for a new ackage to be created. there have been some rumblings that netflix might be interesting for a smaller package, like this in season tournament that they are doing this year. our own parent company is interested in rights. with nbc universal actually take warner bros. discovery as a partner?>> thank you, alex sherman. we have to cut you off.>> they are playing our song. closing bell, right now. welcome to closing bell. this break or break our begins with a count on for well known growth stocks, it is netflix, it is at the top of the hour, there's a lot riding on that, as tech has teetered lately. we will ask our experts what to expect, and what's at stake. in the meantime, we will look at the scorecard with 60 minutes to go in regulation.

another bounce attempt for stocks today, but not much momentum behind that. the nasdaq is down more than 3%, facing for its sixth down week in the last seven. the backup in interest rates weighing on that space in the markets overall, that remains a big story. speaking of rates, we have a big interview coming up in just a bit. rick will be with me in london today, unwary yields are going, and where the fed might cut interest rates this year, if at all. that closely watched earnings report in overtime, let's bring in jason with odyssey capital advisers, alex with big technology, and joe, it's good to have everybody with us. jason, you are the shareholder. what are you expecting >> scott, we've been talking about netflix for a couple weeks, it has been quite a run,

year to date, 82% over last year. we talked about on this, on the half, yesterday. they are coming off the last easy comp for them. again, it will be an easier comp, but i think going forward is where it will get a little bit tumultuous for netflix. i like this stock. i would likely be adding here, we are expecting about four and half million new subs, and about 15% revenue growth this quarter, it was about 7% last quarter. i expect this quarter to be strong. we will see what the next one looks like from here. so you said you wouldn't add to it here. is that in part because of the chart we just had on the screen? i think that was a one year chart, it shows the rise in this stock. is that the biggest problem for you right now? the fact the shot that stock has just done incredibly well?>>

the ad supported tear has been a lot slower in growth compared to the paired sharing. they added 30 million new subs in 2023. if i look forward, again, they have 60% penetration in the united states, and canada. the united states and canada is the most high-margin business. there are other opportunities, but those are much lower margin business. this, seasonally, is not the best quarter in terms of adding subs, but as we go forward, we've seen a lot of run up into the print. you know generally what that means. i think the print will be okay, but as we go forward, i'm a little bit concerned throughout the rest of the year.>> alex, what are you watching? >> i'm looking at this paid a sub number, the subscriber growth number. it's around 5 million, the

analysts are saying it should be 6, 7, or 8. we have this run- up of the stock, and is pressure on netflix to hit this number that they've been saying out loud. >> there's more to live up to. >> double the pressure. >> the password sharing crackdown helps last quarter, do you think it will continue? >> they had 100 million households that were using passwords and not paying. they've gone through not even a year of this, there's a lot of room to run. is that going to slow down? it definitely will, but that has bolstered these predictions. password sharing is still not complete. i think they will find growth this quarter. >> what about the ad tear uptake? it has been slower than the company would have wanted, but they continue to believe it's going to happen.>> we are looking at 23 million households that have signed up,

it has made up 36% of netflix's growth, a meaningful amount of people are using the ads here. the thing is, they haven't been great at monetizing debt. this year, we are looking at $1 billion in terms of revenue here. they need to take the money that should be flowing from tv to netflix, and bring it home. these users matter, and netflix is going to have to find a way to make money from them. they are making subscriber money, but the ad money is going to matter to them. >> it has been a minute since you've owned these shares. you run a specific strategy, people would look at the stock and say what do you mean it doesn't have momentum? it has momentum, can it keep it? how much does tonight hinge on that moment?>> the average stock is at an 8% move in either direction, the last quarter was the strongest quarter since the pandemic for

this company. we have already cited the reasons why. i think you will have a really strong earnings quarter here. i think the margin expansion is the story, and it's the return of revenue growth once again. this stock is 13%, 13% off the 2021 hi, there's a lot of room to run to get to that high.>> that was 700. we remember that when the stock plummeted, after a dreadful earnings report. i remember the day bill made a new position in the stock and ended up selling it, that was such disappointment. how far this stock and company seemed to have come. viewing trends have been going straight up since november. we had an analyst on the network who said netflix now accounts for 8% shares of total tv consumption.

