500 and regional bank etf. white financials green and orange the banks under performing financials. it's the insurance company -- >> the insurance company that -- >> correct why banks are key. could be an important signal about whether or not the banks could be having a bottom now. >> totally. >> great to see you. thanks very much. thanks for watching "power lunch," everybody. "closing bell" starts right now. stocks higher a third straight day cooling from the prior month a make or break hour for your money. high of the day of the dow up 319 points nice brought rally, s&p up and three sectors lower. the defensive safe haven sectors. everybody else up today. energy leading real estate another big comeback day for reits, nasdaq up and led

by microsoft, nvidia and meta helping out. apple under pressure today check out shares of disney stock story of the day leading the dow as billionaire nelson peltz launch as proxy fight for a board seat at the company. talk much more about that in a bit. also ahead on the show today -- cannot miss collusive interview with ceo of nike, john donahoe don't hear from him often. his latest read on inflation, strength of the consumer, china's reopening, of course kyrie irving controversy a lot to get to with mr. donahoe. first up, day three of gains at the market dashboard with commentator mike santoli i didn't think the market would be up after poor cpi fed pays attention to. >> yeah. >> it's a little bit hot. >> mostly on target. right? so the core forecast mostly where it was supposed to be. over month over month, in line what we're looking for

then i think in general the fact that the forecast so close where it came out showed you macro sp sp suspense will ease a bit a continuing story of inflation in retreat the fed perhaps getting towards end of what it needs to do yields getting compressed, and people migrating back to some risk exposures coming into the year very defensive. where does it leave us an interesting spot. drawing that line. d d d downturn from the 2022 high. 3984 area at the moment. clearly, could be an area make sense. equal weight verngs of version blasted its own 200-day average. a better story a lot of talk about speculative stocks old favorites of a couple years ago in high growth, tech, having

a little bit of a revival. it is true running a bit, eve's meme stocks have puts it in perspective block, zillow, docusign. moosive waves of liquidation what's happened, in 75 to 8% down a - 80% area, maybe people accumulating's stable, definitely not something that looks poised to take off to the up side at this point. >> i guess that relates to the inflation story. even if in-line, mike. >> yes. >> given the market setup, the market was excited anyway for a softer cpi surprising to see bonds rallying and ten year below 35. the fed can say need to keep going. have a lot more work to do by the way, heard that from some fed comments. >> no doubt the fed might want to throw cold water at the marx if it continues to get

overexcited. look at things like shelter, the only thing holding the core services cpi positive in this. the part of cpi the market's very confident son the down sw down-of-is on the down swing i get it below 6 well in place. maybe the harder percentage points are ahead of us in terms of getting inflation down, but for now. by the way, s&p only wback to where it was december 14th not off to the races yet. >> important mike santoli see you soon. sixth month in a row inflation fell down following december and still up 6.5% from a year ago right in line with wall street expectations why? gasoline prices. down more than 9% in december. that helped. used cars and trucks airline fares contributed. highlighted in preview jed, shelter and food inflation are

still rising food at grocery stores rose less than in november but consumerster feeling pain. areas like bread, cheese, fruits and vegetables all up from a year ago eggs up 5% yea pe59% year-over-year o the avian flu. it will take months to fix because new chicks need to be born without the disease and a clue food inflation wouldn't come down anytime soon. >> ouration is early in the year inflation more than a couple years ago later in the year we expect moderations there, but it's still going to be a while before it really is, taking pressure off the customer. >> then there's shelter. accounts for about a third of the total cpi index continuing to rise in december. look at that core rate stripped out food and energy

went up 0.3 %. the number the fed watches up in dex. what's the fed's next move philadelphia president and st. louis fed president suggested pushing interest rates above 5%. parker supporting smaller hikes now, 25 basis points bullard on the other hand said the fed should get there as soon as possible. bring in neuberger managing director holly neuman croft, inflation regular, holly. >> seems so. >> welcome back to the show. i take it you've been bearish posture and not that impressed with the inflation moderation? >> i think inflation came in exactly where we, neuberger expected to to come in we love inflation coming down but 6.9% too high a number and unsustain about for a healthy, growing, rational economy. interesting in 2023 is the focus will shift from solely on inflation and inflation coming

down to slowing growth that playing through the system. >> before we get to chslowing growth jury is out for haow foast it comes down. >> fed hasn't increased a target of 2%. we're at 6.5%. we're not getting there anytime soon this is not going to be a matter of months. it's going to be more than a year. >> you don't think that? some on wall street think a matter of months come down quickly here >> no. i think we at neuberger, watch it come down feurther next unique, a healthy decline in inflation. >> what does that ultimately mean for the fed >> we expect consensus as everyone else continue to raise rates 25 basis points two,

