pay the extra premium for a new home? whatever it is it's not good. >> for sure it is. >> according to the new york post, the power lunch is back in the big apple as manhattan office buildings reopened for business. new data from placer.a i found that for traffic at new year's office buildings was down 17% last month from march. >> bad news for expense accounts everywhere. >> that will do it for power lunch. thanks for watching. welcome to closing bell. i'm scott wagner live at the new york stock exchange. -- scott laughton or. interest rates continue to move higher and we will ask the experts what the breaking point for investors might be. bank of america ceo coming up in just a bit and is going to weigh in on that question. in the meantime take a look at your scorecard with 60 minutes to go in regulation. not much steam behind the major averages. the 10 - year moving closer to 470 and speaking within the

past hours, jerome powell and the most important takeaways for investors. oil down again, gold higher so we are watching commodities and the dollar. there has been some purchasing in big cap tech. med and microsoft are all staying green. we watch some of those chip names, better than 2% there. some big names working on some big-time losing streaks. how about boeing? down for 11 straight days trying to break that streak. six in a row. for berkshire hathaway, you don't hear that too often. home depot and ibm have been off for the past five straight. trying to end some streaks or continue them over he final stretch. the road ahead for stocks, some bigger potholes are now lurking. let's ask adam parker the founder and ceo. good to see you. so man, you've been bullish laying out your case for higher

margins, higher stocks. are you rethinking that now? >> no. not really. i think when you are in this band, good news is good and bad news is bad. if it gets too hot, and i could see us getting back to that too good or too hot and suspend cutting and maybe even hike. you've got a lot of that the last couple of hours but it's not the conclusion-- the conclusion isn't in. i think it's mixed with housing data was light, retail was strong, it's like the weather. 80 and then it's going to be 50. >> just make up your mind right? >> so we are getting some inconsistent data but i don't think it's enough to make them start hiking rates. what were these guys, at seven cuts at the beginning of the year which we thought was, equity guys thought was a little ridiculous? maybe if we get a run of hot people freak out but the economy is still okay.

>> i feel the fed is not changing like the weather. and now we are trying to figure out what that's going to mean for stocks. >> earnings so far we have 200 and the next 10 earning sessions. there's a lot in front of us. we've got the financials mostly behind us and a big next couple of weeks but i have not seen what i would call a bellwether. the outlook is being reduced materially. we will see if we get that but so far i think that earnings season has been okay. >> we were due for a correction right? >> yeah, you can get little entrenchment's. people worry about less accommodation. i think the dream of accommodation will be better than reality as long as the economy and earnings are okay. the thing i watch every day is financial conditions and if we start seeing them really tightened then i think you will start seeing a bigger shift

more toward higher-quality. >> can't they tighten with a stock market correction of magnitude if rates continue to back up? it's not just a tightening. >> the whole complex need to get risk off. >> what about multiples? do they get harder to justify in a higher for longer world or not? >> you know, we did a whole bunch of work on the relationship between multiples and margins last week, because there's a lot of old-school folks who say look. the market is expensive. that's all i need to know. eventually we will need to revert down and i think the problem is if you use history for the s&p you aren't accounting for the fact that there are so many businesses, i think 36% of the s&p 500 market cap is 60% gross margin or higher. it was like 15% 25 years ago. there's less manufacturing, more software, more services in

higher-margin businesses and they asymmetrically get higher multiples. i think you could be oscillating around this level, not back to 15 - 17 that a lot of people have as the anchor in their heads. >> if i remember, buffet on the air not that long ago. a handful of years justifying elevated multiples based on how low interest rates were. so how can multiples be justified at high levels with low multiples and then we are justifying the same multiple at much higher rates than we were? >> i don't think you should have had is high multiples with low rates. the truth is, extreme yields are probably because those are riskier and those should be lower multiple environments and now we are in a more healthy normal that we would've learned in school. higher multiple, more normal situation. all the fiscal stimulus on top of the monetary policy sort of

