Small caps didnt do anything to begin the year but slowly starting to perk colate up. Our talk of the tape. You have the fed decision on wednesday. You have a very busy earnings season can anything should all the bears, if theres any left, should they go in to hibernation . Lets ask anastasia amoroso, icaps manager. Good to see you dow 11 days whats happened . I dont understand what changed from two weeks ago thats the point. The technical point is still constructive for stocks meaning if we stay around these levels well continue to trade above moving averages and all the key cta commodity adviser thresholds, so theres no reason to sell. Theres been a catalyst to sell. When i think about this week, you know, we go into just a monster week for Central Banks we have the fed, the doj, we have the ecb if the fed does deliver the last rate hike, thats the thing for stocks if big tech earnings deliver this week, thats again supportive for whats been driving this market all year long in this case, not much as changed and its a good thing. Theres a lot to unpack lets go back to your first point, technicals and the ctas people are vaguely familiar with ctas explain who they are and why they matter so much particularly for shortterm momentum. Commodity trading advisers invest based on thresholds and chase trends when the trend is positive, theres no reason to sell so they stick with it if you think about them in particular, they were sort of the first part of the market that catalyzed this rally, you know, back in even before april. The within was they are not very long stocks at all, but they were adding length, adding incremental data, exposure to the market as they did that, that kind of took us higher as long as they keep that and dont sell, thats not an incremental sell to the market and thats good. You cant solely rely on that one player in the market, but its hedge funds, retail investors. I would tell you that everybody is sort of in this chasing mode. The animal spirits are back. The retail trader is back. Back to sort of the 2020 levels, not quite there, but theres exuberance we talk about hawks and doves, talk about ctas i know a few of them they have the Attention Span of another bird, a pigeon, meaning they will turn quickly right now theyre all buying stocks every day because these Technical Levels do you anticipate these levels will break through resistance or whatever it might be the shortterm momentum to continue but when it does turn, could they have the opposite effect . 100 . Absolutely for now, as long as we hold above these key critical levels, there wont be a Huge Movement but there is a catalyst that requires a sell, then you could have some significant selling pressure come from this particular pocket of the market. How important is the Federal Reserve decision on wednesday . Its important, but i dont know that were going to get any big, you know, surprises from that i think the fed is going to deliver the rate hikebecause they sort of said they would, and, you know, then theyll probably deliver a hold because they also have the sort of propensity to want to do that right now because of how much they hiked in a short period of time so i dont think were going to the hear that much new information. Youre supposed to ramp up the adrenaline and excitement. This is cnbc its going to be the most important fed meeting ever one thing fed chair powell may say is throwing back to the hawks, he may try to sound hawkish and say no cuts on the horizon, maybe there will be more hikes because he doesnt want the markets to price in rate cuts. For that reason, he may sound more hawkish at that point where the rate hike was mentioned a potential surprise is bank of japan nobodys talking about it, but the yield curve control is still there, 0. 5 , but by the way, inflation in japan is 3. 3 , well above target its been there for over a year. To the extent that bank of japan surprises us to any extent with potentially widening the ban, that could have an effect on u. S. Treasuries. Lauren goodwin of new York Life Investments and shannon, a cnbc contributor lauren, youve been listening. Anything you agree with, disagree with . What is your take for clients right now . In our world, everybody is paying attention to the bank of japan not only for Monetary Policy we need to hang out with different people but u. S. Loan rates. We had our midyear investor investor roundtable where we look at whats happening and agrees and disagrees the number one risk was not recession but u. S. Loan rates changing factors the bank of japan would have meaningful influence over it the reason is that over the past several years long rates outside of the u. S. Have been negative many countries, which improves demand for u. S. Loan rates thats no longer the case in many countries the europe and germany most famously and may not be the case anymore in japan soon. If Interest Rates were moving significantly higher because of a changing investment environment in the u. S. , then rates can stay higher sustainably. If theyre moving higher because of a strong falloff in demand, thats a more risky, more volatile situation shannon, i hear that and we can dive into bank of japan if we want, but im looking at a nasdaq qqq up 41 this year. Globally, brazil, up 