parks slowing down. now this is the media side. they are going to play hardball. >> is "monday night football" on espn? >> it is. so tonight would be the first moment that a lot of those customers really feel the loss of this channel. >> that's the jets playing tonight. it will be interesting to see what pushes it. >>. >> thank you for being with us. thank you for watching. >> closing bell starts right now. we'll see you tomorrow. >>. welcome to "closing bell." this make or break hour begins with a tension release hour to start the week as the broad indexes try for the first positive session so far this month. did buyers emerge in the semi conductor sector? that's a 1% gain. you see the semi conductor up 1.5 brs. invidia by 2.5%. bond yields hold steady after the big drop on economic

slowdown last week. you see the two-year holding at 370. the s&p 500 lifting from oversold levels. 5450. so picking up less than 1% of the 4.2% loss last week. volatility index has tumbled 2 points on the day. clearly trieders clinched for something worse for this week. able to relax just slight. that leads to the talk of the table. did the brutal start price too much in or is this a head fake relief with the burden of proof falling on the soft landing believers. we are going to debate all that. we first turn to apple, which just unveiled its latest generation of devices built for ai. let's bring in adam parker. steve is on site. let's start with you. you went in there with your

checklist of what we might get in terms of detail. we now know what apple has unveiled. were there any surprises? anything you felt maybe you expected to hear that you didn't? >> this is something that apple is calling visual intelligence. this is going to be a unique feature on the iphone 16 line up that was just announced. going into today, that was something i was looking for. is there going to be a unique feature you'll only get on the iphone 16 and not the older devices? visual intelligence is where you can whip out your camera, take a picture of something in the real world and it will give you information about it. the example apple did was you take a picture of a restaurant t will show you themen ewe. this is nothing new. we have seen similar technologies from meta, which is embedding it in the ray ban glass. we have seen google do something similar. nothing new, but new for apple.

and then the other thing i would note is this still a lot of questions remain after today about the rollout of apple intelligence and when we're going to see certain features. after today we know after recap ing the features they did threes months ago out here back in june, they still don't have a very strict timeline from when everything is going to be available. they said it's going to be rolling out over months. but they did announce some new languages that are coming next year, including chinese. that's a very important one. apple launching apple intelligence over there in china where customers tend to gravitate towards the latest and greatest features, maybe even more than the u.s. and china is up to a fifth of apple sales happen. they have been struggling recently. so they still have regulatory things to work out there, but very interesting that the idea that apple had for sol kind of unique iphone 16 feature was

visual intelligence. whether or not that drives upgrades, we'll find out. that's the idea they are presenting today. >> obviously, big question in terms of what it means in terms of whether it moves the needle on this upgrade cycle. you have people saying this might finally be a catalyst to have a lot of that older base upgrade. what do you think in terms of what you heard today at least having these devices ready for what's coming? >> all the people saying apple intelligence is going to spark a supercycle are wrong. we can confirm that today. some of these products that they are talking about, visual intelligence, we have seen before like steve mentioned with meta, google lens. this is a rehash. we also know a lot of the apple intelligence features, we're not going to see until 2025. the ones that are going to ship with the new phones are not that impressive, i have the new ios 18.1 on my phone. so i have seen these not

notification summaries. after watching today's event, this is just going to be evolutionary for apple. a typical upgrade cycle, which it really needed something bigger because we have seen sales stagnation, weakness in china and a slowing consumer. this is not going to really end up reversing some of those forces the way that apple fans might have hoped. >> i know you own the stock. it's down 1.25%. it's not that atypical of a release date type reaction when we pretty much had expectations baked in. if you had existing iphone users who had just a general reluctance to reup to the new model, because who knows what's coming down the road, it would seem as if this is at least one fewer er impediment to getting somebody to refresh, considering it's going to be equipped for whatever ai offerings are out there. >> sure. and also we don't really know -- it will be pretty extensive how much rebates or behind the

scenes that at&t verizon, the other u.s. carriers do, to get people to buy the iphone 16. but i think alex hit it spot on. i listened to the call. i own apple. if you own the qs, but i do think that i feel over the next year, this is going to be incremental, not exponential. we have these super cycles, you had people camping out at the iphone store. you have 1.56 billion people by the end of the year will have an iphone. when i distill it down today, what i hear is apple focuses on security, health, memories, via the phones and then efficiency. i think that this ai will put that all on hyperdrive, which is great. but i don't thinks it's going to you're going to get a step function up in iphone sales.

