. welcome to "power lunch" everybody. i'm tyler mathisen alongside kelly evans. good amp, busy day at hand here.

fighting continuing in israel today. president biden expected to speak shortly to pledge his support for israel. with the chaos in congress, what can the u.s. actually do? what can they aprop pre yat? nothing right now. and we are continuing to monitor the market reactions. stocks continuing the late afternoon rally. bond yields are falling. >> the dow was up half a percent, three quarters of a percent for the nasdaq and the s&p up. a couple of individual names are in the hotels and travel and leisure broadly. look at these increases. hyatt up about 7%. added to the s&p mid cap it gives a boost because it goes into the index funds that managers have to buy. truist also higher. the company reportedly in talks to sell the insurance business for $10 billion to stone point.

this domscomes ahead of earning season. >> the human toll in the middle east continues to rise as the conflict enters its fourth day. president biden is expected to speak any moment now. so what kind of -- about what kind of role the u.s. could play in the conflict moving forward. we'll discuss that with a panel of experts. joining us is michael reuben, he specializing in iran, turkey and the middle east and has lived there. laura bloomfeld is the senior fellow at johns hopkin and covered the region for two decades as a reporter at "the washington post." let me begin with you, mr. reuben you wrote, israel should be worried about the ford

deployment, jerusalem should worry the real reason for the naval presence might not be to dissuade israel's enemy but rather dissuade israel from launching a retaliation that could widen the war. chatter monitored by iranian or turkish assets in gaza would be enough to warn of a strike. this suggests rather darkly, deeply, that the u.s. may not be on israel's side the way we present ourselves as being. >> the best things that the united states can do for israel is give them some space. israelis used to talk about mowing the lawn, degrading hamas from time to time but after this last attack they have to uproot all the grass. they can't have the united states second guessing them with a 7,000 mile screwdriver which

is appears what's happening. it's not clear what the ford is doing beyond virtue signaling. the united states may want to help with hostage rescues but beyond that israel has the capabilities to do what they need to do, they just need to have the united states stand aside. >> do you recall with michael's premises. i sense you agree that hamas must be ejected from gaza permanently but do you agree the presence of the gerald ford group is not what it appears to be? >> they're saying no restraint, we're here to rearm you and support you at the, you u.n. i think they have israel's back and that's unequivocal. this is about deterrence. for israel to deter the northern front opening up and also the u.s. to deter russia and china.

the world is watching. that ship is i think it's within operational striking distance. it's not only speaking to iran, it's speaking to powers beyond who are watching with respect to china and taiwan, putin and ukraine. this is a global crisis. >> michael you say we can't just mow the lawn in gaza anymore but hamas must be pulled up by root and shaft, who do we do that and where do those individuals go if not killed? >> there's a precedence for uprooting groups like this. you have the 1970s where jordan uprooted the plo and sent them to lebanon and then to tanesha. in cambodia, they were uprooted by the vietnamese. you can't allow hamas to have a safe haven. it's a multiweek operation. in the past, hamas and hezbollah has waited for the international

community to force a cease-fire amid growing casualties we can't allow a premature end to the operation to allow hamas to survive. >> to pile on to the point even if you call it vir which you signal to move the carrier where it is, better to do it than not signal at all, right? >> i used to teach for the u.s. navy and every admiral i talked to, said if you want the iranians to take you seriously you need to park an aircraft carrier 400 miles off the iranian coast that way you can reach iran with airplanes but they can't reach you with small boats. that's the posture we need if we want the iranians to take our diplomatic demands sere ware seriously. >> let's talk about the

potential of involvement of hezbollah from the north. largely supported and maybe wholly owned by iran in lebanon. if hezbollah enters the battle they do so with the full support and approval of iran. would that leave israel with any alternative but to strike directly at iran and not just at hezbollah and southern lebanon absolutely. that's what has kept the u.s. government up at night. it's the missiles raining down on israeli civilians from the north. that's what the united states is doing. i think it's not virtue signaling, it's military muscle. this is going to be a contest between strategic brilliance of the west and brutality, frankly, of the terrorists. the weapons that hamas' brothers have pioneered, whether the truck bomb in lebanon, the

