they are bringing in a lot of these digitally native smaller brands ones that are specifically catering to gen alpha are cropping up as well. this is going to be -- also in the long term. think about gen alpha will be the largest generation in history with the largest spending power in history. >> thank you i really learned something today. >> thanks for watching "power lunch. "closing bell" starts now. welcome to "closing bell." right here at the new york stock exchange, make or break hour with an historic run for stocks, the s&p the longest winning streak in 19 years more work to do now than a couple hours ago we will track the trade over the final stretch. 4,400 was in sight we have backed away a little bit. we will watch it dosely. your scorecard with 60 minutes to go in regulation. they started couple hours ago right at the time of a disappointing bond auction

rick santelli giving it a d-minus. yields, they spiked. stocks, they fell. we need to watch that. and then, well, piling on a little bit fed chair jay powell made some comments a little while ago. more hawkish than after the recent fed meeting that took stocks lower more with steve liesman in a moment falling yields have been one of the key reasons stocks have been on the move. why this rally has progressed like it has. that takes us to our talk of the tape the catalyst to keep this incredible rally going do we have one let's ask. global market strategist for jpmorgan, asset management, with us at post nine. welcome back so we had the bond auction was bad and then powell and you were already worried about what the catalyst was to go from here to there, higher. correct? >> yes and the short run, if we see yields fall back down again, that helps stocks. that's not a durable factor in terms of pushing stocks higher

i think the issue that we deal with going into next year is the fact that when we look at earnings, expectations of 12% profit growth, it's just not realistic, especially out of earnings season with 90% of market cap reporting and hearing gloomy outlook from management going forward. if we are going to see even half of that type of profit growth next year, we need to see either an adjustment in stocks or at least we will have a bit of a ceiling in terms of where they can go. >> so we got this rally over the last week for a number of different reasons, right treasury issuance went our way the fed chair was dovish apple earnings were good enough. and the jobs report came in a little softer, which was -- which was what the market wanted, right? are you calling into question the catalysts that got us from there to here now? do you think the market's got it wrong? >> it's a little bit of a not so fast just as you can have a benign jobs report, kow have a higher

jobs report next month or a slightly hotter cpi print. we don't know how the data will continue to evolve you hear powell and other members of the fed with mixed commentary we are not hearing a lot of conviction and confidence that inflation is where it needs to be i think about that september dot plot and that one potential more hike, whether it's keydecember january, not off the table yet that's contributing to the yield volatility so whether it's stocks or bonds, i think it's a not so fast market. >> the market, obviously, came to the view and it was pricing in the fact that the hikes were over right? that was key now i think we find ourselves again today rethinking that. let's bring in cnbc contributor joe of vertis investment partners, steve liesman joining us as well steve, i begin with you because, you know, the market sold off on powell on this belief that he was somehow more hawkish today than he was on november the 1st.

i went back and looked at the words from the fed chair himself after the meeting on the 1st versus what he said today. i got to be honest i just don't see it. he said today, quote, if it becomes appropriate to tighten policy further, we won't hesitate to do so. he said on november 1st, if there is evidence of growth persistently above potential or tightness in the labor market is no longer easer put progress on inflation, tightening of monetary policy. inflation well above target he said today a long way to go on the first, inflation is moderated, above target, long way to go. almost the same words. >> yeah. scott, and i think that i remarked at the time of the last press conference that powell's opening remarks were fairly hawkish and his response to my question was fairly hawkish.

but then it seemed like, and i think the tale of the tape bears this out, during the press conference and answering to reporters' questions he was a bit more dovish. he seemed to suggest that the risk to doing more and doing less were a little bit more balanced and he suggested a federal reserve that was more neutral rather than one with a bias you're right i went back and looked and some of the words were exactly the same, but it was the press conference words, and i don't have them in front of me now, but i remember the distinct impression i had it was the answers to the q&a and also the market seemed to trade more favorably during the q&a look, i think it doesn't matter that much, scott i think what matters is this is to the extent that the market has completely ruled out hikes, powell has given you some reasons to make sure that you think they are back, potentially on the table and the idea they are not confident, that they are restrictive, and there is one kind of new twist in here today, this idea that we may have seen