confused people when rates were low. i think this is a more norm yet- - normal and healthy range to be in. margins are growing and earnings can grow over next year. >> so you are very much a keep your eye on the ball, fed is changing, it has already changed but has not made the move to express it but it will and that's all that matters at the end of the day along with a good economy, earnings, and margins. >> if the consumer starts slowing, tightening is the number one thing that will call it off. two, consumer really materially slows and we start hearing about blowups in demand. i've seen some lower quality companies still take good pricing so i haven't really seen like, oh boy. if you get a walmart or bellwether we are not seeing that and the last thing would be if china somehow gets incrementally worse. industrials intech the next couple of weeks they say

ordering is slow but that is hard to get a read on. >> you feel it's getting incrementally better, if anything. >> the data are mixed to slightly positive off of a low base. >> the fed make some comments that are being tossed around and find out what they mean. senior economics reporter has the download if you will. the things that we need to think about most are what? >> scott, i think there's a potential change in the base case about rate uts being likely appropriate this year to perhaps not being likely appropriate this year and if you bear with me i want to walk through what jerome powell said and did not say and why i think that's the case. he said restrictive policy needs to be-- needs further time to work and went on to say recent data have not given us greater confidence to cut. it

may take longer to get that confidence and we can maintain restrictive rates as long as needed. that's what he said. let's take a look for a second that what he did not say which were not in his reports nor were they in vice chair jefferson's remarks. he did not say quoting the committee if the economy evolves broadly as we expect, it's likely to be appropriate to begin lowering the policy rate at some point this year. he left that out of his comments , jefferson left that out of his comments. jefferson made those back in february. powell said what he said as recently as april 3. take a look at what has happened to the probabilities. they have declined quite a bit now. what we are looking at now is just an 18% probability of a rate cut in june. 44 for july and 44 september. a question for you and perhaps your guest, take a look at the

s&p from thursday, scott. we are off to .7% from there. of course part of that was a selloff with what was going to happen but then take a look today. the market heard the remarks by powell, sold off and i want to say the wall street journal hammered this angle on the discussion of whether to cut at all and his story came out but then the market rallied back. does the question-- is the question does the market know this? and the challenge from higher rates from a two- year approaching 5% or attend - your that is elevated as well, present a challenge for a longer period of time that perhaps the average investor had thought of as recently as a month ago? >> you raise good questions as usual. i will give it to adam parker

to let him answer that. has the market figured this out? or is it still in the process of figuring all of this out? >> i remember years ago people saying if the 10 year gets 2.5 or higher the markets are going to get killed and then three or higher it's game over for multiples. 4% tender yields the sound barrier. it is one variable of a 19 variable problem we are all trying to solve. if we know what's coming i think it is bullish, the market can see through that. long-term fifty-year returns, twenty-year returns, equities go up 12% per year so is the 10 - year a safe five? i still think the equity is looking-- on that premium personally so i think i need a much higher 10 - year to say you know what man? take all of your money or a big chunk out of us equities and let's see what happens with the united states of america. i could see someone staying on the two- year we will move out but on 10? no way.

equity still looks good to me. >> i also thought it was interesting what the fed share did not say today and when he did not talk about the possibility of hiking rates as you say. if inflation persists we can maintain the current rate. being high enough. if he would've suggested, we are prepared to raise rates if inflation persists, the market would not look like it does right now so i think as the market processes all of this and makes adjustments it is still hanging on the fact that it thinks the fed is done and can deal with the fact that it has to wait longer than it originally could because as the fed chair underscored, the economy is really strong. >> i would say that shows you to be a keen and astute reader of fed speak and rhetoric. i think that's right. they are not there but i could say& yet. and by the way both powell and jefferson seem very close in

