And welcome to closing bell. I'm Carl Kintanilla and for Scott Wapner. This maker break hour

begins with some new risks emerging outside of AI as tensions flare in the Middle East and some new fears

bubble up over the health of the U.S. consumer. Here's your scorecard with 60 minutes left in the

trading session. Got some session lows are awfully close to it. S&P has not been able to quite maintain that 6850.

Utilities, energy, industrials among the leading sectors, tech financials, discretionary are in the red.

Some notable movers today include deer rallying to a new all-time high on this strong outlook.

Carvana hits the skids on earnings. We'll get more on both of those stories coming up.

Let's begin, though, our talk of the tape as these new anxieties emerge, is it time to rethink

your strategy? Let's talk to Chris Harvey, head of equity and portfolio strategy at CIBC Capital

Markets here with us at Post 9. Chris, always a pleasure. Good to see you. It's great to see you.

You did come into the new year thinking that maybe things were a little rich, yes? That's right. That's right. We thought you'd have bouncer risk aversion. We thought that risk was too expensive. You would need to see this. We thought people were sleeping on the macro and the macro risk. And a lot of what we're seeing is starting to unfold, right? Geopolitical, on the transition between the two feds, expectations too

high, optimism too high. We're seeing staples really outperform. Lowval beginning to improve.

And so it's getting priced into the market, which we're happy about. And at some point,

we'll get there, but we still think we have a little bit more to go.

Has this sort of heat-seeking AI risk thing that's rotated

between industries? Has that been a surprise? A little bit of a surprise, because for us, it's a little

bit indiscriminate. Not that we understand why it's happening. I think it's too aggressive,

and I think it's been somewhat indiscriminate. And I think the 90s in today are a lot different, right?

I think what the market's doing is it's underappreciating the client base,

it's underappreciating where a lot of these companies are on their technology journey

and their ability to integrate the latest technology,

much different than in the 90s where people didn't even have a website, email, so on and so forth. Yeah, you do make the point that a lot of businesses took a hard lesson from not adopting fast enough in the dot-com, all right?

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