than the prior month in march on both the one year and five to ten year >> we'll look for that numbers are out at 8:30. we'll be live on cnbc.com at 8:15 a.m. eastern time with morgan and steve and rick santelli, one of the key pieces of ekco- data carl, i appreciate that very much thank you. welcome to "the halftime report." i'm scott wapner front and center, the stock is on a streak. the s&p 500 off to its best start to the year since 2019 and the investment committee is here today to debate how much more this rally can go as a new quarter is set to begin. joining me josh brown, shannon saccocia, jim lebenthal. we will check the markets for you. we're still staying in positive territory across the board on this final trading day of the quarter. we are going to keep our eyes, of course, on the courthouse in lower manhattan, a few blocks from here for any new developments that come from there.

let's begin by talking about the markets. josh, our best start to the year since '19. bespoke said today if the s&p 500 finishes higher today, the second straight quarter of double digit percentage gains. that hasn't happened in some 12 years. the big question as we enter the new quarter is the rally's momentum running out, or do you feel it's recharging >> so i think that's a big question, but, judge, i have to differ somewhat and tell you i think the real big question for all of us, for everyone watching is not whether or not the rally will just continue at this pace, spoiler, it won't. >> it doesn't have to be at this pace, but, nonetheless, whether it continues or not. >> i think this is the real big question what are you going to do when we have the first correction of 2024 how are you going to act what kind of nonsense will you be re-tweeting what will you do to scare yourself and others out of that

dip? that's my question and i talk to people they have no idea what's going on it's all tech. is it really allow me to share the following. the top throw performing sectors this year energy, plus 13% did you know that? are you allocated? communication services, plus 13%. financials, plus 12.5% let's round up, 13%. a lot of people are making money away from tech more importantly from the covid bottom the xle is up 375%. the xlk only up -- only -- up 200% so, no, it's not just tech and if that's the thing you've been hearing people say that's kept you out of this market, condolences. what are you going to do we have that inevitable -- what? are you all right? >> give me a second. i'm going to go back to kate rooney at the courthouse a few blocks from here -- >> i was cooking >> kate? >> reporter: hey, scott. so sam bankman-fried officially sentenced to 25 years in prison,

and we just got out of the courtroom. some of the color behind the judge's reasoning when it comes to that sentencing, he had his guidelines, which the maximum sentence was 110 years it was up to his discretion. some of the reasons why he said he went with 25 years was deterrence in big part he talked about, essentially, the pr campaign sam bankman freed went on pitching the media, pitching people he said this demonstrates he knows how to do this and he will -- the will is there in terms of doing this again. he said there's a risk this man would be in a position and it's not a trivial risk that he would commit more crimes in the future he did say the 40 to 50 years the government had recommended was too harsh, so 25 years is in the ballpark of what a lot of legal experts were expecting he did say up there, judge kaplan, said he's been doing this more than 30 years. that was one of the most eye-popping performances, as he

put it, in terms of sam bankman-fried's ability to split hairs, he was not honest the fact he, according to the judge, perjured himself on the stand did factor into the sentencing he lied up there multiple times. he knew what he did was wrong and went back to his world view of expected value and gambling he took a chance here in committing this crime and just gambled the wrong way and he got caught, and that was the judge's argument in terms of why he went with the 25-year sentence. we are awaiting, scott, the parents, sam bankman-fried's parents, joseph bankman and barbara fried, to leave the courtroom. they've been here throughout the entire criminal trial. we expect them to be walking out of the courthouse. the next step is an appeal we do expect an appeal you have to wait for sentencing for that to happen that is the next step in this saga but a long road to an appeal and legal experts i'm talking to say it's very unlikely in this high profile of a case they would have a successful appeal

