welcome to "power lunch." the minutes of the fed september meeting show quite a bit of disagreement over the issue of 25 or 50 base point rate cut. they agreed on ultimately 50. where they agreed, all agreed it was appropriate to ease. it was appropriate to continue the process of reducing the funds rate, and that the economy evolved as expected, they said it was appropriate to move to a more neutral policy stance. most saw policy as restrictive. they disagreed how restrictive

it was. a substantial majority supported lowering by 50 basis points. however, it did not say how many, but a majority wanted the 50. recalibrated policy would bring it into better alignment with the inflation and labor markets. some, however, would have preferred 25, and a few others said they could have supported 25. so some plus a few, we don't know how many that is, but it was more than just the one dissent is what we're learning that supported just 25. several noted that 25 would be in line of a gradual pass. a few noted 25 would be more predictable. now, on the economy, some worried there was differences here that reflected the differences over 25 or 50. some worried the easing of the labor market could transition to a more serious deterioration. many saw the economy growing at trend, and saw diminished risks to inflation.

several worried about consumer spending, including the labor market. some were concerned the pace of hiring was not strong enough to keep the unemployment rate from rising. so there's a lot of concern about the job market. further labor market cooling was not needed to get to the 2% mark. and geopolitical events. so guys, back to you. i think this 25 or 50 debate is something that could have an impact on the future rate cuts. there was a one in five chance the fed did nothing in the futures market for the november meeting. 20% probability of no cut for november, guys. >> steve, let me linger for a second here. there was one dissent, but that necessarily mean that individual want nod cut whatsoever or was

just adamant that they wanted a 25% basis cut and they weren't going to go for 50, like everybody else apparently did, even though some would have preferred 25? >> yes, tyler. a pin point clarification question from you, sir. that dissent that was out there was preferring a 25 versus a 50. and what we learned in these minutes, again, thanks for the chance to clarify, is that there were a bunch more people, we just don't know how many, that would have gone along with the 25 had it been apparently the majority decision out there. or if they had their dovish number. only 12 of the 19 votes. so 11 of the 12 voters supported it. it says a substantial majority supported 50. the question is, how many folks are on the fence for the next 25? if you get, for example, tomorrow a higher than expected inflation print, if we get another strong jobs report, does

that put more on the fence? tyler, while i'm talking, i'm going to log into my computer, which i'm forbidden to do reading the minutes, but i'm going to give you a fresh quote on the probability. it's still a 20% probability i'm seeing now, of no change, 80% probability of a quarter. and going into the december meeting, that 85% probability of another quarter. so the market did not change based on these minutes. i don't know if it should have or shouldn't have, but there's a bit more support now, tyler, than just the 25 than we thought either from the statement, the dissent, and for the press conference. >> steve, hang with us as we continue our conversation with stephanie roth, chief economist at wolf research. welcome. good to have you with us. >> good to be here. >> what did you just hear and were you surprised by what appears to be a little bit of a split on the -- among the voting members of the fed board between the 25 basis points or 50?

>> no, i don't think it's too surprising. powell went in there and probably wanted the 50. that kind of fits with the articles that were leaked ahead of the meeting, that it was probably coming from the top that they were looking for a larger cut. and they got a number of people on board. so of course, there's a substantial majority in favor of it. >> so where does this leave us now as we look to november? we have one more jobs report, the most recent one was fairly strong, a lot of people think it's taken another half point cut out of the probability for the remainder of the year. is that what you feel? >> a few basis points is off the table. so noware they going to go 25 or there's a 20% chance, according to the market, that perhaps they don't cut at all. tomorrow's cpi should be supportive of a cut, with core cpi coming in at 0.23%.

>> i guess that leaves you -- the problem is the next jobs report is going to be distorted, not just by the hurricane, whatever happens, but by the strikes, as well. diane was saying we could see a minus 40-k drag on manufacturing payrolls. how are we supposed to figure out the trend with all these cross currents? >> it's tough, but they published a strike report, so we could have a good sense of how to adjust that data. there are some people that might be on furlough, so we should be able to subtract those workers. but on the hurricane, that's a difficult one to assess. >> why is the ten-year doing what it's doing? >> because it -- >> because it wants to, why, why? >> the market is now went the other way. before the payroll print came out, the expectation is we're heading into this hard landing.