23 the nikkei up as well. Mexico is outperforming the united states, at least the s p. Its up 25 or so. This is like global stock market inflation. How much longer can it last . We have a significant amount of matchup that remains in the strong end of the curve. One of the things that investors were anticipating as we came into this year was there would be a reassessment of risk. If we saw movement out of cash and shortterm bonds, those would likely be balanced between equities and perhaps longer duration fixed income. Theres a lot of firms including ours that are talking about potentially eleventhening in duration to lock in longer deals. But investors, whether youre talking retail or institutional investors, as well as what i would say are shortterm traders, have really piled back into equities on the other side of this. I think one of the challenges right now from an investment perspective is just what you talked about in terms of the rapidity of the moves weve experienced this year. And coming on the back of continued margin compression there are a number of sectors and industries as well as geographically Global Markets that are very stretched from a valuation perspective. What is the catalyst for that valuation to be realized do we anticipate that weve already experienced an earnings trough or is there more pain yet to come many the second half of the year i think thats why youre seeing such a wide disparity between strategists expectations for the second half of the year, because it really hinges on the multiple expansion weve experienced being justified. I think this week will be pivotal trying to determine that to shannons point, i would argue the multiple expansion has been justified because we have managed to avert a recession so far in 2023, whereas everybody was talking about a hard landing versus soft landing. And now people are saying soft or no landing. Maybe thats the right conversation to bring back up. Over the weekend, i noticed were talking about growth reacceleration and what that might look like later this year or 2024. To shannons point, consensus and earnings estimates for 2023 and 2024, theyre starting to see upwards earnings revisions that also kind of brings me back to some of the Technology Names that are going to report this week and, you know, yes, tech valuations may have gotten extended, but when you look at it in terms of pricetoearnings and growth and when you account for what is going to be a multiyear Artificial Intelligence growth story, those tech stocks are not trading expensively. I like that. Something i add to this dynamic is one of the reasons why we have seen multiple expansion for the last nine months is because financial conditions have improved over the last nine months despite the fed hiking monetary conditions, financial conditions the way they work their way through the market, have actually been easing and the equity market what does that mean it means that Market Conditions and the rate at which companies are the motor oil of the stock market the regulators are having to absorb the higher costs has not been as profound its one of the main reasons that bolsters the nolanding case, the idea that monetary conditions arent tight enough yet to slow the economy. The challenge i have with that story, at least in terms of a mediumterm optimism for investors, is that if thats the case, then inflation is going to remain sticky and the fed will be more assertive. Thats an environment where, in the next six, nine months, you may have a more challenging environment for equity markets than if we saw the Economic Activity slow down if you dont have to live anywhere, eat, or drive anywhere, inflation is great my point there is not to be cynical. Its i dont know what the Federal Reserve can do about housing costs. Theyre raising rates. But so far, no real debt in housing, at least not in some markets. Im sure there are some until the country as well. Energy costs kind of come back, but theyre still higher than they were a couple years ago i just dont know when do we stop with the inflation conversation or do we never stop talking about it well, i think that we probably dont stop talking about it at least for the next several years, brian, because were facing some demographic challenges in terms of the labor market, the fact we had this explosion of liquidity that benefited consumer balance sheets, although we started to see the Savings Rates coming down were seeing that rebound over the last couple months that margin of safety that everyone was talking about that would start to deteriorate for the u. S. Contisumer has come to fruition we are seeing economic deterioration. I want to point that out with the talk about the landing, theres a lot of leading indicators in the u. S. Economy that point towards a continued slowdown or contraction. For us, i think what were watching in terms of that Inflection Point of whether were coming out of the other side is the pace of economic deterioration. When that starts to stabilize, youre right, youll see investors increasing their risk positions, allocating to equity. I think the last thing i would point out is that were talking a lot about the markets that have done well in the first half of this year a lot of that has