check out the s&p 500 is about to become the s&p 5000, just three points off from that big, nice round number. we always like that although usually the dow has it, you see with the traders. >> thanks everybody, for watching power lunch. >> closing bell starts right now. hi. thanks so much for watching closing bell. this make or break our begins with the markets march to new highs with some even greater milestones, now very much within reach. we are on s&p 5000 watchtoday.

coming up, we will ask how far this rally can go. in the meantime, your score card with 60 minutes to go in regulation. stocks are higher, as you see across the board. we are just about two points away from s&p 5000. nasdaq is higher by near 1% as many of the mega cap names continue to run. mega, microsoft, nvidia all higher today. in fact, nvidia is on the cusp of $700 per share and cyber names ripping, too. not so great for snap shares though, plunging today after the company's earnings and guidance. that stock on pace for its worst day in nearly two years, a stunning drop of 36%. it does take us to our talk of the tape. whether his rally is to tech heavy as some say, it's worse than the bubble of 1999. let's deal with this market on the cusp of history, something extraordinary, s&p 5000, given where we were and how fast we've come to the doorstep.

>> and just for fun, i went back and looked when i first launched my blog in november of 2008, the s&p 500 at that time was like 700. the nasdaq 100, 1200. dow is under 8000 in the, which has changed between then and now and the entire way up, there were so many reasons to just give up, throw in the towel. the market is to tech heavy, two oil heavy, what about geopolitics, what about the election, covid, et cetera. the people that stuck with their investments and have made it to s&p 5000, i think, should be commended because think about all of the things and the facts of all of our minds we have had to contend with on the

way here, so is it to tech heavy now? is that the biggest criticism? okay, i will accept that. the thing is market returns of been tech heavy since 2016 when the cloud had its coming-out party after amazon announced that shocking out of nowhere profit that no one was expecting. ever since then, and think about how long it has been, ever since then eight years we've had a tech heavy rally the entire way up. the only time it was not tech heavy is when the market fell in 2022. other than that, that is what has led us from there to where we are right now, which is just shy of 40,000 on the dow, just shy of 5000 in the s&p. hopefully we will hit that in this hour, and when you think about these milestones along the way, mathematically, they are not important but i think from a sentiment perspective, they are reminded that most of the time, this is planet earth. >> do you take any positive how fast we seemingly have gone here from the october lows from november 1st until now? it really has been nothing short of extraordinary.

the pace on the size of the move theoretically on expectations that the hiking cycle is now in the rearview mirror and the fed is going to cut and that is really all that matters in a time when the economy has held up incredibly well. >> that is one of the things worth pointing out. earnings have been explosive in the areas getting more intentions -- attention from investors. i was looking at my board just now. crowd strike up almost 20 hours on the day. they did not report today. there were so many stocks like that in enterprise software and cyber, and cloud, semiconductors. it is not really justsix stocks. there are six very important stocks but then there are hundreds of companies with earnings growth. 20, 30, 40%. those are the stocks that are working right now. it is not some chill your group of names for we are all laughing and making memes. that was two years ago.

these are the best earnings growth stories in the market. are they going up too fast? perhaps. i would not argue with that. it's getting a little bit extreme but if that is your biggest quibble, that they are going up too fast and all of these are terrible companies or earnings are falling apart, if that is your biggest quibble, then do yourself a favor. take something off. trim something. sell your least favorite stock. i did that yesterday. it is okay. you can stick around and not be taking the biggest risk. >> we were literally less than 1/10 of a point away from s&p 5000. >> that i jinx it? >> let's just keep that up as we have this conversation. >> somebody buy apple, please. >> the trimming of the big winners you said you are doing it. obviously nvidia, but you took 20% off the top of and that stock is now about to hit $700. a target of 700 last week from

goldman. north of 700 today from morgan stanley. >> so, the s&p 500 compounding at about 12.5%, the stock is been compounding at 69%. mathematically if you never sell any, it becomes your entire portfolio. there are very few stocks that have kept pace with the so for obvious reasons i have to every once in a while take a little bit off. it would be a mistake, though, for someone to say oh, you're calling the top or you think it's never going higher. i hope it goes higher. i just don't think the current rate of acceleration in the stock is warranted, like the fundamentals are great. i don't think they've gotten this much better the name is

