>> mid-caps, not that far off of large caps, obviously. but we are overweight small and mid-caps.nd let's not forget what the russell 2000 did the last two months last year, gained like 24%. magic out this sideways consolidation, we think it is really just catch its breath. when all is said and done, more of a dovish fed coming in here, economy that is going to surprise to the upside, we think that is a nice backdrop. small and mid-cap's probably out and mid-caps probably out for the s&p, so still more room to go. maybe the flows aren't there yet but from a contrarian point of view, there is still optimism when flows could come into the small caps and mid-caps. and last point on that, valuations are historically cheap. small is as cheap as 1999. go back to 1999, we saw outperformance for 12 or 13 years. i just know smalls are really cheap here and there is reason to think they could do pretty well second half of this year. >> you made a big call that smart caps outperform the s&p 500. sort of the justification i keep hearing from what is happening with large cap tech stocks is the

, the mid-caps okay, we have only talked about large-cap or small-cap, you know the s&p mid- cap is up year-to-date? 5%. 5%. it has competed a few well with the nasdaq and s&p 500, it is far outdone the russell 2000, i still hear alicia, you suggesting this is a go big or go home market right now. >> we like mid-caps because there are great companies there on their way to large-cap and earning, it's the earning story in the end, are you immune to rates in your business? can you earn through it? a lot of the mid-caps can, it's a fairly good index this year, the other interesting thing is what is actually going on with commodities, they are telling us that in fact years of a global slowdown may not actually be happening, copper is at a high, oily has quietly moved up 10 points in the last couple months, it's telling you that growth is probably better than expected and with that, stockmarkets like earnings and growth, that can help our whether it is two cuts or three cuts, that will be more important, earnings will be much more important than actually how many cuts or when the fed cuts

you have the concentration in the large caps and the small caps underperform. when that happens to the degree it has, you can get an outperformance from small caps. we own ijr in our broad portfolio, a sleeve of passive etfs, and we have one-third to cover 15% of an entire portfolio. ijr is one-third of that passive sleeve. i believe we're going to start to see that. now am i sitting there trading it? i rotate a little bit but i think it's something you have to tuck away here and it's about 5% of our entire portfolio and it's going to be there when you need it. now within the small caps, there's been tremendous outperformance for quite a while. industrials continue to break out. the head winds have been in banking. maybe we've had that cleanse now. i am still a believer that rates are not going to just continue to rise. i think we're sort of finding a point of balance, per se, and i think the small cap banks, the regional banks, they're going to have a chance here to start to outperform. biotech -- >> what gives you the confidence that the regional banks are go

i have a lot of questions on small caps. especially talks about small caps.'ll give you credit because you're here. your etf is up 6%. what are you doing? >> it is a combination of things. we came into the year more positive than most people were on small caps. we have seen more from the healthcare companies and consumer companies and tech companies which helped us do well. we think the asset class is poised for a nice run after two tough years. most of which driven by a high velocity raise and interest rate raise. being in a range for now gives the small caps a tailwind. >> i had our data team run this. year to date, the fantastic four or fab four, 57% of the gains. you are putting your head down already? mega cap tech dominates. generally, aren't higher rates bad for small caps? >> in the past, it was a bad signal for small caps. we have a better balance sheet and more liquidity. we are not focused on the deeply rate sensitive companies out there. that helps us. i think the other piece of it is as the market is a discounting mechanism and 6 months or 12 mon

is making her 100th international cap.- international cap.'s come round to it, it's i international cap. now it's come round to it, it's a i international cap. now it's come round to it, it's a bitj come round to it, it's a bit crazy. i think of the players before me that have got 100 caps and i'm just before me that have got 100 caps and i'mjust like, before me that have got 100 caps and i'm just like, wow! laughter it's pretty amazing. i laughter it'sre amazinu. it's pretty amazing. i look forward to _ it's pretty amazing. i look forward to that _ it's pretty amazing. i look forward to that when i it's pretty amazing. i look forward to that when it i it's pretty amazing. i look. forward to that when it gets going. rory mcilroy is concerned that "fans are losing interest" in watching golf because of the current fragmented nature of the men's professional game. liv golf has attracted dozens of players to move from the pga tour — and the split means several of the world's best aren't competing which starts on thursday. ifi if i were a fan, i w

it's the small caps versus large caps. essentially small caps have not been this cheap or inexpensive compared to your larger cap names since the end of the global financial crisis. when the dust settled look what happened to those small caps though. huge, huge, like once in a lifetime amount of money that could have been made. are we there? not quite sure. then of course the day that is really important of course is this sort of situation where nvidia, handful of stocks dominating the market. some are starting to get worried about this. in fact on that note i want to bring in our next guest who kind of warned about this. joining me yardeni research, inc. president, ed yardeni. this is fomo buyers, jump in the nvidia three-day love-fest but the fed chair could be a spoiler. in your note you talk about this, this extreme optimism, you use the word extreme optimism for a handful of stocks. at some point you think it become as dangerous? >> yeah i think at some point it could be. let me put it in the context of our forecast.

