valuation. people are win to pay a. >> james, thank you. >> is that why the company is named iron mountain? >> i have no idea, but it's a cool town. >> thames you, james. thank you for watching "power lunch." "closing bell" starts right now. this make-or-break hour begins with big questions. we'll ask our expects, now with 60 minutes to go in regulation, stocks have been capped for much of today. it's showing up today, well,

yields fell on the news, energy is the weakest sector today. oil is turning negative for 2024. health care a laggard. as for big tech, all eyes on nvidia, they're getting a bit back from yesterday's move lower, about but even that has rolled negative yet again. that stock is bowen did i 1.75%. that takes us to our talk of the tape now. for icap. >> liz, you first, is this a growth scare? >> i think expectations for

growth, actual growth numbers for the third quarter are still pretty strong. today was a labor market scare, and obviously we have this big looming jobs report on friday that could also be a scare i think markets are in this state of recklessness, and we've got a lot of highly anticipated events coming. >> it seems like coming in september, people chalk it up that it trades as a bad month, so it's becoming this

self-fulfilling prophecy, but is it a good reason to not be in the market just because you have seasonality? i don't think that is the reason. i they have you have to look at what you believe femmally. i believe there's a couple misses in the market, they're simply not squaring with reality. nvidia traded poorly as if it delivered bad earnings, it didn't. it delivered very strong earnings against elevated expectations, but that's another story. the oath myth i would say in the market right now, this economy is headed for maybe once again a recession and bad data is terrible, but is it really terrible when not a single economic indicator that the mber looks for to determine a recession, not a single one is actually in contraction, so it seems the market is trading on an emotional september is going to be bad, but that's not the

right reasons. >> this is more on where to be in the market growth raids? stocks are up a lot, and do we have want to be more sensitive to the economy? i don't know. do you? do i want utilities and staples? i'm not saying we're aheaded for a radio he session, but we're going into the first rate cut. what typically does well three months before and three months

after is the defensive sectors lead the way. the core of the portfolio if you're scared about the payroll report on friday, buy some bonds. that allows you to stay invested throughout the slowing economy cycle, but on the flip side, the fed is going to deliver the first rate cut in two weeks' time, give or take, so real estate, as well as banks are tremendous beneficiaries, so i would be adding to that. >> is the rate cut a positive for markets? i think you suggested in the past it's not necessarily a

great thing. you may want to fight it, at least at the start. when rate cuts begin they're look at positively. so we're still not going to have any data that confirms we're in a bad spot. so there's nothing right now that tells us a cut is because we're in trouble. it's the duration of the cutting cycle that tends to get more dicey. if you just overlay cutting cycling to the unemployment rate, most of the time, the unemployment rate rises pretty steeply. but that takes a white.

then, later on the in the cycle as the yield curve tries to normalize, it gets more challenging for cyclical sectors, because the macro data slows, and we're in this place where we've been so hot for so long, i think the market will have a hard time digesting cooler data. >> i think we've been condition since 2009 we don't fight the fed, on either side, and we've seen the results of major fed action and the cause and effect it does have on stocks. is now different? >> no, i don't think it's different. i think there's two really important things that the fed can deliver right now. the first big takeaway for me from jackson hole is the federal

reserve is payings attention to the jobs market. they're likely to act. they're likely to either jump-start the rate cutting cycle or deliver more quickly, and in other words, the fed can serve as a put to the markets. that's the first thing that's important. the second one, even though the federal reserve has cut interest rates yet, yields have fallen across the curve. so that means the benefits of rate cuts are already accruing to the economy. so that's why i think when you look at the consumer behavior, we'll likely see more interest in mortgages, car loans, industrial and commercial loans. i think what the fed is doing is powerful and i wouldn't fight it. >> how closely will we le watching polls for the election? we're 60 days out. will it start having a heavier role? >> i think that's partly happening in september.

