>> it's been fun hearing about it marissa mayer, thank you appreciate it. coming up on noon eastern here we'll keep our eye on the status of debt ceiling negotiations in washington don't forget fomc minutes coming up at 2:00 as we did touch the lower end of the range the last few weeks let's get to "the half." carl, thank you very much. welcome to "the halftime report." i'm scott wapner front and center this hour the moment of truth for tech and ai, both of those trades as nvidia reports earnings in just about four hours that stock has surged this year more than doubling we discuss all that is riding now on that release. joining me for the hour today everybody's at post 9, joe terranova, kari firestone, sarat sethi. the dow is down 265. the nasdaq is under pressure about 1% as well there's the s&p, the broader market under pressure, too watching the debt ceiling obviously just coming off the speaker's comments there

still some considerable work to do, it appears, to get to a deal sarat, let's start with nvidia you trimmed it >> i did >> back in february. i'm sorry for you because it's up 30% since you did that. >> actually, yes, i'm sorry but i'm not, because you have to take profits when stocks like this do really well. now it's doubled for the year on a valuation basis. you're buying this because of ai you're buying this for the future we've talked about this in the past make sure your position sizes are okay this stock could move 20% after hours. if it's too much of your portfolio, make sure you know why you're owning it we have owned it for a long time we took some profits we still own it. if it pulls back, i'll buy more. jim breyer was on the network from the ceo summit, joe, a little while ago he used a golf analogy to talk about the hype around ai, said we're just on the second hole and that's in terms of how much ai has to grow he likened it to the internet

circa '95. you own nvidia in the t. >> i think today what will happen the 2023 market mvp, you're going to understand from jensen huang and management if we're able to validate in the form of some evidence these ex simts surrounding ai, it's not so much in the earnings that will be reported today, but i think it's more about the guidance we already know that there's been a slowdown in cloud spending that's going to impact the data center. that comes obviously through amazon and microsoft you'll see that slowdown -- >> maybe, maybe, maybe >> it really is about the energy and excitement that surrounds this name, and this is the name. this is the name, as i said before, i'll call it the mvp, 15% below its all-time high. i think it's getting there is it getting there today? i have no idea is it going to pull back listen, you're guessing on estimates. i think it's built up enough positive momentum that the stock will be okay even on a decline, but i think this is bigger than

nvidia this is really about the thesis of ai and is it ultimately going to confirm this excitement >> what about this, weiss and what breyer said on the 2nd hole you play golf, not well, but you do play and understand the analogy. he could have said we're in the woods. we're way in the trees crashed the cart but seriously, this moment that we're in to attempt to justify valuations, and, for that matter, if you want to justify nvidia's, he was raving about. >> yeah. so, first of all, thanks for caddying for me all those rounds >> you're welcome. >> look, i think the hype is justified but at what price? so nvidia, despite it being well off its high or -- i don't know if it's well off its high, its p/e is at an all-time high had some misses along the way of the last couple of years

so what do you pay for to sarat's point it's prudent to take profits because while you are in the early innings, or early holes, i think it will continue to go but there are going to be bumps along the way. what i like about nvidia they're basically agnostic as to who the winner is. for all these companies to come out and say we're ai, we're ai, nvidia doesn't really care right? you wouldn't be the tools in something like this. you don't want to be the one trying to get your ai application through. >> the pure players, kari, are the ones that have really run the most in terms of year to date whether it is nvidia which is 107%. it's microsoft, 31 alphabet 37. amazon at 39 meta is 105. these are percentage gains just on the year, apple, which i had a portfolio manager yesterday on "the closing bell" suggested apple was the top two way to

play this whole ai boom. those are the stocks in the conversation >> well, i would say today nvidia is later, will be the poster child for mega cap tech and communications everybody has their eyes on it because this is the group that accounts for 80% of the return on the s&p year to date, these ten names. so they have to hold up their part of the bargain for the market to continue to love these stocks and pile into them as the names that will continue to move higher despite whatever is going on around them and that's a heavy load for nvidia to be lifting i hope they can do it. >> that's one of the key questions. you really highlight it with all that is riding on this to the market itself. >> yeah. >> and you really think it's a significant level that's riding on it. >> i think that we've seen the other companies report, and none of them had great earnings