>> kate, we appreciate that. kate rooney outside the courthouse really just a few blocks from here we'll come back to you, of course, as needed, as we wait for more developments from lower manhattan after that sentencing of 25 years for sam bankman-fried. forgive me for interrupting you. bear with us here. you were cooking, continue to cook >> the last thing on this topic. the reason i ask, what are you going to do during the inevitable correction is the following. from 2002 through 2021, you basically had this 20-year period where the average, about half the time, you had that decline that we're talking about. you had a 10% dip in 50% of those years, and the average pullback was about 15% so worse than just a correction but not quite a full-blown bear market on average. we might have -- look, the worst pullback we've had so far this year was 1.98%

so we haven't even been able to have a 2% dip. the market, quote, unquote, bottomed for the year on the third trading day, january 4th, and that's been it a vix at 13, and you haven't been tested. you will be tested what are you going to do when that moment comes? ask yourself now, answer it, and write it down if necessary but you will be challenged i don't think it will be the same pace, the same momentum all the way through 2024 it would be very unlikely. >> the question, shannon, to josh's point when will that challenge, if you want to use that word, happen? and does it happen sooner than we think you still have a view, as we learned from our delivering alpha investor survey that two-thirds think we're prime for a pullback, that the market has run too far too fast we're entering earnings season the fed remains somewhat of a wild card in the whole equation as well. >> there was some expectation we would see the potential for the pullback between the end of

earnings season and the start of 2q we haven't seen that because we've received, i would say, a more dovish tilt from the fed. and so that created some confidence in terms of the market where we're expecting to go i think it's difficult to pin down what would be the catalyst for such a pullback. there might be fatigue, factor rotation there might be some changes, idiosyncratic -- >> back to kate rooney in lower manhattan. >> reporter: any chance for an appeal is that the next step here >> no, no, no -- >> reporter: any comment on appeal on the sentencing >> back up >> reporter: anything to say to customers and victims here any comment on the bankruptcy lawsuit against you here anything to say to ftx customers?

>> we ask that you respect us -- >> what are you going through now? >> reporter: what is your legal advice as an attorney what he would do >> i'm not making -- >> how are you feeling today >> no comment. >> just your feelings. has it been -- >> do you think this trial has been fair? >> reporter: has this been a fair trial >> let him go. >> reporter: okay, guys. hi, guys, sorry. we just saw sam bankman-fried's parents leave the courthouse they're walking down here in lower manhattan. no comment from the parents, joseph bankman is a lawyer

himself. both of the parents have law degrees and were legal scholars. they did not have a comment. they paused and said, take our picture, but please respect our space here clearly emotional looking at the cameras and taking a moment, but they're walking away, the two of them, under an umbrella. it's raining as you can see in lower manhattan. their son has just been sentenced to 25 years in prison. we do expect an appeal they've been here the entire time throughout this criminal trial and the sentencing now we'll see in terms of where he is sent to prison. it could be on the west coast. his parents are based on the stanford campus. that's the latest. they're heading out here, we're waiting for a press conference or updates outside of the courtroom, but that's the very latest we'll keep you updated >> you can probably give us more color as well, kate, on the plea that sam bankman-fried's parents, his mother, had made to the judge hoping for some level of leniency here, too. >> reporter: his mother wrote a

letter and really was trying to get some leniency from the judge saying bankman-fried was a precocious child, his personality quirks, but that really at his core he was a good kid and that he did not mean to do harm. you can understand as a mother where that's coming from she really was making a plea to the judge to have some leniency. and that's what we heard from the defense team they talked about his moral compass. the defense team got up there and said as an example, his brother had told the defense team, he's not the type of guy that would give you a hug but he might give you his kidney. he was on the autistic spectrum according to what his defense team said and that played into it some of his behavior is not consistent with what you expect for somebody in this situation, so that was a big theme. but clearly the judge side he intentionally committed these crimes he lied on the stand, was at the core of some of the sentencing

here, the perjury aspect of this really was important for the judge and ended up seemingly adding years to the sentence >> we'll come back to you, as i side, as needed. kate rooney, a tough day for the parents, as you clearly can see on their faces as kate was trying to ask them some questions and they watch their 32-year-old son sentenced to some 25 years in prison for those crimes sam bankman-fried had committed. kate rooney down at the courthouse in lower manhattan. shannon, i'll come back to you this idea of what is going to work and what may be the catalyst you were talking about, well what could it be that causes the challenge josh was mentioning. we have earnings season, by the way, we have the pce report tomorrow, even though the market is closed. those are two potential catalysts for the stocks to move in either direction. >> the narrative coming oumtt of the earnings report it can conflict or corroborate what we see. i think the important thing, we're hearing a lot about valuations, hearing a lot about

