better in the future. >> what about coinbase? >> that's a no touch for me. for me, it's too -- i have to understand something and really get my arms around it -- >> you would pick ether over coinbase? >> we got to leave it there. thanks for joining us on "power lunch." thanks for wearing that cowboys' hat, man. really? really? welcome back to "closing bell." i'm scott walker here at the new york stock exchange. this make or break hour begins with a tough week for apple and nvidia's recent pain will move over to other cap stocks. here's your scorecard. the major averages including the nasdaq, well, they were up modestly for most of the day. it's evaporating. nasdaq has gone negative.

the rulsssell is there as well. tech has a sector down about 2% on the week. lots of talk about interest rates, of course, lately, today, though, they've been mostly quiet as investors assess the current state of the economy which remains strong. brings us to our talk of the tape. the buy the dip binge that has kept this market more resilient, is it still alive and will it kept september from getting any messier. let's ask dan greenhouse here with us at post nine. you know, we see the nasdaq. it's rolled over a little bit. i didn't get that strong today. apple and nvidia are still having some problems. how significant do you think that is. >> i believe obviously this is the big debate right now. clearly for me, when you look through the index, everybody is down. but the bulk of the damage is being done by apple which is -- as everybody knows by now, largely worries about china overblown or not. nvidia, the entire semi space is

across the street. >> broadcom is down. semis down. your point is well taken about what's happening in chips. >> when you dig through the index, you note, like the cybersecurity names are still doing superwell. old tech, ibm, cisco, oracle is at a high. i'm not advocating for them fundamentally. but there are other names, the software space, adobe, there's pockets of strength that are off-setting some of the witness for these issues. >> are we in a buy the dip as i raise this question at the top? are we still in that environment which is the thing that has kept the market as resilient as it's been? there was some talk that that sort of -- the flavor of the market had changed to sell the rip if you're going to get any rip you're going to sell it. what do you think about that?

>> i think it's still a buy the dip mentality. earlier in the year you're looking towards the trough of earnings which seems to be the case, an economy that has proved resilient and appears to be expanding. q-3 gdp is probably stronger than q-2 which is stronger than q-1. until something changes on that front, i don't know why the biased for stocks isn't going to be higher. >> greg branch is going to join us momentarily. he's going to make the case as he has for months and we can -- we'll debate it when he comes on. this idea -- next week you get cpi, ppi, a lot of focus on the fed. you have a meeting in a couple of weeks. they're going to key off of that. do you think they're done or not? >> i don't know. on the cpi, i will say, it bears repeating, i don't think people are aware that next week -- we're closer now, so there might be more, next week is going to be a hot headline number. the headline inflation rate is going to be higher for the

second month in a row and through the remainder of the year. some of the things that have brought down inflation like the airline fares and insurance. i think you're going to have some stability in the cpi. all year long, i've been saying my target was 2 1/2 to 3 1/2 for the cpi. that's almost certainly going to be accurate. as for the fed, are they done? i think they want to be done. but the stickiness in inflation that i just articulated, the jobless claims number, the strength you see throughout the economy, certainly they're not cutting any time soon. but they might feel it necessary sometime this year, at least pressure to do more. >> two of the three key inflation gauges, three critical parts to this story, and two of them have really gone in the right direction. goods inflation is not even close to what it was. housing services inflation has -- seems to certainly have

peaked and is coming down. it's nonhousing services that have remained a bit sticky, probably more sticky than the fed would like. and that's where they maybe need to lean on things more. but at least two of the key three things are going in the right direction. are we appreciating that enough? >> well, yes, i think people -- listen, you're past the peak and close to the bottom are two different things, obviously. the first on the rent side of things, there's two publicly traded companies, invitation homes and american homes for rent. they're single family rental firms. they own 80, 50,000 lots of homes. they're printing numbers in the 7, 7 1/2 range. that's not all of the housing market, all of the rental market. but it's a microcosm of it and that's still healthy. with respect to the fed and everything else, as investors -- why this matters, of course, is because if they're going to keep raising rates, you're going to

