that's mike santoli out in omaha. for more of his sitdown with thomas russo, go to our website. do not miss our coverage talking about berkshire hathaway's annual shareholder meeting it's live on cnbc.com, and it starts tomorrow at 10:00 p.m. eas -- 10:00 a.m. eastern time. >>> up next, the former federal reserve, rich clarida here his forecast moving foarrwd, what it means for the markets. we'll do it next on "closing bet. (music) up top by the hogan ♪♪ woah (sfx) car racing -final boarding flight to wait... is that a phone? look at the performance! the graphics. that thing's a gaming machine. a new challenger! faker! that man's a gaming legend. everyone fasten your seatbelts. and here we goooo! ♪♪ doors take us places. so you bought a place. to new adventures. -oh. mwah. -planned... -and unplanned. -surprise! -they lead to goals. -for you, mama. and connect us to family. i didn't get the part. your dedicated fidelity advisor can help you open those doors. but i did get waiter number 2. because they know you. they can help you create a comprehensive plan for your full financial

mike santoli speaks with thomas russo. head over to cnbc.com at 11:30 a.m. eastern time. >> that does it for "power lunch," everybody. >>> guys, thanks welcome to "closing bell." i'm scott wapner apple earnings, the final fang to report. there's your countdown clock little more than an hour and a half stocks remain unsettled after another rate hike from the fed more turmoil around the regional banks. here's your score card with 60 minutes to go. the dow weaker several household names come under pressure boeing, goldman sachs, disney among the losers >>> talk of the tape, the road ahead for stocks let's ask the star dan ives with me here. man, all the stuff going on in the market and apple, only the biggest stock in the market, reporting. what do you ex pect >> it's the heart and lungs of tech we've seen an uptick in china in terms of iphone demand i'm expecting some positives from the services. overall iphone demand continues to be rock of gibralter. >> it's expected to be down 5% they're expected to report a decline in sales it would be only the third time

that's mike santoli.li at 6:00 eastern time >>> straight ahead, y keearnings next week. we'll set you up for it next they could be more efficient? i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create. car designers can shape a piece of clay into a piece of art... so why don't they? at nissan, things are different. they design cars that look like swords... (engine accelerates) gladiators... the future... ♪ or... wow. nissan knows what thrill looks like. because they design it into every car they make. ♪ ♪ every single day, businesses everywhere are asking the exact same question: is it possible? well...with comcast business...

mike santoli here to break down the crucial moments.on why defense is the best strategy steve kovach looking at the plunge in peloton today. first, mike santoli, let's talk about tesla. take a look. a few moments ago that stock, there it is, the spike why? perhaps because elon musk has tweeted moments ago, quote, excited to announce that i have a new ceo for x and twitter. she will be starting in six weeks. unnamed person my role will transition to being executive chair and cto overseeing products, software. >> i believe it's systems operations, not psychological operations >> look, i mean, people have been making the argument have can he have his attention in all these different places the one they seem to care about more than anything is tesla. >> right the perception is tesla has been the orphan company as he's been fixated on getting things straight at twitter. trying to finance the company and all the rest we don't really -- he did say he was going to look for a permanent ceo for twitter some time ago you see the knee-jerk reaction

mike santoli, bespoke always has great information.dia, has been up 90% plus in the six months leading up to an earnings report five other times on the five earnings reaction days that followed, nvidia was up four times out of the five. huge moves and not really a sell on that news. >> no. momentum is a real phenomenon in markets, both price momentum and fundamental momentum and story line momentum. i think that's one of the things it tells you what's fascinating is the way this stock has so massively repriced at a time when earnings in the current fiscal year are basically -- supposed to come in where last fiscal year came in we moved forward this earnings power by a year, meaning moved it further into the future by august 31st, fiscal 2024 estimates are the same as they are now. stock's doubled since then for fiscal '25, earnings estimates up 8 or 9% in the time the stocks have doubled. it's mostly about what can you tell me about whether this is the perfect play for the big picture shifts in technology we're expected. >> frank holla

mike santoli jim cramer is off tonight.the debt ceiling investors try to make sense of the moves on wall street and in washington, tonight, we'll dig into the week that was and what's ahead for the market coming up. debt ceiling deadline, the white house an

