one school to yield highest salary new graduates is m.i.t. >> there you go. >> rounding out the top five. princeton in, naval academy. >> and uva usual does does well. i don't see them. >> come on. thank for watching "power lunch," everybody. >> "closing bell" starts now. wack to "closing bell" i'm mike santoli in for scott wapner. stocks holding firm for last week's gains and inching toward record highs as investors cling to soft landing hopes. spenceful fed decision thrown on top. a look at scorecard with 60 minutes to go in regulation. dow earlier touching a new record high. briefly intraday. s&p 500 made up for earlier modest losses while both indexes soundly outperforming nasdaq on the day. a burst of rotation way from big

tech. small caps also out in front in the s&p. bank stocks stand-out to the upside. chatter about a half percentage point fed rate cut encouraging textbook easing cycle straight. j.p. up 1.7%. and former fed vice chairman alan blinder in a moment. first, "talk of the tape." is the markets growing confidence in the soft landing justified and how big the stakes? ask research founder and cnbc contributor. adam, market trying to look through maybe some of the signs of weakness in the consumer last week. rebuilt towards those record highs. valuation, more or less towards highs. earnings forward, continuing to rise. i guess you see that as reassuring sign or a source of potential risk. how are you reading it? >> i think it's pretty inconsistent. i feel a little more tortured

than at any time in the last couple years, because you can't have the economy that requires the fed to cut rates several times. right now eight cuts implied in the next 12 months. 8.5. you can't need that and then also not have any impact on u.s. corporate earnings. the bottom up numbers, you point out, 2025 numbers tighter and higher today than on january 1st yet i know things are slowing with the consumer. less pricing power. earnings estimates hockey stick more than the norcal hockey stick in there. that's the tension i see. i need to believe that this is going to end soon. the weakness i see. i think the risk really starts on that october earnings season guidance for q4 january season. i think maybe sell the news on the fed stuff a little bit until i get that next sort of round of confidence that really it's going to be accelerating in 2025. >> i guess the devil's advocate

response would be because the fed funds future's market positioned for two percentage points of cut doesn't mean the economy needs them. could also mean we have fed funds above 5.25 and inflation is 2.5? right? a spread. room to do it and, of course, also kind of a, always a "what if" element in there? right? we don't know it will happen but leaning in that direction. the point given a lot of companies for all we've talked about overall earnings great in the last year or so it's been narrow. a lot of companies are flat-ish in terms of total profitability over the last couple years or just getting relief? >> generally, look, two comments. one i really look carefully at the relationship between fed fund futures. so what people think the fed funds rate will be, 12, 24 months. how it relates to stocks.

negatively associated in 2021-'22. higher multiples killed. didn't matter. in 2023 towards the end of the hiking cycle. all is well. now in a weird situation correlation between lower rates and lower multiples is positive. reversed some. when i measure what people think two years from now, gets too negative it's bad. i think in a weird kind of top of the -- my first point on multiples. in terms of corporate earnings, you're right. biggest equities. big cisisix, biggest 20 compani growing faster than the rest. believing in the breadth believe economy will trough sometime middle of next year. you want usually equities -- let's say you're anticipating the other people. six months early. still feels to me three to six

months to really bet on a earnings related acceleration. i think we're going to have maybe even, this could be it here for a month or two on the news tomorrow. >> yes. saying for a while that you feel as if plus or minus 10% in the s&p feel roughly equally possible? >> yeah. that's right. really started for me mid-july. can't ignore the news. name the industry, consumer not slowing? company's not taking pricing. don't want to pay $25 fop appetizer sal its in salads. confident there is going to be hiring next year. reason pricing power. government paying for health care expanse in a business kind of -- end customer doesn't have a choice. there are some of those and stock picking environment in that regard but i don't see broad-based consumer strength when i look at all of the data points smaller. i think it's too early to bet on this broadening. sure, get a couple weeks here

where it happens. tomorrow with the fed i think, i don't care 25 or 50. lots of people care about that. >> tomorrow just talk -- >> wednesday. yeah. whether it's 25 or 50, i don't really care. what i care about is, do i think there's evidence from the earnings season in october? the set of data i'm looking at. gives a month of vacuum here i'm not sure is skewed to the positive. be a little more defensive heading into the end of the month. >> yeah. look, the almanac says be at least on guard. >> and i worried it's consensus. everyone saying the same thing. september's job -- sell, and then, like -- worst thing is your consensus is bare. the worst. >> yeah. it's true. although every time i feel like seasonal stuff should be out ahead of time -- >> a self-fulfilling prophecy. saying the same thing. >> before in requisite capital