they had earnings that were good enough, and they all talked about ai i mean, there were people analyzing how many times they mentioned ai if everybody's transcript and calls i would say that nvidia will do the same the numbers should look good but let's hope they continue to stress how much they can grow over the next 1 is 2 months because that's going to help with all those other stocks and the market >> you made, joe, some moves in the market that i would -- i saw these and thought, really? you sold -- we're going to have a conversation >> let's do it >> let's do amd first. you sold half of your position in amd >> i sure did. >> for somebody whose entire investment thesis is built on quality and momentum, it's what you do, it's how you manage your

etf, what is wrong with this it's up 21% in a month it's up 36% in three months. it's up 39% in six months and i'm sure you believe it's a quality name. >> absolutely. >> why would you sell half of your position? >> i have to pay for my daughter's taylor swift tickets. i'm joking obviously it's risk management it's going into nvidia tonight and understanding there could be a second derivative from whatever nvidia will report. i define this as a trade let's keep in mind the joet etf does not own amd this is a trade in which i said in early may we were beginning to see momentum build positive you've captured 13% in two weeks, nvidia reporting this

evening. it makes sense to ring the registered on half the trade not turn a winning trade into a losing trade there is a little bit more to this related to what my thoughts are with the market because i think you're at the end of squeezing as much juice out of this rally i'm a big believer in stat statistics i think q3 you have a high probability of a negative performance quarter coming for the market so that kind of all plays into the reasoning. sell half, ring the register it's a winning trade and let the other half go. >> do you own nvidia personally or just in the joet? >> i own nvidia in the joet. >> okay. so if you could, would you ring the register on nvidia, too?

>> good question >> the things you describe about amd how could they not exist for nvidia, has gone on tremendously, make a good amount of money on it, you think the market squeezed a lot of the juice it's going to get out of this orange, so to speak what's up? >> if i had the ability to sell nvidia understand that we put nvidia on at the end of april at 277. i think it takes out its all-time high. i think it's a leader in generative ai than amd is. the other interesting fact about nvidia, kari made a point about earnings not so good so far. you've had 28 s&p 500 that have reported 23 have beat on earnings

what have analysts done surrounding nvidia they've only revised up 2% you would think they would revise more. >> we do have some breaking -- we will get back to this conversation in a moment to steve liesman because fed governor chris wahler is speaking what's he saying >> reporter: a little unsatisfying, saying it's unclear at this point whether at the june meeting the federal reserve should hike, skype or pause at the next meeting. he doesn't talk about the possibility of a cut and no mention of the debt ceiling. what he says he's looking to major data releases over the next three weeks to make up his mind, that includes the pce inflation numbers on friday as well as the may cpi and a jobs report coming before the fed meets in mid june. he says the fed should hike based on the inflation data but maybe the fed should skip a

meeting, add in the policy lags from all of the tightening and the credit tightening suggests the fed should pause, as in be done he goes on to say the fed should not stop until it's clear that inflation is moving back to its 2% target. the inflation fight, he says, for him continues the priority the labor market is tight. he says slowing lending cannot offset the lead for monetary policy could risk the economy temporary help is down for the third straight month job vacancies declining. he's concerned about the lack of progress on inflation and says some of the more narrow gauges that he follows show no progress in the past year the housing market is rebounding and raises questions whether the

rent component will decline. he's concerned service inflation won't decline if wages do not decelerate we know waller as a phawk but he's taking care of the banking issues my guess is he's taking account of the debt ceiling and is thinking what the fed should do in june. >> you highlighted the word that matters most and that's unclear. the market is going to dissem mate and decipher that thinking ahead of the next month's meeting. >> reporter: scott, just one more thing i can't give you a true read on what's happening in the fed funds market the uncertainty about the default is raising rates on the short end, bleeding over into the funds market it shows it's tightened but we don't know if that is from the effects of concern about default as in people exiting the short-term notes or some other actual betting about what the fed will do in june.

>> i'm looking at one month, three months, one year, all above 5% one, three and six have been it's the one year getting above 5% the last couple of days steve, thank you that's steve liesman wrapping the latest from chris waller in california, latest diversion of fed speak. back to our conversation about tech sarat, i'm coming back to you. you're trimming meta >> i am. look it was 90 and we kept the position, we added to it it's now becoming a larger position again, risk management, let me take profits because it's done everything we wanted it to do. cut expenses, focus on the business it's become super sized. >> are you keeping it in cash? >> redeployed it into health care >> we'll talk about that in a minute are you of the feeling, too, joe sounds like he's getting a little conscious on where the market is.

