Closing Bell 9/2/26

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**Scott Wapner** (1:00)
Guys, thanks so much. Welcome to Closing Bell. I'm Scott Wapner, live from Post 9 here at the New York Stock Exchange. This Make or Breakout begins with the markets, of course, and whether calls to get more cautious right now are justified or not. We'll debate that. We'll ask our experts what they think coming up. In the meantime, let me show you the scorecard here with 60 to go in regulation. We're green. As you can see across the board, Microsoft is doing the best. And that's despite the fact that bond yields do remain elevated. The 10-year yield today hitting its highest level in almost three years. We're watching that. It's right on the flat line, just about 480 So that's certainly being closely watched. How about Nvidia's move today? Nice boost there. Meta as well. And we do have some key earnings looming for the tech space as well, both Broadcom and Snowflake reporting and OT. We're going to get you set up for those in just a bit as well.
Elsewhere, a big day for Dell after its earnings report, but a rough one for Palo Alto even after its strong earnings. That stock did run a lot into the print. Take that into consideration, but that's the worst day in a while for Palo Alto Networks. It does take us to our talk of the tape, history, yields, war, oil, all on the market's mind these days. For more on where we might be heading from here, let's bring in our panel. Trivariate's Adam Parker, Hightower's Stephanie Link, both CNBC contributors. We're happy about that, and we're happy to have both of you here.

**Stephanie Link** (2:19)
Good to be here.

**Scott Wapner** (2:19)
All right, Steph, so I said, right, we do have all those things on our mind, yields, war, oil, calendar, supposed to be bad. How do you see this market here?

**Stephanie Link** (2:30)
Well, I was really encouraged by the New York Fed President Williams today in his comments. They were really dovish, actually, and he is a dove, I know, but I agreed with a lot of the things that he said, so it keeps me constructive. Basically, he said yields are high because growth is better, and I've been arguing that point for a long time. Talked about how there's some progress being made in inflation, and a lot of the inflation is tariff and oil related, and other areas, they're seeing progress, so that was encouraging.

**Scott Wapner** (2:57)
He was kind of like hold, he was on the hold side, no hike side, so he's deemed as more of a centrist in the current time where the Fed has gotten more hawkish.

**Stephanie Link** (3:05)
And he also talked about productivity, Scott, which we're just beginning to see that increase. And so I think you add all that up. I feel pretty good about where we are. I know that September is a really challenging month, and I've said it before, into the volatility I want to be adding to, and you know I have been adding to names all summer long, part tech, part the AI food chain, natural gas, EQT is my newest position that I bought a couple of weeks ago, we talked about. And then I look at the Atlanta Fed Tracker, and I know it's not the actual number that we care about, but it's actually accelerating, and that's a good thing.
We got 4.8%, we got really good factory orders, we got good ISM manufacturing numbers, so I feel okay. I think you want to embrace, if we do get a pullback, I think you want to embrace it and be buying.

**Scott Wapner** (3:53)
What about all these, what feels like a growing chorus of caution? And you hear it from very well respected people that the risk reward in the market has changed as you head into this rocky, traditionally month. I mean, how do you assess it, knowing that people are growing more cautious, and we asked at the top whether it's justified to be so or not?