that's muscle.>> 100%, scott. joe just made a great point on the financials, their free cash flow has grown substantially. you know, the content spin has been down 20%. and obviously the strike happened last year. they've done a large amount of content licensing, which is really benefiting. again, like i mentioned earlier, i think this will be strong. >> content costs, are you thinking about that? it was a knock on netflix for a while, spending all this money on content.>> the crucial part for netflix is that they are profitable. you look at competitors like disney and amazon, this is a money loser that netflix is competing with. if we have rates that are higher for longer, and netflix can make that money, they can push the competition, where everyone else is going to have to be cutting back.

netflix having those margins s good, not just because it is good fundamentally, it gives this edge over the competition that it can exploit. >> what about the sport aspirations? you have the tyson fight, which is obviously garnering a lot of interest, i'm sure they have other aspirations. potential nba interests, and things like that. how significant and serious do you think this is? is it a needle mover for you? >> it is super important, it is a needle mover for me. we will see the future be determined by who can take sports, pay for the rights, and make money off of it. even dipping a toe in the water, streamers trying to take that sports from linear television, and it has gone well so far. what are you going to do with the money? you are going to take it and buy sports rights, and press

that advantage. we are going to go bigger, no doubt about it. we are going to look at nba, mlb, mls on apple television. if lex will have to make a big move here, they are trying to figure out where they throw that punch >> joe, i saw you nodding in agreement with where alex was taking those comments. >> i think it's going to be a critical component of what netflix is going to be offering to the instilled customer base. the customer base wants it, the balance sheet is in the right position to do it, that's where the opportunity is, do mystically.>> let's talk about the market, broadly. we could zero in on tech. we don't consider netflix to be one of the seven stocks, it doesn't measure up to some of these other large-cap technology gains, but it is the first growth stock of interest to report, and this space seems to be teetering as of late. the importance of this report that's leading into next week is especially critical.>> 100%,

scott, next week is going to be very important. if we look back to order one, tech was the seventh best reformer out of 11 sectors. the price action has been difficult. we talked about it at the top of the show, down six out of this last seven weeks, next week is going to be very important. we are going to hear about a.i., use cases, application, that's going to be very important. we will hear about continued momentum in the cloud business. you know, as the shift and discussion that we've been having as of late on inflation and interest rates, tech, reporting next week, that is an opportunity to shift the narrative, that's going to be very important. so you have your eyes on apple, the stock hit a low for this year, it's teetering around

167. it looked like it had a nice bounce back last week. here we are, once again, talking about what's going on. >> we've gotten a few negative reports about where apple is going to sell, they have fallen behind samsung, and of course china remains a very big concern. we are talking about a stock that has been down for out of the last 5/4. we have the economy right now, where we see the companies that have moved forward on a.i., microsoft, meta-, they are rising, the companies that haven't fully got that story together, apple, tesla, they are sinking. this is an opportunity for apple to shift the story and get us some momentum heading into june, where we are expecting some big announcements. >> joe, how do you view the stock? sue momentum would be nice for apple, it certainly doesn't have it. if we explore back over the

last six months, we know what the market has done. apple is close to a six-month low, so i think embedded in the price action over the last week is the concern surrounding china , and the fact that maybe china is not going to deliver the rebound that many have expected for this stock. i think it's surprising, when we could go we set here, excited about the fundamental news surrounding a.i. inclusion, we thought maybe that cord could portend something in june for the iphone 16 itself, and clearly that has been washed away. it's a concern, but let's keep in mind what is going on with apple is a lot of algorithmic smelling selling. at some point, it exhausts itself. >> how about this nice move, meta-up 1 3/4%, this new image generation model, wanting to keep up with chet gbg, how significant is it? the market likes it. alphabet is up, meta-is up on this news.>> this new model has

10 times more data and 100 times more compute they've used to train it. the incumbents have this advantage in terms of resources, they are learning to exploit them. why is the market excited about meta-today? it's not necessarily that it hope this model that is on par with gpt, it's the fact that it was able to take that model and build it directly into the products, into the my a.i. bot and messenger, they were able to do that on day one. there is all this talk on what is better, the key to growth here are the key to making money here is how you prioritize these models. meta-has shown that it cannot only build the model, it can put it into products. i think that's why the market is excited.>> we could throw up shares of google. i feel like the market wrote this stock and this company off way too early. look at the performance between alphabet and microsoft, most

