Well. I think the s p has set 23 new highs for this year. If you look at treasury yields, you will see that right now it looks like the 10 year is at 438. So lower than earlier in the week. Two year also lower at 478. If you look at some of the meme stocks, that Activity Still alive and well this morning. I will see shares of gamestop up after they fell by 30 yesterday. Amc down by 15 yesterday. But this morning it is up by 4. 3 . You have the blackberry stock up again by 1. 3 . Those stocks by the way are up come back a second. Thanks. About 83 and 72 respectively. You were here you saw the ppi, you didnt see the cpi. But i read it. And that is where the yields boom, 438. Meantime china announcing its most aggressive steps yet to revive its struggling rehe will stays sector. Beijing will have a 42 billion relending fund which they will try to put together to help local state owned companies repurpose unsold properties to public housing. China also eased Mortgage Rates nationwide and policy makes calling on local governments to buy some unsold finished homes for struggling developers at a, quote, reasonable prices. All very socialist. Authorities did not provide details about how those purchases would be funded. Stocks sharply higher on the back of that news. Youd think the size of the country and the population nz a the problem and then you think of 42 b 42 billion. Doe that sound like a lot . Mots surenot sure what they. They are trying to shore up the market. They have difficult issues. Their largest partner, us, is not trading with them so they have to look at other places. But you think about the property problems in china. And you think okay, well spend 42 billion, it is like that is like is spitting in the ocean. 2008, Alan Greenspan said the right youve would be to burn houses down. Like you have to get rid of the housing stock. And weve done that and now you cant find any housing. So were at that point. And somebody on our staff is watching the shares of Applied Materials. Ill look now. It says were watching. But yeah, the companys Current Quarter forecast come above wall street estimates following Strong Demand for its Semiconductor Tools including those used to manufacture ai president zelenskyiers. Ch processors. Companies are pushing to manufacture components prohibited from export from the u. S. There is concern that the Single Source of growth could be risky if geopolitical tensions were to he is can late. And then you have shares of reddit sharply hire. Can late. And then you have shares of reddit sharply hire. Higher in that they have announced a new partnership to allow ai to train on its content. Openai will gain access to the programming interface which will provide realtime content. And they will begin offering certain operations. That stock up by about 14 on that news. And that is a big part of what the ceo said is the future of reddit. And how you can monetize it. Exactly. Meantime Take Two Interactive cutting it forecast for bookings after setting the release of the grand theft auto 6 for the fall of calendar 2025. It narrows the window for the release. This is following deposit app disappointing guidance last week. Do we think that is little tone deaf . We dont like the carjackings. People get hurt and killed and we have a video game the sixth version of how to steal cars and how much fun it is. I told you, years and years ago my younger cousins were yeah, you hit a prostitute and you get your money back if run her over. Terrible. I guess because crime seems like it is more front and center now. That does look realistic. My gosh. Looks like fun, bullpen if that is all that the kids do is play grand theft automatic though hopefully it is like amgen has second or later line treatment meaning patients can take it if their cancer progresses while on or after trying another form of treatment. Amgen says they will continue pursuing other studies that could allow the drug to be first used as a first line treatment. Some Pretty Amazing i guess the merck drug is amazing. And the Justice Department formally began the process of classifying marijuana as less dangerous drug to schedule 3 from schedule 1. Yesterdays notice triggers a 60 day comment period. It could take anywhere from a few months to a year but of course puts all these companies in a better position with the Banking System and other parts of our economy. Some story of my life. Now i have no interest in it anymore, it is legal. If you had any interest in it. It has been a while. But if there had at one point if you could walk into a store and buy have like aselection of the really greatest so coming up meme stocks on the move again. Well talk about the wild week for gamestop and amc. But next former atlanta fed president Dennis Lockhart will join us. 