probably three times i think where the discrepancy lies in the market in general is when are they going to switch and start reducing versus just pausing and holding. >> you don't see the reduction >> not yet no. >> in 2023 >> probably unlikely probably unlikely. >> and brings us to the growth question the other debate how much we're slowing? going into recession and expectations in the right place? >> growth is going to slow right? we expect inflation to come down growth is going to slow. we're certainly expecting that but that's the intended consequence of everything that the fed has been doing the other thing is that, you know, prices are coming down revenues are coming down, but the price for goods is also coming down. so that could have some offset, if that makes ss sense, but gro slow and earnings come down a bit. >> you haven't liked stocks. you've liked bonds this year.

>> i did an exit stock for underweight equities and continue to be focused on high-quality companies we continue to focus on value over growth, and we have a real emphasis on active management. active portfolio managers had their best year since 2005 and that's because there's finally a consideration for real research, real consideration for strong management teams, for companies that have a proven track record of operating profitably through difficult markets. and in the era of free lunch where interest rates are going down, or even negative, in valuations, they are skyrocketing, that's over. so we're underweight equities. we didn't exit equities. >> i guess, fomo starting off strong and this week strong. everything you laid out about inflation and the fed and slowing growth, that's pretty much there, in the markets

so why not tip your dough back in on the idea that on the other side, it could be a shallow recession and the federal reserve is done hiking >> we will dip our toe back in but right now are paid handsomely to wait taxable equivalent yield on a mun bey cash management portfolio is close to 6% our clients, like your viewers have just suffered a down 16%, 17% year, and so we're going to sit tight, be paid really nicely close to long-term equity returns to wait, and when we see things start to settle, we'll go back in. go back in the u.s. markets. international equities will be a great buy. valuations have been really decimated. >> not there yet >> not yet but closer to the end than we were certainly last time we spoke. we're getting there. >> all right holly a few more inflation reports with you maybe get there. thank you. holly neuman kroft. mikey shares off to the

races starting 2023. up nearly 10% so far up next a rare and exclusive interview with ceo john donahoe. read on the chinese consumer, and nike in the metaverse. we're looking at 200 points on the dow. ) lions? nope. (lion rumbles) we do it with our people.

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nike shares making a comeback after a rough year up more than 50% down from 52-week lows i spoke this afternoon with ceo john donahoe about today's

inflation numbers asking where he sees it going here in the u.s. >> you know a lot of people who are prognosticating on the macro economic outlook reality is i have no crystal ball more than anyone else, but i can tell you what we're seeing and then how we're thinking about it. >> sure. >> the simple fact of the matter is we're seeing continued strong consumer demand for our products and our brands for nike, jordan and converse. saw it in q2 and we continue to see that so we're just focusing on, we have a muted outlook going forward. we're preparing for anything, but our focus is to make sure that we get stronger through this period, regardless how inflation and the economy play out. that's what strong companies do. >> you're saying you still have pricing power in this environment basically? >> still have deep consumer connections and the consumers are prioritizing nike, jordan and converse in their purchases, and that's what we've been

focused on continuing to do with our connection with the consumer and what we're continue to do regardless of the economic outlook. >> what about china? since china has begun to reopen, what have you seen from consumers there? >> well, as you saw, after two years of disruption, we returned to growth in china in q2 our q2 ended november 30th last year saw 60% in currency adjusted growth, and we have invested heavily in china even through the disruption over the last couple of years and saw fruits of those investments for instance, invested in building hyper lower product take a franchise like air force one or dunk and localize it so it's relevant for the chinese consumer and they really responded and is responding to that our storytelling and our brand is more locally contextually done right now

whether life streaming or on timo and platform, connecting with chinese consumers and saw it in how the consumer's responding and still number one cool and favorite brand in shanghai and beijing focuseds on the gen z consumer, wants most innovative products and brands globally relevant what we focused on saw good response in q2 and have the same outlook going forward. >> since then, in the past weeks seen the chinese consumer really ramp up spending since they've opened up the economy? >> there's been disruption in china. there's, you know, phases of disruption for instance, end of q2, a vere oh covid policy we had 1,500 stores close now with the transition towards the, an evolved covid policy, our stores are open, but obviously consumers and our

