having pitch in the big leagues. ohtani was the first big one. >> back to ohtani, he's coming off an injury so he won't hit next year? >> he's open to resume pitching in 2025. >> mark, thank you very much. thanks for watching power lunch, closing bell will start in about five seconds from now. see you tomorrow, everybody. welcome to closing bell i'm scott walker. here we go to the new york stock exchange, the make-or-break begins with a make-or-break week for the markets. the last fed meeting of the year under way less than 24 hours. so much potential riding on that outcome. we'll ask our experts during this stretch where your money is likely to head from here. in the meantime, the scorecard with 60 minutes to go, regulation looks like that will start stocks, they're largely hanging in there. not giving much of anything back over hitting the 52 week high at the end of last week. the dow is outperforming, check remains red, nasdaq has gone positive, albeit fairly.

s&p hanging about 4600 yields. they are steady after a couple of mediocre off today. there's your picture for 23, the ten year note yale takes us to our top of the table whether the market and fed are aligned or at odds. how that could influence the alley in the weeks ahead. let's act amalie santos, chief -- welcome back, good to see you. >> good to see you. >> how are you think about what might happen this week? >> it's the last big week of the year, investors are gonna look for that confirmation of growth without inflation, peak rates looking to the other side of rate hikes. and what exactly precipitates them. we think it will take out this point a big surprise on the downside or the upside to get much movement when it comes to the stock market. and then when you look at barr kneels were still a bit vulnerable because of a little bit of dichotomy between what

investors are expecting for the rays first rate hike, and what's the fed likely to do. >> that's how we set up this conversation whether the fed or the market is aligned, are they offsides? >> i think a little bit. in general, the direction is clear, we've seen the last rate hike, it's gonna be a rate cut, if you look at probability there is a 40% chance of a rate cut in march, unless you have an actual economic slowdown or unlikely to see that even though we actually think inflation will come down faster than the fed is expecting. it's really talking about pushing it back a few months, expecting the first rate cut to happen in june in july. >> you're expecting cuts though in 2024? >> we do expect cuts. nothing dramatically offsides, it's in the very short term you could see a pump in yields as those rate hikes are adjusted in line with a fad. >> are they cuts because they

can or cuts because they have to? >> in our case, we continue to see growth without inflation. it's what the jobs data comes from last week. we hope to see also in the cpi resale sales this week. and that environment rate hikes by this year is because they can, inflation is coming down, faster than they expect. it opens the door to start lowering nominal rates so that real rates don't increase much more from here. >> do i make the leap in saying that you must be pulling stocks for 2024? >> the number one conclusion for us is a lot of investors are frustrated with the markets this year. they sat on too much cash. despite all the ups and downs, the 60 40 still gave you 3x cash this year. we will get even worse next year given that we think the peak benefit of cash is behind us. that's the number one thing to do, use the pop and yields when they happen to extend duration a bit. use pull backs in the market to lean to some of the --

you don't want to go to on the other extreme. >> you're talking about a rotation from cash into the sectors of a market. once that really doesn't wake up until the beginning of november? >> it's a very fast changing market. we went very quickly in late october to how high rates can go, it's a concentrated narrow leadership, all of a sudden to how low can rates go. and then everything rallies. you don't want to be participating in either of those extremes. you want to diversify exposure, but you don't want to lean into for us not quite the time for small caps, financials, or retail. >> why not small caps, the brussels is up 12% in the month. if you think there's gonna be a broadening out, and the economy will hang in there, the fed cuts because they cannot because they have to. why wouldn't they want small caps? >> we still wants some small allocation to small caps, historically large versus --

but if it's about overweight the marginal dollar will still prefer quality large caps. that's because a soft landing still does not mean things are great. i think the discussion for next year's gonna be a lot more where are we in the cycle, where do you see platters of the late cycle, and that tends to be small caps. small caps have floating rate debt, they are already feeling the pinch of higher rates. the fed is unlikely to cut it fast enough to ease that pain in the immediate future. >> it's fair to say you're a believer in the broadening? you think that can continue in the new year? you need to just be somewhat selecting to where the broadening will come from? >> exactly, where do you see positive fundamentals, and unjustifiably low valuations. for us it's a cross actor, examples for us would be taking advantage for the lagging performance of things like utility, industrials, health care, international stocks.

