fragmented media landscape and remember a couple years ago people were saying people weren't watching the nfl games. >> the kneeling. >> the kneeling, absolutely. >> are you watching the game tonight. >> i will be and i have a wager. thanks for watching "power lunch." >> "closing bell" starts right now. the fed is willing to overshoot, those words from the atlanta fed president, cutting into today's rally, this is the make or break hour for your money. welcome to closing bell i'm sarah eisen. we're now negative on the dow about 74 points or so. s&p 500 up about .2. technology leading today, nvidia, salesforce that's what's carrying the market higher today. the nasdaq up a full percentage point. what's lagging

health care which has been defensive all yearlong lagging on the back of the j.p. morgan health care conference. we'll check in there a bit look at tech stocks we want to dive deeper because they are the w w winners today. saying the semis could hit a bottom coming up city private bank head ida lou. and the ceo of moderna live from the j.p. morgan health conference where he announced a new pricing strategy for the covid-19 vaccine first up, the dash board, mike santoli what are you watching today? not just the chips, nvidia, microsoft, amazon, apple all higher as well. >> yes that reflects a mean reversion the winners of last year

declining, some of the stuff beaten down, including last week, microsoft, apple, amazon, did get some relief today. making a bid to suggest that this is a decent little base people came into the year pretty defensive. if you have any down side moment, if you have any down side momentum in inflation while the market stays okay people looking ahead to what that means for the fed potentially being finished yields are finished, the dollar is down today, still fears about the growth picture falling away but for now we are back at the roughly three to four week highs on the s&p waiting for the cpi number on thursday look at the credit markets been a very strong part of the financial markets this year people came into the year feeling bonds was a risk/reward.

when the treasuries go higher, people are running away. and you had the march higher people concerned ability the economy and fed hiking rates through the year and then coming down, looks like the recession scare and the fed is going to overtighten scare at the end of 2018 where we got relief there and the market stab liedsed, equities had further upside we don't know if the fed is going to reverse what it's saying and doing this year but it means financial conditions have eased, it means that companies are willing to issue at this higher rate which is a decent shape and buyers are there for it. >> as far as the action today. we're focused on updates from conventions like health care and retail but the fed speak, is it any surprise that the fed speakers are leaning hawkish away from this fed is going to pause narrative? they have a job to do. >> yes >> because that's what appears to be getting the market's

attention today. >> the more times it's repeated and the higher the stock indexes actually are when the same words are said you might get a different reaction to that i think a lot of it is the regular sloshing around of can we believe it or not because yes, the fed is going to be speaking like this as we said many times up until the moment the fed changes the policy not going to try to anticipate it, get people conditioned to the idea they feel they tightened enough sudden most likely and the market is betting there's down side push to inflation and they will be forced to or allowed to ease back in the coming -- >> everybody watches the manheim index, used car prices, down 15% year over year >> exactly >> good to see that, that's what led us into this. >> and services is the next thing things are focused on. >> mike santoli, thank you. shares of lululemon getting hid after forecasting a decline

in gross margins for the holiday quarter and macy's plunging after warning sales will come in light for the quarter. macy's ceo expressed concerns about the consumer saying as we think about 2023 we do think the consumer is under pressure, especially in the first half let's bring in former macy's ceo for more how nervous do you think the industry is about the consumer right now based on some of these warnings >> sarah, i think what happened, what you saw this holiday season is as anticipated, the consumer came out guns blazing. spent heavily during the gift period but what jeff pointed out and others have done as well is that in between those gift giving moments the week before christmas being important, cyber monday being important all the peak giving periods were very, very strong but in between when consumers tend to buy for themselves, that weakened.

and that's a bad sign for the longer term. because i don't believe we don't have the holiday spending moment to carry us into january, february and march so i think that's what the concern is i think that's why the warnings have been out there. not just by macy's others as well lululemon you pointed out and others so i think they're seeing this as a bit of a concern. consumers getting a little bit nervous about whether or not they're going to continue this torrid spending move that they've been on the last couple of years >> i just want to dive into that idea further so your successor and the statement they put out on friday with this warning said in part black friday, cyber monday sales were in line with our expectations while the week leading up to and following christmas were ahead however the lulls of the nonpeak holiday weeks were deeper than anticipated. i need you to translate that from macy's ceo speak to what it