keep leaning on the economy. there's a great debate right now, i'm not positive it's still a debate. but a great discussion around whether inflation has fallen from call it 9:00 to 4:00 because of the fed or despite the fed. and the answer to that question and the discussion around it is really important for investors. because if the fed caused inflation -- >> even falling closer to three at this point. >> sure. the next number it will be 3.7. but it has fallen from nine to three, 9 to four because of the fed, money story policy is having an effect. stocks can rally. if it's falling because of transitory reasons, monetary policy hasn't had an effect on the economy and they might feel they need to do a lot more, two, three, perhaps four more hikes. lee was on squawk the other day arguing that the ten-year should be much higher. >> that sort of outlier perspective thinking that the fed is going to do that much, they've had more people come out

this week suggesting that they can -- they use the word patient. they got to be more patient or that rates are high enough. they're not all voting members who are the ones coming out and it's important to make the distinction between the two. if you have a vote at the table, it matters more if you don't bunch they're all in the room. >> if you're not voting, it's a distinction that needs to be made there. let's bring in greg branch. i mentioned you earlier, greg, because in the face of some of these good stories, you remain negative. you don't believe that earnings have troughed this quarter. you don't believe in the estimates that are coming down the pike that suggests that we're going to start trending higher this quarter and in the subsequent quarters after that. you think growth is weaker than we would want to believe and that's why you remain negative. did i articulate that okay? >> pretty well, scott. there's a couple of things that i would probably disagree with. i think if you look at the very

nature of spending in inflation, it would be hard to say that it was not because of monetary policy. and so when we look at what was spent in july, about 140 billion, 100 billion of that was services, 40 billion of that was goods. when we listen to the retailers, they talked about a stretch consumer, spending less on discretionary items across the board, whether you're talking about lowe's and home depot, macy's and chewy, everyone talked about how the consumer is weakening and that can only be a result of monetary. where it leaves us is we know that services spending and inflation and those areas are driven by wage growth. as long as we're going to continue to have a tight labor market, i think the fed has been very unabashed by this, you need to get to around 4.5% unemployment rate for that to really abate. and as long as we're going to see historically low job ads on

a weekly basis, i think it's going to be hard for us to reach that next level down in terms of inflation. yes, i don't -- >> i'm sorry. please finish. my bad. go ahead. >> no, no, scott. very quickly, yes, i do believe that the consensus numbers are high. i would agree that we've reached a trough in earnings. yes, this quarter was better. we came in at negative 4%. we have had three quarters of earnings contractions in a row now and i find it hard to believe that post 500 of fed action with the direction of earnings with the consumer balance sheet where it has, that we don't have further demand destruction which the fed needs which implies that earnings are going to go lower. >> but you continue to imply as well that the fed is going to do a lot more than people are willing to admit. you had what was a way outlier terminal rate of 6.25. what leads you to believe that

the fed is going to do that when two a person they've come out, certainly publicly, many, and use that word patience and some suggest that rates are high enough. why do you continue to believe that as i told you guys a few moments ago, those key metrics of inflation have come down and continue to come down, on top of it you suggest the economy is weaker than we want to believe and they're going to continue to push to it the floor until something cracks. >> it is a delicate argument. and i appreciate you recognizing that some of the things might -- >> some might call it specious. >> perhaps, perhaps. let me -- let me lay it out. so on the one hand, distinguish between people in the fed. whether you're talking about bullard or mary daly, they have not actually said we're done, and they may have said, yes, we're going to wait and see but they haven't said thatwe're done. at the end of the day what we

see is that we've reached a certain point that we've plateaued at. the inflation numbers have ticked back up and, yes, some of that is probably base effect. what we've seen is that just about every category has been growing 20 to 30 basis points or north of that for the last six or seven months. and so while we're continuing to grow that way -- >> greg, but 20 to 30 basis points analyzes to 2 1/2, 3% inflation. that is less than the 7, 8, 9% inflation that we've had and we can quibble about how much more the fed has to do to get down there and that's a worthwhile discussion. but i guess the question becomes, is your argument for meaningfully lower stock prices and less earnings expectations based on the extra call it two or three fed hikes that will be necessary to wring the inflation out of the system. >> no. it's base today combination of the fact that we haven't seen the full impact of the 500 basis points that they've already done as well as the fact that i think