steve liesman, mike santoli and welcome.ice to have you in the house. >>> despite being closely tied to the regional bank space, the mortgage market has held strong against all this ongoing volatility the new mortgage fees go into effect today from fannie and freddie and they are creating waves. >>> further ahead, this week is giving us key insights on the economy. we've got the fed wednesday. we've got jobs friday. but first today we'll get a gauge of the consumer with the ceo of mattel. "power lunch" is back in a moment the people who live and work there. because you call these communities home, and we do too. pnc bank. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. meet stephanie... goodnight! and bethany... [guhhnnaaaghh] identical twins. both struggle with cpap for their sleep apnea. but stephanie got insp

senior markets commentator mike santoli is here at post 9. the weather. it's like one day we're worried who is next on the regional banks and the next day we're not. hard landing back in play until it isn't what do you see? >> a lot of things coming together to give the feel of a fragile setup 24 hours before the fed is likely to hike. the australia hiking rates overnight along with a batch of softer data and another run to me sets up that call is the fed overcommitted to hiking? they're going to go one too far. nobody thinks that 25 basis points -- i don't think 25 basis points changes the game one way or the other but it does turn the wheel one more time and that creates the funding pressures on the regional banks the frc solution as drum tight as it is is not a scalable thing if we have a lot of these banks in the situation i do think that's reflective of reasons for more persistent selling at the top end of the range. so that's where i would come down on exactly what is driving things now as we wait and want to go in on neutral footing. >

we'll see if we get the opposite effect. >> thank you that's leslie picker mike santoli, so the dow hasdown five days in a row we'll end that the nasdaq has been up five days in a row and we're extending that broadcom and salesforce reporting their earnings and this will be key to this ai road ahead. >> it will, and we are i think at the tag end of earning season and it's enough for people to say it's flattened out a opposed to taking a step down. that takes some of the valuation pressure off obviously and the economy as ryan was saying, it hasn't stumbled as readily as people were perhaps positioned for. i think this is a battle-tested market in the sense that we took the hit from rates spiking because we got hot january data, and took the hit from the many regional banking crisis, which is a slow bleed as opposed to a panic, and i'm not saying we're justified for every penny in the s&p 500, but it seems as if we've been kind of burning off that pessimism that's built up, and we're seeing investors reluctant to play here i'm not sure if that's enough upside in a strakt ight line, bt it

. >> mike santoli will join us next for his "midday word.ay, don't miss david faber's exclusive interview with elon musk following tesla's annual meeting tonight at 6:00 p.m. eastern time. it's a cnbc special presentation car designers can shape a piece of clay into a piece of art... so why don't they? at nissan, things are different. they design cars that look like swords... (engine accelerates) gladiators... the future... ♪ or... wow. nissan knows what thrill looks like. because they design it into every car they make. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley from big cities, to s

mike santoli joins us next with his "midday word."er's day, show mom that you worship the ground she walks on. or in this case, stands on. the new anti-fatigue comfortmat from weathertech is a gift she'll appreciate all year round. it makes standing comfortable in the home or office and comes in a variety of colors and finishes. and for mom's vehicle, there's cupfone, floorliner, cargoliner, and seat protector. show mom that she deserves the best with an american made gift from weathertech. mom's gonna love this! happy mother's day from weathertech. >>> all right, mike santoli's with, our senior markets commentator. recession, worried about today? >> well, we are. well, i also think that's been more the front and center worry for a while right now. i think yesterday's reaction to the cpi almost told you that the market has kind of slid that down the list of things it's most concerned with. now, you still have a debate as to whether this is just kind of a deceleration on the way to a point that's not quite a recession. you know, the an

that's mike santoli. stay with "the halftime report."ouncil summit under way in santa barbara. our own jim cramer is speaking you just don't get the opportunity very often tspk o ea with mr. cue electric dream days are here. come in now and experience the intense thrills and incredible offers on any of five mercedes-benz electric vehicles. including two years complimentary charging and pre-paid maintenance. the vehicles are all electric. the feeling is all mercedes. the choice is all yours. but hurry, these dream days are only here until june 5th. the first time your sales reached 100k with godaddy was also the first time your profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com >>> we are back. cnbc's inaugural ceo council summit under way in santa barbara, california. jim kramer jtaking the stage wit eddy cue here is what he said >> i think we have a huge advantage in the world we use all of our products all the time our fam