means. obviously in the holiday periods you don't get the same boost you get during the holidays. what does that mean in terms of pause for concern. >> i think what those comments just demonstrated is that the consumer was stepping up, spending for those important gifts that they wanted to give and they wanted to be proud of the gifts that they gave when it came time while they were in the store in between just browsing and looking at opportunities for themselves, their own events, they cut back. they held back and that's what i think the concern is, sarah, and i think that is reason to have some concern and some pause about the first half of 2023, in terms of discretionary spending but on another category of spending, you know, you all have been talking about this a bit earlier in your program, is that consumers are spending on

experiences and that includes travel and hospitality if they want to have the trips that they haven't taken, still have not satisfied that need from early covid days that is going to use a lot of what they could otherwise spend on discretionary goods. >> you know my next question, is this department store specific are we reverting back to a period precovid when department stores were pressured more than the other retailers, because we aren't hearing this broadly yet. >> you're not. but obviously lululemon is not a department store. >> they still raised their revenue guidance, they just warned on margins. they're still growing 20 to 30% a quarter. >> i think what the macy's argument was is that their inventory is in very, very good shape and well below 2019 as well as below their own origoriginal

anticipated numbers going into this period. that's critical. so there's a tremendous amount of top line growth driven by promotion by retailers who had too much inventory going into the fourth quarter the key question is what do those inventories look like january, february, march, april into this coming year. if the inventories are still heavy over expectations. if the inventory is higher than last year on a relative basis to their sales expectations versus last year in the third quarter that's where i see a problem with margins others are getting their inventory in positions and protecting the margins i think the margins are going to be okay with the retailers but they won't have the aggressive opportunity to go after top line sales growth. >> understood. terry, valuable having someone in the chair join us to talk through the warnings appreciate it. up next, citi group private

bank global head ida liu lays out 2023, what she's telling her clients to buy and sell right now. dow down 64 points s&p 500 still higher by .25% you're watching "closing bell" on cnbc.

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i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please!

you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. we are well off session lows the dow is now negative but the nasdaq up one full percent

dow down about 100 points. joining us is citi private bank global head ida liu. good to have you hear. >> thank you happy new year, great to see you. >> what are you telling your clients, your ultrahigh worth clients that are wondering if next year is as rough as last year. >> they came off a beating last year, global equities down 19%, global bonds down 16%. that coupled with the russia ukraine war, and 40 year highs in inflation last queer. so a really tough environment last year. we primarily did four things for clients. hedging on the asset and liability side moved a lot of cash into fixed income which was a compelling trade which we're still doing right now. shifted equity positions into high quality equity positions and for suitable investors we added alternative investments.

and now at we sitting at the start of '23 it's a different year than '22 and a lot of opportunities ahead for investors i think. >> kas different about this year >> we are projecting a recession, hopefully mild in the first half of the year as you and i know bear market bottoms are never hit until a recession starts >> we haven't seen the low. >> we think investors need to buckle up for volatility in the months and weeks ahead nonetheless, we think there's a lot of opportunity, we think rates will peak and inflation will come down to roughly 3.5% by the end of the year not to mention china is open. >> you're telling people longer term to position more bullishly it sounds like. >> we are. when you think about it, in the past whenever a market as detracted 25% or greater, the following three years yield a

40% cumulative return. we want to make sure you're buckling down now but you don't sit on the sidelines too long because then you miss the opportunities going forward. nonetheless we think there's a compelling case to invest in fixed income as you can see for u.s. taxable investors the rates are still attractive at high single digits as are u.s. treasuries think about the fact treasuriries last year were .25% and today it's .48%. >> what about technology, i didn't hear you mention that, in terms of the areas of the market hit the hardest. >> there's three areas we think are unstoppable trends so as industry we love tech. specifically within tech we love digitization think cyber which ceos you've talked to that haven't listed cyber at the top of the list. >> secular trends but the stocks

have been volatile and the valuations get high. >> they've been volatile and taken a bit of a beating but think fin tech, ai, robotics think about the brains that drive all the digitization, and the semiconductor industry as a whole. so think room for growth with certain areas of tech. secondly as i think of trends in our portfolios it's important for investors to add immunity to our portfolios by adding health care we like health care, continue to like health care because they're high cash flow, high dividend paying think the big pharma companies, they don't move with the economy and on top of that, a massive aging population by 2025 and greater and beyond you're going to see 25% of the world's population at 65 years or sololder. so you only see the story for health care continue to