been on a weaker dollar scenario going back to the initial question in terms of whos looking at currency markets, i think we all should be that weaker dollar scenario has longer life to it if that continues. I guess and anastasia and lauren, same question to both of you, which are earnings are key, and i get it we know its like seven stocks have been driving the s p 500. I dont know if any of those seven stocks cares what the u. S. Consumer does microsoft care about the consumer does apple maybe with iphones . Nvidia probably doesnt. Does google maybe with advertising . I dont know if those companies have any connection anymore to the macro u. S. Economy i dont know i think they do, brian. You mentioned the social media companies. You know, a lot of the analysts notes over the weekend going into the earnings for meta and snapchat and others, theres positive sentiment there the reason is as long as the u. S. Consumer is on solid footing, Consumer Confidence is rising snapchat is not moving the overall market. True, but meta does the fact that the consumer is strong and the Online Advertising market is picking up, and by the way the estimates for Digital Online benefits upgraded to 9. 7 versus 7 year over year a bit ago, that follows through and thats beneficial for social media companies. Then youre right, though, brian, if you talk about the microsofts of the world, yes, theres a consumer component, but theres an enterprise spend component. Its all one and the same. Consumers are strong everybody is still on one side but marco from jpmorgan saying hes reiterating negative bias lauren, its been positive so far. What if microsoft misses what if the guidance isnt good . It feels like the market could be at a vulnerable moment. Two really important things with respect to market vulnerability. First, i agree with your point one of the most common myths in the market is that the market tends to foresee or price in recession before it happens. That tends to communicate on the way out of recession, but heading into recession, until you see unemployment claims rising and earnings falling off, the market doesnt reflect that economic risk. So there is a risk to the market theres been a risk to the market this is where perhaps anastasia and i overlap a bit, while i have a more concerned economic outlook, were holding by the skin of our teeth you were pretty sure. Thats kind of your vibe Insurance Companies your job is to worry about 3 outcomes. Exactly what if it gets killed by a hay beale . You have to worry. From an investment perspective, what were seeing is that eechb as though people have pushed their recession time line out further, i would argue a durable decrease in inflation has been improving investor sentiment. Even if you expect a recession, as i do, at the end of the year, thats in some ways optimistic because its a mild recession. There have been changes in the last couple years, higher quality, higher yield asset class, huge investments in infrastructureleveraging no landing, great for markets, bad for flying. Shannon, before we go, youre in boston or massachusetts, right correct so i got to i heard about some guy i know ordered clam chowder to start the meal and then got a chili as his entree is that acceptable its completely acceptable. Clam chowder is an appetizer anytime here in boston but chili as the entree can you go from i dont know. What doesnt seem good. Its surf and turf. Surf and turf, brian i guess, yeah, the turf there you go thank you very much. I just folks, that should be our twitter poll. Is it okay to eat a bowl of chili if you have clam chowder as your appetizer . I want to hear from you. Heres the official question of the day. We want to know, will tech earnings derail the tech rally you can head to cnbcclosingbell on twitter or x or whatever its called. Well share later in the hour. Kristina partsinevelos is here with stocks before the close. No clam chowder but chinese tech stocks rebounding today amid optimism chinas government might be slowing down on its crackdown on the sector here are the names in positive territory. The etf heads for its best day since only midmay spotify is lower as the company hikes its prices of the premium subscriptions by one or two dollars a month depending on your plan. It comes ahead of their Earnings Report tomorrow morning. Shares having their worst day since december, down over 5 brian . Thank you very much were just Getting Started on closing bell. Up next, the big return of ipos. Your next guest is forecasting a comeback in the space. What that might mean nor the for the Broader Market ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. All right. Welcome back to closing bell. So far this year has been a relatively tough year for Investment Banking if you can have a tough year, with a sharp decline in deal making and a largely frozen ipo pipeline. Your next guest says there has been an uptick in the Second Quarter that could signal improving strength for the back half of the year the chairman oe chairman of the Institutional Clients Group at citi joins what are some of these positive rumblings under the market hood . Nice to see you too its early days. The positive rumblings are youre seeing some ipos getting done we saw a very good one for a