that being said, i think that the durability of earnings, the sustainability of earnings, even the revenues are low single digits, i don't think the stock is going to be a big outperformer or underperform. this is a nice move in apple's journey to still have poll position on everybody wanting to have this device. >> i think those get to the investment case for apple. it does trade as a very defensive nation state in terms of the financial capableties. it doesn't need the growth. but it's not also a boom or bust story anymore. >> how would you think about it? maybe you don't want a big product cycle. you want something more evolutionary. i like that phrase. my view, mostly i focus with institutional investors, it's hard to have a weight in apple. do you really know something about the stock that nobody else knows? it's hard. it's covered by thousands of people on the buy side.

it doesn't really -- today is one of the rare days it's acting differently than the tape. usually, it trades like the market. that's what britain's point is. it's really hard to replicate apple with basket of other securities and say i own 30 things of trade just like it. it doesn't work that way. you have to be market weight and then make your bets else the where. that's how i frame it. >> i would argue a lot of portfolio managers find it easy to be underweight. it's a 6% s&p. >> they are underweight because they have 525 rules. from the securities act or because they have their own risk are management rules. a lot of people are underweight. and that's why you heard most people come on the channel complain about when we get breadth. they are saying i'm underweight. and pretty quickly, a lot of hedge funds. so i like holding a market weight position. i think the products, we talked

i'm not going to buy a $400 watch when i have the focus. i think it's a lower pscycle. it's an s&p performer. >> i know you were hit ting on the fact that the pricing -- there was a small question around how the phones would be priced. they are pretty much the same as the last generation. and apple is making a bit of a value proposition here in saying you get a lot more for your money. arguably, maintaining price when it comes to consumer electronics is de facto raising price. normally, these things get cheaper over time. so who knows how you want to spin that. >> there's another way. and also just talking about value in this presentation more than i have seen them in the past, we know apple products are expensive, but talking about the trade-in the values you can get for the pro they mentioned if you traded last year's phone you could get to up $1,000 towards your new iphone. we just mentioned for what the

carriers are going to offer. i'm sure my inbox is full of the carrier offers but now. and then also just talking about the length and duration these phones last. it used to be a couple software updates and your phone starts to slow down and you need a new one. really making a point today about how the software updates last many years and even if you're spending $1,000 or more on one of these devices t can last you many years. on top of that, it's the artificial intelligence stuff. which as we have been saying, it's not clear how compelling that's going to be. especially with the slow and measured rollout that's going to be extend well into 2025. >> sure. and so you mentioned you were skeptical. you think this is really an accelerate rant to an iphone upgrade. long-term, the economics of consumer ai is perhaps going to be concentrated in the smart

phone. in other words, it's not going to be left behind. it's not going to be all about other devices or other ways of engaging with ai. are you persuaded by that? >> long-term, that's true, but how long are you going to go? it's not going to be a year. could it be three, four, ten years? because right now, we are all expecting ai to get that much better. everyone in silicon valley is talking about the next 12 months of this crucial moment. guess what, up until this point, consumer ai hasn't been adopted in the numbers that we have expected since the release of chatgpt almost two years ago. this is going to take a r revolution. it can't be pushed by the phone makers, but they have to be good at it. for apple to do it, it's going to have to bet the house on an improvement to siri. is that going to come within the next year or two years? i don't know if we have any evidence they are going to be able to do it, given the past