accelerate and couple that with innovation in the health care space with drug discovery, telemedicine so tech, health care, and clean emergency on top of it. >> you don't discriminate within health care. it's already as a sector performed, been flat the last 12 months. >> we like it because it's defensive and because of the strong cash flow positions and the high dividend payments and also the fact that we think the consumption story is massive in the days ahead. >> i'm curious what the sentiment is like among your clientele towards equities, toward bonds feels like people are feeling bearish and not expecting the fed to cut rates any time soon, even though the market is gunning for it by tend of the year. >> generally speaking as i mentioned we're thinking of a recession in the first half of the year, thinking it's mild but invest

inv investors are looking longer term, beyond '23 and a compelling turning point mid half of the year, and it's important not to sit out too long otherwise you'll miss the rally. >> are your clients bearish, cautious after the year they had? >> they're cautious because we think there's more volatility and down side. bear markets never start before recession hits so buckle up but don't stay in the bunker too long. >> got it. advice from ida liu. thank you for coming by. >> great to see you. >> the ceo of moderna just announcing his plan for pricing covid vaccines commercially once once the government contract it has ends he's going to join us next in a cnbc interview the s&p 500 and nasdaq hanging he with the nasdaq up almost a percent we'll be right back.

shares of moderna getting a boost after announcing covid-19 sales for 2022 and the company is considering pricing the covid vaccine at a rage of 110 to $130 per dose in the u.s. joining us from the j.p. morgan health conference is moderna's ceo and megatirrell. meg to you >> thank you so much great to have you with us. let's start with the covid vaccine, the 110 to $130 a dose, is that where you're thinking of pricing this once you switch to the commercial market? when do you think that switch is going to happen. >> we haven't set a price yet. but the question is what do you think of the pfizer range and this seems like a reasonable range. so we are figuring for that

process. the u.s. government ask us to be able to be able to go private setting this year, which we're all doing in terms of discussing with pharmacies and payers and hospital networks and so, as you expect so we're getting ready to do that as you know, the u.s. is looking at other product so we're able to provide the pharmacy. the goal is to be ready for late summer, early fall. >> thinking about how you modelled covid vaccine revenue you said a minimum of 5 billion this coming year you could strike more contracts but how do you see the covid business playing out over time >> sure. i think the $5 billion is the signed that assumes we sell nothing in america, which i don't think

that happens and contract in europe and japan and middle east. we wanted to be clear to the market this is what's been signed already and we think as a fraud that's how we characterize it so we'll work in any pharmaceutical companies where you go and just negotiate contract and so on to see where the year will land it's clearly a transition year i've never managed a company from pandemic to endemic so i learn with everybody else. there's a lot of covid fatigue this year. and i think more and more people are going to be more interested to get their booster next year and around the world, and the u.s. the vaccination rate for omicron booster is not high but in other countries europe and asia, it's higher. so full the over time the data will help people get protected. >> just on that note, you

mentioned asia, what about china? do you think they're going to eventually ordered m rna vaccines as covid surges there >> we're in discussion with chinese governments have been for a while. as you might be aware, europe, try to give mrna vaccines, so at this stage nothing to announce we're actively in discussion i'm hoping that something will happen but of course we'll see where it lands in the end. >> good to know at least you're in discussions still, that's people looking for relief on the china story. my question to you is on the vaccine you're working on with merck as it relates to melanoma and how game changing you think this is and how big you think it could be

>> sure. if you look at the data, we compare the products so -- it was a randomized study, it was could we note if it was working or not, i was on cnbc in december when that came out. we saw 44% reduction of risk of recurrence of the disease, which is very material we think we have a few solutions to potentially improve it and so what we're working with our colleagues at merck is as fast as we can in melanoma but it's the same in all cancer, how can we teach the immune system to recognize what they missed because we all have cancer all the time and our immune system has the tools to take care of cancer cells and if the cancer grows something happens. so we think it's applicable to

cancer type. could you see a world down the road where you have a technology like liquid biopsy where you see tumors very early on in blood and you make a product for people with information to help them very early on in their disease to help them so we'll be exploring a lot of things we think it's game changer for patients so merck is committed to invest aggressively as we show this morning we are increasing budget in '23 to $4.5 billion that's a very, very large number and a big component of that, of course, is cancer. >> that's really excited and i'm interested to talk with you about the multiple applications with cancer. but, of course, one of the near term opportunities is flu, another is rsv you said you're expecting data on rsv days

