chris harvey, thanks very much.ppreciate your time tonight. >> thank you. >> have a good weekend. >> in thoughts here, court? comment? >> i see what you're saying with the overconfidence because you're starting to get the investors who are continuing for this fomo trade. they want to go to the risky areas of the market. on the flip side of that, you're seeing record levels of cash. there's this two sections happening right now, and people are invested. they want to be risky and get these high returns. on the flip side, they're not willing to put all their cash in. that's happening at the retail and institutional investors. that's where there will be another leg of this. the second interest rates come down and money markets aren't paying better, you'll start to see some of the money go back in. probably not to the high-flying areas but the broader market. some point in time, you'll see that, as well. >> you're positive on the markets the next six months then? >> we are, yes. >> good. >>> let's take a break, shall we?

here to share is market playbook right now, chris harvey, from wells fargo securities.ood to see you. >> good to see you too, scott. >> how does this market look and feel right now? >> feels a little chop in. feels like we're looking for a catalyst. there's no real catalyst out there. and i think this chop lasts until we have earnings season. there's nothing to hang your hat on. >> that long? >> yeah, i think so. anything can change on a dime, obviously, but i don't see a ton of catalyst out there. we need earnings to get things higher until we have another earnings report or earnings cycle, you won't get a good feel for the power of the earnings cycle. i think we have to wait until the summertime. probably second week of july before we start making substantial headwind, substantial upside. >> so, fed meetings and data is somewhat irrelevant? >> yeah. i don't think the fed will tell you anything you don't know at this point in time. the fed is going to say, we follow the data. the data is okay. the economy looks like maybe it's not as strong as people expect. it looks l

coming up this hour, chris harvey as stocks recover.lion pack. and why the buyer for a september rate cut is still high. we begin with our top story. nvidia recovery after a $430 billion route after we have retraced all of it. it has helped to snap a three day losing streak. chris harvey saying, we are approaching our price target but no change. remaining in the right price camp. momentum will not break in the near term. ultimately, we think it still needs to get worse before it gets better. chris joins us now. what does that mean? >> i think you had on a small cap strategist. when do things brought in out? it has to get worse before it gets better. you need the economy to slow down and you need people to see the economy slowdown. you have to pool fed expectations forward. you need them to cut soon and aggressively. until then, there is no rotation. lisa: so they go and then pull back and everything else lags behind? >> i cannot speak to nvidia but i can speak to momentum. the momentum trade is not breaking. people bend but you will not

emily: chris harvey, our analyst, has now predicted when the s&p indices rebalance at the close today the weight in nvidia and apple. apple is 20% now. it would drop down to about 5%. nvidia would get the second largest holding. these market caps are net and -- and -- neck and neck, but like you said this etf has not given the full gains of nvidia this year. katie: indices imply passive. still, people have a lot of discretion. we are talking about an $80 billion etf. pretty big. the volume is joy norma's -- gi normous. emily: if we see the flip, we could see $13 billion selling in apple and $11 billion purchased in nvidia today if we see the flip-flop with apple becoming smaller. billions of dollars changing hands today. katie: fun to watch on this triple witching day. thank you. 90 minutes into the day. the s&p looks big right now. it's lower on the day. the vix calming down. technical forces in the market today. not exactly seeing that in the vix. that bond rally went poof. the two-year unchanged on the day. diana lee coming up, the ceo of constellation next. that does it for market

>> i'm going to defer to chris harvey on that one. he's got all kinds of opinions. with respect to broad macro, though, i think you have to be fairly comfortable right now that the fed, at least, is not going to derail the markets, and oh, by the way, we've had rate cuts just in the last ten days from bank of canada, ecb, going back to last month from sweden, switzerland a bit farther back. the rate cuts are happening. the fed is late, perhaps, but others are already doing this, too. >> michael, great to see you. thank you. >> thank you. >>> meantime, apple continuing its postw-wwdc momentum. it ended well off the highs of the day. shares had been up more than 6% earlier in the session and apple seemed on pace to reclaim the top spot in market cap from micr microsoft. it closed the day about $10 billion off of that market. i'm going to go to dan first on this. >> i'm a little bit dumb founded. this seems like this is based, obviously, on the anticipation that this is going to be a huge earnings revision cycle. this is not a company that has had that in a very long t

part and parcel of people's dissatisfaction in the modern democratic world. >> sir nick harvey, thank you, chris chns.thank >> sir nick harvey, thank you, chris. thank you again . i love chris. thank you again. i love that you've got involved in this debate. it's been very interesting . thank you both to interesting. thank you both to you both, coming up next, as i said, we're going to be discussing those eu parliament elections in a bit more detail, but particularly from the parisian angle and having a discussion about the snap french election that emmanuel macron has just called, would you believe it concludes by the end of the month, they've got shorter elections in france r ,so , so we'll be discussing that in welcome back to vote 2024 with me. camilla tominey. now, earlier, i asked you, is rejoining the eu back on the table? is it a good idea? should brexit be revisited ? let's see brexit be revisited? let's see what you've got to say. arthur says definitely not. we had the vote and won. well, this was a point that i was trying to make to sir nick harvey on behalf of the liberal democrats.