the best we're going to get from the inflation reduction coming from supply side, the supply side opening back up, and that we may have to lean more now on monetary policy. that's a potentially what what you say? thorny issue right there, in that it suggests if we don't get more inflation reduction from the supply side, he may have to do more when it comes to rates so the market also decided today that the fed chair was a little bit more hawkish than last time. >> so interesting because i went back and looked at the whole tryptophan transcript of the news conference he talked about the supply side and, you know, being unsure as to what that was going to mean for the inflation picture. so maybe he had a more definitive view on it today. i don't know joe, he said today, not confident that the fda has achieved sufficiently restrictive rate to bring down

inflation. not assured to getting to 2% not confident rates are restrictive enough that's what he said last time. did you see something different today? is the market getting this right or wrong where are we >> we are in a different place for the market itself. the market on wednesday, november 1st, was deeply oversold pessimism was prevailing the market today is bordering this morning on actually being slightly overbought. the premise that potentially you could have rate cuts in 2024 was going to be populated. the s&p 500 since november 1st is up 3.6% the nasdaq's up nearly 5%. the ten-year treasury pulled back 20 basis points the last several days the market has had this intraday formation where the futures open up higher, and by the way let's credit jim cramer. the futures open up higher and fail the reason that they're failing int

intraday is because of the significant weakness coming from the russell. that's troubling that's problematic last friday we thought the russell had begun to break out it's clear that the russell has actually fade. the russell's only up 1% month to date. in addition to that, now one of the mega caps, tesla, is down-- 6% on a variety of news and rising yields. challenging to the thesis that megacaps will propel us higher through the end of the year. >> steve, the stock market activity, direction, cuts both ways i remember at the news conference on the 1st, the fed chair talked about, you to know, the tightening of financial conditions as being a risk to maybe not doing any more he did mention a decline in equity prices as one of those things on that list of potential risks to the story as to why you may not want to tighten more now, as joe, you know, rightfully points out, we have had quite a rally in the stock

market since that day. so it does cut both ways the fed chair doesn't want to see a stock market off to the races thinking that everything is free and clear, right >> yeah. scott, i don't mean to be a seriallidy agree with, you but i said for a while, you think the stock market thinks the fed thinks more about it than the fed actually does. i think the fed is much more focused on interest rates, much more focused on financial conditions, much more focused on bank lending and bank credit tightening than on the stock market being up or down a couple hundred points, even on the s&p. yeah, i don't think they want a runaway rally. i am sure they don't want a runaway decline in stocks. but i don't think that's the major metrics that they are looking at right here. in fact, the market i think has been, you know, reasonably well behaved through all of this and it's interesting to me it's not down more given the rise in rates, yields have come back, of course, as yields declined i would focus on the ten-year.

i would focus on corporate bond rates and focus on the senior loan officer survey that showed continued tightening going on. those are the metrics i think are most important to the fed when they talk about -- and they had added the word tightening credit and financial conditions to the statement. >> you can disagree with me all day long, steve. that's all good. that's why we like these conversations. don't worry about that reaction to what steve and joe have said? >> it's not about the stock market it is about what yields are doing. we haven't seen a significant enough loosening in financial conditions over the last couple of weeks especially when we think about today's moves seeing yields again a bit higher i think the fed is concerned about a massive downshift in yields and the market sighing relief and thinking about cuts next year in an overly aggressive way even at 4.5%, if yields get to that level, that's still not a commensurate with the fed taking

a turn necessarily. >> you know, what's your take on what joe mentioned in the small caps they are down 1.5% now i think we are at the lows of the day for the russell. after this incredible rally last week, the slide in the russell has been dramatic. significant. to the point where you can't really bank on stocks other than the magnificent seven doing anything even if we are going to have a rally into the end of the year, it has to be cal rried by those >> i am a little bit cashes around small caps. there are so many headwinds. smaller companies wearibearing brunt of rising interest costs, wages, input costs, when those things perk up, they have the least amount of pricing power left even though valuations look favorable, if we head into an economic slowdown and we have seen very strong g.o.a.t. even if we just head into normal economic growth that will come under pressure even with the megacap tech,