potential. >> i would say days to weeks we crossed the threshold of number of cases, because it's a case driven study. and so, we know we crossed it. we could very, very soon have a data out as soon as we have it we share it and that could be approved very quickly as you know there's no vaccine approved on the market we shared this morning both during the christmas break another voucher to be able to accelerate and get fast track approval and so, we get one from covid but we also have a few products but this year, that would be a big game changing for moderna. >> that's exciting thank you for being with us. >> thank you for having me. >> they need one, like a covid, rsv, flu combo shot. thank you very much.

wall street is buzzing about how political unrest in brazil could have a ripple effect on the market and your money details when closing bell returns. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business.

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what is wall street buzzing about? brazil, market fallout from

violent protests at government buildings including congress and the presidential palace. seems reminiscent of january 6th here in the u.s., the invasion of trump supporters in the u.s. capitol. the market impact, the real is getting hurt it was up more than that earlier. ewz is in the red that tracks brazilian stocks and yields on the ten year bond haves jumped to more than 13% here's what wall street is saying, quote different from what we saw in the u.s. in 2021, there's no clear demand from the protesters, called criminals and terrorists on several networks we have a situation here that the president already took office, the cabinet has been named and the government is functioning for eight days now and they do see the negative reaction as short term volatility is expected to remain high for the coming weeks. some think that president lula

gets politically stronger and could push for a more radical left agenda. he has signalled a flood of budget busting tax and spending policies and a more intervention approach the brazil exchange fund msci has dropped 10% since he won election some companies to watch within the u.s., mosaic, more than 40% of the revenue coming from brazil ball, fmc, corteva and fleetcor. they'll be hit as the currency weakens as the local revenues become a lot less. the bottom line, political risk is alive and well. not great for sentiment at a time where things should be improving in emerging markets as china reopens and the fed shrinks the rate hikes it does

hike for the domestic economy atop a heavy dose of policy that has plagued brazil since the election we've been losing steam the final hour the dow is down 13 or so points. the nasdaq off the highs as well still higher up .8%. technology is in the lead today and that's on the strength of semiconductors and big cap tech. what's weaker? health care. and retail is under pressure as well up next irwin simon discusses whether there's any hope the republican house of representatives would take up the cannabis bill under speaker mccarthy that when "closing bell" returns. business.little unlimited premium data. unlimited hotspot data. (woman 2) you know it's from the most reliable 5g network in america? (vo) when it comes to your business, not all bars are created equal. so switch to verizon business unlimited today.

shares of till ray getting smoked down 6.6% this comes after missing on revenue. the company saw a slow down in canadian adult use and medical use. but they saw increases in their beverages. the ceo joins us now for a first on cnbc interview. thank you. >> thank you >> people were fretting about swinging to a loss and a missed result, what's happening with the underlying business right now? >> so at a constant currency we're up over last year. up quarter over quarter, and actually there's been significant price compression in canada, almost $12 million year over year. i'm happy considering what's

going on in the world today. the economy. i'm happy in regards to what's going on in the cannabis world listen, i think over 60, 70% of consumers want legalization happening. and in canada, you know, we have the largest share in canada we're strong in adult use, strong in medical and our plan is to drive our canadian sales by organic growth and innovation the canadian market is a 7 billion plus market so there's lots of opportunities in the canadian market for us europe, same thing. >> i was going to ask about the oversupply in the canadian market and what you think about that capacity and what you think for pricing. >> over 900 lps in the canadian market with that, listen, the opportunity for somebody to take that leadership role, we have over 12 brands in canada, a tremendous amount of innovation. i think listen, we're a

four-year-old company in regard to cannabis. we're out there building brands, building distribution, still a 5 to $7 billion opportunity in the can canadian market which will set you us up when legalization happens in the uk and the u.s. >> you saw they couldn't even elect the house speaker, how are they going to pass legalization, especially when republicans aren't so sure they want that? what are your expectations here? >> listen, sarah, what we have to do now is ultimately not depend upon the government we have a strong business in canada, we have a strong business in europe in regards to medical. in the u.s., hey, what we're doing is we've gone into the spirits business, gone into the beer business. we gone into the wellness food business so it's to grow our