how they are talking about it. i can't remember the exact language used this morning but it was very close to just that idea. something about the current rate will be appropriate to lower interest rates and someone texted me at that time, does that mean-- sorry, lower inflation. and someone said does that mean that cuts are off the table? if you think about what the prior base case was what do you want to see? optional rate cuts or soft landing rate cuts ou could call them? the ability of the fed to cut interest rates while still en route to a 2% target because they thought essentially that rates were higher than they thought they needed to be in order to make further progress. that analysis is going off the table slowly but surely. all of these comments by the vice chair and the chair were preceded by talk from members of the committee and now we have the kind of exclamation point on that hawkish talk from

the vice chair and the chair here where this idea of, you can lower rates and still get inflation progress seems to be going by the wayside. >> it's funny because i was wondering going into today whether it was going to be a big nothing berger given that it was supposed to be about the canadian economy. and here you go with a number of headlines that are relevant and pertinent to how investors are thinking about this. >> can i comment on this which i think is another good point? the fed chair may have gotten away with just talking about canada and the wonderful relations with our brethren to the north. he did sit take some time out to talk about the great actors and musicians who come from canada and said let's import more of those. instead on the first question he decided to talk specifically and pointedly about the recent inflation disappointments that there have been, how it has undermined the confidence, and the confidence in the confidence in the sense that we don't have the confidence now but we will have the confidence

very soon. just a big asterisk. all of this can change with a couple of good inflation reports and there still are those out on the street who have that forecast built into their base case. i don't know where the fed share or the fed in general has it. they had a 2.6% inflation for this year. powell gave us a little bit of a heads up on what's coming at the end of the month so it's going to be 2.8. it's really not going to change. that's three months in a row you are not getting progress and that has undermined confidence in getting the confidence to cut. >> true but it's better than higher and oving in the opposite direction so i get where you're going. thank you very much. let's bring truest wealth into the conversation. you may think the pullback may have more to go but you have

your eye on the ball and say the trend is still intact. is that correct? >> that's right. great to be with you and adam parker as well. i knew that coming into the quarter that it was a bit stretched. we had five straight months up, a 10% first quarter and we were likely to see some type of pullback. when we had 10% first quarter you look the rest of the year, 10 of 11 times but the pullback that you see at some point is 4% and the average is deeper than that. so i think the market that is stretched, there were expectations that moved up and we saw volatility and interest rates and inflation and we are having a bit of a reset which likely has longer to go in time and price but as you discussed, the economy is still relatively resilient, every week we see-- making a new high and what does that 10 year yield that breaks this market? before the financial crisis the average since 1950 was about 6% . the average cash rate was about 5 and the equity market

as i alluded to grew about 11 or 12%. i think rates moving up at a fast place really caps the upside and provides some choppiness but credit markets are really well behaved. i think this likely goes on longer but ultimately the primary trend is up and as the market pulls back we would be leaning into that and i think the downside is probably limited in this range for the market. >> i do think you have to be careful about going back and looking at historical references and saying the market has been fine for however many decades with the 10 year at whatever rate you want to pick it is this time is different. you are going from 0% - 5% in a reasonably short period of time and let's not forget that we had reset expectations to where rates were going to be to at least in part justify where the market was and he multiples that you are paying based on where you thought rates were

going. so you can't have your cake and eat it as well. >> it's change and the pace of change, not just the level. if we backup that is clearly a tightening situation. if it slowly backs up because the economy is decent, i think market can handle that and earnings in multiples, market will be higher-- higher. it's the pace that i think it could spooked people. >> and when it got down to four and briefly dipped below, bulls at that time didn't have five on the bingo card. we had accepted the fact that the economy is good, earnings are going to be good enough and defense tells us they were going to cut their pricing and now we are at pricing and seven. we are pricing in three. now we're not pricing and three, we are pricing in two and will be lucky to get any. >> i'm just trying to figure out if they are all just terrible at what they do, just bad, or if it's just one or