those to us make sense to lean in versus some not quite there yet, small caps, large-scale banks, retail, not quite yet. >> you didn't say energy. where do you come down on energy, is it at the bottom of the new graphic? it's obviously a disappointing year? >> we think it's a bit tricky for energy. for us medium term, we believe in having a good allocation for energy. because of the under investment, the good return to shareholders, the truck for oil prices next year is a bit two sided. we have the war between israel and hamas, to be determined how much that escalates, it could push oil prices higher. then you also have saudi arabia, opec, getting frustrated with the u.s. production and perhaps could be setting us up for a flooding of the market next year and lower oil prices. it's a trip to the macro variable at this point. >> what's your outlook for

attack in the new year, specifically large cap? we >> think the distinction is we see a broadening out from the mega cap tack into large and mid cap tech. it's a broadening of the a.i. theme, it's a broadening of the efficiency and cost cuts of the tech sector, what it's gonna do, the stable long term high cash, elevated margins. today is a great example actually of the semiconductor index of 3% whereas the poster child of semiconductors is actually down. >> some of these stocks are up. i'm so glad you brought that up. they're not getting enough attention today. broad calm for examples up nearly 10% on no news. there is money flowing into that area, amd is up 4%. do you think there's something there? >> there is something there. a realization that a.i. is for real, it's a transformative

technology, companies are already monetizing it but it's not concentrated in the handful of winners that have benefited from that structural tailwind so far. there's other winners to semiconductors, software, as well as companies with a lot of customer data. >> -- with exactly what is happening in the chip space because it's exciting. in the meantime let's bring in cnbc contributor greg branch, financial group will undoubtedly has come on today to say, scott, i change my view. i've turned from a bear to-able all the calls about the fed hiking are over, a more positive in stocks and i have been in months, correct? >> scott, you know me better than that. i wish i could say that, that's not my message today. >> why, why isn't that your message today? >> i will put it in the context of things where i disagree with gabriela. i think the fed has gone out of their way, everyone declares that this war is over, the rate

hikes are down, they keep going out of their way to reserve your judgment, have us keep an open mind that if the data starts going in different ways that they will raise again. the part of the narrative focused on cuts, by the way, cutting because they can as a luxury. the fed does not have, does not enter the mindset. the narrative, the part that it skips over is that we haven't seen the bull effect of the 500 basis points raised yet. where the correlation is growing down, it's not necessarily in the demise of credit, we've seen credit growth fall off a cliff. but it's in the spending. we haven't seen the spending react the way that we'd expect from a 500 basis point high. we haven't seen companies in terms of jobs, the job market and the question becomes for the fed, is that delayed, is that structurally muted. that question needs to be answered first before we can

get to any discussion about rate cuts. when we get to that discussion it's because they have to not because they can. because the canisters are for a time where we haven't seen generational equation and we're not worried about it coming back. in terms of that fight being over i think it's difficult to pinpoint. we haven't seen significant equation in some time, we've been stuck in a 30 to 40 basis point range for the last 16 months after three months, last month, it remains to beseen if 20 basis points as the new trend. we can't extrapolate that off of one -- >> let me let gabriella respond. then i'll come back to you. what do you need to say to that. greg, is not the only one that has a more cautious view who suggest that everything that the fed has done, i know you think it's all fine and good gnat -- it's a matter of when not if? >> the fact that we'll be this drama that the inflation fight

is not done yet at, when they release their decision and their press conference on wednesday. and hence, the idea that rate hikes are gonna come next year, the feds not gonna want to front run that. i think there's two interesting debates here that greg brings up. number one, can inflation come down, a lot of it was supply chain issues, structural changes that make the economy more inflation brown. can you have growth without inflation, we'd say yes. and the second question, the lag of higher interest rates, are we have to see it or have we learned this year that this economy is less interest rate sensitive than it used to be, or more in the latter camp hence why we have a more constructive out you next year including the fed cutting. >> that's right, greg, maybe it's just different this time, there's so much focus i hear from you on what still might be. at some point you need to focus on what is, the might be may not happen, the only might be is that the stock market may

continue to go up and some of the concerns that the worst is yet to come? >> that may be right, scott, we're seeing sides that it's starting to happen but in a delayed sense. we're starting to see sides of the consumer ballots being stretched delinquency rates rising at alarming rates. we're seeing signs of corporations being more discriminating about their hiring or at least adding jobs. yes, what we don't have 12 million in terms of -- 8 million estella how the number, 200,000 of jobs is also our robust number. the break-even numbers around 100 percent. so, we're starting to see on the fringes the impact of those rate hikes. i would not be comfortable saying that we're not gonna see it anymore, won't see it happen. >> do you believe the data continues to show about inflation, you suggest the fed should go as many as 50 basis