now with no landing with this print, so somewhere in between. >> that means soft. if it's not hard and not no, it means soft. >> that's exactly the message. the ten-year might be backing up until the market can come to the conclusion that maybe soft is more likely. in the near term, nothing is going to stay this way. >> so the ten-year is tig nat -- signaling that the economy is in pretty good shape, not that interest rates need to go down to stimulate the economy. >> no, and which don't really need to stimulate the economy at all. we have almost -- real consumer spending money is at 3%. the economy's fine. but rates are still elevated. it makes the sense to still normalize interest rates. >> we're in a little bit of a fog, to your point. so the market has now taken us

from pricing to another point of cuts? maybe not quite that much to something much lower than that, and so the stock market is responding well. ten-year pointing to stronger growth outcome for now. but it's going to get a bit foggy. >> so you figure no 50 half point cut in november, but maybe 25, a quarter point in november, another in december? is that your base case and continuing on into 2025? >> base case is that they'll do two more this year. the risk is that they go in november and skip december or there's just one more this year. if we get another strong payroll print, which given the hurricane it's not super likely. >> hurricanes are going to affect those numbers and the strikes. >> and it's worth noting that in july, there was no discernible impact from the hurricanes, but on the state data, there was a large swing in the state of texas.

b >> steve, any final thoughts? i assume you're still there. >> yeah, no, i just think what's been said is correct, we have to watch the data here. i don't know that the quarter point cut in november hangs by a thread to quote my favorite movie "lord of the rings." but it's probably a bad inflation report, and another -- i think the fed still cuts and probably still cuts again. i think the idea of a skip is something that could be on the table for january. i think 50s are off the is table. we have to watch the data and listen to people. i don't know the count of the people who were in that 25 camp. i know it sounded to me this morning, lori logan from dallas found she was more of a 25 person, simply we though that michelle bowman was. but there's got to be a couple others out there, and we'll hear over the next couple of weeks who they are when they haik their public statements and figure out who's on which side of the 25 and the 50.

when the data come in, if it comes stronger, 50 becomes a 25, and 25 could become a skip. >> stephanie roth, thank you. let's get to rick santelli now on what we just heard from the fed in those minutes. rick, what now? >> you know, to me, i'm going to pretend tyler asked me the same question he asked our guest, why do you think ten-year rates are going up? well, tyler, i'll give you four reasons in the reverse order of importance. number one, maybe the economy. the economy in many ways is doing a bit better than many anticipated. next is the fed. probably was a bit too aggressive and the market is showing its muscle. we just had a conversation about how the fed and central banking in general is the center of the universe when it comes to markets, but the markets are expressing a view here. i don't think it's coincidence that all of this started happening after the rate cut.

as a matter of fact, if you look, we're now up 40 basis points in the two-year since the rate cut closed, and 43 basis points in a ten. my next on the list would be politics, okay? we have debt and deficits, and neither candidate seems very interested. we have janet yellen using t-bills to pay servicing of the debt, which is quickly approaching $1 trillion a year. and then last, the number one answer on my board is deficits and debt. deficits and debt, nothing is going to be more clear in my opinion, but the closer we get to the election, the more this could happen. but don't underestimate with what the market sees with regard to the fed. the fed has a bias to ease. all central bankers have a bias to ease. think about how we got into the debt problem. if it wasn't for central bankers, governments wouldn't have been able to spend so much more than they were taking in. that definitely is a worry of

the markets. as you see on the charts, maybe the other news is, all maturity treasury yields are higher than yesterday's, and the ten-year in particular is now six sessions in a row trieding higher than the previous day's high. very unusual, so don't underestimate the fact that the market can push against the fed. >> rick, thank you very much. lots more on the menu here on "power lunch." still to come, a new investigation finding nova northist are become diverted from other countries in open marketplaces online and shipped at cut-rate prices to the u.s. that full investigation is further ahead. and the justice department is looking to give google its own medicine. regulators are considering a breakup of the search giant. we'll late out what's on the table and what it could mean for investors, coming up.