teams are working through as covid works its way through that, that society and that economy. and we factored in some disruption in our outlook but view that it as transitory still believing in fundamentals of china, that it's a strong market, confident it's a strong market and confident in our position. >> what about inventories, john? nike slammed, oh many companies did, by supply chain issues and ports congestion and i know you're working through that bit still bloated. saw progress last quarter. when do you think about return to normalization for inventory levels >> yes as you said, inventory peaked end of q1, and just we like many others faced a sort of bulge in inventory. our focus has been twofold, sara, since then one, ruthlessly focused on our core, iconic franchises, our innovative products, where he still experience full price

realization and saw it through q2 consumer playing list price for flik nike products they know and love and inventory, apparel in north america, we are working through it discounting and working through it our units of inventory were significantly lower end of q2 than q1, lower end of q3 and our goal back to normalized lempls by end of our fiscal year which is may 31st as you know. >> got it. direct to consumer story the growth engine investors paid attention to you for years this last quarter, it was interesting to see strength in the wholesale business how show investors think about that direct-to-consumer business and is it still the engine of growth for this company in ways we've seen in the past >> well, sara, we have a very clear approach to how we connect. which is view it through the consumer's eyes. and you've marrheard me say bef.

consumers want they want when they want it how they want it. in our industry very clear they want a premium and consistent shopping experience regardless ofteresting. consumer don't differentiate from physical or digital purchases, those from our mono brand after stores versus those from our partners. we've developed our priorities and focus so we can offer consumers choice so that starts with our unmatched digital apps nike app, sneakers app our digital profits are strong we saw 34% growth in q2. still very strong digital performance, but our strategic wholesale partners partners like dick's sporting goods or foot locker or j.d. are very, very important because consumers want to try on products want to be able to touch and feel so we've invested in strengthening those strategic

relationships. and doing something no one's ever done before connecting our membership programs to deliver a personalized experience to consumers whether they're shopping digitally, shopping through partner stores or our own stores so our strategic wholesale partners are very, very important to our future and we're thrilled by the progress we're making around this connected membership proportion. >> you mentioned consumers anywhere digital huge for you obviously wr your background and servicenow and ebay and bought artifacts, talking about early days of metaverse and nfts nobody's talking about that anymore in this bear market and valuations have gotten wrecked so where are you in that transformation metaverse still the future of retail to you? >> we never thought it would be future of retail, sara look the way we think about it. there's the physical world nieky nike the leader. we're a leader in the digital

word and then 9 virtual world we think is an incremental and augmented thing. we want to be a leader there in our industry just as we have been a leader in physical and digital but view this as a long-term orientation. as you know, we acquired artifact, created nike virtual studios and taking a long-term view where we want to be able to offer virtual goods to consumers in a more democratic way than has been done to date. nike's always been a democratic grand. jordan is democratic brand, converse a democratic brand. whether launching virtual goods to use in gaming or other environments or whether it's for collectors, we're taking a long-term view you saw we launched our first air force one virtual good, and so we're going to take a very long-term approach -- >> still going >> still going absolutely >> we're going to have more from my interview with nike ceo john

donahoe, who doesn't see a slowdown in the u.s. after the break. ain colluding kyrie irving and that split. making a kags for a disney bort seed -- >> my goal is to reduce corporate overhead to a point that the company gets better. >> we'll talk to an analyst who says peltz' idea seems reasonable and collaborative. dow up 200 point and the disney very much a part of that story adding to the dow. we'll be right back. a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.

dow component nike moving up rankings on the just capital just 100 list evaluating empties on american priorities like job creation and wages nike coming in this year at number 97. a big jump from 154 last year. higher score coming in part from

k equities, diversity targets and wages. things that matter to workers. and ceo john donahoe, i asked what he's done a company that's faced controversy in recent years over its worker culture live to what he says. >> nike is a very purpose-driven company. always has been. phil injected that into our, our founderer injected that into nike from the very beginning, and we've always been a leader in things we ay line with our values for instance, diversity, inclusion and belonging, racial justice, social justice always a leader externally standing up for that and made a clear goal to make sure we're doing that internally as well that we're a leader in providing a work environment where everyone can thrive, and i think some results you're seeing is progress we're making on that front. we're not all the way there yet. we say there is no finish line that's the way i feel but we've made nice progress similarly, we invest in