does it matter for small caps?w you said it doesn't matter for the broader market. >> i like small caps also. frank, i've been on the show and talking about the market broadening out. let's rephrase that. the market is inching out. the market is spilling over into the small caps. i'm bullish going into the next three yequarters. >> vance howard and meghan shue, thank you very much. >> thank you. >>> turning attention to the mega cap tech trade, jensen huang revealing nvidia's new a.i. chip at the annual gtc event yesterday. >> hopper is fantastic, but we need bigger gpus. so, ladies and gentlemen, i would like to introduce you to a very, very he big gpu. this is hopper. hopper changed the world. this is blackwell. >> huang says the blackwell offers a significant increase of performance and lower energy consumption than hopper gpu. nvidia says the cloud partners will include aws, google and microsoft azure and oracle and ibm. the stock is up 75% this year and that is a bit in the red right now down a .25%. let's tal

not the small caps, steve weiss. are you going to stick with mega cap tech, keep this train rolling, or is now the time to take profits and broaden out the thesis? >> i did shave a little bit of meta, but, you know, i don't look at it that way. i look at what's reliable, what's predictable cash flow, assuming they have it. and what am i happy in owning. i will leave dell for later. it's not normal to have the market go up every day on a relatively narrow move. there are other things working. i'll leave jim to talk about those -- >> can i push back? are there other things working? hold on, i will show a graphic. we have a great data team at cnc cnbc. the s&p gains, 57% coming from the fantastic four. 32% coming from nvidia alone. so, yes, some other things may be working, but the majority of things working are the fantastic four. >> that also takes a number of stocks that aren't working but there are a number that are. now the same type of movement, but the point is that i know i'm in uncharted territory whether it's

small caps in their portfolio. i think this is a point where you are starting to see more interest in the theme, the economic data and macro economic indicators are turning off the bottoms. that tends to be a positive environment for some of these areas of the market your average fund manager is under to like small caps or cyclicals. lisa: it sounds pretty bullish. there is some risk if the fed keeps rates where they are. it's not necessarily the same kind of conviction used to have, why? >> i can answer that. for me, it's because there is more high conviction, bullishness on equities. not all equities but pockets. those are the areas you want to watch. how much do these ai plays have to be earnings from here in order to continue to go up? that's where i worry and i firmly believe we could see a correction in those areas of the market and we could see a 5% pullback in the s&p 500 which has been the strata benchmark for the last almost 20 years now. i think those of the risks. outside of these themes, there is a lot

>> week cap's and small caps had gone up quite a bit. only thing was preventing a selloff. i think it's a normal correction and it brings back the large caps and small caps. it will run up a bit more than the fundamentals. haslinda: but it's also driven by what we've seen. should it be expanded or not? >> i think it is more to protect new investors coming in. i think it's more from the perspective of protecting new investors, plus ensuring it doesn't create a ripple effect in the broader markets as well. it's more a proactive step back. the macro was preventing a major selloff and this was a correction that wasn't -- haslinda: what are you advising clients to do, should they be looking at smaller private plays in terms of banks? what are you looking at in terms of opportunities? >> we think large caps are where things look most attractive. the larger names, especially in the banking sector, are looking a lot more attractive. i think large cap banks, it's really where we would advise investors at this point in time. haslinda: in terms of

stay away from large-cap, small- cap, and go equal weight as part of your tech holdings. >> do you worry about what is happening in the chip stocks, brynne? and i don't need worried because they are not trading well, i mean worried because they are trading too well? >> yeah, i think we will seek broad later on today, you know, that is real. i think what we are seeing, though, i wouldn't be a buyer of the smh, i would absolutely be buying individual names, because i know we are going to end up seeing -- only a few companies are going to monetize this. we talked about the semiconductors in the picks and shovels, but i think there are some picks and some shovels, but they are not a basket of picks and shovels, and this is what happens time and time again. i think investors still want to be judicious in what they are buying in a semi-space and look outside of that if you missed nvidia. >> any look at the chips, andy ripping almost everything. i know hey are down today, so this is x action today. supermicro. nvidia up, every day. amd has been going crazy. a lot of these other stocks have, too

what we're seeing potentially is this reversion back to mega caps and also a reversion back to mega cap tech. we really have five companies that are leading the s&p right now today. >> we've got five and on a given day it's not always the same five. i think there's been a lot of different -- yesterday, microsoft up big. new high. today down a couple of percent. it just seems to be a lot of shuffling around of the deck. >> the two that matter, nvidia and meta, right? 80% up, 40% up, respectively. those two are half of the 8% return we've seen in the s&p. it's starting to be deja vu all over again. sounds exactly like last year where we came into 2024 saying a broadening is coming, things will change. >> yeah. we saw it in last summer, up into the june market high. and then of course in the fourth quarter until it gave way. let's bring in our contributor of nd private welt to join the conversation -- wealth to join the conversation. sha shannon, your thoughts on this? there's a case to be made that even though those handful of stocks have contributed an enormous amount to the overall inde

