responding by taking a low-key approach to holiday and other celebration and some people have party fatigue. >> 55% say they will skip the holiday company party. >> did you go to the one? >> reporter: was there a party? >> it's here and it's now and it's happening. take you for joining us. >> see you tomorrow. >> "closing bell" starts right now. welcome to "closing bell". i'm scott wapner. make or break our begins with the dow record high and whether the s&p is next to make history following the fed pitted. will ask our experts how far stocks can run. in the meantime your scorecard was 60 minutes to go in regulation looks like this. stocks picking up where they left off following chair powell's presser. energy financials among the best sectors. investors looking outside of mega tech. looking at the russell 2000. it

surging again and that's after yesterday's big jump. rates are a big story today. the tenure dipping below 4% on the idea of flurry of rate cuts are coming next year. and that takes us to our talk of the tape. whether it's time to do your own pivot out of large-cap growth stocks and into other areas of the market that have lagged. let's ask anastasia amoroso. nice to see you again. did the goalpost move yesterday for this market? what you think? >> yes. i think yesterday was a game changer. what we heard from fed chair powell's is not about the economy or financial conditions or the jobs market. it's about inflation and inflation have been coming down pretty far and fast and if are at a point where inflation is 2.7% by march, and interest rates are still at 5.5%, that's a big gap the fed can do something about. what we've been doing for the

past two years is thinking rates are high, you will get hurt by this and what companies are disadvantaged but we have to do the opposite and say who will be in a good position now that rates may be coming down. >> the game changer from the fed that you cite, what about game changer for investors? put your words into action. what do we need to do now as a result of this game jamie move? >> reporter: this year it's about keeping it simple. big tech. may be private credit. but i think in 2024 you brought that out. look at pockets that underperform. there's a few things on my radar. one of the top performing sect there's when i looked to go on the show was real estate. reit s and homebuilders are at the top performing sectors because they've been the most disadvantaged but we have a relief rally. look at bonds, all sorts of

bonds and what we know yields fall leading into the first rate cut and rates fall off after that as well. if yields continue to fall, bonds can rally. and the other thing we talked about was unprofitable tech. when i say unprofitable tech, i don't just mean tech. it could be biotech. all sorts of young and profitable companies left behind in the rally. >> there is this idea, which by the way mega caps are mostly down today. nvidia is a modest winner. everything else, whether it's apple or microsoft, amazon are all down pick mega caps will be an atm and some of that cash will go into these areas you are talking about. whether cash itself or money markets is going to just come in by itself into those other areas. i'm wondering what you think about that. tony pasquarello, who is influential and runs the goldman

hedge fund client strategy over there suggests that money doesn't necessarily have to come out of the mega caps to go into these other areas. it can come out of money markets as yields come down. >> great note from tony today and he think he is spot on. mega tech cap does not have to fall apart. if you look at valuations adjusted for growth in earnings, they are not that stretched when you look at the forward pe to growth multiple. and if you do have a solid economic environment in the fed is pivoting, that's a fine environment for big tech stocks. i think money comes out of money markets which pay 5.5% roughly today but chances they won't be able to pay that six months down the road. i think investors are starting to think about that and also looking back at this year. if you parked a lot of your net worth in cash, you probably regret that now what will you do? you will see where the markets have underperformed go into the areas of weakness we saw in 2023

using that money market cash. >> people would agree with you but not everyone agrees where the money will go. jeffrey gundlach was on right after powell and he's not on board. >> i think the logic people have that money market bloat will go into the stock market is wrong. i think it's unlikely for investors to go from risk-free six month t-bills to the magnificent seven at massive pe an all-time high on the dow jones industrials. i think they are more likely to go from there mountain of cash in t-bills into bonds. >> that's provocative. what do you think? >> first of all i think that's right that cash will not go into some of the largest tech companies that outperform because the ownership of those, something like 200% of the market cap right now which is stretched -- but i do think