the stretch performance of the market and if you look at corporate profits between the end of 2021 to the end of 2023, they grew 11%. and the s&p was slightly down. soap the s&p has only caught up to what we're seeing from a profit perspective you can say certainly outside of some of the top ten stocks that these stocks are not overvalued when looking at their earnings power and potential, but that you have to be selective for those that are actually able to drive earnings growth. i think that's going to be where you start to see this dispersion or differentiation >> brad gerstner right here yesterday made the argument about the mega caps that the multiples are not in bubble territory. if you look at multiples, google is trading at 19 times, nvidia 31 times not in bubble territory. of course he was comparing those to the historical highs. you have to get it right we continue to own those names in our portportfolios. the sector leadership in the

first quarter is more even than maybe some actually realize between tech and energy and financials almost neck and neck, and the top sectors over the past month, by the way, technology is at the bottom of a very crowded list led by energy and then materials and utilities and comp services and industrials and financials, and then technology. >> it's been a really broad rally. it's been lovely i've enjoyed it. i think, scott, you know, and viewers know i'm more broad in my exposure. i'm underweight tech i think the most useful two things i can say here are one to bring up a data point who points out after 130 observations of the market being up 27% in five months, which is what we are, that out of those 130 observations, the next 12 months only one time out of 130 have you had a negative return. only 1 out of 130. the average return over those time frames has been 15% the next 12 months as we're all talking and really

saying the same thing, yes, there's a correction challenge, whatever the you want to call it, coming, and we don't know when it will happen, this is fuel to the argument of don't try to time a correction there are good things happening. the economy is strong. things that have been lagging in the economy look like they're ready to come up like housing and manufacturing and the overall broadening of the rally. to that broadening of the rally, the first quarter has been wonderful. for this to continue in the second quarter, you really need earnings beats, meaningful earning beats, from those cyclicals, from energy, from financials, from materials, from industrials. i think you're likely to get them and, by the way, perversely, ironically, that could be the catalyst that causes a correction because people say what's next? for the long-term rally, the 13% in the next 12 months, you have to have good earnings. >> did you vote in the d.a. survey >> i did >> when we asked the top sectors for 2024, near two-thirds of

those asked, like you guys, said tech >> you know me >> i have a propensity -- >> i don't think he was in that group. >> enough people are nonbelievers in the idea tech is somehow going to have this drop back and these other sectors will have this -- they're going to take the baton, so to speak, and outrun it. >> your terminology is so good dropback, right? it doesn't have to be. what if in the second quarter, tech goes up 4% and everything else goes up 6%? those numbers are pulled out of thin air, but what if we get outperformance and tech does just fine? >> i keep hearing this thing where the earnings to deliver. i don't know that's necessarily true the earning, you can't have huge shortfalls but it's not as though we need to do the consent estimate which is too high and will come down

even if you're bullish, you know it's too high. there are areas in the market that are working not because there's some unbelievable earnings growth story in 2024, but they're still healing from the trauma of '22, '23 there's no earnings growth here whatsoever sl green, year to date up 21%. it's up 165% the last 12 months. the last month up 20%. is this is a company that basically owns 25 office buildings in manhattan give or take that's the business. no earnings improvement coming it just didn't get more bad. >> you framed the question well. >> one more. we have an etf that tracks ipo the ticker is ipo, real easy to follow it bottomed at 21 in march of 2020 then it had a rally, then it got killed again now it's back at 41.

many of the companies in the index don't have earnings. there are areas of the market that don't need, quote, unquote, earnings to deliver. they just are recovering from horrendous expectations and that could be enough. >> do you think it's enough there's this mosaic of execution, cost cutting, redefining their competitive advantage? all of these companies that have been able to, to your point, start to create a narrative why they're better positioned the next two or three years? >> yes. >> do you think they continue to be rewarded? because i think that could be the outlier or anomaly to this particular earnings season we're getting a revisiting or interest, if you will, in company execution. >> wolfe research he can inspects another quarter of solid beats and guidance i would keep a close eye, too, on margins like adam parker makes the argument that is the thing that will continue this leg up in

this bull market prices -- they're going to have pricing power. input costs will be less margins don't contract cts, i talk about this a lot as a stock market native gauge on all the things we're talking about. this is part of the industrial story. they reported a pull-up a chart, look at what the stock has done. it's up 16% year to date they have told you, the ceo on that call, told you everything scott just cited from wolfe, you don't have companies ordering to the degree they are from a company like cintas if you're

