some session lows. 162.50 is the year-to-date closing low. next week cpi, ppi, more fed speak. >> bank earnings. bank earnings a week from today. it's going to be a busy one. >> the market going into some of that season hot as we're back above 5200. to the judge post 9 and "the half." carl, thanks so much. welcome to "the halftime report." i'm scott wapner. front and center this hour, the state of the rally with stocks maneuvering through a bit of an unsettled week. the question is how to invest right now with rates and earnings in focus. we ask the nvestment committee, of course. joining me for the hour jenny harrington, steve weiss, and, weiss, we're getting the s&p back. hotter jobs, maybe it's taken a little while for the markets to figure out whether good news was actually good news. you tell me as a market p

participant what the story is. >> it was a goldilocks report because you have strong jobs growth and an increase in the labor force participation and what's most important in my view is that wage growth came in as expected. now you saw a slight tick-up in the revision, but, still, all markets wanted to see the upside, be optimistic. there's geopolitical concerns that crept into the market yesterday to help take it down. kashkari also did his part. those geopolitical concerns in iran and israel going to a broader skirmish or outright war, those are always very temporary. very temporary. and i think we saw that. now the market is looking into the earnings, but don't lose sight of the inflation report. cpi -- >> cpi next week. >> right, wednesday and thursday. now, i think they'll be fine, but i do have concern about the reports after that because of

what we're seeing with commodities. it will take a while to filter in the system. momentum is still to the upside, the path of least resistance and still the same stocks that got us to where they are and will continue going, the broadening. >> jimmy, i want to cut through some of what weiss said and just say, of course good news is good news. you want the economy to be doing exactly what it's doing. you don't want the labor market to fall apart. >> good. you just nailed the two things that do worry me as a market participant. >> even powell him seven has talked about jobs. jobs are not the number one thing they're watching. that may have been what they watched a year ago, because they felt it would have a more important input, i think is the right word, on where inflation was going. you don't want rent and things like that to be the focal point of what the fed is focused on

now. and powell has told you as much. don't look at a hot jobs report, the whole story is now falling apart. >> side note, powell is one person on the committee. yes, he's the chairman, there are a lot of people saying more hawkish things. having made that side note, the two things that would worry me, scott, if you saw fractures in the labor market. for all of us who are bullish on the economy, bullish on the markets, we're bullish on profits and you're not going to be bullish on profits if you see the labor market falling out of bed, which there's no indication of. put that aside. the other thing that would worry me, and there's been discussion on the desk all week, if the fed has to pivot the other direction. now that's not where we are right now. so we don't have to worry about that right now. to the point about cpi, you know, if you keep getting worse than expected, hotter than expected inflation numbers, that topic becomes more and more

relevant and that would worry me. that's on my distant radar screen. right now to the point you led with, scott, good news is good news. the economy is strong. people are employed. they're consuming, buying cars, traveling, doing things that are going to increase profits and the level of the he canequity m. >> they're doing anything to keep the market from going into recession some are still hanging on figuring it's just a matter of time. it's just pushed off and the longer the fed keeps rates for higher, you raise theries it can threat of pushing the economy over the edge. lorie logan, much too dangerous to be thinking of cutting rates. bowman, the governor, michelle bowman, is speaking in about 25 minutes. liesman will have the headlines. and even if we don't get three, we're still on track. we're on track for cuts. >> yes. the fact we're on track for cuts

is key. what i think is interesting, i write this quarterly letter to my clients every quarter, obviously. >> every quarter. even i knew that. >> thank you. >> weiss was stumped for a minute. >> in writing this quarter's letter i reviewed last quarter. i said, what we're going to focus on in 2024 are back to basics, earnings and interest rates. and it's really interesting because if you think about all of the garbage that we've actually been through in the first quarter, stickier inflation, rates being higher than we expect, blah, blah, blah, one wouldn't think the market would be up this much. the bottom line is your point exactly, which is what matters. it matters that earnings are going up, and it matters that interest rates are coming down. and in the first quarter earnings came in at plus 4%. expectations were up 1.5%. earnings growth was stronger. it doesn't matter if it's precise. if matters if the direction is upward. it doesn't matter if we're precise, it matters that the direction is going down.