not only do we have seasonal factors in september, we're in an election year. september is usually more volatile. it stretches it out into mid october in an election year. i think we'll start watching polls more closely, and the sectors to be careful in, depending on the policies. you want to be careful in health care. this is a time when health care typically does well. i would choose medical devices, if i was going to choose something in health care, and then aerospace and defense as well, but we're going to start trading on polls. i would not position a portfolio with what polling will tell us? >> welcome. nice to have you on our program. you've heard what the ladies have had to say on the views on this market. what's your own? >> i think we're in a market where we have a very high degree of uncertainty. it's going to be taking -- the

mixed data is going to be taken in a glass half-empty manner. but it's reasonable we're in the last stage of a soft landing that we get mixed data. we have uncertainly about the fed, uncertainty about the economy, and political here, regarding the elections. that's a high degree of uncertainty when we're getting mixed data. it's not enough to generate momentum. we think over the next couple months. we think we're for a choppy couple months, but we're optimistic after that. >> are you in the soft landing camp? >> very much in the latter stages of the soft landing. we think the underlies fundamentals remain healthy. we think once this rate-cutting campaign by the fed is further underway and maybe get 100 basis points or more, and into next year, we'll actually see some positive economic surprises. we think, for the same reasons

that the economy didn't slow as much from higher interest rates when you fed was raising rates. that's underlying demand. we think that will come through once we get lower interest rates. right now, the economy interest rails are the problem, the underlying fundamentals remain healthy. >> does that suggest that you believe in this broadening story, which looked legit, and i think people are still trying to score whether it is or isn't. >> well, we believe in it. we just think it will be on pause for a few months because of this high degree of uncertainty. there's just too much that needs to be resolved. it will be resolved around year end time, but right now when we have mixed data coming in, it's heart for that to gather momentum. we think when we get those surprises in 2025 on the back of more interest rates, that teem will emerge. we look for opportunities going

into the last few months. >> anastacia, how do you view that? i think there's a debate about whether it's too soon. people say i like small caps, i like mid caps here, because things will remain okay and it will get better. i'm willing to be a bit early rather than late. what's your own view? >> i think we have an opportunity that may last a few weeks or maybe a few months, the opportunity for position for what is likely to be resumed as a soft landing. i think, as we all talked about, volatility does spike going into the election. typically the markets do consolidate the months after the first rate cuts. i think we have this uncertainty, but if you look three months out, six months out, and after the election, stocks stipically do resume their up side. i'm in the soft landing camp. i don't think we have the dead overhang issues like we had in 2009. i think this could be a 1995

scenario, where what happens after the fed cuts rates, there's outperformances. so i think, scott, the opportunity i see in the market, they've traded very poorly, probably as they should, given elevated expectations and also a economy that's slowing, but if you fast forward into the end of the year or beyond, i think we have a great opportunity adding to the semiconductors on weakness. you don't have a lot of catalyst past july. we didn't have conferences. we didn't have a lot of earnings records outside of nvidia, but what we have this week, citi tech conference, next week the goldman stoke conference. so that's the opportunity i see to add. >> so you would be adding right here to the semi weakness? i should node that amd is positive. broadcom is positive.

they have earnings tomorrow, i think. nvidia is still any biff, through there's a lot of stock exchange that have gone green. >> i would be adding. outside of nvidia, there's other players, and for example, coms like amd did have strong data center growth. broadcom is expected to deliver positive esults. marvell reported last leek and had a beat. so i think there's a lot of momentum on infrastructure spend, and there's a lot of cyclical momentum, in terms of unit growth, they flipped into positive territory, and i think there's more of that, because we are hearing that auto demand is stabilizing, so what i'm saying, scott, and we've been guiding this way for a mow months, don't at it all here right now, but gradually use this period of economic uncertainty to add to

what are secular growers. >>. people have had periods of upset like they're going through right now, but the buyer didn't let that last very long. that got you to close to highs on the s&p. >> if you're going to buy dips, i would buy them in large caps. i'm not in the camp of wanting small caps and mid caps. i skew more macro. i'm more concerned about the labor market than anything else. regardless of whether the fed cuts rates, that does not support of labor market, in my opinion. it does not help the labor market from staying out of trouble. i aim concerned about the jolts data today, and i want to hear what happens on friday before i tell people to put more risk on the table. >> yung, is that what we should be focussed on, the jobs report on friday? we have the employment report

pre-august 5th. that was the sort of thing that started to snowball us into the monday decline, along with what was taking place with japan. we had a retail report which was good, walmart earnings calmed fears. here we are again tensed up for this friday event relative to jobs. >> the market is definitely tensed up. i think it will focus on those markets a lot. the question will be whether or not the fed is behind the curve and how much they cut rates by september, a quarter point or half point, and how it relates to the data. we think that just an important number is every thursday we get the weekly initial unemployment claim. that's more of a forward-looking indicator. as long as those stay low, people have jobs. people remain confident, we think they'll continue to spend.