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mike santoli's back with us.s a bit sloppy we're up off the lows and the indexes, but you have an 80% downside volume day in the new york stock exchange. you have the russell 2,000 struggling trading beat for beat with the financials for the most part down another 2%, really not that far off of where it was, you know, back before the pan pandemic so i think it's still a delicate situation. we go into the fed trying to stay somewhat neutral in the middle of the range right here i do think it's worth remembering we get the adp jobs report tomorrow. never really a market mover, but it's a reminder that it is a jobs week. so we're going to get loaded with a lot of here's where the economy stands right now, and then tomorrow, obviously it's going to be hashing through the message from the fed where, you know, you have had the market in regional banks essentially, you know, proactively throwing a tantrum, suggesting that maybe the pain threshold isn't much hire than this right now. >> i would give you one more reminder

mike santoli by the way, don't miss our cnbc special programming of berkshire hathaway's shareholder e, along with becky quick, will be live in omaha, 10:00 a.m. eastern time. we have more of the day's biggest movers coming up the dow is higher by about 22. back after this. car designers can shape a piece of clay into a piece of art... so why don't they? at nissan, things are different. they design cars that look like swords... (engine accelerates) gladiators... the future... ♪ or... wow. nissan knows what thrill looks like. because they design it into every car they make. our customers don't do what they do for likes or followers. their path isn't for the casually curious. and that's what makes it matter the most when they find it. the exact thing that can change the world. some say it's what they were born to do... it's what they live to do... trinet serves small and medium sized businesses... so they can do more of what matters. benefits. payroll. compliance. trinet. people matter. ♪ >>> all right. we're back eli lilly hitting a record high today on positive results for its alzheim

that is mike santoli back with us later this afternoon. >>> up next, netflix rallying today. tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> netflix rallying bigtime today, better than 9%. the company saying its ad supported subscriptions is more than 5 million monthly active users worldwide. josh brown, you previously owned this stock sold it, i don't know, six, eight months ago >> i think what's notable here is that they also said one out of four new plans are in the ad supported tier so bringing on 5 million paying customers who are willing to watch advertising in the first six months is -- i don't know what the expectations were, but i feel li

mike santoli here to break down the crucial moments of this trading day.he levels we should be watching leslie picker setting the stage for some especially critical data on the health of the banking system we start to mike santoli first what have we learned if anything after yet another week where we stayed in this range >> in this range, i think familiarity breeds contempt, right? that's one of those sayings where i think this market at this level, we have been able to chew through it multiple times and i think it's creating a little bit more skepticism or anxiety than it is comfort because it seems precarious. if you look at lots of the market, and appetite and indicators, it's flashing a signal if you look at the russell 2000, it's barely staying above these levels that might think we were cracking below a multi-year range. the constant discussion about the top heaviness of this rally this year i think also has people feeling as if there's something illegitimate an where the market is whereas i think it's more reflective of the environment. >> of course

latest calls on rates julia boorstin on netflix's challenges mike santoli, only utilities and staplest 6.5% >> little bit of tension release. i don't know if it was headline driven we were coiled pretty tightly in this range a lot of talk heading into options expiration, there was this clustering of positioning in this areas. it's not about the debt ceiling. i think you removed that as a real overhang negative worst-case scenario playing out. all of that is one fewer reason to lean against the market regional banks, looking squeezy, but it's a high or low on that chart. maybe they're trying to put distance between themselves and the abyss. all those things working together gets the s&p to last week's high. we keep it in contextm small caps outperforming it's just one day. we'll see how it plays. >> financials 2%, energy 2%, nice gains for industrials, tech is still participating as well as materials and health care's not doing that much. the spaces that have been static are doing a little something. >> static or worse you've had the rustsell 2000 threatening to break down. auto stocks

decisions surrounding ownership of health care are ahead in the coming weeks and months >>> up next, mike santoli with his "midday word." meet stephanie... goodnight! and bethany... [guhhnnaaaghh] identical twins. both struggle with cpap for their sleep apnea. but stephanie got inspire. an implanted device that works inside the body to help her sleep. unlike her sister. there's more than one way to treat your sleep apnea. if you struggle with cpap, look into getting inspire. inspire. sleep apnea innovation. learn more and view important safety information at inspiresleep.com. this is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek as it is... spacious. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪ your shipping manager left to “find themself.” leaving you lost. 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 bridgett is here. matching your job description. she has no clue that i'm here. she has no clue who's in th

mike santoli here to break down the day.er here too on fanatics $150 million play in the sports betting play. mike santoli, you first. 60% of those surveyed in our poll agree with paul tudor jones. >> little more bullish than a lot of the other gauges suggest. in answer to the question if apple goes down, can the s&p go up yes. we have a stock buyback window it's one day we'll see if it's the start of a rerotation or not. >> jill carrie hall? >> for small caps, we've been cautious near term i think we're continuing to watch the signs of stability and, you know, regional banks and credit as well as volatility ahead of the debt ceiling. some risk short term, but we're still of the view that this is an opportunity for long-term investors. small cap valuations, this is still cheap. valuations don't tell you what happens over the next few weeks or months. over multiple years it's one of the most predictive signals for returns. we think you could see better returns over the next decade for small caps than for large caps i think ev