i think they are at a historic discount on a relative basis, small caps versus large-cap. at about a 25% discount. i think there is a lot of multiple expansion and earnings growth that can occur in the small-cap space. >> i will just add, one thing you mentioned earlier about you cannot -- the issue for a lot -- >> i have had people tell me on the show. >> i never heard that. >> the reason why one might say that, people say it because the russell has a disproportionate share of their that. depending on how you want to divvy it up. 30 to 40% of that. >> a third of the companies within the russell not make any money. >> again when you look at the russell 2000, stocks 11 through 20 i think 95% are investors that never heard of anyone of them. when the fed starts to cut rate that is -- when you get to the russell 2000 which is trading at a discount. >> looking at the small caps. they often confirm each other and now is no different. which i think speaks to the fact that we do not have alarm bells going off in credit. >> the s&p small-cap 600 is down here to date by 1%. let's g

we only by breakout and small cap.ference to april is usually to the outside. >> there have been starts and fits. and hard for a whole mass of people to get behind the trade. some suggest you have to wait for the fed to start cutting. if you see a breakout, you would be a believer. >> i think they are two reasons. number one, if there is a pmi cycle, the last time we had small caps underperformed to the extent we have and the pmi data has led leading markets like semiconductors and european autos, that was 2012 after the crisis and the u.s. debt situation. small caps had a multi- quarter period of tremendous performance as the pmi data and manufacturing data started to go. on the flipside, along with the bullish mega cap momentum, you look at the community, and that in part has gone hand in hand with small cap high beta low quality. and the team here, they published a sizable piece on this a couple weeks ago where you have so much crowding into that trade structure that you could get something of a momentum crash with

21 times for large caps? 15 or 16 times for midcaps? you can pay 14 times for small caps. small caps get a tailwinds. you see the fed growth outlook rising. i think people have been waiting to push the money into small caps until they see the whites of the fed's eyes. the fed will cut rates in june. that is the all clear for small caps. it is better to be early to a trade than late. at this point, it was up in the opener 2% against 1% with the s&p yesterday. that is a significant move. i think it is time. the small cap run starts now. >> we have to see if tom lee is right. keep in mind, small caps up 2% year to date so far. we are talking 48% possible rise for the year. >> i didn't endorse that. >> i know you didn't. you are bullish. david, thank you very much. >> thanks, frank. >>> we have more to come on "worldwide exchange," including reddit looking to satisfy investor appetite ahead of the new york stock exchange debut. >>> apple in the cross-hairs of federal prosecutors and possible anti-trust lawsuit. >>> later, a rough quarter for five below. we have more big money

how it fits within the price cap regime. that.e further actions that impose further cost. in order for us to successful to use energy as a weapon and you look at what they did in europe, you have to make sure we add more renewables to our energy. that is why we are so focused at implementing the ira as quickly as possible and finding ways to deal with green alternatives like green hydrogen, online in order to make sure we are better prepared to deal with times when countries like russia take steps that can destabilize global energy markets. >> senior economic official in the u.s. government. were please thank■5■v

not small cap value. large cap growth will be your defense system? >> i will is a core.t would be a great place to hang out if we have a recession. 30% of most companies revenues driving from overseas. very well die diversified. tons of money in the bank. charles: where is the debate, recession, no recession, where is your firm there? >> we wail have a slowdown, that could mean a lot to different people depending what your portfolio is. you have to only think dividend paying companies, companies that do well in a recession. our last guest talked about amazon. there are a number of companies. i had domino's pizza at a birthday party it was amazing. i looked at the stock. company like that using a.i. does very well too. if you look where there is recession where you make money, if there is not you still -- charles: you're a new yorker and you had dominoes? >> no, i went to connecticut for a birthday party. i'm not going to domino's in new york. good question, charles. charles: i had to pull the new york card. golly. with this all in mind, it feels like right now it is just

in small cap.e are looking for catalysts of m&a in small cap we think the fed has clamped down on mergers. when the fed lowers rates, and we think they will slightly lower this year and rates will eventually come down, small caps will be poised and the valuation that you can pay for with small and midcap portfolio is far more attractive than large cap growth >> a lot of people looking for that small caps. they continue to under perform as we see the broadening of the markets. mark, thank you very much. >> good to be here >> for more on what is driving the markets, head to cnbc pro for exclusive insights and analysis. >>> time for the check of the corporate stories with silvana henao. silvana, good morning. >> frank, good morning frank, boeing's largest union is seeking a board seat at the plane maker. according to the financial times, the international association of machinists which represents 32,000 workers is looking to have a bigger voice at the company the union just began contract talks with

