And later, chinas auto boom why cars made by the countrys manufacturers are in such high demand around the world. And what that could mean for American Companies trying to compete. Im melissa lee coming to you live from studio b at the nasdaq and we start off with the last of the three major averages to set a record close this year the nasdaq making the most of this extra day of february and leaping nearly a percent it was the first time the index closed at a record since way back in november of 2021 the s p and dow also ending the day higher with all three indices notching a fourth straight month of gains. But a couple stocks in particular really caught our eye. So much attention on nvidia this year, but look at amd, up 9 today, nearly 15 in february. Retail also seeing strength, are ralph lauren seeing its best month since 1999 the single best performing stock on the s p this month, constellation energy, up 40 for its best month on record so, as you had ed into march, do you stick with the stocks that have leapt ahead or do you look for the names that have been left behind, guy . I see what you did there. Remember the grinch, trying to figure out, like, christmas, it qaim without packages, boxes and bags, remember that whole thing and he was trying to figure out why christmas still came and nasdaq is doing it without apple, well talk about, and i know google today. So, its really impressive, the performance over the last few months without question. Today, amd, though, you know, you mentioned it, so ill talk about it, 15 after the move that its had, after the Earnings Release that we talked about when we were down in florida doesnt make a lot of sense to me, but you trade the market you have. Not the one youre wishing for so, yes, i guess you stay with the winners in this environment, because quite frankly, they have given you no reason to get out i feel like you were going to say no its just a tough call here listen, as abn investor, as a pundit, im stock are you torn, because you believe the market doesnt deserve this market, you believe the market shouldnt go higher, and yet it still does. Fundamentally, i feel like things feel okay right now, like, in general and i think about this, were coming on the oneyear anniversary of svb, were going to talk about another Regional Bank the thing that got everybody offsides last year, we were so convinced we were going to have a recession, from the best economists, the investors, everybody. And they injected this liquidity, so, here we are now, and they kind of do the term guy uses, theyal chtheyalchemiet cycle. Guy made a great point the ndx already made an alltime high its up 7. 5 from its previous alltime high, and you are doing it without apple, you are doing it without tesla, okay, if youre looking at the mag seven. And you are doing it without google, too, so, i think its getting more collective. I know tim is going to talk about the broadening out here, but i dont think, and this is where i got myself in trouble the other night, i think when you cursed the quality of the names potty mouth my mom texted me, by the way. Its getting worse mrs. Nathan called you out. Yeah, sometimes we talk about things going down on the same news over and over again, and i think were in the opposite phase right now, just looking at amd after dell, which was up, you know, in that whole frenzy of just a. I. And anything related to a. I. , and they certainly are in that sort of peripheral circle. So, were seeing things up again on the same news over and over i dont know how lock that lasts. To me, if it happens in march or leap day, whatever, it doesnt really seem to matter. Not going to change that i do. But this feels a little bit frothy you did buy dell. I did buy dell today. And you know you have the wrong sized position when you feel bad if it goes up or down. You feel like, should have owned more, but anyway, it just seemed to me, you know, it used to be that hardware traded at a much different multiple and dells multiple at 14 was seen almost toll me, almost old school multiple, especially if you think about apple i dont even know what the Hardware Software multiple is there, but and then i think this is an Underpromise Overdeliver company by their own description. Semis were up 10 , up 18 on the year thats not the story of the month. The story of the month is the xrt up 8 , is transports making not, you know alltime highs. Industrials, that chart is ripping. Yes, the market is broadening. Everybody wants to look at the equal weighed s p. Small caps been lazy, sewly catching up to the party, but the broader market, im talking about gig sectors that are underperforming are actually taking the lead. Bio tech is certainly up, 14 this month, but to me, it really is the real company. Its that banks, after a 30 run, have managed to make another 15 run. Its that gm is now up 56 from october 26th, and a lot of other industrials how many times have we talked about caterpillar, said, well, this is probably it, and they had a difficult Earnings Period and yet the stock shoots higher. To me, february was the month that the market decided to be not just seven stocks. Its amazing how we get this allty alltime high in the nasdaq, on a day when core inflation gauge hit the lowest level since march of 21, so, last time the nasdaq was at these highs was right at the end of 21, before the fed embarked upon an aggressive strategy, so, you know, a lot of this has to do with