there is a space in between. the s&p 500 as a whole, it's about 10% more expensive than it would be over average. the megacaps are about 40% more expensive. the rest of the stocks in the s&p 500 are about 4 to 5% more expensive. not overly worrying there. i think you are finding interest profit stories and resiliency there. it's finding something in the space in between. >> the commodity space and the significant decline in oil the last week, is there an economic message that should be troubling embedded there >> not necessarily i think we are seeing everything move around between stocks and yields and a little bit of a function of that is tying into the yield and tdollar story as well we need to wait until the dust settles a little bit more. on the one hand, that will be a greater headwind for energy stocks going forward in the next profit season. h however, it can be a broader help to other companies that are sensitive to product commodity supplies spikes and also help in

the coming months on inflation to see any bit of progress there will be helpful, even if they are not as worried about headline from that stand point, the commodity story is not a headwind. >> that's a great point because tuesday the inflation report is going to come out and do you dismiss the inflation report if get a bump up knowing what energy has done here in the last several weeks? >> look, jan suggested that in '24, equities are going to do well and commodities are going to do well it's a broad range of asset classes he expects he is calling for a 15% chance of a recession, that are going to do well let's not lose sight of, you are you know, the federal chair's comments on the back of that bond auction which was dreadful, which you agreed with rick santelli, whose grade from earlier, i want you to reiterate the concern that you have which

you articulated after that happened, too, because one of the comforts that the market took was the treasury announcement last week of the issuance well, it's sure showing today that the mechanism of this whole process is not exactly the smoothest, to say the least. >> i think that's a good way to put it i agree with you i guess because you agree with me. in any event, there have been three legs to this market rally and there were three problems before there was the stronger growth. there was a fed that was more hawkish or perceived to be more hawkish. we could argue about that. there was the treasury issuance issue. let's go through those we had a weaker jobs report. that kicked that off green light for the market to rally. we had the fed come out with what many per received to be, put it that way, a more dovish fed on wednesday green light from the -- and then you had the treasury come

forward with its new issuance schedule that took less -- had less reliance on long end coupon issuance, more in the two to five and overall a bit smaller today we had them do the 30 -- by the way, the ten-year, that's where i disagree he gave it a c-minus i was in the b range because i thought that it came in at or below the running rate at the time of the ten-year yield so today it came in above on the 30-year. if you look at that, it looks like one of those, i don't know what you call it, el capitan charts, what happened at 2:00, went straight up when it came to the yield. my concern is twofold. what is the volatility you won't think to have this volatility in one of the -- the most liquid market in the world. the second, while the treasury's plan sound the great in overall strategy, the execution is going to be bumpy here and here they went out and d a large issuance on the 30-year and the market had a bit of

trouble digesting it so i think this may be something where we are going to have to be covering these issues and these auctions every time they happen and following very closely the treasury's plans for how to finance this very, very large deficit that we have. >> great point the bond market volatility is unsettling, and, you know, it wasn't but a few months back, or maybe a little bit longer than that, when there was a bit of extreme bond market volatility where yields were just moving in just abnormal ways, right? and that upset the stock market at the time. are we worried about that once again as we put the deficit and funding it back in focus >> if you look at the move index, which measures interest rate volatility, it's pretty consistent on average since the fed started to raise rates it's not actually that far off from where we were during the onset of the pandemic. so rate volatility has been pretty extreme

and i think what we worry about a little bit right now is the false don like this morning and yesterday where things start to look a little bit better and it looks like things are starting to settle down and then we have some bad news, whether it's economic data or issuance data start to yourturn things around you think we are keeping a close eye on how rate volatility plays out because it's not behind us and it's no longer just a function of what the fed does or doesn't do it also is things like issuance and supply and demand dynamics and in the longer run the federal funds -- sorry, fid finance dynamics that we're dealing with over the next several years. >> yeah, spot on it's the fiscal condition of the united states and that has to be something that in 2024 needs to be addressed otherwise, this bond market volatility is going to continue. the direct and indirect bids was the lowest that we witnessed since november of 2021 we can't just rely on insurance

company and pension funds to be the buyers of the long-term debt there has to be at some point some degree of fiscal stability that incentivizes buyers to return once again. i tell you this. i spoke to a lot of bond managers this afternoon after that treasury auction and they said we didn't participate because we are full. we were able to get yields 35 to 40 basis points higher just one month ago. so we stepped back there was no demand. that's going to be a problem that continues. >> and, steve, let's wrap this up where we started. without the treasury auction being horrible today, do you think the market looks at what powell says and does, a comparison it to the first and says, eh, not much different almost the same. but it was primed. it was primed for something bad with rates because they were already shooting higher and the bond auction was wad bad. >> yeah. i would add, scott, we had a