suicide bomber in the '90s and now we have weaponizing social media, x, when you see john kirby joking up in tears on the white house lawn because he's devastated by the images he's seeing, that's not vir tue signaling that's gut. we're not talking all options on the table. this is not pistol poker. we're seeing a determination across the brow, you see the secretary of state's forehead, i haven't seen it crunch like that and an intensity in biden's eyes you'll see it when he speaks. >> what would you like the president to say in this regard? what's at stake here? >> i agree with laura what's at stake is civilization. israel is on the front line when we see the brutality of what hamas did, no ifs, ands or buts,

they're a terrorist group they need to be uprooted. i would like to see the united states give them room to do that, after we saw two statements from the state department, they were withdrawn, calling for cease-fires, for all sides to stand down. i'm afraid the gut reaction is as dead set as perhaps we heard from laura. >> what is quickly the role of qatar and turkey in funding the hamas group in gaza? >> well, they have historically been supporters of hamas. i think that we have the opportunity to use their connections to hamas to our advantage. we just released the negotiation of our own hostages through those back channels. so take advantage of relationships now. it's kind of an all-hands situation. i think the bis thing we can do is go big and go home. there's also the political season upon us, presidential race and that's going to

significantly muddy our operational options. so i think that -- i think acting quickly and decisively will do us well. >> so much to talk about here, so little time. we appreciate your insights today. michael reuben, laura bloomfeld hope to f you back soon. >> thank you. with the current cast in congress, no speaker of the house how does that limit the ability to respond? let's bring in emily wilkins with more. >> reporter: congress is still in uncharted waters. it was unprecedented for a house to remove a speaker so there's no speaker in place, which means there's not really an ability for legislation to pass on the floor. this is concerning to a lot of republicans, especially with the situation in israel. it's put a lot of pressure on the proceedings that are going forward. last night, house foreign affairs chairman michael mccall

talked to a group of us and said it is dangerous not to have a speaker in p place at this point and limits the ability for how congress can respond. >> every time you project weakness you invite aggression, we saw it after afghanistan, with russia and ukraine, with china and taiwan and now iran and hamas and israel. >> if you actually look at the house rules, it basically says the speaker, acting speaker, they can't really do anything unless it's to help elect a new speaker. but republicans have also kind of said if we need to move, who exactly is going to stop us here. you heard it from patrick mchenry here, he told reporters if the government needs to act we will act on this particular point. but at this point the white house hasn't sent congress any request for funding or materials or different things. so we don't have that in place yet. at the same point republicans

are hopeful they could get a speaker in as soon as tomorrow. they're having a candidate forum later today with steve scalise and jim jordan who have announced they're running for speaker. and tomorrow morning at 9:00 you'll see republicans go into a room, shut the door and begin a secret ballot on who thespeaker should be. if they come to a consensus quickly you could see a vote on the floor for speaker tomorrow. >> what are you hearing on capitol hill about the reaction to the release a couple of weeks ago of some $6 billion in iranian cash. it was not -- it was money that had been sequestered but many, as i understand it, many are criticizing it because money is fungible. that release comes with all kinds of restrictions attached to it, but it, at the very least, would free up other moneys for iran to work its

mischief wherever the heck it pleases. >> you've seen a number of republicans point to the $6 billion in funding, raise concerns, criticize the biden administration. they've criticized the biden administration on numerous points when it comes to israel. and you've heard the white house really push back saying there are lots of restrictions on the $6 billion, none of it has been touched yet. whether or not this is something that congress does a deeper dive into remains to be seen. we have seen lawmakers with an interest in looking at it. but first things first, the house has to elect a speaker, the senate is out of session this week so they have to come back. this could be something we see further down the road but at this point it's a question mark how the money is playing into what we're seeing in israel. >> emily, thank you very much. we appreciate your time today. and the bond markets are getting their first chance to react to the israel/hamas war.

4.65. we'll get a report from rick santelli shortly. and we'll talk to a fund manager on the hunt for yield. our five-star fund week continues next. we're awaiting president biden's remarks on israel we'll bring them to you when they happen. over an hour late at this point. we're back at this here on "power lunch." from chrome to duckduckgo.