. ♪ >>> we're back mike santoli joining us for his midday word.rket that feels constructive to ptj, and he has not been that constructive the last few times he has been on with andrew >> it's true i kind of appreciate the very broad frame he brings. he says, look, inflation is trending lower and we are micromanaging the process and feel it's still too high, and is it still too high. when the market is feeling as if it doesn't want to give way, there's something going on he talks about the a.i. opportunity. we have talked about whether it's a hype cycle on top of some real stuff, on top of the old favorite stocks, and nvidia is again leading today. on the other hand, today is the exact type of session people have been complaining we have not had enough of, small caps outperforming, and apple and alphabet resting and so it's still rotating the tension is still inside of the market and it's stretched a little tight, but on the other hand, nobody is happy with it and that's the other part of it. this idea that we are unsatisfied with the market holdin

senior market commentator mike santoli here to break down the crucial moments. from google's event. mike santoli, i begin with you the president is in the new york area he was upstate talking about the debt ceiling there's some suggestion he's showing a willingness to discuss possible budget restraints he said, america has the strongest economy in the world, but we should be cutting spending market may have moved a bit on those kmcomments we go to close, the dow fighting, but the s&p is nicely positive. >> around that and today's inflation numbers were consistent i see it just as a reason to turn the dial this much in the direction of maybe there's a way where this turns out in a benign fashion for a while. i think we got stuck in this mode of feeling as if it has to be a hard landing or soft landing. we have to know exactly. in reality there can be these equal moments where the fed isn't fighting you and the economy hasn't fallen apart and the market does what it does and you get excitement about ai over here and the banks don't go to zero tomorrow and you have

visit indeed.com/hire and get started today. >>> our senior markets commentator mike santoli joins us word. it's the same, right, because it's the same stories. we're watching the debt ceiling and we're watching interest rates. >> we are. obviously tension building there's no way to deny those are the things that are shadowing this market, although it's tough to separate it out from what would probably have been a week when you needed to see the market pull back anyway, right, the nasdaq 100 finished last week as overbought as it had been in near recent tactical highs. s&p at the top end of the range. you do have this kind of messy post options setting for what is also another dose of uncertainty and suspense around the debt ceiling. the contortions in the bond market we talk about all the time is mostly mechanical but definitely has an effect i think it's really the struggle is it's just going to be a sort of routine pullback that you would otherwise have anticipated or something deeper. right now it's in the routine zone, but we'll see if it gets looser than that >> it's hard to kno

♪ yeah, yeah ♪ >>> we're now in the closing bell market zone mike santoli is here to break down the cruciale trading day. plus julie fox on how to platek. that sector hitting 52 week highs. alex sherman on how netflix's ad strategy is paying off and seema modi with a closer look at the world of corporate spinoffs mr. santoli i begin with you all of a sudden we have a lot of green on the board. >> a little bit of a burst made a run at 4,200 on the s&p earlier. this would be a closing high for the year at this point above 4180 basically an intraday high too yep it's gotten there with an uneven leadership profile. we've been talking about that for a while. ordinarily the orientation is the market doesn't work when you buy the five most obvious stocks but there is more than that going on which is the market not quite breaking down and get a little bit oversold, this is the way the market has protected itself from the growth scare in the economy. the yields are up. the nasdaq 100 is getting stretched in the short term, you think you have to resort to anything extraordinary to explain it what we

that's mike santoli. we just talked about nvidia. it's not the only one. we're back after this.ry system, you had to give your right arm to find great talent. but with upwork, there's highly skilled talent from all over the globe. right at your fingertips. ♪ this is how we work now ♪ our customers don't do what they do for likes or followers. their path isn't for the casually curious. and that's what makes it matter the most when they find it. the exact thing that can change the world. some say it's what they were born to do... it's what they live to do... trinet serves small and medium sized businesses... so they can do more of what matters. benefits. payroll. compliance. trinet. people matter. ♪ ♪ >> all right more earnings including tomorrow morning, jason snipe, lows how do you feel about home depot last week? >> concerned concerned. >> he's shaky. he's nervous. >> just because he's sitting next to you. hopefully uninterrupted this time >> exactly >> go ahead. >> biggest miss for revenue for h.d. in 20 years this quarter. there's definite concern for lowe's for me. i believe