people probably with ink that microsoft has the better position over the last 12 months. but no, google is up 50%, microsoft is up 40 >> the price action has been very impressive to google. the arms race for a.i. continues. it's nice to see some of the partnership deals that google has put in place, they have done a deal with apple. now they are looking to do a deal with mehta. i think this is exciting for their business, the u2 business, the search business. the other big part for me, they've been improving operational margin significantly, you are starting to see google cloud has recently become profitable, that's not a story we talk a lot about, but i think there is upside there as well. >> joe, you get the last word. >> the s&p is in retreat, going back to the february gap. we got down to 5000 today. i'm going to put on the hat of

someone who is short in the market. what else are you waiting for? wait until it gets to 4984, profit margin extensions here, earnings have been strong, the prevailing bull trend is still in place for the market. i don't know, we are getting pretty close to the point where we might find the bottom. so that's a good last word. we will see what happens with netflix in overtime. in the meantime, let's send it over to christina for a look at the stocks she's watching into the close. >> i'm back. a digital markings firm has served searched, the walmart backed company ibotta opens at a valuation of $55 billion. the firm hopes to further invest in a.i. enabled technology, go figure. shares are up 19% right now. now to e-commerce, ebay shares jumping after morgan stanley

upgraded the stock, noting the firms well additions to further generate a.i. positioning. you can see ebay is up over 1 1/2%, and at the shows are moving the opposite direction, underweight, as morgan stanley remains worried about the firm's growth trajectory. christina, thank you. up next, rick is back, we get his take on where yields are going from here, plus we will get his rate cut forecast, and what all of it means to your money. it's an interesting take on the equity market as well. we are live from the new york stock change. you are watching closing bell. [ music ]

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s&p 500 trying to snap a four day losing streak as investors grapple with earnings and expectations. joining me is the blackrock cio, good to see you, welcome back, rick.>> thanks for having me on. >> i'd like to start by getting your view, with rates having backed up, and rate cut expectations have been pushed out.>> we came into this year, i think our markets were a little bit overzealous, i heard people say definitively they are going in march. have rate cuts priced in, now we are down to less than two cuts priced in. i think markets tends to overshoot, and i think you can still overshoot a bit, until you get inflation data where we see the core pce closer to a

more stable 2 1/2% rate. you can still overshoot a bit, but i think you're getting close to the level pricing. i think the fed would like to get one or two cuts this year, and they would need the data to help. in the interim, you've got to let the market do what it's going to do. we can still backup a little bit more, you will ind levels in the front that are making some sense.>> do you think there is a real risk that they don't cut at all? fed speaker after fed speaker, it certainly sounds like patience is the word of the game. john williams today saying "i don't feel urgency to cut interest rates " do you think there is a chance they don't cut at all this year? >> i absolutely think there is a chance they don't. inflation data has been surprisingly durable. goods inflation is running six months on a moving average,

goods inflation is the one that is influenced by interest rate much more soundly. service inflation is still too high, it's very high and it's very hard for the fed to bring that down. will the fed let it come down? i think that is definitely a possibility. analytics and data would suggest that you are going to start to get numbers with month on month inflation readings that will give the fed the window to do it. i'm saying something pretty provocative around this, i'm not sure it's clear to me, in a service oriented economy, that the interest rate tool doesn't really do much today. we move five under on the upside, you still have an unemployment rate that's under four, and there are parts of the economy that operate really well, that have a higher level of income. i think the fed should get the rate down 100 basis points.

but listen, can they wait before they do it, given the data? lincolnshire they can certainly be patient, and they will.>> whereas we once thought we needed rate cuts, are you making the argument that we don't necessarily need them in the way that the economy is responding now?>> i think he fed should cut rates, the reason why, much of the u.s. economy today is not interest rate sensitive. you think about who spends on r&d today, we have a digital service economy. it is not finance like it used to be. it is often financed through free cash flow. you have companies that have already turned out their debt. what is interest rate sensitive is low income, small banks, small business, real estate. you create a pernicious impact on parts of the economy, and it's not really influencing the

other. arguably, for higher income, for a lot of the economy, when you keep rate this high, you are making positives addicts ordinarily high levels, you get a lot of income that recycles into parts of the service economy. listen, i thought we got the rate down to what is still a restrictive level, you have a more normalized discount rate for this economy. listen, i don't think they are going to do it until you start getting those points, but unequivocally, they should get there.>> the longer they wait, does it increase the risk of a mistake? by the time they react to something that gets broken, it's too late.>> it's a tough question. i will say two parts. one, i think that united states economy is resilient, adaptive, innovative, the u.s. economy is much more durable. i was on your show a year ago, we talked about hard linda, soft landing, a service economy that is this adaptive has an