sustainability other dimensions that are in that sustainability is another one of our core values. largest in our industry. we have to not just do the easy stuff, but we have to invest in things that draw true sustainability around materials and methods to make, requiring innovation investing there, and then we invest in youth sports youth participation in sports, and wellness and health. our values-baesed or purpose-based agenda has been there and we'll continue to put that forward because it's core to who we are. >> and good marks for climate as well on these issues of esg, you mentioned speaking out esg become so politicized. i wonder if you get labeled as a woke company which you do, if that's hurt the business at all, being able to speak up as a values-oriented company? sara, nike is one of our hallmarks, it's, we focus on the long term. we want to build a great,

enduring, long-term company. i think every company has to think about what are the core values that are core to who we are. for us, i mentioned. our pillars of purpose is around diversity, inclusion, belonging, building an inclusive culture inly inly -- internally through the sport. brings people together inclusion critical and youth participation. the issues that we'll speak out about and going to do that in a very thoughtful way and do it over time and we think that strengthens or brand and deepens connections with consumers those are issues we're very involved with and others we care about but not taking the lead speaking out about them. >> speaking of -- biggest market, had that sdamp rouse house speaker vote curious how you look at the political landscape in the u.s. in this new congress i know you don't necessarily want to comment on politics but it influences the business

environment you're operating in. >> i'm basically, this gets to be maybe a personal perspective. probably many opinions as there are people, but i'm basically an optimist an optimist and believer in democracy and checks and balances of democracy. so i thought the elections were encouraging in show that our electorate does care, and they obviously have different points of view but an engaged electric will produce a better political environment. an optimist over time. >> on the subject of issues, haven't spoken to you since the kyrie irving breakup, which you made a point to do after the anti-s anti-semitism. i'm curious what those conversations and what that decision was like for you? >> well, sara, goes back to being a very value-spaced company or purpose-driven company. in this case, we always try to balance standing with the athlete. that's a deep, a deep value of

nike and yet also trying to do the right thing. consistent to live out our values and we don't always get that right in this case tried to balance those things, came to the decision we did and now moving forward. you saw that christmas day we launched the ja morant shoe. one of the most exciting next gene generation players and very confident about our basketball portfolio and try to balance doing the right thing. >> mark parker in the news today, very big way. appointed chairman of the disney board. no shortage of drama with the proxy fight coming also executive chairman of nike. what is his role and involvement at this point in the company >> oh, mark is a very strong presence i tell you, every ceo would love to have a kind of chairman like i have with mark parker. mark and i meet every friday we sit down. he's a wonderful counselor and adviser to me. as you know, his background in

sneaker design and innovations is unmatched and i tap that all the time blessed to have mark as executive chairman as is our board and team and i told mark i'll thrilled for him. thrilled for disney. thrilled for bob iger they get to share in the extraordinary person mark parker is as well. >> don donahoe ceo of nike explaining 9 friday meeting between mark parker and himself. mark's got a new second job keeping him busy as chair of disney. and nelson peltz, speaking of, launching a board room battle up next, peltz' fixes unlocking. reasonable and collaborative, he says. dow's unabout 200 points s&p 500 lost a little steam. up a third of 1% and most sectors higher scent foreutilities, health care and stap staples. we'll be right back.

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corporate overhead to a point that the company gets better i'd like to see this company stop running like a matrix and start running like the companies we've been involved in, where they have real ceos of businesses with real pnls, real cash flows and real projection i know it's hard in the movie business but it's not that hard in the streaming business. okay and they've got to be able to do that >> bring in research senior analyst who wrote about disney and peltz today. think some soun reasonable someone who covered the p & g proxy battle, what he argued for and dit accomplish at proctor and gamble is that's what's needed at disney >> warren buffett often referred to markets as being both a

weighing machine and voting machine in the near term and weighing machine in the long term, and trian history invested in results of the weighing machine. trian's agenda longer-term oriented organization that focusing on intrinsic value and long-term cash flow and defense act of consumer brands that's what i think they bring to disney. >> why do you think disney's board is so reluctant to bring him onboard. literally? >> well, seldom does a company welcome and activist ththe board room and while trian rightly calls its own strategy constructivism, because they do believe in trying to create brand health and sustainality health instead of flash and burn strat yis employed by some activists. nonetheless, an opinionated engaged voice in a board room pretty deferential to senior

management for quite a long time. >> what about some of these proposals? like what he just laid out getting away from a more matrix organization into a more accountable place where you have different business leaders accountable for pnl, like we saw at procter & gamble? is that something that can work at disney? a reason for the underperformance >> interestingly, in the last 24 hours, much of the feedback from investors has been both welcoming and engaged shareholder-driven voice and trian's track record to disney and observing that the trian press release, heavy on observations and light on prescription i think that's quite deliberate. they're sophisticated and understand they're dealing with a highly capable senior management team and want to be a collaborative voice in the board room to help make sure the next few years go better than the

