the least generous, illinois, mississippi, south carolina, new mexico and tennessee, where the percentages are rather low. >> the low cost of living extends to tipping as well i wonder if california has more auto tips? >> or suggested tips i'll leave a tip for everyone here. thanks for watching "power lunch." >> "closing bell" starts right now. s \s. thank you, kelly i'm scott wapner right here from thousands of industry insiders have gathered, including kevin d dreyer and at least one of the most anticipated earnings reports of the season, meta, there's the stock, down today. what a struggle it is for tech

after results from alphabet. microsoft the only megacap tech stock in the green even that's not much that much without it, though, the dow would look a lot weaker than it currently does boeing the big drag today. interest rates very much the story, the ten-year initially slipping, but it's moving back toward 5%. 4.95, the highest level of the session. it takes us to our talk of the tape let's ask someone who counts many of those stocks as his key holdings, malcolm etheridge joins us right here. good to see you. >> good to see you >> are you going to tell me that's why i sold alphabet

months ago what do you make of what's happening? is this trait now? serious trouble? i think what's happening is a little overblown really it shouldn't matter when it relates to their cobusiness the market has penalized them doesn't make a ton of sentence stephanie link seeing the pullback and buys the stock. central question -- is the tech trade in trouble it is if it continues to go down and there's no buyers. the question is, people will buy the dip and that would hold up this trade >> i think people will buy the dip's just a natural reaction,

and you have the folks looking the outside side in. they rotated out in 2022 i think amazon is what's going to make all of the difference when they report tomorrow. >> really, it looks like the least dirty sock in the hamper right now. people don't really think about amazon as a powerhouse, but they're in third place globally right behind meta and alphabet so, i think them telling us they have positive numbers to report as far as digital advertising is concerned could be the thing that turns the corner.

i thought you were going to say that apple holds the key first the the issues in china, and then a new event for max, then we hear about raising prices, how much does apple hold sway at this moment in >> it feels like the market has turned its back on apple you mentioned they have a china problem, and then they also have a problem the diversifying their revenue mix. i think the market that is already baked that in. so, as far as apple is concerned, i think as long as they don't disappoint took place, we're expecting -- i think as long as they don't

disad dispoint to badly, i think that's where it will be. >> i don't want to gloss over microsoft at all you do own that. >> yes. >> so how do we feel about this one now? given their results. you saw the reacceleration in cloud growth for the first time in a couple years. >> we forgot about cloud this year we kind of forget about it i think that microsoft's story is compelling in the sense they're talking about marrying the cloud about is with their a.i. capabilities in azure that's what's reading to more enterprise sales now, you don't own meta. >> i don't. >> i feel like the pressure has

ratcheted up the mag any of send seven, at least in the current market, has become the magnificent five. we cannot afford to keep chipping away at the magnificent seven and say now there's only five, now there's only four. >> yeah, i think that's a very good case. i this i we're running out of the way to explain away why the s&p is still doing well. >> i will say, in the defense of

alphabet, they're probably now fairly valued. where we were worried 30 or so times. >> i want to make alphabet dance, right you pay attention to the numbers they reported, it was a 10% growth rate. that wasn't lost on me that's a big deal. every one percentage point they can gain in market share is $2 billion estimated in revenue they take away from their chief competitor i still don't think, from that

perspective, right, 90% of their business model is search, i just don't think they can chase the a.i. narrative. >> the interesting thing on that note as well is, if anything happens today, at least -- at the very least, from a narrative standpoint, microsoft continuing to distance itself from alphabet what was it, at least whole points of microsoft's growth came from a.i., right? that's just another reason for people to say, you see that's the leader, down 1% today is a laggard they had the opportunity to lead, and now they're going to trail. >> here's the thing that jumped out to me in that order. amy hood this morning said something to the effect of at 11,000, i think, is the number of customers they had in the azure business using the a.i. co-pilot-enabled business, that's now 18,000, one quarter

later. that's where i see it going i think november 1st, they're going to start charging $30 per seat for as far as eighth is concerned movie is the number one winner and lauren, good to have you with us. this is like the bulls worth nightmare. not only is megacap selling off hard, but interest rates are going up the ten-year is going back to 5%, as we speak. >> what the market price activity has done today is confirmed two trends we're seeing make a big difference in a winning strategy for this period the first is that there's really no clear macroeconomic