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google shares are lower today by 2.5% now, after the doj signaled it's considering a breakup of the company. as an anti-trust remedy after the search giant was found guilty of operating a monopoly. let's go over to our reporters here with us to discuss the ramifications of this in today's "tech check." let's start with what we know and how serious a breakup is of a possible maneuver here. >> well, look, kelly, it's on the take, no question about that. but if you look at this 32-page filing that the department of justice put in a little after 9:00 p.m. last night, there's a lot of language in there around remedies having to do with changing the contracting,

remedies having to do with data sharing, remedies having to do with behavioral modifications by google and nota lot of language around the structural aspect. so if you look at the document, it looks like the doj is farther down the road in its thinking about all these other types of remedies that it is about a breakup. they reserve the right to do it, and we might get that later this fall. but for right now, a lot more detail on some of these other things. >> jennifer, let me turn to you and get you to put your finger on the sort of the nub of the issue here. is one of the big issues the nature of the contracts that google asks its partner businesses, whether it's apple or whomever to sign? >> yeah, i think the issue the doj takes here is the exclusive contracts that it has with say

apple and samsung, and this prevents other search engines and other competitors to be able to be seen. so one of the things that they have mentioned in this filing is wanting to offer a choice screen, something that they have also asked for in europe. and so this is something that they -- that seems more in line with a realistic view of what they can do, although something like excluding an apple contract may hurt apple more than google, because google pays them billions. >> that looks like one remedy of behavioral change, a contracting change, it could make some sense there to give people, whether you're on an android phone with samsung or working with apple, to give a choice of which you use as your default search partner. >> absolutely. that's what the department of justice is thinking about, sort of -- there's a lot of beard stroking going on in this document, because they're talking about things that are possible, but nothing guaranteed in this document at all.

this is a long process. one of the things that's going to happen at the doj is, even though this has been going on for years, this case, they haven't had discovery in this case in several years. so they don't have current information about what's going on inside google, how these markets are working today. so they'll do another round of discovery to get access to google's information to understand where these markets are right now as they come up with their final proposal on remedies, which will be due before the end of the year. that's when you'll see the doj put some meat on the bones, or mixing my metaphors fear, finish the scratching and get down to the shaving here. is that is goes together, meat on the bone, scratching the beard. >> very masculine metaphor. >> anything they can do to try and stop this? >> i don't think so. you know, the vibe right now,

according to my sources, is very much heads down, very focused. there's a lot going on with google. this seems like such a broad filing and what the doj is asking. so i'm not sure employees take it seriously yet. so i think until they actually see some movement happen and see that the doj may have some understanding of how they could potentially remedy these, which may not come for a couple of years, then they're going to kind of keep focused on what they're working on. >> this will play out over time and will be interesting to see if google elects to fight or negotiate. that will be very important development. jennifer, thank you. still to come, the xlu utilities etf is up 24% this year. growing demand for electricity helping drive those gains.

now one drtrader is changing thr tune on the group. that's next.

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welcome back to "power lunch." the s&p taouching the record earlier on. but the nasdaq is only up a third of 1%. some utility names like constellation energy are getting attention for being in the red. in fact, the utility sector is up 35%, the xlu year on year. but there are some signs that trade could be overextended. joining us to talk more about that is katie stockton. i was just talking about you, katie, with regards to nvidia. but in the energy trade in particular, what are you looking for here? >> whe moved from an joef weigh position to an equal weight one. but it's had such a good run. it is the top performer as of q3, and year-to-date, it's just a close runner-up to technology

and communication services, which have benefitted from the mega cap leadership. so we feel that the utility sector is poised for consolidation at a minimum here. xlu had broken out to a new high. that is a bullish, long-term development. you can see on the chart that the up move is really very steep. now it shows signs of exhaustion based on our over bought, oversold metric. that means short to medium term. so we're more comfortable with an equal or underweight stance here in the near term as gains are digested. >> would there be any trading recommendation for those that i don't know if they would be tempted to shore up something like this like a freight train. but what would the trade be here with regards to the xlu? >> we generally don't make short recommendations for things that are near or at all-time highs. it's usually against our better judgment, especially utilities,

which have such a good yield to them typically. but if somebody does think that yields are going to continue higher from here, we think they continue higher near term, but not over the coming months. we're looking for ten-year yields to top out in the low 4s and head down to the low 3s. with that in mind, utilities will have their turn again in terms of relative performance. but for someone that thinks that yields may continue to go higher, well, then they may consider reducing exposure just to the you tilt sector more broadly, because utilities tend to underperform in that environment. >> are you bearish? i'm hearing consolidation on nvidia and the xlu and the ten year heading into the 3s? those sound like storm clouds practically. >> storm clouds would be accurate. we're neutral, though short term and long-term in our research. neutral usually doesn't satisfy anyone. but truly our indicators are supporting consolidation, mean

