we will ask our experts over the final stretch including rick rieder who will join us. with 60 minutes to go, the dow topping 40,000 for the first time ever earlier today. you know about that by now. all three averages reaching new highs, so we will track it over the final stretch. apple is a big story. it's come back has helped that final mile if you will to 40k. certainly cents fed chair powell calmed the markets. it takes us to our talk of the table. what is next with stocks? great to see you both. here we are. now what? >> it is a great backdrop. we have had a nice rise in markets. equity markets calmed down from yesterday and so i think it is a good backdrop for stocks. >> joe, what do we do here? do we top out, do we keep going? is there a message on how we rebounded severely from the april lows? >> there is and it is about profitability. think about it, we set the lows heading into the earnings season, all about coming out of the earnings recession that has been the catalyst behind the appreciation to new all-time highs and i think collectively we have to breathe

david spoke with rick rieder about what he thinks the fed will do. fears were related. it wasn't that far from expectations. markets parse a couple hundreds of basis points to determine if it is better or worse. some things were encouraging. transportation services down. rent coming down a bit. it was on expectation. there was fear. three months in a row of high numbers. maybe we are moving to a more stable environment. by the way it was contiguous to retail sales softer. some of what you seen play out, definitely consumer pullback. ppi not being that bad. some stability. gosh. softness, a fed already raised the bar of hiking rates. now you start to think, can you get a cut done this year? that emboldened the thesis. david: we have the tendency to look at a number. there are things under that. goods versus services. different trend on inflation. from the fed's point of view, do they need both to come down? rick: remarkable. we are moving to a service oriented economy. goods prices have come down. it's allowing for disposable income to go into service

and earnings are good enough to continue to carry the market higher i had an interviewed with rick rieder blackrock, and he is in charge of assets and he says another 10 to 15% more this year out of this market. >> absolutely. one thing, we're going to get the second revision of the first quarter gdp next week, and it is going to go down, and into the low ones now, think about it. low ones and we have such good earnings with three gdp this quarter, earnings are going to be so much better >> you think earnings are going to continue to be better nvidia is sort of a perfect example, professor, where, you know, the critics would say, yes, the earnings were good, and they were better than, you know, continuously lower expectations, but all of the really good earnings are coming at the really top of the stack, right the mega cap stocks. >> there's no -- >> professor, i will -- i got you. i will take care of you. why don't you grab some water. i've got other guests here that i can ask some questions to as well and you let us know when you're ready. professor jeremy siegel, back with us in a minu

, that is leading to better than expected earnings ifyou add on the margin story which was what rick rieder was talking about. everyone warrants to call the demise in emergenciens but companies, especially u.s. companies are so good at restructuring, reorganizing, in pricing power and in adjusting and i think that's what we've been seeing this year. we'll continue to see it. so, are we up another 11% between now and the end of the year? i don't know. we will be higher, i believe, because earnings will continue. >> higher than where we are now. >> i do think so, scott. is it 5%? is it 10%? i'd be surprised if it was 10% because we've had a nice year and a half. >> you know, if you look at what we're calling the everything rally, because over the last six months, it kind of has been, it's not just the dow and the s&p and the russell, it's metals, you know, gold and other thing, bitcoin is up a ton in the last six months. are you surprised, jordan, that we were able to raleigh back as strong as we did from the april lows? >> i'm a little bit surprised, because the market's been able to rally o

blackrock's rick rieder argues the best way for the fed to temper inflation will be to lower interest rates. >> i'm not certain raising interest rates brings down inflation. i would lay out an argument if you cut interest rates, you bring down inflation. to your point, look at what is happening. interest expense is growing. it has eclipsed mortgage payments. lower income. much higher percentage of the net worth is in the debt. edit cards, student loans, auto finance. what you have -- what has happened is you have raise the rate and the has traded a real impact. the other side of it is you have an economy because of this massive transfer from the public sector from the government to the private sector. people are middle to higher income and are getting a big benefit from these interest rates. that is flowing into -- those of the people who would spent on aggregate with services. there is an ironic thing no one has ever seen in history. sonali: joining us now is all spring's george bory and ed howe who say meet of columbia needle. when you take a look at this wishful thinking on wall st

. (♪♪) (♪♪) >>> a big interview coming up at 3:00 eastern time, an exclusive of rick rieder of blackthinks the markets are going from here. covers everything, fixed income, equities. so i hope you will be with me then. stephanie, final trade is what? >> bank of america. higher equity prices and trading at two times book. >> farmer/tractor jim? >> citi group. should close that discount to tangible book value. >> mr. baruch? >> the cloud is under attack. crowdstrike is setting a record high right now. >> you talked about that yesterday. >> josh brown this >> brk, an upcoming name. i think this has something going on. >> that would be berkshire hathaway. dow is just below 40,000 after topping it for the first time ever earlier in the session. i'll take you through the final stretch at 3:00. "the exchange" is now. ♪ ♪ >> thank you very much, scott. welcome to "the exchange." i'm kelly evans and here's what's ahead. it's a milestone moment for sure. the dow hitting 40,000 for the first time ever. but can the bulls keep it going? our market guest has some concerns about the strength of the

listen to rick rieder. >> the earnings are good. stickiness to margins. the software development, a.i. implem implementation, et cetera, earnings are still pretty good. anyway, i know we've talked about it a bunch of times, i think people underestimate, could you get another 10, 15% of the equity market this year? i don't think it's much of a stretch at all. could you get more than that? i think you could. >> i sat back in my chair, 10, 15%? okay. >> yeah, yeah. i think the one thing you just mentioned we haven't talked about yet is the fiscal. the fiscal part is a huge undertow for the market i think it play as role from here on out. yes, earnings have been strong. interest rates are quiet and they pull back. the ten year and the two year, the five year, whatever you speak to, is down 20 basis points the last two weeks. so that's been supportive to the market. yes, earnings, 80% beat rate. i think there's a lot of strength in the cyclicals going forward towards the end of the year. so i think absolutely we can see ongoing strength in the markets, and i t

we will ask our experts over the final stretch including rick rieder who will join us.o go, the dow topping 40,000 for the first time ever earlier today. you know about that by now. all three averages reaching new highs, so we will track it over the final stretch. apple is a

. >> you know it was pretty eye opening when rick rieder was here, blackrock, last week and suggested you could do 10 to 15% more this year because earnings are under appreciated, and some of the benefits from higher rates on a certain cohort of investors and spenders when you hear calls like that, from somebody in a shop like that, do you think that could be sn possible >> certainly possible. i think the challenge is we've come a long way in a short period of time and i think there's going to be some consolidation before we get sort of a strong back half rally and i also think that, you know, we're at a point now where the consumer is weakening. >> parts of it. >> parts of the consumer are weakening. the luxury, the large cap, the, you know, sort of upper tiered consumer companies are doing quite well, and i think they're going to continue to maintain that leadership position but you're starting to see weakness around the middle and even especially on the lower end consumer, so that's i think somewhat halt at a 15%, you know, upside from here, but that doesn't mean that certain compa