couple of other hawkish, more hawkish fed speakers this morning. bowman spoke she is in favor of another hike. look, i think rather than get sort of in the weeds about what the fed is saying, take a step back and say, where is the fed the fed is in mutual at the moment, and it will take a bunch to make it to hike again, but not much more. the fed is going to need to see progress on inflation. we may get that progress next tuesday, especially on the headline that keeps is at bay again what it wants to sew is continued progress towards inflation. they are not declaring victory we remain on notice that the fed could hike again or launch a series of hikes as i have said over time if inflation does not come under e control it is not going to settle in for three 3% or 3.5% inflation period end of story. >> the always enjoyable, sometimes disagreeable steve huffman. thank you very much. appreciate you going with us

>> thank you. >> as you watch what mr. powell had to say today in that bond auction. thank you so much for being here we will see you soon our question of the day. what is the biggest risk to stocks right now rates, inflation, valuations, or geopolitics? you can head to @cnbc cash flows closing bell duolingo is trading at the highest level since 2021 after hiking the full year revenue the language learning company is spreading its wings with the addition of music and math courses to the app those shares are up 21%. sony is lower after the japanese electronics giant posted declines in profit. especially in north america. but the company is sticking with the playstation 5 sales target as they head into the holiday season you can see shares down 6.5% scott.

>> thank you. we are just getting started here on "closing bell. up next, kevin simpson is back he has more trades to tell you about, too, including the new name he is buying. it's already doubled double the s&p 500 this year he will make his case for more upside after this break. live from the new york stock exchange you're watching "closing bell" on cnbc.

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board today. the s&p on track to snap that eight-day win streak that following remarks from fed

chair jay powell that more work may be needed to bring down inflation and a bond auction that didn't go very well today my next guest says he is managing his portfolio as it rate cuts aren't coming until 2025 kevin simpson of capital wealth planning wow, so nothing next year is coming from the fed in terms of cuts >> it would be nice if i'm wrong because rising tides lift all ships. i agree with you the way i interpreted chairman powell's remarks seemed identical to when the market looked as the most dovish speech they have seen we speculate about rates and cuts and everything else, but i tend to look at smart people who are actually in the marketplace. people who are issuing debt and paying interest. and we always talk about the fact that the bond markets itself is typically a lot smarter than the stock market when it comes to predicting rates. so in the ft this morning, they had an amazing analysis on pepsi

cola it's an a-plus rated company that went into the debt market yesterday. they raised $2.5 billion worth of debt, of which one billion was variable short-term one-year note that means that they don't see the fed coming to the rescue any time soon. it also means they don't see a recession for the next year, which is a subplot that's kind of interesting but the most compelling statistic is, hey, the fed's not lowering rates if they thought that, they would hold off for that reason, we are in the business of wealth preservation. we are not in the business of speculation. so i need to manage the portfolio as if higher for longer is real the fed's not cutting rates, that these targets are all, you know, wishful thinking, and we have got to prepare for a market that's going to have higher rates until the beginning of 2025. >> let's talk about how do that then in terms of manage a portfolio correctly if you're right. you added to cisco why?

>> i think the thesis for that is look at cash flow and we are looking for companies -- we started to build this position the end of september. it's not an a.i. play at point you have got a 2% dividend, consistent year after year their earnings are up. they have just ample, you know, fortress cash in their pockets which will also help finance the splunk apsix their report next wednesday i expect to be good. i don't know that the stock will be on a tear it's old-school tech it's not a.i. >> you started new position in the cme group. tell me about that one. >> this is a stock we owned in the passed would have been nice if we had it most of the year. they have had nine quarters of double-digit earnings growth nine quarters of 9% revenue growth this is a stock that is just --

the marshals are incredible. the pe is a little high, 23 for us, 24 forward but historically speaking, that's on the lower end of how they traded. what i like best about it for investors, it pays a 2% dividend just increased by 10% last quarter. at the end of the year, they tend to give us a gift a special holiday dividend last year that was $4.50 there is no guarantee that they will do this year. based on how profitable they have been in 2023, i would expect something similar back of a napkin math, that makes the yield close to 4% on a stock with an incredible growth trajectory we like the space. we are traders of it i think it's an investment that from a cash flow perspective will continue to do well for next several years. >> i am looking at your -- before we go, your holdings here and, you know, you have got only some interesting positions relative to what worked and what hasn't in terms of sectors,