up 45, 50% since the start of the year. i don't think anybody would argue nvidia's situation is gone 60% better since january 1st. >> i would also just point out because it is so apropos to our conversation, first close above 4000 on the s&p 500 happened on april 1st of 2021. the mag seven stock from the close on that day until now that has the biggest gain by a wide margin is nvidia, up more than 400% since april fools' day in 2021. that stock has been anything but a fool, i will tell you what. >> the thing with nvidia that i think makes it the stock of the century so far is that all of the reasons people said it would work were the actual reasons that it would work. the story of nvidia is, this is a company that is doing nonlinear processing for video games, but the same technology that allows them to render those games will allow for parallel processing. what do we need parallel processing for? not a lot right now but eventually, it will be the only

way we get to scale in ai, machine learning, virtual reality, meta-verse. crypto is part of the story at one point. the reason we all sat in video had a bright future actually ended up happening and it happened all at once. it happened, this is the important part. nvidia was in a 72% drawdown in 2022. nvidia had lost more than two thirds of its value on the eve of open ai releasing chat gpt, and that is how quickly things can turn. i think that is why we all love this game. that is why we are also fascinated watching cnbc, investing in companies, because miraculous things like that can and do happen. >> what is really extraordinary is that we are really only here because of the promise of ai. these stocks, the mag seven, six or five or however many you

want to put in that group have so carried this market on the hopes, promises, dreams, expectations of what ai is going to meet for the nvidia's of the world and the microsoft, the alphabet to a lesser degree apple, but even that announcement and that stock even with an earnings guide that was less than perfect, that stock has rebounded in a big way, as well. >> to the people who say this is all tech driven and therefore is somehow illegitimate or needs an asterix, i was around in 2007. the market was being led by literally oil and steel, and things that china needed to import and we had the early start of inflation and we had this illegitimate homebuilding

and mortgage bubble. is that what you would prefer the market to be led by? now, i was ai the thing that saved the market? if you are the cto at a fortune 500 company, and you are not already 10% of the way toward building out your companies ai strategy, i don't care if you are pepsi or pfizer or u.p.s. or american express, ai. now, how are you going to implement this? you talk to microsoft and if you are not ready to do something, microsoft puts you at the back of the line. it is not irrational for us to be as excited as we are about ai given what it can do for the profits, corporate profits picture, as far as the eye can see, but companies have to start somewhere and nobody wants to be at the back of the line. nobody wants to go to the board and say where are we with what ai? nowhere yet. so, there is a lot of excitement. maybe too much. not all of these stocks will continue to do what they're doing. some of them are drastically overpriced but you can't argue

with the spending and we heard it from apple. we heard it from microsoft. these companies are spending more, not less, and that is why nvidia is ramping and nvidia has not even reported yet. these ai and related software players are ramping because the biggest companies in the world are telling you cap ex is going higher. >> let's keep this up and keep watching this. it is not all sunshine and roses. there is new york community bank. that stock was sliding yet again today. >> it is up today. >> it was sliding earlier so maybe it has reversed. you are in it for a trade. your out of it now. still below five bucks. i only bring it up because i am curious as to whether the market is too complacent about certain risks that are out there relative to this in commercial real estate. if it is just looking past all of it, and we need to pay more attention to it. >> i think we need to pay more attention to consumers and the potential for credit card delinquencies to rise and i would be more worried about

that than i would be worried about some sort of systemic issue coming from commercial real estate. it is highly concentrated amongst regionals. i don't have any exposure to regionals. i put a trade on a new york community bank last quickly and was out. now i hope it goes to zero after i sell but the truth is, commercial real estate takes a really long time to go bad. it's been going bad now for three years. it ain't going to turn around this year or next, especially talking about office real estate. however, this is the ultimate extend and pretend situation. the banks don't want to end up with these properties. lenders don't want to have to mark losses off on these things. in the case of new york community bank, they were not ready to be 100 billion+. that is title iv bank. they were jumped up into that categoryby virtue of the

acquisition of flagstar and the rescue of assets at signature. >> do you know what they were doing? >> it is very company specific. the company failed to manage risk correctly. they got rid of their chief risk officer at the end of last year and now they have to figure out how they can salvage the reputation amongst investors. it does not appear this is having any effect on the deposit base according to the company. this is not a bank run. this is not that type of situation. it is just a horribly mismanaged situation. the fact that stock is still four is miraculous given how much people have given up but this is not happening in bank of america and i think that is really the main point, so are we whistling past the graveyard here? i don't think that is the case. >> we are about 1.5 points away from s&p 5000. let's expand our conversation