castable. it's one of the other. all of them are brutally wrong in both directions for 20 years on the fed. we called for the rates to back up every year for eight years in a row so it's obviously hard to do and these are smart people. how can i position a portfolio based on stuff that's always wrong? i can't. i have to take a step back and say wait a minute. they ramp it up to 2% convinced they would get it back up to 2 inequities work. runabout 2 for a decade and at they convince us it's on the way to 2 it could be good. that's what he believed to be bullish but if it gets out of the comfort band and they can't control it then i think you get more nervous and it's based at what i see at the stock level but i'm certainly not going to listen to some economist at some firm telling me there's seven and then four and then two. they have no idea. >> that's why some say given all the noise if you want to characterize all of it, stay large. stay with large us stocks, big market cap stocks. whether it

is mega cap tech or otherwise. >> we are still in that cap and quickly as well, just today the imf upgraded the us economic forecast from 2.1% up to 2.7% and at the beginning of the year the average economist was 1% so we are more than double that already. but to your point we are seeing some bifurcation in the market with interest rates happening. and a 20 - year low. they are really interest rate sensitive and pricing since covid, we would stick with large caps and i think the consolidation we've seen is a sideways, relative performance for tech was a positive and we are likely to see more reassured leadership because they have earnest momentum that is positive, these big balance sheets, they don't need financing from the

debt markets and they are earning more cash and interest on that as well so we still think that's the place to be in this more volatile period we are seeing right now. >> which is why you are seeing purchasing on the dips of big cats. >> i totally agree with that statement. you need access to the biggest 20 us equities and you can't get that through any bonds but what he said is also interesting, i am paraphrasing but not only were economists wrong on rates but they were wrong on gdp also. so it is tied together. >> the fed chair himself, they were wrong on a lot of this. >> right. >> in terms of where growth was going to be, what they thought they had to do to get inflation down, whether they had to choke off demand and now it's not so much because this type of inflation was caused by something different. >> no drinking in january type of thing.

>> dry january. >> let's do a no fed may. forget what they say and focus on something that matters that's for castable. >> i'm not going to shake on it. all bets may be off. keith i appreciate your time very much. adam parker thanks to you as well. >> seema mody has the biggest look at what's coming up. >> in the healthcare space starting with united health following strong earnings that the expectations. the healthcare company also reaffirmed full-year guidance despite the february cyber attack on the change healthcare billing system. you see shares are up 5.7%. let's also take a look at johnson & johnson which is moving in the opposite direction and sliding to a new low. revenues came in light and the company saw strength in cardiovascular device sales but it is blockbuster psoriasis drugs missing expectations.

stock is down nearly 2% at this hour, scott. >> see you shortly. seema mody we are just getting started. no signs of slowing. that's what samantha mclemore is saying again this and where she's finding opportunity within stocks now. live at the new york stock exchange and you are watching closing bell on cnbc.

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we are back with stocks trying to snap the recent downtrend today with rising yields and the threat of higher and longer rates waiting on the sentiments again but the market is showing no signs of breaking down samantha mclemore joins us next. good to see you. >> things for having me.

>> so you are undeterred by the recent volatility, the backup and rates and everything else. tell me why. >> we think this is a normal natural pullback. we had a huge move in the market, almost 30% upside from the lows in october so that's a huge move and was the fourth longest period with the market staying above the 50 - day so strong, prolonged, and i think they are 4% off the highs which is a very measured pull back especially when you think about interest rates going from the high threes to almost 4.7% this year. crude moving up significantly to the mid-80s from the high 60s. geopolitics, rate hike concerns. given all of that i think most people would have estimated that the market would've had a more significant pullback so i think that the market shows a very measured response. >> sure, but if what got you here at least in part was the expectation that rates are going to do something different than what they are doing now, if that's changed which it

seems to have changed, doesn't the outlook need to change at least somewhat in the near term? not talking the big picture or where we think the overall trend is going but in the near term here? >> i would say that must not have been what got us here because coming into the year people estimated we would have six rate cuts and now people are estimating less than two by december. the market has been okay. i think what this rally and a continued bullish market depends on is economy remaining small strong, inflation remaining maintained, employment remaining steady. >> so we don't need cuts at all this year? >> it depends. we will see. it depends on what the economy does. if the economy slows then we might need rate cuts. i think what the market fears is that we will say restrict of- - stay restrictive too long

