saying the business seems to be stabilizing, and its risk reward is more balanced at current levels. palantir shares are lower after morgan stanley actually downgraded the stock to underweight with a price target, upgrade, though to $9 a share. analysts are saying fundamentals

are pretty much mismatched with the enthusiasm over artificial intelligence, especially since they expect delays with how quickly palantir's ai platform will contribute to revenue. in other words, cashing in on ai isn't as easy as promised. shares down over 8%. >> not for everybody, kristina, thanks. we're just getting started here. up next, countdown to broadcom. we've got top chip analyst, stacy rasgon back with us. we are live from the new york stock exchange, and you're watching "closing bell" on cnbc. people are excited about what ai will do for them. >> announcer: this cnbc program is sponsored by truist securities. introducing watsonx

a platform designed to multiply output by tailoring ai to your needs. when you watsonx your business, you can build ai to help coders code faster, customer service respond quicker, and hr handle repetitive tasks in less time. let's create ai that transforms business with watsonx. ibm. let's create. let innovation refunds help with your erc tax refund so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started on your erc tax refund. stop waiting. go to innovationrefunds.com you really got the brows. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates,

whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. how's the chicken? the prawns are delicious. oh, i have a shellfish allergy. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's okay... never enough truffles. how much are they? it's a lot. oh okay - i'm good, that - it's like a priceless piece of art. enjoy. or when they sell you what they want? yeah. the more we understand you, the better we can help you. that's what u.s. bank is for. huge relief. yeah... ♪

wow, you get to watch all your favorite stuff. yeah... it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try. get way more into what your into when you stream on the xfinity 10g network.

welcome back to "closing bell," broadcom set to report after the bell, the latest company to reveal how much the artificial intelligence frenzy has boosted its financials. for more on what to watch, let's bring in stacy rasgon, he has an outperform rating, $875 is his price target. nice to see you, welcome back. >> good to be back. >> all right, so the stock's run a lot. so how good do these results have to be? >> look, i think they'll be gastroed. i think people will be looking for three things. you mentioned the first one, artificial intelligence. they've given some numbers for revenue. i should say my coverage is only two companies that are releasing actual revenue from ai. it's nvidia and broadcom. broadcom is a chip designed for like custom chips for the hyper

scalers for ai as well as networking. they said last quarter it would be 15% of the revenue, going to 25% of the semiconductor revenue next year. just in the wake of nvidia and marvel and some of the others, do they take that number up. the second thing people are looking for is the rest of the semiconductor business. it's kind of interesting, it's been very strong. people are obviously worried about sustainability. if they're right on the ai side, the non-ai piece of their semi business could shrink double-digits next year and they could still grow. people looking for their commentary and outlook on that. the third thing is vm ware. it will take their software mix close to 50% of revenue. i think things are actually looking pretty positive. they got uk and eu approval. the hsr deadline, we're just waiting on china. in the meantime they raised permanent financing for it. they seemed pretty confident. they've been saying closed by the end of the fiscal year, which is the end of october. any updates on that will be

good. that's not in the numbers right now, i think it's a material source of potential upside if they can actually show they can get it done. >> sounds like you're sort of saying like these other sectors that are not ai, you know, weakness, any weakness in wireless or weakness related to china don't matter as much as they otherwise would because of the hype and story around ai? >> yeah, for them it's actually real revenue. it's billions of dollars of real revenue. but it is, like i actually don't expect their other businesses to roll, but if they do, the ai piece provides a really significant buffer, like literally like the non-ai stuff could fall 10% plus next year, year-over-year, and if they're right about the mix of the ai in terms of the like percentage and where it's going, the semiconductor segment would be fine. if you look at least at the sell side consensus numbers, they only have a little bit of growth next year. if you sort of think about it, the numbers are probably already implicitly modeling like a downturn in the rest of the business, which may not actually

happen. they've been really, really good around managing the cycle like through covid for their products. the numbers actually look -- at least the street numbers look reasonably conservative. even more so if they can manage vm ware, which is massively accretive. >> i read an article, at least one article in preparing for this where i saw it said broadcom has a tough act to follow after nvidia. i guess the implication being that, you know, nvidia knocked the cover off the ball so much the ball like blew up. does that mean that broadcom really has to post something extraordinary to let everybody know that it has that kind of potential that nvidia has already proved to us that i guess it does? >> i don't think so because, the nvidia results as well were massive, right? and you're kind of right, it's like almost too good was almost as much of a problem as not good enough for them. i don't think broadcom needs to worry about that.