those come together and support the market. it's not really that complicated. >> jimmy, the bears get a day like yesterday and feel emboldened. this is our moment. we told you the market can't withstand geopolitical headlines that are scary. the market can't withstand a backup in rates, so they think they finally have their moment. you see it all over the place. you hear it and you see it. but, yet again, jenny hits on the point. until you take the trend of the fed and change it, the story doesn't change. the next move is a cut until it isn't. >> yeah. i completely agree. that's what i was trying to say a minute ago. what would make me afraid if there's a pivot to rate hikes. folks, we're not there. scott, i'm glad you brought this point up because there will be more days in the weeks to come.

ten years goes to 4.5%. i don't mean to be too dismissive. the markets will go down 1% and those same bears will be saying, see, i told you so. what jenny is saying, what i'm saying, what you're corroborating is, to use jenny's terms, we're back to basics. it's about profits, about multiples and profit growth. >> it is about yields. let's not be dismissive. it matters a lot. it matters more to certain segments and sectors in the market, steve. barclays is talking about the upward pressure will be problematic for stocks. we can agree if yields continue to back up in some respects, it's going to be a problem. you have tom lee out. we're buying the short-term dip. i've heard from them on either this show or "closing bell" that if stocks pull back, i'm a buyer. that's what's happening today where we're getting everything back from the s&p losses a day ago. the dow was down a little more significantly yesterday than

it's gaining back today, but you get the point. >> you look at the volatility and, again, you have to disassociate dollar moves with percentage moves. so you can look at, for example, a meta and say, wow, it's down 20 bucks, it's down 20 bucks. on a percentage move, that's nothing, particularly with the backdrop of where it came from. it's a 1% move. now you are seeing 2.5% moves. that volatility i do find troubling. but, again, it's not like it's new. we've been seeing that the last year and a half. everything remains in place. i would hardly call what we saw yesterday was a little bit painful. i wouldn't really call that meaningful. >> no, but it gets the nerves ratcheted up. there's no question about that when you have the backup in rates to start the week, okay, i think i said the word nerves are going to be tested. >> and they are. so if you have any type of history with the markets, you're

going to think -- it may not concern you, but you think, is the market extended? has it gone, as people keep saying, too far too fast? that's going to create the nerves. and that's when you've got to stick to fundamentals and decide the fundamentals haven't changed in meta. alphabet the same thing. but then you start to think about an nvidia that if you're new to it, did i buy this at the top? i don't want to look like an idiot so i'm going to sell. for veterans, i think you just stay -- and i don't mean professional veterans -- stay the course. >> investors continue to buy tech. the flow show, bank of america, q1 for tech was the third largest quarterly inflow on record. now you have people like wells fargo's chris harvey, who is looking at the factor of momentum, which obviously that plays a role in. both momentum factors and etfs underperformed yesterday within

the downdraft. that makes you wonder whether it will be a new trend for those kinds of stocks. he says it's temporary because the slower fed maintains kind of to weiss' point, the status quo. stay with what's worked. i'm not suggesting, jenny, don't go broad, because broadening has worked. you can play offense and defense in many respects in that one sort of quadrant of the market, and that's where people go back to when there seems to be turbulence. >> i think that's right. if we think about the fed maintaining status quo, where i come out is i'm not enthusiastic, even though i can make a decent argument and say earnings are going up and interest rates are coming down, i'm not enthusiastic. i'm confident. i'm confident that i don't think we'll collapse. i'm confident i don't think a nasty bear market is around the corner, but i'm not enthusiastic that we have another 10% ahead of us this year. and that goes back to multiples,

right, with the market trading at 21 times, which is the new 18 times, a little expensive relative to the 25-year historic average. i think there is potentially for the balance of the year a status quo kind of effect over it. there's not much more great that can happen. a lot of the news is out there. >> i have new news from pimco. they trimmed their own expectations for rate cuts. they had 3, they go to 2. it's not like they're taking them all the way down. pimco goes to 2 after the data we got today on the jobs report. the issue of rates, -- alluded to this. it impacts more than others, jimmy, dan ives is saying you're going to have another 15% upside for tech this year. and that earnings are going to be one of the major catalysts to push it there, but you can say,