narrative. that means equity market leadership has been and is going to continue to give-and-takee away the second thing is the dynamic in technology is pointing to the reality that we're like log over the next 12 months to have to see a broadening exposure so that means digital infrastructure, maybe a small and medium-sized companies that are profitable adding to this space >> do you personally think that the tech trade, lauren, is in trouble more broadly >> i think it's in trouble for the specific seven companies that have done well. not because they're not quality companies, but that their values have risen so high

when we see recession, it won't by the top seven companies that struggles, but the market that struggles with a broader narrative so the type of weakness we have seen in the past couple days is the market digesting earnings than a clear signal. >> malcolm, we have gotten a little relief, we thought, on rates up until day up until this very moment is where we're five basis points, back to 5%, or how problematic is this? >> i think it's a real problem i was saying we should probably be bracing for impact more than we're preparing for a soft

landing. i think the bond market is finally agreeing with us what we're seeing happening now, with the curve steepening, it basically is uninverting the yield curve, but not in the way we want it to happen we would want the fed to cut short-term rates instead yields are spiking really fast overnight, which is not a recipe for a soft landing. >> are we watching chances for a lay-year rally literally evaporate before on our eyes. >> what's happening in the bond market i think is important in answering that question. the real is we're not likely to see a big bear market sell-off unless we're getting closer to recession. as you know, that's been our call throughout the year what we're seeing is yields moving higher, because the market is agreeing with the fed

that rates will have to be higher for longer. that's tightening market financial conditions that's really challenging borrowers. while it's only the latest in what's been a year-long trend, i do think it makes a material difference, and likely to chart the path of markets moving forward. >> the other idea, lauren, is the more that bonds get cheaper and yields go up, they still present to many an opportunity that exists that's just better risk returns than going into stock. you take cash, is obviously attractive in that environment the prospect of yields continuing to go up minds bonds will getting cheap er. >> it's a challenging task for people to get back into the

market given the crosscurrents yes, there are higher yields elsewhere, as they're pointing out. for an investor looking to get off of the sidelines, there's a couple things we're thinking very carefully about the first is where have there been structural changes in the market that present potentially more resilience in the economy in typically not what you hold if you're worried about recession, but you see in the high quality segment as an example an opportunity to potentially see more resilience. for investors looking to get in because there's potential more of a duration opportunity, there we see opportunity in the municipal yield curve where we haven't seen as emphasize inns version/disinversion activity. >> what about other areas of the market

discretionary very weak today. there's concerns about what's happening with the consumer. what about staples, for example? let's talk about investment ideas beyond what seems to be the conversation every day. >> if you allow me, i think there's even opportunities within tech other than the magnificent seven. spotify got whacked in july, because they announced a price hike i bought more at 140, where it fell i'm glad today, because the market rewarded them for the positive numbers he told you in july by i think by q4, you can see us right-sizing the corner. the numbers they reported just baers this out you think about a company that

still is tech, but serves some respect, i think. >> lauren, what about other areas where malcolm sees some opportunity and is not afraid to step in what else looks decent >> as you pointed out, there's been some more defensive tenor to the market in the past couple days consumer discretionary and high beta looking weaker, but i caution investors not to take the bite too conviction quickly because the macro signals are really mentioned good, old, boring quality is likely to be where the winners and loser come from for the next few months that means looking at interest coverage, quality earnings, really reading the day-to-day signals of how the companies are performing, more than what the macro environment is going to give them.

>> what about, lauren, d.c. risk >> we just had ha hardline conservative win the speaker of the house. i don't hear many people talking about risk of a real legitimate and long-standing shutdown of the government not even considering what's taking place geopolitically over in the middle east >> well, when it comes to a near-term impact, we know the longer the government has segmented closures, the more challenging it can be for a consumer already stressed by higher inflation, higher borrowing costs. when we look to the next 12 months, because we're just entering into the 2024 election cycle, we're concerned about the conversation around fiscal sustainability moves forward that's not to say it's a problem today. as much as both sides of the

government have been spending, nominal growth has been high, which can help to sweep some of that under the rug, but there's a real conversation about what types of programs are going to be seeing their light in the sun over the next year that again is under the macro surface, earnings quality type of story, but one i think will play out soon. malcolm, i'll let you answer the same question. middle east, drama in d.c. we finally at least have a speaker of the house. >> i'm going back to the economy. tomorrow's gdp number scares me a bit. that flies ins face of a fed that says it wants to chill out

