Graded a c by her own. Hes a tough grader. Nasdaq outperforming several momentum names in that index bounce back led by nvidia back 900 bucks. Oracle is the best and s p following its earnings report. That after naming a new ceo. And all takes us to our talk of the tape which is all about the rally. Is it running out of steam . Is it taking a momentary breather . No real breather at this moment as we come on the air. Lets ask archie Market Strategist for j. P. Morgan asset management. Welcome back. Reading through your notes, you sound really positive on this market. We do some positive. First on the fundamentals for the economy we see growth normalizing this year 2 , but zero recession in our base case. We see inflation also moderating towards 2 by the end of the year. You still have a pretty resilient nominal growth backdrop for companies. Resilient Revenue Growth area and at the same time it seems to us the big take away from Fourth Quarter earnings was a bottoming in the margin from last year. I read through the notes here. You hesitated for a second or i said you seem positive. Use a positive trend for stock should continue, fundamentals point to further gains, he used the word sweet spot at the overall level. Expect equity multiples to stay elevated. I hesitate when we say very positive just because no, we are positive. I want to clarify some nuances beneath the surface. I think when we speak about the fundamental backdrop it is supportive, but there are pockets of important normalization here. We are not talking about re accelerating above trend kind of economic growth. Were also not talking about a very swift return to normal Interest Rates. Things that are really tied to nominal or rate cuts are not the environment we want to be focused on. Todays cpi really did nothing to upset the story. Its not like we expected anything in march anyway. Now theres a bunch of data still coming around before june when the market still is placing the big bet you get the first cut. It really didnt change the narrative. You took away the same conclusion you came into the report with. Ultimately, if you actually take it out to two decimal points cpi beat by very little and increased 0. 36 . It wasnt a hot 0. 4 and its still the same remaining inflationary pressures of shelter and Auto Insurance. People forget Auto Insurance is adding 0. 6 Percentage Points on its own. It does not change the narrative. We do expect inflation to continue to normalize and its really nice we had already taken out 3 1 2 rate cuts since midjanuary and now the market is completely aligned. If there was any doubt june is the earliest for cuts. Its still very much on the table. What do you make of hat some suggest is the changing makeup of this rally . One that was led primarily by nasdaq, large growth stocks. Maybe thats changing, maybe even within that space of large cap tech . Its changing quite a bit. Its a healthy sign. For example, within mega cap tech that dominated so many returns last year there was dispersion within the group but they were all up. This year using substantial dispersion within the group, some are up, some are performing in line with the market and some are down double digits. Its healthy to see thinking of the actual companies as individuals. Youre also seeing other parts of the tech sector participate and other sectors. And like healthcare which we have talked about being our favorite sectors contributing as well. I think its a very healthy appreciation that its not just ai, not just the initial beneficiaries of the theme. Its about resilient earnings. At the same time you suggested to early to invest in areas of the market that need rate cuts. If theres one sector today that you look at indexed, the russell is red. No shock because cpi still reflects that inflation to some degree is maybe a little stickier than people think or it keeps rates elevated. That space is probably not going to work well in that environment. Is that a fair assumption . If your thesis is purely dependent on substantial rate cuts as the catalyst its still too early for that. The time will come but its still too early. The place to really express that view is a preference for large or midcap versus small cap and its even within sectors. For example, its impressive over the past year since the crisis a year ago that Regional Banks are down 10 while the largecap tanks are up 14 and the Broader Market is up 22 . Its nice to see the differentiation in size but also with the sectors. To those who say the rally is looking tired and maybe they used nvidia as a litmus test as the power of strength in the market. If nvidia gets tired for a little while does that have a difference at all on the quality or strength of this move . I think it does at the index level. Given how large several of these companies have gotten and they are at this point the top 10 Companies Representing dirty 3 of the index. At an index level it certainly matters. Our perspective is that it is getting a little bit long on the tooth this hyperfocus, but we dont expect them to collapse as a group just for there to be a little bit more muted returns from here and the big differentiation within companies. For the space, which was rallying today, its really not about cpi rate. Its just a little bit of fatigue around the ai story and several conferences and industry events that can help for a little bit of cold water. Steve is going to join us now. This is quite a step back that youre getting in some names. It really isnt just nvidia. It stands out because it always stands out. Its better than 5 . Like her soft is up near three, amazon having a decent day, microsoft up to and a half percent. The only one not really participating is apple, but what else is new . Like we have been saying for the last