>> yes >> are you as well >> tech with all these stalks running so fast and so far my core positions are in google and meta but i've been trimming them back. you just can't wait for things to happen like with meta last year >> it's up 100%, meta, because it got pile drived >> and we added more why would you touch the stock? the same thing with google you have to take some of the profits when valuation matters going forward. >> kari, every day we have seemingly more calls on mega cap tech that remain positive. mizuho calls amazon a top second half pick and raised price

target to 160 and the list goes on and on and on meta, high conviction call list. you own meta you've witnessed and enjoyed the same gains sarat has are you thinking along the same lines of taking some profits risk management? >> we've done sought risk management, not on meta. unanimity is the curse for the market when everybody agrees, you have to start looking the other way it makes us nervous when one report after another comes out that super bullish, big, strong conviction, solid growth i read the note and thought to myself, hmm, where is the point we start trimming? it's 14 times next year's numbers and we think there is more room to go. it's a big position for us >> i think that trimming nvidia

is prudent amd is up on speculation of an ai chip that will compete with nvidia analysis is it's a brilliant trade. numbers are pretty interesting for next year. i think the market is comfortable at those risks you trim because it's too big a position not because you're concerned with the valuation microsoft to me is the premier play and a perennial compounder because of their suites that will keep coming out, and google is another perennial compounder. so i'm not trimming it at this point and am lookingality microsoft. >> you sold your position in data dog why did you do that?

>> bought it at 85 going to keep the other half i still believe this will be critical in monitoring applications attributable to ai. it's about momentum that appears in a name. it builds and gathers momentum you ring the register, you take the profit, hold the rest. i'm going to hold the other half >> is that in the joet >> it is not >> okay. all right. steve weiss -- >> yes, sir? >> i got the feeling tin the las ten days -- people are laughing wondering where i'm going -- >> me, too >> they hope i have something to needle you on good i'm thinking as i go it felt like you had become a bit more positive over the last ten days on the market

>> sell. >> people who are looking at taking profits in some of their positions, they say it's for risk management, stocks are up a lot, i'll take that at face value not on valuation, are you wavering at all trying to become more positive or not >> no, i'm not positive on the market that's not changing. you'll get a bounce if the fed -- if mccarthy and biden do agree but that could put you back to where it was before the sell-off today and yesterday, maybe tomorrow what i'm willing to do is add more positions because my equity exposure is so low i own more treasuries than stocks right now by a very large

margin, so, no, as i said last week, maybe a little bit more -- i'm a little bit confused on the market and surprised by the resilience, but when you talk to farmer jim and they keep it solely how they're so right, the market is 4200 okay, do you own nvidia? no do you own microsoft no you go down the line it's only been seven stocks. my view has been right and correct. my view on meta and nvidia have been wrong, but i'm comfortable with that. so the succinct answer to your question is, no, i'm not looking to become more positive in the market at this point in time >> joe, our "chart of the day" is palo alto which is surging on earnings -- >> great call by jason snipe >> you continue to make the case that crowd strike is the name to own in this space. others would say palo alto

>> others are correct so far i've owned palo alto in the past i wish i owned it. >> why did you get out of palo alto and into crowd strike >> sometimes in this game you make a mistake i believed crowd strike would pull forward quicker than they did. i still think they can pull forward those market share gains. in this game, you're going to make mistakes. on that one i made a mistake >> those are stocks i would like to own as well -- >> you own crowd strike -- >> i own palo alto and it was a great trade, made 20% in about a month. like joe in amd, i took it off i don't think it's cheap if you look out a few years. ai is going to create the need for more think of ai with hacking you will need a response from the security companies so their

importance just went up. >> it's not like crowd strike is a bad trade -- >> not at all. >> but it's not palo alto. >> why didn't you own both >> ask joe >> joe would own both. >> you have no objection having two stocks in the same sector. >> i'm just going to answer with humility, does anyone think you get 100 on the test in investing? you just don't the cyber security thesis is valid for sure in the present and into the future. right now i'm riding the wrong horse. the right was palo alto but i'm on crowd strike. hopefully it will pick up. >> not to be too nice because that's counter character for me -- >> really. i might have to leave. >> i wish you would. >> unfortunately, you would end up running to this chair >> and then we're leaving.