despite authorities putting a $12 cap - now. despite authorities putting a $12 cap on - now.ng a $12 cap on prices now. despite authorities - putting a $12 cap on prices for water tankers, putting a $12 cap on prices for watertankers, in putting a $12 cap on prices for water tankers, in some parts of the city people say they are charging double or even triple the amount. authorities say they are working on alternatives to tide over the crisis. , , ,., crisis. depending upon the water flows _ crisis. depending upon the water flows for _ crisis. depending upon the water flows for other - crisis. depending upon the water flows for other non- | water flows for other non— drinking purposes we plan to take that water to the commercial industry establishment who can do water recovery. establishment who can do water recove . , , ., recovery. this is the fourth laru est recovery. this is the fourth largest technology - recovery. this is the fourth largest technology hub - recovery. this is the fourth largest technology hub in l recovery. this is the fourth i largest technology hub in

it's probably more of a mid cap.r company, so i do think given the, you know, just given the motes around this business and their dominance of the niche around this area, they will trade at a premium, but one i would buy at any dip in the market >> $1.2 billion cap ligen farmer >> it's basically a chicken way to play the biotech industry they have about 85 different partnered programs, 30 different commercial assets. so when you think of biotech, they can be a binary outcome this gives you many, many shots on goal for success. they had an investment in 2010 in a company called meta bases that they put $1.8 million in it, and they added an asset, they nurtured the business, and then today, that's become 1.7 million shares of vks, which is worth $140 million so i'm making an investment in the 35 veteran and scientists that work at ligand deliver shareholder returns over the long run it's a very small company at $1.2 billion market cap. >> and you've gone for roper today. >> it's a collection of 27 very cash flow rich,

i'm wondering what the mindset of a all caps investor is printed are you trying to become large-cap mid-capsomeday or is that too reductive? ? make a deduction year. i sorta -- with that being said, yes, and large-cap companies and small-cap companies my look for exactly the same things. it is usually a process around product creation. it is called product marketing and small companies can have these and big companies can have these. market cap companies of any size can not have this. but depending on who their customer is is really essential. that is what kind of gets you in the stock -- in the spotlight for me. >> looking for the rising stars. maybe it applies here as well. let's talk about one of the biggest companies out there, nvidia. you make some interesting points that nvidia can charge a premium . they are in such high demand as an investor, maybe there are better places to look. >> i was a software engineer before i got into this. if you told me i would be talking about the culture of companies, i would have laughed because i did not think that way. but culture matters. the dna of

we cap very few. option number two, we capped most rate cuts and lowered the top rate down to 36%. the only place where there was a rate target was option number two with 36%. justification was we were trying to limit distortion amongst closely held businesses in defining income whether it is wages or business. 36% plus payroll taxes for a top earner is the same all in rate that you face on business profits under our plan plus the tax rate on capital gains. >> there were differences on the corporate side. both of your corporate rates, can you tell us why you made that choice? >> there was agreement among people in the tax base that we should lower the rate and democrats wanted revenue neutral and republicans wanted a tax cut. what we got was a net tax cut. at the least, we think we should raise the rates to the level it needs to be to make reforms neutral and that will leave us with a more competitive code and be better for the fiscal situation. there are reasons we would want to tax income as we have other ways at different stages. >> another major difference was internationally.

the place to really express that view is a preference for large or mid-cap versus small- cap and it's even within sectors. for example, it's impressive over the past year since the crisis a year ago that regional banks are down 10% while the large-cap tanks are up 14% and the broader market is up 22%. it's nice to see the differentiation in size but also with the sectors. >> to those who say the rally is looking tired and maybe they used nvidia as a litmus test as the power of strength in the market. if nvidia gets tired for a little while does that have a difference at all on the quality or strength of this move? >> i think it does at the index level. given how large several of these companies have gotten and they are at this point the top 10 companies representing dirty 3% of the index. at an index level it certainly matters. our perspective is that it is getting a little bit long on the tooth this hyperfocus, but we don't expect them to collapse as a group just for there to be a little bit more muted returns from here and the big differentiation within companies. for the space, whi

, a lot of the concern was that the terrori tariffs would hurt the large caps and small caps were the we think there is a possibility that that could have a repeat of the dynamics that played out in 2016 and, of course, small caps have lagged the large caps for so long and think they're due for a upgrade. >> buybacks will be a topic of conversation. what are your thoughts on buybacks? i have no issue with them whatsoever. i'm sure you probably don't as well. that will be something with a bull's-eye tonight. thoughts? >> buybacks probably will have a bull's-eye and probably get discussed at tonight's state of the union address actually. buybacks we think are very important for the market. they're one of the two forms of returning capital to shareholders, of course, the other one being dividends and buybacks are very efficient form of returning capital to shareholders because investors can themselves determine whether or not they want to sell shares and be subject to taxes as opposed to dividends which are taxed upon receipt. but let's be clear. if there is increase in taxes on buybacks