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welcome back to "power lunch," everybody. bond yields lower today as bond markets get their first chance to react to the israel/hamas war. let's bring in rick santelli now with more. yields are lower but not by all that much, right, rigck? >> it's deceiving, tyler because many of us watching the markets yesterday when the cash market was closed were able to interpret based on futures where interest rates would be. and yesterday most of the trading would have been around 4% for a two year and 465 to 467 for a ten. when you look at where the rates are at today, they're in a very similar area. arguably a little bit lower. what the point is, you look at an intraday chart of twos, tens,

and a dollar index. a couple things should jump out. we're sharing along the entire curve the buying, usually the flight to safety was in the short maturities and the dollar index participated, it didn't. if you open the chart up to early july, tyler, this is interesting. notice a two year note yield is close to the top in july. look at a ten, the same time reference on the chart, look how much lower the left side is. that speaks volumes about why the entire share is there. in addition to flight to safety, there's a mean reversion going on in the minds of many trading the long end. when it comes to the dollar index, i'm not sure exactly why it's out of vogue right now as a safe harbor currency. doesn't look like any currency is going wild. if you consider we are at the highest levels of the year prior

to this, it makes more sense looking at the chart starting in november. >> rick, thank you very much. we appreciate it. now our five star fund week continues amid growing g geopolitical risk. our next guest is on the hunt for dividend paying stocks in the u.s. and abroad. ben kirby is manager for a pair of five star rated thornburg funds. his fund one of the top performing in its category, up nearly 15% over the past year. it's good to have you here, welcome, ben. >> thanks, great to have on the show. >> this is tough rowing this year when the 100 dividend stocks are down like 11% year-to-date. how do you navigate that? >> yeah. so look, i i think we're happy or the a five-star portfolio means our clients have had a great outcome for 20 years in this portfolio. every year is different. we are process focused.

we're disciplined. we're building a portfolio with intention and client outcome in minds. so we have a concentrated portfolio we're going to do fundamental work, sometimes the market is in our favorite, sometimes it's not. this year even though dividend paying stocks are down, our portfolio has a single return so we're happy with that. >> how much has to come from dividend. what are your constraints? this can you be in money market funds, for instance? that's nice returns right now. >> yeah. cash 5% is more compelling than it's been for a long time. we have about 5, 6% cash today in the portfolio. that's dry powder so if we get a pull back we can invest opportunistically but we own a lot of stocks paying a 5% dividend and growing. so to us those are better current investments and better

long-term investments as we look out for a longer time period and providing our clients with that growing income stream that's still valuable. >> anything to be opportunistic now where some international markets are selling off, facing challenges. i don't know if you worry about germany's prospects as that outlook continues to grow cloudier right now? >> i -- yes. so the dollar is strong. so it makes some sense we think to be die searversifying internationally, buying the foreign currencies. germany is tied to china and china is slowing. m maybe china gets stimulus and that would be helpful. but our holdings are mainly in france, france is still performing well as an economy had. and a lot of stocks are trading at 30, 40% discount, similar to the u.s. and they're at a premium similar to the u.s. so a lot to be found in europe, especially in france in this

port portfolio. >> in many your summer fund and the other one maybe you are allowed to go short. how often do you deploy that and do you have many short positions on right now? >> yeah, great question. summit has no shorts today. we had some shorts going into covid. and, you know, those were helpful but overall, shorting is a tough game because the upside is limited and the down side is unlimited. so, you know, really we're trying to position the portfolio a bit more defensively today from a duration standpoint from a beta on the equity standpoint but we're not going short. trying to have a bit lower beta for a slower economic environment next year. >> it's an attractive time with high yield bonds at 8%, 9%, to go in and lock in the fixed returns. is that what you're doing? you can't guarantee 8% in stocks at all.

>> we're absolutely doing that. so if you can, if you can buy a contractual obligation, a bond, that has equity like long-term ru returns. if you can lock that into a fixed income investment, great you should do that. that said, there are some parts of the equity market that are still attractively valued. some parts have run, look expe expensive. there are parts of the market interesting but we're about 50/50 stocks and bonds in the summit fund. >> energy quickly, you have a couple of names in that space? >> yeah. the energy stocks are inexpensive and have been for a long time. generating a lot of cash flow, their cap x has been moderated so they're able to afford high dividends and we think those dividends grow over time and from a portfolio context they fit in as a hedge. so if we get further.

owe political instability, one of the transmission mechanisms is going to be higher oil prices and energy yields like it for that. so we like it for the portfolio fit in uncertain geopolitical times. >> it's strange in your seat on one hand you probably want yields to stop declining but maybe not too much. ben we appreciate your time. as the president takes to the podium. >> there are moments in this life, i mean, this literally, when the pure unadulterated evil is unleashed on this world. people of israel lived through one such moment this weekend. bloody hands of the terrorist organization hamas. a group whose stated purpose for being is to kill jews.