few, way oversubscribed, good investor demand. I think the reality is the investors are coming back, but the issuers are not yet really fully decided to test the water. So the ipo market is still very, very dormant most of them have been Corporate Partners there will be more separation activity but what youre not seeing is what i would call is highgrowth multiples of revenue, no earnings ipo that the mediterranean chipotle or whatever, that did pretty well it did very well. Kava there was a recent one last week that did well. These are early, early signs from an ipo standpoint, but its not yet turned into a flood. I think its going to take a while. Are there Good Companies waiting to go . There are a number of companies waiting on the sidelines. What they want is to ensure they have good investor demand and reasonable valuation i think what people are looking at is trying to get to valuations that are going to get great investor demand but also as you know, brian, the class of 20 and 21, part of 22 was not a barn burner for ipos they traded down dramatically. I think people want to ensure good afterMarket Performance and ensure their Investor Base is reasonably awarded and also their employees. Employees have been waiting a long time for liquidity. Does the ipo market matter for the overall stock Market Performance . If so, how much . I think it matters somewhat now. Were look today at markets that are getting close to their peak, so looking this morning, going back on historical numbers, the market has come back dramatically the nasdaq largely being driven by seven stocks. Youve seen that i think the ipo market is one piece of it. It shows people are willing to take on new issues its not the overall market, only one component, the other being m a, starting to come back what do you mean the market close to its peak . On what level . Looking at the numbers on the nasdaq and the absolute numbers of where the indices are, theyre getting close to where they were from a historic peak standpoint theyre all 5 , 10 , depending on what you look like. Again, these are indices when you peel it back, not everyone has been treated the same way, especially in the nasdaq really interesting stuff, especially the market peak commentary appreciate it. Thank you good to meet you in person. Nice to see you up next, your tech earnings playbook Rick Heitzmann is here hell have names after the break. And tomorrow, dont miss game plan, bringing together a bunch of cool people across sports, business, money. Details, scan the qr code on your screen or visit cnbcevents. Com gameplan. Somebody would ask her something and she would just walk right past them. She didnt know they were talking to her. I just could not hear. I was hesitant to get the hearing aids because of my short hair. But nobody even sees them. Our nearly invisible hearing aids are just one reason weve been the brand leader for over 75 years. When i finally could hear for the first time, i started crying. I could hear everything. Call 1800miracle and schedule your free hearing evaluation today. Technology trading higher today ahead of the busiest earnings week of the season. Microsoft, alphabet, meta set to report this week your next guest is looking beyond the megacap earnings to determine the strength of the tech rally Rick Heitzmann, good to see you. Who are you looking at the next level down, the pinterest, the snaps of the world. Why why . Enterprise is getting weaker. With all the cost cuts, Enterprise Sales cycles are elongating cfos are coming back and cutting costs. But the consumer remains strong. Were seeing it especially in travel and advertising theyre performing in the short term. Given the brouhaha around twitter and threads or x or whatever, forced to look at ad data from some of the companies. Happy weekend. But i will say i saw some numbers on snapchat where their ad traffic or revenue was up like 170 . People are snap was almost dead. Theyre still there theyre catching a lot of revenue. If you want to you know, all the movie ads are movies are back, thats where you find people, back to school those ads are working. Those ads, whether theyre direct response ads or search or more broad case baste on snap, theyre working and folks are buying them. Now that twitter is private, unless they choose to reveal information, were not going to know exactly whats going on there. You wont see ads coming out of twitter i think again, do we know that he said revenue is down, so we thoknow that. Couldnt be a lower quality advertiser not General Motors it could be a tshirt company. And theyre paying less your cyclicals are going down. But wheredoes General Motors t go if they want to announce a new electric vehicle theyre going to other digital ad platforms, benefitting the pr pinterest and spotify. Its facebook and instagram you can only get certain roi there, which is why people with looking at that next level of place where youll get a better return on your investment. Does anybody advertise in the newspaper anymore . I dont want to sound like a relic. When is the last time you bought a newspaper in my industry, i subscribe to a lot of papers online and get magazines at home. I realized i wasnt reading them on my ipad if road and track is sitting in front of me i