that they'll do more. whether i think they need to do more or not is a separate argument. but i do think that they believe that they need to do more and i believe they will. >> i will add -- greg mentioned earlier about how the inflation that's come down is definitely a result of the federal reserve. again, we're going to leave that conversation for another day because it's superboring and we're going to lose the audience. what i would say as a pushback on the retailer comment, i'll point to visa and mastercard. two companies that reported and had more or less nothing but extremely positive things to say about the consumer. there's obviously issues -- you heard it from walmart and a couple of other retailers about the 100,000-plus income earner who is increasing shopping at walmart and we know there are issues with basket. but visa who touches everybody is telling me that they're not seeing a meaningful in consumer behavior. i'm going to lean on them and think things look pretty good. >> let me point out a broader measure. if we take a look at the fed -- i think it's the st. louis fed

publishes the delinquency rates across all credit cards which would be even broader, for quarterly, and in this quarter, we're almost double the delinquency rate that we were at three quarters ago. it went from 1.55 to 2.77. >> 2.77. >> what was that relative to five years ago or ten years ago? >> the level itself is not really the issue. what i'm saying is that we've seen accelerating deficiencies. if you don't think that's troublesome, you're right. seeing it double in that sort of a time, it means that the consumer is quite strained. >> the other thing that i find interesting about your market perspective -- and i would like you to defend it as well because i think -- specifically right now it's important to hear it, you look at mega cap tech, and i'm looking at the notes you gave our producer, and you think that nvidia's pullback is likely temporary. which suggests to me the question i asked at the very top of the show, whether by the dip

is still intact. you must believe it is if you think that pullback is temporary and if mega cap tech is where that is going to go, how do you expect the overall market to take a bigger drop? >> i think this is easy. because i expect it to narrow. just as we saw in 2022. so can we reach my 3800 target which is next year's 225 in earnings and still have winners that far eclipse that, of course we can. the names that are powered by strong secular tailwinds that put up margin expansion and that show a strong relative earnings growth. that's what we saw in the retail sector, where we saw abercrombie

& fitch move margins and we saw lowe's see margin expansion and, therefore, looked a lot better than home depot. most of retail was a wasteland, we saw it narrow around the names that showed some performance in execution and they were going to defend those three categories. i think we'll see the same. >> but breadth was narrow for the first six months of this year and lo and behold, what happens, the s&p was up 15%. the nasdaq was up even more. which is the whole reason we're even here. >> yeah, and i think about, you know, where -- and i always analyze this. i think you know that scott. i like to look back and see where i went wrong in my analysis. there were two things behind that. the first thing is i failed to recognize the tremendous amount of stimulus that was put into the economy in the first and second quarters and how that

postponed the deceleration of the consumer sheet. so i think that that's one of the factors that we probably overlooked. you know, the second factor in terms of breadth and these tailwinds is that we really had something of a relief rally, right? we were all relieved that the -- that they reached a budget deal. we're all relieved because people started to declare the fight with inflation over particularly when no one was talking about -- that 1.9% when we saw inflation go down to 3%. of course, because we were lapping 9%. i think that we saw a breadth narrow to come degree because of that, scott. because we thought all of these battles were over and now it's just a risk on trade and it's time to buy quality assets. >> i think we were more relieved because we realized -- everybody realized that the economy was, in fact, for whatever reason and certainly a large part due to what you just suggested, that

the economy was just much stronger thanpeople expected it to be. even now and that the consumer, dan, their consumer balance sheets may not be what they were 18 months ago. but they still seem to be decent. and it's easy to say, hey, this retailer and that retailer and this apparel company said things are getting really bad. i can point to others who said they're not. >> listen, greg is right. rate of change matters, direction of change matters and i don't want to dismiss the rise in delinquency and is the trouble that people are having. it's really and moving in the, quote/unquote, wrong direction. but at the end of the day with housing prices where they are, stock prices where they are, consumer balance sheets are strong, the labor market remains on balance. for the immediate future when you have the strong economic tailwinds that we've had, for the next quarter, you're going to have a strong gdp number. the issue going forward, the student loan payment resumption is something -- it's hard to quantify. but it's a thing we've already

