seema mody has more in today's tech check. what gives?y since july 17th and even when you look at the nasdaq 100, 40% of the losses for the nasdaq 100 are coming from the semiconductor stocks so clearly these chip names are getting caught up in what's happening today. google's capex and how much are spending on technical infrastructure and chips and the fact that hyperscaler did not spend for the year is raising questions as to whether meta, amazon and microsoft will do the same. goldman sachs and sequoia have warned that bigger capex budgets may not be justified and that is a potential headwind for the chipmakers that rely on that spend. nvidia which sells its chips to the hyperscalers and you see the stock is down 5% and the competitor down a similar amount and broadcom which is working with google to develop its own inhouse chip and it's over 6% and then in the analog space, texas instruments is holding on to some gains after reporting better than expected second-quarter earnings on the call. the ceo said its u.s. operations makes it a

seema mody, thank you. kate rooney, mastercard, visa, what's happening?fter the bank of america downgrade. analysts like the business model but they see limited up side. you have regulatory headwinds. the battle over swipe fees could weigh on growth. block which used to be called square, topic for bank of america. the stock is lower after they said they would provide a6 chips. they have not loved jack dorsey's bitcoin projects. then block has also lost its correlation with bitcoin. it's gone in the opposition if you look at a coin base. the big winner in payments base has been american express. been the winner so far this year, wells fargo, looking at 22%. amex up around 26%. compare that to visa and mastercard, pretty much flat. >> kate rooney, appreciate you for that. we have less than 2 minutes to go. i mean, at some point we need to get the equal weight participating. >> ideally, yes. ideally, yes. that does also mean that the majority of the market has kind of been resting since march, you could say. that's when the equal weight first traded at these

thank you seema mody and matt bryson. >>> further ahead, it's not an illusion.age is closing. hard rock is closing the famed casino to make way for a new resort. "power lunch" will be right back. (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) how so? (fisher investments) we're a fiduciary, obligated to act in our client'' best interest. (fisher investments) so we don't sell any commission-based products. (other money manager) then how do you make money? (fisher investments) we have a simple management fee, structured so we do better when our clients do better. (other money manager) your clients really come first then, huh? (fisher investments) yes. we make them a top priority, by getting to know their finances, family, health, lifestyle and more. (other money manager) wow, maybe we are different. (fisher investments) at fisher investments, we're clearly different. >>> welcome back. some nice gains, 244 points higher for the doushgs helped again once by strengthening unit health. s&p is

. >>> seema mody is back with us. what are you seeing? >> coming up, a big move tied to robots. we'll explain which name, after this break. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire (intercom) t minus 10... (janet) so much space! that mopen kitchen!job description. (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy on your timeline. (janet) nice! (intercom) flightdeck, see you at the house warming. >>> 15 from the bell. back to seema mody for a look at the stocks she's watching. >> bp is on pace for its largest drop since 2023 after an impairment charge up to $2 billion for the second quarter, which lowers the refining margins. the stock is down over 4%. and return on investments still being worked out uipath is cutting its workforce as part of a restructuring plan. >> s

. >>> let's send it over to seema m mody now. >> we have our eyes on shares of verizon slipping more than 6% after the company posted weaker than expected revenue in the second quarter. the company's ceo told cnbc its products are delivering more value to customers but those comments failing to lift the stock, which is now the second worst performer on the s&p 500 today behind only crowdstrike. and iqv holdings continues to climb. it's the best performer in the s&p 500 today. the health care services company releasing better than expected earnings this morning and partners upping its price target from 270 to -- to $270 from 2 $267. >> seema, thank you. talk to you again soon. >>> we are just getting started here. up next, vice president kamala harris speaking for the first time since president biden dropped out of the race for the white house, endorsing her for the democratic ticket. we'll bring you a live report from d.c. with all the latest. >>> plus, how should investors potentially reposition their portfolio amid all this political uncertainty? we'll discuss when jay powell sees