with siri has not been great. they don't have the the track record on this technology in particular that leads me to have faith in their ability to execute on this at least in the next one or two years. >> we'll have to see. in the meantime, we have better camera, new camera button or something on the side of the phone. we'll see what gets played with most out of this. thank you very much. adam and brynn will stay with us. let's bring in kevin gordon and talk about broader market. start with your observation about how we started this week. we really had a pretty concentrated debate last week. are we slowing too much? and for some reason, we're moving on from that today. >> i think so. the more important story is this shift in leadership that's occurred over the past month. evidenced by it's not affecting the broader tech sector today, but a name like apple, but over the past month, some of the price action cap weighted even

in the small caps, it's been moving out of tech. broadly, that's a healthy scenario because you have shown you can have strong breadth, even as some of the index action up the cap spectrum and the cap-weighted level may not look as strong. that's the better story. within all of this, even with the implosion a month ago and everything that's happened after that, long-term breadth has been unphased. as long as you're kind of hanging above that 60% range for the percentage of companys above there, it's a good backdrop. >> it's no doubt we have had breadth improve on a rolling basis. today it's a stronger day. although it's also defensive in tone to some degree. what's the message about the economy? >> it is defense i-inive in nat but if you take a bigger look back to when the bull market started, if you compare the moves in utilities or staples, it's really more of a catch up.

it's not as much of a big leadership shift going all the way to the defensives. utilities and staple, those were down in the first year of this bull market which does not happen. >> so it's a bit of a pendulum swing. >> absolutely. we're going to get cpi this week. but it feels like the inflation debate has cooled off. naturally, we're going to continue to argue about what the fed specifically is going to do next week. you'll also get a lot of investment conferences. i wonder if we're going to get more of a refocusing on individual company metrics, sector stuff, earnings trends. what are you waiting for clarity on? >> last week there was a couple conferences. i didn't see any negative skew. hoping for a second half

september stabilization, but i think the skews towards the negative. you're seeing signs of pricing power isn't as good across most corporates. think things are slowing. pricing power is harder. it's right about in the middle of the range that makes sense to me. so i'm not making a big market call. i don't think the breadth thing is a big argument to me unless you're bullish. if you're very bullish, earnings go up and margins go up for other companies, right now the big companies are growing earnings faster. >> that transition is supposed to be underway. >> only if the economy accelerates. let's say we can dream that we get some stimulus. the economy is a soft landing. it bottoms in the middle of next year. it seems a little early to bet on that a year in advance. let's say it's a year from now. if invest torts are

participatory, maybe february and march will be the geniuses that get it right. i think it's a little early as the economy is starting to pay for a chunk of the recovery. i'm a little more 50/50. what i worry about is the consensus view that everyone worries september is volatile. it always feels ugly to be a consensus barer. it's the ugliest quadrant to be in. >> to that point, the market has cooperated with the playbook, to sol degree in september. obviously, arguably, starting in midsummer, valuations got aggressive. people thought everything was going to line up right for this growth here. how would you be trying to navigate this period from here on out and whether you think investors will be willing to top up their risk budgets a little bit? you have the election. it feels like a coin toss to a lot of folks. and you have this soft landing, no soft landing, will the fed do

the right thing at the right time kind of questions. it's hard to know if they are going to get resolved because we move out of september. >> i think this weakness going into september 18th when we assume chairman powell will cut rates is a good setup we have had this weakness. i think if you think about positioning over the next couple months, i think what's interesting is where people keep talking about the small cap trade, which i'm still against that trade. i think if you want to play the broadening, s&p, which is rsp, to me, is continuing the way to go from a broad market exposure. i think what's interest figure you look at rsp is up close to 10% year to date. so i think when you look at is this market going to price in a soft landing or will the traders or they price in a soft landing, i'll take more risk, but i still see potential weakness. i think you're seeing that play