points more, they're done unless the data suggests that they need to do more, would you agree with that statement? >> 100 percent. i'll tell you specifically what would cause them to do more. they have three things that are causing them a little bit of -- four, until last week. the expectation, the inflation expectations are becoming rather less unanchored as we saw on a survey. that was a problem for the fed, it was a relief to see in the near term going from 4.5% expectation to 3.1%, we'll see if that's holiday cheer. the other problem they have is gonna be -- yields aren't rising on their own accord. they came back rather significant and meaningfully. the fed at home drives healed in and of themselves to continue the tightening that the fed has done and do some of the work for them. it becomes far less favorable as we go into the future months, these are all the things that

are worrying the fed, as soon as we start to see that, we start to see the core on a trend line drop below the 20 basis points on a monthly basis, then we can say the data favors them. we can't say that right now, scott. >> tomorrow's gonna be an important task of this debate. and especially when we get to the core cpi, there's an expectation of it rising, that still very much consistent with the growth with that inflation narrative. i think a good surprise would be a print of 0.2% or below. we do think will actually start seeing that more next year because really the remaining inflationary pressures are due to lagged impact on rent and auto prices through auto insurance. as we see that feed into the data, that should continue bringing in better course cpi prints. but certainly, a lot of it hinges on the progress on inflation versus the feds expectation. >> let me give you, greg, march

maybe a little aggressive let's say in terms of the market predicting that the first cuts, it's like 36 or 38% at this point that the first hike is gonna come three meetings from now in march. that might be a little too aggressive. you make the argument that they're not gonna cut at all in 2024. let me ask you this, for someone who thinks that they're eventually gonna have to cut, you believe that the economy is gonna take a big turn for the worse, wouldn't they cut in 2024? >> i don't think it'll arrive that quickly. i'll make a distinction between the way i'm thinking about this and the way gabriela is. everything she said hinges on things that will happen. nothing she said hinges on that last segment, nothing hinges on something that has happened. yes, we've seen 20 basis points that month. >> inflations come down a lot, come on. >> inflation has come down a

lot. >> it's not 9%. >> it's not five or 4% either. >> gotta, you know what it's also not 2%. >> not yet but it's trending in that direction though. >> it's been 30 to 40 basis points for 16 months, scott. it's been that regularly except for three months where it was 20 basis points. we need to see something less than the trend it's been in order for us to get to the destination, or never gonna get to the destination if it continues to be in these basis points began. >> the problem is, the market is going to sniff all of this out, one of the reasons why we've rallied the way we have is because that prior cpi report started this whole thing. it started the whole rally, back to now we're at a 52 week high and the s&p 500. once the market believes that inflation is in fact heading back towards target, that trains gonna be further down those tracks, right?

>> and tell data shows that the market is thinking wrongly about it. it has happened over the last two years, scott, i'm saying it will happen again. but the market is extrapolating things that we just can extrapolate at. when i have a series of data showing 20 basis points are last all reconsider my position. we simply don't have that guy. >> i would say one thing that gave me more comfort about our thesis in terms of the data that is actually happened. besides lower auto prices, a lower neurons, is the dynamic round wages. what we're seeing in the labor market is a normalization of the demands and the supply side. and as a result of very important data pathway last week was lower rates lodz tend to be correlated as it was with wage growth. at this point, we found 75% of the wage surge and we continue trending in the right direction. >> it's the slowest zero year since 2021?

>> since early 2021. is it there yet, no, it's trending in the right direction and voracity that this economy hasn't structurally changed. it's just taking a normal amount of time to get back to normal. >> greg, before we wrap this up, what is the ideal portfolio right now, we look to you to be, what portion would you want to be in cash fixed income, and i would assume that the smallest portion of your pie is inequity? >> that would be right, scott, it's a little different although i do agree in some respects with what gabriela was saying. where i disagree, i think that -- not only was it the jobs report but it certainly was yields coming in that kicked off everything, everywhere, every time kind of rally. we saw lots of things as you [inaudible] surge 11, 12, 15% a month. we'll see reversals on that as the market realizes that the