seema mody with the price target hikes.nish here but some of this week as you see it. >> just a lot to ask, i guess, to do a lot of buying at the highs at the end of the week. market's not making any missteps here in terms of big picture. 300 new 52-week highs in the new york stock exchange against new lows. it's pretty much let's empty the tank. i think this broadening trade. the greater participation is absolutely welcome. what it didn't do is change the fact of cooling off. a lot of two-way action when we do get it. nothing bad. it's more about how many times have you priced in this the soft landing in m the first rate cut? maybe not enough. maybe we've done it. >> you've got two sides to this. one part of the market looked really over bought. >> that's right. >> the other part looked over sold. >> this is why i've been saying if you want to say the market needs to correct, you have to say the index needs to correct because industrials, consumer cyclicals have done nothing or worse so it doesn't seem like there is a lot

over to seema mody. >> 42 minutes left in the market here. eli lilly and novo nordisk shares are falling after president biden demanded price cuts on their blockbuster weight loss and diabetes drugs. there is that news from the fda approving eli lilly's alzheimer's treatment making it the second alzheimer's treatment available in the u.s. we will look at shares of eli lilly down totality 9 of 1%. to industrials. ge aerospace extending the ceo's contract to the end of 2027. takes his name off the list of candidates for the ceo position at boeing. we have watched the shares move higher, up 1% today, taking a step back, up nearly 60% this year. mike. >> all right. yeah, i guess he is worth over $1 billion at least. thank you. >>> we are just getting started. up next, mapping out the second half. the s&p seeing steady gains so far this year. now rbc capital markets lorie calva seen a will join me with her latest hup advice. >>> just under 5,500. you are watching "closing bell." it's time to feed the dogs real food, not highly processed pellets. t

>> seema mody, thanks. >>> up next, tesla's pain is uber's gain as a new report drives those shares in opposite directions today. uber shareholder joe terranova standing by. we're live at the new york stock exchange and you're watching "closing bell" on cnbc. [♪♪] your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least $10,000 to invest, call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the pot

seema mody has the details. >> the ceo on the call says the enterprise a.i.he company's book of business related to generative a.i. standing at greater than $2 billion. ins the mix is roughly one-quarter software and three-quarters consulting. this business directly competing with aeccentric. consulting was in line. analysts say they'll be watching if consulting can see stronger growth in the back half of this year. and given today's broader move in tech, i asked ibm's ceo about the i.t. spending environment. he was very positive on the macro, said spending is dynamic. he is seeing some customers reallocate spending to growth and making decisions about trading off discretionary base spending. we're looking a at shares of ibm higher in afterhours. >> all right, seema, thank you. seema mody. and that exactly was a concern of investors about this discretionary spend. a.i. sucking all the spend out of the room, so to speak. >> gross margins and software crushed, and by the way, if you are running linux, you did not fall under sort of the purview of that crowdstri

seema modi joins me now. hi, seema. >> that's right, a rare misstep for the spacex falcon 9 rocket.a late night launch, the company said the engine failed to complete a second burn, which deploys the small satellite into a lower orbit than expected. the incident prompted the faa to temporarily ground the "falcon 9." consumers, in other news, may start to see snacks get cheaper after pepsi reported a drop in revenue. the company's ceo telling investors it will lower prices on some of its frito-lay brand. in an effort to attract value hunting shoppers who in an effort are really trying to shy away from buying snacks after multiple price increases, the winner of the first ever miss a.i. pageant is being announced today. she is a moroccan lifestyle influencer generated by a.i. her name is kenza layly. she was created by artificial intelligence and was one of 1,500 entries to the pageant. clearly something that is new and one of the by-products of this whole artificial intelligence craze. >> i'll say. so, everybody who entered was a.i. generated? >> all a.i. generated, no one real. >> ok

seema modi. >>> the crypt onno industry as a whole had a day in washington. first president biden is in the midst of a fund-raising blitz after thursday's debate and the supreme court ruling on president trump's high-stakes immunity case. we'll break it down from d.c. and get implications for november and the markets. "the exchange" is back after this. ♪ ♪ >>> this is "the exchange" on cnbc. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've

morgan, back to you. >> seema modi, thank you. >>> coming up, the end of apple's record run? streak of seven straight days hitting new record highs is about to be snapped. we're going to get the full story and how to trade it in "three stock lunch" next. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least $10,000 to invest, call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income are federally tax-free and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's