seen. student loan payments this past august, were a couple hundred million dollars larger than august 2019. people are clearly rushing to either make their payments or pay down their loans in front of the accruing interest. there are things about which we need to worry, but until i see dae tier ration of the labor market, this isn't rocket science. if the economy isn't going to get, when it's higher. >> areas of the market that you actually like. energy has certainly woken up. energy stocks have, as have oil prices. what about that? >> so look, and i think you know what my parameters are for where i would seek safe haven in the equity markets. i've defined the three characters, right, defensible margins or margin expansion, secular tailwinds and relative earnings growth. energy is poised to have some

relative earnings growth after the commodities bottomed out earlier this year. i certainly wouldn't be dismissive of that view. but i think that the cybersecurity sector shows a strong signals of continued demand, relatively strong demand compared to other quarters. i think we've seen that across the board despite a short-term palo alto scare. that's a category. health care services have demonstrated the surprising ability to pass rising costs and rise in labor costs on almost in full. i think we'll continue to see significant earnings expansion there. despite the macro environment that i'm expecting. and at the end of the day i also agree, if i'm wrong and this is an earnings trough, then mathematically i'm going to be wrong on my target. my target is based on 225 next year which bakes in a significant amount of earnings deceleration. if i'm wrong on that, i'm going to be wrong on my target. >> we'll see. always appreciate you coming on, sharing your views, defending

them and debating. we'll talk to you soon. thank you. >> thanks, guys. question of the day, will the nasdaq finish the month of september positive or negative? you can head to "x" to vote. we'll share the results later on in the hour. a check on stocks to watch. kristina partsinevelos is here with that. >> since you mentioned chips, i wanted to bring up intel shares. they're down after being the only bright spot within the chip sector just over the last few days. and normally i don't get to say that very often. and just over the last three months, it's scene higher gains than nvidia and the stock index that you're seeing. why is this happening with intel? well if the united states government increases export restrictions to china, then intel could become the new, quote, domestic semi winners.

i was chatting with the managing director and he told me intel ownership is low right now which means money managers won't want to be underweight. shares of cloud data provider snowflake are about 3% higher after they were rated a buy. they like snow's expansion into the machine learning space. that's why shares are up today. scott? >> we'll see you in just a bit. we're just getting started here on "closing bell." up next, an ipo comeback, rasean williams sets the table. we're live from the new york stock exchange. you're watching closi"closing b on cnbc. book a work trip. earn onekeycash. shake some hands. do not forget to laugh. [laughing] book a get-away-from-work trip. use onekeycash. order some sides. do not disturb. join one key to earn and use rewards

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when you stream on the xfinity 10g network. i feel better about the capital markets. if you ask me to look head over the course of the next few months, especially if arm and some of these other ipos go well, i think you're going to see a meaningful increase in activity. >> that was david solomon calling for a revival in capital markets activity on the heels of chips designer arms upcoming ipo which is five times overprescribed. rashaun williams, welcome back. >> thanks for having me. >> david solomon feels pretty good, better at least, he said, about the overall market. do you? >> yeah, i do. and i guess the best quote i can give you is delay does not mean denied. we've been sitting here waiting,

and we all believe there's a trade for every season. and right now the trade is the multiple expansion trade. we were in the risk-off season, and then we entered into the smart money trade where you're buying distressed assets at distressed prices. now everyone is expecting multiples to expand, deals are being presold before they launched, and then we'll normalize back into it, kind of chasing normalized earnings growth when the economy kind of settles in and everything starts going up for at least a year or two. >> he couched his optimism somewhat on the idea as he said that, you know, assuming arm goes well, right, the industry needs it to go well. what do you think is really riding on that ipo given the size, the nature of the demand that's around it, and just it's so big at a time where there's been absolutely no activity.