he needed strongly positive to say small caps will perform in line before large -- away large caps areng. sonali: the fact that yields on the two-year up above 4.67 and the drift higher we've seen in recent days. kind of equities are most impacted in that environment that does not necessarily see five rate cuts this year as investors had expected at the end of last year? >> usually when these short-term rates are rising, good growth and good inflation is not a problem. the main thing we are watching as the fixed income volatility. it staying stable or going lower than the bond market will be very boring. it will be a very tight range. if we stay at that backdrop, the only thing we need is the volatility in fixed income not to go up. we expect the ball to come down and to catch up from the movement next to what's there in these different asset classes. sonali: the other area i'm interested in is semiconductors. if you were excited about the movement upward in the large-cap technology stocks, you are much more excited about what you saw in anything driven higher by the nvidia boom. how d

historically, small caps tend to have a higher valuation compared to large caps.the moment, japanese small caps are creating a premium of large companies to it you think we are going back to the historical pattern, then small caps look very cheap at the moment. they are trading at 16 times earnings. that is below 17 times earnings for large caps. if you think there will be mean reversion from now, it is a good time to buy small caps. annabelle: our senior asia stock reporter. a big countdown to the open of tokyo starting to trade 15 minutes from now. one stock that has been suspended in mainland china and hong kong is evergrande. and is being accused of falsely inflating revenue by more than $78 billion in the two years leading up to its failure. let's bring in our asia investing editor. lots of twist and turns in this case. talk us through the accusations and the penalties that have been put forward by the regulator. >> good morning. the accusations are basically for massive fraud here. $78 billion. that is an enormous figure. the concerns are revenue reported fo

health, industrials, tech, small caps. it about small caps, this is something that comes up repeatedly in conversations that somehow because of this narrow leadership we had we are going to rotate and small caps are going to do well after the dominance of megacap tech in america. why is that the case? >> i think the case for small caps is at the end of the day, it is really going to hinge on if we see a pickup in earnings growth. if you look at the fourth earnings season, all of the earnings growth in the s&p 500 came from "the magnificent seven". but as we look over the course of 2024, i think we are going to see the earnings growth story begin to broaden now. the banks are not tightening access to capital as much as they were, the high gilt markets are open, we've seen a pickup in ipo activity and fallout on offering. the financing environment is getting better. and on top of that if the fed does ultimately start cutting interest rates, that is just going to encourage this trend. access to capital sort of drive the profi

and the run-up in small caps, a lot was driven by small caps growth, not usually the behavior that happens mid cycle. now we're seeing small cap values start to take part. that's a good sign for risk appetite. >> can i jump in? >> to liz's point, energy the best performing sector followed by materials and industrials. the cyclical names showing some leadership. jim, over to you. >> well said. rotation. and when i hear that word, rotation, what i wonder, is this just sentiment driven or something fundamentally based? people who watch the show and certainly my colleagues to the right of me, know that i am a value investor, and i've been preaching for quite some time, for basically two years, the stocks, financials, energy, are undervalued, that there are fundamental reasons to own them. as we go into the first quarter earnings season, what i'm questioning is whether this rotation is just a fad, if it's just sentiment, if people got tired with the mag seven and now they're going to try on the cyclicals, the value stocks, or if there will be real legs to it. now i happen to believe, and with e

so, we know small cap, they haven't had the best performance so far they have been up by the large captypically when you are seeing strong growth environment and then you have rate cuts to talk about, those small cuts which are also showing really attractive valuations relative to the large cap space, they can perform well we do see volatility in the near term they need to have the rate cuts becoming very visible and the markets very -- but once there is clear certainty, we do think b there should be the green light for small caps to start to outperform but i want to say, look, this doesn't mean that large caps are not going to perform well. we still have particularly positive perspective on those large caps it's just that we think the small caps can join into that rally. >> what i find interesting too from the notes i'm reading is your position remains overweight in equities and fixed income funded by underweight in cash. this idea of moving cash out of money markets, as that trade maybe gets a little long in the tooth if we think that rates are going to come down and that now's the t

everybody talks about the may caps, but if you look at the mega caps that are in the momentum and theren't, significant difference in year-to-date performance. apple, tesla, not in there, and the rest, they are having negative returns this year, the rest are anywhere between 25% to 29% on average. big difference. it is not just a large-cap issue, it is a momentum issue across the board and also goes down to small-cap. if you look at the return to russell 2000, russell 2000 growth, s&p growth, the big driver, supermicro. supermicro accounts for almost 100 of the year to date return. >> stock only moves 50% a day, one way or the other. >> are you positive on the market? one thing that is interesting to me - and it hasn't happened to everybody -- but, this market has turned bears into bowls. yourself, included. now, are you feeling now -- even though we have come a long way since the october, november beginning glow -- that we still have a lot of weight to go because of the fed ultimately cutting rates? what would you say? >> the answer is, i don't know. the answer is, what you want to d