as long as those numbers stay low, if we get blips in the monthly jobs report that shows weakness on the edge, we're not quite as concerned. if all of those started to turn neg negative, we think that's different. >> institutions may be getting nervous, but it seems the typical american investor doesn't seem to be. americans are really, really bullish on stocks, rbc today talks about challenges for equities are still lurking and points to net bullishness, suggesting the market has gotten overbought. are people too bullish? are others two concerned about

problems that don't exist? >> i think it very much depends on what -- we do have more of the trading xhugs that has become concerned. i'm talking about the systematic -- and they only incrementally increased it. in the past few weeks, hedge funds have been selling, but the point i made in the very beginning, if you're going to trade this market, fine, trade on seasonality, but if you're an investor like most american consumers are, you have to look through what do you expect for this economy? i think at this moment in time consumers are still convinced we are headed for a soft landing. they have a job. they have real incomes going up. i think that boosts the sentiment as well. ladies, and yung-uniformity, thank you all. seema mody joins us.

what are we learning here? >> here are some comments from david zizner, reiterating intel has not received any funds from chips act yet. he said the majority should be done by the next earnings report, so sometime in the fall. when asked about whether more cost cuts could be on the table, he said they're largely done, but never say never. on restructuring, he said that separating fabs from the chip design business made sense, and it's important for customers on the timeline, he said he expects wafer refer to start to flow through in 2026, but 2027 is when we expect material revenue to come in. it is, of course, a long time for wall street to wait to see that revenue come in for intel's fabs here in the u.s. the stock down nearly 4%.

>> yeah, it's been a rough stretch, as we know. thanks for the update. we'll watch those shares for the remained of our program, for certain. up next, chris harvey is back, revealing how to navigate a potential rate cut and the a potential rate cut and the upcoming election.ennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, you're watching "closing bell" on cnbc. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free.

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outlook citing increasing precious on middle income and higher income customers. and dollar general also cut its outlook. >> pippa, thanks. stocks are wavering as they try to recover. investors looking ahead to friday's jobs report, which is ex -- joining mess is chris harvey, with wells fargo. what do you think. >> it's a lot of what i would expect. there's pretty much what you're seeing now. . you think there's more of a pull back?

>> yes. they're saying we're worried about monetary policy, we're worried about rates, we're worried about the election. we're going to slow down activity. you should see risk aversion. this is pretty typical. do you buy it? >> eventually. there's a belief out here you should tell the first cut. for the last six presidential election cycles you've had double-digit returns. it's this belief that everything slows down. i don't know how to plan i have

certainty there's different betas, but now i have certainty, i can move forward and plan. what do i do with the megacap pull back on tech. >> we have some cancelling on the sidelines, and we added adobe and microsoft today. we can jump into some of these names. we're positive on the communication space all year long. so you are a dip buyer? >> we are. we've been a dip buyer on momentum and some growth gains in recent week. yeah, we think you with buy them with pretty good

confidence. >> you any there's enough dip buyers out there? this is not the first time the stocks have looked this way but the dip buyers have not let them go down too far. we have come in and pushed them back meaningfully higher. are they still out there to do that again, or are there renewed questions? >> we view it as the momentum did not break. in the middle of summertime, they bent, but did not break. the underlying fundamentals are still strong. one of the things people keep talking about, they're so much higher than the -- yes, that's expected. where we feel comfortable is in the growth names. those are the names where revisions are going up, not down.

>> >> so, you don't believe in the broadening story lasting that long? the durability of it you sound like you're questioning. >> we believe it should be more balanced in the last six, 12 months. >> i think earnings and expectations for future earnings are too optimistic or no? >> so, a couple things. let's talk about s&p earnings. the winners keep winning, so the higher-margin businesses are gaining more and more market share. it's not because the economy is strong, it's because the stocks are doing well, and the contribution is increasing. this is why mid caps and small caps are not doing well. they're more tied to the economy. so numbers are going higher. what we're seeing is negative

revisions for mid caps, but positive revisions for some of the larger and mega caps. >> 21 times roughly what the market trades for. >> yeah. >> is that okay? i had someone earlier say the math doesn't work. >> it's okay. i think that's the right word. the s&p 500 is a large-cap growth company. what would you pay for a growth company, what would you pay for better balance sheets? 21 times, if eps numbers are going up, if balance sheets are strong, yeah, it's okay. if the math doesn't work, i don't believe that. >> when you look at the disparity of the valuations of handful of megacaps versus the everything else, you say that the everything else is cheap er