management, and a cnbc contributor as well. love to get your thoughts here on a macro perspective how the market are set up and what you feel is necessary to justify where we are and maybe deliver further upside in terms of fed policy as well as the economic fundamentals? >> i think i would agree that the market's reasonably fully priced for a soft landing. we need a soft landing at this point. we've been essentially on a roller coaster ride the last several months. i would expect that to continue. my guest guess weakness until the election and rally from the election to year end. only because that's normalcy now. overall the economy is slowing. it's not hitting a brick wall. at some point we need that slowing to stop and things to reaccelerate next year. get in these late cycle-type economies, seems to

navetive every time. market volatile. rotates into defensive sectors. seen this since july. what to expect the next year or so frankly until the market knows for sure whether we'll get out of this with a recession or not. >> so a year of this. essentially bouncing from data point to data point and testing the soft landing scenario against the possible recession. i mean what clues do we look for rye out in? the bond market? seems like you wouldn't necessarily be wishing for lots of downside to treasury yields from here, if you were bullish on stocks about the economy, thought the economy would hang in there? >> ultimately, the full yield curve possibly slowing. restrictive right now, it will take time. why take another full year. as that yield comes down the front end of the curve comes down, make sure earnings, pretty good so far, just stay pretty good. so -- just it's a longer time

period than typical because the fed is a lot more restrictive than a typical rate cycle. >> what's your -- i guess -- level of concern there's more than just standard downside choppiness? at least at risk here? when it comes to what the fed will do and as we enter third quarter earnings season. >> so this a risk of creating choppiness. long term a good saying that economic expansions don't die of old age. gets killed by the fed. so we have a history where the fed is late. late in this cycle raising rates. to me the risk is the economy is slowing right now. not stalling. we still had wage growth in the last report of 4% year over year. that's not a recessionary environment. so i think it's a tricky environment for the fed. not today, but i think that their keddens going forward, not this cut, but the next few, to

consistently get, i would say 100 basis points of tightening, of cutting. it's really important. i think we're at minimum, could do 100 basis points. 25, 25 four times. still have a very tight, tight fed market. ultimately, my guess, relating to the stock market. to me, like today, when i look what's works, what's going okay, i still equal wait s&p is a really strong performer up three quarters percent. as we go through a slowing not stalling economy i think things will broaden out. the question as an investors how broad will it get? stay large cap, i still think. large midcap, large cap and more quality versus going down in the market cap. i think we are later cycle. it's too early to get too risky on that risk spectrum of market cap. >> sure. adam, interesting. as a lot of the stories came out

o 50 base-point cut and the president throw his weight behind that idea you saw the market try to execute that by the russell 2000 trade. didn't work initially. not something you feel makes a lot of sense? >> answer your question you asked and agree largely with the agree, too early for a risk. i'm looking for big ticket u.s. consumer data getting better. less credit card debt, better restaurant data. better hotel rep, housing firms in central florida. places it's really weak. the big consumer stuff to convince me that's close to bottoming before paying for acceleration already dreaming is possible in the second half of next year. i think the reason that -- the fundamentals of those companies is good. right? i need to believe margins are

expanding more and i don't think that's likely. i think -- another thing look for would be any evidence in the october earnings season. walmart showed us a little during last earnings season. evidence of productivity from a.i. deployment and back to the races on that sector, that would 2r trade again. short pause. makes sense to be very bullish on a.i., semiconductors software and power, in that three-month period of all right. let me get a couple positive returns on investment data points. one of those we get in october, risk on again. >> day by day in terms whether the market's willing to reward the a.i. leverage. stocks, and -- of course, downside leadership today is from apple. people are a little concerned. analysts talked about maybe not that great a start for the upgrade to the iphone 16. maybe a.i. down the road in your hand is not necessarily a compelling thing. how do you think about apple specifically and then broaden it

out tore microsoft and all the rest? >> yeah. apple is not an a.i. play now. right? apple is a hardware company that sell as ton of services. i think that, i said this countless times. i think the iphone 16 launch will be incremental no exponential. and i think that this is a new territory for apple they're selling really -- say the future software versus what we typically think of is the hardware of the phone. interesting today is where apple's been mildly weak. a company like oracle, right? i think probably is underowned, up 21% over the last five days. so i think you have the market really bifurcating saying where do i see clear signs of growth? that said, apple's up 300% over the last five years and basically doubled the qs. apple is a wonderful name to