not going to have earnings beats and things to say. two things need to go hand-in-hand, and i think they will, and i follow stocks like this closely because i think their guidance is more important than what economists might think or a chief marke sorry, jimmy >> is this sentiment or fundamentals propelling the broadening of the rally? here is why i say that for two years a lot of these companies -- this is contrary to what you said, josh -- have outperformed in terms of earnings delta airlines, a long list of companies that have outperformed on earnings, share prices have languished what has changed in the last three, four, five months it may be just sentiment i'm not making fun of this but the technician saying this many stocks are above their 20-day moving average but that's sentiment, if you ask me i want the fundamentals that have been strong for two years to continue so that it's both sentiment and fundamentals

propelling stocks. >> i'll tell you what's changed, earnings expectations have come in, to josh's point. so you went on october 1st looking for estimates for q1 earnings to be near 10%. do you know what they are today? they're half that. they're 5.1. now the market and the movement and the price action in the market hasn't reflected what the action in the earnings expectations has done in any way. it's divorced itself from the idea that, sort of to josh's point, you don't need to blow things out of the water. you can't have them be horrible, and you need them to be good, but they don't need to be gangbusters, do they >> no. you have the fundamental improvement in the economic outlook. look at gdi today, scott it's ahead of gdp. that hasn't happened in four quarters that is looking forward from a predictive perspective to tell you the economy will be stronger than people were anticipating. they're waiting for gdi to roll

over, and it's not rolling over. if you look at that, okay, it's all about earnings power, the ability to grow the bottom line, yes, that will come with time. we can bring the estimates down for the first couple of quarters because the back half of the year, we are going to potentially have this more fertile environment from a growth perspective >> fed governor waller last evening saying no quotes to cut rates. delivering alpha survey that we do, i think the fed will cut rates this time in 2024 was the answer two-thirds think two remember the market says three the fed dot suggests three our smart group of market experts think it would be less than what the market expects but, nonetheless, you're going to get the -- you'll get the fruit and that's all that really matters. >> i made the case on the show, the longer it takes for the rate cut, the better it is for sentiment because we would prefer to have that first rate

cut and the start of the rate cutting cycle be out there on a fishing pole in front of us goading us forward i think that's better than randomly, oh, no, why does the fed feel it has to cut there's had idea we could go ahead. they made the point in speeches last night there's no rush that's where we are. that's the way i would phrase it >> let's take a quick break. we will have much more on the sentencing of sam bankman-fried and to our calls of the day. we're back in two minutes. tosca: vissi d'arte) ♪ ♪ (artist: maria callas) ♪ ♪ (orchestra del teatro alla scala, milano) ♪ ♪♪ ♪♪ ♪ (upbeat music plays) ♪ ♪ ("dog lamp samsung string & tins" by ned wolfgang kelly) ♪ ♪♪

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i want to head back down to the courthouse in lower manhattan. our kate rooney has a new statement not only from the district attorney, i believe, or the prosecutors, kate, but sam bankman-fried's family, whom you tried to get on camera to respond but at least they are through a statement. >> reporter: we didn't get an on-camera statement but we have a statement from the family. u.s. attorney damian williams on the sentencing of sam bankman-fried. he said here, samuel bankman-fried orchestrated one of the largest financial frauds

in history, stealing over $8 billion of his customers' money. his deliberate and ongoing lies demonstrated a brazen disregard for customers expectation and disrespect for the rule of law all so he could secretly use customers' money to expand his own power and influence the scale of his crimes measured not just by the amount of money stolen but the extraordinary harm caused to victims here. it's a pretty long statement, but that's the crux of it. he says, again, it's an important message to others who might be attempted to engage in financial crimes and justice will be swift and consequences severe the statement from his family is brief. "we are heartbroken and will continue to fight for our son. that's from a spokesperson of the family, scott. that is the latest here. i'll send it back to you we'll zoom out here.

