we will ask experts, including jeremy siegel who will join us to weigh in. in the meantime, your scorecard with 60 minutes to go in regulation. nasdaq is the pain point as mega cap names faced more selling pressure as the nasdaq 100 off by more than 1% for much of the day. alpha -- apple and alphabet has been bucking the trend. look at the semi index, getting smoked, often more than just about 3%, that is the smh, big names are facing selling pressure. broadcom is down. marvell is down. that is after its own earnings report. this takes us to talk of the tape, bubble trouble, whether the one soaring semis are in danger of a bigger pullback. it is good to have you back, starting to watch what is taking place in this market. nvidia, a $100 intraday move. almost 10%. what do you make of it? >> i was joking earlier, maybe somebody went to close -- too close to the sun. they are up 70% year-over-year. nvidia is up 80% year to date. i don't worry much. core businesses were not good for marvell. i think that weighs on it. people are looking at nvidia getting awfully

we will ask experts, including jeremy siegel who will join us to weigh in.ing pressure as the nasdaq

. >>> i hope ujoin me on "closing bell" at 3:00 eastern time with jeremy siegel from the wharton skeena's stock is getting slammed today, down about 100 bucks. >> $100 off the high. >> in a few hours. we'll track that, too. quick, final trade. >> apollo management group. >> las vegas sands. >> should not? >> health care. >> joe t. >> still an owner of costco, but crowded positions. >>> join me on "closing bell." we'll take you through the end of the week and track every movement in nvidia. "the exchange" is now. >>> thanks very much, scott. welcome to "the exchange" on this friday afternoon. i'm dominic chu. >>> stocks unable to sustain the gains following the stronger than expected jobs number. the dow is on pace for the worst week since october. but some believe in the 2024 stock market, where he is seeing opportunities now, that's coming up. >>> the unclimate rate did tic

it's nice to see old college professor jeremy siegel talk about it and he pointed out the same thing so he taught us well. the fed was somewhat doveish and, liz, one thing that came out this week and not part of today, the state of california issued a revision to number of jobs in 2023, which originally said they've created 325,000 jobs. then they revised that to 50,000 jobs. the fed is looking at back ward and bad information. i think the economy is much slower and i think the number of rate cuts the fed will be surprised that there'll be more than just the three they're predicting for this year. liz: does that then mean they'll be forced to move maybe a little sooner and going into today, the may fed funds future is 99% odds no move and 12% rate and there'll be a cut. tiny percentage and i don't know, maybe the market sees something there. >> not going to it with 8-1 type thing against me. i'm going to go and stick with june. june has been my expectation for the last few months and i'm going to stay there and the fed has got some kind of lock not to disrupt the election. i don't kn

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. >>> for more on the market now we bring in jeremy siegel. s wharton school of business and chief economist add wisdom tree. jeremy, the thing that i've been watching pretty closely lately is just how treasury yields moved up. a little lower today but have moved up substantially in recent weeks getting hotter than anticipated inflation numbers. yet the stock market keeps hitting new highs. if the fed comes out and is hawkish today can that continue. >>> i think the fed will be hawkish today. income, expecting the number of cuts to decline from the three we saw in december to two, and by the way, i wouldn't be surprised if more people, more fomc members predicted less than two than more than two. >> mm. >> i think the economy remained very, very strong. stronger than the fed expected. very definitely. so they're in no rush to actually cut the rates. so i think -- i'm not sure the market is quite prepared for that. you know, i've been hearing that most investors think they'll do three cuts by year-end, but i don't think so. i think right now the