touch it with small caps? if it is not cap ex with the small balance sheets, but small caps >> i think it depends on the small caps when you look in the u.s., we are talking about more than 40% of the russell 2000 sitting on negative earnings. not negative earnings growth, but negative earnings profits. we have in the russell with the same figure at 40% i think on the a.i. side in a world where yields will stay a bit higher or a bit longer or where rates are not slashed down to 2% in the next 12 months, you know, the a.i. story, particularly for the next 6 to 12 months is on the back to what we are seeing with the really bad earnings delivery and the floating rate debt profile that probably is more important now for the next 6 to 12 months. >> why doesn't loss making plus floating debt profile equal problems for the high-yield market you like high yield. one thing we all noticed during the height of the chris, the high yield yields, junk yields, never got up to the level they did a decade ago they peaked at 9.

and so the benefit of being able to really invest last year just in large cap tech, mega cap tech, potentially with some sprinkling of some ai enablers on the side, that started to rotate. i think this broadening out that we've talked about is really indicative of a market that is looking at the next 6, 9, 12 months, understanding that there are going to be dynamics where there is going to be this dispersion or differentiation. steph made a great point. we're seeing margin recapture. more importantly, we're seeing some of these companies outside of the tech sector take on some of the same mandates technology companies did last year. they cut a lot of costs. they cut a lot of people. they cut underperforming parts of their business. apple shelving their autonomous driving unit, for instance. other companies are starting to take up that mantle around margin recapture understanding we are going to see some slowing on the top line, and i think that's what you're seeing from an investor perspective looking at companies that maybe aren't necessarily priced to perfection and being able to rotate into

will grant, bbc news, cap—haitien, haiti.eruption. the small town of grindavik has been evacuated, as has been the blue lagoon geothermal spa, one of the country's most popular tourist destinations. lava flows cut off one road overnight, but they've since slowed down. the peninsula has seen increasing activity since december, with the local system of volcanic fissures erupting four times in as many months. steve harley, the frontman of cockney rebel, has died peacefully at home at the age of 73. # come up and see me, make me smile... i? this track's his best known song. it went to number one in the charts in 1975. the musician who had still been touring until recently, had cancelled dates to undergo treatment for cancer. today is st patrick's day — as thousands of people gathered in towns and cities across ireland to celebrate. this was the scene in dublin city centre where 5,000 people took part in the traditional parade. the irish president, in his st patrick's day message, paid tribute to all irish women and men engaged in

so people do see cap—haitien as a safe place to come.f cap—haitien has said to us that the numbers in the end won't be sustainable. we don't know exactly how many people have come to cap—haitien, but we do know that more than 30,000 people have fled port—au—prince. in people have fled port-au-prince. , ., port-au-prince. in terms of what happens _ port-au-prince. in terms of what happens next, - port-au-prince. in terms of what happens next, the - what happens next, the transitional council has said it has almost formed but the gangs are warning that the violence will get worse before they get better. what is the view on the ground as to what lies ahead?— lies ahead? well, people are waitin: lies ahead? well, people are waiting to — lies ahead? well, people are waiting to see _ lies ahead? well, people are waiting to see exactly - lies ahead? well, people are waiting to see exactly what l waiting to see exactly what this council will do. it has had its delays. it was supposed to formally be established a couple of weeks ago. tonight, one

if you see the money coming into small caps and mid-caps, you are talking about credit lending from bankss not about hot money. it is more about in a virtuous growth cycle, you are likely to see money flowing to high credit risk segments. for that, preemptive measures are being taken now. this is not hot money, just fund flow as part of the virtuous growth cycle. haslinda: taking a look at india's economy, we have cpi for february. you are expecting 5.1%, which is way off the 4% target, how do you see india cpi playing out? kanika: 5.1% on a short-term basis, similar to the print in january. the reason is food prices, especially vegetables, are lagging the seasonal correction. however the underlying details show there are likely to be marginal corrections further lower, below 4% mark, to 3.5% in core inflation which we have already seen the past few months. we see core cpi sustaining a 3.5%. in india, it is likely to ease further to 3.7%, 3.9% in january. so core stays below 4%. food prices lagging seasonal correction, especially vegetables, keeping cpi elevated at close to 5.1% in the co