this was an act of sheer evil. more than 1,000 civilians slaughtered. not just killed, slaughtered in israel. among them, at least 14 american citizens killed. parents butchered, using their bodies to try to protect their children. stomach turning reports of babies being killed. entire families slain. you young people massacred while attending a music festival to celebrate peace. to celebrate peace. women raped, assaulted, paraded as trophies. families. hid their fear for hours and hours desperately trying to keep their children quiet to avoid drawing attention. and thousands of wounded. alive but carrying with them the bullet holes and the shrapnel wounds and memories of what they

endured. you know these traumas never go away. there's so much families waiting to hear the fate of their loved ones, not knowing if they're alive, dead, hostages. infants in their mother's arms, grandparents in their whe wheel wheelchairs. and now they're hostages. hostages that hamas has threatened to execute in violation of every code of mortality. the brutally of hamas, the blood thirstiness brings to mind the worst rampages of isis. this is terrorism. but sadly for the jewish people, it's not new. this attack is broughtto the surface painful memories and the scars left by a millennia of anti-semitism and genocide of the jewish people. so in this moment, we must be

crystal clear. we stand with israel. we stand with israel. we will make sure, israel has what it needs to take care of its citizens. defend itself and respond to this attack. there's no justification for terrorism. there's no excuse. hamas does not stand for the palestinian people's right to dignity and self-determination. the stated purpose is the annihilation of the state of israel and the murder of jewish people. they use palestinian civilians as human shields. they offer terrorism and bloodshed with no regard to who pays the price. the loss of innocent life is heartbreaking. like every nation in the world, israel has the right to respond, indeed has the duty to respond

to these vicious attacks. i just got off the phone with -- my third call with prime minister netanyahu. i told him, the united states experiencing, our response would be swift, decisive and overwhelming. we also discussed how democracies like israel and the united states are stronger and more secure when we act according to the rule of law. terrorists, purposefully target civilians. kill them. we uphold the law of war. it matters, there's a difference. today americans across the country, praying for those families who have been ripped apart. a lot of us know how it feels, it leaves a black hole when you lose your family. the feeling like you're being sucked in, the anger, the pain,

the sense of hopelessness. this is what they mean by human tragedy. an atrocity. on an appalling scale. we're going to continue to stand united, supporting the people of israel who are suffering unspeakable losses and opposing the hatred and violence of terrorism. my team has been in near constant communication with our israeli partners. partners all across the region and the world from the moment the crisis began. we're surging additional military assistance. we're going to make sure israel does not run out of critical assets to defend its cities and its citizens. my administration has consulted closely with congress throughout

this crisis. when congress returns, we're going to ask them to take urgent action to fund the national security requirements of our critical partners. this is not about party or politics. this is about the security of our world. the security of the united states of america. we now know that american citizens are among those being held by hamas. i've directed my team to share intelligence and deploy additional experts from across the united states to consult with and advise israeli counter parts on hostage recovery. because as president i have no higher priority than the safety of americans being held hostage around the world. the united states has always enhanced our military force posture in the region to str strengthen our deterrence. the department of defense moved

the carrier strike group to the eastern mediterranean and bolstered our fighter aircraft presence. we stand ready to move in additional assets as needed. let me say again to any country, any organization, anyone thinking of taking advantage of the situation, i have one word, don't. don't. our hearts may be broken but our resolve is clear. yesterday i also spoke with the leaders of france, germany, italy and uk to discuss the latest developments with our european allies and coordinate our united response. this comes on top of days of steady engagement with partners across the region. we're also taking steps at home in cities across the united states of america, police departments have stepped up security around centers of jewish life. the department of homeland

security and the federal bureau of investigation are working closely with state and locallaw enforcement and jewish community partners to identify and disrupt any domestic threat that could emerge in connection with these horrific attacks. this is a moment for the united states to come together. to grieve with those who are mourning. let's be real clear. there is no place for hate in america. not against jews, not against muslims, not against anybody. we reject. what we reject is terrorism. we condemn the indiscriminate evil just as we've always done. that's what america stands for. just over 50 years ago, i was thinking about it this morning talking to the secretary of state, vice president in my office, over 50 years ago, as a young senator, i visited israel