the ai piece is material for them, but it's not, you know, data center's 80% of nvidia's revenue, something like that. for broadcom right now, ai's 15% of semis, and semis is 80% of their total and going to 50% of their total if they close vm ware. it's a smaller piece, but it's a nice sort of like buffer to augment the rest of the business. i don't think anybody's expecting the kind of blowout. with nvidia everybody was expecting a blowout result. it had to be good. they did even better than that. i don't think people were expecting any kind of super blowout. >> you know, you reminded us this week as well about the haves and the havenotes with your texas instruments downgrade. can you expand on that a little bit? these companies that are in the wheel house, the so-called picks and shovels, et cetera, of ai and where it's going to be, relative to where everybody else is and the challenge that those companies have not only from a business standpoint but articulating what they're doing

to make themselves feel as sexy as some of these companies we can't talk enough about. >> you've got to remember, ti doesn't care at all about sounding sexy. in fact, they would prefer to be boring, if they want to be boring. the downgrade had nothing to do with ai. ti is embarking on a very significant capital investment phase, multi, multi years. my numbers, i didn't change my numbers or my target price. i'm low on the street. what's going on there is the street is completely mismodeling the impact of that investment program, and i was tired of looking at it. i'm not blaming the company, like, i totally get why ti is doing it. they literally have a 10 to 15-year investment horizon. i bet in 10 or 15 years we'll look back and be thrilled that they do it. i hope to be retired in 15 years. i'll be getting to that point. most other companies and certainly most investors don't have it that long, and the numbers on the street, they're just wrong. they're clearly wrong. i don't know why, but they're clearly wrong. the companies told us, like

they've been 100% transparent on how to model it. the street just doesn't want to do that. i'm trying to force -- it's like a forcing function. i'm trying to get everybody else to pay attention to what's going on. i'm gnatnot blaming ti. >> lastly, you know, i read something else from i think it was wolf this week that suggested that, you know, the lack of big follow-through from that beat by nvidia was suggestive to them that maybe chips have topped. do you share any of that concern at all? >> i think in general, you know, chips have been very strong year-to-date. because of the point in the cycle it's been all multiple expansion. the increase in sector multiples off the bottom has been pretty historic. i mean, they doubled. i think the socks was at -- i don't know where it is right now, but not that long ago it was 28 times earnings. if you talk about the ai stocks, it was like 24 times earnings. you had to go well before the financial crisis to see peak multiples. the companies need earnings

upside. it's harder to bet on multiple expansion. what happened with nvidia is we had a ton of earnings upside. we're seeing multiple compression. with nvidia maybe it's almost like too much in the near-term. but in general, the stocks themselves more on the cycle, we need a return to earnings upside. it depends on where you're playing. some in markets have bottomed. some are just starting to roll. it's a very sort of extended cycle kpdepending on where you are. >> we'll talk to you soon, stacy rasgon joining us once again. up next is the ipo drought ending? the space has been showing some signs of life lately, and now sixth street alan waxman giving his 2024 outlook for that space. it's a rare tv interview. "closing bell" will be right back. not only enhance the fan experience, but to advance how the game is played. aaa relies on t-mobile's network to stay connected nationwide,

so they can help get their members back on the road. and we're helping pano ai innovate, to stop the spread of wildfires. now's the time to see what america's largest 5g network can do for your business.

(vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned.

welcome back to "closing bell," ipos have had a rough run recently, there might just be light, though, at the end of that tunnel. leslie picker joins us now with

some highlights from the latest delivering alpha news letter. i mean, leslie, we've heard about some. we're waiting for a lot more. what's the story? >> yeah, the question is whether that some that we've heard about is idiosyncratic or the beginning of something big. i sat down with alan waxman, the ceo and cofounder of sixth street. his firm has a sizable presence in growth investing having made billion dollar plus investments in spotify and airbnb before each of those went public. i asked waxman where we are in the ipo cycle and whether he expects that window to open soon. he said we're in the seventh inning of the cycle. >> we've already started to see a real pickup in our pipeline as people ultimately commerce has to go, you know, you can only extend the runway for so long. there are growth opportunities out there, and i think people are starting to look for capital and picking their he understand up and obviously having the ipo market open, a little bit of small crack that helps and sort of gets commerce moving again.

our expectation is for 2024, volumes will be higher, i don't want to say much higher. it's hard to call right now, but i would say materially higher than they were in 2023. >> this year the challenge was that startups, quote, withheld from looking for new capital because the valuations aren't quite where they were in 2021. but he adds at some point they'll have to come back for more financing. for more of waxman's thoughts including whether a private credit industry is in a bubble and whether we're out of the woods from a recession, you can subscribe to our news letter using the qr code on your screen, you can see access to the full interview. >> you've got to believe the venture community, which has been extraordinarily patient because they've had no choice is going to be looking for the exits as soon as the environment turns well enough that they can get some of these companies to go public. >> absolutely. that's a key component here. i mean, they want to have these companies exit. of course they want to do so at a decent valuation, at least up from where they invested.

the challenge that's been kind of the case over the last 18 months or so is that a lot of companies looking to go public were going to have to face doing so at a down, which kind of creates all sorts of complicated things. a lot of these companies have structure, they have liquidation preferences, ratchets which sometimes make the venture capitalists whole but dilute other shareholders it can get a little messy. the prospect of higher valuations for some of these companies as they look into maybe q4, q1, should bring more to the table. of course as we look at inst instacar instacart's, if those perform well and get decent valuations, that should open up the window a little bit more for others looking to kind of come down the pike, especially if the buy side is sitting on some nice profits from some of these upcoming deals. >> got to believe that. thank you. up next, we are tracking the biggest movers as we head towards the close. kristina partsinevelos is standing by with that, kristina. >> amazon and shopify, first

foes, now friends. i'll explain what that means for shopify shares next. fr >> announcer: the bond report is brought to you by pimco, a global leader in active fixed income. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank.

you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

we're 20 out from the close, let's get back to kristina partsinevelos now for a look at the stocks she's watching. >> ushs bs is trading at an all time high after more than

doubling net profits since completing its takeover of credit suisse. there are also cost cuts ahead for those working there with ubs saying it expects 3,000 jobs to be cut. shares right now are about 5.5% hi higher. and shopify is jumping as the canadian e-commerce giant strikes a deal with amazon to offer its buy with prime program with merchants. this will allow u.s.-based merchants to add the prime logo and offer amazon's quick delivery options. it comes a year almost to the day after amazon unveiled the service and shopify warned users not to use it since it violated its terms of service. i guess that's not the case anymore. they've become friends. shopify up 11%. >> kristina, thank you, as always. it's last chance to weigh in on our twitter question or our x question of the day. we asked will stocks resume their pullback in september or

finish higher than today's closes you can head t tt to @cnbcclosingbell on x, the results at the end of the day.

the results of our question of the day, we asked will stocks resume their pullback in september or finish higher than today's close? and the majority of you said finish higher. more than half, 54.1. up next, lululemon among the names reporting tonight. plus we hear from a shareholder with the key

takeaways he'll be listening for on the call. thatnduch re a mmo when we take you inside the market zone. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it.

edward jones here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today.

power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are.