couple weeks is apple has been such a lacquered in this group because theres still no coherent ai narrative around apple yet. They are trying to paint one and picture one, at least new laptops a couple days ago and called them ai computers. No one bought that. Its all on that wwdc announcement of whatever their product will be. Im looking at oracle. We dont put that in cap tech at the same time, but its so demonstrative the results were mixed on revenue slightly. They just said ai about 10 billion times on the call and thats what got people excited. They said things like the demand for ai product is outstripping our supply. I got people excited. They expect to book more contracts around ai. That was kind of telling me that these other companies that set out last year are coming. The opposite story with Hp Enterprises a couple weeks ago and the reported earnings saying we cant get enough nvidia chips in order to do what we want with ai. They got punished, but dell was the opposite. They said we have ai chips and we are able to do what we want to do. I would also point out as we look back to the mega cap tech stocks, microsoft was not punished the same way that google was punished with its gemini last week. You might remember we reported it copilot the image generator is having similar problems to what gemini had. The market brush that off perhaps because of the lead that microsoft already has on the perception of the lead. That is also very telling that maybe some problems dont worry investors and it depends on the company. I like that, you make noting the differentiation between the way the stocks have been treated. Since he brings up ai, weve had a debate on this program multiple times over whether we are late cycle or actually much more towards a midcycle because ai has prolonged or renewed the whole Business Cycle. The whole way we will think about corporate spending and the way lives are changing and stocks are moving and the economy evolving and all that. Had he weigh in on that critical question . I think its refreshing to talk about the economy being in a Business Cycle again rather than binary self landing hard landing. We do think the cycle is extended this year. We dont think its going to be the fed that kills less economic cycle. Its going to be what determines the end of this expansion is based on whether we have some kind of shock. Oil prices traditionally is a shock that ends expansions. Otherwise you could be and what we consider late cycle for a considerable amount of time for years and years. Theres many indicators you could look at, the one that suggests layer cycles is the labor market. With the Unemployment Rate before 4 for 26 consecutive months, it makes economy more vulnerable to a shock. If you dont get that shock the expansion continues which is good news. If nvidia takes a break a much do we need apple . We used to think a lot. This market has thrown water on that idea because so many other things have worked. To what degree do we need it if some of these trades actually take longer than we think break . I would answer that two ways. The first is defining what taking a break means. Stopped going up every day is perfectly digestible. Especially if you continue to see other tech companies, other sectors participate in the rally. If you get to a situation where you have a substantial momentum unwind and you actually have not just a couple, but more than half or all of them then youre in trouble and an index level temporarily. That is not the case, we do think they are good fundamentals for some Large Companies and you can have the other ones catch up. You wind up in the middle. The other thing i hear from investors around the name is theres a lot of optimism about wwdc and what ai will bring but its also that buyback which is so large as to being a bit of a backstock or a floor underneath shares to some degree. They may dip below 170. They may not stay there very long for that reason. Thats what happened last week. Everyone suddenly remembers theres massive buybacks every year that only keep going up. Thats what apple does. Two years ago when the market went through that horrible period we saw apple stay afloat. A lot thought that was because of the buybacks and you got that guaranteed check coming in. Thats probably a lot of whats holding it up now above 170. Because they know thats coming even if the a live picture is not clear. Another thing is all these estimates we are getting for late in the year for the fall cycle and the question becomes are those bullish estimates because they think theres going to be some magical ai thing that only the iphone 16 can do, therefore everyone has to get iphones again or is it just we are on the cyclical park of the iphone cycle where a lot of people just have old bones ready to upgrade . It feels like the letter but we have to wait and see. Ideally, thank you very much for that. Lets bring in keith. How does your view match up to what youve heard on the program . Great to be with you. It matches up pretty well i would say overall. We have been positive since october. At this point we think the underlying trend is still positive. We look at estimates and they just earned a record high last week as well. Economic growth we expect a step down but we are still showing resilience. The picture is still moving down but its not going to be perfect. All in all we are still constructive. A lot of discussion about tech. Tech has moved a long way. We are seeing the boarding just beyond a few days. We only have four of the max seven stocks of this year. Despite that the market is up 8 . Were going to have some checks along the way but at this point we think we should still respect the underlying trend possible. Wheres your favorite place right now in the market . If you