benign inflation, less fed, and an economy, frankly, thats not given way. Thats why the real economy is outperforming. Sounds like goldilocks, guy you didnt just say that. Its leap year, right, i mean happy birthday to all the cats out there when do you celebrate you dont you dont choose. Its got to be the first of march. Think about opportunistic you could be with your age you could play i dont mean you. Play for the mets, i mean, they have trouble i dont know why that came its not relevant. You mentioned constellation energy, this is not me pulling things out of the hat. This is an energy stock, they reported, i think, on the two days or so ago, right . Look at the move that this stock has had, it was a good Earnings Release, but not ridiculously good i mean, this stock went very parabolic, like a lot of these tech names it doesnt make a lot of sense to me, and this is somebody, by the way, that is bullish in the space. So, when you see other sectors acting like this, at least you got to say to yourself, whoa something is a bit as cue here one thing i want to take some issue its one thing to talk about the stock market broadening out, its another thing to talk about where s p 500 earnings are going to come from, or where theyre expected to come from and a lot of the gains in this doubledigit expected earnings in 2024 are expected to come from the largest market weighed companies that have driven that performance. So, the point is, the economy does start to slip, okay, maybe those large cap tech stocks are going to be insulated for a period theres a lot of recurring revenue and the like but at some point, we will see the job cuts move to cap x cuts and the like here, and you will see a normal Business Cycle come back weve seen it in digital ads, you know, that was one of the canaries in the coal mine, at least from some of the earnings that we heard back in that q4 Earnings Period. So, my point is, you have to focus on where the expected Earnings Growth is going to come from, and those groups will not save you retail will not save you energy will not save you some of the other ones, you know what i mean . To me, theres a big difference there. Im with you. Ill push back on that and say, we all know in 23, when the s p was up 26 , 17 points of that were all about multiple expansion. And this year, 65 , 70 of the 6 increase or, you know, 4. 5 , is all multiple expansion. So, we know that the earnings have to keep score, but when do they need to come in and play their cards, or, when does that hand need to actually work because it hasnt needed to work it hasnt needed to work for the last couple years. I dont think that the market can go unabated up higher. But the market is certainly telling you that there was a bear market for a lot of stocks in the first half of 23, if not three quarters of 23, that are only just catching up now. And i think theres a lot of allocators out there that have recognized that. Look at health care. Its not just bio tech look at the big sectors. Utilities. And i think utilities havent really rallied people are going to be looking at that. So, i just i hear the fundamental argument, but the market, to me, tells me, it doesnt necessarily need to respond to earnings in the short to medium term and sometimes even in the longterm, because i feel like weve been doing this for a couple years are we waiting for a shoe to drop with the consumer i mean, weve been waiting for that shoe to drop for awhile long time and it has not happened. It has not happened including like today so i think, though, that retail was so oversold, because it seemed like herb including me, down on then consumer, they werent going to be spending, yet theyre still spending but its not like those stocks are in crazy land. Look at Something Like macys, which has a takeover issue now, but you know, whats it trading at, eight times earnings and thats off a big rally so, that never should have been where it was 9 yeah. I think we have a case where the consumer, we do have jobless claims today, we got continuing claims, theres nothing in this data that tells us that the fed has killed the equity market but it gets back to if you think about how people were investing a year ago when we really thought the fed was going to bite, they were going after giving them a great rally, because they knew the fed was there, like the dollar stores. And target to some extent. And i think thats where you have some more opportunities here and theres theres the Big Box Stores and the places that we know have been have had their different secular challenges, but i still think that theres a lot of stuff that has not rallied and a lot of stuff that really is if the consumer has a job and theyre not falling apart credit wise and the banks are telling us that, not so bad we have breaking news here on new York Community bank shares the bank discloses internal controls issues. Leslie picker is on the fast line hey, melissa. Yeah, the plot really thickening here those shares down more than 15 in afterhours. There was an 8k that came out detailing Material Weakness in internal controls. The company says management identified the issue which resulted from ineffective oversight, risk assessment, and monitoring activities, and nycb says the investigation is not yet complete, but a remediation plan will be disclosed in a 2023 10k. The company decided it needed to take an additional 2. 