morgue sideways but choppy price action. perhaps instilled by nvidia. nvidia has a good triangle breakout. that's a short-term positive, but it still has signs of exhaustion longer term. so we don't think the negative cap as will be the contributors they were. >> katie, thank you for today. >> you want storm clouds? we'll bring them. hurricane milton's slight course change could spare tampa from the severe damage we've heard about over the past few days. on the left, that iconic bridge in tampa heading south bound on 275. and on the right is ft. myers, hit so hard a couple of years ago by i believe hurricane ian. could the western side of florida be at risk now? we'll get the latest from al roker. and using lowe's and home depot, a new call from luke capital markets explains the impact of hurricanes, rate cuts and the

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welcome back to "power lunch." here is your cnbc news update at this hour. kamala harris' presidential campaign crossed the $1 billion fund-raising mark in september, just two months after she took over as the democratic candidate. that's according to nbc news. her rival, former president donald trump, has raised just $309 million for his campaign through the end of august. >> cvs and united health groub are demanding that lina khan and two other commissioners recuse themselves from a lawsuit that accuses the company and others from inflating insulin prices. in separate court filings, the companies say public statements from the commissioners have prejudged the matter and showed serious bias. the ftc today declined cnbc's

request for comment. and wimbledon line judges are out for next year's tournament. the event announced today that it will no longer use humans to perform the task, and will instead replace the judges with an electronic line calling system. the technology will be in place for all qualifying and championship matches starting in 2025. a lot of talk, tyler, about bringing in ai to deal with a lot of these issues in sport. i think they have done it already in europe in soccer for the lines. >> i wonder what john mcenroe thinks, you cannot be serious! all right, thanks, bertha. shares of lowe's are moving higher, not lower, and home depot marginally lower as luke capital upgrades both stocks to buy today on the back of an easing rate environment.

this also marks the first time since 2021 that luke has upgraded either stock. joining us now is the analyst who made the call, laura is director of research at luke capital. laura, welcome. good to have you with us. it has been a long time since you've made any moves on either of these stocks, so you must feel a compelling argument on both of them. >> yes, thanks for having me. the timing of our call is obviously about seeing the first easing of interest rates. mortgage rates we think over time will move lower. we look at the last couple of years in appliances, flooring, mattresses. you have seen unit declines over that period, similar to 2008 and 2009. so i don't think that rates are going to plummet and you'll see massive demand. i expect things to get better next year, and for an easing fed to be part of that story. >> we're looking at a chart here of a five-year performance of

home depot and lowe's has outperformed it by a considerable amount. do you think that outperformance will continue for lowe's, or do you have a favorite one here? >> so i think part of what drove that jut performance was marvin ellison, who is six years into his tenure at lowe's. he's helped them close the gap, notably margins. i'm excited about home depot's acquisition of xrs. that will inflict hd's growth higher over the next five years. we prefer at this moment home depot to lowe's for that reason. >> and we checked in with heel depot last hour on the way they're prepping for the hurricane. they have equipment going down, trying to have supplies, ready to open stores and rebuild. what is the typical pattern like in terms of they have to close,

the store gets hit, they might get a bit of rush and demand afterwards. they've seen this with helene, as well. >> right now you're seeing disruption, and it's called disruption because they're trucking things all over the place, and that leads shortages. it's expensive to service customers in the middle of these storms. over the next nine months, you could see a lift of 1% to 3% of sales in this company as insurance payments start rolling through, especially some of the damages from helene, which was more water damage. that work needs to be done soon, or it gets worse. so i would expect a lift, obviously not this month, but these national players like home depot, like lowe's, are very well positioned to help people rebuild and repair the damage they're likely to see. >> but the long-term positive for them but not something that happens quickly at all. >> doesn't happen quickly, because most consumers can't pay

out of pocket for repairs, they have to wait for the checks to come in. we're hopeful those will be expedited. for the walter damage, it likely will be. wind sometimes the insurance companies drag their feet. >> laura, thank you very much. >> thank you. coming up, a cnbc investigation revealing counterfeit ozempic and other weight loss medications being sold online and illegally shipped into the u.s. we'll have a sneak peek of the black market of obesity drugs, next after this.