look it over the next year we still like tech and communications. That would be the place we still think makes sense. When you look at those areas earners momentum is the most important. Even if the economy slows down that company will continue to have to invest in tech otherwise be left behind. We heard from salesforce and oracle yesterday confirmed that point of view. Outside that we like making a new high. If the economy is still resilient the financials will do well. Its interesting, financials are up more than tech maybe by about a percent. We still think midcaps make sense to diversify some concentration risks. We still think tech and communications are among the best sectors. To those who say that tech especially is either too stretched or showing signs of a bubble you say what . We do not see signs of a bubble. I think we see pockets of speculation. We see people using ai in every transcript even when the business isnt there. I was in the business in the late 90s. During a threeyear stretch at the highs, tech outperformed the s p by 250 . Over the last three years, tech outperformed by 30 . Earning trends is the key. What would make this more negative is we see those earning trends. Thats what happened in 2022. Does that mean we wont see some cooling off where we have a big blowoff move where you consolidate sideways . I think thats starting to happen. If you stick with the trends we still think its up. What does that mean signs are pockets of speculation . Are you worried a lot of trades that have written this ai wave are exhibiting too much euphoria . I need you to be more specific. If we look at these small names that goes up 25 in a day or the biggest name is much bigger than Everything Else i think these small place. If you look at the big stocks as a whole the trading around 25 to 30 times valuations or rp basis look much more reasonable and a lot different than 50, 75 times we saw more broadly in 1999 or 2000. When i say pockets of speculations i dont think you see that broadly across the market, especially not in the big stocks that have really good cash flow and fundamentals that we think are not cheap, but reasonable relative to the growth outlook. How would you address that . Not suggesting in any way the overall market is a bubble or anything, but some have gone up a lot since october. They have gone up. Here we are specifically talking about that cohort of the magnificent seven and some select Smallcap Companies as keith mentioned. I do agree that at the broader fundamental level we dont see signs of a bubble because ultimately, especially for Large Companies there were fundamentals behind that increase which are earnings and increased 30 last year. These Companies Monetize ai, cutting costs and their valuations have been cheap to begin with. With that said, i do think we have to be on the lookout a little bit further down the road whether eventually it becomes a little bit more frothy when you start seeing google searches for things like ai start to match level for crypto and the pandemic you have to be a bit on the lookout and think about not just what work but what can work in the future. Can we pull up the smh brought november or from late october . Its going to show you way low, left, away high, right. Thats well beyond mega caps. Thats well beyond nvidia. Theres your chart. You have gone virtually one way whether nvidia, amd. I could go down the list of things that make up that index. What i think is interesting about the 70 moving away from a pure ai plus story within that group is i think its a great example of different parts of the market that have been following different cycles. You actually had quite a recession within semiconductors earlier before november of last year and you had a lot in those companies and youre now starting to see recovery and Semiconductor Production and sales. Not to use ai related but more related to computers and cell phones and electronics more broadly. I think thats a great example of whats been working the past four months, but we cant forget words come from which was a very painful cycle of four. Keith, give me a comment. They are extended. They are right for a little bit of a correction but you have to be somewhat positive on semis because semis lead. I think the coolingoff phase, but if you have six or 12 months stick with that underlying trend. We cant forget that in 2022 it was down 40 , nasdaq was down a lot. If you zoom out a bit it doesnt look as stretched. On a shortterm basis look at that chart. Its straight up a hockey stick. What does that tell you . I would expect more cooling off in time as opposed to a large significant correction. We will talk to you soon. Thanks as always for being here. Lets take a look at the biggest names moving. Lets start with on holding. Its the swiss shoemaker. It is on pace for its largest ever oneday percentage drop reporting a loss with considerable currency impacts. Its a 6 loss versus expectations of . 