okay, earnings are going to be a catalyst. we've talked about some of the others. do you agree with ives? he is talking his book, but he's not the only one talking that book. >> tech will go higher. i don't know if it's 15%. that's a lot for nine months of the year. i think what we can all agree on is the best earnings growth is going to come from tech. i think that we can all agree on. where maybe there's some difference of opinion is where we should invest in the market. while tech goes up 10%, folks, the next nine months, you may see outperformance outside of tech where ironically the growth is not as great but the multiples are lower. jenny, i heard you on the 21 times multiple. you can find industrials at 13, 14 times earnings. you can find all sorts of cyclicals at 8, 9, 10 times earnings, where the earnings growth actually promotes a higher multiple than what you're seeing there. that is the play i'm making.

folks, i really see the earnings growth, industrials, financials, energy, material, as being more than supportive compared to the multiples they're trading. >> weiss, do you not believe in the broadening story? >> i do believe in it. we're coming out of a manufacturing recession if you look at some of the recent numbers, i've been there with the transdygms and others in aerospace. i'm not sure how long you can believe in it if rates stay higher. i'm in the 2 hike camp -- >> two cut? >> thank you. two cut camp. and that's what people have been worried about is we've had rates at this level for historically a long time, which is a reversal.

we're seeing a little bit of an effect in the consumer but companies have managed extremely well, capex well. i think you need support of continued broadening in the market. >> you do have a massive overhang in stimulus. as pasquariello would say, the trend of a.i. and glp-1, to use steve cohen's word from the other day on the network, durable. durable trends and more durable than fly by night things that have come in the market in the past, don't you think? >> absolutely. goldman put an article out, i think it was goldman, saying look outside of the obvious a.i. this is wider and broader. it's true for the glp-1s. it's wild to think, okay, i have a friend who started doing the

glp-1s and lost a lot of weight, went out and had to buy an entire new wardrobe. it's interesting how broad those changes are. we look at the potato company that makes french fries, the stock was down 20%. why? appetites are changing. when you think how broad these two factors make the market, it's interesting. it's challenging because everything is distorted and disrupted but it's very exciting. >> the point about interest rates, this will hurt -- if they keep going higher, meaningfully higher, this will hurt the cyclical trade. think about what cyclicals are. people are sweating under the higher aprs. if they go higher those delinquencies will go higher or look at the capital assets, cars and homes. they're already laboring under the higher loan rates they're

facing. you can't take them higher without a meaningful negative effect. >> a 400-point gain as we speak on the dow. we have about 60, looks like 68 on the s&p 500. we're trying to get everything back from the dow and more, jenny. >> that goes back to the broadening. i looked at what the nasdaq has done. the nasdaq 100 has a lower return than the s&p 500. things are spreading out. in the market there's just nothing actively wrong. >> the nasdaq 100 is up on the year. >> 21 times is justified against a great economic backdrop and for this moment in time, we still have a great nick -- >> that's not to say, i do have my eyes on semi, and i don't mean nvidia necessarily, the smh

had its worst day in a month yesterday and you had a lot of big name stocks that were down like amd was down 8%, broadcom was down 3.5. kla down 3.5. intel, weiss, i know you had for a trade. you're out of it now. >> it was an initial position i looked at where i believed the foundries would start taking hold and show positive growth in the last quarter. so i bought a little bit early. clearly it was a mistake. i sold it down 10%. so that's painful. but as josh and i spoke about it on wednesday, and i thought, you know what, for a $7 billion loss in foundry, which they announced, the stock held up well, and i thought it held up too well. >> it did hold up too well. >> we had that conversation at

sohn. that's where we had it. >> i have asml, plenty of tech exposure. it's not cheap. it's not even a value trap. it's nowhere near cheap. and i'm betting the ceo came in with such high hopes, such accolades and such promise and has failed on every single initiative thus far. >> that's unfair. >> what do you mean? look at the earnings disappointment. or his guidance. it's the guidance he put out there missed. >> he had to come in and clean up a messy situation. i wouldn't be surprised if you get back into it. when you look ahead starting today you see growth of 6 %, 32% in the coming years. >> you're making a bullish case for intel? >> i think so. you asked me two months ago, has it really changed now? and you've asked me that a few times over the years. i've been like, eh, it's still

