Welcome to this CNBC special on Mike Santoli. Jim Kramer is off tonight. A mixed picture

on Wall Street and Azdaq a bright spot as investors cheer the first crop of big tech

results. Regional banks remain front and center as first republic shares continue to

get hammered tonight. We'll weigh the bowl and the bear case plus meta on the move after

reporting results following beats from Microsoft and alphabet. We're talking techs big moment

plus corporate stock buyback announcements are running near a record pace so far this

year. Why some are betting big on buybacks. But let's start with the markets. You see

the Dow Jones industrial average did decline again today. We were down about two thirds of

1% positive for much of the day. Microsoft of course in the Dow was a standout to the upside

but not enough to keep the average is higher. S&P 500 still in pullback mode was down a little

bit less thanks to that heavier tech waiting there. The Nasdaq though was the standout did

manage to close in the green Microsoft about one eighth of the waiting in the Nasdaq 100.

Do you want to take a look at this very split market that we've had for some time. It's

splitting along different lines. Financials down tech up. You've had small caps down large

caps up. Sickle goals down defensive stocks up take a look at this chart of the XLG that's

extra large that's the top 50 stocks in the Russell 1000 relative to Microsoft's micro cap stocks

is actually at one of the widest spreads it's been for some time as a matter of fact microcaps

really threatening to kind of fall through their bottom end of their recent range so it shows

a real defensive tone to this market also want to make sure we mentioned news just out of the house

passing a bill to raise the debt ceiling limit now this bill is expected to be dead on arrival

in the Democrat led Senate but it was a step that speaker McCarthy was looking to get there to have

something to negotiate with on the White House and of course the debt ceiling deadline continues

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