13. You have Archer Daniels on the rise today as it wraps up in the Agricultural Company and it says it completed an investigation at its nutrition subsidiary and says that wont have any Material Impact on finances taking away some overhang on sharers. Results did fall short but guidance was at. We are just getting started. Up next, we go hunting for yield with the credit markets with sycamore trees mark okada and why he thinks the fight is far from over and what that could meet for this record rally. You will hear from citadel finer ken griffen exclusively in florida. We are live at the New York Stock Exchange and you are watching closing bell. Icy hot. Ice works fast. Heat makes it last. Feel the power of contrast therapy. So you can rise from pain. Icy hot. When i was your age, we never had anything like this. So you what . Wifi . Om pain. Wifi that works all over the house, even the basement. The basement. So i can finally throw that party. And invite shannon barnes. Dream do come true. Xfinity gives you reliable wifi with walltowall coverage on all your devices, even when everyone is online. Maybe well even get married one day. I wonder what i will be doing . Probably still living here with mom and dad. Fast reliable speeds right where you need them. Thats walltowall wifi on the xfinity 10g network. Welcome back. Green across the board. S p 500 on track for a record close. Today inflation rising slightly hotter than expected but clearing the way for investors to resume highflying tech names that seems to be whats happening. Nice to see you in person. Good to be here. He sat down and said its weird. But you are. I am. Once they decided to turn on the spigots and doing the same thing the liquidity needs, streets wide open, its a busy time. Its picking up. Supply has been the thing ive been thinking of a lot. You got to learn from things. We learn from covid and inflation that came out of that was it was all supply. If you got supply wrong you have the Housing Market wrong, everything. The fed got it wrong. They thought it was transitory. Ive been thinking a lot about supply and from a supply standpoint, labor seems to have topped out. Im in texas. A lot came over the border here. A lot. I dont think theres going to be a labor shortage anytime soon so thats off the table as an issue. The other parts of supply is really about treasuries. The other thing is about m a. Thats something i think will continue to rebound hard. I cannot remember a time that weve spent together where you have been this bullish. You say this is the most weve been on overall risk and credit. Thats your wheelhouse. It is weird. Credit people say the world is half empty, but if youre going to have this big of a move and what the fed is doing as far as leaning against the economy and leaning against markets. You have this dynamic where as a former fed chair has politicized the whole situation and we are in an election year. Bidens Approval Rating is not good. I dont think theres any way they let a recession happen anytime soon. Credit people care, but bad things like recession, if its not in the cards and we are making nine, 10 in Higher Quality credit lets go. The treasury secretary is not the one responsible for cutting Interest Rates. On the other hand, look at what she did and flooding with bills in december. Theyve given 100 billion dollars in student debt. Theres other things to pull. I dont think we will have a cycle anytime soon. I wish we would. Are we midcycle . Where are we . We are long cycle. Very long cycle. I think what happened in november, december resets the clock a bit on this economic cycle. We dont see broad weakness anywhere we look. Capital market certainly. Theres plenty. If every time i talk to people on the street its like lets go. Theres been a huge drought of m a. We see 22, 23 probably some of the worst years in a long time. If that bounces the way we think it is theres going to be lots to do, a new issue is always a good thing to play with as opposed to figuring out secondary. Its just getting going. A lot of dividend financing that are not that interesting. Once this sort of actually gets going i think we will see a lot more flow and good deals. When the credit guy is pulled up that makes me nervous. When do you think we get the first rate cut . It sounds as though that is the overriding factor for you that we had a trend change. Now its dont fight the fed and dont fight liquidity. Dont fight the supply. Last time he had me on they were pricing seven cuts at that time. I said no way. We are in the higher for longer camp. I think theres a chance they dont hike at all. I think thats a good thing. They dont cut it all. Some people talk about maybe one, that would be upsetting. Seems unlikely. Thats an outlier. I think a case where they dont cut at all this year is still an outlier case. The fed has telegraphed they are going to go at some point. 100 . I think they go in june but i dont think the markets care. Today was a good point. The cpa comes in hotter. This is not a fed centric market right now. Its really about liquidity and momentum. Im not an equity guy so dont ask me those. Why do you think a second wave is the base case . You made that statement. Be careful which metric you look at because pce is closer to the feds target than cpi and at this pce matters more doesnt it . Pce is data, cpi is survey. One makes more sense in this world. History tells you its a rare to have one peak in inflation. Usually theres another hump somewhere. I think thats coming at some point. I dont think its right now, but if we are in an election year, we took financial conditions very easy and thats why talking about m a. Thats going to be very creative to the money centers. Its going to take a bit. We are definitely we dont have the labor pressure i think on that inflationary dynamic. This was mostly would you suggest a pandemic induced supply shot . 