now with wealth enhancement group. this very well could be another historic day for the stock market. what do you make of it? >> good to see you again, scott. it has been a relentless right ever since the october lows of last year. the market is continuing to move higher. i know in several of the stocks that have propelled us here, they're mostly tech stocks but as josh said, there is a lot of reason these stocks have propelled us here. cap ex being a big component of that in terms of the right here. >> do we need to be concerned though? i bring up a note here from marco kalon of it, j.p. morgan. he's been bearish on the market a while now. he says here market concentration continues to flash a warning sign as we are near the highs in the.com era. stocks at highs effectively mean stocks are not pricing in any chance of recession and a

low vicks echoes the strong sentiment. the low period is in some ways worse than the.com bubble. does he have a point or not? >> i think everybody loves to go back to the historical analogs and talk about how this may or may not be similar to the.com bubble, especially given the tech concentration but i would argue there are vast differences between what things were back in 1999 and 2000 and how things are now. yes, valuations are high but back in 99, 2000, we were seen triple digit multiples and things like that and a lot of that was hardware related, especially as we headed into y2k and all of that. at this point, with a lot of these cloud names, it is a little bit service-oriented. there is a lot of sustainable growth in their, you know.

i think it is a very different scenario than what it was back in 1999 and 2000. >> what about the idea that a big reason stocks are rallying is on the expectations that the fed is going to cut several times in calendar year 2024, and that remains to be the case. are we over our skis and expectations? does it even matter as long as we know the cuts are coming, the number is insignificant? >> we definitely overpriced it at the end of the year. six cuts were getting priced and when the fed said they were just going to do three. you know, i think that is getting recalibrated at this point and whether we know in march or may or june, i think that is beside the point. the point is that the fed is looking to cut. they need the data to corroborate it, but they are looking to cut and once they cut, it helps the underlying financial conditions for many of these companies get access to capital and things like that and we can expand that market

prep and maybe not have some of this concentration we keep talking about. >> it is not just concentration and the largest names in the market in terms of the $77 billion market cap. the crowd strike is up 6%. rips, looking at palo alto right now, you want to talk about some of the hottest spaces within the market, palo alto is up 6.5%. >> if you want to be bearish, this is the reason to be bearish. you have stocks running 10 and 15% into their own earnings. then the earnings came out and they are great and they go up another 10 or 15 percent. when we get into that mode it is a moment where you just look at your names and just say like, this is probably as good as it gets. it probably can't get much better than this and so from my perspective, that is a reason

to be cautious in the short term so if you are sitting in the role with 18 stocks you really have to at the 19th stock right now? it's not going to make you any happier, prettier, skinnier. you can trust me. none of this things are going to take place so i think that caution is warranted when you are looking at pre-gaming, partying before the earnings then they come out. after hours pop and then the next day, six upgrades and it goes up even more, like that environment is probably too good to be true, so i am not actively looking for names right now. i've taken some profit in things that worked and gotten out of things that have not worked because what do i need to on my 20th favorite stock for? i think a lot of people are thinking that way and maybe that is why businesses like snapper being punished is much as they are being punished. >> denny is not bearish. he is as bullish as anybody we've spoken to on this program who also brings up the word and recent notes that we've put out, euphoria. maybe not quite here yet but

the seeds are being sewn of that kind of environment for stocks and it makes him nervous. should it make more of us the same? >> i think all of us in this game are nervous when things get better, you know. it is the retail investor who might feel a little bit of fear of missing out but for all of us to do this day in and day out, when things get frothy like this, we all get concerned that there will be that big rug full because it could happen with the headline so i think the crash at least here is the right approach. >> i appreciate you being with us on what may end up being a history making day. i want to go through a couple more stocks with josh before we wrap this segment. snap is a disaster today. it's fair to say you're in this name until yesterday. >> after the close, i got out of the stock last night.

it was already crushed but i had a small position and honestly, i said going in, i don't trust this thing. i should've listened to my own instincts. they announced layoffs the day before earnings and i wrote that down in my little book as red flags from now on. if you need to do that announcement any day but the day before earnings, would probably be a better sign. if you are already doing that preemptively, you probably don't have a lot good to say on the actual report, so i did not heed my own mistrust of these people and they did not let us down. >> a couple other stocks. uber is the largest position. this has traded interestingly today. i wouldn't pay much attention to it one day post earnings move and a day like this because the many day. earnings pop is so considerable, correct? >> yes.

