people to step in to buy it and that's what happens. it has been the same muscle memory for years at this point. >> seeing a lot of movement and the 30 year auction. >> watch small caps, because it has been relatively the power of catch-up trade for the last few sessions. thank you for watching power lunch. >> we will see you later. closing bell starts now. welcome to closing bell. i am scott wapner. this make or break our begins with the best playbook for your money and we will get it exclusively today. in just a bit, aaron brown will reveal her latest asset strategy first and right here. in the meantime, scorecard with 60 minute ago looks pretty good. why is this significant? it will be the first to close above 5200 in a month. exactly one month.

we are looking good in this final stretch, because it is a broad rally in the major averages are higher. we are almost green across the board. not necessarily growth, but it is tough for roadblocks. shares are pledging following. stocks down 21.5% and it takes us to the talk of the tape. the resilient rally and how long this can ast. let's welcome in kristin. good to see you. is this what the next rally looks like? one that is currently a lot of things other than tech? >> absolutely. entering into this year, we thought that there would be a broadening out of earnings and it is good to see that this is a healthy rally in terms of seeing it across the board without that type of concentration, but we have to point to the fundamentals that are driving it. earnings season has been better than expected and there is a lot of delineation under the surface in terms of idiosyncratic events. ompanies

not delivering are getting punished and companies that are and are raising guidance pricing rewards in the market. i think we could continue to grind higher. >> are you surprised at the bounce back and how quickly the market recovered from what felt like it could be something worse than what we got? >> april was a unique month. we were coming off the back of two quarters we had double digit gains in the s&p 500. some of that was more normalization and we have to get back. when you look at the pullback, you can make an argument that that was a garden-variety pullback that we tend to see those pullbacks in any given year. right now, still, that is front and center in terms of whether we will see rate cuts, story about the trajectory of inflation and what that will do to corporate earnings. for those companies that have strong balance sheets, i think we still see continued strength and earnings, which will drive the market. >> is it fair to say that we are not as obsessed over the fed as we were two weeks ago? came out and calmed us down, because he wasn't as hawkish as

we feared he might be, so we are not hanging on every fed speakers word. we are taking him almost at his word and we know you want a cut and we can accept the fact that it's not today or tomorrow, we know you are going to. if the economy is good enough and the earnings remain as good as you suggest, then we are okay. >> we should always take his word for it is a clear communicator and very direct in terms of what they are watching. what they are watching is the data. what we have to see an order for the fed to be in a position to cut his continued his inflationary forces. we don't have that yet. we have a pause in terms of other progress and we need to continue to see that. we are seeing a softening in terms of some employment data, which is what we will be watching closely, as well. when you look at the market reaction function -- we started this year with 6 to 7 rate cuts priced in, then next to none, and now we are at two. we started this year thinking

that we would have three rate cuts and that they would start until the summer months because we needed to see that disinflation work its way into the data and we are still sitting there thinking that it will be the case. >> i think it's fair to say that you are the outlier island in some respects and you still think there will be three. >> we still think there will be three, but we haven't changed that's the entirety of the year. we have seen the wild swings and we didn't go up to six or down to zero and i think the reason is because we have to. when we go into the summer months, there are certain seasonal factors. we obviously got the jobless claims this morning, and i wouldn't read too much into it, but you start to add up some data points and you are seeing a slowing in the employment backdrop. that coupled with this inflationary pressure could be something they put into a position to cut the summer. >> is this the treasury curve on the screen? is that the most important thing that we will be keeping

our eyes on? the fact that we are pushing 5% on the two-year and 470 on the 10? that has enabled stocks to go up? >> there are fundamentals driving it. the rates being one of them, but the most important thing in terms of stocks coming up is earnings. when we look at earnings and the ability to deliver, the rates matter and they certainly matter for things that are companies that are highly levered where there is a dependency of refinancing your debt. it is a tale of two markets in terms of the companies that have strong balance sheets and took advantage of the historically low rates to get the balance sheets in order. these companies are almost immune to some of the pressures. earnings matter and the rates matter for certain parts of the market. >> as it relates to earnings specifically, almost all of the

earnings growth is coming from the very select group of stocks for the most part. you are a believer in the broadening out. does that mean that you think earnings growth pie will be more inclusive? >> you almost have to go back to the fact that last year you had seven at 11 -- out of 11 sectors. it is no longer one sector driving that. maybe you have gains in one sector versus another, but we are starting to see that broadening out across the board and seeing lows come into areas that were unloved last year. if we were going to begin position within the s&p 500, instead of playing the market capitalization, you are trying to look at stretch evaluation and some of the mega cap companies and an expression of that is a clean way to go into the second half. >> look at the year to date gains to your point about the