squishy. a couple months ago i said, i think it'schanging now. here is my issue with how much the stock traded down, which is nothing changed. all they did was disaggregate the information they're giving you. to be down 10% i thought was a silly punishment, and if you like it at 44, nothing is different here at 38. >> you like the valuation where it is forward at 39? >> i don't like the current valuation. in 2025 earnings are going to grow by 67%, then you have a much more compelling forward valuation that i think starts to make sense. >> i'm looking at goldman. in '25 they're looking at 28 times. that's still expensive. not only that, it's not just intel. it's intel against a backdrop of what semis overall have done. i don't think it's unfair when i'm criticizing the expectations he laid out and had revised. set the bar to a level you can

succeed it. >> nothing new was said. it was the reverse of disney. in this one git's silly because the aggregate is the same. the foundry business, it's unprofitable today because of a huge backlog of orders. if you look at the future, $10 billion in deals still locked up. i think there's growth. >> we're done with intel. a lot of focus on crude. obviously watching the middle east and the impact on the crude trade, brent going to 90 yesterday. you bought dominion energy. >> it's a utility. >> let's focus on energy itself, trades that make sense right now. i used that as a vehicle to get to you. >> thank you. >> why did you buy that now? for the yield? for the dividend? >> for the dividend.

dominion is a regulated utility that focuses in virginia and south carolina. if you're watching, wait, no, no, it's way more complex than that, telephoit was under the o. sadly passed away of cancer. they had to do a strategic review. shaved off businesses in the process. shareholders were rattled, fairly so. the stock goes from 90 to, like, 48 where it is today. and there's been a lot of change. then on march 1st, they finally did this investor day. at the investor day, we got a clear look at what's going forward. you have a very derisked regulated utility that serves two markets that are becoming. if you look at virginia, and i don't want this to be a catalyst, but if you look at virginia, there are populations booming, their use of data centers which take up a ton of electricity, they're all in virginia. that's good for dominion. and then you have a management team. i think that might be

aggressive. if it grows at 3% to 5%, that's fantastic. you have a 5.5% yield. the stock trading at 13.5 times earnings, which is what i think you look at. so i sent out my note to clients and the immediate response from my client richard is, not exciting. i wrote back, sometimes boring is beautiful. i think we'll make a nice return but it is not exciting. making money is exciting no matter what. we do have our calls of the day. highs for netflix and uber-how the committee is trading both names. we're back in two minutes.

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plus 400 for the dow. let's get to our calls of the day. uber, that price target gets raised to a new street high, $100 at jefferies. jenny, i'm going to go to you first. >> we bought uber at 22. we had a 3% position. that has grown and grown and we trimmed and trimmed. six months ago brad gerstner was on and i said, brad, how can it grow past here? he told me my imagination for the top wasn't enough. he was right. thankfully we tippcontinued to

the position. >> you trimmed it a little too early. you were worried about that. >> i wouldn't want to have it be a 9% position. >> we debated it that day. >> we did. and the realty which is stocks like this and stocks like meta, too, it's very hard to imagine how much money they can really make and to some degree just need to let them go and keep some faith. >> weiss? >> the growth is still there. the growth shows no sign of slowing down. you still have one of the best turnaround ceos in my entire career on wall street who changed a culture almost instantaneously and was able to achieve, unlike gelsinger, profitability and a great focus on getting to the right spot. >> you always have to come back? we're not getting into that. >> can i just say one thing on that? >> about the intel thing again? >> no, the profitability. when you say the ceo came in and

turned it around, what drove meta and uber was focusing on efficiency and we now need to grow. it's interesting with the share prices this high, do you start to worry? >> i worry every day about it. >> is mark zuckerberg that compelled to increase efficiency? is uber that compelled with the share price this high or do they say, oh, maybe we can get -- >> i don't think they have to increase efficiency. i think they've already done that. now they're focused on growth. >> give me netflix, weiss, because the target got raised to two street highs, it's the other one, 765 pivotal. what do you think? >> it's not a big position. i wish it were. i can't add to it up here. i was getting very excited in the sell-off, probably would get to buy more, and i didn't. i wish it were bigger but it's not. there will be two winners in streaming. amazon has cut back in production. it's a nonevent.