which will lead to a recession. i think as long as that doesn't happen no one really knows what the neutral rate is and how high the interest rate can stay but that is something we are watching quite closely. given what we are seeing and what we've seen from retail sales employment the economy remains quite strong. >> what should i do? what are you guys doing within the market to express the view? >> well we love buying beaten up names on pullbacks. rethinking intrinsic value of businesses much higher than where names are trading in the market so there are a number of names like that that we are adding to in this market and one example is cosmos energy, which is a smaller, earlier stage company that is one of the few energy names that we can find that we think has significant upside even if a normalized price is at 65 rather than 85. so stocks trading at six dollars a share and we think it's worth 12 - 14 or even higher than that of prices stay here. >> beyond idiosyncratic story

like cosmos do you believe in the broadening story continuing ? i ask you the question because it sounds like you would, given your overall view of the market. >> well we certainly saw broadening out of the market late last year and early his year. so that's what we've seen. and last year a lot of the economically sensitive names, in my opinion were pricing and recession. so as the odds have come down and people have gotten more comfortable with economic growth we've certainly seen that brought in. it still looks like large-cap growth are the market leaders. they lead both on the upside and the downside and do not have as much upside to intrinsic value as other names but we have a balanced portfolio across the different types of mispriced securities. >> so you added nvidia in the first quarter and you had some people talk about bubble,

qualities out of some of those names trying to justify, are multiples worth what they have expanded to? i know that nvidia, multiples have come in . how would you express that of the mega caps? >> there's a lot of talk about how narrow the market has been and how they make up most of the returns. i think we can confidently say it is not at all on the level of the tech bubble. tech peaked at 55 times in these names are 35 times and these are some of the best companies that have ever existed in the history of the world. if you look over the past decade they've grown revenues 24% per year, free cash flow per share over 40%, they've doubled their returns, huge free cash flow margins, great balance sheets and they are still growing crops quite strongly so if you exclude tesla, which we think is

overpriced for what the current business is, the ultiple on the other six went from 23 to 25 times so the premium to the market actually shrink from 50% premium to a 25% premium. i think it's really hard to argue that those names are significantly overpriced in aggregate. >> samantha, i appreciated as always. see you soon. bank of america slipping post earnings, stock about 3%. we hear from the chairman and ceo. his first take on the quarter and what's next for the bank right after this. when you need to prepare for unpredictable adventures... (gasp) you need weathertech. [hot dog splat.] laser measured floorliners front and rear.

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welcome back. shares of bank of america moving lower today and the company reporting an 18% drop in for scored a profit. the latest big lender to feel the squeeze of higher interest rates but earnings did top expectations. sara eisen joins us with the first on the cnbc interview with the chairman of bank of america, brian moyneham. >> first i have to ask if you are surprised by the market reaction because the numbers mostly were better than expected with a big pop in trading as well. >> we had a great quarter here at bank of america exceeding expectations but one days market, i to tell myself you feel good about on that day but the things we control continue to produce for shareholders i

got 14% returns in common equity this quarter. if people are selling stock moving back at lower prices we thought we would dial it back but let's wait until tomorrow and see what happens. >> that's an expression of confidence. you did reiterate guidance and i guess the market had higher hopes. we saw this with wells fargo and j.p. morgan as well that higher for longer would be better for net interest income outlook and profitability. so what are you expecting on that front? >> we basically told people that for the first quarter of 24, we told them at the time we did earnings for the fourth quarter last year, that we would actually be down a little bit late order. we turned out to be up late quarter, up $100 million which was $300 million, then we said you can kind of lock that in so the second quarter for us always comes down and it will grow from then on out which is a different path than other people have and that's because