. it is packer is in line to make your 100 professional cap.— professional cap. is a bit crazy. i think of the players before me i i think of the players before me that have got 100 caps, and i am just like, wow! it is pretty amazing. just like, wow! it is pretty amazing-— just like, wow! it is pretty amazinu. , just like, wow! it is pretty amazin.. , ,, amazing. molly packer there speaking to jo currie. that is it from sportsday. thank you very much for watching. bye—bye. hello, thanks forjoining me. it's been quite a cloudy day across most of the uk today, some rain too, but it's been mild. and if anything, the temperatures are expected to rise a little further as we head into thursday — quite breezy too, particularly in scotland. we've had some gales here. anyway, here's the satellite picture, and you can see the rain—bearing clouds streaming across the uk. that cloud produced the heavier rain around snowdonia, the north—west of england. and through the course of the evening, the weather front will be moving northwards. so where we had the clearer skies in the

i still think this is going to stay mega caps.ng as the bank is struggling with concern around regulation, although it looked like powell dialled that back a little, i think that will put a cap on financials. i don't think you can have a strong rally in value without the banks. >> thank you, mary ann, chief investment officer. >>> strikes, snubs, and hollywood's major year coming to an end but not without some recognition. we will have the 2024 red carpet report from the oscars next. they're waiting for you. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim:

so, the suitcase identified the unknown person in the cap, so it’s not clear how he is connected withcompetently camper, what should i do? that it is impossible to detain him, because that the thread will break, at the same time something needs to be done, someone is behind it, i have one idea. well, did you find it? i found two, they didn’t seem to be morons, well, they knew each other, let’s go, you’ll be there, don’t be afraid, it’s not poisoned, we’ll be there now. our hostel is good, we pay a little, but without cheating, extra hands are not a hindrance to us, well, where are you from, yes, i recently came from ukraine, and that the family remained in ukraine, but no, i’m alone, deddonovsky, of course, guys, let's go to the end of the train, you can smoke there, yeah, let's go. oh, guys, i forgot these mittens, everything is under control, i’m leaving with the connection, i understand, good luck, but what if the foreman is really looking for swindlers, there is no crime, anything can happen. well, as a last resort, then karasev will have to wave his hands at the construction site

i would go for the s&p 1500 which includes small caps and mid-caps.refer the s&p 600 as a indicator of the small cap action than the russell 2000 because the s&p 600 has more companies that actually have earnings but i think we're going to see the mid-caps break out here following the lead of the equal weighted which is following the lead of the market cap weighted. >> by the way i should point out, folks, your megacap names total return they're really not, they're down now to the top five. before i let you go, we could get lost in this excitement, right? when you get a little heady, you start to lose a little bit of your discipline. what is the one thing people should be on guard for? >> i think watch what the fed does. i think fed chair powell signaled that we're not far away from declining interest rates and i think the longer they hold off on raising interest rates the better it is for the stock market because the risk here is that if you think it's a melt-up now wait until you see what happens if the fed starts lowering interest rates too soon. c

large caps versus small caps we've seen a rising tide for everybody. the large cap is handily outperforming the small cap russell 2,000, and the stock that is driving a lot of that is nvidia, up 82% in just the first quarter year-to-date so far. is it growth or value? the large-cap outperformance tells you it's still about growth, but yes, we can put some numbers to it, as well if you look at the large-cap growth etf in the russell 1,000, you'll start to see something developing there, as well. we'll show you that. if not, we'll just not show that, as well. but then we cap it off with estee lauder the stock of the day, pretty much handily outperforming every other stock in the s&p 500 analysts of bank of america upgraded this to buy from a neutral. they think that the earnings trends are bottoming out for estee lauder, and they also look at this stock and say maybe there's some value to be had there, up 6% right now far and away the best performer in the s&p 500 today back over to you >> dom chu, thanks so much for that the dow and s&p flat lining as w

it is tough, if you are involved in big caps, you have to have representation in it. the broadening is less dramatic and exciting. s&p at a new high after a very long period of nothing at all. >> what did we learn this week? the economies is going along, maybe cooling a bit, powell all but told us they are cutting rates. he made that perfectly clear. and the rally is intact despite some turmoil with nvidia today. you leave this week feeling no different, maybe embolden as to why we got here in the first place. >> almost as if interest rates don't matter as much as everybody makes them out to be. any take away from the last couple of months in this environment, the fed and liquidity, all the bearish narratives that are advanced, over and over again for 20 years in this environment do not matter as much as the earnings backdrop to which mike talked about. that is why stock prices are going up. >> this all can be true and help explain why we are here. i still think it is tough to trust a market that has not had any payback in 4.5 months. >> you will not get away from the

it's night cap night. the 11th hours continues. it's night cap night. ve got to. mom! (♪♪) (♪♪) you were made to dream about it for years. we were made to help you book it in minutes. when my doctor gave me breztri for my copd things changed for me. breztri gave me better breathing, symptom improvement, and reduced flare-ups. breztri won't replace a rescue inhaler for sudden breathing problems. it is not for asthma. tell your doctor if you have a heart condition or high blood pressure before taking it. don't take breztri more than prescribed. breztri may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. ask your doctor about breztri. you always got your mind on the green. not you. you! your business bank account with quickbooks money now earns 5% apy. (♪♪) that's how you business differently. intuit quickbooks. breathing claritin clear is like... (♪♪) is he? confidently walking 8 long haired dogs and living as if he doesn't have