there are not a lot of those. it is 14% above its own 50 day moving average but earnings for growth this year is expected by wall street to be 27%. 75% next year and that is what has led to the rally in this name. it's one of the best performing names of the year. from my perspective, it is early innings in the story of wilbur and i'm not a traitor here. i'm a long-term investor so i don't know if the next five points are up or down but i'll be there. >> you're watching paypal, too. this company is been through a lot over the last 6+ months. you were recently in the name. you got out. you were fed up. you did not like the investor day or whatever the recent event was where the stock went down as the ceo laid out new plans there. we learned in the last 24 hours or so that brad gershwin's alternative mother is now in this name. they said short about a miss eval yesterday on social media critical of what the company

has done of late, and brad has confirmed today that they are in the name. why are you watching this closely today? >> look, i want this to move -- work, so i'm not in the stock and i've been in it recently but i wanted to go up. i just don't feel confident, at least right now. we will see what the earnings are and how they are received but i really don't like the way the new ceo, who has never been the ceo of a public company before, set a trap for himself and put his own foot in it. as a rule of thumb, you don't want to come out and say we are going to rock your world this year. just don't say that at all. just do it. just come out with the actual news. don't set thetable 1st because

expectations are always going to be too high, especially with technology company so that didn't seem savvy. they announced a 9% workforce reduction which i guess makes sense. earnings are expected to come in at $1.18. 7.8 billion in sales. i think that is all beside the point. they need to set the point -- tone for what this year is going to look like and whether or not this company can return to organic growth. it's a huge question. most people don't think they can. they're growing revenue right now. i don't think it's worth 65 billion of the 7% growth rates going to be the standard going forward. >> because we are on the doorstep of s&p 5000 going to ask you to hang out with us. >> josh brown is going to stay with us. let me send it to christina now for the look at the biggest movers as we head into this and keep our eye on the s&p. >> i want to talk about roadblocks. revenue is upyear-over-year as

well as average daily active users driven by traffic specifically from that is quest headset as well as sony's playstation console. the company is still mourning the expect net losses to continue for the next several quarters at least but that still has not stopped shares from soaring about 12%. roblox will be on tomorrow. then we have shares of global footwear firm vf court moving down about 10%, miss on the top and bottom line, cfo stepping down and a turnaround plan that has yet to prove beneficial. shares are down 10%. >> christina, thanks so much. we will see you again shortly, i'm sure.

aaron brown is flagging where she seems some big buying opportunities right now. we continue to watch the s&p 500 closing in on 5000 for the a le meve . wereivfrom the new york stock exchange watching closing stock exchange watching closing bell on cnbc ♪♪. whoo! ♪♪ light work! ♪♪ next victims. ♪♪ you ready for this? ♪pump up the jam pump it up♪ [disconcerting stomach gurgle] not again. maybe i should get this looked at? [suggestive stomach gurgle] zocdoc? [talkative stomach gurgle] you're right, i bet they deal with this all the time. dr. finley really puts you at ease. let's do it! you've got more options than you know. book now. i could use a little help. yeah, there's a lot of risk out there. huh ♪♪

hey, is this thing hard to learn? nah, it's easy. huh. you know, i think i'm going to ride it home. good thing you chose u.s. bank to manage and grow your money. with our 24/7 support at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh. that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy.

xfinity rewards presents: '1st and 10gs.' xfinity is giving away ten grand to a new lucky winner that puts you first. for every first and ten during the big game. enter daily through february 9th for a chance to win 10gs. with the ultimate speed, power, and reliability the xfinity 10g network is made for streaming live sports. because it's only live once. join xfinity rewards on the xfinity app or go to xfinity1stand10gs.com for your chance to win.