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shipped illegally into the u.s., which poses serious health risks. here's melissa lee with "ozempic underworld, theblack market of obesity drugs." >> reporter: not far there the rocky mountains in boulder, colorado, is an ordinary suburban neighborhood. a quite, tree-lined street and this modest home. not the kind of place you would imagine an investigation into black market ozempic could lead. but it did. our look at the counterfeit weight loss drug started with purchasing the drug online. what we found is it's part of an international marketplace where criminals are kocounterfeiting these drugs or buying them on the cheap and illegally shipping them to the u.s. to turn a

profit. the main target, ozempic. >> discover ozempic. >> reporter: welas well as wego. all in a class of wildly popular weight loss drugs known as glp-1s. the ozempic we bought cost $219, while the real drug goes for nearly $1,000 for a month's supply. the company's website and corporate documents claim the operation is located in boulder, colorado. but the ozempic we ordered from labor beauty was shipped from this office building in china off an elevator and behind this unmarked door right to us in new jersey at krfcnbc headquarters. a plain cardboard box, doesn't appear to have any refrigeration. this looks like it might have been a refrigeration pack at one

point. it does say ozempic on it, and here's the novo northis logo. was this real ozempic or fake? and why did it come from china when the company has a colorado address? we'll answer that question. but first, our investigation brought us to the uk, where hundreds of counterfeit ozempic pins have been seized. it's hard to tell what's real and what's not. andy is deputy director of criminal enforcement of the health care products regulatory agency. >> which one is genuine and which one is the fake? >> reporter: this one is real. the other one with the purplish pen isn't. >> it is a very crude copy, and it's enough to make people who don't have this level of knowledge and don't have the capacity to inject this into

themselves. >> reporter: 869 counterfit pens were seized. >> these are manufactured, and made to look very much like ozempic pens. >> reporter: now back to the ozempic we bought on line. novo nordisk says it appears to be legitimate product and was produced for the chinese market during late 2023 and '24, therefore it would be unauthorized for the u.s. market. the company went on to state that it cannot confirm the sterility. still, one question remained -- what is the connection between this house, listed on the labor beauty website, and this office in china? the homeowners told us they have no connection to the chinese ozempic seller at all. labor beauty did not respond to our request for comment.

the day after we sent that request, the colorado address was scrubbed. as far as that address, the representative told me on whatsapp it was the previous address of their u.s. warehouse. enforcement sources tell us the ozempic sources is connected to a federal investigation into ozempic packages being shipped into the united states. by the way, watch our full investigation by scanning the qr code or by going to cnbc.com/ozempicunderworld. >> so some of the pens are filled with insulin. the ones that you received here were filled with what or do we know? >> the ones i ordered from china was real ozempic. >> but it was somehow bootlegged around? >> that's how a lot of criminals do it. the arbitrage between the list

price in the u.s. and what they can get it this that country is a lot. that could be profit margin. in china, ozempic costs less than $100 if you have a prescription. if you steal it, it's free. that's how much the criminals can make. >> so they'll come in and either have bought it at a very low price or stolen it. they will sell it online, and you will pay $200 opposed to the $1200 you might have to pay. >> i think i'm getting a bargain. the problem with real ozempic, even if you're getting a real product, you don't know how it's handled. it could be sitting in a warehouse for months, sitting on a tarmac for hours not refrigerated. >> and you could be injecting something else into yourself that you have -- how would you know whether it was the right thing or not? are the companies able to do anything, block chain, can bitcoin fix this? >> they have trying everything right now. it's a serious problem. all the pharmaceutical companies have internal investigation

units. they team up with local law enforcement officials, and they're going after these epicenter drugs in particular for the weight loss industry. >> the drugs themselves are in short supply in many cases. >> in many cases, yes. >> whatever the name brands are. >> that's -- >> that fuels the demand. >> there's this whole fight about them taking ingredients off the short list causing other stocks to fall, and they said the fda, this was capricious and we don't understand why you did this, ending up with something like this. >> possibly. >> so check it out on cnbc.com/ozempicunderworld. >> melissa, good to see you. boeing shares are under pressure as the union strike continues. s&p global issuing a negative outlook for their trading. and cnbc is celebrating hispanic

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welcome back. get a quick check on the markets with the dow up almost 1% today even despite boeing being a drag and the s&p 500 hitting a new all-time high at 5790, up half a percent there. the nasdaq as well. check out shares of vistra. passed the best stock in the s&p this year. it's taking profits. down 4% today after a 220% run. >> you can always hear us on our podcast. yes, you can.

be sure to listen to "power lunch" wherever you go. we continue to track hurricane milton as it makes landfall in florida. "power lunch" will be right back. images one from south of florida and the other from fort myers. daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence.