they don't need to have streaming, content to join prime. so it's going to be hulu/disney and it's going to be netflix. that's it. nobody else can afford to spend on it. so those are the winners. netflix will be the major winner, and so that's why i think you have to stay there. streaming is not going to go away. that will allow them to cut back on what they spend on content. i see increased profitability there. >> jimmy, what about unh, the target of united health gets cut to 618. at morgan stanlstanley, they ar taking their estimates down ahead of earnings on the 16th of this month. >> the earnings report is pretty important, scott, and the reason is because of this news from the center for medicare services that medicare advantage payments in 2025 are going to be lower than what expectations were. when i say a little bit lower, i'm talking about 1% lower. the stocks, and this includes cvs, humana, have been pummeled this week. everybody is looking to the earnings reports to say what's

the real impact? these are insurance companies. they can deny claims. they can cut costs elsewhere. it's not like it's that big of a hit. we don't know what the mitigating offsets will be. this is pretty important. >> amex, jenny, upgraded, getting off the sidelines, price target is 245. >> i think it's funny because they say, hey, we would be a buyer. it sold off 2%. i like their point which is you should be a buyer. you don't need it to sell off 2% to be a buyer. it has the best credit quality in the industry, earnings growth ahead of 14, 15, 17% the next three years. a little expensive at 16 times earnings. but this goes to your point earlier, jimmy, saying what do you like, you like things it's okay if it trades 16 times if it has mid growth. their delinquencies are 1.9% versus discover's. it's a really great company with

great earnings growth. >> weiss, give me 20 seconds on vertiv. 96 the target. >> thisis a valuation i never thought we'd see. look, i've not been a seller. it's still a unique public asset in terms of very, very focused on the data centers as a standalone play. it should keep focused if it does keep going. let's get the headlines from fed governor michelle bowman. >> speaking in manhattan, baseline outlook is for inflation to continue lower and for rate cuts but she is talking about substantial risk to both sides of that comment, both the lower inflation and the rate cuts. she says it is still not appropriate to lower the policy rate at this time and sees a number of upside inflation risk. it is unclear if the supply side has been the bulk of the improvement in inflation will continue and notes the boost in labor productivity we've seen could be temporary.

talks about geopolitical developments could upset the supply chain. fiscal stimulus and housing inflation, worried about housing inflation coming down. she he can inspeexpects it to b slower this year. if it remains higher than before the pandemic, which is to say a neutral rate over the whole cycle not just this year. she sees risk of a rate hike if inflation stalls or reverses course. i've said that before. says it again this time. ultimately if it should be appropriate to gradually lower the funds racte, that inflation moves substantially towards the 2% goal. finally the base on inflation will decline further with the policy rate held steady and the labor market strong. scott, it's been a week where the hawks have maybe left their

nest and now they're more bolder to fly around. >> barely. some of whom are nonvoters, obviously. bowman is. bowman and powell are on the same page, the things they talk about as base case. that's the most important thing i hang on as you said. base case, inflation down, rate cuts coming. >> when i read their base case and i read the risks they're talking about, i believe that they cling to their base case but the extent to which they tell us what they're worried about are things that are also worth focusing on. powell doesn't talk about the potential need to hike rates if inflation reverses. powell does not necessarily make a whole long list of risks to inflation to the upside, things that really mark bowman as more hawkish than powell, in my estimation. but you are 100% right the base

case is across the fomc. what separates them is what they're worried about and how much weight they're putting on those worries. >> great insight, steve. thanks for the reporting and we'll see you in a bit. that's steve liesman. our headlines now from bertha coombs. the commander of iran's revolutionary guard warned today that, quote, our brave men will punish the zionist regime. his comments come as thousands gathered in tehran for funerals of seven guard members killed in an air strike in syria earlier this week. that strike widely attributed to israel destroyed the iranian consulate in damascus. mcdonald's announced today it is buying all 225 of the franchise locations in israel after months of lower sales from pro-palestinian boycotts. the franchises had been owned by an israeli businessman. the company did not disclose the purchase price. and bronny james, son of superstar lebron james, is