e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. we're now in the closing bell market zone, cnbc senior markets commentator mike santoli here to break down the crucial moments of the trading day. plus, we are on earnings watch, courtney reagan on what to expect out of lululemon after the bell. joe terranova back as well to tell us how he is playing both stocks. mike i turn to you as we turn the page on an interesting

month. >> it has been. >> and what you think that means for where we go from here. >> i was just looking back, six weeks ago, let's call it july 17th. the s&p was at exactly this level. we went down from there of course, 4,500 and change and back up in a round trip. since then the ten-year treasury yield is up call it 25 basis points from that point. crude oil up about 10 bucks, also forward consensus earnings up 3 or 4% and crucially individual investor bullishness has been basically cut in half. so you saw 2 to 1 bull to bear ratio, now you have more bears than bulls, just slightly in the latest poll. so it makes sense that we're hear. it doesn't mean it's an all clear, though. i do still feel as if we've been feeding off a pretty nice little run in some of the secondary economic data. the bond market rallied almost surprisingly on the fact we got a benign jolts and even the adp number. so the question is are those

going to trump a high jobs number? i don't know. i think it sort of -- the pull back did most of the job it's supposed tad. i don't know, though, that it means that it really set us up to launch much higher from here directly. >> our poll was pretty split, as you saw, even though more people think we'll finish higher in september than where we're going to close today. >> i looked at that poll and i said why not both. you can more of a pullback in september, you can have more of a test to see if that was real as we bottomed above 4,300 or thereabouts, and then maybe finish high. that's not a call, i don't think they're mutually exclusive. >> courtney reagan, apparel has been such a question mark and i'd say more bad stories than good ones lately. what does that mean for what lulu might say? >> i think that's true, probably more bad than good, but lulu's kind of in a league of its own. it has a strong history of outperforming expectations. investors seem to think it will happen again today by the price action. bank of america sees potential upside for sales and margins,

even with consensus expectations lofty for both. comparable sales forecast to grow more than 12% with operating margins more than 21%. the firm expecting, quote, balanced growth across products, genders, and channels, international for lululemon also still expected to drive growth. even in china, it's about 12% of sales right now, and china generally has been weak for some retailers with this spotty recovery, although abercrombie was another apparel retailer that did see strength in that region. lulu's under penetrated there compared to other athletic brands. it grew 79% in the first quarter. still runway for growth there. it's expected to do fairly well. >> we shall see. courtney reagan, thanks so much. mentioned joe terranova hear as well. he's a shareholder in lieuulu. >> i think a lot rides on how strong demand is from china. lulu, the ability to expand the

story beyond the high end consumer here in the united states resided itself in international in particular for china. china's going to be a focus for me. this is company that has been incredibly consistent in delivering revenue growth 12 consecutive quarters. options market kind of pricing in a 5% move one way or the other, but i think the potential is there for a beat and raise. >> you really want to be hanging your hat, not you, but, you know, expectations or investors hang your hat on what's going on in china right now? >> i think that can be the surprise for this company because it's the distinction between other retailers, why would lulu stand out with strong growth, strong demand from china while other retailers have signaled they haven't. well, if in fact, that's what they deliver, that's why you want to pay a premium for this high end retailer. >> 52-week high is almost 395. it's not that far away, joe. >> no, not that far away at all. and looking back, november of

2021, 485. so that's another milestone that potentially this stock -- >> though had a real hard time kind of cracking the before 100 for a while now. it's a very unusual chart in that it's hugged that area in the 380s or something for a little while. i think it's because long-term story completely unchanged in terms of why it does merit the premium, the fact that they have a lot of runway to expand. they're adding 10% at store count per year. trades now at a slight premium to nike, which is, you know, not new but it's rrneturned to a premium. that's because nike's so weak. >> nike coming off that historic losing strike and it's reversed it a little bit, but not all that much. that's just a nasty looking chart. let me turn you guys to broadcom. you know, mike, the stock, we saw it happen with nvidia. the stock ran a lot into the number. we're seeing the same stories, you know, unfold here.