100 . I hope not. I hope we dont lose a lot of people again. Im saying we wont get a pandemic induced supply shock to cause a second wave of inflation and some stimulus that we did out of washington probably did too much but that still is going to run off. The economy is strong. I think if he sat at my desk and saw the things happening you would think the gdp numbers are light. If we start to heat up in here you could certainly see another bout of inflation. The thing that is a little more concerning is the supply of treasuries. We have to issue 24 . Come on, i dont want to talk about that. We will save it. See how you are the next time. Be well. Coming up, citadels ken griffen is live from the industry conference. We get his thoughts on everything from the markets and Interest Rates to the president ial election and regulation. It is an interview you do not want to mess and its cong umip after this short break. More efficiency. More benefits. More growth. When you realize you can give your people everything, and more. Thank you very much. [applause] ask, now what . Heres what. You go with prudential to protect, empower and grow. With everything you need to deliver, you guessed it. More. One more thing. Whos your rock . Learn more at prudential. Com the all new godaddy airo helps you get your Business Online in minutes with the power of ai. With a perfect name, a great logo, and a beautiful website. Just start with a domain, a few clicks, and youre in business. Make now the future at godaddy. Com airo welcome back. Citadel founder and ceo ken griffen speaking exclusively in florida at the International Futures industry conference. Heres what he had to say about the market, ai and Regional Banks. As an investor what do you do right now with a record high stock market . Is it time to be adding risk or pairing risk . I think its detailed many roles right now. Youve got the magnificent sound, incredible story ripping through the equity market about the transformative changes that are coming with ai and then youve got much of the market at earnings levels that are far more in line with historical averages, particularly across the industrial base. Theres a moment in time you can come in some sense, sign up for big, bold these companies are changing the future you can put your money to work in areas where ratios are much more in line with historical averages and have a different profile. Which are you . Im so happy i run a hedge fund. Multistrategy. I let my colleagues make those choices. You must have thoughts on ai and momentum we have seen. Whether it looks frothy or it looks like the beginning . None of us know where we are in this journey. When i will tell you the team and nvidia looks like theyre on top of their game right now. Theres no ifs, ands or buts, they have done an incredible job. This is the gold mining in california. They made a lot of money. Its very clear that nvidia sells one of the most important ingredients of the ai story and theyve done an incredible job of capitalizing on it. Whats interesting is the large language models, the barriers to the production of world class models appear to be somewhat lower than what we thought they were nine or 12 months ago. If you look at recent events, most recent model release is a real competitor to whats been done to open ai. Thats one of a statement. I think you could argue youre not an investor . Im not. Yeah. Sorry. Thats fair. Go on. Their competitors. We want to find out who the next nvidia is. I dont know who its going to be. I dont know where amd is going , i dont know where intel is going to get, but right now nvidia sits in a good position. There have been some worries or concerns forget we are when youre out from collapse and Regional Banks, commercial real estate has been a problem spot. Last week, you are part of the Capital Infusion along with treasury secretary stephen. Why did you invest 1 billion into that bank which looks to have some problematic commercial real estate exposure and also some problematic internal controls . The question with every investment is about whether or not its the right price. Thats the fundamental of investing. A building where rent has come down may be an attractive building at the right price. For the risks intrinsic in new York Community bank i think this is the right price. To be clear, steve has an incredible record investing in the space. Hes very thoughtful on these issues. I think if you wanted to know blowbyblow how he thinks the bank should best be run to address the issues at hand you should ask him to join you live on tv because there are few in this world who are as talented as he and his team are at thinking about opportunities in the banking sector. You expect more ripples from the Regional Bank fallout . I think we will see a continuation of these stories over the next couple of years as both commercial real estate struggles and as the broader economy encounters various different idiosyncratic setbacks. We will see more of these over the years to come. That was citadel founder and ceo ken griffen. You can add him to the long list of nvidia. You can catch the remainder of that streaming live on cnbc. Com. Up next, we track the biggest movers as we head into the close. Kate rooney standing by. A change helping one component leaving the bluechip index today. A failed drug trial sending in the other direction. We bring you those details next. Rylee from rylees realty hi this listing sounds incredible. Lets check it out. Says here it gets plenty of light. And this must be the ocean view . Of aruba . Huh. This listing is misleading. Well, when at t says we give businesses get our best deal, on the iphone 15 pro made with titanium. We mean it. Amazing. All my agents want it. Says here. inviting pool. Come on over too inviting. Only at t gives businesses our best deals on any iphone. Get iphone 15 pro on us. grunting at morgan stanley, old school hard work meets bold new thinking. laughter at 88 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 founded your Kayak Company because you love the ocean not spreadsheets. 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 15 out from the bell, lets get back to kate rooney for a look at the stocks shes watching. 