through with even the russell 2000 is underperforming by about 50 basis points today. the s&p equal weight. >> kevin, really haven't been penalized for just saying i'll go with quality, reliability, dividend growth, any of those things. it felt as if for awhile you were a wall flower and everyone else was having fun. but point to point this year, that's been okay. can that last? >> i think so. especially in an environment where the fed is poised to cut, but are they going to cut aggressively? probably northeast knot. so if you stay in an environment where rates are still elevated to where we were pre-pandemic, you go back to something of a normal environment because i think in many ways, the cycle has been flipped on its head where in prior instance, it was sort of the fed ready to go aggressively because they were responding to a financial crisis. this time they are more hesitant.

so if that is the case, the quality play makes sense. it has made sense. if you use that as a factor and screen for it, it's worked pretty well and delivered pretty consistent outperformance. that's why we have been more focused on factors like strong cash on the balance sheet, high interest coverage rash yores rather than feeling like you need to pick and choose sectors. there's been so many leadership shifts. >> every sector seems to have one exceptional name. >> you can't gather assets. it has to be -- the question is when you come down to quality stack, it's when you think we're close to a bottom and the companies discounting some probability of bankruptcy or some impairment, you feel like they are going to recover. that's when value stocks work. that's when low quality works. it feels early to want to bet more than half the port foal the

owe on that sort of transition. so it always makes sense to buy low forecasted growth, high quality growth stocks and stick to those themes that are going to work. it's ai software. it's life science. those themes are there. they didn't change because there was two weeks of debate about the return on the capital investment. >> the semis aren't acting like they know it's going to work. they are down pretty big. nvidia is up. when you look back at the history of the stocks that go up ten x, the best one had a down 25. there's no top left to bottom forever. the question, is it going to be more compute, of course, there is. i just think that right now, we're in a pocket of the economy slowing, the numbers are too high and the fed can't cut without a growth scare. you have to be more picking winners and losers. >> it makes sense. thank you. >> good to be here. >> appreciate the time today. let's send it over to kate

rooney for a look at the biggest names moving. >> so take a look at shares of dell and, stocks climbing. palantir rising on the heels of news on friday that both stocks will be joining the s&p later this month. palantir will unseat american airlines while dell is replacing ear etsy. shares of summit soaring 65%. that's a new all-time high for this stock after the biotech company announce d ts its lung cancer drug candidate outperformed merck's clinical trial. that same news sending merck shares in the other direction. they are down about 2% or so. back over to you. >> thank you. we are just getting started. up next, a top technician reveals three key market indicators he's watching right now. and later goldman sachs is breaking out a volatility playbook. you're watching "closing bell"

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stocks rallying into the close as the major averages try to recover from their worst week of the year. while investors should expect to see more upcoming seasonal weakness, the setup looks bullish for stocks into year end. let's bring in securities steven sutmeyer. great to have you. so the question is how would you know when the market is maybe tripping into something a little more worrisome than some typical seasonal churn at this point? >> that's the whole trick light here is determining whether it's seasonal or if it's strusctural. i would argue it's more seasonal. first and foremost, everybody knows september is weak. but a lot of people don't know that weakness carries over into october and election years. you tend to get a prerecollection pause in the

market followed pit a post election year and rally. another reason we think it could be a seasonal pullback, if if you look at market breadth, the s&p 500 have asked the client line, even the nasdaq 100 have asked the client line have gone on to new highs. what's interesting about that is new highs are leading indicator for new highs. mean ing the s&p sometime in th future should surpass its high around 5670. those are a couple things we're look at here. it's more seasonal rather than strushl. wet think seasonality offers opportunity to buy into the market ahead of a year-end rattle thely in our technical view. >> along with whatever is happening seasonally and some moderated growth expectations that are filtering into the equity and fixed income markets, there has been this struggle to figure out what might lead the way. you have had this momentum