experience the best. ♪ ♪ >>> mike santoli our senior markets commentator joins us with his "midday wordke. it doesn't clinch anything in terms of what we're hoping for, we, as the collective market, was hoping for >> right the cpi this morning, and even you could other the other data point we were anticipating, the senior loan officer survey, were not far enough away from what the consensus expectations were to move the conviction of anybody. if you've been bearish, if you feel like there's not that much grains of sand left in the hourglass before a recession, you're not left with that much to do because the cyclical stuff has been hurt pretty bad sell best buy and ford and capital one on the lows. that's already kind of there and then also if you're sort of bullish or you want to take shelter in mega cap tech, trying to engineer a breakout of apple. so far mixed results it's not really playing out that way today. you see how that kind of stuff goes i think what it tells you is the tactical game has become the focus because the strategic story is as it's been for a long time nobody is r

senior markets commentator mike santoli is here for his "midday word."for -- let's see what happens with this meeting at the white house let's see what happens with inflation. but, sara, our colleague, is talking to john williams, the new york fed president right now, about the interest rate outlook. i want to listen to what he said moments ago and we can react on the other side here is john williams. >> in my forecast we need to keep a restrictive stance policy in place for quite some really g inflation down from the over 4% it is now all the way to 2%. so i don't see in my forecast any reason to cut interest rates this year. and i will say that, you know, at some point in the further out in the future, of course, if my forecast comes true, inflation is moving back to 2% and the economy is performing as expected, then of course at some point we need to move interest rates baing to more normal levels >> but, again, reiterated i don't see that happening this year so trying to throw cold water on the market's idea there will be cuts this year >> and speaki

that's the skip, not the pause sane air yoe the market taking it well, if you look at least, and mike santoli would say this, at the major averages, driven by tech. >>> the president and the speaker with that tentative deal over the weekend but the drama far from over. kayla with the latest. >> reporter: good morning. president biden and speaker mccarthy in full-on sell mode to try to shore up the 218 votes needed to pass what's called the fiscal responsibility act in the house. they each briefed their party over the weekend the house rules committee is set to meet later today around 3:00 p.m. to advance the bill, though two republicans have said they're against it they can afford to lose no more than two, leading to questions about how mccarthy would respond if that did happen the house would then be expected to vote after that the senate would begin its proceedings after it passes the house. but some members in the senate have vowed to slow walk the deal we will see if that drags out into the weekend asked about the chorus of criticism, president biden said any skeptics should talk to him d

the name is outperforming peers year-to-date let's bring in our own mike santoli.l they run it through a stress nest which revenue growth basically gets cut in half >> it is one of those calls that says, sure, you might be concerned that the consumer is going to weaken into a recession, but maybe it's mostly price data and if you're worried about all of the consumer credit names, maybe amex is better positioned. you can see why it's a little bit of a tough sell in terms of a catalyst, but bigger picture, the stock is trading roughly, maybe below its average valuation on what they're suggesting a reasonable earnings estimate is. the stock is definitely over the last two years held up better than the likes of capital one, discover, and sinkynchrony but to me it almost explains why you've seen the ai names dominate it's like, what's priced in, how much might it soften up. it's all about hopes and prayers and growth, as opposed to trying to make that assessment of exactly where we are in pricing in a potential recession >> they point to some expense lovers that can sti

mike santoli joining us again at 4:00 on "closing bell.dings could tell you how they could be more efficient? i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create. ♪ ♪ ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day

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mike santoli is here to break down the crucial moments of the trading day.gional banks. kristina partsinevelos with a look at what investors should be watching for when paypal reports in "overtime." we have cpi, ppi, some disney earnings the debt ceiling, as we inch quarter to the purported deadline of june 1st, i suppose we'll be more than worried about it. >> sometimes it's not worried at all, and then worried right bebeforehand pretty much everyone nose on an enduring basis this is not the may-or-break thing, but it's hard to resist the moment tear stresses it could create you've seen gold trying to break out. t-bills getting all distorted, because of where they mature when it comes to the stock market, the idea of a fed pause, still pretty defensive positioning, or at least a lot of hedging, based on how the big money has positioned is it enough to keep in the market the very confidence assertions the only reason is this perfect scenario mike on the investment committee side, they say the only reason the market has resilient is because the thought that i