>> yeah, i think a lot is riding on it. look, this is right on brand for softbank. it's a massive deal, massive multiples to earnings. we haven't seen these types of books in awhile. but it's one of those deals where when you have a company selling a business that they own completely, they can control the amount of shares that are listed. they can control the books, they can control the evaluation and everything. one of those manufactured ipos and i think they're going to do it right because so much is riding on it. >> who else should we have our eyes on, like the epic games, stripes, the companies that you escape hearing about in the pipeline, but we don't know what the status is nor do we know how they see the calendar right now. >> yeah, i think you mentioned some of the names that i like. but i'll tell you what that the my favorite, turo. they announced that they're getting ready to tap the market again. everyone sees what's going on with instacart. that's a highly anticipated

transaction. epic games which owns fortnite, any kid will tell you how exciting that is. one of the most profitable businesses in the market right now, don't forget about stripe. noble, a fitness apparel company. these are companies that are growing like wildfire in the private market. everyone is talking about them. dominating their industry. they're going to list as soon as public sentiment for consumer-facing businesses starts to improve. >> are you guys investors in those? >> personal investor in some of them, instacart and turo. >> when we talk about names like apple and microsoft and nvidia and on and on and on and the reason why the nasdaq has had a great year. now the earnings have to put up

or shut up, right? do you think they will? >> well, you know, it's not just about earnings in this situation. i think that's the moral of the story in this type of economy. when you deal with multiples, you think about cybersecurity, for example, cybersecurity multiples were 15 times all the way to 90 times revenue two years ago. now they've collapsed down. so when you put more water in the ocean, all ships rise, right? even the ones that miss earnings on a quarterly basis will still rise and do well, of course, the ones that are growing the fastest are going to be the darlings and sweethearts of everyone's portfolio. >> we'll talk to you soon. always enjoy it, rashaun, thank you. >> thanks for having me. >> that's rashaun williams. up next, searching for opportunities. we'll find out where t row price is seeing change. and don't forget to sign up for the delivering alpha conference.

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energy stocks this week, oil prices approaching $90 a barrel. brent got over that level. our next guest says now is the time to put your money into stocks exposed to energy. sebastian page from t. rowe price, welcome back. >> thank you. >> every time you come on, all i can think about is your commentary where you described yourself as a reluctant bear. i see some notes from you today that suggest you are a changed man. am i making too much out of that? you explain it for yourself, but you don't seem to me from what i read to be as negative as you've been. >> i wouldn't say a changed man, scott, but our thinking has

evolved this year. we were underweight all of 2022, stocks versus bonds. and i've told you i've been a reluctant bear this year and we've incrementally added to stocks. such that we're now a percent away from our neutral weight. i understand that's a boring stance to take on tv, scott. neutral. when my dennistist asks me for investment advice, i tell them to stay invested and diversified. i think there are opportunities under the hood. still reluctant, less reluctant than we've been. it's a very barbell environment in terms of the data that we look at. >> why still reluctant? why? >> you know, we still have to feel the full effects of over 500 basis points of fed hikes in the economy. illustrative of that is the fact that the yield curve has been

inverted massively for a long period of time, you know, i could go on, but, scott, at the end of the day, we have a very compressed equity risk premium. you were just talking earlier about multiple expansion. the equity risk as compressed as it's been over 20 years. even though growth is surprising on the upside, global growth is not. china is not doing well. europe, germany not doing well. it's hard to convince yourself to actually go long stocks here. >> i know, but if you convinced yourself to not be in the game, you missed out on already a lot this year. the moral of this whole story might be then that maybe this time is different. that all of the negativity and the good reasons around the negative reasons to have that perspective and point of view on the market are all legit in normal sometimes, but these have been abnormal times and, thus,

you've had an abnormal market in the face of the 500 basis points you just mentioned. >> yeah, absolutely abnormal times because we're normalizing from 10% nominal growth and then followed by 9% nominal growth in '22. there's this big covid distortion unwinding which we've been talking about for awhile. but it's really distorted a lot of the data. and, scott, the bears, and i've been one, we've been talking about rates of changes and macro dashboards flashing red. you have shakiness in the banking sector. let's just do a thought experiment. suppose you fell into a coma in february of last year right after buying puts and i tell you, the fed hiked by 550 basis points, we have a war that's still ongoing, and we've had the three biggest number two, number