broadening beyond tech. i thought people would know about this at this point, but financials year-to-date are up 10% and tech is up 11. industrials are up 12. energy is up 12.5. that plays into the mega cap tech, which is up 19. utility is up 12. it is pretty broad. lately, it has been staples and utilities having another good day. we should believe in that? >> i think so. if we look at utilities, that is a great example of people trying to broaden it out in terms of the beneficiaries of ai. almost looking at the energy consumption and really trying to find ways of other expression in terms of supply and demand. when it comes to the health of the consumer and earnings were

anticipating next week in terms of big retailers, i think we pick another team -- theme within earnings season. some of those areas, especially when it comes to lower income consumer and middle income consumer. that is something we will watch. >> online retail was a big blowup over the last few days. there is a big divergence between the winners and losers. maybe we will get more clarity on that, let's bring in from american private bank and investment partners. welcome to you both. i am reading your notes. >> we try to go through all of the data and we have the best consumer data out there in terms of penetration to the consumer and we are seeing good signs. it is slowing down absolutely. is it worrisome? no. most of the job market is

driving that right now for certain income cohorts. the wealthy have created a lot of wealth since 2020. the shortest span ever and largest amount of wealth created. what is important in all of this context is, are we in the early stages of a long-term bull market or not? it feels culpable saying it on a day like this, but we are, in our opinion. it is still high. profits are growing above the long run rate. as i mentioned before, it is still what is coming around the pet that i need to be worried about. you are starting to see the basing of small caps and just talked about it before and joe has been talking about this. you have more industry group participation across the board. it is not just the fantastic four. there are well over 150 companies that are driving the performance. >> joe, maybe the most

controversial take that chris has is this idea that -- what he says, early portion of a decade-long bull market. i say that, because i think the prevailing view among most is the late cycle. he would have you believe otherwise. what say you? >> to look over the lack -- next decade and to gain a clear understanding of the direction we are going is very difficult for me. i'm just being candid. i can't go out that far. where we are now in 2024 through 2025, we have a bull market in place. when you hit 2026, you have a little bit of hiccups surrounding the midterm election and some of the expiring tax cuts. to go out over the next decade, i can't look at it that far. >> that's fine, but when people say we are late cycle, that doesn't necessarily imply that we will be okay through 2025. that means that the bull market

is going to be sucking wind fairly soon. >> that is an excellent point. here is why i disagree. i think you have to look at how far we have come. there is a great song by matchbox 20, by the way called how far we come. i just want to remind everyone where we were sitting here on a thursday in early april. it went down 500 points at the end of the day. the s&p went 52 to 52.50. oil prices hit $88 that day and there were all of these overwhelming concerns. we are 1% away from a new all- time high. we have washed away the entirety of the decline. this week, we have navigated through a significant 10 in 30 year debt auctions. the 10 year

treasury has declined 30 basis points since april 25th. yes, the mega caps have supported earnings growth for the s&p and for the nasdaq itself, so i think braley quietly -- fairly quietly, it is remarkable. it is reminding all of us that you will get punished at your own risk if you bet against it. >> do you agree with the notion that we are more early stages of a bull market rather than late stage? >> i think that we are certainly not in a late stage. and you look at the leadership and the rally having a potential to broaden out and seeing the earnings broaden out, that wouldn't happen in the late stage. you actually see the opposite in terms of the leadership narrowing. i think you have to take a step back. what do we know to be true? we know that there is significant amount of cash on the sidelines. even more than that when you

look at deposits. you have a lot of cash on the sidelines and we saw that in terms of buying the action. you have earnings growth, so we went to a profits recession and we anticipate about a percent for the totality of this year. most likely has peaked and it is not exactly a linear trajectory, but a little volatile. that is a conducive set up for risk assets. >> i think when behavior -- speculative behavior gets so complacent and the areas of the market that are rightfully correcting. the emerging growth stocks, they are correcting generally what you see, which is the stocks go parabolic at the end of the cycle. what we are seeing is a healthy marketplace. it is a marketplace that wants to pay premium for the profitability and margin expansion. it is a market dismissing the premise that those emerging growth stocks that don't have