>> i'll save america to that >> maybe crowd strike does outperform >> i feel like it's either/or. >> i don't think it has to be. risk management, again, you don't just make one concentrated bet. diversification is the enemy of divergence >> and add fortinet. >> all right, stephanie link >> that one is near a 52-week high as well >> keep us updated on that up next more trades. kari is making some moves as well several of them that we need to tell you about from her portfolio next this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing!

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all right, we are back kari, you have a lot of stuff to get through here let's do the four stocks that you bought more of, and you can pick any one of the four and tell me which one may be the highest conviction level on. charter communications, next era energy, thermofisher and united health those are all buy more >> let me mention unh. i think it's a controversial stock right here

we looked at the entire portfolio in terms of valuation, fundamentals, operating risks and we decided with unh it had a really rough first start of the year it had been a strong stock and weakened this is a company that has an awful lot of depth, financial strength, and there's been a fear that the debt ceiling problems would hurt because medicare is one of their big payers there's no way the federal government is not going to pay medicare bills and where the stock is trading we thought this is a time to step up and add to the position and it's a safe defensive type name on a day like this which is what we've worried about what's the yield >> it's like 2.3 -- >> it's pretty low >> i'm wondering why hasn't it

worked this year what's been the issue? >> very big outperformer last year if there's a concern about payment, medicaid is paid by states but states get a lot of funding from the federal government so that's a risk and medicare is the federal government that has been a weight on the stock. not to say it isn't justified. everything about what the government pays is a risk. we thought it was overly factored into the stock price. >> the other issue, since i own it, they've been such a juggernaut they have such immense market share, how do they continue to grow going forward as they have in the past? frankly, if the growth slows down somewhat, who cares they have an incredible business where because of their size they can control their margins more

so >> that's been a great move of the company. >> sarat, i know you own it, too. you own thermofisher as well tell me about this one as kari buys more of that, too >> a fabulous company. to the nvidia, it is -- you need this and all the other health care companies need thermofisher whether you are j&j or bristol or whoever they did very well during covid and the stock pulled back. the demand is really large and they're looking for acqui acquisitions >> it's on my buy list >> you cannot -- i'm in the private markets a lot. you can't talk to 75% of the

health care market without their name coming up as a provider >> the pandemic-related revenue clouded the fundamental story around this company. if you look at q1 covid testing declined so that's where you have to get past the impact of the pandemic. >> they were very clear on their analyst day and meetings this was an extraordinary item not part of our core business. >> we're looking at a company, we just take them out completely >> it's on your own list not on your buy list because you own the joet and joe has it in the t. >> and, joe, i want to talk to you about some of the trades you've made. >> sherwin williams just got upgraded to a buy from jefferies. why trimming some of those

names? >> some of them are defense -- there's a defense contractor big beneficiary of the bill. that could affect it sherwin is cyclical. we've owned it for years and just felt the weight was too high right now and if construction, renovations -- we heard from home depot from lowe's just a great stock so we decided to trim it >> let's get to headlines now with contessa brewer. >> we're watching new details on alex murdaugh. he's been indicted on 22 financial fraud charges. murdaugh admitted he invented the details surrounding a deadly trip and fall accident involving his housekeeper in order to receive millions of dollars in a settlement corners for the former south carolina lawyer say they anticipate these charges will be resolved without a trial the house of representatives

will vote on a republican measure to block the president's student debt relief program and end the biden administration's pause on federal student loan payments that is unlikely to pass in the senate but the supreme court, of course, is also weighing the legality of that debt relief program. gerald ford sailed into norway for exercises with the largest aircraft carrier are a show of force at a time of heightened attention between nato and russia. they criticized that exercise. coming up, two bullish calls on another health care stock today that's up more than 10% in the past month weebe at datth next. there it is, the "call of the day. i'm not waiting. if it's covid, paxlovid. authorized for emergency use, paxlovid is an oral treatment for people 12 and up who have mild-to-moderate covid-19 and have a high-risk factor for it becoming severe.