our deposits are growing, growth is still muted alone because the economy is adjusting to all the things your colleagues have been talking about all day so we saw long growth over year but credit quality is still good and we feel good about what we are doing but the key is that we actually had more than we thought we would have and expect to have more than we thought we would have next quarter. a gross from there and frankly starts to get to the point where it's not growth year-over- year for the company. >> what about the consumer? you have pretty good visibility into people's deposits and credit card spending. is it doing better? is it doing worse? is it the same? >> if you look in the spending data for consumers you have to put a little bit into historical context. at bank of america we have the honor of serving 60 million us consumers and we see what goes in and out of their accounts on

daily, weekly, monthly basis. if we were sitting here last year or year and a half ago we were talking about consumer spending being very strong and a lot of people were saying well the consumers going to run out of money and it didn't happen. it's going to over leverage. did not happen. wage growth will not keep up, it didn't happen back then. but what did happen as you move forward from that standpoint is the consumer has slowed their spending. so you went from 10% year-over- year early last year to 5% last fall and now they are running at 5%. a little less in march and april a little stronger. the growth of his movement of money across 4 1/2 trillion dollars out of bank of america accounts which is consistent with 17, 18, 19 consistent with when the fed raised rates and lowered inflation so you are seeing it continued to spend consistent with a trend type of economy and we will see that play out over the next quarter. >> recent data have clearly not given us confidence that

inflation is coming under control based on everything you see and how consumers are dealing and how businesses are passing it on. how do you assess inflation? >> if you look at our research team, what they have done is constantly pushed out the effects of the fed tightening before that. 18 months ago they had a recession plan from the last part of last year and early part of this year and pushed it out into the early part of this year and said it's not a recession soft landing and it's basically continue trend economy and economic growth. you had a 4% plus growth rate and 3% in the fourth quarter last year and now they say it's going to be 2 1/2 of this quarter. that reflects the ongoing attributes of the consumer being solid, business is making money, unemployment staying low, not getting up to 4% until the

end of 45 and all of that is pushing at the impacts. the fed watching way too much right now. the issue is that the fed has put a huge constraint on economic growth because of the massive stimulus and response to the crisis and lowering of rates. it is still having an effect but it has taken longer. it takes about four years to wind out of inflation so the fed has the power to make the decision and don't have the power to decide what the facts are. based on a solid economy, okay, and not moving as fast as some people may thought is the day to day impact. our company will operate well in any environment. >> when do loans pick up? when are we going to start to see growth? >> so if you sort out by the

businesses there are a couple things going. global corporate investment banking business. we had a great quarter for investment banking fees so people are going into market and financing and paying off temporary credit for an acquisition or paying off and refinancing bank loans because they are cheaper and have longer duration. places we did not get loan growth are really around there. we had a typical season of declining credit card and all the other areas grew slightly. the middle-market business grew a little bit, business banking which is small business grew a bit, small business itself group. we see a steadying of rates and credit flattening out. it is declining and now sort of leveled off but we are not seeing robust loan demand because it's expensive. you went from 25 basis points to 5 1/4, 5 1/2 and you add margin to that. you have a 20 - fold increase on a basis. what you are seeing

is companies being careful about borrowing, careful for employment levels, not laying off as uch people but not hiring as much people so you can find labor more easily than you could before and just being generally a little more conservative because they listen to all the stuff you been talking about all day. at the end of the day we are seeing 1% loan growth year-over- year. that's fine but we expect to see more but i think it has to do with general borrowing conditions still muted even on home loans. even higher rates slow down the borrowing process. >> the plus and minus of high rates. thank you for the color. very helpful. brian moynihan the ceo of bank of america. scott back over to you. >> up next, tracking the beaver -- bigger moving's. investors got some rare

good news this morning when one company received an upgrade and there is a social media stock that continues its decline. we've got more on the closing bell movers right after this.