that degree of profitability can extend the significant appreciation they have witnessed. >> the one argument is kind of hard to think. we are not even at the start of the cycle of rate cuts. if you get rate cuts when the economy is doing okay, then you get them for the right reason, because you know the fed wants to cut and they feel confident, because inflation is coming down. you get the earnings that kristin is talking about. i guess those are good reasons. >> certainly in the shorter terms. let me put a few things into context. >> what does that mean? >> the next one to two years. you have a business cycle and economic cycle. you have market cycles that pierce through both of those. as joe said, we are going to late early mid cycles in the

market to assess the incoming data. when i met the long run bull market, it is driven by more demographic factors. it is driven by the sheer wealth and size of the millennial's. they will have no choice but to invest, so you have higher demand for investing. you have lower supply for equity overall given what is going on. at the same time, incredible commercialization of initially overhyped generated ai. eventually, it will hit the cost inefficiencies and perhaps maybe even the cost inefficiencies at a national debt level. for me, i can see clear transparent themes. here and now, what do you do? you use yields to your advantage and we haven't yield like this. cash on cash is an extraordinarily powerful movement. take the cash that you earn or fixed income and reinvest back

into equity hedges even if it doesn't come all the way down. i this is a time where we turned the page back to 1990s with an incredible decade. yes, there were early or mid late cycle movements and we had a pretty good run. >> what about the small caps that he was talking about? year to date, it is such a dramatic underperform or. higher rates and loaded regional banks all of the things that we have discussed forever. is now the moment finally? >> within small and mid-cap, if you look at the profitable growth pockets of that, it is a much more attractive place to be in terms of playing catch-up and broadening out versus going into something like the russell 2000. to your point, you will be exposed to leverage or financials. you will be exposed to things that maybe if we do have rights higher for longer, it would be highly exposed. mid-cap small-cap growth and if you look at what the profitability filters, those

complete for some long-term unstoppable trends that have been dominating the market, but haven't really caught up. >> i don't know if i'm ready for small caps. i need to see the profitability be witnessed 22% for earnings growth. why move away from that? why move away from the earnings growth of 5.5% that you get? if you want to move away from the engine of this year's appreciation, which to me, it is the semiconductor industry. i can stay high up the class with large cats. i can look at chipotle, costco, intuitive surgical or merck. i can look at goldman sachs, which is making a new all-time high as we speak today. i have got other areas and other sectors in the large-cap universe where i can find opportunity and i don't need to

go to small caps. >> i don't think it will surprise anybody if we have a day like today. look at this. we are going to close above 5200 on the s&p 500 for the first time in a month and it's not being taken there by mega cap. it wouldn't surprise me one bit if tomorrow there was a lot of buying in mega cap. i only say that, because that is the rhythm of how the market has been good when you have been there to write off the stocks, the buyers come in at any viable death. >> this is clearly not a walk away from the momentum market yet and it is an ease away from the momentum. we can't be in that one corner all the time when we are still growing above trend. i like the way joe is putting it. it depends on remanded if it is a particular mandate, there are enormous opportunities outside of the so-called fantastic fou . if your mandate is a fully diversified portfolio where you have a strategic benchmark,

then you will need to be patient. they are just now basing out and the rotation will take tim . we will be talking about this for the next 18 months. every step of the way, it continues together more movement. i give you one interesting insight. >> do it quick if you could. i got to get to some news. >> 186 companies are outperforming the s&p 500. last 12 months, 160. and a percent of the industry groups are now participating. that is a powerful statement. >> for sure. thank you for that. thank you, chris and joe. taking news out of the doj. >> that's right. the department of justice's antitrust division is now announcing a new task force on what they are calling healthcare . monopolies and collusion. this sounds like it will be a wide-ranging effort in the healthcare industry by the

antitrust division. take a listen to what they are talking about in this press release in terms of what the new task force will do. it will consider widespread competition concerns shared by patients, healthcare professionals, business and entrepreneurs, including payer provider consolidation, serial acquisitions, labor and quality of care, medical billing, healthcare i.t. services, access to and misuse of healthcare data and more. a very wide range of department of justice task force on what they are calling healthcare monopolies and collusion from the department of justice. i interviewed the head of the trust division on cnbc a couple of weeks ago, scott, and he was signaling that healthcare is a big area of interest for them, so i think this should be on the radar of people in that industry this afternoon. >> thank you for the important news. let's send it over to christina for the biggest names moving into the close. >> let's start with t-mobile. the regional carrier lewis --

u.s. cellular for more than $2 billion while verizon is considering buying u.s. cellular, but no transaction details. this is all according to the wall street journal. the reason they are having this structure is to convince the antitrust department will not hurt competition. it is barely up 1%, but telephone is best data systems owns the majority of u.s. cellular. that is why both of these names are almost 30% higher and halted for volatility. another supporting quarter for solaredge because of high interest rates and customer inventory levels. the company cut shipments to get access to inventory and contributed to revenues of 204 million in the quarter, lower than the 1 billion in revenue. week margins and revenue guidance also added to the company 7.5% drop print >> back to you in a bit. thank you. we are just getting started. up next, the firm just dropping