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You are not the first person to say that as far as retail, it was kind of a nonevent even though it happened again. Butit didnt really spread very much. And especially beyond gamestop. No, it waspretty much 36 hours of excitement if you will. But quite honestly, it started on monday. Our clients monday they didnt participate as much. Tuesday they participated more. What was interesting is it was gamestop and also a bit of amc. And quite honestly, our clients participated more on amc and than they did in gamestop and i think that is purely a function of price. The fact of the matter is amc was a cheaper spot. Cheaper options. An people who participated, and ill guest in most every case, was not part of their normal game plan. It was a momentum stock and people were you know, part of their portfolio that they will want to take a little bit more risk on, they went in and did that. So overall this is not one that spread like wildfire which we saw back a few years. Was the volume strong on wednesday and then it dried up on thursday . What does that say even though we want over 40,000 . Yeah, i mean, dow is a wonderful index back when it was invented obviously made a lot of sense. But it is 30 stocks. Price weighted. Doesnt make a lot of sense. S p is what people actually care about. The dow overall is not one that yeah, 40,000 great. You know, maybe psychologically some people thought it was a big deal. But overall lets face it, no professional here is what the dow is doing. The way for, you know, your viewers to think about it in terms of those who are retail, again, look at the indices that the Mutual Fund Managers are compared to. It is always the s p 500 so that is the one that you should be watching overall, that is the one that actually matters. And because of the way it is weighted in terms of volume and sorry, flow and price of the stocks rather than just pure price of the stocks. And what about thursday, in terms of volume go on. Yeah, yesterday was actually okay. It has been a strange week in that we havent seen the crazy volumes. Amc and gamestop did add volume, no question about that, but at the end of the day, that is not sustainable volume overall. So i think that what you are seeing, today we have expiration so i would expect more volume overall particularly in the first half hour and then the last half hour. But, you know, it has been a strange week in terms of it almost feels like people are already sort of winding down a little bit if you will for memorial day. I think next week may help a little bit in terms of we start to get some of the retail earnings. I think those will be some of the most interesting earnings overall. Target and macys. So we want to see what they will say Going Forward in terms of their outlook. But it has been a little bit of a strange story from the retailers so far. And, you know, just i really thought the comments by walmart yesterday in terms of people searching for value which is often as you know people trading down a little bit in terms of maybe what they are going for, so i think that were finally starting to see the real first effects in many ways on the consumer in terms of what is going on for some of the inflationary pressures, et cetera. So it will be interesting to see if target and macys are seeing the same kind of thing overall as they talk about the value type customers. So for me, next week is something that gives us a real inseat into Going Forward and again, if you look at the rate cut expectations, a lot of people only have one on the table right now which w. September being about 68 probability of a rate cut. Were you here last time with tom . I dont think that you were here because he was sitting there. Was that last week . Last week. Because remember he said instead of joe, he said instead of a sell in may, he said buy may might be the new thing. And then you know what he said, he said that we kind of talked about how he not again the next inflation readings would be cool and that would cause a jump in the market. And after the ppi, i remember thinking that he was going to be wrong. But then the cpi. Once again, i think that that was a really good call. Do you think may is going to be a really good month . Well, so far. Hard to argue. Tom has been right a lot. He is a smart guy. And may is turning out obviously to be a really good month. As i said, next week could be the one that starts to tilt us the other way in terms of outlook. And as i said, i am a little bit more perhaps nervous about the retailers than tom may be. But i wouldnt, you know one year does not a trend make. But well see. Does sell in may go away. It has been somewhat successful over the years. But this is an odd year already in terms of where we came in expectationwise with rate cuts and et cetera. So a lot of bizarre things that have gone on this year. And with the president ial election coming up at the end of the year, id expect some of this oddness if you will to continue throughout the year. And i think that that is one of the reasons perhaps you saw the gamestop amc thing perhaps, you know, fade pretty quickly because there is there are many people afraid to commit fully right now and that is the one reason we can continue to go higher right now. It seems to be the path of least r resist resistance. Nobody is like i have to be in this market. When people dont say that, that is how you can continue on go hire. Everybody may buy things, but they are still nervous buying. And that is good for the market. Seems like there is speculative a taste for speculation still. People want to trade something. And there is money at the end the day. So one the reasons that we see success with shorter term options. So bullish stocks sorry to interrupt. Netflix, nvidia, crowdstrike, roku . Yeah, for our clients that is what weve been seeing. The two names that surprise me, crrowdstrike, havent seen that name in the longest time. And roku on the bearish. Okay. Jj, thanks. Have a great weekend. It is friday