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stocks are pretty much at the lows of the day. i wanted to highlight as you were looking at the board. yields continue to rise, putting pressure on stocks dow down nearly 300 points lilly bucking that trend

not quite 1% losses on the dow and the s&p but not that far away the nasdaq, as you see as well as the russell, are in that 1% decline territory. yields on the ten year, 3.73 you have bonds down, yields up that's what that is showing you. we'll keep you up to date on all of that. lilly today a couple of bullish calls. price target raised to 500 at bofa stock is up slightly joet, you own it >> i keep talking about the stocks and i continue to believe it's trading like a biotech up 35% since early march on the favorability towarda alzheimer drugs.

big pharma rich but, again, it's being treated as a biotech and these price targets up near $500 sound rich >> don't you think the weight loss -- >> well, today's news is but the last several months has been around the excitement of the other drugs. >> just to tee you up, you used to run the health care and biotech at fidelity, so you know the space better than anybody. how would you assess -- including joe -- how would you assess the stocks right here would you buy them if you didn't have them in your fund which ones do you own, do you like, and which wouldn't you put in >> we don't own any of the big pharma what i would say in lilly's case, because it has been by far the best performing of the pharmaceutical companies and it's one and, gosh, i wish i got

on the diabetes drug bandwagon amazing the billions in revenue for an injectable diabetes drug that you have to take for the rest of your life in order to keep that weight off but that will be the biggest franchise in the world. alzheimer's, this has been in development for 25 plus years. it's reducing the plaque in the brain, they have had mixed success as we know there's been approval and push back from caregivers and payers. whether this is better, i don't know it's a risky situation and we would say it's a stock that we would not buy right here >> what jumps out the most is for you to say we don't own any

big pharma stocks, as somebody who used to run a big health care fund. what's the statement in that >> they're not growing they're not selling 8 to 11 times earnings except for lilly because there hasn't been innovation despite spending 14% of sales on r&d. >> merck has had a nice run. >> they'd better get something to replace their drug. >> merck, united health, bristol-myers, humana -- >> a lot of health care is from the 2022 performsance. i think right now the biotech industry is the right industry in this type of environment where we're searching for growth overall. >> okay, for more on the eli

lilly trade go to cnbc.com/pro if you aren't a pro member sign up now at a special rate there it is. six months for the sale price of $124.99. coming up, a few more stocks to watch eaahd of earnings this week we have your setup next.

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all right. we have some earnings coming up that we need to talk about as well auto desk is tomorrow in "overtime. kari, you own this joe, you do, too kari, you first. >> sales earnings will grow in the 8% and 10% range it's obviously been hurt because of construction and the weakness there. software provided and if interest rates are peaking and starting to come down that would be good for the industry, and it's been an underperformer.

but we think this is a good entry point. >> joseph? >> a momentum jolt kari is spot on. >> it's a market performer >> and it's a software company that if you think about it should be doing a lot better overall. it trades at 50 times. you need to see something positive to act as a catalyst. >> what about costco and you will at that, what you own in both >> i think costco is incredibly important. you have a much more cost conscious consumer now if you think about the ideosin k k kratics surrounding costco not only do they raise the risk for members -- >> why hasn't it done better the consumer has been resilient -- >> because they had a bad quarter because big ticket items are not being sold it's all about selling food and staples and the necessities.

it's not about purchasing things that you want. best buy is going to report. you'll hear the same thing from best buy big box retailers are challenging this environment i think consumer discretionary and consumer staples are challenged in this environment it's remarkable. you can look at consumer discretion, take out amazon and also the home builders and casinos. it's home builders and casinos, amazon and tesla the rest is struggling >> joe, thank you for adding that costco, to me, is more important than nvidia because it will tell you -- they attract the low-end consumer and the higher end consumer and they're going to tell you if the higher end is not the lvmh but the normal high-end consumer if they're trading down, and they're going to tell you if the lower end consumer is spending less. so i think it's really important

from an economics standpoint and the future of the economy. >> sarat, no discretionary exposure outside of perhaps the amazons of the world or what >> very minimal. a high consumer staple, more defensive. >> no costco >> no costco >> why >> it hasn't been cheap. it hasn't come down to the price that we wanted it's a great company if it comes back like others, we would buy it >> mike santoli joins us next. "grade my trade. send us your latest stock move and the investment committee will debate it and grade it. ♪ ♪