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stocks are great across the board. dowell on track for its longest winning streak of the year. erin browne out today with her new asset allocation outlook and joins me for an exclusive interview. it's nice to see you. >> nice to be here. >> one thing that jumps out to me is that this is what you told our producers. you are modestly -- you have modestly overweight equities, which sounds like a, dare i sa

, modest drop down from where you were before. am i right or wrong? >> are positioning really hasn't changed with inequities in terms of the aggregate length. on a scale of -10 to positive 10, five out of 10. equities relative to where we have been. that remains consistent, but we are broadening the lens in terms of exposures outside of ai tech into a much broader diversified set of assets that we now like within equities. >> you are a believer in the broadening story? if you are moving to diversify away from tech, where are you diversifying into? >> first, starting to see a change and turn in the global pmi's, so you are saying manufacturing growth bounce up. not only that, but you are seeing export orders from our largest trading partners who start to pivot positively and incrementally. some of the data

out of china is coming up a little bit better. i think you can start to look much more aggressively that have been in the earnings recession over the relaxed -- last 6/4. looking at manufacturing, industrials and some emerging markets that will take advantage of global growth bottoming out and starting to rebound into positive territory. >> that is interesting to hear. it sounds like your strategy may be more bullish -- if you want to be modestly overweight equities and say you are five out of 10, you just paid -- painted a pretty bullish picture to me. >> i think you still want to stay underweight the small caps. i think that will continue to be hampered by very high rates, which will come down slower then the market is expecting. we are expecting probably one cut this year and fairly modest

shallow cutting cycle next year, as well. our estimate within the u.s., small caps will continue to be hampered by restrictive rates. as you start to see this broadening out of leadership within the market, certain sectors that are leveraged will continue to underperform. a little bit less optimistic, some of the more defensive sectors. starting to look at a barbell approach being long ai and ai winners on one hand, then on the other hand, longer risk in portfolios and starting to incrementally add some emerging market risk, as well. >> what do you make of what we have witnessed with some of the more growth names getting hit pretty hard on any slight miss or perception that maybe things aren't going to be as great as they were?

>> that has been one of the big themes of earnings. they are getting hit much harder than what we have seen in the past. you are seeing the linear's get rewarded, as well. you saw some of the data center names and power ipp names that have high earnings expectations built in. they were able to beat and the stocks soared on the back of that. you are seeing this emerge. i would be looking at my shopping list. some of the names hit hard on the growth sector that you believe fundamentally and looking to buy them at lower levels. i'm not giving up on the growth sectors of the economy and i think it will be an area that both medium and longer-term will continue to shine, because that is where we are seeing growth driven. >> what is this moving utilities about? i have heard about the hypotheses of why the sector is going up. now, assigning ai power play to

it. what is your best guess and how long does it last? >> we are in the early innings of this. the amount of electricity capacity that the ai industry is using is about 2% and expected to grow by 2030 to about 8%. over the next 10 years beyond that, 20%. there will be a significant amount of electrification and power needed in order to be able to feel the development of ai, which is not in just running the servers and computers or data centers, but also polling. you will have multiple needs for power in order for ai to really become impactful secular theme. as a result, we really like those utility companies that are independent power producers and not heavily regulated. they have more ability to scale rapidly and be able to expand rapidly and that is in the

independent power producer. the broad utility index, but overweight the ipp's and particularly ones that are able to sign long-term contracts with data centers and are able to take advantage of the ai theme and have long-term contracts in place in order to do so. >> you are a big believer that some are now talking about on an almost everyday basis. utilities as a sector more broadly are up near a percent -- 8% over the last month. that is far outperforming everything else. >> when you look at the ipp's and ai power names, they are often double. you are seeing a big divergence. yes, the thing is holding up the entire sector, but if you really want to juice the trade, i would be looking at the ipp specifically. >> thank you for sharing that with us first and exclusively.