>> for a rhine. the belief for e isn't there. i believe more in the e for up capitalization, and at 21 times, i'm still seeing growth, still seeing opportunities, and these are, quote, unquote, good risk controls. >> so stay large. youlgts of megacap tech outside of tech, staying high up on the -- what's attractive? >> it will go back to names and the communication space. what is in the communication spade?

netflix, meta, google, comcast, disney, so on and so forth. i can't name individual names, but those are some names that are driving that -- >> do you like financials, for example? >> we've had 15 years of upward pressure on regulation. now what we think is regulation has peaked and is beginning to come down. you can have multiple expansion. we'll leave it there. chris, i appreciate your time here. coming up next, carson group's ryan detrick has more on group's ryan detrick has more on how to position your [narrator] this is tessa carter. culinary connoisseur. knows her ingredients like the back of her hand.

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stocks are falling against after yesterday's big sell-off. while our next guest expects more pain ahead, he sees one area that could bring haven. >> good to see you, scott. >> are you still bullish or wavering because of the market, the price yes, the calendar is a potential worry yesterday was

the third 2% down day of the year. it wasn't fund for the s&p 500, more stocks in general but if you like at what happened the last two days with high-yield corporate bonds that isn't a major risk-off but it does mant sense. october is usually pretty rough in an election year, we wouldn't by priced with a pull back. can the market goes up if nvidia goes down? >> it's proven that it can. we more neutral technology in general. we do think they broughtening out is real. we have small caps and mid caps mid caps are confuse etly doing

well. if tech falls apart, sure, that could put a damper on things. on friday, okay, all-time highs for industrials and for financials. >> i mean, there are legitimate questions about the durable of the economy, for good reasons. >> you're absolutely right. today's data, talking about the jolts,there's concerns there layoffs are up over double digits. there are some cracks out there. we think the fed should have cut last time, but we know the cuts are coming. this is -- i looked on the doubt when the dow hits a new high. six months later you're in in a recession 10% of the time. the best leading indicator we have is the stock market on the

economy. the economy might slow down, but with stocks doug what we're doing, it's hard to see a recession the next six months or so. >> what if the fed is already too late? >> honest to goodness, they probably are. but, again, the fed's voight goes a long way. it 25 basis points? i think if it's 50, the fed i think will be saying we were behind the curve, and the market may not like it. with clear lingo that's more cuts coming the lake backdrop continuing to weaken. if the fed is already too late, and you admit that they may be the cyclical areas of the market are the ones that likely will get hurt, right in?

if i'm worried i'll play in offense and depends. why take the risk elsewhere. clearly the message market is mott worried yet we actually added some low volatility etfs, and you want low volatility when you combat that. yes, there's consumer staples in there and utilities, but there's a decent amount when you peel back the onion of financials and industrials. we've been very bullish for a while, added some low volatility. if we get standard volatility, we should be okay, but that the economy is simply having a slowdown, probably will

accelerate later this year. i mean, the message of staples, health care irand utilities is i'll puffer back a bit. in the fourth quarter of 2021, what did we see? right now, again, what are we seeing on friday, we saw industrials, financials, health care is that group in the middle, but if we're seeing that leadership, it's hard for us to think that the leading out of the more defensive areas is truly a risk-off scenario. this choppy well-deserved break could be needed. that's when you're overweight and we're still in that book there. >> ryan, we'll see you soon. >> thank you. up next, we track the biggest movers, pippa is back with that. >> one stock is tumbling as a merger is caught in washington's

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nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing. we're about 15 from the close. let's get back to pippa. >> u.s. steel is plunging, as reports are emerging that president biden may be preparing

to block the deal with nippon steel. u.s. steel saying just now it's not received any update and it fully expects to pursue all possible options to ensure the transaction closes. it's been its worst day since 2017. and zscaler having its worst day after reporting disappointing results. don't me an exclusive interview with jay chaudhry on "closing bell" overtime. we'll break down the verizon details. "closing bell" is coming right

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big day tomorrow. it starts on "squawk box" tomorrow morning at 6:00 arm. don't miss it. coming up next, hp is reporting in "overtime." we're inside the market zone, next.