three, largest bank failures in history. you wake up from your coma, you would think that puts would be in the money, you would think that the market would be down. and it's not down. in great part because of the massive amount of liquidity and cash that is still sloshing in the system and the clean balance sheets that we had going into this. >> why doesn't that supersede everything, sebastian? that's what i'm trying to get at. maybe the story isn't as complicated as people have tried to make it from the beginning, right? the amount of liquidity that was pumped into this system around the pandemic and even on the very backside of it were so powerful that it put the patient -- if we're going to use that analogy -- in such a high state that even as it has come down off of it, it's still pretty darn healthy. >> look, growth is coming down.

inflation, in amy mind, is showing upside risk. i think the narrative is getting shakier. i go back to the fact of massive rate hikes. if we get sticky inflation, it keeps the fed in play and you've seen long rates start to come up last couple months. you've seen the pressure it puts on multiples. there is shakiness in the system. again, scott, i've not been -- we don't invest in the way that you go 100% cash and you stay out of the market. it's not the way long-term asset allocators like us invest. the debate comes not being invested versus not being all the way to cash, but really how you balance your portfolio. i think there are lots of opportunities under the hood. energy stocks, in reits, in credit, we don't expect more than 3.5% default rate for the next 12 months. so you can allocate for opportunities, looking a year

out, in a way that you stay neutral at the top or close to neutral. >> but you think this move in energy is legit and has legs and people should actually be allocating more capital to that and where should that capital come from? should it come from mega cap? where should you be taking the money from and putting it to where you think you should? >> it's a great question because we've been doing that for a few months. we allocate to a diversified portfolio of real assets in our asset allocation. it has energy stocks and other commodities, metals and mining stocks and even reits. we've been doing that. taking some from our cash buffer that we've had, if you missed the rally, you can chase the momentum, wait for a dip, or go into markets that haven't participated. so we've taken some of your cash to do that. we've also moderated some of our

overweight positions in other areas such as emerging markets where we're getting increasingly worried about the situation in china, short term and long term. short answer from cash, a little bit from meremerging markets. i think to your question, the $90 oil price, i think that has legs. it's a supply issue. saudi arabia has implemented cuts and you have demand that's still there with atlanta fed, gdp over 5%. combine the two and i think it has legs. >> sebastian, thank you very much. enjoy the weekend. we'll see you soon. >> thank you. up next, we're tracking the biggest movers as we head into the close. kristina partsinevelos is back with that. >> air taxis are one step closer to taking flight and cathy woods' fund wants a piece of that pie. i'll explain next.

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15 before the close on this friday. kristina partsinevelos back with us with the stocks she is watching. hi. >> shares of rh are falling after q-3 guidance fell short of expectations. the co warning that they, quote, continue to expect the luxury housing market and broader economy to remain challenging throughout this year and into

next year. shares are down 16% right now. cathie woods' firm continues to snap up shares of archer aviation inc. the company went public in 2021 and received clearance from the federal aviation administration to begin test flights. shares are up over 6% now. i was going to tell you an airplane pun, but i thought it would fly over your head. >> maybe next time. >> thank you. last chance to weigh in on our question of the day. will the nasdaq finish the month of september posivorite negative? head to "x." the results are right after this break.

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trade freely with no account minimums. we're in the "closing bell" market zone. mike santoli is here to talk about the crucial moments of this trading days. options play, jessica and skip. and kate rooney. mike, i begin with you. no conviction on either side really. i guess the takeaway today. >> it is. and to a degree this week. it's unruffled but lot of enthusiasm. there's not a lot of momentum in the market. if you would pull out one theme, the market is trying to differentiate still even though you've had the very much kind of eye-catching declines in the apples and nvidias this week. software has been strong, salesforce and microsoft and adobe and those are actually kind of holding up better. so, i think you have a little bit of a give and take there. a lot of fixation on the things that could break out and start

to cause a little more disturbance which would be, yields, the dollar and oil. and all of them kind of pushing, pur pushing, pushing but not getting to that scary level. it feels like we have this sort of reset, this late summer reset of expectations, valuations, tries to get the market in a more defensive position. and i think it has to a large degree. you're not really seeing investors really jump on this dip. but on the other hand, not a lot of selling to be done either after about six weeks of no problems in the s&p. >> that's the question we asked at the top of the show, this dip buying. whether it still exists. now the nasdaq is going to be a good test for that. certainly apple and nvidia will be really good tests to watch over the next week or so to see if buyers come in. >> and what happened in august was, you know, it was a good, solid two, three weeks of mostly downside action. the market did get oversold.