investors have a unique opportunity which is they have optionality to look at a number of different things. they don't have to only go into stocks or into tech. you can look across and the opportunity are so much broader across sectors and across asset classes. to his point, bonds are worth a look whether it's municipal bonds or investment-grade corporate or high-yield. and i think you may be able to earn an equity -like return by taking some of that duration risk and that credit risk. that's very compelling for investors but do you put all those eggs in that one bond basket? probably not. i think you do go shopping for areas of underperformance. we are exiting this year on a pretty high optimism note and i think that will carry over into january. and i think people will be looking how to allocate their portfolios. stocks and bonds and real estate debt and private credit. private equity. valuations and venture capital. that's a unique opportunity that we haven't had in two years. >> let's bring in joe into the

conversation. good to have you back. do you agree with anastasia this was a game changer yesterday? >> this was a clear pivot. this is something that only happens every several years. and what it clearly did was accelerated in and intensified this massive mean reversion trade that's been in place for the better part of december. and i think that maine reversion trade means dose remains in place through january into february. but i'm a little suspicious that mean reversion trade will not find itself running up into some resistance in the first quarter. >> you think there's too much optimism about what happened yesterday? it's not like -- and powell said it himself -- i'm not going to declare victory today, and there still a lot of unknowns we still don't really know what the ultimate lag effects will be. maybe they're more dramatic than

some want to expect. maybe the economy slows further. do you think there's too much optimism with a vix x at 12 1/2? >> if i said to you, scott, and 2024 when your birthday comes around, guess what i got you today? many birthday comes around you're probably a little disappointed and i think the federal reserve to that extent basically told markets what the present they may give them a 2024 is. >> are you insinuating that were pulling forward too much? >> without question we are. pulling forward a lot of good news. a tremendous amount of good news. >> there are those who think were not necessarily because there still a big bet on the soft landing and if you can achieve a soft landing and you can get close to the fed 2% target on inflation next year then maybe you're not pulling anything forward. >> i think near-term every

indicator you look glad we are over levels and that stretched levels but can we continue given this euphoria in the market? probably. in the first quarter something is going to happen that will knock us off balance a bit. the reason i still go back to the game changer comment is because if we are in the environment where the fed is not hiking rates but cutting rates that allows for multiple expansion and potentially upward earnings revisions. it really sets the investment landscape. from my perspective, i hate chasing the market at this point . it's uncomfortable to buy unprofitable tech after it has a 19%. but the same time we get a pullback there is a shopping list of things i'm going to want to buy for that game changer of 2024 rate cuts. >> the game changer boils down to don't fight the fed moniker is back in a positive way

because it does work both ways. we learned our lesson about trying to fight thatin 2022. >> correct. >> and in some respects in the early part of 2023. x mega cap. we down to a don't fight the fed, i.e., a lot is going to go up? bonds could go up. stocks can go up. many different parts of the equity market can go up. maybe the dollar goes down. maybe that gives a bid to commodities. i don't know. you tell me. >> l of commodities here. i like gold and i certainly like silver. silver this week is finally seeing significant positive performance. but gold in an environment where we see yields fall in the economy beginning to decelerate, gold is in the commodity space the one area i believe you want to own. what i think about this i would not say fight the fed because you have to think about not

just the fed but global central banks in totality but the bank of england and ecb, they are certainly not giving markets with the federal reserve gave the market yesterday. i'm positive on 2024 but i'm not overly excited about the early part of 2024 pick you mentioned before a soft landing. to me the soft landing, we need to price that in right now and the expectation is pretty high, isn't it? we are setting ourselves up only to disappoint. we really have a high bar that we have to achieve in the coming months? >> there is no doubt about that . let me break away for one minute. we have a market should blash. the company could be an acquisition target for global payments pictures of global payments dropping on that and we will bring you the details ahead as we have them. let's go to christina. organa do that now? i'm sorry. in a second. back to what you are saying.