where the economy may be going and what would be more sensitive to that. for example, health care has not been good at all johnson & johnson, united health talk too me about that -- merck, for example. somebody, i can't remember who it was today, initiated a hold on that stock. but what do you make of that space right now? >> yeah, i really like it. i like to go into this year. i was premature. i think j&j is down 16% on the year united healthcare, you put that in your portfolio, forget about it merck has been crushing it quarter after quarter, top line, bottom line. they will have problems with off patent drugs in the future they have an incredible pipeline i really like merck. not sure why johnson & johnson has traded poorly. spinning off some of the product company and honing in on pharmaceuticals, i think there is tremendous value in the space. also a baby boomer play.

i still think 10,000 people retiring every day long healthy lives of retirees lends itself well to this space this year, unless you were a.i., you really couldn't catch a bit. but i rank it long term. >> what about freeport, for example? materials have been terrible, too. think about copper, worried about the economy, china's not good why that one >> yeah, that's more copper than gold, like 90/10 we never bought it as a china play if china reopens, it will be a wonder for the stock if we think about the applications of electric vehicles moving forward, i realize we are not all driving teslas today, but you have to stand to make this assumption if they catch on, you will have a shortage in copper at some poinl. we believe they are capitalized to take advantage of that market it does have some exposure to

gold like most names, you are in a waiting game i think that waiting game continues for another six to nine months before you really see these stocks do anything from an expansion mode but we are collecting dividends, writing calls and waiting it out. we have been doing that for two years. what's another six months? >> all right easy for you to say. talk to you soon take care. kevin simpson. our "closing bell" coming up disney shares having the best day of the year and that after the company's latest quarterly results. will the post-earnings pop have staying power? we will ask that to needham's laura martin, whether the th soi fmark a turning pntor attock "closing bell" right back.

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. welcome back disney shares up more than 6% today. look at that chart that's after earnings topped expectation thanks in part to espn and expanding cost-cutting plans. joining me to discuss, laura

martin, needham and company. welcome to kobe. >> nice looking chart. is it justified? >> nope. still too early to tell. it's up today a lot because he said, iger said they would do $8 billion in cash flow next year after cutting content cost another 2 billion. they saved 3 billion this year because there were strikes most of the year. i don't know how you cut another 2 billion. and the nba rights are coming up and we are hearing they may -- the nba may get $4 billion more, which would make them fall short of the free cash flow promises. >> what is the moment where you say, okay, i can get onboard with this? >> i got to tell you, if nelson peltz gets some board seats, i am -- i get turned -- much more positive it brings a shorter-term focus to the assets, i think what's unclear to wall street is weather the content piece of the business can actually grow if it can't, there is no dividend still, right. remember they cut the dividend

they never reen-in stated it they need to grow the top line in content or shrink costs and bring back the dividend at disney. >> you suggested in the past and it was during the summer, i believe, when you said that apple needs to buy disney. dan ives, the analyst at wedbush, suggested that apple should buy espn. how do you view those scenarios playing out if at all, either your scenario or his >> right so the issue with sports is those rights degrade over time so the nfl rights that espn have and abc has a lot of those rights, too, which is also owned by disney, degrade over ten years. you have to renew them you benefit from the cash flow stream you get real time more important, i think, is the content business, which is the ipo of perpetuity of the entire marvel universe, "star wars" universe, pixar universe and the disney princesses that continue to make a lot of money and winnie-the-pooh every year

i think those are more of an annuity stream if apple wants to go to the content business, i would say they want the ipo and that's what we have seen from amazon. amazon bought mgm. no sports rights so for apple the only sports rights are global which is the soaker rights. it hasn't shown any inclination to buy high quality u.s. only rights apple has a 2 billion -- 2 million iphones are in the u.s they don't just want u.s. sports rights it's much more probable it would buy global rights for the up that travels so well to 8 billion people around the globe. >> why do you give paramount the benefit of the doubt why do you have a buy on that? that stock has been dreadful said today on this network, wrong place, wrong time, wrong balance sheet. what do you see differently? >> you know, i thought for a long time that company was small enough to be purchased and i