own. if people are selling it, taking my chips going home, that's short-sided. ap sl at the core front of the next new trend, that will take a few years to find out. >> yeah. i guess -- a bigger picture. given we've had a re-assessment exactly how the a.i. investment boom will go and whether we want to reward these companies with huge premiums at the outset. had that go on. corrections in most of those bi the magnificent seven. the russell 1,000, close a record high. and other things have come in to kind of make up the slack opinion i wonder if you view that as, hey, this is a bull market finding its way through, and feeling as if it has life left in it or is that more of kind of a desperate measure of people trying to plug the gap? >> i think it's been real. and the reason that can happen

was both stocks, s&p and 493, actually pretty cheap six months ago. but that valuation caught up. hard to find stocks with a lower pe today than in 2019. that wasn't the case six nine months ago. at some point, for the market to keep moving up we need a.i. to lead from these levels, because you can't have a rotation forever and start valuing all of these single-digit growers at high teens multiples. >> and adam, to your point, travis, one of the things about the a.i. plays. which is you can have some kind of completely wonderful open-ended upside scenario, where you feel like this is going to take over the world, and then no price is too high to pay. whereas for other companies, probably trade within more of a range? >> innocent until proven guilty

and guilty until proven innocent for others. when you beg for chips that means something, and musk. we know we're in the early fadeses of deployment of more comp and pow are for that commute. not a trader say i want to buy stuff two, three years, highly confident you want to own a.i. semis. >> i don't doubt that. you can never say when the music is stopping, but i just think back to a story in front page of the "wall street journal" in 1999. people saying the same thing to emc. i got to buy your database stuff. >> looked at all stocks ever ten baggers or more, and over a few year period or more. best of them was only down 25% during that. a average is 45% down at least once. you want home runs. you will have bad days but if you're investeding in a theme saying i'm a money manager, do you want to have a conversation in five years say, hey, man,

never owned a.i. semis couldn't make it work? you're a jerk. the trend will be big the next several years. >> the risk argument. i get it. i remember mid and late --late- thousands did great. >> nvidia god trade. called it god trait. an l-shaped thing. problem not onlying nvidia you think you're god. close to the top. going to crater, bite again at the bottom and get burnt three times in a row even though missed most of the first 3.5 trillion. respectfully disagree. saying apple's not an a.i. play. i no what she means but i think -- probably debate it. half a trillion market cap, or trillion is a dream of a.i. down the road. maybe not current. i agree with that.

you don't have any a.i. in the price that's probably a problem. >> no. saying there's no -- right now i've done 16s, the a.i. doesn't even start coming out for a few months. i said it's not an a.i. company. they want to be with their apps and services. go to brass tacks. nvidia, oracle, palantir. these companies are absolutely generating returns off of a.i. today. that's starting to scale. i just think the jury's still out, what i'm saying as -- as a company. >> still dreaming of it, though. >> they're selling devices that are compatible with an a.i. future even with people aren't buying it today, for example. guys, appreciate it. thanks so much. thank you all. talk to you all soon. send it over to seema mody. >> mike, 41 minutes left in the trade. sharing of boeing slipping to a new 52-week low. aerospace giant sweeping cost

cuts in a bid to preserve cash dealing with a strike by more than 30,000 factory workers that walked off the job friday rejecting a tentative deal. the strike halted most of boeing's aircraft production and shares down fractionally now. contact lens maker bausch & lomb best day ever. shares shot up 14% to a new 52-week high after the "financial times" they're working on a possible sale likely to cash the i of private equity. stock up nearly 60%. >> thank you. just getting started here. up next former federal reserve vice chair alan blinder with what he's expecting with the fed's critical decision and the if he think as 50 basis point cut is where the fed will land. we are live. you're watching "closing bell" on cnbc. less complicated.

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the s&p trying to a positive close while the dow on track to close at an all-time high focusing on the highly anticipated fed meeting. fomc expected eed to rates firs time since 2020. great to have you on. a rare level of spi suspense. first move of a psych the in the air. a 50/50, market adds have it between a point and a half. >> we don't know if jay powell will flip a coin. our point of view, it's a county flip. >> i guess how much does it matter? and what message does it send in either scenario? >> not a great deal. what matters much more than whether it's 25 or 50 is what