view we're getting cuts and large is likely wrong. at the view that the fed is done is slightly wrong. yes, i may be wrong on that, one of things i'm watching is what we see this inflation in the housing company. remember last report was the first time we actually saw that. that becomes a trend and i could be wrong. we'll continue to have this view that focus on the short end of the curb, i believe yields will continue to rise and i don't want to commit to a lanthier duration that i need to. >> gonna be an exciting week to say the least. just getting started. greg, we appreciate the conversation and debate. gabriella, thanks to you for being there. gabriela santos thank you so much. ? >> all focused on chip makers right now brought calm popping with 10% after city resume coverage with a buy rating and target of 1100 dollars. they believe the a.i. business will double from four billion to a billion by 2024. more than offset any correction

in the cyclical semiconductor business they also point out revenue cost benefits from the acquisition. ship equipment makers like lamb, applied materials, ko lay, are jumping almost all of them 5% that the commerce department will outlook eight $35 million of the chips act funding to be va systems to upgrade all of their old chip manufacturing equipment. separately, new york state along with other chip companies like micron, applied materials, and ibm, are in vested roughly ten billion dollars in research facility in albany to use a state funds to acquire chip carbon from -- and both of those announcements bode well for manufacturing equipment names. last but not least, nvidia, the only outlier, it's down about over 1% almost 2% despite td naming it a top 24 pick. the stock was more than triple this year so it's some steam coming out of that trade right now. scott. >> christina, we'll see you in

a bit. as we go to break, you've noticed your screen, looks a bit different today, it's because we have a new graphic, and we're excited about it some information and data maybe in different spots than you're used to seeing. we'll continue to bring you the same rate market coverage. you will get used to it, will get used to it, we'll do it together. just getting started, up next, it's been a tough year for deal making as you know. what about the rise in a.i., could that way on the sector in a big way in the new year. we'll discuss after the break. we're live in the new york stock exchange. you are watching closing bell on cnbc. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our clients' portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money,

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bell. the headlines in the emanate -- petroleum agreeing to buy crownrock for 12 billion dollars. the company raising its quarterly dividend. separately shares of macy's surging today after the retailer received a 5.8 billion dollar buyout offer from arkhouse management and forgive capital management. despite the news, it's been week for mrna now some are questioning whether the rise of a.i. could impact the future of dealmaking. leslie picker following the money on that angle for us. hey lastly. >> reporter: hey scott. global m&a volume is on pace to be down about 20% this year. it's often on a low base from 2022. everything from geopolitics, rates are to blame, but another culprit is the rise of a.i.. i asked jpmorgan's head of m&a, and new and nangarhar, about this dynamic. to be clear, the advent of a.i. and it's ubiquitous risk of

ubiquity, it's causing some parallelization in the boardroom in terms of done deals? >> people want to analyze it, understand, it and say what impact will it have on our business it's pretty hard to answer, pretty hard to definitively answer and get a range of scenarios. when you're looking at some business can a.i. do this, let's say it's a technology capability. probably, should i pay this much to buy this? or should i wait and find something better, better capability that is cheaper, better, faster, something like that. >> to be sure, a.i. has been a driver of m&a with data bricks making a deal for openai can better, mosaic ml, for over a billion dollars in june as well as thompson writers acquisition of case taxed, a legal assistant. that uncertainty is still very

much present in the boardroom as well, scott. >> sure, i can also see companies looking to acquire a.i. related businesses rather than try and do something organically where they just don't have the day possibility to do so that quickly? >> absolutely. there's been a host of start-ups that have cropped up this year especially to capitalize on that, big tap is a key driver of that, the question is if everything is in those more traditional businesses. there's a lot of private equity executives, potential acquirers, that are looking to do generic non a.i. adjacent deals. they're wondering if it's worth doing the deal at all given the potential for a high to disrupt it in the future. it's a big question mark that's playing out and boardrooms across america. >> we appreciate it, leslie picker. up next doubling down on the ball case. and your denny is back, he'll tell us why he thinks the economy will remain resilient in 2024.

he has a very big target for the s&p for the year after that. he'll join uafr e eas tethbrk, closing bell right back. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ [alarm clock ringing] (♪♪) [van engine] (♪♪) [card reader chimes] (♪♪) [inaudible chatter] [kitchen bell dings] [inaudible chatter] [keyboard clicking] (♪♪) [card reader chimes]