thank you, erin browne. coming up, top technician jonathan is back and we will tell you how he is charting the recent rebound and the rallies road ahead. s&p trying for its first close above 5200. we will track it over the final 30 minutes and back after this a team that's highly competent. i'm just here for the internets. at&t it's super-fast. reliable. you locked us out?! arrggghh! ahhhh! solution-oriented. [jenna screams] and most importantly... is the internet out? don't worry, we have at&t internet back-up. the next level network. i sold a pillow! she runs and plays like a puppy again. his #2s are perfect! he's a brand new dog, all in less than a year. when people switch their dog's food from kibble to the farmer's dog,

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welcome back. the s&p 500 is moving higher

putting the index 1% from record high set last much -- march. overlooked group that could outperform chief market technician jonathan who joins me now. a close above that for the first time in a month today and we may very well get that. what does that mean? >> if you go back to april 20th or so, we had some conditions. got us back up to 5200, then we said earlier this week, last stand to turn things down. we are looking at the analog back to last summer when you had about a 6% drawdown in july and you rebounded back into september, failed and moved lower. if the analog was going to play out, we should have turned lower yesterday. looks like it was going to regain leadership. i don't think it is a stretch to say that new hires test

mckay's are coming. to -- trend is still positive. >> the market has confounded you at times and other technicians, too. things look like they are about to roll harder and rebound faster than many people expected. is that fair? >> i think it speaks to the internal rotation going on. i think -- i think most people would say that to elegy has been leadership. it certainly has over the last 12 to 18 months. take the last three months, the technology sector is basically flat. utilities are up 18%. there is continued leadership and one takes a pause, then another steps up. that has been the story of late. >> what caught my ear of what you said a few moments ago is that this might be the bear's last stand. can you expand?

fell at times when it looked like they may be regaining something and they have been steamrolled again. >> like we said, we have that 6% drawdown in april rallied back to a level where if we are not going to make new, it was likely to turn lower this week and it appears that it didn't materialize. it doesn't mean we can't have fallbacks, but if we are looking for that playbook with a 10 to 12% drawdown like we saw last summer, we will probably have to wait longer and probably higher levels. >> you say they look especially strong. tell us more. >> gold miners continue to act well. they are outperforming the market year today and probably not a lot of people realizing that. they had a massive move over the last two months basically consolidated for the last couple of weeks. now, they are restarting themselves today. those are

things we want to see. those are all constructive aspects to the goal of trade. it's a good-looking trend and we expect higher prices. >> i don't know if you heard my conversation prior to this one with you with erin browne with pimco who is more bullish on china by virtue of what chinese equities have done. jeff has been looking for a break out there. i think you are, as well. >> at the end of last year, we said that china is the ultimate contrarian trade. the absolute worst of the worst trend. it was bottom of the barrel. that was a time where you really had to be over contrarian. we now have -- i would argue that it is still just as bad as it was when you look at the latest big-money poll. only 4% of respondents said that china was the most attractive country to invest in this year. the trend is actually starting

to turn. almost in line and beating the snp year to date. positive trend and momentum for china, yet sentiments are still extremely bare. it is much more compelling to us than u.s. equities. >> what is the message if any that we make it above the 5200 level without tech being the leading contributor? >> when volatility and volume is so low, we tend not to put much weight on price levels, because it doesn't take much to move above or below, but it is psychological. if you look at the retracement off of what we just had, getting above 200 has significance. we are not getting to 50 to 60, which is the all-time high that can happen in a day or two, but volatility is continuing and compact. about 5200 is a nice level.

>> you didn't address my question specifically about the fact that we may get there, but it's not technology that is dominating the conversation. it is everything but. >> that is valid, as well. technology is flat, so it has been financials and other parts of the market. materials pretty well. that is an encouraging aspect, as well. >> we will talk to you soon. up next, tracking the biggest movers and back with that. >> something is in translating even though the company's earnings and guidance surpassed expectations. i will tell yowhu at that something is after the short break.