last few but not trying to micromanage a media strategy here. >> what is your expectation right now for the stock? and how this will play out i know you like disney and have a $117 price target is that no matter what happens? >> no. all of these recommendations are problemistic at best i'll build it for you. we think disney's underlying earning power is about $7 a share. the question over multiple years is not whether disney gets there, but how they get there, and the stock's most expensive in the near-term, or estimate for 2023 earnings per share, conventional valuation metric is $4.30. however, the contribution to that earnings number from all the businesses that are theme parks, $60 billion of revenue, is just $4 billion of operating

profit the whole portportfolio, video, movie businesses, theme parks, operating margin on the next 12 months' basis. about 7% nothing like that in the s&p 500. a business of $60 billion of revenue differentiated global brand in a 7% operating margin. >> why are the streaming margins worse than netflix' then >> there are a few reasons first is that disney launched recent ly and aggressively tryig to drive volume and as a result spent like a mature business but charged low prices to try to drive subscribers. over the fullness of time that may or may not prove correct we find ourselves today a big budget and low revenue opportunity to drive price and advertising revenue to drive hulu, 68% contributes $10 billion of revenue we think well over $2 billion of

duplicative costs with the dtc assets at disney showing up on disney's income statement and can be eliminated once fully owned by disney. >> thank you for your take in support of this research senior analyst. $117 price target. bitcoin, coming up, whether the crypto comeback is real. airlines getting a big boost led by american. lifting fourth quarter revenue and profit estimates citing strong demand. big ingas in this sector led by american up almost 10%. we'll be right back.

check out today's stealth movers cinemark shares of the movie chain popping. jpmorgan upgrading from overweight to neutral applying nearly 60% upside in wednesday's close. projecting success of the new "avatar" motvie and a slate of upcoming films a gain today big bang set to kick off earnings season tomorrow top analyst up next on favorite names to own going into those reports. that story, plus semis surging and bitcoin bouncing back when we take you inside "the market zone."

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>> announcer: the market zone sponsored by -- we are now in the "closing bell" market zone. senior markets commentator mike santoli breaking down crucial moments and christina here on the chip stocks rallies and kate rooney on crypto the broad market up 144 on the dow height of the day up more than 300 a broad, solid rally reaction to the inflation report, which comes in, what softer for the sixth month in a row. shows us a moderation and leading the market, market saying the fed will have to do less >> exactly certainly what the market has repriced after those numbers this morning, and it's allowed, just in the short term, allowed

volatility to drain out of both equities and bonds and in part because the numbers came in so close to forecast that there's a sense out there, okay tracking exactly what's going on you don't have these wild surprises. maybe that in the short term is helping and now giving way sitting on 3.5 to date uptick in s&p 500. giving way to earnings season a lot more two-way action. company by company expectations beating down to a degree seems maybe in the immediate term stakes lowered even if the market might neat to consolidate a little here. >> and the chip stocks taiwan semi leaving chipmakers better after fourth quarter earnings the gains coming despite a warning of softer demand supplier forecasting a drop in revenue and cutting full-year capex. gartner reporting waeshgness in the fourth quarter pc sales largest elf decline in shipments.

kristina partsinevelos joins us. bad news -- >> celebrating not as bad as expected mantra and that happened today talk about q1. warned weak in this current quarter because of pc sales because of smartphone sales, but 2022 was a record year for them. they continued to do, i guess, a little better than a lot of other peers. like micron, intel and amd putting out profit warning saying rougher the next months and others saying, no. difficult in the first quarter of this year don't worry. second half of the this year might see a z-shaped recovery. the market is celebrating that and the fact that tsme reportin apple and broadcom they believe

a driving force heading into the following years even with pc weakness. >> kristina, thank you bitcoin rallies, too on pace for its best week since july this as ftx co-founder sam bankman-fried wrote in an online post he did not steal customer funds and a substantial recovery remains potentially available. kate rooney joins us don't mean top sound like i'm connecting the rally off of sam bankman-fried's comments but both are notable what do you think? >> definitely notable, sara. and sam bankman-fried outlining the case didn't steal billions of dollars, leaned into the idea a leverage problem too much money risk. likened it to lehman or mf global despite what's been said phi ftx and those responsible for restructuring the company absolutely trying to shift