fly a lot, if its in front of me on the plane. Is it totally dead its different. The media is important. Trust in media, the news how are they going to survive . Theyre moving to digital the New York Times has flourished in the digital age. Are they getting ads on the New York Times website or subscription model both. Theyre playing with it. How does it work, what are people willing to pay to subscribe and without ads if you think about where spotify is or netflix is going how do you use the mixed media mod snell but there are still ads and people are getting direct response. You wonder whats the actual clickthrough rate on any internet ad . Sometimes you accidentally click on something because youve hovered over it too long off topic. If you had to pick one companyeacompany earnings this week, the most important. Probably two. Whats going on in consumer . And will that thesis play out . Looking at pinterest, saying, is the consumer still strong, the titzers still strong, still driving return on investment this pinterest is pure consumer. Yes the intro, look past the bigger caps, i get that. Aside from the metas and facebooks of the world, is google a tell for anything i wouldnt say google my second was microsoft. Okay. On the enterprise side, are they in times of elongated sales cycles, can they bundle better, add teams to fight with zoom can they funnel some of their enterprise offering an get stronger in the enterprise in advance of some of the things on the consumer side with openai and the new actiactivision i ask people the last time they bought microsoft excel. When is the last time you bought windows . Clearly something is happening because it tripled the value of microsoft. When you look at a company like a microsoft, how much could ai they dont own but invested in, 10 billion, a lot of money, how much could that add to microsoft is ai overhyped . There are facets that are people are attaching ai to everything now is it able to do jobs that can create something thats differentiated and microsoft i think where they could be really impacted is on the consumer side and their ability to use openai and chatgpt and power their consumer side and powering other things that are interoperable to create something on the consumer side i tres is out in a couple days maybe next monday thats right. Watching pinterest we have interest in pinterest. Of course thank you appreciate it. Later on, last call, 7 00 p. M. Eastern, we talk more about elon musk and the new x and what is going within that guy. Walter isaacson joins us i heard the anchor of that show is really good tune in just for that. Up next, we are tracking the biggest movers as we head into the close. Kristina partsinevelos is back the power of the fda drives one medical name higher and more renters means more money for allday Energy Starts with clean hydration. Lmnt. More electrolytes. Zero sugar. You feel the difference when you get it right. Stay salty. We planned well for retirement, but i wish we had more cash. You think those two have any idea . That they can sell their Life Insurance policy for cash . So theyre basically sitting on a goldmine . I dont think they have a clue. Thats crazy well, not everyone knows coventrys helped thousands of people sell their policies for cash. Even term policies. I cant believe theyre just sitting up there sitting on all this cash. If you own a Life Insurance policy of 100,000 or more, you can sell all or part of it to coventry. Even a term policy. For cash, or a combination of cash and coverage, with no future premiums. Someone needs to tell them, that theyre sitting on a goldmine, and you have no idea hey, guys youre sitting on a goldmine come on, guys do you hear that . I dont hear anything anymore. Find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. Welcome back to closing bell. 22 minutes left until the closing bell kristina has a look at the key stock or stocks, dealers choice its always plural with me, many dr horton outperform at raymond james. Analysts are citing what they see as an impressive rebound in Home Building margins in the companys Earnings Report last week shares are up around 2 right now. Becton dickinson is at an alltime high as the fda allows it to bring its druginfusion system back to the market. Raymond james expects customers to gain confidence its up almost 6 right now, trading around 280 bucks brian . Thank you very much all right. Last chance to weigh in on our question of the day, not the chowderer chili thing. Will tech earnings derail the tech stock rally go to twitter. Well inyothreltbrg u e sus after the break. Y prtg n kaâ– [soldier] take a look at this theyve left us a gift. [soldier] i think we misjudged them. I love horses. birds chirping [soldier] we should open the gate. Lets see what charlotte thinks. [narrator] at crowdstrike, we monitor trillions of cyber events to detect threats and prevent breaches before they happen to keep your business from becoming history. We stop cyberattacks. We stop breaches. We stop a lot of bad things from happening. Crowdstrike. Protection that powers you. We planned well for retirement, but i wish we had more cash. You think those two have any idea . That they can sell their Life Insurance policy for cash . So theyre basically sitting on a goldmine . I dont think they have a clue. Thats crazy well, not everyonenows coventrys helped thousands of people sell their policies for cash. Even term policies. I cant believe theyre just sitting up there sitting on all this cash. If you own a Life Insurance policy of 100,000 or more, you can sell all or part of it to coventry. Even a term policy. For cash, or a combination of cash and coverage, with no future premiums. Someone needs to tell them, that theyre sitting on a goldmine, and you have no idea hey, guys youre sitting on a goldmine come on, guys do you hear that . I dont hear anything anymore. Find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. Will tech earnings derail the tech stock rally 59. 