i'm becky quick along with mike santoli and steve liesman.e waiting to see what happens with these debt default talks probably dow futures off by nine points s&p 500 futures down by two, the nasdaq down by 14. treasury market is a different story. the yields on friday closed at the highest levels we've seen since march. the two-year is at 4.234 person. > >>> president biden and kevin mccarthy are expected to meet. kayla tausche joins us from washington. >> president biden spoke to house speaker kevin mccarthy and proposed today's meeting while he was on air force one on his way back to washington from the g-7 summit after those talks hit repeated snags over the weekend while white house deputies held talks on the president's behalf, negotiators met for two and a half hours last night. they're seen leaving the capitol around 8:30 p.m. after pressing pause on friday and again saturday as both sides proposals were seen as nonstarters and while today's meeting could produce positive results, there are still issues over two of the most basic tenet

mike santoli hosts the show. for the morning call sheet where we see the upgrades and downgrades by firms you know we start with da davidson with the buy rating and $30 price target the company shows buffett qualities unique within software goldman sachs upgrading cemex to buy. adding a key focus is regaining profit profitability. we have one more upgrade for you this morning this time citi is raising the rating from deutsche bank to buy. the first quarter results demonstrated the potential for the earnings upgrades. >>> tonurning to the big p one e the bell today appl apple. the results expected to be muted. steve kovach has the keys to watch. >> a lot on the line for apple report today the street is expecting the company to report the second quarter of falling revenue in a row as we see demand fall for consumer electronics analysts think the iphone business is resilient than m mac ipad due to china reopening and more customers buying apple products in the country. most are expecting apple to guide to another qu

i'm becky quick with mike santoli and steve liesman. we have a lot happening today.his hour you see things are barely budging. the dow down 1.6

. >> let's go and mike santoli joins us next with his "midday word." >>> grade my trade send us yourmove and we'll debate it and trade it i need it cool at night. you trying to ice me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add an adjustable base. only at sleep number. >>> santoli, there he is with his "midday word." what do you make of the chip roll over, so to speak, and some of these names from their highs yesterday and it was a pretty steady roll, amd, nvidia, marvell, broadcom. >> it looked like a buying crescendo, concentrated enthusiasm in a narrow group of names. i don't think it's necessarily a longer term trend change but seemed like they were showing the handle on a lot of that energy. now, whether it broadens out from there is the big question there was a lot of things that lined up today that should drive a routine pullback the economically sensitive stuff, even though it hasn't participated to the upside, is suffering again. you have thi

our own mike santoli speaks with tom russo.p for the event on cnbc.com/protalks. >>> ahead on "worldwide exchange," the one word every investor needs to know today katie stockton lays out the trading day ahead and technical signals she sees suggest bing increasing bear sentiment in the market. >>> cnbc is celebrating asian american pacific islander month of may we are sharing business leaders. as we head to break, here is ceo debbie sue >> i'm proud to be asian american because of my ability to straddle two worlds i grew up in a chinese-taiwanese household which was different from being at school and with my friends. i think belonging to two worlds served me well personally and professionally i have depth of knowledge across different cultures and that richness and fabric that it provides in my life i would not trade for anything power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the m

♪ yeah, yeah ♪ >>> we're now in the closing bell market zone mike santoli here, plus phil lebeau, contessarst, i feel like it's we try to get ahead of ourselves going into the fed and then we're like what are we doing here >> there is some of that this market has lots of rotation the fact that the regional banks continue to decline, couldn't get out of their own way -- i thought there was a chance the frc takeover would have been viewed as a clear to slate moment >> jamie dimon tried to sell this too, it feels like it's the end of this. >> and it kind of is people aren't selling regional bank stocks because -- we just have the continued pressure from all the places we know that's one side of it. then warmer than expected growth and inflation numbers have yields higher. it's like let's tense up in advance of the fed we'll get most likely what we expect, but we don't know how it's going to react. i will say, also, heavy corporate debt issuance today, which is a good thing, that has treasury yields leaking higher. >> tech not doing much today that's another bit of a breather >> it's just invi