now, given all this good feeling, of course there's a lot of risk. you don't want anything now that's negative as a risk. >> and i think that's one of the reasons why you don't walk away from the mega caps at this point. i run an equally weighted strategy. i'm up 5% this week and i'm ecstatic about it. it's great. were in the right places. 30% of the fund has made 52 week highs. 25% made a 52 week high today alone. i'm going to maintain that strategy but it's not a light shift. why are we continuing to talk about the mega caps like you either on them or you don't. it's the degree to which you own them and i think there's going to be a moment you are glad they are in your portfolio in the first half of 2024 if we see economic disappointment, and we see earnings disappointment.

>> let's also remember how offsides people were coming into this year and mega cap. i'm looking at you but i'm not looking at you. you represent a lot of people who were. and then played catch up a bit and are now very happy where you are positioned. the interesting thing is going to be if we had this assumption now that the money will come out and will go in these other areas and that will leave money on the table in an area that still driven by a.i. they still have the best balance sheets. piles of cash. they don't need to hit the debt markets. they are buying back stock i'm thinking about apple. >> so how do you sell that? even if we go in an economic environment where other things catch up, how do you walk away with an earnings growth rate that is double the s&p? how do you walk away from

companies that don't have to rely on leverage. there plenty of cash on the balance sheets and as were getting m&a news, maybe that's another story of 2024. maybe some of these big tech companies deploying cash notion that by the way is another way to help those unprofitable tech positions. i want to go back. we were talking about pre- trading a lot. historically if you look at the last six rate hiking cycles, during the time period when the fed is on hold, stocks typically rise by 8% pick if you look at the six months leading up to the first cut rate, stocks rise by 9%. that is powerful history. for me to just might equity market worth staying in. >> looking at energy which is up 3% today and the best performing sector by a lot. you have described that sector as this is like the moment of truth this month. if you don't get something going soon, this trade is going nowhere. now you get the fed doing what it did. the dollar dropping. energy is ripping. is this the moment? is this finally it?

>> is someone who is overweight energy i would guide the viewers to step extremely cautiously into the energy trade. not only has oil declined significantly in the last several weeks. natural gas is down 14%. 14% in the month of december alone. energy, right now, is an oversupply to sector. it needs to work off the oversupply conditions. i'm not sure if the market is as long as it was coming into december but the market was overweight energy coming into december. and for those who can't do anything about it just yet, like myself, you are sitting with that overweight positioning and you know the fundamentals are actually against you. >> to remind people because i don't want to assume everybody knows. the reason why you say i can't do everything is because you run the etf through specific

periods where you rebalance. >> we have a quarterly rebalance. the next would be the last business day of january. energy. >> earlier in the year i would've thought this is a sector worth owning for geopolitical risk hedge and inflation risk. but i think we're in a different state now, especially with inflation decelerating. it's hard to make that case but demand is as good as it gets and supply is abundant so i don't think it's a tough call into 2024. i think it's market weight at best. we need to work down some of that oversupply. >> before i go. the most surprising sector of 2024 given what just happened with this allegedly did, if it's truly going to be that, and you have the rate cuts the market expects? the most surprising sector of next year that people are not talking about is what? i know i'm putting you on the spot. there aren't that many.

>> materials? >> and an odd way i think it's communication services. i actually think the performance will be there and i don't think people expect the performance to be there. i don't see the mega caps, i don't see technology. i don't see communication services falling apart. i don't see the catch down. i see they catch up in the market but that doesn't mean you move away from the sectors pick communication services can come right back next year and have a really strong year. >> same question to you. >> i'm not on the spot anymore. thank you. i think commercial real estate. a lot of people have given up on commercial real estate. they worry about the wall of maturities that everyone has talked about but if you look at the commercial real estate, it has rallied strongly off the bottom but it certainly not back to its prior highs.