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135 million ounces of silver equivalent. dolly varden. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. our senior markets commentator mike santoli joins us for his "midday word. it's the same, right, because it's the same stories. we're watching the debt ceiling and we're watching interest rates. >> we are. obviously tension building there's no way to deny those are the things that are shadowing this market, although it's tough to separate it out from what would probably have been a week

when you needed to see the market pull back anyway, right, the nasdaq 100 finished last week as overbought as it had been in near recent tactical highs. s&p at the top end of the range. you do have this kind of messy post options setting for what is also another dose of uncertainty and suspense around the debt ceiling. the contortions in the bond market we talk about all the time is mostly mechanical but definitely has an effect i think it's really the struggle is it's just going to be a sort of routine pullback that you would otherwise have anticipated or something deeper. right now it's in the routine zone, but we'll see if it gets looser than that >> it's hard to know whether people like chris waller, the fed governor, they sound hawkish, obviously, and he's not the first of this week, many have, if it's trying to talk the market off the idea of cuts, or if they literally think they

might raise interest rates again even if they pause in june >> i think it's an honest reflection of their lack of clarity. so i really do think it gets to be a close call when you get toward the end of a tightening cycle or toward the target that they assume they needed to get to you naturally have 51/49 calls on the next move, especially a few weeks out. i do think they're not interested in trying to sound any kind of an all-clear for investors and they're succeeding in that for sure >> i'll see you in a couple of hours on "closing bell." "grade my trade" is up next. we'll be right back. (water splashing) hey, dad... hum... what's the ocean like? uh... you were made to remember some days forever. we were made to help you find the best way there.

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all in north carolina. ranked america's top state for business. ♪ ♪ i'm for "grade my trade. joe, you're up first from a twitter user on barrett gold 30% gain, what do i do, take profits or hold? >> take profits. at a minimum, sell half. i only the gld, which is sitting nicely above a 100-day moving average. barrick is ready to break down i like owning gold itself. i would sell the position, buy only gld or do something but i don't like the barrick

exposure >> carrie, to you. i bought salesforce at $135. >> awesome >> so trade's up huge. you own it, so now what do you advise >> well, steve, if this is a fwigbi part of your portfolio, maybe trim a little back but we think there's plenty of upside when software comes back. it's been in a recession, and they're doing a lot of cost cutting to help margins. a-plus on your trade >> also, paypal, user bought it at $99 wants to know if they should sell and buy alphabet. >> i would keep paypal we're just waiting for the new ceo to come on and see the new strategy i would buy alphabet separately. >> what about uber, joe bought it at $34.12 continue to hold says i'm a long-term investor. what do you think? >> yeah, i bought it a little

higher than that obviously, a good trade, up 10% in a challenging market. i think over the long-term, it goes well. as i said before, it's virtually a monopoly hopefully my friends at lyft can make that work but right now, it's very tough going for them and uber is the one to play. and the ceo has just done -- he doesn't get enough credit for the turn around that he's executed on this so i like it quite a bit >> you open it toosh >> i own it, too the business is focused on cash flow every quarter, they have proved that, and they have become the verb are you taking an uber it used to be to you want a coke or kleenex i think they're executing and we like the stock and will buy at these levels >> a quick break and "final trades" are next

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it's going to be all about nvidia we're backing you up to the earnings report at 3:00. we'll tell you what you need to be looking for you'll get the investor perspective, as well

frank holland covering snowflake ahead of that earnings report. alicia lavigne will join us, too. i hope you will in just a couple hours from now all right, weiss, start us off "final trades. >> united health i like it for all the reasons. it's defensive in this market. another reason i like the stock. so i think it's oversold at this point. i will go back over 500. >> i'm going ing back to uber this is the stock we want to own. >> you own it as well, joe >> i do. i would like to see a little more positive momentum so the growth funds buy it. >> joey? >> eqt i bought it a while back i think it's beginning to break out a little >> okay. carrie >> amazon. if we don't have a recession, very good for consumer spending.

>> dow is down $250. we're watching the talks on the debt ceiling you heard the speaker before we got on air doesn't sound like they're close. political posturing, probably. spin from both sides, probably we'll see if they can come to a deal before that june 1st deadline i'll see you on "closing bell. "the exchange" is now. ♪ ♪ thank you, scott and welcome to "the exchange." i'm kelly evans. here's what's ahead. still no deal. like you just heard, house speaker mccarthy says the two sides remain hung up on the central issue of baseline spending the central issue, with only days before we might hit the debt ceiling that update sending stocks to a session low. only two names are positive right now. but our market guest says my debt ceiling risk may be to the upside on the other hand, the worst is yet to come that warning courtesy of investor don