entering the 2024 nba draft. at the same time, though, he is entering the college transfer portal to keep his eligibility before making a final decision. the 19-year-old, who played a shortened freshman season at the university of southern california after suffering cardiac arrest at a summer workout, made that announcement on instagram today. scott, that would be as rare as an eclipse to have a father and son playing at the same time. the one we know of is ken griffey and ken griffey jr. who played together for the mariners. >> future laker? hmm. bertha, thanks. straight ahead, trade school is in session today because jenny harrington is going to the head of the class. we're going to find out how she's navigating 3m's spinoff as a dividend investors. there's much me orto this story you'll want to pay attention to if you invest in dividends. into the vending area.

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for nuclear energy fuel from our environmentally friendly extraction process. encore energy. welcome back. 3m spinning off its health care unit, so as a dividend investor, what do you do when you get shares of a new company that doesn't pay the dividend? which is why we go to trade school with professor jenny

harrington. what do you do? this is you. >> all this is going to my head. professor, i like it. >> do you want me to help with that? >> no. so what's interesting is what we've seen in spinoffs is that generally there's a huge amount of selling. in fact, other great investments is one that one off from merck, carrier. people wake up and there's this will i will rogue position in their portfolio. i don't want that. or the big funds can't have it because they haven't done the work on it yet. there's an immediate sell-off. first you say is there going to be a dividend? we believe there is not. -- for solventum. they came out with $7 billion in revenue and $8 billion of debt, although i might have reversed that. with the numbers in place, though they have great earnings growth ahead, they're likely to pay down the debt with their free cash flow. but, what i know, there's a huge amount of selling pressure right

away. this is a really great company with decent earnings growth. they have a dental unit, a medical surgical unit, and then a purification and filtration system. all of those businesses are growing in the mid-to-high single-digit range. analysts are likely to view it positively. what i'm doing is aying, look, i can't hold it, presuming they don't pay the dividend. i run a dividend income strategy. i'll sit back, i'll be patient. i'll wait for the analysts to come out. should drive the share price higher. should drive the share price higher. but, most importantly, we also have a disciplined growth strategy that can hold companies that don't have a dividend yield, so we're researching for that strategy because it looks like the ultimate earnings growth could be really significant. >> so you're going to wait before you would sell it. >> have to sell it for the dividend yield. do you think there's a sizable

shareholder base in 3m for the dividend? >> yes. >> so that could lead to some initial selling pressure in solventum which you want to stay out of the way for? >> for sure. whether they're mutual funds, many dividend funds have an automatic -- if you have a position in there and there's no dividend yield, you are forced to sell it. i think that's what we saw the last few days where the stock was down 5%, i think two days ago, a lot of movement. automatic. >> are you very bullish on 3m itself? like stephanie link, a new entrant into this stock -- >> and apparently cramer was, too. >> she likes spins and she likes the ceo probably as much as you do. >> right. and so what you have now, there's about $8 billion of debt, well, 3m, the original company, they're down to only $2.5 billion of debt. yes, they have a huge liability ahead for the ear plugs but they

can handle that and that's the quantify and we know how much it will be, what the lawsuits look like. you have a company that has really incredible products, a great management, new ceo coming in, fantastic, and there's this clarity. we're staying on the 3m side, once i can see the dust settle on the whole transaction. no issue whatsoever with the 3m shares. >> good stuff. i appreciate that. by the way, we know many of you are interested in dividend payers, if you're looking for m more plays check out cnbc pro. we have four elite dividend stocks stand out. scan the code. coming up, earnings setup for the week ahead is a big one. mike santoli joinss, u as always, with his "midday word."