u.s. businesses with consumer package goods with adjacencies i said last year we want to be a $4 billion business depending on legalization that's going to depend on legalization i don't see that happening any time in the year future. so our tragedy is to grow our businesses through acquisitions through other categories but listen look at new york right now, the lineup of the candice stores that have opened in new york, the demand is there, the want is there, look how long it took for prohibition. ultimately i saw a big opportunity and industry, with tilray with the balance sheet, brands, innovation, global footprint we'll be there depending upon what we'll be a diversified company in many categories but built around brands. >> i know there was a lot of talk about the acquisition strategy on the call how are you thinking of it is it other beer and liquor

brands in the u.s. craft brands could you see a scenario where cpg makes up bigger revenues than cannabis? >> that's what i see today the cannabis business in canada -- it's interesting over the last couple of years we've paid over $220 million in taxes in canada. so look what the governments are missing by not legalizing. the plan is to grow canada, do other acquisitions, but theu.s right now the focus is on cpg and looking at some of bigger opportunities out there in the wellness space which i know well, looking at other opportunities in the beer and spirit space i don't mind constellation or other spirit companies multiples out there and their margins. same with europe i like europe, the opportunities are going to be tremendous in europe we combined our european businesses our pharma, our

cannabis business and looking at other opportunities in europe in the consumer package good industry that are adjacent to the cannabis business. so once it is legalized. we'll have that brand the products, the know how and we'll ultimately be that global company >> well, reminiscent of the celestial days on wellness and cpg. irwin thank you very much. appreciate the time. >> thank you very much. up next, canaccord chief market strategist. that and gaga for baba and coinbase soaring

i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us.

and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. if your company actually practices the values

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we are now in the closing bell market zone, mike santoli here to break down the crucial moments of the trading day plus we have deirdre bosa and kate rooney. kick it off with the broad market, dow negative, s&p 500 has joined the dow in negative territory, strength in technology, but weakness in health care, the defensives, consumer staples, energy is down even though oil prices were higher and gold prices were higher what do you see as thedriver ahead of a cpi report on thursday and coming off the celebration on the slower wage growth >> i think that a little bit of a backing off of the reaction on friday, that celebration of the jobs number that seemed a little faintly goldilocks is probably

what we're observing today i don't think today's action in particular has a very sharp story to tell, aside from pretty mechanical bounces in some of the huge growth stocks that got beat up nicely it's defensive groups even as yields come down, just a noisy bit of action, aside from the fact that we spent weeks with the s&p sticky around the 3800 level, here we are at 39, overshot to the upside the 200 day average is below 4,000 i think that's mostly what we're seeing a consolidation of a good start to the year we got last week. >> the hawkish fed speak never helps and we have a lot more of that today shares of al by bah bah, the cofounder is giving up control of ant group that could help revive the massive i.p.o., alibaba owns a

large stake in ant adding the company to the conviction list. deirdre bosa joins us. how significant of news was this about ma and ant >> jeinvestors are seeing as a path to i.p.o., ant said it doesn't have any plans any time soon look at jack ma, once known as the people's billionaire, thought to be untouchable because of his popularity within china but also globally. now he's persona non grata at the companies he helped found. i guess the question going forward, can the companies success without him at the helm, one of the risk factors may be taken out along with the

reopening but can they grow at the same pace. all chinese tech adrs have started 2023 off on a roll, continuing the outperformance from last year. >> the reopening may be just another signal their massive internet crackdown is winding down, cooling off, i don't know. hard to read into the signals there. deirdre bosa thank you check out shares of coinbase after jeffrey's said the company is best to weather in the long term a $35 price target kate rooney joins us with more >> a couple of dynamics are playing out, the note,jeffrey's and growth today for coinbase specifically it is likely a short squeeze playing out as well. one of the most heavily shorted

names out there, along with other crypto stocks which we've seen jump today as well as three partners had numbers on this on friday they said about 28% of the float, or essentially the available coinbase shares out there, were shorted. the average s&p stock is 5%. a crowded position, looking to be set up for a potential short squeeze and that appears to be what's happening now grain of salt you mentioned the jeffries note, the ftx impact in the near term it's negative, they talked about trading volume facing pressure so it seems to be more of a technicalrally an short squeeze over the 12 month period, coinbase is still down more than 80% over the past year or so. >> kate rooney thank you 14% higher for coin base doesn't make it the best in the arc innovation fund. you have names like exact sciences up 25%, faith