energy dynamic, in terms of energy independence. i'm not that worried about the broad economy. the mistake that is a reason why i think you can move the rate down, the areas that are sensitive, the banks, small regional banks that clearly have an issue with that interest margin, commercial real estate exposure, small business and lower income, you are seeing the earnings numbers, you are seeing credit card charge-offs, loan delinquencies, it's creating a pernicious effect on part of the economy. the economy can still move along okay, but it's creating too much pressure on part of it, and that's the mistake that i think is out there, you have to be careful about residential real estate, which is obviously a huge part of the wealth in this country. bring that rate down. you can keep it higher, but i

think today for a lot of the sensitive parts of the economy, the rate is too tight.>> you called the recent inflation a "setback." it sounds to me like your view is a bit shaken by those most recent reports, that you were surprised. and i'm wondering if you are surprised to the degree rates have backed up now.>> there are two parts to that. we are running interest rate exposure lighter, because quite frankly, you can generate income and fixed income in so many different ways. i was looking at the aggregate index, today it is down three and half percent. the front end, because of the carry in the front end, it is moderately positive on the year total return basis, because you are carrying so well. keep your yield, keep your

income in the front-end, carry really well, you can still throw off return in that. listen, you got this last cpr report, and you looked at the pervasiveness of the service level inflation, insurance, healthcare, education, transportation services. that is just so sticky hi, and those are sticky, they are just hard to bring down. listen, anybody who's looking at it says yes, that's a setback. the fed would like to get he rate down, but these numbers tend to be a bit more patient.>> some are suggesting the 10 year could go 5% by memorial day. when you read that, what is your reaction?>> given the depth of some of these markets, it feels like you get up, you don't need to wait that long. we are in a market today, when

we think about listening, we are thinking about geopolitical risk. you've got shock oil, you've got a big flight to call depending on how pervasive the risk is perceived. listen, i think that markets tends to overshoot. could you hit a higher rate for it? it's not that far from where we are today. it is certainly a possibility. i think the way you sit in fixed income today stays shorter on the yield curve. keep your interest rate exposure low, by the way, i want to say one last thing, i'm always amazed at the equity market. when you look at the s&p 400, it is not nearly as interest rate sensitive as it used to be. the interest rate is obviously a great discount rate for the markets. you look at it where they have borrowed hard asset and

borrowed to finance, the interest rates are a really big deal. the top seven, the back seven, they are not doing a lot of financing. people follow the equity market very closely, it's just not nearly as interest rate sensitive as it used to be.>> i hear you suggesting that your bullish view on the equity market, which you shared with me on the last couple times that we visited here on television, it is not at all shaken by this backup and rates, do i hear that right?>> you very definitely got that right. >> listen, we, like others, you've got this big, unpredictable dynamic out there, i think you've got to manage your risk alongside it, including going into this volatility. we do have a lot of equity

options. that allows you to de-risk. we are running considerably less risk, largely because of volatility and positioning around that. we will see equity markets going higher. do we wait a little bit in terms of getting through this cloud over the markets? the s&p 500 uses that a lot, the average return on equity is 18 1/2%. if you are to closer to tech, it is closer to 20. even if you believe a multiple is a turn or two too high, you compound value of that sort of level. even if the economy moderates and, that is incredibly powerful. at the same time, there's over $1 trillion of equity buyback. your demand, your buy versus sell is clearly skewed, normal salary and wealth creation drips into the equity market, and you've got chileans in cash sitting out there. i am pretty confident in equities are going higher. we don't see a headline that

presses this down first, i think you need to manage your risk around that, but yes, i'm confident the equity market is going higher.>> do you want to continue to lean into mega cap tech and big stocks? i know you like energy, you want to lean into that come back, if you will. how does that play out, your actual allocation? you are the head of the global allocation team, so tell me where to lean in now.>> technology is going to take us to a different level, but i think the inbound of investment is extraordinary. without going through individual names, i still think there are parts of the mag seven that are return generated, and will continue to throw off those types of returns as the world becomes more digital. the companies that have data and can exploit the data, those

are the ones that are going to win. my biggest overweight today is what we call the quality part of the market, you mentioned energy, the companies that are throwing off stable, consistent, free cash flow, generally more aligned with digital, they are aligned like the energies piece. we can debate what the price of oil will be. when you throw off cash flow and other refiners, those levels are pretty attractive. we are tilted to tech, arts of healthcare, and there were some great free cash flow generators. there are opportunities in this market to press down some of the valuations. european autos are interesting. it was interesting to watch some of the casinos come under pressure, there are a couple names we are looking at that are pretty attractive. the dispersion is incredible. it's presenting a pretty neat