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stop starting out the week on a positive note with the major averages in the green right now. my next guest is betting that this year's rally will continue in the year and then potentially all the way through 2025. let's bring in ed yardeni -- it's one thing to be bullish, that's off the chart bullish, why so? >> i don't know if it's off the chart, it's consistent with the underlying trend of earnings in the stock market for years. every now and then we get this four sessions, corrections and we end up burying markets last year and was fairly conventional over 25% drop. then we made a low in october of last year, we're up substantially since then, we've

had a corrections during the summer. now since october 27th, we're back in what i think has been a bull market since the year before that. i think the economy has proven to be resilient, i didn't buy the idea that it's gonna fall into recession it's more of a rolling recession. earnings are about to hit an all-time record high. next year's economy is gonna get a big boost from productivity. everyone talks about a.i., other technologies, they're all of that to increase productivity, and that's what's gonna happen. >> i'm looking at your targets, 2024 year-end is 5400, 2025 year and, it seems hard to look out that far but nonetheless, 6000 in the s&p. the implication here is that this isn't just a bull market, it's a new very powerful -- >> i've been discussing the scenarios from the decades

since the beginning of the decade. in 200 -- i said look, it's either gonna be a repeat of the great inflation of the 1970s or could very well be something more like the 1920s, the roaring 2020s, and i'm convinced that it's gonna be the roaring 20 twenties with technological innovation solving the major economic problem you have which is labor shortage, skilled labor shortage. productivity is gonna grow three and a half to four and a half percent within the next couple years, within this decade. and that may sound farfetched but it's the kind that people get in the productivity but, the re-productivity booms we've had. historically, it's possible. this productivity assume that i.c.e. has more going for it in terms of the ability of technology to really apply to any business. any business these days is a technology company they, they

use it, if they don't use it will be at a disadvantage. >> how many fed cuts do you think we get next year? >> again, i'm not in the recession camp. i see that there is still what i call die hard landers out there. they're expecting a recession. i don't think we're gonna get a recession. in that case, the fed is gonna cut rates twice, not four times or more, which is what those who are looking for a recession expect. look, the reason the fed is lowering interest rate is in because of recession, inflation is gonna continue to surprise everyone and come down substantially. we've been in what we call the camp, they've argued that inflation can turn out to be relatively transitory after all. and it couldn't come down a lot faster than it's been widely anticipated. >> what are you worried about if anything? rising deficit, it's out of control, many would describe it as the cost of funding that,

messi election, what if anything were a zero? >> i pay close attention to the bears, and they've done an example job of telling us everything that can go wrong. they haven't been balanced in suggesting what could go right. and, yeah i'm concerned about the debt, the deficit, that's especially concerned about this summer i've been saying for a long time, i don't care about debt and deficits until the bond market cares. and the bond market seem to care. there's a saying don't fight the fed, i think we learned december 1st to -- the amount of bonds, notes, a bond market like that. and the bond market also wants inflation to come down. on the bare side you have profits out of control, a fiscal policy, on the bullish side four bonds you have inflation coming down substantially. i think will be down at 2% inflation rate target by the

second half of the year. i think they were hoping we get closer to it in 2025. >> he said something powerful there, the notion of not fighting the fact that. it cuts both ways as you know. are we in one of those environments again where we get an everything kind of raleigh because the fed becomes more friend then faux? >> i think it's partly right, we're really seeing is everybody's been characterizing the feds raising interest rates by 500 basis plates as tightening. and certainly, there's a lot to be said about that. it's also been normalizing that were actually back to normal. we had an abnormal environment between the great financial crisis and the great financial crisis -- we're setting industries to back where they should be. we're capital markets can alkylate -- from that perspective, i think we don't need to fight the fad

because they're down raising interest rates. and now the debate is how much they're lowering interest rates. and the economy can live just fine where they are today. >> sure, the other argument is what is yet to come from what the fed is already done. and because what they've done we must be late cycle, that's the argument from bears, how would you respond to that? >> they've been making this argument for a long time. i referred other forecast as the recession, a refuses to show up. i'm not saying it can't show up, i'm saying that it's impossible to have a recession in 2024. it's less and less likely. i've been arguing that we've been in a recession since the beginning of last year but it's a rolling recession. it certainly hit single family housing, hit retailers, now let's gonna hit some areas of commercial real estate. but here we have productivity at an all-time record high, showing signs of picking up in the second and third quarter,