i think rotation back into real estate where most people don't want to go, i think that the most pleasant trade. >> good stuff. thank you. let's send it over to christina for a look at intel on the back of the eye -- a.i. event. >> the race is on to be the first to market with a.i. pcs but the question is, does the market really care about a.i. pcs right now? you saw intel stock jumped 5% when the embargo was lifted around 10:00 revealing intel was shipping and a.i. pc and launching a next- generation central processing unit which is a product they hope will help them stop losing market share to amd. and they teased their hotly anticipated custom a.i. chip news for training large language models. it competes with amd and nvidia. but on stage they only showed the chip. he did not have financial updates or news about next year and what will happen so investors took that as a lack of nose and sold the stock which is why it's only up a

little over 1% to hit over 5% earlier today. i did catch up with the intel ceo who said they a.i. pc chip will revitalize the pc market, especially as companies will be refreshing their pc starting next year but even he admitted to me it will take a couple of years to drive that shift. >> getting to the bottom of it. we appreciate that. we will talk to you in a bit. we will talk more about the intel event with a top chip analyst stacy rasgon coming up. we are just getting started. next navigating the fed pivot. the ceo for sycamore tree capital is back. where he sees yields heading here after the break. you are watching "closing bell" on cnbc.

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welcome back to "closing bell". treasury yields under pressure with the 10 year hitting its lowest level since the summer but our next guest says rates will be higher in 2024. joining us is mark okada. nice to see you . >> hey, scott. good to see you too. >> let's get your reaction to what happened yesterday. it's been a surprising year. you've probably been as surprised as anybody that the economy is weird is in the stock market has done what it's done and here we are coming off an incredible move in yields too. >> scott, the business of

managing money this year has been hard. it's been humbling. being wrong about the recession and being wrong about the stock market but we are still up mid- teens but it's not 20 or 40. it's humbling. yesterday was amazing. amazing. >> was it truly the pivot that some are suggesting it was? i had a conversation with the strategist who described it as a game changer. >> i have a different view on yesterday as far as what powell did. i, for one, given what we see and the economy and the slowdown, it's not necessarily the recession call that would cause rates to drop enormously. i think he is talking his book a little bit. we have a lot of bonds that need to get issued next year across the curve. 23% or 24% more than we have

now. bond issuance will be up big and given the massive moves down in rates, that's great for the fed. they can issue those bonds at better prices, but i've got to believe here talking his book a little bit as i look through. >> you can forgive him if he is feeling confident about himself and what they've done, right? even starting as late as he would admit and has admitted, i think, himself, they have done a good job getting us to where we are now. don't you think? >> absolutely. it's a little bit like you 1b in season tournament another partying in vegas. it still a long season. not close to where they need to be. there is some work to go from here. and given the strength of the consumer and given the massive easing of financial conditions that happened because of what he said yesterday, i think it

makes his job a little harder to get to where he needs to be for inflation and the target. our view is we think rates stay a bit higher and we are fading a bit at the pivot party. >> i don't think he cares the way that people suggest that he might about rates have come down a lot over the last month so that is eased financial conditions but the stock market rallied a lot and that is eased financial conditions. i don't think he cares as much about that is we might think and maybe he told us a bit about that yesterday, where he suggested the inflation was not caused by historical standards. not from overreaching demand or anything like that. it was caused from a lot of supply chain disruption. he only cares about inflation. the economy is normalizing,

which is the word he used, then they will be able to cut rates for the right reasons and are thinking about cutting rates already. >> that is 100% the message he said yesterday and whether markets follow that route for the next year is really going to be the question. i, for one, think a mixture of how we got here with massive inflation was both. i think we had a pretty stimulated demand-side based on fiscal stimulus that did not need to happen. and then we had a supply shock that was historic in a lot of ways. into his point yesterday about the supply side. a lot of that has been taken care of. we really don't see that and the numbers as far as the supply of goods and services. labor has strongly rebounded and we are on shoring a lot of manufacturing.