we are in rally mode today on wall street. my next guest says now is the time to add equity risk and is betting on the u.s. to outperform globally this year. welcome back. what a day to have you. what do you make of what we are witnessing here? >> i think this is really just a continuation of the very strong economic data just

surpassing expectations. there were a lot of calls. we've been calling for a slowdown in what we are seeing is the consumer continues to deliver. financial conditions continue to ease and growth is good in the u.s. right now and i think the strength you are seen particularly in u.s. large caps is really on the back of that. you know, we are almost at 5000 and are going to probably reach it todayon the s&p 500. the next target i'm looking at is breaking through the 16,000 on the nasdaq. we are 16% below all-time highs on the nasdaq which to me is the next move to go through. >> the thing that gets my attention today from you is urging people to buy stocks, that it is okay to buy stocks at these levels. back that up. >> valuation is usually called into question. when you disaggregate the s&p 500 from the mag seven, the rest of the s&p 500, valuations are pretty reasonable and rough estimates are pretty reasonable given the still healthy economic backdrop. what we are hearing from corporations is that they are seeing margins expand as conflation moves lower.

demand is still strong and they are able to cut costs because of efficiencies that are driving productivity through ai and technology, so all of this is a pretty robust environment for earnings online and i think companies are going to be able to deliver this year. >> do we care about concentration too much so? you talk about earnings. the mega caps are the ones delivering. the others, not so much. is that picture going to improve? >> i think there is a real challenge. you look at the russell 2000, small caps are about 20% off their all-time highs. there's a huge gap that has emerged between large caps that are well-capitalized healthy balance sheet companies and small caps or high interest rates are really starting to bite. i don't see that really ebbing until we start to see meaningful interest-rate cuts from the fed. right now, liquidity is really abundant if you are a large cap, but if you are a small cap, your access to capital is a lot more constrained so i think that valuation gap and

that which is going to continue to widen until you see rates come down out of restrictive territory. >> it is really extraordinary what we are watching here. i've got josh brown by the way, sitting next to me. we show nvidia today as we continue to watch the s&p, and it is above 700 bucks now. another 3% move, 6% in a week, that's 43% in one month. >> yeah, our number one hit 500 like 10 days ago. for you on the day nvidia hit 700? the milestones for this stock keep coming fast and furious. are we here? are we not? do we need to worry about it? as some well-known strategists say, this is worse than 1999. >> first of all, i don't think that's true at all.

there has been heavy concentration in the tech sector. when you look at the broader market, valuation is reasonable and when you discount the roes you're getting from the text texture, that's not unreasonable either. what is interesting is the valuation for the mag seven is not increased at all. it's been flat so all of the growth you've seen in the mag seven has come from earnings growth and margin expectoration. it has not come from expansion so it's hard to argue we are in a more euphoric environment today even for the magnificent seven, where we were 2.5 years ago. >> appreciate your time. we'll talk to you soon. we next, s&p closing in on 5000 . track this major move into the close today. closing bell coming right back.

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

welcome back to closing bell. it's so good to talk to you. your thoughts as we close in on history? >> yeah. happy days are here again as they sat in the 1920s. this is the 2020s and my roaring 2020 scenario is almost on steroids here. last year i was talking about 4600. by the end of last year. we got there by july. this year i've been talking about 5400 and by the end of this year we are already at 5000 so it has been phenomenal. >> yeah. i mean it didn't end very well

last when you talk about the 1920s. [indiscernible] >> i'm sorry to talk over you. i was going to say there are some who are suggesting that we are repeating one of these type periods here that there is just too much euphoria thinking that it's going to go on forever in a very small number of names. >> i agree with what erinand josh were pointing out. the productivity numbers have been awesome. i've been expecting the productivity growth boom at the start of this decade and i think it's already started. we had much better than expected productivity numbers of the last three quarters last year. it's up 2.7% enough like fairy dust. productivity allows the economy to grow faster, keeps inflation down, provides wages and is

great for profit margins and profits. >> you are the one who use the word euphoria in recent notes, not necessarily suggesting it is here today but early signs are starting to be present. can you explain? >> it is really more exuberance. the question is whether it is rational or irrational. the alternatives to the roaring 2020s is something like the 1990s where we get irrational exuberance and things move too quickly and there are some irregularities and what we are seeing here but in the late 1990s a lot of tech really did not have earnings and a lot of that, but a lot of tech was rigging their sales with seller financing, particularly in the telecommunications area. this time around, the earnings are real. his companies that are doing well don't depend very much on debt and they have got what it takes to deliver for investors. >> and josh, good to see you. i was going to say there are a

lot of signs that were not at euphoria, at least not yet. for starters, americans put $1 trillion into money market funds last year. most of that if not none of that has come out yet. that is not euphoria. how many ipos did we have last year? four, seven? i feel like i can count them. that is not quite euphoria. no ipos this year yet with speaking of. those are two of the things of the top of my head that you would say would be very inconsistent with this idea that it is 1999 and to your point, i was around. michael santelli was around. we saw the types of deals that were coming out. forget about earnings. they did not have revenues. they were worse than the 2021 stock vintage so this is not that. we might get there if this keeps up. we just have not