you did start to get a little more intensity to the pullback. and finally did find some buying there. so we'll see. we have the cpi next week. it feels as if people are reserving judgment on the macro until we see progress on the inflation front or not. >> jessica is skip, what levels are we supposed to watch now? >> yeah, so, you know, it is a challenging month for september. the average runs are down 1.16% and that's as of 1928. that can cause some fears in energy and yields like mike was saying. however, if you pair that with over a 10% gain from january to august in addition to where we are in the presidential cycle, we actually from a seasonality perspective are setup for a much better quarter four. for levels that you need to watch, the support to defend the major one is 4325. i want us to close above 4455 which is that 13 weekly average.

the main defense line is that august 15th high at 4325 and strong resistance, 45, 45 to about 4593. what's so important right now is this resistance line that we're overcoming and we're impeding is the january 22 highs support level. that's why it's difficult to overcome. and i expect this retraction, but better levels and more expansion, if you will, especially with the productivity in ai as we get into post september. >> let me ask you quickly about nasdaq. looking at a bunch of names that are green, but the problem is, is that over the week, nvidia is down more than 6%. apple is down 6% as well. how close are you watching those stocks in particular? >> more importantly, apple. because of the large amount that it makes up of all of the major

indices. but it's coming to its 26 moving average, 175 is my strong support line for apple. more importantly, if you think about the grander scheme of things from a tech perspective, when we had covid and we add all over the overhiring, the person that did not do that was apple. there's good management and structure. when we see the issues coming in from china, the management and structural resiliency that we find within that company has more resilience than others. so i think that is of note, i would absolutely by the dip at this point. >> good to have you. thank you. enjoy the weekend. >> block, the former square, is down 5%. what's going on? >> yeah, so, scott block is seeing some major adages. it's been a tough 24 hours or so from that company. some businesses were unable to access their accounts or process payments so these are small businesses on what they still

call the square side of that business. there was a systems outage on square's cash app, that's a venmo competitor. they've said that the issues have been resolved. they say things are back online and quote as we continue to get all functionality back up and running, we're investigating what improvements need to happen to prevent these situations in the future. they're issuing an apology there to businesses. shares are down 5% or so amid some of these issues. outages not great for attracting the merchants, especially when you see more competition. you've got paypal, adyen and intuit. not great for square. >> thank you. >> you heard the sound effect. 90 seconds to the close. apple's big event next week, that's going to interesting --

>> it would seem to have lowered the bar. there's not a lot of theme. but it seems like it got a little bit de-risked assuming there's not worse case china policy scenario right there. and the other thing -- way to think about the influence of apple and nvidia is not so much their impact on the index. but when people are feeling better about the market and maybe this pullback runs its course, they will usually play along to the upside just because that's what happens. if the big seven winners are difficult to kind of keep out of a market that's feeling a little more healthy. we'll see if that ends up being a catalyst or just another excuse to obsess over the fact that this has not been a growth story in a very long time. >> we're going to get data, cpi, ppi, there's consumer stuff coming down out of the pike to. a week out from the fed meeting. we don't expect much. a lot of the stress has been

drained away. it's all about the long end of the treasury curve to see if that's where some of the de facto tightening takes place. >> good weekend to you, good weekend to everybody. there's the bell. nasdaq -- i mean the dow had a nice move here into the close. we're up 80-some-odd points. have a great weekend. stocks squeaking out gains. but we are lower. that's the scorecard on wall street. but the action is just getting started. welcome to closing bell overtime. coming up this hour, evercore co-founder roger altman joins us and following encouraging comments from david solomon. >> plus the case for $100 oil. prices are ripping h