if you're going to build a battery or chip plant, those are long-lived assets and no supplies will be around for a long time. from that standpoint it makes sense that he can be a little less worried about a big jump in inflation from here. but on the other side, on this stimulus side, i think he is underplaying the potential fiscal stimulus we will see in '24. remember it is an election year and biden's approval ratings are horrible and i think what they do on that stimulus side could affect inflation and make his job harder. again, it's going to be an interesting year to see if this vivid, that is price and everywhere we look across risk assets, happens. that being said, am i feeling a little more bullish about taking some risk? sure. do we see this economy tanking anytime soon and the credit markets? spreads are certainly not telling you that's the case. liquidity is not telling you that's the case. so i think it is my time to be

a little bit more aggressive with risk. again, we are not talking about buying triple c's or anything like that. but we still want to be in the higher-quality part of the markets. >> i was going to ask you. what is the most attractive thing right now that you see that maybe wasn't as attractive two days ago? >> that's a tough question. i think the judges and of what happened yesterday is going to take some time. one of the hings that i keep thinking about is there is a lot of cash that is in money markets pick $6 trillion that 5.25 or 5 3/8. where does that go? it's a set up. it's how relative is that 5 3/8 versus the other pricing pick and after yesterday across the credit curve we've had a compression of rates. and so it doesn't look great from a value

proposition. and maybe a lot of that cash just sits there for a while until we get some sort of widening and credits. and then at that point i think it does move out into higher- quality credit. and maybe over the near part, the shorter-term part of the curve which are still at 9% or 10%, i think that's still cheap. i think that's the rotation we see. >> we have had that debate over the last 24 hours or less, actually at this point, where does that money go? some suggest money from money markets goes into equities. gunlock with me yesterday post powell said why would go into equities when many multiples are already stretched? it's going to go into bonds you asked the question wears a can ago. where do you think? >> i agree with that. i think just -- if you are in

institutional investor and are solving for seven, you care about ball. and if your outlook for equities from here is 3% to 4% with a 15 d.o.l., what you do that? it doesn't make sense unless you are an uber bull and none of them are. i think somewhere in the credit spectrum is where that money eventually and up. the question is really, how much risk the market wants to take? high yields at 400 off. loans at 500 off. that's probably still cheap in here, as far as a rotation from that cash. and i think that will start to happen. and he is talking on a hard landing, i don't think it goes in there and is happy there per se. as far as a lot of risk >> it's a $6 trillion question because that's how much money is sitting in money markets. mark, thank you. be well and happy new year. >> thank you.

next, we are looking, revealing how some of the best names in business will use ar and the boone to their benefit. this comments after the break. "closing bell" coming right back.

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welcome back. the legend, art cashin, weighing in on the year and what lies ahead in 2024. this is become an annual thing. >> i can't tell you how happy i am to see him. one of my favorite days of the year. art was surprisingly bullish on the year ahead noting this year's presidential elections with the incumbent in office are often up years because of the spending involved here he was also surprisingly bullish on the effects of a.i. on the economy next year. >> i think a.i. will ultimately prove to be as

strong as the invention of the wheel. everybody concentrates on the chips, but people like walmart and amazon, they will use artificial intelligence to find a way of marketing and marketing more directly to their customers. they will anticipate the needs in a more correct manner. and, therefore, the economy as a whole can grow dramatically. if we can pass all these other liquidity problems and we let artificial intelligence begin to run full out, we are moving to a different world. we are moving to a very different world. >> this from a man who still uses a flip phone and he writes his letters in longhand every day and takes them to his secretary. art did have worries about next year, especially about the effects of commercial real estate on bank balance sheets. he talked a lot about that york

he talked about the high cost of financing the treasury debt and how this massive december rally could drag in more investors from the sidelines in january and lead to a bubble that could cause a irst quarter pullback. it made my whole year. i've been doing this for almost 20 years. he will be here the last day of the year, january 29, excuse me, december 29 to lead everybody with wait till the sun shines brick a 100 year tradition here. >> you get the feeling from talking to him and the sound we did not see that he is surprised the market had that kind of year it did relative to a tightening cycle, the likes of which is historic. he has seen many of these cycles before. i've got to believe he is apprised. >> i think he was surprised as everyone else. last year was the first year and 20 years we did that do a full interview for various reasons. the probability of avoiding the recession was extremely small.