4 , im going blind, said no. 40. 8 , whatever the number is, said yes a lot saying yes but the majority saying no that means youre expecting good numbers. Up next, well drill down on chevron. That stock is popping today. You have earnings and a big management change. More about that, energy, chevron all ahead, when we take you all ahead, when we take you inside the market zone. sfx people celebrating sfx people celebrating that is next sfx Stock Exchange bell ringing oppenheimer is magnificent. That is next the New York Times calls it staggering. Its utterly enthralling and one of the best movies of the century. Power e trades awardwinning trading app makes trading easier. With its customizable options chain, easytouse tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. E trade from morgan stanley. Power e trades easytouse tools make complex trading less complicated. Custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. E trade from morgan stanley. Well break down the trading day. And rbc capital gives an outlook on chevron a major change, cfo retiring a new one coming in. And Kristina Partsinevelos as earnings after the bell. Big lineup on the market zone. Before we get into more, how would you have answered the twitter poll will big tech earnings derail the big tech rally yes or no. No. We stepped out of technology the earnings are at a premium. Its negative on the tech sector its been negative so, you know, i dont necessarily think that a soso earnings season the going to drag down technology is there one name youre more concerned about than others, like a microsoft thats the big one i think that is a big one theres a handful of big ones. Lets face it here, brian. If people have done their homework and listened, earnings are a confirmation process its what happened over the last three months its history we need to look forward here hopefully for most people, Earnings Reporting season is confirmation of what people thought would happen in the last three months i think theres like 3,500, dont quote me, publicly traded companies that are not, like, penny stocks or super micro caps is it true is it possible if it is, is it good that lite literally some matter and some dont . I think when the market when youre rising to a meaningful top, usually its very narrow. The good thing is that over the last five or six weeks, the s p 500 equalweighted index has been in line to beating the s p 500. So the Broader Market is a good thing. Narrow markets typically mean youre approaching a top you get my broader point, scott, which is say i own like the russell 2000 etf or Something Like this and apple disappoints and the russell goes down what did apple have to do with it but we know thats what would happen. That would happen you have to think about when you think about etfs and the russell 2000, you have to shi smallcap stocks outperform early in a cycle halfway through a recession or slowdown, thats when you look to buy russell 2000 and ride it for the first half of the cycle. You dont do that when the economy is still slowing down. We think there will be a recession. This is not the time to love the russell 2000 all right big week this week thanks for joining us. Speaking of single stocks, oil company chevronclimbing today, preliminary secondquarter results, the ceo talked about chevrons performance on cnbc earlier today. Weve got Good Business momentum and are delivering strong results in whats been a turbulent world. Back to the pandemic, prices below zero, the war, prices above 100 weve acquired three companies over the last three years. And we still have the constant discussion about climate and esg. So its a challenging environment. Rbc analyst upgraded chevron to an outperform with a 180 target its late where you are in the uk thanks for joining us. Should we be concerned the cfo retiring are we concerned if we own chevron stock . Thank you it wasnt a surprise this is a company where strategies are like mike mentioned. You have an orderly transition around march 2024 and an internal candidate is taking over as cfo. You may be concerned if you thought the strategy would change or shift, but [ inaudible ]. The stock is at 161 theyve hat good numbers the stock hasnt moved a lot its down from its highs about a year ago but well above where it was prepandemic. We keep hearing the macro theme that energy, particularly royal and gas is, quote, ninvestable institution, pension funds, theyre dumping it you obviously disagree energy is investable why hasnt chevron done better given the numbers . I