. >>> we're now with the closing bell market zone mike santoli is with us to break down the crucial momentsn's investor day mike, we can react to what jamie dimon said about interest rates, 6%, 7% he's trying to warn people that rates can go up. >> it is his orientation to think that normalizing rates, so to speak, the heightened he thought that when rates were peaking at 3% and other times. i'm not sure that's something that really is making its way in an immediate sense into the market what i do think is clear is yields are picking up a little bit. some of that is the fed saying maybe maybe we skip a meeting. it's not a pause it's not the end some of it is the economy holding up a little bit better some of that is probably a debt ceiling because they have to i don't think it's at this point an alarming level in terms of challenging stocks, although, we're sitting here right at the top of the range, all the reasons you're giving for why it makes a lot of sense what i do like, though, and i continue to take comfort in is that twitter poll. 80% think it's all about twitter stocks i'd prefer

morgan stanley ♪ ♪ >>> we're now in the closing bell market zone cnbc senior markets commentator mike santolients of the trading day, plus dan ives from salesbush which reports in overtime today and retail and leisure analyst matt boss digging into the department stores ahead of nordstrom and macy earnings. all right, mr. santoli 62% of our voters think there's going to be a hike in june >> i think that's -- that conventional wisdom is at least two or three hours old because what's gone on in the afternoon in the midday when we spoke i said it's one of those days when the market's starting to think again and the economy and then you had fed speakers just grab the wheel and steer market expectation toward a likely pause with maybe a resumption thereafter we can get a blowout jobs number on friday and it can change the e q equation and at least at the index level it requires multiple things to break at once to get selling pressure taking the big and the small down so it is still an uneven market and no real improvement in market breadth today and by the way, i came in this morning to the techni

>>> goom good monday morning i'm melissa lee and mike santoli. omarin inaguilar. >>> the so-called godfather of silicon valley, ron conway is with us, calling for strict regulation on ai before it's too late. >>> the man who called china's boom and bust, hao hong will join us on g7 coupling and the swipe on micron. >>> very modest moves. s&p 500 hovering just under that 4200 level we did pop above it at the beginning. nasdaq outperformance, incredibly steady theme. it's been that way for months right now. today it's microsoft, it's alphabet you do have yields not doing a whole lot and still that same story. we have a 52-week high in the nasdaq 100, first time in 18 months that's happened historically that's bullish looking out, but short term it looks likeit's a little overstretched. >> the strategists are sort of debating internally as to what will happen. we got the s&p 500 pretty much at 4200. the question is, do we keep going? bank of america raising record to 4300 saying, we're more optimistic about eps for the year we see upside to at least

we'll see you soon >>> we're not in the market zone, by the way, cnbc senior markets commentator mike santoli is with us to break down the crucial moments. sofi's liz young is back with you's well 34r santoli, i would love year take >> first of all, relatively muted response shows you it was more or less in the lane of what is expect ed powell could note let us off the treadmill, still wonder what is the dominant force going ahead. i think baseline simple is now they're on pause, but they didn't commit to it. they didn't set a threshold for what would lead them to the next move being a hike. i think that's understandable that we get this concerned of -- i would be surprised if the fed didn't give it slough "a fed is done" rally. it feels like that's what we're geared up for i don't think the market in aggregate appreciated powell saying the basics are fine and we don't think we need to worry about that. >> which is why i've been highlig highlighting it some way may how do you declare something is resilient with jamie dimon picking up the pieces? >> i don't think it's tone deaf, but sort of do

." >>> welcome back senior markets commentator mike santoli here at post 9 for his "midday word." if we thought nvidia was going to throw cold water on this trade at this moment or confirm it, i think it's obvious what's happened to this point the question is what happens now? >> it's confirmed it but it's a really narrow channel of where this money is running through and so you still have the same situation where it's a bellwether for only other acclaimed ai plays and not for the overall market of the economy. the internal bleeding continues and that's what's gone on with the market it's not really a panic, a liquidation. it's an annoyance and impatience with the overhang of issues. the equal weighted s&p is negative year to date. not a negative trigger but is a little bit of a picture of where we are relative to the market cap. >> it only, to your point, makes the top-heavy nature of the market even more so. >> sure. >> you're going to have the same critics say now this is getting ridiculous >> nothing gets resolved i still question what exactly is your objection to this is it t

mike santoli speaks with thomas russo. head over to cnbc.com at 11:30 a.m.s it for "power lunch," everybody. >>> guys, thanks welcome to "closing bell." i'm scott wapner apple earnings, the final fang to report. there's your countdown clock little more than an hour and a half stocks remain unsettled after another rate hike from the fed more turmoil around the regional banks. here's your score card with 60 minutes to go. the dow weaker several household names come under