gotten there yet. >> i think it is rational exuberance so far. i think it is justified by the performance of the economy and on a global basis, really stand out. china is in a recession, europe is in a session recession. meanwhile we are doing remarkably well. inflation has come down without a recession here because china has had a recession so all in all, the u.s. is benefiting from a lot of the developments on a global basis and even though the geopolitical situation is downright awful, we have not seen a setback so far in the price of oil. if we suddenly see the price of oil going up asked me to come on again and i will be concerned about the 1970s all over again. >> i wonder if we are doing too well and that prohibits the fed from cutting rates when the market wants because you've got the labor market still too strong and gdp prints that are going to shock people.

>> i have no problem at all with the unemployment rate below 4%. some officials previously said they would like to see the unemployment rate above 4% in order to bring inflation down but much to their surprise, we have been able to see inflation coming down without unemployment going up and that is because productivity is making a comeback. look,i'm in the camp that is been rooting for or expecting that the fed is going to give us five, six, seven rate cuts this year. i have been in the disinflation camp. i think rates have normalized back to where they should be. i don't think we need to cut rates. the economy is doing just fine. >> it sure is. i have mike santelli with us at the desk as we must watch this market elevate into the close here. rational exuberance, the words you just heard. you've seen a lot of markets analyzed over the years, too. >> it is anchored in real things. we have this winter take most economy that disproportionately

is benefiting a relatively small number of these massive platforms that now are the biggest market type companies in the world. i do think the 1999 comparison -- not only does it not hold up across the board as i was saying earlier but it is also a bit of a red herring because the overwhelming odds are we never get there exactly that way again, so just because you are saying guess what, it's not a bubblelike 1999, all that means is, the market is not going to be cut in half in two years and the nasdaq is not going down 75% because that's what came next so saying it is not 99 doesn't mean were perfectly set up for great returns going forward so you have to understand what we are arguing about here. the trailing five years were an annualized 10%. nice, not excessive. five year, 15% annualized. market doesn't owe you anything but it has been betterbut it does usually take these big bites of upside and figure it out after the case so i think a lot of the same stuff could be true at the same time which is

that people love nvidia. they keep discounting the exact same good news every single day and as i said yesterday, it trades five, six, seven times the dollar volume of microsoft every day. it shows you there is a fever that shows you it is breaking. it was 600 bucks not that long ago. until you stop raising the numbers it's probably not going to matter in the collective price target is not a reason for any upside because it's got to out run the objectives. ed, you will stay. thank you so much for coming on. we will see what happens with this market. i know we will talk to you in the days ahead. up next, all over this major milestone for the s&p. can it get the 5000 and close above it? we will track every move for you right up to the end of the trading session. we have earnings as well coming in overtime. we will talk about the key themes and companies reporting when we come back.

my name's brian hoeflinger, and because of tiktok, i have the power to educate people and hopefully save lives. when my son brian died in a drunk driving accident, i put out a video about it and try to stop young people from drinking and driving. no other family has to go through what we did. tiktok has the power to change society, and i think that's where the power of tiktok lies. if you save one person, that's one more person that can change the world too. right? ♪♪

the s&p 500 closes in on 5000 for the first time. plus coming up we have disney on deck. we have top media analyst laura martin standing by with what she will be watching. closing bell comes up back after this break. - "best thing i've ever done." that's what freddie told me.

- it was the best thing i've ever done, and- - really? - yes, without a doubt! - i don't have any anxiety about money anymore. - great people. different people, that's for sure, and all of them had different reasons for getting a reverse mortgage, but you know what, they all felt the same about two things: they all loved their home, and they all wanted to stay in that home. and they all wanted to stay in that home. - [announcer] if you're 62 or older and own your home, you could access your equity to improve your lifestyle. a reverse mortgage loan eliminates your monthly mortgage payments and puts tax-free cash in your pocket. call the number on your screen. - why don't you call aag... and find out what a reverse mortgage can mean for you? - [announcer] call right now to receive your free no-obligation info kit. call the number on your screen.

