The bell's bringing end to the trading day at the NYSC Rollins, ringing the bell, and at the NASAC, its public policy holding company.

Welcome to closing bell overtime. We're live in studio be at the NASDAQ market site. I'm Melissa Lee, along with Mike Santoli.

After a one-day decline tech once again taking the lead, the doubt with a small loss, S&B 500 gaining about three quarters of a percent and the NASAC up more than a

percent. The new twist for today is further move in bond yields, higher, both the 10-year and

the 30-year treasury yields, getting back to levels we have not seen since last summer.

We're going to get much more on the action in both the stock and bond markets, plus an

historic summit between President Trump and China's

President Xi. What are both sides hoping to get out of it? And we've talked a lot about 1999

this week. Well, Cisco was one of the big stocks back then. In fact, briefly, the biggest.

It's back in focus today. Those results expected in just a few minutes. Remember when it was the

bellwether of the market? Absolutely. And we've got a new chair of the Federal Reserve, Kevin Warsh officially confirmed by the Senate. But what an interesting session that we had. It seemed like the hotter the inflation print, the more people wanted to go into the quote-unquote safety of the AI trade. Exactly. It represents macro risk. What types of stocks allow you not to think or worry too much about the macro? That has

been semis. I mean, a one-day breather is basically all they were allowed at this point, up 2.4%

as a group today. Now, below the surface, a lot of stocks are starting to pile up on the new low

list, a lot of commentary about that. In fact, as many as new highs, anything touching the real economy

is struggling at the moment. And I wonder if, in fact, it has to change very quickly. There is a

sort of get long, the strong themes, and sort of be hedged elsewhere type of a feel to what's

going on right now. People are buying VIX futures and things like that. But for now, it's kind of working. And, you know, even if Nvidia, Apple, and Alphabet were the majority of today's gains in the S&P 500. Right. We have to think in an environment in which 10-year yields are 4.5%, you know, 30 years are 5% at this point. At what point does it catch up, even if it's just the funding of this AI build?

I mean, at some point, it all sort of has to touch each other. Right now, it seems like people want to just say, okay, we're going to go with the momentum here. I mean, Morgan, Stanley's Mike Wilson out today, saying 8,300 on the 5 in the next 12 months. In next, by middle of next year.

Yeah, no doubt about it.

That's predicated on a massive further increase in earnings off already record levels with already record margin. So it's extrapolating the trend from here. It is a puzzle as to whether, in fact, we can get too imbalanced here, CAPX over consumer, and in fact, whether we're going to overheat because of all the cap-ex and leave the Fed in a tough spot. That did happen in, like, February of 2000, Greenspan was like, our rake hikes have done nothing to slow this tech-driven economy. So we're not there, but we'll see. Interesting setup for incoming Fed chair, Kevin Warsh. Let's get more in the markets as momentum bounces back.

Sima Modi's got the details for us.

Sima.

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