opportunity.>> thank you for spending time with us, we appreciate it, we will see you soon. coming up, the have and have not of earnings season. we break down the big names that we are betting on this quarter. [ music ] your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

citigo the nasdaq is lower again, as big tech earnings are looming large. it's it's longest negative streak since december 2022. my next guest believes the earning season will come down to the have and have-nots. welcome back. so nice to be here.>> so, who are the halves?>> last time we talked about mac four, we have

this bifurcation in our magnificent seven. google has caught up a little bit, that we still think that the existential risk is not going away. so you are less bullish? >> relative to micro soft, meta- .>> earlier, we were having this conversation about this new announcement from its partnership today, i read that staff, you go back over the next 12 months, alphabet is up 50%, microsoft is up 40%. maybe the narrative that developed was exaggerated, people were writing off that stock too soon. >> that could be. i believe that google can produce a.i. capability that is outstanding, but so can a lot of other people. they are going from the market where they work effectively an oligopoly in the digital

advertising market, to a market that is much more fragmented. i have a rule of thumb. i won't buy market share losers. when you start losing market share, there's a lot of negative things that start happening to the business model. >> even when you're market share is so incredibly elevated, losing a couple points of market share is not necessarily going to make a huge difference.>> once you start losing market share, you don't just lose a couple points of market share. i use a.i. every single day, it has changed the way i search. this is just the beginning of the changing way we are going to search, on a going forward basis. perplexity has nothing to do about with google. the more people a talk about perplexity, they use it and go off google.>> because of the increased volatility, and the backup in rates, these tech

earnings start next week, they have that elevated importance that we have been debating for seemingly forever.>> oh, for sure, that i do think it is a bit of a blessing for the market, that the stocks have come in as they have come into earnings. we were just talking about tsm, you know, tsm was a run into earnings, very strong expectations. the numbers don't change that much. a little bit of margin they gave up, a little bit of squishing us on the industrial side, but the story is really about how they are ramping up a.i., they are the vendor that will provide everyone a chip. it trades at 25% discount to the market. it was down 4%, that's okay. it's a relative discount that is unwarranted.>> let's talk about the market at large. we are down 4% for tsm.

i hope you heard the conversation we just had with rick, who said the equity market has gone higher, now i'm paraphrasing, the market is making too much of this backup in rates, and it is still going higher, because equities can move up, even if rates remain at this level. do you agree?>> again, it's going to be a bit of a bifurcation. higher rates have applications for the economy. we saw this broadening of the market over the last month and a half, where everyone picked small caps, and everything started to rally. with rates back up, it means choppy waters, it means you go back to a secular growth. i think that is what is going to start to happen, as rates go up, until we see what happens in the economy, and the impact it will have on the economy,

you got a narrowing of the market, led by secular growth, today it's a.i. and it will affect us in biotech. biotech, long-duration assets, they don't have that implicit secular growth that is here and now. they probably suffer more than tech >> so we are back to where we were, you are not a believer in broadening trade so much as it a result of what happened with rates, if rates stay where they are, or if 10 year goes to 5%. as rick said, that can happen at any time now, it's not like we are that far.>> i think it's really bullish, to be completely frank, but the economy is as resilient as it is, when the fed has normalized a two decade long hiatus on ridiculous rates, and our economy is still resilient, and the consumer is still showing resilience. i think it is quite bullish for

our economy. now we have a lever, and we do need to see if the fed can react. i personally thought if they did cut, the market would go down anytime this spring. i am actually quite least they are not going to cut.>> we enjoyed the conversation, as always, thank you so much. we are checking the biggest movers. christine is back with that. >> the largest chip manufacturer in the world says a.i. is growing, but they warn about other non-a.i. is the segments that may not be doing as well, and that is impacting the entire sector. i will explain, next. [ music ]

after the bell, the latest on who's winning the streaming wars, building

15th from the bell, christina is watching the key stocks for us today. christina? >> these shares are down roughly 5%, focused on the growth outlook, capital expenditure remaining unchanged, we care projected profits, you have the earthquake, inefficiencies, and also the slower than expected recovery of smart phones and a drop in auto sales, when originally it was thought it would be up on the year. that change is weighing on the

sector. a.i. is definitely not the saving grace today. and weighing on the check's chipset is weighing in on the chip sector, micron is going to get chips act funding to continue building a hub in idaho and in new york. the company said it would eventually acquire $100 billion in investments, at this point, out of all of the chips act funding, that leaves just over $10 billion left to be dispersed for firms in the united states.>> christina, thank you so much. still ahead, shares of tesla, slipping yet again. that's a new 52 week low, and it follows a bearish call. why analysts are seeing some risk in that name now. we will talk about it. closing bell will be right back. [ music ]