disney earnings in overtime

tonight. laura, you are not that enthusiastic about the stock. it has had a nice run now into what is going to happen tonight. what should we expect here? >> okay, so we think it's going to have a good quarter because it is the last earnings before he has a vote on his board and if he wants to get his board re- elected and not the activist, he better over deliver estimates. we're looking for 24 billion on the top line. i expect them to over deliver. i think the things most likely to move the stock assuming he can do that on the financials is one of the losses in the dtc business, the streaming business and is he still going to breakeven by the end of the year. that is the biggest thing weighing on share growth and second, we have a new cfo here so will that cfo commit to higher cost cutting that the 7.5 billion already committed to in the past? >> i was going to ask you about that.

it is sort of bridging the gap between wanting to cut costs but also acknowledging that they do need new content. how do they never get that? >> content takes 18 months to make and he's fighting for his life at the board. he really doesn't want activist so i would say he's going to be more short-term oriented and he has to invest in content but as you know, film and tv content as many quarters in the future and if he doesn't win the short term he's going to havea really difficult long-term. >> appreciate your time very much. we've got to run. by the way, he is bob eiger, the ceo and we have a cnbc exclusive with him this evening for:00 eastern on overtime. don't miss that, followed by disney. we are all over the move in the s&p as we edged toward the close. josh brown and mike santelli are here with me to break it all down in those crucial last moments.

market zone is next.

xfinity rewards presents: '1st and 10gs.' xfinity is giving away ten grand to a new lucky winner for every first and ten during the big game. enter daily through february 9th for a chance to win 10gs. with the ultimate speed, power, and reliability the xfinity 10g network is made for streaming live sports. because it's only live once. join xfinity rewards on the xfinity app or go to xfinity1stand10gs.com for your chance to win.

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. ♪♪ whoo! ♪♪ light work! ♪♪ next victims. ♪♪ you ready for this? ♪pump up the jam pump it up♪

we are now in the closing bell market zone, cnbc's mike. i was expecting that to pop up here first. in a who is here. there is josh, there is mike. to say we were close was an understatement. 49.99. 89 is where we got to on the s&p 500 before we backed off a little bit. >> sometimes of course it does get a little bit asymptomatic here at the round numbers. you have an obvious place for you say find that would be a stop. we will say if it does get through by the closer thereafter. the bigger picture doesn't change much. it keeps finding a way. it rotates away from danger.

usually the back half of february brings a choppy surprise but for now, it is tough to argue. >> if it doesn't happen today, it's okay. one of the things beneath the surface that we debated earlier this week, it is not really as strong of a rotation as you would like to see, and you really want to see those internals turn back around. today might have been a turning point. we will see if we get follow- through tomorrow but i don't think you want to have a scenarioin defensive areas we

only have one or two defensive sectors making all-time highs. we need more. maybe we would get more. one day does not a trend make. >> it's hard not to notice. you see on the right hand side of our screen, s&p down. nasdaq looking great today. and you know, there is still a little bit of a shadow over financials. it's not a broadly inclusive rally. this is not the economy re- accelerating and it's happening in this this inflationary way and everybody's going to lyft because somehow we got the fountain of youth in the economic cycle is now back to an early stage. it's not there. most consumer cyclical stocks managed to do pretty well. >> even as they go over this overhang of consumer card delinquencies, and all the rest

of it i don't think we have to worry about running out of things to worry about and one of the things as i've said before, investors have gotten themselves concerned about is the very concentration of this market and it almost rebuilds the wall of worry because if professional investors have a hard time trusting a market fully, it seems like it is just these huge names doing the wrong thing. >> you talk about these things to worry about and we have made comparisons between now in 1999 and how it ended for the market in the subsequent years ahead. new york community bank obviously people think of banking issues. they bring up oh, is this the next big systemic risk. it doesn't have to be another '08. it can still have issues for this market that are yet to be reconciled. we just don't truly know what they are. >> we don't know. as people have said, it is very idiosyncratic to a degree in terms of the kinds of assets and why cd had. it seems like the thing to let them acquire other troubled banks but the silicon valley bank seem like the moment when we said were just going to buy quality. that is almost like the playbook that is unfolding here in the last couple of weeks.

[indiscernible] >> thank you so much for sticking around today. doesn't look like we are getting s&p 5000. that does it for us. i will see you tomorrow. not quite 5000 on the s&p 500 but still record highs. a lot of green and major indices as the dow and s&p do quite well today.