therapeutics and other names, robynhood, draft kings, nvidia, they're all higher today, too. >> they are. we're almost two years past the peak in this category of stocks that's when the i.p.o. index peaked, the ark innovation fund peaked now we're bumping along flatter ground so i think they have remained shorted, people are taking in their directional bets on the long and short side. that's the reversion we've seen this year. naturally company by company another lbo in a software company today. you have the sense out there that the down cycle is maturing at this point but i would absolutely not look to this area of the market to be the thing that leads you higher. they'll be volatile, jumpy and squ

squeezey szillow is another name looking to be building a base but not back to the days of 2020 and 2021 as well >> look at the s&p 500 well off session highs in the final minutes of the trading day gave up an earlier attempt to extend friday's rally. while stocks have rebounded from october's low, the next guest hasn't seen a sign of a bottom yet. tony tony dwyer joins us now. what are you waiting to see. >> happy new year. >> happy new year. >> whether it's a bottom or the bottom you get two things, a fed induced bear market like we're in you need them to do more than signal they're slowing down on rate hikes the conference board leading economic indicates they hit a minus four year over year, close to a recession the ism manufacturing and

services which i believe was the driver on friday, they're showing contractions so ultimately what you need is an aggressive cutting of interest rates that allows the yield curve to steepen sharply which would then give investors the ability to look through that coming negative economic outlook or weaker earnings that or you get the earnings and valuation are reflecting recession. clearly that's not the case with growth expected in 2023, our numbers calling for about a four and a half percent decline in operating profits. and lastly some kind of washed out condition. we are looking for a summer rally and year end rally and both predicated on you were getting smoked in the market and all indicators were historically extreme. >> on the fed point would it be good enough if the fed takes a pause and doesn't cut interest rates because that feels like where they're going. doesn't feel like they're going into cutting

they're trying to make that point clear. >> i can only find the -- it was a soft landing environment in 1995 where the fed paused and that really kick started a run really into tech and it created the last half of the 1990s clearly i don't think that's going to be the case here because again it would be unique with those indicators i mentioned to not go into recession. the thing i find interesting is the fed is trying to regain credibility here i try to exclude the silly stuff people like me look at and use common sense they're trying to show confidence in the market that they know twhat they ire're doin the market is ignoring everything they're saying. so i think you're more hawkish because they're trying to get that credibility whether they're right or wrong isn't important. that's why they're having the tone they're having. >> it's important if they're wrong and they take us to a deeper recession.

>> that may be too late based on the indicators, that's our call. i think what's interesting here, the full story i don't think is a soft landing because that means you have higher interest rates for a longer period of time and likely will there have have an inverted yield curve for a period of time how about the case for the year it ends positive, they start cutting rates aggressively resteepen the curve and allow investors to work now. i think that's the focus as we move forward. >> that's something we do not hear every day we usually hear the soft landing is the full story. tony thank you very much c canaccord. two minutes to go. >> the strong breath we started the day with has stuck around, stronger internally than the headline indexes would have you think. it's been a couple of good days,

doesn't create a huge momentum push the 10 year treasury yield starting to look like rolling over, breaking the one year up trend to a degree if you draw the line a certain way the high back in june, 348 or something like that. looking heavy there. the highest point on the o curve is the six month bill at the moment the volatility index bumping up on a monday, still in the low 20s, cpi thursday, probably going to keep it bid more than it would otherwise in otherwise a gentle move. >> the three year ten year inverted look at the market headed into the clothse salesforce, goldman sachs and microsoft contributing on the upside the s&p, slipped negative in the final moments. what's not strong, health care,

staples, entry, industrials, and communication services just tipping into the red looks like nasdaq is going with a gain the chips, like nvidia, tesla, microsoft, amazon, those are all helping today. also we have lower yields and a weaker dollar. that's it for me on "closing bell." see you tomorrow everyone. now to overtime with scott wapner >> sarah, thank you very much. welcome to overtime i'm scott wa wapner you just heard the bells we're just getting started i'll speak to tom lee, who says stocks could rally another 20% in 2023. we'll ask him as the fed continues to talk tough and the economy is expected to slow even more and that's where we begin. our talk of the tape, a bombshell, the head of the atlanta fed suggesting