>>> let's get back to seema mody. >> the corporation catching our eye, up 14%. v.f. than 20% this month. and gever defend noaa, they're investigatesing a blade issues for a turbine off the coast of martha's vineyard. it's the worst day on record. earnings are out next week. mike? >> interesting, a lot of giveback on a spin-off stock since it became independent. thank you, seema. >> you got it. >>> shares gaining more than 5% this week adheing into the spring. "closing bell" will be right back. >>> small caps currently on track to snap a win streak. cnbc pro is out with a new piece looking at the technical setup for small caps. for the full story head to cnbc.com/propick. >>> up next, the weight of the world, some pressure on industry leaders eli lilly and novo nor nordisk. next we'll take you inside the market zone. z's baking the house special. arisa's styling a new look. and steve's filling his biggest order ever. with the first ever comcast business 5-year price lock guarantee, these business owners get five years of value on gig speed internet and advanced securi

seema mody is tracking that sector for us. >> michael, sort of a reversal chip stocks started the day strong following tieian semiconductors better than expected quarter the chip maker didn't address former president trump's taiwan comments head on, but they did say there's no change to the expansion plans. the stock, though, turned negative about two hours ago those shares quietly outperforming, up 14% this month compared to nvidia's 11% slide tonight investors will be parsing through trump's speech tonight, and bank of america analyst saying the volatility could stay enshanned through the election and seasonality is also in play, on which underperforming in the third quarter, but reassuring news, the stocks tend to bounce back three to six months later. >> alicia, in addition to the policy flux, obviously the seasonal issues, it's also at the center of how much do you believe ai as a theme and whether it's been priced in, and whether the massive cap ex build-out is going to bear fruit. >> that's sort of the crux of the entire market, right it's not just the chips, not just the semis

seema mody. >>> a any problem is emerging, they don't have enough people trained to work in them. emily? >> congress made the big purr to have more semiconductor facilities in the u.s., now they want to make sure there are enough american workers to run these facilities. so a new bipartisan bill just introduced today would spend more than $11 billion on ensure the jobs are filled. most of the funding will go to the national me conductor technology center used for research and development, but it creates a $200 million grant program, using the funds allocated in that chips law, to allow industries, community colleges, programs to expand microelectronics programs. senator kelly, one of sponsors, said there is a lot of demand for the jobs right now, and a lot of need for said jobs, but not enough training. >> we've been to expand the middle of the pipe. we've got people that want to get in there, the demand is on the other side. there's a bottleneck in the middle, and that's the training. an estimated 67,000 jobs risk going unfilled by 2030. that group is backing the bill. the measur

and seema mody has the results. >> we have nvidia.hington export controls have challenged this sector. it's resulted in fewer sales to china. the ceo said, our business in china has lowered from levels in the past. the company seems trying to kang change that. working on a new a.i. chip that complies. the question is whether this will improve its growth prospects in the country. analysts estimate it will make less than 5% of its sales in china. stock is bouncing back, up about 5%. raising to $140. analysts expecting a strong earnings report when the company reports in late august. this, as wall street awaits earnings from nxp. and investors will look for a read through the electrical vehicle sector and whether demand is starting to improve in the back half of this year. >> thank you very much. we appreciate it. >>> what should the average retail investor do? will nvidia remain the dominant force in the market? or will we see a leadership change? michael is chief strategist at trade ideas. what do you any? >> we have to look at trends.

joe terranova back to break down crucial moments of the trading day and seema mody.eywell, worst day in the year and pippa stevens looking ahead to decker's earnings out in "overtime" today. honeywell. what's the reaction about here? >> mike, honeywell investors buy supplies with guidance cut for 2024. industrial giant trimmed also free cash flow guide by $100 million due part to its industrial automation business where inventory, weaker volume remains an issue. if aerospace technology's business outperforms up 16% second quarter. that was overshad ode by the cut. and other giants spun off certain parts of their business to unlock value this year, honeywell actually has done the opposite. hasn't joined in on the spinoff trend. in fact, growing by acquisitions. laters, a carrier firm for $5 billion. seeing shares of honeeywell underperform not just today but underperformed peers so far this year. speaking of peers. 3m set to wart tomorrow. shares quietly have risen 13% this year. honeywell is negative so far in 2024. >> absolutely. keep an eye out for those numbers to