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♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected. welcome back to "power lunch" and to three stock lunch for a wednesday. we're going to look at three key movers. here is bill straluzo. labor negotiations for boeing dragging on. the machinist strike growing. the negotiations have broken off. boeing rang options as the s&p

puts boeing on negative credit watch. your trade on this beleaguered company. >> tooiyler, this is a sale ally long. significant reputational risk. financially every month that the strike goes on it's a billion and a half cash burn. production wise, you look at the production in 2023 through september, they sold 371 jets. this year through september, 291 jets. that's a big dropoff. last thing, reputationly, there's still a lot of skeptics, myself included, in regards to the product, the management team, the ability to turn this around. to the people watching the show, you take advantage of any strength here and fade this. i think boeing goes down to 120 to $100 a share. even from here i think there's a pretty steep dropoff going forward. >> wow. all right. >> bleak outlook there. >> yeah. again, something all investors

with their exposure to the dow should have in mind. let's move on to jenner rack which is up about 20% in the past month. of course, a lot of demand for more storm backups. the ceo saying the pressure on the power grid is only going to get worse from weather and technology. the shares are unchanged on the day here, bill. what would you do here? >> i think jenner rack's a hold. i generally don't like a name like this. it has a lousy chart topped out at over 500 in the fall of 2021. still from that period of time the average long position is up around 220. you have sellers in very bad long positions. the difference between generac and boeing has a bullish long-term position. stock is trading around 170. i think it goes to 190, 200. you want to hold onto it.

there's another 10 to 15% of up side. then i would fade any move above 200. >> very interesting. let's look finally at reddit, shall we? shares are higher today. jefferies initiating coverage. needham raising a price target from 85 to 75 maintaining its buy rating. what's your trading here on re reddit? >> definitely a buy, tyler. the daily account following here is up 27% since the end of 2022. it's consistently one of the top ten rated websites in terms of visits around the world so i think it hits all the metrics and it broke out in september of 2024. i want to buy this name a little bit lower than where it is right now. i buy it 65 to 70 and i think eventually it trades to $100 a share. this is definitely i think a

name that has significant up side going forward. >> bill, let's broaden it out a little bit. we mentioned the s&p earlier hit the 57.90 record high. you were looking for us to top out here around 6,000. what's your latest thinking? >> yeah, kelly. we've been as bullish as anybody on the planet. he have' talked about it since august 1st, and april 10th of this year s&p was 5160. i said we're going to 5700, 6,000. basically hit 5800. so i think the important thing for people watching the show is that there's still a little bit of a bump to the up side. i think this major rally from the lows of march 2020, the pandemic lows, tops out around 6,000 but the most important point here is we're in the eighth and ninth inning of this game. classic case of buy the rumor, sell the fact. buy the rumor and sell into the rate cuts. there's a little bit more to go on the up side. you should be taking your

exposure down, not increasing it. we're almost done here. >> when you say almost done, what does that -- what does that imply for 2025? i think, tyler, once we tap out on these march 20 objec objecti 6,000, 22,000, 22,500. i think we have our first significant move lower. you know, easily could be something like 15 to 20%. the key long-term driver in all these equity markets around the world are the rallies off the early 2020 lows, the pandemic lows. everybody comes on the shows saying i'm a long-term investor. stop the interview in its tracks, what's the long term? the key long-term driver is the rally off the march 2020 lows. that's almost tapped out across the board. i think you're going to see at some point in 2025, you know, your first real significant

correction. >> that's a clear call, bill. thank you very much. we're really always appreciate you having -- sharing -- excuse me, sharing your opinion with us. bill strazzullo, thank you very much. >> cruise lines are a bright spot. maybe the s&p. >> pretty good if you are not around florida. >> that's right. go elsewhere. "closing bell" starts right now. all right. thanks very much. welcome to "closing bell." i'm scott wapner. this make or break hour begins with a record high for the s&p and the dow. the bull market marking two years this week. we'll ask our experts over this final stretch how long can it last, including top wealth adviser rich saperstein of hightower. look at the score car. outperformance from the semis again today. you can see, its ee a gathering strength rally today as we are above record closing highs for the dow and the s&p. ke