4 billion charge to its Fourth Quarter earnings, as well. Now, the company also announcing a new ceo, after having taken that executive chairman role shortly after the companys Fourth Quarter earnings. One director resigned in opposition of dinello as ceo so, remember, it was those Fourth Quarter numbers showing several troubled commercial real estate properties, that initially spooked the mark, began kind of the spiral that weve seen in shares those declines ultimately cut its share price in half, and obviously continuing the decent today in aftermarket trading, melissa. Leslie, thank you leslie picker. Shares down 15 . Karen has been digging in. The timing of these resignations, very interesting they didnt happen just yesterday, today the the day before they happened on the 25th, on sunday and i dont know if theyre sort of hiding behind it, those changes dont take effect until today. To me, thats a little what would you call it, guy guyfugazi right for any company, this is bad but if you are a bank, and if you are a bank that recently had a terrible chapter that you are trying to get past, where you had, you know, you had completely mismarked or paid way too much for your assets or whatever it was, and then to come out with this, so it makes me you know, they dont have their 10k out yet they have to get an audit to get the 10k out, so this cant be good for so many reasons the infighting, whats going on . Ive never seen a chair of the board, i believe hes the chair dinello no. The one who resigned. In his letter, said, i did not agree with naming this guy the new ceo. The ceo, the former ceo, resigned on the 23rd oh, that happened on the 23rd i thought that happened no, that happened on february 23rd he notified them of their resignation. The 23rd of february okay. So that is ridiculous that we dont know that on the 29th. So, clearly, there its sort of i dont know, best case, theyre being way overly conservative thats the best case i fear its a different case well, its also interesting, because dinello was seen as actually someone that the Investor Community was very, very comfortable with, given the role hes played in the past in other reorgs he comes over from Flag Star Bank the potentially interesting part of this is, they acquired flag star the person who is saying, absolutely not, this guy feels like theres conflict there, oom not suggesting that, im suggesting there are a lot of complications here and this is a guy seen as a consensus, you know, someone to come in and calm the waters and actually get in there and figure out what was going on. Look, he may, in fact, have uncovered a lot of good stuff at this point tims a fan of Stevie Ray Vaughn double trouble. Great album. I think hes a bit overrated disagree. One of the lyrics, and this is pertinent. Thank goodness. Moneys tight, nothings free wont somebody come and rescue me thats whats happening here theyre not going to get rescued. Ive said this, and i believe this, the unintend ed consequences of zero Interest Rates, its made places like this extraordinarily lazy. And they dont need any internal controls, because theres nothing to control so, this is a fallout, i think, of all this central bank sort of largess. This might be the first, its not going to be the last i take a little bit of issue with that. I i think is them, their purchas of assets might be. I dont think that this will be a contagion i think it will be contained, but i mean, maybe it allowed that environment to build. Right they had a lot of time to check it, right . I dont think they will be a contagion, i think its, though, endemic of maybe a lot of these, like there are other banks right now scrambling, saying, what do we have . What should we be looking at i think thats inevitable. Ill take a little issue with your taking issue. Hes agreeing with me i dont know if hes right. My view is that new York Community bank is somewhat unique, yes, because once they went over 100 billion, the bright light of regulation and different regulation and more regulation is on top of them so, when you see that, so, that is idiosyncratic and they were forced to buy banks and people thought, hey, they were sweethart they chose to okay, but the point is, they are under a level of scrutiny that i think other regionals are not right now, and thats not good, because that level of scrutiny, i think, gets back to guys largess other problems at other Regional Banks that dont meet that threshold may be being papered over at this point absolutely. Because it doesnt apply to them even though i think theyve got very idiosyncratic issues going on here, but it gets back to, havent we thought that Regional Banks were in a lot of trouble based upon cre and dynamics that i think we all know are coming. So, i think this is fascinating. The stock is down 17 plus. Well keep you posted as the developments come in. Coming in, apple shares clinging onto a level. The chart master will talk about that. But first, china in the global auto market dont go anywhere. More fast money in two trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. Get an expanding library filled with new online videos, webcasts, articles, courses, and more all crafted just for traders. And with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. Trade brilliantly with schwab. Welcome to ameriprise. Im sam morrison. 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Phil lebeau is in chile to take a look under the hood. Hi, phil reporter hey, melissa. Im going to show