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♪ welcome back. we want to pull up shares of nvidia and welcome jim cramer to the set. he has new reporting yesterday there was a subpoena that the company had allegedly received? >> i got over the phone. we have inquired with the u.s. department of justice and have not been subpoenaed. nevertheless we're happy to answer any questions that regulators have about our business. value to customers, and customers can choose whatever solution is best for them. >> the crux of the story yesterday, look, it was an already a dicey tape already for this company, was a report by bloomberg, picked up by other news outlets that nvidia had received a subpoena by justice. your reporting directly from the

company says no subpoena. >> look, it's possible that there could be one, but the fact is they have not received one. i think it's important for views, who a lot of people feel it's been very formal, could get aggressive. it still could, but they have received nothing. >> it's been relatively informal, could we say, to this point? the company has said it got a request for information, but that's far different from an actual subpoena. can you speak to whatever kind of regulatory risk of any kind that you see around, whether it's this stock oar others? we've been talking about alphabet, apple and others. >> sure. i do think that one of the hallmarks of the administrations that are running to an end is that they -- the agencies kind of go nuts in terms of regulation. look, there's a trial that starts next week with alphabet that deirdre has been talking

about, but the fact is if you have almost all of the market, it doesn't make you a some company that's manipulating things. you can be a monopolist, but if you abuse of the monopoly, they can go after you. if the government thought there was abuse, they would have given them a subpoena. >> mike santoli is here with us, as you obviously saw, you know, circling around these companies as an issue you'll have to contend with. >> yes. it will hang over the stock or the segment of the market in part because the anxiety already is nvidia seems to be over-earning in the moment and they dominate this phase of the build-out. and can it get better than here? or it's just, you know, can it stay this good for this long?

>> to your point, you're at a brokerage house, you have a hot deal. do you give the deal that does the most work, or do you give it to people who say, here, you have a hot stock. no, you give the hot stock to the best customers. how do we know that nvidia, if you buy our stuff, we'll give you the next stuff? >> this is like the good old days, when you run down to the set. because you've down that, i'm not going to let you leave so easily. what are you seeing ahead of your show? >> i don't like the market at well. people are obviously jittery. you know, we want our fed rate cuts, but it's important that businesses stay strong. it doesn't work like that. we're in that dicey moment a few weeks before -- you've done some great stuff on this -- a few

weeks before a possible cut, yet we expect everything to be great. it's not the way things are. that's why the fed might cut. right now you're in the period where it's who is next to fall apart? >> you use the words tensed up, how the market has been. >> yeah. >> particularly about the labor market. >> absolutely. that's why the job market has basically become paramount in the things we'll be more sensitive to. the beige book should never be a market mover. today it seemed to add some pressure, pushing in the direction where everybody is already nerve out. maybe it means in two weeks the fed cuts by whatever amount, and it's either not enough or we're not sure it's enough. just because -- we have low visibility, it doesn't mean

you're running into the iceberg, but you think you might. >> how are you thinking about broadening the market, whether it's healthy, if it's in areas like health care, staples, utilities, and the durability of the megacap trade as it stands? >> thank you for this question. i'm writing my topics, and i said, okay, so suddenly we want a big broadening, we want health care, finance, and they told us, no, no, what we want is nvidia, microsoft -- no. it's great we're getting other groups in. it's great that humana and united health is doing well. it's great to see that broadening. you know, look, this is what we wanted, the great broadening, so we can't say, huh-uh. >> we talked about that, mike, right? where is the broadening, where is the broadening? , no, no, we don't like it. it's too defensive feeling.

>> it's too defensive, or a little more chaotic. than when seven stocks went up every day, discounting the same good news. let's keep things in perspective. >> yes, thank you. >> the biggest declines was the greatest buying opportunity forth ages. alphabet didn't do as well, being think what you want to have happen. people are so gloomy about it. mike, you've done so much great work with the s&p.

you know it's actually pretty -- >> yeah, we're still playing with house money. i don't think you said to be bonds rally too much. you don't want to crash through that level too hard. great reporting. thanks for coming down. see you tonight at "mad money" at 3:00. >> thank you. i appreciate that. i'll send it into "overtime" with morgan and -- >> that's the end of regulation. strive 40 closing the bell. it looks like fractionally higher for the nasdaq and s&p 500 lower, and even after jim cramer just reported moments ago, nvidia denied it received a subpoena. that's the scorecard on wall street. i'm morgan brennan with jon fortt.