. >> thank you very much seema modi >>> check out the russell 2000 etf. a lot of this goes back to the cpi report showing significant slowdown in inflation. kate rooney has more on the move from the big to the small. kate >> kelly, yeah, so individual investors had a key part in what we've seen around small caps in the rally. tom lee calling it small cap summer these are stocks where the market cap is typically below $2 bill billion. according to new research, there has been record daily inflows from the russell 2000. iwm and tna, all stocked by the cpi print. higher expectations for a fed rate cut it comes during what is seasonally a slow time for this market activity around retail trade. rates are seen as beneficial to the smaller companies. part of the rotation, typically, they have a higher debt loan part of the interest rate story there. there's been increased expectations, of course, of a trump victory that we've talked about in november. retail participation has a much more direct impact on the performance of some of these small cap names versus an

seema modi looks at what's next for france and the eu after voters fail to elect a parliamentary majorityin washington this week, jack kemp join us to discuss what this means for leaders more broadly. >> megan, it's been a busy couple of days. >> it sure is. president biden is kicking off a pivotal week to tamp down concerns about his fitness for office and welcome world leaders to washington for the nato summit. what is very clear at this point is the scrutiny on biden's every move and mood will be intense this week and he'll deliver remarks to kick off the summit and he'll have a solely press conference on tuesday and on friday he'll head to michigan for a campaign rally. biden's role is to firmly put to bed the calls for him to step aside and he's gotten defiant and he called in to msnbc this morning to say thevoters have spoken and that he will be the nominee. >> i wouldn't be running if i didn't absolutely believe that i am the best candidate to beat donald trump in 2024. >> the biden campaign also just wrapped up a call a few minutes ago with donors and fund raisers. it was the seco

. >>> now get over to seema mody for a cnbc news update. >> jon, nice to see you this hour.t biden issued the country's first-ever rule on protecting american workers from extreme heat. the proposal is calling for employers to take several steps to manage the risks to an estimated 36 million workers and they include requiring rest breaks, shade and water. as well as training to recognize heat-related illness. >>> the man accused of stabbing author rushdie rejected a plea deal today. his lawyers say it would have shortened his state prison term while opening him up to a federal terrorism related charge. he is accused of stabbing rushdie more than a dozen times after attacking him on stage before a lecture in western new york. he has a blinded eye. >>> the food and drug administration approved eli lilly's alzheimer drug. a one-year course of therapy will cost $32,000. the fda granted full approval to a similar drug just last summer. jon and kelly? >> seema, thanks. >>> coming up, consumers losing patience over inflation. whether it's diner's calling out shrinkage at chipotle o

. >> that's seema mody. back to mike. i'm looking at tesla again. it's up again today. 43% in a month. >> i don't know what to necessarily make of it. there was a larger than normal short position in tesla in the last reading but it was less than 4% of the float. this is a massively heavily traded stock. you can't tell me it's purely a squeeze but it is an area where people are underinvested if people have bottoms maybe in the short term. so far, hanging in there, finding a way. >> we'll see what the fed chair introduces into this market mix over the next couple of days. mike, thank you. mike santoli. that bell marking another closing high for the s&p and the nasdaq. we'll see you tomorrow. >>> we had an up and down session to start the week, but the nasdaq and s&p 500 setting intraday records. we'll see how they close. nasdaq notching a record close. chip names saw a nice bounce. that's the scorecard on wall street. welcome to "closing bell: overtime." i'm jon fortt with morgan brennan. >>> coming up, raj shah joins us to talk about boeing's guilty plea and companies i

