Welcome to Closing Bell. I'm Scott Wopner live from Post 9 right here at the New York Stock Exchange.

This make-a-break hour begins with the debt ceiling duel and a key moment for mega cap tech as Apple gets a rare downgrade.

Those shares lower, not really having a dramatic impact on the markets though.

Here is your scorecard with 60 minutes to go in.

Regulation S&P 500 once again trying to close above 4200. It's a few points higher than that in this the final hour of trade

helped by a really nice day from the communication services sector. Media names rallying,

another new high from Meta. That's story there a new high for Microsoft and

alphabet to lifting the NASDAQ again been up for four straight weeks nice gains across

the board that takes us to our talk of the tape the mega cap melt up and what if anything can stop it

Let's ask Eric Woodring. He covers tech hardware including Apple from Morgan Stanley. It's good to see you welcome back

Good to see you Scott. Thanks for having me on.

So we're having this conversation in the midst of what's been really a remarkable run by

Mega Cap teching, including Apple. There was a downgrade of that stock today by Loop Capital. They see the company missing the

quarter in revenue. What about you? You share any of those same concerns? I

think it's just too early to call the quarter. It's May 22nd. There's still a month and eight days until the end of the quarter.

So we judiciously track supply chain data points on a weekly basis. I would say from my perspective we haven't heard

similar concerns when it comes to builds or reduction and build forecasts and

so steady as she goes again we're in an environment where demand is

challenged by the macro but for Apple it has been much steadier much more stable

than for a number of other companies in my universe.

I mean they were talking about both iPhone and overall and if you look at iPhone I mean

maybe one of the surprises in the most recent quarter was just how robust that business remains returning to growth in the quarter from a decline of the of the prior quarter.

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