3m is the biggest gainer after news its ceo is stepping down. Micro men will pass the torch to bill brown who ran and have been under pressure. Its also got an upcoming spinoff of the Healthcare Division and continues to face a decision about its dividend. Acadia pharmaceuticals has been dropping double digits after a failed trial. This is for its late stage schizophrenia treatment which did not demonstrate a statistically significant improvement over a placebo in treating some symptoms. Still ahead, bowing under pressure. New details emerge around its production problems. We have the latest on whites dragon down that space today. We are watching the s p heading for its record close of this year. A quick message as cnbc celebrates womens heritage month. Been a change maker means embracing uncertainty to deliver outstanding performance. I think to do that youve got to start with curiosity. Be curious about the challenges in front of you. You then have to have commitment to the long haul to do that. It often requires partnership to come up with Creative Solutions and it requires agility to piv wn u otheyoneed to. 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Pressuring theirnetoy. Alis da those stories and much more when we take inside the market soon. Power e trades easytouse tools, like dynamic charting and riskreward 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, easytouse tools, power e trade makes complex trading easier. React to fastmoving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you wont miss an opportunity. E trade from morgan stanley. Cnbc senior markets commentator here to break down the crucial moments of this day. What bowing and the Airline Stocks have been moving today, we will begin with you. Nvidia has a big fan. We learned that today. The stock continues to have fans. A couple days, 10 . Take us back a few days or maybe a week in terms of where the price was and trading to the stock today. This is the game that will be underway for a long time. The market is performing very admirably. You have a lot of dispersion, the breath is 5050, up down today. You have big caps doing their job. Im surprised to see the volatility index down. All we have to do is get past cpi and have it not be inherently a scary number and all of a sudden we are locked in. Its a well lubricated market. People take more risks when they sit on house money profits and i think you almost have to wait for a ton of equity offerings or supply or something to really break the fundamental piece to get the real correction at this point although i still will say i dont think it makes sense to fully expect the choreography to stay this positive. You get one a day saying the rally is exhausting and looking tired as they continue to try and hang on a key point and say this just cant continue the way it is. The market has shown this unbelievable resiliency to say maybe we can. I mentioned those years that this year looks like. You never got an acrossthe board comprehensive deep pullback. Every tended to get bought and you took turns and what was resting and moving aggressively to the upside sector wise and stock wise. It can stay that way. I think its a matter of setting expectations based on where we have come from. Where only 8 above the early 2022 highs, its not different from tremendous amounts of new ground. Im usually a little wary of when it seems so good to just assume itll stay that way. Fell, bowing. The stock can get out its own way because we continue negative headlines around this company. Production issues as well and all of it sort of a perfect scenario for the stock to remain troubled. As long as there are investigations going on with the doj, faa and ntsb and as long as some of these details week out of things like the safety audit thats what happened overnight. The New York Times had details about the audit by the faa. These are damaging numbers. 89 production checks, 33 times they found failures. 97 instances of noncompliance. All was enough to put shares lower today. Boeings head of commercial airplanes put out an employee memo today outlining some changes they are making as they assess the quality controls. That was not enough to push the stock back up to breakeven. Max production is capped at 38 a month. You look at shares of southwest hammered today after the company said it is going to be reassessing its fullyear guidance in addition to cutting its 737 max delivery plans. They are going to get 46 this year. That is enough for hares to be under pressure, and we heard not bad comments, but caution that many people have surrounding the Airline Stocks despite airlines today. Delta reaffirmed positive guidance, but right now you have investors looking at the airlines saying is it really going to be that strong . Every ceo tells me there is Strong Demand right now. Telling us about solar stocks today getting hammered. Solar stocks are getting. It came to todays cpi print and concerns for higher rates. If rate cuts are push out further it will have a big impact because Solar Companies depend on borrowing especially residential installers and higher rates make with top symptoms marks offensive this is playing out in todays performance with some of the largest u. S. Residential installer down more than 10 . Send power insular edge also declining. Higher Interest Rates have ransacked demand and valuations of Companies Leverage to the shorter cycle development. Theres also growing overhang as we approach the selection and what that means for the i. R. A. Lucrative incentives. Thank you. Cleared until the fed meeting next week. Generally to the fed meeting. We will see on the other side. Tomorrow dow goes out at 250. Alltime closing high for the s p. Right around 5175. Dow and nasdaq ending the day in the green. Welcome to closing bell overtime. Technology to munication services, discretionary the Top Performing sectors today. Real estate and materials lagged but coming up we ear from talk tech Portfolio Manager of how hes navigating the ai trait and where he sees