>> we can broaden the shot out to seema mackensie who covers ts for cnbc.com >> reporter: he had his parents in the front row sam bankman-fried and both parents looking stoke. it seemed they are praised for this outcome, 25 years for what a lot of former federal prosecutors were saying. the judge is a no-nonsense veteran of the southern district of new york. he said sam bankman-fried in his statement showed no remorse. it was a continuation of blaming others for things that went wrong. today sam pointed to the bankruptcy estate as being a bad actor and the reason customers were not made whole. he said that the money has always been there and continues to be there and that goes to a larger narrative that came up where judge kaplan said, you know, i can name at least three times when sam perjured himself in october

he said today's statement was an extension of that, still not accepting blame for his role >> mackensie, can you give us an idea of the emotional temperature in the courtroom as that sentence was read both from sam bankman-fried himself but also his parents >> it's really his mom who showed the most emotion today. you saw her jaw quivering for the duration of the roughly two-hour sentencing hearing. she would often at times when the conversation was escalating, you can see the manhattan skyline, her husband seated right next to her completely folded over, just parents who are really devastated by seeing what's happened to their son here they've stood by him at least when i covered this trial, they were in that courtroom every single day standing by their son. sam, no reaction he has been stoke throughout the proceedings when he was found guilty of all charges, after

three hours of deliberation, the same reaction when he found out he faces 25 years in prison. >> reporter: we covered this from the get-go, put in context the scale and what this means for the cryptocurrency industry, it's hard to understate how significant fs whether it was washington or his influence on the overall industry put that in perspective covering this for about a year now. what's your take on the long-term impact of this criminal fraud trial >> such a great question you and i both have been covering this, the implosion of binance's status, the larger narrative the bad actors are being watched out. major titans of wall street, black rock entering the space, bringing some of that legitimacy to what was once seen as more of a rogue sector and i think it's been a good thing seeing this wash out earlier this week another ceo

being tried in this courtroom just behind us being put before a panel. >> reporter: it's fascinating to see the washout in the fraud and crime really in this space fascinating, too, to hear the defense saying this is not -- or the prosecution saying this is a simple case of fraud and crime, not necessarily anything to do with cryptocurrency. interesting today, the color from inside the courtroom. based on the leadup to this, it seems to be in line with what folks were expecting is that fair to say? >> absolutely. the government wanted 40 to 50 years. the defense is trying to make the case he should see a max sentence of 6 1/2 years because the bankruptcy estate said they were looking to make all customers whole. they were feeling confident in that the judge said it doesn't matter if within the last 17 months the estate has been able to piece back together billions of dollars. at the end of the day as you said, basic fraud, $8 million of

customer money stolen and misappropriated. >> reporter: the blame on the bankruptcy team, you heard really them, at least john ray, the new ceo of ftx, a m metaphorical dumpster fire when he took over scott, back to you >> i appreciate that we'll come back, of course, as we need to do that ice from ameriprise can do more than help you reach your goals. i can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about.

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oh, we're back on "the halftime report. i apologize. i was reading more stuff on the case bob pisani has today's etf edge. bob? >> reporter: after years of taking a back seat active investing in etfs is having a moment what's going on? let's talk with the coo of goldman sachs. etfs still mostly index spaced but actives getting a bigger slice of the pie what is happening? >> it's great to see you, bob. it's interesting that this whole active theme started years ago the first was launched in about 2008 what's happened very quietly in the last three years, etf assets have continued to grow, but the share of activists has continued to grow. three years ago it's represented

less than 1% of the total. now it's almost 7% two-thirds of all etfs launched are active so it's tail wind significant trend in the industry. >> i am surprised how many old-fashioned stock pickers are turning to the etf i know you helped jeremy grant ham start his first in november, famous value stock, some of the big stock picking value firms helped them launch three etfs. the lower fees that the passive etfs are charging has forced the hand of the old school mutual fund managers. that's what's happening, isn't it >> to a certain degree we listed an etf for another 40-year-old value asset manager. i think when you think about all three of those firms we've helped, it wasn't just the fees, but it's actually two things particularly here in the u.s global trend without a doubt, but here in the u.s. tax efficiency, obviously, of the existing etf hard to beat the tax efficiency particularly the transparency

and the desire for the wrapper the second part, the desire, that's demographics. when you think about the generational wealth transfer taking place, the $70 trillion shifting hands, old school or fundamental managers >> you think all the firms would have already started one goldman formed to helped etfs. explain briefly how this works >> it was formed out of one thing and one thing only, client demand we had a number of clients calling us wanting to get into the etf space, to understand the road map we were really giving them a pedicure and not the entire makeover it allows our clients to come in, launch and manage their own etfs but with the etf

experience, infrastructure and risk management frame works goldman can provide. we supported the first launched. >> we'll talk about that later much more on how active investing is changing the space at 1:10 p.m. on "etf edge. steve will be on etf edge scott, back to you up next "calls of the day. bank of america, we're going to talk some banks, abbvie, oracle and more [alarm beeping] amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is.