and he studies market history. i learned market history from him. he does probability he said of avoiding recession is very small and so he was in that camp and he felt they threaded it amazingly. >> that's awesome. we left him. send him our best. next, intel holding its a.i. event today. stacy rasgon breaks down his reaction to the announcement and how this could impact the stock. "closing bell" after this .

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shares of intel giving up some of its earlier gains after the company announced new a.i. chips in the works to compete with amd and nvidia. let's bring in stacy rasgon to discuss. the stock was up and it's given a lot back. i'm not sure if you saw that on christina's. characterized this as a non- event event and was like -- and even you and your notes the first words i have from you on my page are, okay. expand on that.

in the wake of the amd event a week or so ago, people had high hopes because intel was positioning it as an a.i. event that this was a marketing event to launch their new chips for pcs and servers, is primarily what it was. i think they launched and called it intel core ultra. they launched on their generation five xeon chips which is a follow-up to the prior. basically a bug fix, sapphire rapids, soffit compatible. we knew this was coming. they said they were launching these parts in december. there was not a lot new beyond that and in terms of the real thing and a.i. people care about on the accelerator front they talked a little but they did not give us anything new. they said, look. we have this out of the bag. we know that

part is coming next to you. nobody is getting excited about pc chips and server chips in this environment and the stock gave up the gains. it was fine. nothing wrong with it but it was not as spectacular. >> here's the problem. given what nvidia has done and now what amd itself is doing, those are not good enough, right? >> it depends on what the story is. nvidia is in the drivers seat. if are going to shift real data center or a.i. and accelerators. nvidia is in the driver seat. amd, you think, they were able to show us and show dush intel has something called gaudi3. they bought a startup a few years ago and that's where it

came from. they talked about having a $2 billion pipeline for this. i don't exactly know what that means they won't say how long the pipeline is for and how much will turn into actual orders. we don't know. i will be honest, it looks like the general person on the street, they don't know what gaudi is anyways . >> christina emailed me a second ago pointing out that amd popped over 15% the day after emphasizing its a.i. announcement even though there was no major news there either. maybe this is just one of those days where tech is underperforming the broader market so we are reading too much into how a stock is performing in the moments after an event was held? payment i was a little surprised at the degree to which amd itself popped the day or two after that announcement. it was a bit of a delayed reaction and that i found surprising. today, semi is outperforming a

bit. intel -- i guess we see what it does over the next few days and weeks. but i don't think there was anything here that was perceived as surprising or remarkable, relative to what we've seen with amd on the hope trade or with nvidia given where the numbers are going. this was a cpu event this was a piece you and server cpu event. that's all it was supposed to be. they never said anything else about it. if you look at the press releases laying this out, it was to launch these products and that's what they did. >> we appreciate your being with us. i get you. we'll talk soon. stacy rasgon. tracking the biggest movers as we head to the close. christina is standing by with that. thank you for the email during

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10 out from the belt so let's get back to christina. >> let's talk about moderna shares ramming at the positive results from its mrna vaccine that reduces the chance of relapse or death by skin cancer , reducing it by half. those results occurring when the experimental cancer drug is used with the merck immunotherapy drug, q trudeau. the stock is up 9.5% now.

airlines out on the rise after an analyst named united and delta at the top airline picks for 2024. goldman sing delta and united exposure to the less recover pacific market gives them opportunities for growth and a stronger premium market. shares are up over 1%. united up almost 2%. >> thank you. countdown to costco. the big box retail reporting numbers. we give you the themes and trs evy inmeicervestor needs to know. ahead of that we take you inside the market zone next. yes! the right drinks delivered for any party. drizly.