surrounds the 25 or the 50. you canhave a 25 that sounds aggressive about future cuts, but you can have a 50 that sounds light more passive about future cuts, and frankly it's not so clear which of those two is the more expansionary policy. i think the pros in this case matter much more than the number of base points. assuming it's either 25 or 50. and the fed doesn't have some big surprise in store for us, which i certainly don't think. >> yeah. like 37.5? or nothing? i mean -- >> no. 75 or 0. yeah. we'd be shocked. you'll be shocked, i'd be shocked. that's not going to happen. >> they seem not to necessarily be looking to shock the market already a little off balance in term what's to expect. i guess the nature of a potential soft landing is that it's in the eye of the beholder depending on the latest run of

data. you can make the case you have to be careful and take out more insurance against the downturn by going deep other than the first cut, or you assume that you're going to be okay and have time to move later. which way would you come down? >> that's why it's 50/50. i would come -- if it was completely up to me and i was just choosing i would go 50. a little bit more worried about the downside risk than the upside risk, but it's a very close call, and the point is, an important point is, i don't believe everybody on the federal open market committee thinks what i just said. i think you still have hawkish sentiment on the committee, and that could drive jay powell to think 25 basis points is the way to hold the committee together. hopefully without dissent at all. >> yeah. a case built that 25 with a dissent for 50 or more than one

dissent would implicitly be a dovish message. maybe the market needs refocused on wouldn't wuish for a circumstance the fed goes big and keeps going big. '95, that easing cycle hoardly anything. a couple cuts and sort of a hold a while. because the economy did okay. >> we did have a 75 in there. the only 75 of greenspan's entire 18.5 years. i thought that was aggressive. at the time. in retrospect look at the whole thing, it was kind of a calm finding, letting the economy down very nicely. looks to be what's happening now. i want to emphasize as i've done before in other forums, this was a much harder job that jay powell and his colleague hs. to engineer a soft landing in

this environment, than alan greenspan and his colleague hs in '94-95. much harder. >> right. because inflation obviously had already kind of gotten out of control this time as opposed to back in the '90s. a proactive defense against inflation getting too bad. >> right. >> based on your read of the numbers right now, should the fomc have a great deal of comfort about the path of inflation? because obviously that's underlying the case for half a point on wednesday. listen, inflation is taken care of itself here? >> pretty comfortable about that. i see the inflation rate ticking down, down, down. some months not down but mostly down, down, down. but to come back to what i said before in another context, i think there are members on the committee. not start to name names, a lot less confident in that, and that are worried, say, that it's going to stall out at 2.5, and not get to 2.

that makes them more hawkish than -- than the media member of the committee. i don't think that characterized median but characterizes the hawkish minority. >> for sure. understandable. given the way everybody was talking about what the job ahead of them, to get inflation under control. willing to do it. have a recession, if they needed to. to get the job done. >> and doesn't look like they need to. >> hope that stays the case. alan, great to talk to you. thank you. >> my pleasure. up next, citi's war your is back and breaking down where she shes hedge funds headed into the year end. don't forget, catch us on the go following the "closing bell" podcast on your favorite podcast app. we'll be right back.

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looking rosy. joining me at post nine. citi's north american head of capital production. >> great to see you. >> the markets i think generally equity and hedge fund, not just playing defense and trying to look to end of the year? looking for further upside? >> interesting. remember, end of july and early august had a tremendous amount of volatility. why you hire hedge funds. they showed both that period between july and august able to handle volatility well and put up positive gains. normally as you go into q4, foot off the brake, lock the games. not happening. every wants to lock in double-digit gains for the year. >> mean given aggressive or -- >> not just buying. looking for opportunity on the short side especially in technology consumer, a.i. boom. right? just as many people thinking

that it's overbought and looking for short opportunities there. both on long and short side seeing opportunities in the bio tech industry, energy, commodity space. volatility brings tactical opportunities. people are being quite tactical. >> on paper the market seems to be ripe for stock selection, trading one thing against another. right? first half of this year kind of like search stocks bragging the index up. now seems like you have rolling rotations and a lot of stocks actually outperforming the i index. where does that bring the typical manager at this point in terms of where they think is what applies? >> stock selection is relevant. a lot of times we see manager wants to hedge, last few years see etf hedging or cut um um - custom baskets. long side seeing stock selection becoming a bigger driver of

returns. that something that i think is very positive. we track among managers in our universe, track dispersions, stock pick is important and can drive returns. good to see. >> interesting. in terms of the end investor what are they mainly interested in captures from the hedge fund asset? >> divertification and downside protection. end investors tell us they don't want somebody doing well when the market goes up. invest passively. offer downside protection and upside capture. want them to be uncorrelated to the marketplace. probably the biggest we see. hedge funds service diversification but you need to be cash, generate returns. can't just be a downside protector. >> sure. a line that the hedge fund