we have employment -- you've seen the charts of the construction and manufacturing facilities, it's vertical, straight up. there's so much going right that's offset and what could possibly go wrong. >> the late cycle is over. we've ruled over, it's just rolling in that rollover so to speak. now we have a new business cycle underway? >> i think that's the case. i think we're getting out of a rolling recession environment and now we're gonna see 2024 as a rolling recovery environment. i think we'll find that housing starts to improve, interest rates go down, will discover that commercial real estate is far more resilient and can withstand the rolling recession and hold office buildings downtown. we'll discover that the consumer has a lot of access savings after all, it's not just what they save during the pandemic, households have 150

trillion dollars in net worth, all-time record high. baby boomers happened to hold on to half of that. a lot of them are retiring and guess what they're doing, they're retiring and they're spending all this money that they've accumulated. >> at, talk to you soon. that's ed yardeni. up next, tracking the biggest movers. christine is back with that. >> investors not convinced of a job despite fda approval, cryptocurrency is taken a breather today. we go for the numbers right after this break.

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closing bell. let's get back now to kristina partsinevelos with a key stop she's watching. christina? >> i'm watching crisper therapeutics, it's done about 7% despite the fda approving one of its gina therapists for sickle cell anemia. -- they don't actually believe the treatment will be used broadly enough to support crisper's elevated evaluation. we'll also have an exclusive interview with crisper ceo in less than an hour on closing bell: overtime. switching gears, let's talk about cryptocurrencies taking a breather after their notion that the s.e.c. will approve a spot bitcoin atf. today, we are seeing ethereum and bitcoin's at about 7%.

we also have crypto brokers like climb based on about 6%, micro strategy, almost all 8% at the moment. those things are some of the biggest areas of refill -- marathon, down almost 13%, scott. >> all right, christina, thanks. kristina partsinevelos. up next, social stocks getting a boost today. we'll break down what's there for pinterest and snap. just ahead, closing bell, right back.

>> want to give you a quick check on shares of nike. take a look. that stock is up today by two and a quarter percent. city upgraded to buy from neutral, they say the strategy for controlling cost should help nike beat earnings estimates. separately, barclays also named

nike a best idea for 2024. many positive notes on that stop. of late, up next, oracle, the results are out. no t. we will bring you a rundown of what to watch for when those numbers hit the tape. that, and much more, when we take you inside the market zone. (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ when you think of investment risk, do you consider climate risk? changing weather patterns are impacting the way we live and the value of businesses large and small.

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shares higher. kristina personnel is joining us with the numbers to watch as oracle earnings -- mike, with you, a pivotal couple name days coming up. starting with cbi in the morning. >> yet, the street is pretty constable with white might come. some justified confidence that the disinflationary trend is pretty well entrenched, about to get some confirmation tomorrow. and it has not there's been enough evidence that makes you can write it off as a little bit of a fluky number. very similar to friday where we just patti domm chop around and do nothing in the morning, then right after midday, just hop on the escalator for lack of a reason not to. i really couldn't find much else. it's getting a little bit, again, just technically over broad. just look at the rate of change stuff. we are clicking around the 20% year today daniel burn the s&p 500 and this is happening on a day when the very largest starts are for sale. this index re-waiting in the nasdaq. all to the good, i think the only thing you would take issue is is people getting a little bit too comfortable, feeling as if we have it in the bag in

terms of not just disinflation but the feds reaction played out there from there. >> let's see if powell pitch is back on that. that's probably the biggest risk of the week above and beyond a cpi. because we figure we know the trend of where inflation is going, we are still not certain that powell is our friend, so to speak, if you are a bow on this market. >> my take is always been that we are far enough apart from any move whatsoever that it is much more about does that act as an excuse, because we've got positioning a little bit on one side of the boat. we are going to have to correct that a little bit. we over into payday cut. also, just yields in general, have a little lift to them right now. we'll see if that makes any kind of a difference. i don't think that the story will go, the economy is fine, hawkish words from the fed chair. therefore, a cut farther out in the future than expected is going to somehow be the thing that brings on the big one. anything more than a modest

pullback. >> we will see where the so-called dot plot aligns, and we get an outlook, so we have a better handle on how members of the fitted see the road ahead from their own projections. julia boston, i've got snap up 4%, pinterest is up about one and a half, what's happening? >> well, we have those big movers in social snap, 5% after -- outperform with 46 upside in its purse target. they're raising its 2024 and 25 revenue expectations, see the company's post for providence -- meanwhile, pinterest shares are up about 2%, one and a half percent after rbc upgraded the stock on its e-commerce growth. praising it for reducing the friction to make purchases through direct length. also, it's partnership with amazon generating new add -- new products, as well as on supply. think of america also naming pinterest to its top mid cap