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>> less than 15 from the closing bell and we have seema mody with us. >> breaking a four - day losing streak after ubs upgraded stock from selling to neutral deciding the companies are two orders as a potential catalyst. this is the lower-priced car that is anticipated to hit the market in 2026. stock hitting a 52-week low but then got the upgrade, shares rebounded now up really-- nearly 5% in the hour. short interest has been rising. trump media continuing to fall after the company announced truth social is moving to launch a live tv streaming platform seen by the market as a cost intensive business and follows a filing showing that the company may sell more stock. we see shares in the market cap decreased by more than $5 billion since it began trading at the end of march as a public company right now down 13%. >> i appreciate that, thank you. seema mody. united airlines at the top

of the hour. stocks had a volatile year and we will tell you the key metrics to look out for when closing bell comes right back. some companies even advertise high quality vinyl

>> coming up next, united

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or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. the closing bell market zone, senior markets commentator here to break it down. united airlines, kate rooney on interactive brokers. micah, the rates are up yet again a nice a heat from the fed share on where we stand. >> the comments were a decent test to what we have already more or less absorbed about the current environment. him saying that maybe we are not going to have the circumstance to do any cutting or at least not much in the market says what have we been doing here?

we are up 35 basis points in 10- year yield in six days but i think that was a decent test to say that's not going to jar us. i'm with everyone who says we can live with this in the economy is good and of earnings come through. there's nothing inherently dangerous by 10-year treasury yields and it growth economy of 5% or 6% that it changes how you wait the probability and the probabilities that the economy either will not be able to fully handle it, or we hit the kind of real estate world and housing looks like it takes more on the chin and all of a sudden you are alking about the feedback loop of those tighter financial conditions. and by the way when the market does what it has been doing that is financial tightening. it's not like someone is decreeing titan financial conditions and then the market reacts. stocks are down, yield is up, volatility is up and even credit spread is up a little bit. that is all tightening financial conditions so that

somehow does a little bit of the work of restraining the economy and who knows, maybe getting inflation lower. >> i guess we will be told if we have tightening booking conditions. >> that's going to be one of the main things we look for it. three things will stand out in this earnings report for the first quarter. in terms of demand in the first quarter delta saw an acceleration especially with corporate demand in the second half of the first quarter. did united see the same thing? what is the strength of demand, if you will? we know what's going on with the boeing building fewer 737 maxes. that clearly has to impact united and then we know they were in the market for an air blast-- airbus replacement order because they will not be taking delivery of the max tends. don't forget united is expected to report a loss of $.57 so they are not expecting a profit here and tomorrow morning after the numbers this fternoon we

will be talking with united ceo scott kirby. a lot to discuss beyond the numbers in terms of fleet plans, boeing, airbus. you don't want to miss that interview. >> we won't miss it and look forward to it. interactive brokers reporting by the way. >> the momentum for interactive brokers is expected to continue when we get that report out. account growth is a key thing to watch. trading activity will be reflected through something like daily active revenue trades, net interest income will be key as well. margin lending also a big one, piper sandler upping the price and saying any impact you may see from rate cuts that it could have on revenues has been overshadowed by a number of positives. 70+ percent operating margins, they do expect growth of 20 or 25% with what they call an excess of capital and calling out strong momentum growth as

it is well positioned from the current rate environment with offsets in a lower rate environment. the founder and chairman is coming up on overtime. >> look forward to that as well. i will turn it back to you with about a minute left. now that jerome powell has spoken maybe we can move away from that narrative for a little while and get focused on earnings. >> ideally i think that's what a lot of investors would prefer. i think the market has business to take care of in terms of the real tactical stuff. at the highs when we ramped 10% in the first quarter to go up 28%, everybody said we have a 3% - 5% pullback in our future just because they happen. we are down 4%. always buy a bunch of headlines or narratives that say maybe this could be more or tougher

but so far nothing really telling you that this is particularly nasty at this level. i still do think there is churn ahead of us. we will see if we can get that focus. >> the market behaving pretty well. there's the bell. we will pick it up tomorrow and i look forward to being here. another choppy session as insert uncertainty is injected and snapping a six-day losing streak is the scorecard on wall street. welcome to closing bell overtime. i am morgan brennan with jon fortt. >> driving the early action, for now we get results from united airlines and we will bring you those numbers plus exclusive interview with interactive brokers chairman before his company's earnings call. >> noted value investor