15 from the closing bell. back with kristina with the stocks. tell us. it is almost 15% higher after the a.p.t. monetization firm posted strong earnings signaling that may be a rebound in at advertising markets. first quarter earnings for duolingo were double estimates with management raising revenue outlook for the year, yet the stock is getting crashed down 18%, because user growth is slowing down after a rapidly -- after rapidly adding users over the last two years. starting to see that slow down down 18%. ahead, roadblock -- roadblocks wreckage. investors heading for the exits and we are back on the bell and we are back on the bell after this

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dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free. now, closing bell markets on. we are here to break down the crucial moments of this training day, steve on roblox heading for a second worst day ever. looking ahead at the drop box earnings. mike, we begin with you. we will close about 5200 for the first time in a month. the significance of that to you is what? make obviously, the resilience of the market got us here. we are higher versus the midpoint of the day.

the cash in line that it is a procrastinators rally and people expect and hope for more. 5200, we first got there. since then, we have actually gone down half a pe point the s&p 500 from 21 to 21.5, because earnings have come through. that is how it is supposed to work. thanks are still some of the biggest assets of the rebound rally. banks are up 7% in a week. some of the strongest multi-day readings you will get. all of that being said, how much of this favorable rotation gets you farther? industrials and materials are more expensive than they have been over the last 15 years except for the pandemic. you have to wonder whether you have a lot of blue sky above. for now, the market is not doing anything. no real news is good news. >> i think it is the only down

sector in the entire snp today. >> again, the fact that people haven't pulled back entirely and reduced equity exposure and what's rotate and find something, i know you have been talking about the utility move, but it's all about what has not participated yet. utilities are lacking by 40 percentage points and have regained 10. you are talking about deep loggers, let's see if they can participate. >> starting to hear that story line. we are hearing that a lot. >> look at the independent power stocks in the late 90s and early 2000's. a lot went bankrupt. >> that is going to end in tears. in his words and not mine. i have a newsletter i want to read first. boeing shares are taking a dip on news that the s.e.c.

is probing statements that they made about safety practices following the tragic january incident where a panel blew off the plane. we have reached out to scc and boeing and will bring you any comments as we get them. now, steve kovach. we are looking at roblox. it has been a mess. >> not as much as earlier. 29% premarket. this is really about the guidance missing expectations in a significant way from the quarter and full year. i caught up with what is going on here in the report. they talked a lot about decreased engagement behind a lot of this and being behind the guidance. he told me that it is more of a technical problem then it is about something about people not wanting to play or spend money. last year, they basically shifted a bunch of features for roblox that don't perform well on android phones , which is the biggest part of the user

base. they say they fixed it and he told me they fixed it a few weeks ago. it is performing better. there is a little bit of optimism that they are maybe being a little too conservative in guidance on the call. they want to provide cushion in the guidance to see if the new trend pans out for the rest of the quarter. for now, it is taking a hit down 22%. >> good perspective. thanks. need some perspective on what to expect. >> the stock is down 20% since the last quarterly update and it lost roughly 50,000 paying users while also issuing guidance. for the first quarter, wall street is expecting the company to earn an adjusted $.50 per share on about 629 million in revenue. customer count and free cash flow will be top of mind for analysts. j.p. morgan says that they have sold off more than they expected and that it is cheap relative to peers, but the firm still holds a meeting on dropbox saying

that they continue to see signs of deceleration in the underlying business with a tough set up for growth over the next few quarters. earlier this month, disclosed a cyber attack. they say that they don't believe it will have a material impact on overall operations, but investors will be looking for more clarity on that. scott? >> appreciate that, pippa. see you in overtime when those resulted. two minutes to go. let's look at the yield curve but we have cut down so much and the pressure has been taken off so much. that has a direct correlation of getting back in the speed in which we have. >> you are off about a quarter percent. the rate cut has been initiated in the treasury. >> the only time we like to talk about percents when we are talking about yield spread >> a quarter of a percentage point. you are absolutely right. obviously on some level, the

inflation numbers have power over the rally in the short term , so you have to be sensitive to that idea. it is, at the end of march. we got this little surprise. really, that is all that matters. you look at the yields and it looks like they have rolled pretty nicely. again, we never have to unwind the entire jump and yield to keep the stocks steady. it is about them not blowing out in a disorderly way. it is the volatility and it seems to matter more for the near-term equity action. >> tomorrow with policeman. got a little bit more hockey arguably over the last couple of years. >> those claims showing some in the labor market and maybe a little bit of risk out of that commentary, because they will

be able to say, we will be open to the data and we are data dependent. so far, it might be moving in the fed's direction. maybe not necessarily shock value. here is the bow. >> we are above it in the first time. we will close there and see you tomorrow. don't forget about the earnings. there you have it. seven days of green in a row. momentum and you have the snp closing back about 5200, as well. that is what is on wall street today and just getting started. welcome to closing bell overtime. i am morgan brennan. john will be joining us a little bit later in the show with a special guest that you don't want to miss. coming up, earnings from dropbox. unity, sweet green and more. plus, pricing watch as chinese electric vehicle maker gets ready