and stop extending, but the consumer is still going. yes, it probably won't get the hike that everything has decided we won't get, but we might in december or january, which could really make a difference i'm concerned that the fed could have to hike again. >> yeah. i appreciate you being here. malcolm etheridge. lauren, we'll see you soon back at the new york stock exchange. let's get to our question of the day. we want to know -- is the tech trade in trouble head to us on x, the results will come up later a checklist of top stocks to watch. kristina partsinevelos is here with that. hi, kristina. >> hi, scott compass point downgraded the

stock, s. blaming a pullback in overall discretionary spending paypal shares are down as well, block down closer to nine, affirm, you can see the drop is down 15% right now switching gears, texas instruments hitting a 52-week low today after a weak q4 forecast then warned that another they saw growth in the auto sector, they were still hit with weakness in industrials as well as china that's why shares are down almost 4%. scott? all right. kristina, appreciate that. we're just getting started up next, counting down to meta a crucial report coming amid a very ugly day for the nasdaq

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nasdaq and s&p sinking today, leading to a broader sell-off today how might meta fare? here with what she'll be watching, nicolle webb from the notes i've read, it sounds like you're not a very thrilled shareholders.

i would say i'm a cautious shareholder. there's certainly going to be a ripple effect in the coming weeks. when it comes to meta specifically, though, scott, we are looking at meta in the rear-view lens we expect to hear ad revenue last quarter looked good, a very similar story that layering a.i. has become incredibly efficient in helping to -- however, it's hard to look through the lawsuit pending on algorithms and the impact on children we have seen filed in 41 states. when we think about taking the existing modeling, layering a.i. on top of it, that gets called into question. what we have to stash looking for is below the surface can we monetize whatsapp, can

you monetize chat through large language models? is it less than 20 years into the future we really are calling into question, you know, where meta goes from here, in light of some of these recent calls out against ilalgorithms and how they affect families i know, but the stock is up at is 00% year to date, right what's there to be so cautious about? it's not like we haven't had regulatory bluster around this company specifically and the entire mega cap university, and for the most part it's never impacted any of these stocks in any meaningful manner? >> you're right. youknow, it goes back to can this time really be different?

perhaps it's a bit of bias to the experience of these magnificent technology companies, and i've been on the record saying i believe megatechnology is a freight train and it's going to stay in motion when it comes to meta specifically, we do have to pay attention to what have kind of been really below the surface, and we do believe it's meaningful at the same time we also know they have a history of not walking the tight rope well, in terms of innovation while remain disciplined. so when we think about layering on subscription service or hightening user efficiency, we start to think about what type of real revenue are we creating there? is it enough to say what has been priced in from layering a.i. on top of existing models assuming they can continue and

the penetration remains's sticky as it is today, we do call it into question. i know you say my notes on that, too, if we have a neutral position on meta, i'm not saying we're running for the hills, but at the same time we're going to start deploying cashes out of treasuries today, is it into meta that's where our firm is saying no >> but you a bit ago called megacap freight train, just a derailment today in this trade, broadly, are you in that camp? >> i'm not in that camp, actually i would just go back to not all megacap tech companies are created equally. the pullback i would say is more

of a narrative in cloud. microsoft first, then google when i think of alphabet, i ten to hone in, and -- for myself, i believe that youtube is the leading media company in the world. when you think about the number of subscribers to netflix, where netflix has a cost of production of what we watch versus youtube with an expected experience of ads, we know about layering a.i. on top of that, and the cost of the contact is at the expense of someone else, and we have hundreds of millions more subscribers to youtube this is where i think we're a little hyper focused on some of the technologies in. past in the expanse of business

as we know it today, not just in the sense of going downstream. all right. we'll leave it there as we approach the bottom of the hour here nicole, thank you. up next, some under-the-radar stock plays beyond the mega cap space. our next guest has been betting on key names he calls under-followed and unloved he'll tell us what those are next, live from schwab impact here in philadelphia answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's yours free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan

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welcome back to "closing bell." nasdaq and s&p 500 both hitting their lowest levels now in nearly five months, being dragged down by big tech our next guest is finding under-the-radar opportunities. kevin dreyer is the guest with

us >> if you look outside the magnificent seven, the market has almost done nothing, so we like companies with pricing power, certain areas like live events and sports are terrific >> a lot of these areas are more cyclical -- small caps, for example, have gotten crushed if you're worried about a more dramatic economic slowdown, you'll see the most acute pain in small and mid cap stocks. why is now the time to look at those, even as we have serious questions about the trajectory >> we're not buying the whole

market we're buying specific names. it's painful for me to talk about baseball today as a philadelphia fans, but, you know, the value of that company is really in the sports team which won't be affected much at all by interest rates or the economy. it was just split off from liberty media, and very likely to be sold in the next year or two with a value in the mid 50s or even higher >> when is the last time you added a stock to your portfolio? >> we add stocks all the time. we have over 30 analysts scouring the world, especially when markets come in like this, we like to let volatility serve us. >> do you feel like volatility will pick up more? you have to have a bigger view about what's happening relative to interest rates, whether you

think there will be a great are upset how would you assess all of that? >> interest razz near a ten-year high, that's competitive stocks have competition now, which is probably a good thing the question is how much is that priced in? i would think we're in the rates higher for longer camp we have a love the strikes going on, labor negotiations, so wages will probably still go up. that part of inflation might be sticky. >> does higher for longer also mean, then, that some of the stocks that you've been looking at from the bottom up may have further to go, if we're just going to be in a higher rate environment, it leads more to the possibility of volatility. >> sure, but i would say, how we look at it

a company like brbr is the ticker they make premier protein, shakes, they just grew 20% last quarter. the whole food industry is struggling, because think raise prices so much, so volumes are negative this company is growing 20% right now. they just expanded capacity. about two thirds of their sales are only through costco and walmart it was ipo'd, and then spun off almost two years ago. that's a company that could likely be sold, could be very attractive so if rates go from 5% to 6%, will that be a negative? yes, but i don't think that's going to change their business if anything, it will be consumers looking for value-oriented on the gog nutrition. >> how do names like deere and

caterpillar fit in >> so we followed ecosystem for a long time. on a longer-term basis it has a great runway, a growing population they're selling equipment into farmers, looking at precision ag, so i think it's a great long-term story, but in the near term, as rates go up, that means financing equipment a by challenging. >> thanks for being with us, kevin. as we had here in philadelphia, up next, apple price hikes we have the details, how it mike impact that stock as well just after the break. "closing bell" will be right back

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we're 15 minutes or so from the closing bell apple hiking some prices on the subscription services. steve has the details. >> apple raising prices again. apple tv plus among them apple tv, by the way, got its

second price increase. apple one is the bundle of apple service, also got more expensive, plus increases for apple arcade, and apple news apple needs services to grow faster as had faces falling demand for the 15 lineup, but it's only a small piece of the puzzle it makes money by taking a cut of digit at subscriptions in the app store. last quarter, apple said ted 1 billion of those subscriptions. their call is tomorrow in terms of, where is demand for the 15, as you mentioned what's happening in china? between some of the regulatory

issues that have gone over there, whereas market share, relative to huawei, and another event on the calendar. there's a lot of crosscurrents around this game there's two important thins, the huawei piece is super interesting. apple benefited for years when huawei just wasn't making phones due to the restrictions they had from the united states apple spent those years bragging about how many switchers they got. now we're starting to see some evidence, at least, that it's going the other wait we're expecting new macs next quarter, but that business has been simped the last couple quarter, wee expecting a new desktop version next week. if that is the case, i doubt that's enough to move the needle we'll have to wait until next year for the new m3 chip and

much more competition getting into the space, too, scott last chance to weigh in. is this trade in big trouble in the results are coming, just after this break when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's yours free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free, and there's no obligation. you see, medicare covers only about 80% of your part b medical

expenses. the rest is up to you. that's why so many people purchase medicare supplement insurance plans like those offered by humana. they're designed to help you save money, and pay some of the costs medicare doesn't. depending on the medicare supplement plan you select, you could have no deductibles or copayments for doctor visits, hospital stays, emergency care, and more. you can keep the doctors you have now, ones you know and trust, with no referrals needed. plus, you can get medical care anywhere in the country, even when you're traveling! with humana, you get a competitive monthly premium, and personalized service, from a healthcare partner working to make healthcare simpler and easier for you. you can choose from a wide range of standardized plans. each one is designed to work seamlessly with medicare and help save you money! so how do you find the plan that's right for you? one that fits your needs and your budget? call humana now at the number on your screen for this free guide. it's just