for the first time as a newly elected senator. and i had a long, long trip, meeting just before the yom kippur war. i guess she could see the consternation on my face as she described what was being faced -- they were facing. we walked outside and that sort of hallway outside her office to have some -- she looked at me all of a sudden and said would you like to have a photograph? so i got up and followed her out. we were standing there silent looking at the press, you could tell i guess i was concerned. she leaned over and whispered to me, she said, don't worry senator biden we have a secret weapon here in israel. my word this is what she said,

we have no place else to go. we have no place else to go. for 75 years, israel has stood as the guarantor for the security of jewish people around the world. so the atrocities of the past could never happen again. let there be no doubt, the united states has israel's back. we will make sure the jewish and democratic state of israel can defend itself today, tomorrow, as we always have. it's as simple as that. these atrocities are sickening. we're with israel. make no mistake. thank you. >> mr. president, what was your reaction -- >> president biden flanked there by vice president harris and secretary of state blinken saying among other things that

the united states has israel's back. we stand with israel. and when congress comes back there must be action to ensure israel's security. we stand with israel against evil. the evil that hamas represents. and the united states will be ready to replenish ammunition and intercepters used in defending against rocket attacks. we're re-joined by michael reuben, laura blumfeld and john kildof. mr. reuben you said earlier that israel needs the space to do what it needs to do. do you sense in the remarks that president biden just made that that space has been given? >> we will see. look as a republican i say that was biden at his best. that was an a plus. but we need to make sure that we

take that sentiment and continue it further next several weeks. we also need to have a serious discussion about a change of policy towards iran and with 14 americans confirmed killed, according to president biden, we need to extradite hamas leaders from qatar and turkey to have them stand trial in the united states. and if qatar and turkey don't agree, we need to sanction them. >> very interesting as you pointed out, he confirmed 14 americans killed among those killed in the weekend's hostilities. laura, your thoughts on president biden's remarks there. did he give israel the kind of space that michael says is so critical at this very moment? >> absolutely. starting off with the words evil unleashed invoking i think world war two imagery. this is my flag from normandy from the american cemetery. this is good versus evil from

the extremist point of view, this was their land, air, and sea, d-day assault on american values. i think he called for a swift response and decisive. yes, between the lines there, he was asking for no siege. again he said we follow the code of law, do not cut off food and water to 2 million palestinian hav civilians. but to be clear hamas is isis. they never have a seat at the table. also his call for national unity. remember that many israelis when they try to reflect on why this happened they said it was because we were disunited or distracted for political infighting. biden is saying we would be good to take note of that and pull together in a crisis because our enemies will take advantage of it. finally he was speaking to other countries, not only speaking to

iran and their proxies, talking to beijing and moscow as well. hands off of taiwan and hands off of ukraine or with whatever other designs you have. so there's a lot at stake here for the united states. it's not just israel. america is all in. >> it's more hawkish i think than some might have expected looking at the market reaction. maybe we're off the highs. oil still lower on the session. so not looking for any major moves that would price in a tail risk of bigger conflict but a notable development nonetheless. >> and as michael referenced brought in two other countries, turkey in particular about extraditing hamas folks the israeli defense forces described this as a pearl harbor and 9/11 combined. that's unprecedented. we have yet to see what the unprecedented response from israel is going to be. from a trading perspective, from an oil market perspective, oil

market stability supply perspective, where this goes next is going to impact that. these are just early hours yet in terms of what israel's unprecedented response in my view is going to be. that's what we need to gerd for. >> let me come back to you, michael. something laura mentioned, when the president said to those who might attempt to take advantage of this situation, i have one word for you, don't. who was he talking to? >> i agree with what laura said. he's talking to russia. he's talking to china. but he also may be talking to lebanon, to iran. there's no shortage of states trying to challenge the liberal order. and president biden is putting them all on notice. and frankly, even u.s. allies like turkey and qatar. >> folks, thank you very much. appreciateouti. yr me

michael, laura, we thank you. more "power lunch" after we return.

welcome back everyone to

"power lunch." the trial of ftx founder sam bankman-fried continuing in new york today. on the stand is caroline ellison, the former ceo of alameda research and one time girlfriend of sam bankman-fried. let's get to kate rooney now to take us inside this tangled web. hi, kate? >> reporter: so caroline ellison is on the witness stand as we speak. the prosecution coming out swinging today, asking her did you commit financial crimes when you were running sam bankman-fried's hedge fund. she said without hesitation yes, sam directed me to commit these crimes. she arrived this morning in a baseball cap going in the side door of the courthouse. she walked right by sam bankman-fried they both stared str straight ahead today. prosecutors had her look around the courtroom and point out sam bankman-fried she stood up, peeked around said there he is. she said she met sam

bankman-fried when she was an intern and then dated him for a couple years. she was calm today, very matter of fact during all of this. she spoke slowly and deliberately. she was one of the highest ranking executives in his circle. she said one of the things he knew about and approved a $60 billion line of credit and the ability for alameda to have customer funds from ftx sent to its bank account. she said sbf was the one directing employees to set up the systems. and said sbf directed her to use customer funds to repay loans and adjust alameda's balance sheet in a way that made it look less risky. ban bankman-freed has pleaded naturnot guilty to charges.