seema mody, thank you, looking forward to all of that tomorrow and beyond. meantime, that's going to do it for "overtime." "fast money" starts right now. >>> live from the nasdaq market site in the heart of new york city's times square, this is "fast money." the s&p hits the 38th record close of the year. here's what's on tap for tonight. the great rotation. investors have been rushing into trades that have lagged this year. what that means for the rest of the market and the names that have been red hot. >>> china descending. a flagging consumer, questions over trade. there's a lot at stake. how it will play out for the markets and their economy. >>> later on, insuring gains in unh. airlines about to take off. and an industrial construct hg major gains. i'm carl didn't nia, live from studio b at the nasdaq. on the desk tonight, steve grasso, karen finerman, guy adami, and katie stockton. guys, what a day to fill in. >> yeah, and carl. >> hall of famer. he's in the hall of fame. like in golf, you can make the hall of fame while you're still playing. that's ca

seema mody looking at the sector a number of factors driving the action here. >> that's right.republicans and democrats. former president trump shared his frustration with taiwan dominating america's semiconductor industry which he said never should have happened, referring to taiwan semiconductor, customers like apple, nvidia, qualcomm and others relying on the company. all those stocks are down 5 to 6% on the prospect of potential restrictions. president biden is reportedly looking at implementing new controls on companies like asml, the sole provider of equipment used by semiconductor, overshadowing the strong earnings report, down 10%. tokyo electron are down as well. the industry is grappling with export controls already that affect sales to china. while billions have been doe v devoted to building chip factors in the u.s., they're behind schedule. there's no country in the world that can make taiwan semis chip. >> thank you. let's stick with the semiconductor stock. cameron fitzgerald joins us now, he has a buy rating on asml price target of $1,320 saying despite geopolit

. >>> welcome back i'm seema mody with your cnbc news update.s making preparations for a hit from hurricane beryl. the national hurricane center said the storm could miss landfall but the island will still face devastating winds and storm surge. so far seven people have died as a result of the storm. >>> new mexico turning town a request from the film "rust" for economic incentives as they struggle to sell the film. tax authorities in the state denied the application in spring. producers now face a late july deadline to appeal. >>> and 70-year-old northeastern clothing chain bob store is shutting down all the locations. it's failed to secure banfinanc through a bankruptcy filing. back to you. >>> thank you. keeps us on track because we turn to retail and commercial real estate. hp management is buying historic country club plaza in kansas city. it's a bid to bring back high end shoppers to what is a somewhat struggling retail environment. let's bring in re wash burn president of highland park village management. good to see you. our viewers fami

let's get to seema mody for the breakdown. >> the sector down 2% today, carl.rategists weighing in on the selloff in semiconductors. evercore isi chalking it up to the selloff of 2023 winners and uncertainty around the elections with growing bipartisan support to crack down on chip sales to china. those two positive earnings reports from asml and taiwan semiconductor failing to provide a lift to the broader chip stocks. that was a telltale sign. wedbush writes the trump is not big on the thesis. nvidia's price target is $120. it follows a report last night that openai is in talks with broadcom to develop a new a.i. processor. some analysts, though, finding opportunity in this rec. morgan stanley upgrading arm holdings from $190 to $107. shares are up 2.5% right now. next week we'll hear from nxpi, texas instruments, among other semiconductor stocks. carl? >> seema, yes, thank you very much. next week is going to be very busy, whether that's southwest or the airlines or 3m or gm and some others. a number of eshings movers on the move today. netflix, travelers, a

here with more c-suite reaction are seema mody with a special guest. >> reporter: thank you.resident and ceo of royal caribbean, jason liberty. nice to be with you today, jason. >> great to be here. welcome to utopia of the seas. >> reporter: before that, i want to get your reaction to the attempt -- the assassination attempt of former president donald trump. your thoughts on how this could potentially impact business? >> yeah, i think actually carl used a great word which was shocking. you know, i think first and foremost there's no place for violence in the political system, no place for violence in society. we very much hope that former president trump mends here quickly. i think that when we think about events like this, i don't think that we expect an impact on the consumer. the consumer remains extremely resilient. they're thirsting for experiences, and of course, you know, we're in the experience game. >> reporter: yeah. talking about utopia of the seas, tell us why this ship is so important and how you are hoping to dominate not just the cruise market but the three-da