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♪ ♪ be ready for any market with a liquid etf. get in and out with dia. question of the day results we asked -- is the sec trade in serious trouble? the majority of you said, oh, yes, it is

to be fair, we'll call it a application. 50.2/49.8. that means mike santoli settles it with his last word. and that and much remo, when we take you in the market zone

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day, plus we're watching two major earnings reports in "overtime." >> julia birsen and kristina partsinevelos are both here. mike, i begin with you what i want to a guest early, this is like the bulls' worth nightmare today. >> in a sense. there's definitely residual hope that would be the rescue package, earnings come in okay, these are or favorite strokes, they ratify our faith in them. it didn't work out that way. you know, there's the old saying kill your darlings, you have to have the processing that going on everybody that is kind of coming together, the indexes are checking back. this is the high from february 2nd. we had the very exuberant start of the year rally.

the equity index futures, the s&p futures have bounced off the 4200 round number a couple times today. that's at a premium. equal weight, undercut the markets, so basically you really believe in a soft landing? one thing about the google reaction, it was a $500 stock several months ago it took it all at once now it's at 125. no real shape to be at that level, but obviously people were complacent about what the numbers would be. amazon hasn't gotten talked a lot today. down 5.5%. tesla has been weak, trading awful, and amazon, too

>> we'll see it's been mixed. movie hanging in there, but very much a very much a protect yourself type of market. the top three? that's call defense there. kristina partsinevelos, ibm earnings in "overtime", what do we expect? >> all analysts agree the surging u.s. dollars will add incremental headwinds. a problem we also saw last quarter. but they could seem to agree on the consulting business. bernstein says ibm should see

more revenue from a -- ibm acquired the business in but ubs points out that red hat is expected to decelerate they lowered their software estimates, expect additional commentary lastly, consulting competitor accenture was cautious in the recent earnings report, warnings of slower decision making. morgan stanley says the same amount of damage could hit ibm so will ibm stick with the full-year growth of 3% to 5% free cash flow of $10.5 billion? scott? all right. we'll see you in o.t.

a julia boorstin, and then there is meta. i'm wondering how many times we'll hear efficiency out of mark zuckerberg. that's been a winning strategy for him in that stock, hasn't it >> it has indeed meta shares are down about 4% today going into the close, but the stock is up nearly 150% in the past 12 months this is because analyst investors expect acceleration of growth this will be the fastest rate in two years. meta is expected to benefit from a.i., targeting and measurement, better monetization of reels, tapping into the opportunity, and plus an overall stabilizing, now growing ad market. we're going to have to see what meta says about the expenses

yes, this self-proclaimed year of efficiency. plus we'll be listening to more about the costs around the reality labs division. scott, despite meta's gains, analysts are still very bullish. 86% have a buy, so% have a hold. julia, thank you mike, back to you. we'll have the two-minute warning in just a second i think the nasdaq will end up close to its lows. the megacap techs are not being bought. >> that's right. the destabilization coming out of the bond market has everybody his tanned, i think, to just add some risk. we talked about earlier, the t ten-year had a hard time, but on the pullback, 4.8 was the high from the first part of this month. the point is the up trend is in

place until it falls apart big ackman closed short, maybe not, so all of that stuff together does put in a challenge to exactly what people consider a bargain to buy a dip meta, of course, will go out at $300 and it fought its way back up there. i do think you are at these decision points. lot of these names a lot of them have profits to be taken. i still don't think the leadership has busted all together, though >> it is a very fickle market, though meta comes out with a good report, amazon comes out with a good report, we may have a complete reversal of the kind of carnage we're seeing today. >> that's absolutely right i think it's low conviction. these stocks are up a ton. we don't know what got priced in, and that's where it leaves you. just like at alphabet today. consensus, comfortable long

yest yesterday. gdp out, a lot to consider there's the bells. not much to cheer about today, that is for certain, especially if you're invested in the mega-cap tech names. that's it for us see you back home tomorrow sending it to "overtime" now with morgan and jon. the is that closing below the key 4200 level, first time since may, as megatech tumbled welcome to "closing bell" overtime i'm morgan brennan here with jon fortt. we'll bring you all the results as soon as they released. >> eric jackson wi