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market zone. mike santilli here to break down the crucial parts of this trading day. julie on a possible shakeup at disney and we have a costco earnings preview. this is a good follow through after a strong close yesterday. >> 80% of volume and upside stocks today on the new york stock exchange. everything essentially but the magnificent center seven and other big winners up including oil. a broadening rally you would want to see. the economically sensitive stuff in the right beneficiaries. if there's a skeptical point to make it the mechanics of this could get strained. we have a quarterly expiration tomorrow. it could be a culmination move where people rush for this stuff that hasn't participated but so far so good. looking -- >> disney shares are up about 1% on new news regarding aspirations for board seats.

>> shares up 1% at the latest and the proxy battle of trian . trian announcing two board nominees two nominees were announced. trian sang the root cause of disney's underperformance in our review is a board that is too closely connected to a long- tenured ceo and two disconnected from shareholders interests. disney responding sang it will review the proposed nominees and make a recommendation to the board saying it has, quick, and experienced, diverse and highly qualified board that is focused on the long-term performance of the company. now we are waiting for disney to file its slate of directors nominees and set a date for shareholder meeting coming up this spring. >> thank you. now looking at cost go down a little bit before its earnings report and ot.

>> it's all about the company's earnings call for costco. one of the few that still release monthly sales report so we already know they are adjusted same-store sales were up 3.9% in the quarter excluding gas at the conference call is front and center, specifically around the sales environment next year as slowing inflation becomes more of a headwind for revenues and how the retailer views the promotional environment, especially if consumers cut spending. most top of mind is the membership fee which costco was not raised since 2017. when asked about raising the fee during the q4 call, management said it was a question of when and not if but did not give details. shares heading an all-time high yesterday performing this year with a 39% gain. >> good stuff. thank you. see you and ot with those numbers when they hit. michael, about 2 1/2 minutes before the close.

273. i was looking at energy which is up 2.73%. that's what i meant to say. >> i do not think bond yields without that low just yet. >> i wrote down 273 and i said it and i said, wait a minute. energy. that nice boost. is it lasting? that will be fun to watch. >> and i think you can asked the question about a series of moves whether it be sectors like real estate or banks up another 4% today and small caps of 2.5. it's winning back chunks of underperformance in a jumpy market. you don't want to extrapolate what's happening from here. spreading the wealth away from the huge, traditional growth-type winners in the index ? it does make sense from this point on. free of macro influences for

another week until you get pce and everyone thinks they know what pce inflation will look like and maybe it doesn't matter because the fed tipped its hand. all that said it's about the year end flows and rotations and trying to grab for things that have not participated. you need to be cognizant of the idea that sometimes this creates instability in the market. you have run a long way and it would make sense, perhaps at some point, to take a step back and assess what's been done the last month or so. >> powell front ran pce a little bit yesterday to your point. i'm looking at mega caps where apple has just gone barely positive. there is still that mentality and those tried-and-true mega cap names. most are doing all right. microsoft down two point 25% but maybe that sympathy to adobe having a rough day out of the software space. >> combined with the fact that it was the most beloved stock in the magnificent seven and

pretty much universally held. all that stuff is a source of funds. i think there's a way off of the rest of the market and not necessarily at the pure expense of the big index names. that's the ideal scenario pick may be a lot to ask for but a lot of ideal stuffer happening in the market. >> when the 10 year hits 273, remember we had this conversation. there's the close. into ot. the rally holds. that's the scorecard on wall street. welcome to closing bell overtime. >> coming up. riding the train all year breaks down the push to new highs and where he sees markets heading next extract and a.i. investor on its top ar predictions for 2024 and the long >> and we get a good rain on the consumer and housing space