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coming up next, netflix is the big name to watch tonight in overtime. ats ave a full breakdown of wh iat stake for the streaming giant, when we take you inside the market zone. [ music ] 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.

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day, tesla hitting its lowest level in some 15 months. steve is looking ahead at netflix results, they are out in overtime, as we take you right up to that. we are pressing it here.>> each day has been a little bit of low energy decline off the highs. 5000 is sort of sitting there. i've been focused on 20 points or so below that, the gap from earnings day on february 21. i think there's also a certain type of logic that people talk about, checking back to the previous all-time high, which was 4800 and change. the market is starting to get short-term overselling, a little more hedging. some things are lining up, to where you take a shot and get some relief for the upside, some kind of relief rally. maybe not that pitch, not just

yet.>> i want to talk to you more about what rick told me, but first, we have some news on nordstrom. kate rooney has that for us. here we go again?>> scott, shares are surging, nordstrom and the family that owns nordstrom is considering taking that company private. this is according to the wall street journal. members of that family, eric norstrom and pete nordstrom, the company ceo and president, he told the board according to this report that they are interested in exploring that deal for the company, as nordstrom and macy's are under some pressure, as we've talked about on air here, nordstrom did form a special committee of independent directors to evaluate the potential proposal. it says here that they are working with bankers for morgan stanley and centerview. no guarantees that this will result in a transaction, shares of norstrom are about 10% down over the past five years, a valuation of $3 billion with

shares popping. so we will watch that, and we are certainly watching tesla, it's a new 52 week low, the lowest in 50 months. >> the lowest in 15 months, and another day where an analyst says what are you buying into? are you buying into full autonomy? that's what the indication is from tesla, that's why the stock is sliding down to the 150 range here. yes, it's a 52-week low, probably the lowest in 15 months. a note out today, they cut the price target, they also moved it down to a hold, saying okay, there is considerable risk pursuing autonomy, no one is quite sure when it's going to happen, and if it's going to happen within a timeframe that you could say yeah, i would buy into that payoff. as a result, investors are saying let's see what you've got, and we will find out next week after the company reports quarter one results. that's when we will hear from elon musk in more detail about

where this company is headed.>> we know you will be all over that. on netflix, the countdown continues, we are not far away from this key earnings report.>> look, we will be watching for momentum from the past, they smashed act essay expectations last quarter, this quarter, looking for 4.59 million new subscribers. it's more than a double from a year ago, looking for revenue to be up 13%, and some stuff in the advertising business, commentary there as far as revenue is going, and gaming, whether or not that is keeping people stuck to their netflix subscriptions.>> steve, thank you, back to mike. we are under two minutes now, rick is saying equities are going higher, he says the market is not what it used to be, it can handle these higher rates, the fed wants to cut, okay, they may be pushed off.>> certainly the s&p 500 is not

what it used to be, in terms of interest rate sensitivity. the biggest sources of cash flow are not really harmed under that basis by high rates. we know the secular themes have been very much still in place. he has been pretty consistent, basically saying corporate america these days is just built to be a bit more profitable, certainly the way the index is skewed. it doesn't say much about going to reset expectations, trying to drain off some of the optimism we had from three weeks ago. we are far along in the process, kind of recalibrating where we should be fundamentally. we are working through some of that. we may have a cleaner view in general, with slightly lower prices into next week. >> netflix coming up, that really kicks off the gross

earnings parade. we will see what happens, what it means for the nasdaq, which has been dicey, to say the least. we will go out with the dow, the others are not so green. we will see you on the other side five down days in a row for the s&p 500, this is the longest losing streak of the year for the broader market. the dow is going to eke out a slight gain. welcome to closing bell overtime. i'm morgan brennan. >> double up for netflix earnings, out already, and we are going to check on the first big growth report of earnings season, we are going to get you those numbers and analysis as soon as