— the welfare cap? specifically with resect to the welfare cap?e cap - the welfare cap? specifically with respect to the welfare cap we i the welfare cap? specifically with i respect to the welfare cap we need to see where we are at the start of the next parliament. but if you are saying, will we keep looking for reforms that can bring people off welfare and into work, absolutely, yes. welfare and into work, absolutely, es. ., , ., yes. one of the things we heard esterda yes. one of the things we heard yesterday from _ yes. one of the things we heard yesterday from economists i yes. one of the things we heard yesterday from economists was| yes. one of the things we heard - yesterday from economists was around this stated _ yesterday from economists was around this stated objective of debt falling _ this stated objective of debt falling. and we know you have made your fiscal— falling. and we know you have made your fiscal headroom i think with 5&9— your fiscal headroom i think with £8.9 billion to spare. but can we ever— £8.9 billion to spare. but

will grant, bbc news, cap—haitien, haiti.l, has died at the age of 73. his best known song, make me smile, reached number one in the british charts in 1975. harley had been forced to cancel performances last year after being diagnosed with cancer. david sillito looks back on his life. # you've done it all, you've broken every code...# steve harley and cockney rebel, and make me smile. it wasn'tjust a huge hit, it was one of those songs that never seems to have gone away. # you spoilt the game, no matter what you say... and right from the beginning, there was a feeling about it. they always ask me, did you know at the time that it would be a big hit? actually, we did think it would be. i knew the managing director of emi at the time who came to abbey road where i was mixing it. he said, "number one." and i said to him, "0k, can i hold you to that?" he said, "yeah." # mr soft, turn around and force the world to watch the things you're going through. ..# during his �*70s heyday, there was more than a touch of glam theatricality

working with maggie i want to cap it for everyone, not just seniors.could be transformation, but that's not all. of paying as much is 400 bucks a month for seniors with diabetes, you now only have to pay 35 bucks a month. you know why we did that, everybody knows somebody who needs insulin or diabetes. you know how much it cost to make that, $10, tem, $10. and the guy who came up with it didn't have a patenbecause wanted to make sure everybody had access. if you add everything including the cost of packaging it, is 13 bucks. times more than they would've. they're not getting cheated. they will pay what other people pay around the world. now with the leadership in partnership and the entire delegation, i want to cap the cost of insulin at 35■ bucks for every american. every american. [applause] when i first got a pass that included all americans and we got it reauthorized. the other team wouldn't do it. it's only for seniors. for years people talked about this but we finally got it done and gave medicare the power to negotiate lower drug prescription co

small-cap is more of a rebound trade. i doubt how long it will last. >> that continues this morning. love it. gargi chaudhuri of blackrock. to recap the bank of england decision, rates unchanged. we were looking for the vote. with two hawkish dissenters still hawkish. that's a change. a step towards may be reduction in interest rates. governor bailey making the point we are not at the point yet to cut rates. >> but making progress for that. that is eerily seeing the same kind of dissent. is this setting up phrygian to be a blockbuster month? >> the sterling weaker. having a decent year so far against the dollar. on the session weaker by .3%. an update on stories elsewhere. here is your bloomberg green. >> jake sullivan is in ukraine, promising the house will approve $60 billion in stalled aid to the country. key woke up this morning to its first large-scale attack on russia and more than a month. ukraine says it shot down 31 missiles. new zealand's economy unexpectedly contracted in the final quarter of 2023, pushing the

because of these statutory caps, we made smart, responsible choices to work within those limits.lt is a strong focus on executeability and necessary emphasis on near-term readitmen. but to be clear, we must grow the defense budget in the out years of our future we want to i khaoefb the goals of our national -- to achieve the goals of our national defense strategy. now, budgets are statements of a rigorous process guided by our strategy to arrive at the resourcing determinations we've that process included close dialogue and collaboration among senior d.o.d. leaders representing every defense component, service and combatant command. together we remained singularly focused on identifying the programs and plans thast meet the demands of today's war fighters and their families while making smart investments in the future. that's vital becau since day one secretary austin and i have emphasized the urgency to innovate. one key focus in innovation is overcomi challenges that inhibit our ability to accelerate delivery of capabilities to the war fighter at speed and scale. including its

capped jug costs for senior tizens en drugs, maximum. i got it passed already, we got a pass.he end of this term, what's going to happen is the cause for all prescription drugs for seniors, including cancer drugs, we will not have to pay more than $2000 aworking with maggie i want to cap it for everyone, not just seniors. it could be transformation, but that's not all. instead of paying as much is 400 bucks a month for seniors with diabetes, you now only have to pay 35 bucks a month. you know why we dideverybody kno needs insulin or diabetes. you know how much it cost to makeii that, $10, tem, $10. and the guy who came up with it didn't have a patent because he wanted to make sure everybody had access. you add everything including the cost of packaging it, is 13 bucks. you're still making three times more tththey're not getting che. they will pay what other people pay around the world. now with the leadership in and the entire delegation, i want to cap the cost of insulin at 35 bucks for every american. every american. [a pres. biden: i first got a pass that included all ameri