think the environment has moderated somewhat you look at the environment in 2022, you know, oil prices were lower, gas prices lower, so in that context, i think the shares were about 240 obviously you could see the multiple creep up higher if concerns move away what were looking for from these companies, theyre mature businesses as long as you can compound over time, grow earnings, consolidate in the sector, which is a mature sector, i think the outlook for chevron over the medium and long term is constructive the first time well bring in a borat reference. Big kazakhstan project its a huge deal how meaningful is the project to earnings that maybe not right now, five years out . Yes so, this is the single biggest area of Capital Investment in the last few years you have two projects ongoing at the moment one is to extend the life of production, the second is to add another 150,000 a day. Its very meaningful lit probably be the third or second Single Source of earnings outside of innovative activity in the next few years. Its meaningful. Its encouraging to see their progress you like chevron. Is there any other gas company you like more or as much as chevron . Our global top pick is shell. What youre seeing with the european majors, theyve been on a bit of a journey the last two years, a lot of capital into lowcarbon areas youve seen some course correction there ultimately, in a global sense, all these people are doing similar things shell stands out the newish ceo of shell, the guy seems to be laser focused on making money and avoiding projects that dont make money sounds like a sensible strategy, yeah kind of Novel Concept i guess in Corporate America some areas of Corporate America do things that make money, not lose money there you go thank you very much. Weve got some Semiconductor Earnings that are out after the bell it its nxp find out if wall street thinks it will be aokay. See what i did there, Kristina Partsinevelos . I see your subtleties you didnt like it. Now well see best chipmaker, nxp, over 50 comes from the auto sector, that sector thats offset other things. The street is expecting high singledigit growth year over year but there are concerns about a slowdown coming to auto. Today rosen bblatt downgraded i with weaker chinese numbers, leading me to my second theme. Last year, china accounted for 36 of nxps total revenue a slow recovery could slow to doesnt earnings there was a warning of a 10 drop in seams due to weak electronics sales, especially from china thats why mizzou has a different rating reports today say apple expects iphone shipments to stay flat year over year will nxp say the same thing . Investors will be looking to this for new trends. Theyre underperforming compared to taiwan semiconductor, the largest chip may rememberer in the world. But both, lots of concerns about china. Taiwan semiconductor, tsm can you give your viewers insight . Its the largest chipmaker in the world. Is it everybody else combined smaller than them . Are they that meaningful of course all the electronics we need would essentially shut down. Samsung would fill the void and intel but not to the same caliber talking about these extremely advanced chips and the packaging, the advanced packaging, is a key success for tsm as well, so thats a differentiator compared to intel or the likes of samsung. When do we expect i dont want to put you on the spot. You dont have the calendar. But you are the honey badger of semiconductors you just do it what are the majority names . Intel is this thursday. Texas instruments is tomorrow. The concerns about the analog market, so that is a part where nxpi may not have as much exposure thursday, intel, its a Big Conversation about whether theyve finally hit the bottom, on this right trajectory, given all of the changes that gelsinger has done with cutting costs, focussing on the foundries in the united states, its separate foundry business. Theres a lot of reasons intel could step up to the market. We may not see that just within this latest quarter. Theres a lot riding on these chip names given the runup where a lot of the runup as to d nvidia and the ai trend, which does not equate all chips. We have to remember that not all chips make ai advance chips. Bapgnks do different stuff not all chips are created equal. Some have ridges, ruffles. Others, sour cream and onion not created equal. Youre trying not to smile its impossible. Im always smiling. I like the dad joke, the puns. Im all for it i am a dad. Okay. Dad joke. I scared this kid right here there we go. Hey, guys. Lets get a good wave, everybody. Here we go all right. A huge crowd i dont know if they could hear me heading into the close, the dow will make it 11 up sessions in a row. We are up 139 points nasdaq up 11 in a row. Ill see you tomorrow at 3 00. Overtime starts now. The dow hitting a fresh 52week high today major averages in the green. That is the scorecard. But the action is just Getting Started. Welcome to overtime. Im Morgan Brennan with jon fortt. The dow closing higher fn the 11th straight day, the longest winning streak in more than six years. Investors turning their attention to toward earnings from semiconductors, whirlpool, and clevelandcliffs well break down the numbers when they hit the wires. An