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senior markets commentator mike santoli joining us at post 9 for his "midday word." i'll say what i said at the top to you, of course good news is good news. >> yes. good news is good news when the market was down 2% from the intraday high the day before, so i think if you do the counter, let's say we closed at 5250 and a great jobs report, yields are up and oil still has a bid and we're down 80 basis points, right? >> but bowman, right, best case cuts, inflation coming down. >> it is good news in the context of a fed telling you it has to be patient and it's a bit ambiguous. the data says it's a close call. i think in that context then you want the economy to hold up. i say all the time the story is

usually not told that bull markets end because the economy was too good. even if the fed had to do something in response to it. so far so good. i'm on alert for the idea the market sort of changed its tone or is a little bit tired, even with today's which is impressive. no doubt about it. it's not the broadest, but it shows you that just this little shakeout changes people's attitudes and even if it allowed it to get deeper is not gone. >> tech is the leader, the nasdaq is outperforming today, 1.5%. that's a big snapback and it's meta with a new all-time high. every stock within the universe we always talk about, tesla the outlier, but it's been removed for all intents and purposes from the mag seven anyway, everything else is up nicely. >> it is. whether that's what you want to see or not, it's a one-day basis. i do think you don't have the kind of follow-on highly motivated selling you might have

thought. once we broke that no 2% pullback thing, the market is not really changing its tune just yet. >> cpi and ppi next week. let's do this all over again. >> we'll see if, in fact, it's going to be surfing from one to the next, and yields are fine if they go slowly and gently in one direction or another. if it starts to get messy and a real bond sell-off, that's different. >> we haven't had to surf, to use your word, a 100-foot wave yet. >> no. >> some rising ones because of the cpis and ppis past and some backup in rates, but we haven't really been tested before we have to ride this real big one and see if we can go through and come out the other side. >> something that looks like the inflationary trend has definitely turned higher is probably the thing. so i don't know if it's one number or it's core doing one thing or another next week, but it does tell you if it's an up trend in inflation, it does scramble the rationale for the

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first week of the new quarter has some winners and losers we want to discuss with the committee members. anglo american. jenny, up 7.5% this week. the world's largest producer of platinum. >> right. so it's just rebounding. so not just platinum, 40% of their inventory comes from iron ore and last year 40% was from diamonds. diamonds have been under a huge amount of pressure be. with you see copper up 8%, iron ore is up and the share price recovered. so trading at 12 times earnings. >> those lab-grown diamonds not a good thing for the angro

americans. win, up 4.5% this week. >> it's got more to go. you know i'm positive on this, the reason it's up this week, folks, is the chinese manufacturing data that gave some indication that maybe the chinese economy is coming back, promoting mekal. but what it focuses on is las vegas. think about what happens this last quarter. you had the super bowl. average daily room rates were through the roof and everybody was gambling and everything was booked. wynn is where you want to be right now. what is about kohl's? >> i think it's down 12.5% is not anything company specific. tvh earlier in the week had an ugly announcement that. stock traded down 22%, dragging retail down. so you saw kohl's down, 12 and change, and then things are a

little more -- like ralph loren down. so it's not company specific, although you could say the warning from tvh, which says the consumer is spending less and is weakening is concerning for retail. >> it's down 11% year-to-date. >> kohl's? that's not company specific. it was flat. it was flat before, now down 12%. >> i know, but flat -- >> i'm just saying that's retailers in general. if you don't want to open retailers, then don't own retailers. >> that's what i was alluding to. do you want to be in those stocks? >> you have to be choosey, and we have seen lulu get crushed. but you can look at companies like kohl's where it has a reasonable multiple and y sai'm comfortable with this. >> "final trades" are next.

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professor jeremy siegel joining me today on "closing bell." what a day to have him. can't wait to take you through this final stretch of the week today. dow is good for about 425. s&p working on 70-point gape. let's do "final trades." warmer jim?

>> amazon is on the cusp of an all-time high. i'm surprised we're not talking about it. >> we just did. weiss? >> yes, thank you. alphabet. look, it's come back nicely. i still think it's got a long way to go. >> jenny? >> pfizer, 6.3% dividend yield. >> see you on "closing bell." "the exchange" is now. welcome to "the exchange." i'm deidre bosa in for kelly evans. here's what is ahead. another strong jobs report. our guest will tell us what she expects from the get going forward. one retail stock well p positioned for gains. we have the name and how much updied. and higher for longer. that is not an issue for the ultrarich. they are scooping up properties in one market in particular. we'll tell you where