sector of the market really has come in pretty hard. maybe as most stocks are up. what are the themes that seem to be poised to lead at this point out? >> i think we're seeing rotation as a lot of people have been talking about. and as a technical analyst, we view that as a life blood of a bull market. you're getting sectors that are less extended starteding to perform. there's a defensive bias for the likes of utilities, staples, real estate and health care, but i think the real shift in leadership is standing out is more with the the financial sector even some are regional banks breaking out of what technical analysts calling big basis. i think what has been to the detriment of the growth stocks and tech over the last couple

months has benefitted names and financials, which appear to be very well a buy of a leadership group into the future. another tech tort would be industrials. i would argue that's a little bit behind what we'ring in financials, but strils, a lot of them center firmed up as well. >> aside from essentially saying the up trend remains in place, you should give the benefit of the doubt to long-term advancing prices. is there a way to handicap how much upside. >> the interesting thing is if you take big rallies off of big lows, they tend to last about four years. the market tends to rally on a median basis over 100%. so a little bit more than halfway there. but near term here and now, if

the s&p can hold somewhere within this 5400 range, just have a normal retracement of the rally that we got from october 5th into -- i'm sorry, august 5th to august 30th, we could breakthrough the range highs. then you'd form a pattern like a cup and handle that would argue that you can make a move towards that 6000 area in the market, which is not just that technical pattern. we have other models that we run in recent weeks and months that suggest that the s&p should be heading towards that level. or could be the middle of next year, which is where the presidential cycle gets less constructive on the market, meaning you might see that midterm interruption. so that's all the things we're paying attention to here.

>> it comes to roughly 10% upside if we get there. thank you very much. up next, goldman sachs is revealing how she's advising clients amid the recent market volatility. "closing bell" will be right back. ♪♪ ♪♪ citi's industry leading global payments solutions help their clients move money around the world seamlessly in over 180 countries... and help a partner like the world food programme as they provide more than food to people in need. together, citi and the world food programme empower families across the globe. ♪♪

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posting their worst week in more than a week year. with economic concerns, how should investors be positioning themselves? joining me here is elizabeth burton of goldman sachs. great to have you here. the s&p 500 is only 3.5% off the record high. it seems like that's no big deal. we're up nicely for the year. on the other hand, some of the big winners of the first half have had a hard time and it's been tough to figure out if the market is fragile. what are the conversations you're having right now with a lot of clients? >> first of all, the conversation has shifted. back in may and june, a lot of clients were still asking about inflation and what the outlook was like. the past two weeks of travel, no one is asking about inflation. they are asking about utah growth risk. i mostly serve our u.s. institutional client base. even though they have dive diversified portfolios, 80 to 90% of the risk tied to that.

some have cash balances. >> what are you telling them? >> so on the equity side, some of the similar things have been repeating throughout the year, we're constructive on small caps. we think now you might want to look at defensive strategies to tamp down some of the risk in your portfolio. and look abroad. one thing we're looking is uk equities. so trying to diversify from that, also the long shore exposures and extension strategies, maybe lowering tracking era. on the flip side, i think that's really hard for me. as a former allocator, thinking about lagging back in, but we have clients that are rebuilding the fixed income. >> just because you have had such a run in long-term bonds? >> adding it back in, i think the position of goldman sachs is

the inflation story is looking better. but having been an allocator, i would be concerned inflation might stay sticky. and tenure might have risk to the upside in yield. so those are some things i would have concerns about. also a lot of these institutions have to rebuild their fixed income. they took it down let's say from 20% of their portfolio to 5% when rates were near zero because your not earning anything. they are saying i have to get back in. >> the idea of equity strategies being somewhat attractive here, what role are they supposed to play in a portfolio? is that a call on you think stock selection is going to be rewarded in a better way now? >> you always find me saying i think stock selection is important. active management is important. for one thing, adding long shore equity might be easier than deviations from your benchmark. so it might hard to add a tell come manager, but it might be