pick, they also cited the impact of that amazon deal. meanwhile, meta is the large can't pick, and for all of these companies, snap, pins, and meta, the growth and direct response has the ability to directly drive sales has been key to their growth. scott? >> the other stop, i know you're watching, is netflix, which we are today because russia and all quran to have a little tennis match on netflix, ip. >> that's right. netflix announcing the netflix islam. this is just its second live sports event ever in its fourth ever livestreamed event. it's a one night tennis match between rafael nadal and carlos al-qurashi's, it's set for march 3rd in -- additional players and matchups will be announced later. this news comes after last month netflix hosted the netflix cup, a tournament with athletes from two of its popular sports documentaries, thrive to survive, and full swing. now, amazon, google, all the media companies have been

investing in media rights. they come up rarely. but netflix is taking it to a different tactic, creating their own sporting events. scott? >> all, right julia, interesting news there. kristina partsinevelos, oracles shares are heading up in the print. there's a lot of focus on oracle's cloud infrastructure business which is it's club like -- it remains one of the most important metrics this earnings season. morgan stanley's keith weiss says that segment needs to reach about 60 to 65 year over year growth to actually hit similar levels as of last year. investors will be looking specifically at recovery after the biggest last sector. it's called the oh ci business, look out for that. oracles business which provides health information texas -- the a.i. back fire though should move higher from about four billion dollars last quarter to roughly four point 52 5 million this quarter. especially considering or ville

actually has greater gpu availability, given its strong partnership with nvidia. those chips help it inroads with a.i. start-ups that want access to those chips. so, the consensus right now on wall street is that last quarter's minutes, where the stock actually downgraded 13%, it was pretty bad. that lowered expectations. but, that is setting the stock up for a rebound this quarter, possibly. morgan stanley even titled their latest analyst note on oracle, playing for the bounce back. scott? >> are, it christina, we will see. what happens in overtime, kristina partsinevelos, thanks for everything today. mike, that's not great. >> i was gonna say, bounced back from the 40% year today return. it's not about a 20-year high in terms of valuation. 20 times earnings. this would be a good test test whether the market really wants to further re-value this company based on the a.i. kicker in the business. i think to the build out of the video --

recast as fiber leaders, they were going to be -- they were re-valued to a tremendous degree. i'm not putting oracle in that exact category as a big dame acquitted maker. they are a central run software company. it's interesting to see everyone try and see if you can change the stripes midway. >> so you'll be watching the yields obviously closely over the next 48 hours. considering where they were at the last fed meeting, compared to where they are now, the tenure is at 4:23. >> yes, it seems like that's okay. it's not at the lows. but we're not really -- it seems to me that the projections from the policy makers on the fed almost have to incorporate and acknowledge that policies relatively tight right now with inflation lower than this point in september so just three months ago they said they wouldn't be here yet in terms of their protecting to

get to target until 2025 or 26. all of that put together says them in no hurry, they think policies in a good spot. i don't even think the fed is the crucial thing at this point. it really is -- does the economy continue to chunk away such that this quarter and next quarter look like earnings estimates are good? that's to me what it is. today, consumer cyclicals on a 1 to 1 bases are more than 1%. feeling better about the fact that the economy seems like it is not quite out of gas. >> equal weight is the outperform or over the past month. it's been one heck of a ride, that's why we've become as brought as we've been. >> yeah, and a total return basis. you include the dividends, equal weight s&p's up by eight and a half percent year today. so you basically had more or less a historical over return when people did nothing but complain that the average stock was out of the game. so that's all happened in the last month. so for much of the year, that was the case. it was very uneven. it had some come back.

we'll see you tomorrow. >> as mike said, we're getting this pattern hanging in. then, as we get in the final stretch on closing bell, we get a little bit of a ramp up here [bell ringing] now we're gonna go out at more than 1:50, more than one 60 or so higher. tomorrow with cpi, i'll see you. >> new highs for the year for the s&p 500 and the dow industrials, as talks continue the year end rally. that's the part of the wall street but where the action is just getting started. welcome to closing overtime. i'm morgan brennan with jon fortt. >> speaking exclusively to the ceo of crisper therapeutics. following the first of its kind -- to treat sickle cell disease. that stock has been selling off the last couple of days on the back of that news. >> plus oracle is gearing up for earnings this hour as a 300 billion software giant