broadcom's up almost 8% this week or at least in one week. >> yes. >> well, the latest little spurt notwithstanding, i think the distinction between this and like an nvidia is that it started from a position of being, you know, considered not that much of a growth player. so this is almost just a growth kicker to what had been a very slow and steady releiiable valu play within semis, so it's really just adding that extra little bit of juice to the story, you know, whether it's deserved every penny of it right to this point or not is a question, but i think the combination of it being a very, you know, good operator, a good strategic acquirer and all that is still underway. i think it helps people get comfortable with it. i also did note that the consensus sell side price target is under where it's trayding right now. so it's almost as if this butch in the stock has taken the street by surprise because they were used to slow, steady,

boring broadcom. >> stacy rasgon on with us earlier is like this is totally legit ai play. 100%. they're already realizing it now. they sort of push back on this notion that at least part of what they're saying is, quote, unquote, hype. he said it's real. >> absolutely. i believe it is real and management has spoken towards the ability for ai sales to potentially double. to mike's point -- and it's a strong one, it really was a forgotten semiconductor name. why? because it had the dividend yield. it was reasonably valued, and it didn't really offer you the type of revenue growth that you would see in let's say an nvidia or a marvel. so it was kind of forgotten, and then here comes ai, the introduction to ai, just a quick note on this stock. this stock has a remarkable streak going. ten consecutive quarters the stock has been higher the day after earnings. remarkable streak. let's see if we can make it 11. the stock is trading near its

all-time high, and i do think it has the ability here to continue to move further higher. >> mike, what should we think about this? >> i was going to say, i thought you were going to mention a different streak, which bespoke put something out about. it's 12 straight quarters of a triple play. you beat on earnings and revenue and raise guidance, which is a record or at least ties a record. maybe we've gotten the eyes a little bit too big going into it, but you know, it doesn't seem like it's reached kind of valuation escape velocities. we'll see what happens. >> it's another one of those questions, though, you know, dare i say they better raise guidance, or the guy didance -- nvidia reset the game for a lot of these companies whether they like it or not. >> that's true. maybe we'll get reminded that a very large percentage of broadcom and we knew it all along until the last eighth months was slow, steady, basic stuff, even on the software side.

let's remember that as well. so yeah, i mean, it's not really nvidia, but again, it's sort of more catching up or getting a little bit of an extra, you know, gearing on ai that it didn't have before. >> you also have the vm ware acquisition $61 billion. hopefully that closes the end of october. you want the confidence from management on whether that, in fact, is going to be the case. but i think we need to go back and refresh this negative reaction for nvidia. yes, over the course of -- >> for a moment. >> yeah, over the course of 24, 48 hours, negative reaction, but nvidia's pressing right against 500. the high was somewhere around 502. was it really that bad of a reaction? not so sure. the stock put in a new closing high this week in the last couple of days, not on an intraday basis. as you said, it's like 502. >> aside from the fundamental story, which everybody's embraced. i think the big question is can it be exactly that easy that the $1.2 trillion stock that everyone has decided is the mean

way to play this long-term trend is exactly the best and main way to play the long-term trend. it doesn't make you doubt it along the way. we'll see, maybe it can go for a while like this. i know the 500 strike for the nvidia options is this massive, massive clustering of exposure, so it's got a little magnetism in that direction perhaps. a lot of it expires tomorrow. >> let's not forget about okta and crowd strike and crm, which all had good earnings, all had good guidance, all of those stocks were up quite nicely today. it just underscores, i suppose, mike, that tech earnings have been good. they've been largely good. you don't want to stick out like a sore thumb and deliver a dud. >> they've been pretty good. obviously there's distinctions among all those. your oktas and your crowd strikes have had definite resets in terms of the stock price and expectations, and reinforcing the idea that even if the pie's not growing as fast, it's still mainly growing and you have some winners like this.

i think crm is more interesting as an operating story, everyone is pretty happy that they're going to be throwing up a lot more free cash flow than they were before. >> i appreciate it, joe terranova, thank you. >> what a month. we're closing it up. boy, it's a tale of two months for sure. morgan and john pick up that story in "overtime" right now. that's the score card on wall street, the dow just continue hold on to that bump from salesforce. winners stay late. welcome to "closing bell" overtime, i'm jon fortt with morgan brennan. we are closing out august with a bang. broadcom, lululemon, dell, vm ware, knutanix and more. an exclusive interview with the ceo of nutanix before he talks to analysts. but as we awai