industry, equity oriented in particular. so top heavy and returns. the millenniums and the citadels and .72s, consuming in the industry. a challenge to figure where to go? >> the big are getting bigger. with this market the way it is and with stock selection becoming more relevant there's a space for small and emanaging managers especially in the sectors in bio tech. you might not want to be with a large manager. spaces and other sectors. they're coming back into play. might be an opportunity to invest with a specialist manager. interest wee seeing again. i was in dubai, aw abu dhabi. it's a bright spot. >> in general because investors, lps, don't expect much in the

way of aggregate market returns? >> a high market for that. feel managers in spaces that are maybe less trafficked or less traveled or can be nimble in asset allocation and stock selection will have the opportunity to outperform. they still want established track records. institutional quality but want that double-digit returns. managers who will be aggressive. >> outside of equities still a lugfest for private credit and others? >> for the credit market. interesting. especially expecting a fourth quarter with volatility. the problem, private credit, certainly a space interesting. i think hedge funds are competing capital with, competing for capital with venture invests. what are you getting for the liquidity you're offered? so there is a longer lockup and locking up your capital for longer you expect liquidity

premium. private credit can provide. and specialist strategies as well such as we briefly talked about activists in our earlier briefing notes. public real estate is a strategy becoming interesting. reits, things like that. ecm a space people are interested in. pockets of opportunity. >> activists obviously not correlated to broader market and trends? >> yes. >> makes sense. >> great to be here. >> thanks. heading into the close, seema is standing by. >> mike, one biotech stock surging 26%. we'll reveal the name and why it's up so much after this short break.

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18 minutes until the closing bell. seema has a look at stocks to watch into the close. >> mike, start with shares of nuvalent. unveiling positive data on two cancer treatments over the weekend. saying the two drugs show "favorable tolerability and trials involved t patients who carnesed failed with other treatments." stock up now. alcoa agreed to sell a stake

in a ma'a aden joint venture. selling for $1.1 billion. the deal expected to close first half of 2025. that stock again, higher, mike. >> seema, thanks. still ahead, oracle shares higher again today. up over 6 pe60% this year. drill down what's driving that stock's rally. "closing bell" will be right back. >> announcer: sector sort sponsored by -- (vo) two retiring business executives turn their post-career mission to greyhounds, giving these former race dogs a real chance to win.

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sliding thanks to reports surrounding demand for the new iphone. details are next. intel rallies on news it will get a $3 billion grant for national security-related production. don't any the cnbc exclusive with ceo patelng gsier coming up at 4:00 p.m. "overtime".

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we are now in the "closing bell" market zone. apple shares weighs in. what's behind that move. seema mody on oracle all-time highs and breaking down crucial final minutes of the trading session. steve, apple obviously a little disappointment here after some called for a so-called supercycle? >> explain what's going on here, mike. seems like that is sort of off to a slow start coming off a slow week of last friday and pointing to lower ship times as a senate demand is weaker than for the i iphone 15 last year. down 13% compared to last year

and worst on expensive pro models. pro max down 16% compared to last year. other analysts talked about similar estimates this morning, but point to bank of america this morning adding caveat saying apple may be producing more of those pro mold is this year, explaining those reduced ship times compared to the year before. also preodor ship times are not a perfect gauge of demand but the best we have now. usually directionally tell us how i phone demand compares to previous year. street narrative question of course, now, is the a.i. narrative holding up? so far haven't seen evidence of this. a.i. features not launching another month or so. could be. a slow rollout after that which could gunk up the true demand of the iphone. a lot more data from ship times to see how demand looks. mike? >> yeah, steve. seems like there's a familiar cadence to some of these rollouts where maybe there's

some high hopes in terms of what the immediate demand's going to be, and maybe doesn't show up and analysts come out, say a more elongated upgrade and could bolster future quarters. i wonder exactly whether we're at a moment here when the compulsion for the next model is just structurally lower, because the phones are pretty good and they don't wear out? >> that's been the story. iphone story for, geez, the last five, six years or so. they get a little better, incrementally you've over year. still good. keep them three, to five, to seven years providing software for that long. giving people less reason to upgrade. the hope after quarters of slumping iphone sales seen out of the pandemic that a.i. might be the spark that ignites this new supercycle. could be if sales are up you've over year this holiday season could be because people have old phones. back in 2020 with 5d hit spurred the last supercycle maybe coming