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welcome back, everybody. the dow up about half a percent right now. shares of amazon up today and higher by 55% so far this year. today is prime day which puts the focus back on amazon's ecommerce roots but the business has been facing serious competition from china. let's bring in deirdre bosa for today's tech check. hi, dee? >> thank you, i have a special guest with me today. ben harberg, he's usually in beijing but he's with us today in san francisco. welcome. talk about the temu infect, the chinese realtor. there's rising anxiety it's going to displace everyone from amazon to the dollar stores to papal. >> and costco as well. this is an application that uses

gamification. a user generated content, highly engaging and it's taking over the app store, it's a threat to everyone, including amazon as it makes a fun and engaging experience at a low ice point. >> but amazon is still dominant here. but it's only been a year that te mu has been here. we saw the super bowl commercials it's at the top of the downloads. how concerned should people be? >> they should be very afraid. it's on par with what xi did fashion. this is a company that goes beyond fashion and targets small goods, electronics and trinkets and therefore that whole range of potential customers and retailers are at risk. >> and in such a short amount of time they've managed to gain a lot of american consumers.

i think morgan stanley estimated 15% of u.s. consumers used the app. why aren't regulators focussed on this? they're very focused on tiktok but in reality these chinese ecommerce apps have been gaining so much ground. >> i think they don't know a lot of them are chinese, two two, they've gone from zero to 3 billion in just over a year. it's hard for congress to get ahead of new technologies. >> thank you for being with us today. guys, back over to you in studio. >> all right, thank you both very, very much. i've used temu. it's a different experience. supercharged. coming up, more on the markets, stocks are higher once again. that's all despite what's happening with israel and hamas. we'll be back with the s&p already f aofto 1.3% start to the week.

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we saw one yesterday but short-lived. >> yeah, and it's never good news when traders have to look at a map to find out the source of geopolitical news that's moving the market. we had a big pop in oil yesterday. that's understandable. it's down a little bit today. i'm not certain that it says too much other than we got a little bit of an overreaction in oil yesterday. >> what about the defense stocks? we saw moves to the upside. do you think they're pulling forward fundamental demand or will that, too, fade? >> i think it's also a reflection if we're going to help israel as we are expected to, the price will be more support to ukraine. but it does mean certain

companies will benefit, and not just because of what's going on in gaza but this will help american support for ukraine. >> how about bonds? yields have come down. not by a ton, what do you see as the future course of treasuries? >> it's a wonderful place. it's a wonderful place to put money if you're worried, and when you woke up on monday morning, it was certainly normal to be worried about our stock market. i think there's good news for equity investors. the price action on friday after the jobs report was just stunning and positive. if you look at the cost of insurance, say tadx, a tail event for the next 30 days that

is above 10 but is relatively low particularly over the last 52 weeks. there's lots of reasons for equity investors to feel pretty good. there are reasons right now as a safe haven for bond investors to feel pretty good. while the news is horrible for the financial markets, it's not as bad as it might be. >> is the most important thing bond yields stay at or below these levels from here? >> i think it's more a question do people feel like they want to be in bonds because of the fear factor they're just terrified of everything else that they want to be in the united states, they want to be in the safest security possible? that attitude is the concern. i don't think anything is really going to get going to the upside outside the united states or in the equity world until that is no longer the fear and the only

way for that to happen is for this to play out about the course of axis rail will pursue. >> scott, thanks so much. we appreciate it today. the dow is higher by 127 points, a little bit off the highs, 0.4%. guys, thanks so much. welcome to "closing bell." i'm scott wapner. this make-or-break hour for rates easing investor anxiety at least for the moment. some of that might be due to the recent fed speakers and speaking of neel kashkari delivering remarks this hour. those breaking headlines when they hit around 3:30. your scorecard with 60 minutes to go in regulation. all s&p sector