Move higher all day. A new high, an oil rally because of the war in the middle east, and its been a lot for investors to deal with. Morgan stanley suffering its worst oneday performance in many years. The stock down 7 1 3 percent after earnings. Transports downright ugly. Names like united airlines, jb hunt trading poorly as well. And as for tech, its a bit of a mixed bag, yields popping, some trying to be green but most have now turned red as we begin the final stretch. It does take us to our talk of the tape. What todays key earnings do mean for the hopes of a year end rally as it relates to tech. Lets ask our panel. Dan ives covers tesla. Alex, Big Technology founder and cnbc contributor. Jason snipe of odyssey is also a cnbc contributor. He owns many of the tech names including netflix. Were going to lean on jason in a moment. But, alex, i begin with you. Netflix has not traded well, to say the least. Shares are down 12 in a month. Whats the issue . Im embarrassed because last quarter i was here and said it seemed like it was in a good place as far as valuation goes. Its subsequently dropped 26 . The big issue is the prospects of growth. I think theres been positive headlines around the fact the password sharing has happened and advertising is coming. They havent delivered the results that make you believe theyre sustainable long run. Yes, password sharing has helped grow users after contraction but reports the advertising is just not going the way it hoped, a report on the information recently that said subscribers and the money coming in from advertising are about half what the Company Expected this year. People just dont want to watch netflix with ads . Even if its cheaper. I think they do. Im on the ad supported tier and its fine for me. When we go past the ad units, sometimes theres noad that even runs. That indicates netflix is having trouble selling the ads. Its difficult to build an advertising operation from scratch. To me thats the problem. Its not been the demand necessarily from the consumer. So 6. 1 is expected, is that number atries snk. I dont think so. I think theyll hit their sub number. For netflix its not necessarily the short term. Its leadership telling folks we can expect that growth in the future once the tactics have run their course, and i dont think the market has seen that to this point. Jason snipe, youve had to watch this stock go through its tribulations. In a month down almost 9 its down 12 in a month. I was looking at tesla that has its own issues. How do you approach this number now coming into overtime tonight . I think alex hit the nail on the head. I think the numbers will be relatively in line. I think subs around 6 million. Theyll probably likely be around 8. 5 billion worth of revenue. Yes, clearly all the discussion around password sharing and the adsupported tier we heard from them. The Media Conference is where you start to see the pullback when they talked about those numbers will likely be muted in this upcoming print. Theres concern for me but i do think the password sharing is 100 million users they can potentially monetize Going Forward. The adsupported tier, the rollout is taking longer than expected. In the coming quarter you can see growth. I think their opportunity is really internationally. Thats where the membership is growing at close to 90 . I think thats where the opportunity is for netflix. So, dan ives, speaking of growth as it relates to tesla, which has had its own issues from a stock standpoint, theyre growing. They want more growth and musk is obviouslywilling to keep cutting prices to get there. The strategy has paid off. Weve seen that with demand. Holding up relative to the macro, theres a line in the sand investors are going in nervous that more price cuts could be on the horizon. You told me before you thought they were done. Theyre obviously not done. What i think is key, there could be some price cuts but the vast majority in the Rearview Mirror and we believe margins now trough out this quarter going into q4. You navigate through this trial for margins. They continue to own the ev market, and that story in terms of going after demand and volumes has been the right poker move, in our opinion. What makes you believe theyre done with the price cuts as they are laser focused, musk is, on competition, they have to be done with the price cuts in order to hold up the margins you say will even though theyve narrowed as a result of everything theyve done . Its been a tough few quarters. I think thats been the right moves in terms of going for volumes in this game of thrones thats going on. Its the refresh. What we see in china in terms of what i believe is further and further upstream. Though demand when it comes to ev, it continues to be tesla that owns the market. With the uaw strike, thats been a gut punch. This is a time to go on the offensive not defensive. Expectations for tesla, are they low given whats happened with the stock price . By the way, bespoke was talking earlier this is the quarter where the results give the stock the biggest boost historically rather than any other. I think its 4 on earnings day. What do you think . A lot of numbers across the board, youve seen the bandaid ripped off, the big focus here, scott, gross martin credit, can it be above 17 is sort of the whisper number. The most important thing, the drum roll, will musk commit to the vast majority of margins. Take a step back, still talking 35 type of growth from an auto delivery expected. Is netflix at risk . As you said, it will take a bit of a while to build it out. Who knowwhat is sort of economy were going to end up with in the next 6 to 12 months. What about near term . Near term Revenue Growth is at