around again and has nothing to do with artificial intelligence, mike. >> right. you never know. of course, stock trades at 30 times earnings. not as if it's as cheap as in past cycles necessarily either. thank you very much. seema, oracle. up 20% month to date on results and some analyst talk? >> yeah. a surge of 14% last week following earnings. touching a record high today. the company got an upgrade from analysts, pointing to oracle's growth accelerating at a faster pace an adobe and salesforce. earnings should be held by strategic dealey with hyperscaleists. announcing a partnership with the cloud computing unit to build out data services. and founder sharing at a dinner begged nvidia long for more chips, trying to play a leading role in the a.i. space helping spark enthusiasm with shares at

a record high, mike. >> yes. seema, fascinating that the market kind of rewards that talk. you know? that oracle is kind of a forced buyer and willing to kind of pay up for even more. investors in the gpus are still getting benefit of the doubt here. looking at the market cap that's been added to oracle. up to 470 billion. go back to the beginning of the year. ad adobe, amd and oracle, up. market's think age ways to play the a.i. trade keep shifting. right noworacle's corner. >> perhaps diversifying. nvidia to hyperscalers thinking i don't think wall street appreciated the role oracle was trying to play within the buildout of a.i. dat

data centers and the relationship jensen long himself. >> yeah. it is remarkable stuff. even an analyst admitting he missed most of the move and upgraded is getting traction on that call today. >> true. >> seema, thanks so much. scott, give us your read right now as the setup of the market is heading into this fed meeting. seems as if investors are willing to give benefit of the doubt, a soft landing is in hand. what do you think? >> i think a soft landing is definitely priced in. not seeing recession. i think the market and the financial media spinning a lot of time, spending time on a 50 or 25 basis point cut. i think you don't want to get hung up on that. we know the fed's going to start a series of cuts here. that's going to take a little bit of time to take effect. we'll see a few slow quarters here. gdp-wise. really, when you look at second, third, beyond that, in 2025

quarters beyond that, i think 2025's going to end up to be a pretty good year. not just for the economy but for the market as well. >> so does that mean that the recent out performance of some defensive parts in the market is a bit of a head fake if you think we'll get clarity on better economic fundamentals next year? >> yeah. up here with this run we've had, you know, we're not fond of utilities. we're not fond of staples. we'd be lightening up there. consumer discretionary. lightening up there. the things we like as we look ahead, industrials, communications services. materials. data centers are going to get built out. i think some of the stumble in some a.i. names is just not many people are able to monetize is right now. a lot of spend going on. hoop going to actually make money off it and the industrial companies are building the data

centers. you know, they're building the electrical grids. what it's going to take to do a.i. certain parts look for. up here at the top of the range i don't think you'll see much follow-through. with any luck see some kind of pullback here. which will give retail investors some puopportunities to step in. most retail investors have way more cash than we think they should have in their accounts. >> you have a window, asset al did location on etail. >> there might be bias towards younger investors. look at investors 60 and over, they've been burned at least on paper a couple of times over the last 25 years if not three times. so they've been more cautious here and they really do have a lot of cash. now, do i think a lot will come back into the market? that used to be, you could count

on that, 20 30, 30 years ago. i don't think so much this time. some investors especially older once north of 60 are more than happy to buy some cds, short-term yield and not worry so much about the stock market. >> we'll see how fast those yields come down. based on how aggressive the fed has to get here and see if that changes any of their behavior. scott, appreciate the time totoday thanks very much. >> thanks. and less than 48 hours to go before the fed meeting, up 0.7 of 1%. nasdaq underperforming down a half percent on the day. under the weight of apple and other large tech stocks pulling back. though positive breadth across the market continues. you see advancers over decliners more than two to one.

neutral around 17. bond market still thinks something aggressive could happen on the fed side. you see the two-year note yield, new debts. close to two-year lows. that does it for "closing bell." the s&p 500 looks like it's finishing up in the green adding to last week's gains. over to "overtime" with morgan brennan and jon fortt. [ closing bell ] end of regulation. ringing the closing bell, honors at the nasdaq. fed decision kick off with the dow closing at a new record as investors question just how big the cut will be on wednesday. though the nasdaq notably lagging dragged downed by apple. scorecard on wall street but the action is just getting started. welcome to "closing bell: overtime" clb. i'm morgan brennan with jon fortt. >> a mayber interview coming your pay. pat gelsinger joins us after exclusive news the company is receives $3 billion