and it is only drizzling which is like that is progress, isnt it . It has been raining all week. But it is only drizzling now. Yay. When we come back this morning, Cracker Barrel planning a brand overhaul. The Company Announcing that it will slash its difference tend. We have the details after the break. And later well talk to sal khan about the use of ai in education. Your skin is everchanging, take care of it with gold bonds age renew formulations of 7 moisturizers and 3 vitamins. For all your skins, gold bond. You know whats brilliant . Boring. Think about it. Boring is the unsung catalyst for bold. What straps bold to a rocket and hurtles it into space . Boring does. Boring makes vacations happen, early retirements possible, and startups start up. Because its smart, dependable, and steady. All words you want from your bank. For nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled. Which is pretty unboring if you think about it. relaxing music book in the hotels. Com app to find your perfect somewhere. Welcome back. Cracker barrel is slashing its dividend by around 80 as the chain plans to invest hundreds of millions into overhauling its restaurants and updating its brand. They say that it expects earnings next year to be flat or down slightly before increasing in 2026 and 2027. The companys ceo says the 54yearold brand needs to update its image a, menu and retail selection to grow. The stock down 46 over the last year. Underperforming rivals like Olive Gardens parent darden and chilis parent. And when we come back,most of the 39 billion chips act fund has been allocated. Well get an update on where the rest of it is sdekt expected to go. And now a look at yesterdays winners and losers. To start a business, you need an idea. Its a pillow with a speaker in it thats right craig. A team thats highly competent. Im just here for the internets. At t its superfast. Reliable. You locked us out . arrggghh ahhhh solutionoriented. [jenna screams] and most importantly. Is the internet out . Dont worry, we have at t internet backup. The next level network. I sold a pillow marci so, how long have you lived here . And how are the restaurants around here . Are they good, bad, meh . luke marci, weve gotta go. marci im sorry. luke weve got seventeen thousand more parks to visit. [marci screams] luke we bring you the best neighborhood info. marci ding dong luke homesdotcom. Good morning. Welcome back to squawk box live from the Nasdaq Market site in times square. A quick look at the futures. Not much happening. Single digit moves in all three of the averages. House republicans delivering rebuke to President Biden on israel over his decision to pause a shipment of certain weapons, the house passing a bill seeking to enforce the weapons transfer. The democratic led senate expected to reject it. The white house has said the president would veto the bill if it passes congress. Remember when we called something bipartisan if like romney voted for it . There were like eight or nine democrats or something or maybe even in the teens that voted for this on the house side. So it was at least on the house side a bipartisan measure that is going nowhere. And the Biden Administration has handed out the lions share of the chips act. But there is more some left. And megan is joining us with which companies could get the remaining funds. Hundreds of companies are still vying for a piece of the money. Most of the 33 billion has gone to leading edge producers like intel and sam sasung. But mike smchmidt says that now the focus is on smaller companies. And the goal of majoring production sustainable over the long term. Once we begin to rebuild the scale that we expect to see in this country, i think that that will create ongoing investment dynamics and continue to make it attractive for companies to invest in the future. One company hoping for an award is iqe. It produces what is called compound Semiconductor Wave wafers. Sbl and so compound is at the core of the infrastructure. Without compound there is no smartphones or 5g or ai. Have industry sources tell me that texas instruments, Applied Materials are also likely in line for the funding that we expect to be allocated before the end of the year. You say the Commerce Department expect to the fund the supply chain end to end. And that is a critical com component. But is that enough money . Of course not exactly. Commerce says that they always expected this to remain a Global Supply chain. That suppliers that manufacturers will always have to look overseas for some of their components. And they say is that okay. But they also say that chips act 2, round 2, would be well spent. And the industry sources i spoke with said that there will have to be intense juggling here if we really want to build out the supply chain. The criticism or the concern is that if we dont focus enough on the rest of the supply chain, then it is great to have manufacturing in the u. S. But well still depend on overseas. So was it really a success. So if the suppliers are so important, why all the focus on all of the huge leading Edge Companies that may not need the money as much . Some sources i spoke with said this is mostly political. That there has been so much focus to getting the advanced manufacturing here, leading edge chips here that is what gets the buzz. They wanted to make sure they did that. But commerce also says they want to make sure they h