stake. I would be concerned. Its a standard ad unit, the tv ads. So why is there trouble filling the spot . Showing wall street the money that they need to be bringing in. We had that sound effect on the screen because recession lows for all three of the majors almost a 300point decline for the Dow Jones Industrial average. What other analysts are suggesting, that company should just start spending more as legacy media is having its challenges. People like rich green field say take advantage and spend more. Would you tolerate that as an investor . Ill be looking for Free Cash Flow and have over 3 billion and theyre better positioned than the other streamers in the marketplace. They have a really Strong Library as it stands and i think they have better flexibility than the others. It could drive Revenue Growth. Dan ives, its all about targets that you set. You tell the street one thing. Teslas numbers, are they going to get it . That is hittable. Thats a number theyll be able to hit at web pricing in terms of the margins. Bigger picture, the other stock on my list is apple. A stock Everybody Knows how much you like it. The chart, though, doesnt look that good. How do you assess whats happening here . I focus on our asia supply chain checks. No cuts to demand when it comes from iphone 15. I think we come out in a few weeks when apple reports, i think cook instead of being conservative will talk about the demand story that continues to play out not just in the u. S. But in china. And, in my opinion, this is a name weve used to table pound not the time to back out in terms of what were seeing in an environment where investors have White Knuckles going into this quarter. Some of the data coming out of china suggests theres a slowdown there and that huawei has eaten into market share. Those are real numbers. I feel like youre dismissive of the story in china which is 20 of revenues. For huawei, theres no doubt from a competition perspective in terms of what i go after. I go after the 100 million iphones. The demand in china and globally said to be slower after getting out of the gates fast. Uptake of the new iphone is slowing down or slower than expected or disappointing, is that not in your orbit at all . We disagree in terms of asps that continue to increase almost 100 hours to the pro max. I think were looking at 225 units. I think yet again the bears, and they take a shot every foo years. I think this is wrong. Is there a story here . I do think theres a story. A few months ago there was a story where the Chinese Government was telling officials not to bring iphones into the office, and a lot of people shrugged that off. That was a signal if you have National Pride you will not buy an iphone. And i think that we see huawei taking over. Some of that might be trickling in. If youre an apple shareholder i think its a moment to be nervous. How do you respond to that, dan ives . Were talking 2 to 3 of units that potentially could be impa impacted the bark is worse than the bite. Well be in asia doing more and more checks. So far from a demand story iphone 15, no cuts in terms of the supply chain is the most important thing, scott, i look at. When does the Revenue Growth story reverse itself . One of the more dominating narratives thats emerged. When we go into december and march thats where that starts to uptick not just on services but units but the asp, which alex knows well is an important thing thats happening here. I point back to 240 million iphones have not been upgraded in four plus years. Thats something the street is missing. Assuming people have money left after spending on travel upon travel upon hotels, cruises and everything else. Jason snipe, how do you feel about the biggest and most important stock in the market which over a week is down a couple of Percentage Points and as some have suggested doesnt look great . Absolutely. The challenge is the multiple. When you have an anemic Revenue Growth and a multiple, a forward multiple, of 29 times, that becomes challenging when you look at the greater tech spectrum and other places you can own stock. As i look at the buyer here, i agree. Its very close to the 200 day, where its pricing now. As well as whats going on with the iphone 15 upgrade cycle. Its not looking as rosy as we expected, maybe a quarter or two ago. I said at the outset is the first moment of truth for important tech. Netflix is important. Theres obviously a size advantage for tesla in terms of movement and markets because of how its market cap weighted. What about the space of mega cap overall . I think the prints later on this afternoon will be important and then we turn to next week when we have amazon and meta and microsoft. The price action hasnt been great over the last few weeks. When i think about the tech space and this year and what has gone on, i think about the catchup trade for the Fourth Quarter, what really resonates with me is predictability of earnings. Within the mega cap tech spectrum is going to be strong. I think thats why folks will turn there and feel good about them Going Forward. You talk, dan ives, what these companies are trying to do, the key perhaps for their next leg of growth for tesla. The batteries, they continue to sign more deals with more major automakers around that end. Thinking about ai as well, autonomous driving, where are we . I want a reality check from you. I dont want musk talk, i want ives talk on where it is truly going, where it is, and what it means for the ai story that has been dominant. Theyve turned the attorney in terms of issues theyve had. For them to make strides, i do believe the story for tesla is a huge part. In terms of the earnings season, you talk about reality versus hype, i think the big theme, well see it next week when it comes to microsoft, amazon, google. I think cloud, youll see an a. M. Celebration. The ai monetization, i think now the rest of tech starts to participate in the party that will be important in terms of the earnings season. 