public perception and a story around bitcoin prices but analysts say a lot of kbad newsd priced in. correlated to what's going on in the macro environment. things like cpi. running out of suell us, bad nes pricesed in, bottom around $1,500 to be exact 's and looking now at rates. things like the dollar and bitcoin's data to tech stock seems to be more important in terms of driving the crypto price narrative than sam bankman-fried, being absolutely newsworthy and catching headlines. >> no question about it. nasdaq up 4% this week bitcoin tracking that ark innovation fund, feels all correlated thank you kate rooney. hit thes banks kicking off earnings season with bank of america, jpmorgan, citi group tete sew release results

before the bell. ipo activity expected to weigh on their performance while long, lost reserves could climb to hedge against a potential recession. bring in jason goldberg covers u.s. large cap banks at barclays what do you expect >> should be an interesting quarter coming out with all the big banks on friday the 13th bottom line, we expect record managers income performance aided by loan growth and margin expansion to the bank's benefit from rate hikes seen some likely overshadowed by weak investment banking fees, but we expect solid trading results higher expenses, typically seasonal for the fourth quarter and while loan losses remain near historic lows, you alluded to we expect banks to build on reserves getting ahead of potential economic slowdown many anticipate for 2023. >> which one's best positioned who do you like? >> the biggest banks, coming

tomorrow, jpmorgan well positioned i think on the stock in 2022, higher than expected expenses and capital pressures. think 2023, a tighter rein on expenses benefit from full impact of 2022's rate hikes and foresee building capital throughout the year. >> mike, that's a bullish case generally on the environment we're in right now on the other hand, people worried about that interesting marge didn't peaking loan growth slowing, worsening company. how are banks set up >> no particularly high expectations for near-term numbers. overhang of people not convinced we can avoid recession and therefore deterioration in credit conditions. not necessarily people looking for a particular surprise in the numbers we get here. really about until there's more certainty that the economy's going to muddle through, banks are properly reserved maybe it

becomes hard to put a higher valuation on some stock. doesn't mean they're not operating well if i look at inaggregate, kbw bank trading at book value at a whole. about the average of the last five, ten years. not as if washed out, but clearly not also being counted on to deliver some stellar numbers. >> jason, do you expect earnings growth across the banking sector kniss year e -- this year in the face of a possible recession >> we do we think the group will grow earnings part w partly because they built reserves helping in 2023 from a position of price, backdrop pre-revenue record in the third quarter we think record in the fourth in quarter and potentially another record into the first quarter. at the same time revenue growth exceeding expense growth and loan losses increase as the

economy slows, rising of that 50-year lows and the industry that pretty strong capital on liquidity. we do think they can grow in 2023 despite the fact that the economy almost undoubtedly will be slow. >> jason, thank you. for helping us pregame the bank innings. jacing goldberg. tomorrow on the show big executive interviews you don't want to miss bank of america brian moynihan, exclusive interscrew and first on cnbc interview with wells fargo cfo. tomorrow 3:00 p.m. eastern time. all over bank earnings story. just about two minutes to go here on the trading day, mike what do you see on market internals? >> noer strong day look at volumes put there. pretty consistent the last few days broadly strong look at about 3.5 to 1 versus declining volume on the new york stock exchange and i mentioned yesterday starting to see new highs swapping new lows.

well part the market heat, but a good sign demand is showing up out there. volatility index really come in. now under 19 mentioned before, done with sort of big macro swing data releases for a little while the fed meeting's not for three weeks and earnings are out there with off-setting current based on company-by-company news that's been the time when wanted to lighten up on stocks. when the vix is below 20 over the last year or so. the bear market rules since start of 2020. see if it still applies. not forever an ironclad rule vix goes lower. >> talk about working. bed bath & beyond up another 51% today. heading into the close, look at the dow high on the day up more than 300 points, but overall still a positive day highs up 232 points or so. biggest contributors to the dow gains boeing, goldman sachs,

caterpillar honeywell and disney in there amid the board room drama. s&p up a third of 1% energy in the league, real estate communications services cyclical group, technology working with defensive stocks utilities and staples. nasdaq out with a gain three quarters of aims 1%. the reit now up more than 4% for the nasdaq s&p up 2 and 23% that's it for me on "closing bell." see you tomorrow it's "usa today. welcome to "overtime." bell getting started post nine at the new york stock exchange in a little bit speaking to star analyst mike mayo. which might struggle after reports. we begin with our talk of the tape now what amp another cpi report shows inflation is cooling, fed still talking tough today bu