easier to add in that context exposure. so i think that's one facet of it. >> what's the current thinking on private credit as we -- the whole boom is getting tested by a period when we're worried about slower growth, we're worried about the possibility of default risk. >> the private credit is a hot topic. we're shifting. we're looking more at special thety finance and more niche sectors. but we're still super constructive on private credit as a whole. there's a lot more room to run there. i think you'll see who is wearing their bathing suits when the tide goes out because we didn't see a blip in the last cycle. things still look good. >> overall credit markets have been hanging in well. it's not as if people are getting super nervous. how are you thinking about just expected returns at this point? it's been common place to say, well, valuations are elevated and equities and yields aren't

that high. the math seemed to say low returns is what you should expect but we haven't really gotten them. >> that's fair. i was talking to an allocator whose target is 7%. while some that may sound low, that's hard to achieve. >> sure. >> but the good news is that actually the outlook for a 60/40 portfolio, those actually look less risky and in a better place than they were before. we did some work that showed the ideal portfolio you might want going forward is a third equities and a third of assets, but take the assets and put about 20% into real estate effecquities, commodity equitied the rest into pits. that's the ideal. but that gets you back to 60/40. we do think we are in a late cycle. it means underweight credit, sort of construction on parts of

the commodities complex, but not a lot of investors on the institutional side have any commodities. >> interesting way to synthesize is in that part of the portfolio. thank you for being here. up next, we're track the biggest movers as we head into the close. kate rooney is back with those. >> a couple things flyinghigher today. that's the keyword. one is airline stock. the other has to do with marijuana. we'll bring you the details, next. (♪♪) the best way to solve a problem is to keep it from happening. (♪♪)

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17 minutes until the closing bell. the s&p 500 up about 1.1%. let's get back to kate for the key stocks to watch. >> jetblue popping as much as 8% today after bank of america upgrade the airline to neutral. that was from sale. they doubled to $6. they talk about improving conditions falling fuel prices and last week jetblue hiked its third quarter revenue estimates. and then stocks are higher after former president trump posted on social media he supports legalizing adult marijuana use in florida. that's part of a biden administration ballot referendum, that would lower the

federal classification to a less restrictive level. >> thank you. still ahead, boeing shares popping thanks to a critical union deal. we'll break down the details and what it could mean for the stock in the months ahead. "closing bell" will be right back. is it me... or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically.

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we are now in the closing bell market zone. boeing shares giving the dow a big boast. phil lebeau has the details. and lisa taking the stage at goldman sachs this afternoon. seetma mody has those headlines. and we look ahead to oracle reporting in overtime today. map out the story behind boeing and this union deal. >> they are partially getting a contract locked in with the machinist union. 3,000 members, i say partially because it has been tentatively agreed to by the union leadership along with the leadership of boeing. now the question is the vote, which will happen on thursday. here's what the contract comes down to. 25% wage increase over the next 4 years. 33% if you add in the wage p progression of various jobs within the union. cost of living adjust thes are there and the commitment by beauing to build its next airplane, which is likely going

to come in the early 2030s to build it in seattle. that's important for the machinistics and the union leadership is recommending approval. we'll see what the rank and file have to say. the vote is on thursday. 33,000 members. and wile the leadership says this is a good deal, we think you should take it, keep in mind, there's a lot of rank and file members who are still hurt by the way negotiations have gone in the past and believe they should get more than 25%. not all of them, but there's going to be some who feel that way. >> an investor in boeing, i'm sure if they made a list of the thicks they thought they had to be concerned about in terms of the safety and ceo of opening and all the rest, the space business, i'm not sure labor -- a lack of labor piece was high on the list. how important is this in terms of what it says for boeing's cost level and its ability to produce from here? >> for the new eco, this is