of course, becky quick, mike santoli are live in omaha as buffett and munger take questions from the tune in tomorrow, beginning at 10:00 a.m. eastern time lot of questions about, i guess, financials and now energy, jim, which is the biggest portion of their portfolio. >> isn't that interesting? yes. i also hope they talk about apple, but occidental has been a creeping tind tinder, and occidental does have good permian. oil just broke down. people bought it off the opec plus movement. that turned out to be nothing worth buying for then, you had this huge decline, just a gap, and now, you know, it's tenuous it's fighting, touched $68, but it was at night. so, usually, by day, they retest a night buy. >> yeah. on pace for the third weekly drop and this week is the biggest weekly move of the year, as you point out. it was down 8% at one point. >> i wish jay powell would have said that gasoline is down a lar, that's really good for us he should have acknowledged that every time we raise rates, the long rates go down, so we can't really fight the housing but he got what he wanted in terms

mike santoli >>> lot of fed talk this week as we mentioned and today on cnbc, our steve liesman caughtgoolsbee and joins us with the highlights and what i thought was interesting was the discrepancies and the views. >> yeah. definitely slightly different. we have two fed presidents on cnbc this morning both content to hold rates at current levels and the 500 basis points of tightening on the u.s. economy atlanta fed bostic said his bias is towards higher rates if inflation doesn't recede. >> if i had a bias between going up and down as our next action i would say we might have to go up what we've seen is that inflation has been persistently high, consumers have been really resilient in terms of their spending, and labor markets remain extremely tight all of those suggest there's still going to be upward pressure on prices. >> now bostic pushed back against the market's pricing in for rate cuts with the funds rate for 2023 at 440, 75 basis points below where it was. now chicago fed president austin goolsbee said that they still have concerns about the impact of banking turmoil on the sy

the s&p down quarter of a percent coming off the best week since march for the major averages mike santoliing an eye on the levels and joins us at post nine right now. >> pretty logical spot for the market to take a pause and not just because of what's going on with the debt ceiling and kind of still have the back and forth about what the next move for the fed is going to be, but simply because we have made this kind of progress in the index almost everybody who has looked at the range we've been in for the last really year, would say oh, 4200 looks like it's going to be a hurtle, only traded above this level for ten trading days in the last year. it's understandable why the market is holding up as well as it is. if you look at where we are now versus a few months ago, a few months ago we thought terminal rate for the fed will be 6% because we had the hot january data earnings cliff coming, we haven't hit it yet and i think that's pretty -- i think it's pretty reliable observation right now. then the nasdaq has had a breakout to 52-year high, 18 months without one, on a mechanical basis te

. >> pacwest up a percent after a 20% sell-off yesterday let's bring in mike santoli with his take thiset rally, if regional banks turn over about a half hour into trading every day? >> probably not sustainably. it hasn't always been the on-off switch for the overall market. we're talking about measurement effects. everything you were talking about, the note about a handful of tech stocks accounting for all the gains, we can play this game all day you know, ex-financial -- and we will. >> the s&p is up close to 8% year to date the stock gen saying we would be down a couple percent without the top 20 tech stocks ex-financials would be up 11%. exclude whatever you want, the good or the bad, and tell a different story, but i think the key is, what you mentioned, which is the cyclical parts of the markets responding to economic signals are doing what they're supposed to do so what are we to make of this idea that the s&p 500 does not reflect the macro move >> it's not true. >> no. >> it means it's a narrow leadership story. >> how the index works is what it means so i would be more concerne

i'm carl quintanilla with mike santoli live at post nine at the new york stock exchange.lls, california decent action to start what will be a busy week jpm and frc are front, apple and jolt and a jobs numbers on friday, berkshire on saturday. fresh data crossing the tape rick santelli for it rick >> carl, march read on construction spending expected to be up 0.1%. it's up 0.3% that is the second highest reading of the year next to january where we were up 0.4%. if you look at ism manufacturing, manufacturing ism, wednesday service, ism manufacturing headline 46.8 expected, 47.1 is the number that is the best read since february's 47.7. 53.2 on prices paid, 53.2, is the highest level of prices paid since july of last year. and that is not a good thing if you're monitoring, of course -- excuse me f you're monitoring the federal reserve, the higher prices paid for potentially more aggressive fed you have. that is the highest level but still well off the bigger levels think last year highest level was 87.1 employment week, we'll get employment, 50.2, second best level of the