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get real deal speed, reliability and power with xfinity. she shoots from here? that's kinda my thing. welcome back let's do some "calls of the day. bank of america today, downgraded to hsbc, a hold from buy. mike mayo has raised his price target on bank of america by $4

to 44. it is up from the october 27 low. nobody owns this you have jpm, though which has been a stalwart. >> it's the best of the group on many levels. almost on any time frame that's reasonably long enough the stock has outperformed nothing against bank of america. technically it actually looks great. i think a lot of people can make money in a lot of these stocks the banks have actually been the big laggards mnkamongst the financials we've seen a lot of outperformance relative to the banks, but now the banks are bringing up the rear and that's okay maybe it's that time in the cycle for them similar to the rest of the market, the promise of a rate cut is good enough for right now. and these companies, they've gotten rid of some competitors a lot of the flows of money have gone their way because they're considered to be safer and more stable they've won already on a lot of

fronts fundamentally and now the stock is starting to work. >> oracle on deutsch, jimmy, buy? 150 is the price target. >> this is a place to put new money. if you're wondering where you can put new money, this is the place. i'm not saying it can't go down by 3% if it happens, just leave me alone for the long rupp n this is tran 24 times earnings. the fundamentals and sentiment after the q3 report building data centers like crazy to support a.i. and cloud computing. this is a stock that underperformed technology the last 15 years and now is rapidly catching up. at the very least stay out of its way. if you have money to put to work in technology this is the place. >> if it goes down, can i give you the business >> this is how it works? i give you permission? is that how this works >> if it does, leave me alone. i'm not agreeing to anything >> no, you're not. i was just checking, is it opposite day or something? >> abbvie, what about that

jpmorgan reiterates as overweight you own that >> a beautiful health care stock. first off, very attractively priced, 16 times earnings. it has a nice dividend yield, attractive acquisitions. money coming into health care space, one you shouldn't worry about. if you have new money can you put it to work >> what about health care? you have pfizer which you singled out a couple weeks ago >> look, health care is really multidimensional it's tough to make a broad call on health care, period it's not like the energy stocks where they're unit directional and mostly behave in line with what the commodity does. in this particular case you've got all different reasons why, different sectors might be under or outperforming i do think broadly the fear over glp-1 or the excitement over glp-1, depending on which stock, i think that's been overdone it's going to get very competitive even if you think it's a huge business it's not a slam dunk to buy any company that has a drug in

development for that space by the same token, a lot of stocks have been ignored by investors because they're not working on glp-1 drugs or haven't gotten far enough. i think that's the case with pfizer the stock has been left behind by the group and left behind by the market one of the worst performing names over the last three years. i don't think the fundamentals are as bad as what the current valuation is i'm a buyer here it doesn't look like most of the stocks i normally talk about i prefer the 52-week high list this is on the three-year low list but i'm in here and i think things could turn in the second half of the year >> speaking of health care, unh, jimmy, that's let you down it's down 6.5% year to date, only up 4% we know what the market has done relative to that >> we do and there's two things facing united health care. one is the data breach from two weeks ago. they announced i think $3 billion they've announced it the market does want to get past that it wants to get past the second issue, which is medical loss

ratios, which are higher than expectations in the upcoming earnings report, and they're an early reporter, look at the medical loss ratios. that's the real story. the data breach was awful but it's behind us all right, more stocks on the move and mike santoli joins us next with his "midday word. >> announcer: are you following "the halftime report" podcast? what are you waiting for look for us in your favorite dcti app follow now ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. ♪♪ something amazing is happening here.

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did you ever worry we wouldn't get to enjoy this? [jeff laughs maniacally] (inner monologue) seriously, look at these guys. they are playing great. meanwhile, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. not to mention the kitchen remodel, and we'd just remodel the bathrooms last month. with empower, i get all of my financial questions answered. so i don't have to worry. so you're like a guru now? oh here it comes— join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next. ♪ ♪ this is not just another e-class. because it evolves with you. it adapts to you. engineering.