important. if he can get this locked up without any type of a labor stoppage, that's important. they have so many things that need to be fixed at this company. the last thing they need to do is have further delays. so if they don't have any delays because there's not a strike, it's one important hurdle he clears. >> there you go. stock up 3.5% as we noted. thank you. we have a news alert on norfolk southern. the ceo is expected to exit the company as soon as this week. that's amid a board investigation into ab undies closeed relationship he had with an employee. we'll bring you more details as we have them. right now, the stock actually higher by 2.7% on the day. seema, speaking to an eager audience. what did she have to say? >> she's on stage right now. here are the headlines. the ceo says that artificial intelligence remains a huge opportunity. the data center component is

important. the goal is to provide end to end solutions. touting that recent acquisition of the systems that gives amd more access to ai servers. sue saying while training language models are getting a lot of attention, so is inference over the next couple years. su talked about ai being a $400 billion total addressable market in 2027. she says she's sticking with that estimate adding that the industry is in the early endings. workloads will get more complex. and therefore, that inckrooes demand for custom silicon. in other words, it gets to the question and it hasn't. we're looking at shares higher now. >> i guess we also have heard total addressable market estimates upward of trillion. who know what is people are incloouding or not including in the various estimates. where does it stand now in terms of the way the street views amd as really being leveraged or not

quite as leveraged to the ai boom as let's said nvidia and other competitors? >> they are making strides in being that distant second rival. making a number of acquisitions. to really allow it to be a dominant player in ai servers. she's making that point they don't want to just provide graphic processing units, they want to provide the end to end systems for their clients,s which is really something that nvidia is doing now. so well behind nvidia, but they are trying to play catch up here. >> certainly. stock up 2.6%. everybody wants to do the value-added solutions. se seema, thank you. oracle about to report. stocks really had a great run the last couple years. what should we expect? >> oracle is not the first name you think of when you think about generative ai, but it's ai ajdja adjacent. it's benefitted from this position. i found this chart to be interesting. it's oracle versus microsoft.

this is november 2022. oracle has outperformed microsoft since then. it's kind of been this sneaky play that's gone up up and up. it's a key indicator in this return on investment versus cap ex conversation. its psychal and comments around cap ex will tell us something about ai and gpu demand. in focus will be the growth rate of the cloud infrastructure business. it's a crucial part. and put it is in competition, though at a much smaller scale, with amazon and microsoft azure. that infrastructure revenue increased 42% for its order. so this is really a unit that has been growing very, very quickly. also keep in mind that oracle

cloud growth is taking place this week. we could get more announcements. >> one of the many conferences to keep track of. the average leverage to a lot of big. picture trends, but the other parts of the business, is any of that seen as being potentially in the cross hairs of ai solutions? >> that's good question. the debate over what is generative ai going to make obs obsolete. the conversation around salesforce as well. oracle, as this ai adjacent has been able to bake into its offerings, that's undetermined. i would look to oracle world happening this week for more evidence that it's going to be useful. some of these applications that are not in cloud infrastructure, they are going to be useful in the age of ai. >> certainly market willing to endorse that view.

thank you very much. as we approach one minute into the close, the s&p 500 on track for about a 1.1% gain. p it would be the first up day all this mop the nasdaq hanging in there for much of the day. small caps not really keeping pace up about one-third of 1%. it's a little bit of a return to some of the mega caps. probably want to take a look at apple into the close after its big event today. it has pulled even. it's slightly green after being down by about 1.2% or something like that. so holding its own around the 220 market. people pointing to the fact that the majority of stocks are up. you have about 2 to 1 upside to downside volume. and treasuries have held in there.

a big rally that got yields down to these levels has slowed just a little bit. the two-year note yield up slightly as we look ahead to that fed meeting. the volatility, down on the day. that's it for "closing bell." we'll turn it over to "overtime." if you wear a clock around your neck, you know that bell marks the end of regulation. and the u.s. women's water polo team ringing the closing bell at the new york stock exchange. stocks getting some relief after the worst week for the s&p 500 of the year with consumer discretionary leading the komback. welcome to "closing bell." the week kicks off with two key earnings reports in software. oracle and rooub risk, which t