really thought that it was too small to act as a stand alone streaming kpet terl. they really held on and destroyed value much longer than i thought. i am willing to go on the record to say i was wrong with paramount. and they have much worse strategic position today than even they is three years ago so, you know, my bad sorry. >> no, no. i want to get to the bottom of it because, you know, people who have owned the stock are owning it for strategic reasons they think that the company is going -- not everybody, but many, including some who are on our shows, own the stock because of a strategic that they think is going to happen there was another suggestion by another analyst the other day or last week they passed up good opportunities for strategic deals. >> i would like disney -- going back to disney you spin off 10% of parks and make parks a power play. parks is growing at the speed of light. never seen margins as high in parks. i would like them to spin off

parks so you could have basically create a pure play content asset and a pure play parks asset. when i think about, you know, the fact that disney -- bob iger brought back the brain trust of tom stags and kevin, i think they would be suggesting that to him. so that way you could have two different sets of shareholders in here and they could trade separately i think parks is a growth asset and i think it's unclear that con ent tent is a growth asset anymore. >> before i let you go, i want too hit on meta. i think this is right. you have an underweight on meta? >> i do. >> after everything that they have gone through, that stock has been one of the best performers that we have seen in such a long time it's up -- >> it has. >> it's up so much. >> the problem is their core business is being eroded by tiktok and i actually don't think -- i know for a fact meta doesn't control distribution because 100% is distribution is

android and apple ios and doesn't control the content because it's all influencers and they have abandoned meta to go to tiktok or youtube or somewhere else you don't control your distribution and content, i don't know what kind of terminal value you have that's their core business meanwhile, spending money on the meat a verse and this generative a.i. is interesting. as you know, they just opened -- they have opened it up to the world. they are not capturing economic value. he keeps giving away assets and not earning value while spending a fortune on the metaverse which i think is unclear there is a return on that and he says the earliest return is 2030. do not like meta's strategic position at all. >> they are in this year of efficiency, as mark zuckerberg has called it himself. why is the stock up such a dramatic amount though because the investors completely disagree with you. >> yep no problem that's my job is to disagree with smart people. i think because you can cut osts

and that really helps your eps for a year or two. that's not an annuity stream you can only do it so long so he has been cutting costs, which is fantastic, because he had a negative revenue line and rising costs now he is cutting costs. i would say that has to reverse. he said next year he will spend more money on cap ex-hire more generative a.i. guys he is next year meta's gonna look like two years ago before the year of efficiency and i expect the stock to underperform next year. >> thank you so much appreciate the conversation. up next, tracking at the biggest movers heading to the close. kristina partsinevelos is back with that. >> the crypto rally looks over done why not everyone is bullish on crypto and krispy kreme shares are down i will explain why after the break.

. about 15 minutes into the "closing bell," kristina partsinevelos with the stocks she is watching. >> an 18 month high, trading platform coinbase climbed 3.5%

as investors hope u.s. regulators approve the first etf. the crypto rally looks overdone. they don't think fresh money will pour in instead, just shift away from existing crypto products. looks like the end of a two-week rally for krispy kreme shares after the donut seller reported weaker than expected earnings and unrelated, monday krispy kreme is giving away a dozen donuts for the first 500 customers on world kindness day. investors not so kind, down 6% scott. >> thank you kristina partsinevelos. last chance to weigh in on the question of the day. we asked what is the biggest risk to stocks right now rates, inflation, valuations, or geopolitics. sus tethosgbl. reltafr e break.

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the results of our question of the day the biggest risk to stocks now is what? most of you said rates 38%. still ahead, tesla tapping the brakes as shares have the worst day in a few weeks plus, win resorts reporting in a few moments. what to watch for. that and more in the market zone

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we are in the "closing bell" "market zone." mike santoli to break town the crucial moments of this trading day. phil lebeau on the sell-off in tesla shares today contessa brewer, win earnings, out in overtime. mike, this is about the auction today, right at 2:00 yields spiked. >> yeah. >> stocks went down. >> 1:00 option 2:00 powell. all of it created a little bit of a test, a jolt from the bond market we got the ten-year yield, 462 it's where it was four weeks ago. guess where the s&p 500 was four weeks ago? right here 43, something like that. never got, as we discussed, escape velocity on the rally waiting for that 4,400 ceiling to break then just unstable underneath. we talk about the negative, uneven market.