10, 11 months, alex, into the ai hype machine, did we overdo it at the beginning . Are we just right . Where do you think we are . I think we overdid it. There was belief this original version of chat gpt and the open ai gpt three and four models are the step to getting us there. Weve seen a lot of building, chatbots, something used for law, something used for medicine, something for students, plenty of these character chatbots from a company like meta. To match the hype, unlike the other big trends in tech that havent amounted to anything, i see Tech Companies build with this stuff, deliver actual benefits to their customers, and so this is real and will take more time to ramp up. Which leads me back to jason snipe. Nvidia is where many bets have been placed, the stock is down 10 in a week alone. You have these new export bans weighing on the stock. Some of the notes taking price targets down. It seems to be no margin of error for nvidia relative to where the story has gotten that stock to. I think clearly the expert bans are weighing on the stock. This week down 10 . I think Going Forward the margin for error has obviously decreased. I think what will be important, guess what, nvidia has delivered and thats why the multiple is cheater today than it was six months ago. Even with all the growth its had this year. For me i do think they will deliver. The demand for the gpu chips is extremely valuable and i think that will play through when they report. The bar continues to set higher. All right. Well leave it there. Weve covered a lot of ground. Jason, thank you, and the guys here, dan and alex. Well see what happens in overtime and in subsequent days we may lean on you. Will big tech earnings fuel a yearend rally . You can head to cnbcclosingbell on x. A check on top stocks to watch as we head into the close. Kristina partsinevelos is back with us today. Kristina . Spirit aerosystems is soaring on a deal with boeing that will see higher prices paid to spirit on some parts and that should help some of the recent cash flow issues related to the fuselage problems. Shares, though, are up 25 , almost 25 to date, but down 25 just over the last three months. Switching gears, roku, deep in the red right now, as wells fargo Analysts Expect softness in the streaming players Fourth Quarter reiterating equal rating and increasing to 70 a share. Right now trading down 8 . And the reason for this is citing a weak ad environment. Were just Getting Started here on closing bell. Up next, stocks are lower. The dow down more than 250. Liz young is back and is breaking down how shes navigating the season, keeping eyes on the fed, jay powell speaks tomorrow. Theres a lot to consider which is why she joins me at post 9 just after this break. Youre watching closing bell on cnbc. What do you see on the horizon . Uncertainty . Or opportunity. Whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined Risk Management are needed most. Drawing on deep expertise across the worlds public and private markets in pursuit of longterm returns. Pgim. Our investments shape tomorrow today. In the u. S. 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Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Cmon, were right there. Cmon baby. Its the only we need. Go, go, go, go ah touchdown baby touchdown are your neighbors watching the same game . Yeah, my 5g Home Internet delays the game a bit. But you get used to it. Try these. Theyre noise cancelling earmuffs. I stole them from an airport. Its always something with you, man. Great solid greek salad . Exactly dont delay the game with verizon or tmobile 5g Home Internet. Catch it on the xfinity 10g network. Were back, losses accelerating into the close, s p on track for its fourth down day in five. The tenyear yield is the culprit hitting its highest level since july of 07 yet again. A new cycle high for the ten year. Joining me now at post 9 to break it all down is sofis head of investment strategy, liz young. Welcome back. Is that the dominant story, yields . As it should be. Fresh highs, Mortgage Rates that will creep closer to 8 , fresh highs in the two year and then the fed will be done. They may not have to hike rates because the that is not bullish on the short end of the curve. If it was grinding lower, maybe a different story. Thats not the case. Most of the fed speak of late has been leaning towards we dont have to do any more because the bond market has done the work for us. There was perceived to be a dovish pivot, if you will. Sure. Maybe waller was on those lines. The fed chair himself talks tomorrow and those are his last comments before the quiet period before the meeting. How do you factor all that in . What if the fed is done despite rates are where they are . Ill be at that presentation tomorrow so im very interested in hearing what he has to say. I factor it all in in the sense i dont know if it matters if theyre done or not. The damage has been done. I think were seeing it in the spreads, if you look at a time the ten year has ridden. I think its start to go come i do think the last couple hikes have beenmore about the narrative than the actual move itself. They can be done here but the tracks are starting to form. The beige book was out at 2 00 this afternoon. The data doesnt necessarily agree with you. The anecdotes are concerning. Going with the data more than the anecdotes, how do you factor that in . Ss yet. Asnt shown all of the ththe labor m