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overbought, the way the rallies go, what it means when breadth has been expanding no major peak. put it off to the side then what? then what is, you know, manage your expectations a little bit i think it's useful to think of where we were six months ago six months ago we don't have enough buyers for all the treasury bonds yields are going to go up. the economy is not going to handle it. earnings are never coming back it's over. six months later we can't find a negative thing to say about the economy. it's just a matter of be aware of the ebb and flow. you do have sentiment starting to get happy it's not a fatal flaw. it's just a bull market. when it's a bull market, the overshoots happen to the upside. maybe we're in one maybe we're not. >> let's get a look at earnings report, see what the commentary is and where the guidance is real we're going to mark down scores. we're going to decide whether there's legitimacy in the belief the market can keep going. >> even if we don't compound at 50% annual rate the way we have

been >> exactly pce tomorrow, too. we're not going to be here but will be on monday. the market will be an interesting trading day. good stuff i'll see you on "closing bell" today. up next, some of the committee's top stock leaders and lag wards. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today.

we normally do "winners and l

losers" around this time of the show some of your big winners, shack up 43% toast, 35% crowd -- i haven't gotten to the losers yet uber, 26%. ebay, 20%. berkshire, 17% mattaport has been a loser pfizer, you obviously bought it recently, so i don't want to talk about that. of the ones up a lot, which couple are you most optimistic about as we move forward here? >> believe it or not, i think toast has the most potential people halved at me on this one, and they may still if it doesn't work out but this is a small, sort of mid-cappish name doesn't have a ton of coverage the analysts following it aren't that excited about it. most of the price targets are close to where the stock trades, and i understand the reason why. it's a contmpetitive space, and having restaurants is not -- i'm

excited about that i would also just very, very, very quickly point out, this is the whole point of portfolio management and diversification yes, i have stocks that suck, believe me, i know you don't have to remind me every time but when you have huge winners, like crowdstrike and uber, stocks that go up 200, 300%, the losers don't matter. you almost can't see them. and when you get rid of them, it's like they never existed that's the benefit of having a diversified portfolio, knowing some of your holdings are not going to work, and it's fine >> jimmy, so mp materials has been a big disaster, we know pg&e -- >> which would you like to apologize for, sir >> i'm getting to the good ones now. disney is up 50% applied materials, 27%

would you rather me go through the list of good ones and say -- >> you just did that with me >> gm is up 26%. delta up 18%, berkshire, exxon, wynn a couple you're most excited about and don't mention cleveland cliffs, because you do all the time >> interesting, delta. i know i used to annoy you, but the tsa passenger statistics are sky high people are traveling like crazy. this is a company that's been outperforming for two years and will continue. same thing with general motors, by the way regarding the losers, because i have to do this, and like josh, maybe you'll take over as my therapist. picture that meme of that guy standing in the empty pool, like what seriously is wrong with you? there's a character flaw here. i acknowledge it and it's going higher. so whatever.

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join me at 3:00 eastern time on "closing bell." we pull the curtain down on this quarter. that is ahead of next week's conference so the investors will join us with an incredible personal story. don't miss that interview on "closing bell" at 3:00 let's do "final trades." farmer jim >> you know what berkshire hathaway just push the easy button, you don't have to worry about corrections, challenges or anything >> small caps but profitable ones that are able to grow their earnings against this backdrop >> that's an interesting call. you think they'll do better this quarter? >> i do. >> josh brown? >> wti crude, up about 1% on the day, $82 a barrel. we're 50% -- 50 cents away from the highest level of the year on wti crude. when we break through, people

are going to start talking about that i'm long ido, the energy producers etf. >> we are green across the board and extending that record high for the s&p 500 by a few points or so. we had that record close yesterday. a few points higher than that. the dow is good for just shy of 20 we'll see how everything goes. i'll see you on "closing bell. "the exchange" is now. ♪ ♪ josh, thanks so much welcome to "the exchange." here is what is ahead on the show more hawkish fed speak to end the shortened trading week the market is okay with it, but is it out of indifference? there is plenty right to keep the rally going. and we have "3 buys and a bail" europe edition sadly, the uk stocks being dumped our trader has three names she likes. and the ai underdogs at the verge of an opportunity our analyst ys