we have still with the s&p though held friday's jobs day rally. so that one, you know, basically 4330 or so was the low this gap all the way down. i think we could get to the mid 4,200s and have it be a normal pull back. >> russell, we talked about it so many times this week. let's do it again. down 1.75%. >> i don't think it's telling us anything we don't know, which is the earnings growth path is not clear except for the biggest companies. we have rate sensitivity there it is something that will drain momentum and drain risk appetite, i think, from the rest of the market. so, yeah, exerts a bit of a poll. >> tesla, phil, down 5%. a tough day. what's going on? >> well, they have new coverage coming from hsbc, initiating coverage of tesla. look at this stock over the last month. down 20% 20% in the last month.

and this was not a very negative note from hsbc, even though they start tesla at a reduced rating. they are saying be cautious on these guys they say we seek considerable potential in tesla's prospects and ideas, but we think the timeline likely to be longer than the market and the valuation is reflecting. that's all it took for shares of tesla to come under pressure all of the ev stocks down today. rivian down 10% despite better than expected with the q3 results. fisker was down yesterday. when they canceled or postponed q3 earning results we get those monday morning. see if they are under further pressure tomorrow. once they said we are postponing, the stock really started moving down. >> yeah. thank you. appreciate that. speaking of stocks moving down, wynn resorts down. what do we expect? >> well, wynn shares in the red for the year, scott. barely it's almost as though nobody is

getting credit or giving credit for the mckow reopening post-pandemic. is it losing market share in we heard the shift away from junkets and vip has hurt and wynn was really amazing in this business, in this vip business las vegas, sands and mgm in on the premium mass segments. the las vegas strip outperforms f1 next week high expectations from caesars and mgm, who, by the way, just made a deal with thousands of union employees there, wynn is at the negotiating table as we speak. what should we expect for wage pressure then the street is looking for earnings of 75 cents a share adjusted on revenue of 1.59 billion boy, las vegas has been on fire. so beating that quarter after years gets to be a little bit -- i mean, if it's repetitive, it's good repetitive. scott. >> we will see what happens in overtime we look to seeing you then

back to mike santoli we are approaching the two-minute warning now given the auction and given powell, the drum beat towards the cpi on tuesday will grow louder by the day. >> it will a lot of people leaning the direction it will be friendly. you have what's going on with energy prices. seems like some of the lag defects of shelter, disinflation should kick in i don't think people are bracing for something scary. you are down a fair bit in yields and in fed expectations so, you know, 460s we were at 5% in the 10 and 30 just a couple of weeks ago so i think it's okay if you kinda hang around this range but between cpi and then nvidia earnings and people think maybe that's going to be maybe the final fundamental corporate tone setter for this stretch of time before we decide if we are in, you know, kind of seasonal trading mode after that. >> glad you bring up nvidia. one of the few along with meta,

megacaps that are actually in the green today. it is -- everything else is red, whether apple, movement at an all-time high yesterday. alphabet giving 1% back today tha >> that is the din today the prior three days you were up every day in the s&p 500 for half a percent so, in other words, you barely eked out a positive close because of enough of those things were working. the equal weighted s&p suspect today is in line meaning it is about some fatigue on some of the big names so whether it really amounts to much of anything beyond that we will have to see tomorrow. it seems as if we did get a little bit of brightening of investor sentiment with the rebound rally starting in late october. so you no longer have that idea everyone hates the market. i don't think we are at a point people are too far over thundershower skis can enthusiasm it's fight result, let's see if the market gives us the year-end

rally after we waited more than a month. >> the streaks have been remarkable mike, thank you. that's mike santoli. the s&p was going for nine in a row. hadn't done that since '04 not gonna happen we go out with eight in a row. nasdaq up with ten we stop at nine. all good been a good run. see you tomorrow stocks finishing lower the s&p 500 in the red snapping the eight-day win streak 4347 there the action is just getting started. welcome to "closing bell: overtime." i'm morgan stanleyen brennan a big show coming your way an interview you do not want to miss with eli lilly's ceo. and bill flying ren here set an

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