over with my son who is now 18, at the point at which he got a phone i would have made sure that he put that phone away or we took it the minute he walked in. >> in your house at all, home from school. >> given a half hour or something like that. >> we will have our work cut out. you have to come police that. >> i will. i'm going to bring you dinner. >> closing bell starts now. >> and scott walker from the new york stock exchange. the road ahead for big tech. nasdaq outperforming for the second straight day. still seems a bit thin. are they the best bet in this market or not? asking experts over the final stretch. take a look at your scorecard here with 60 minutes and regulation. the nasdaq still hanging on. not that strong. microsoft is okay.

not as much is earlier. we will watch this closely over the final hour here. tesla is in the red, too, by about 2.5%. not much going elsewhere, not much for the snp sectors. a drug with materials and financials. you see them sliding across the board. bowing in the red again, as well. the company facing more fallout from the door incident over the weekend. the ceo is hosting an all employee safety meeting right about now. the stock is down about 1% as we speak. we will watch for any headlines that come out of that meeting today, as well. quick check on interest rates. hovering around 4%. the outlook for stocks in the new year. why one closing bell headliners is the risk reward for investors is now skewed positive. let's welcome him in, adam parker.

founder and ceo of tri variant research and a cnbc contributor as you can see. headliner, how about that? i know you have gotten more positive but risk reward is now better than it was even with the big rally towards the end of the year. why? >> we were positive, too. it went more than i thought. but i think the positive to me comes down to three things. one, the average company has a good chance their margins expand and stocks work when gross margins expand. i don't think the fed will cut six or seven times between now and january 25th. it won't skew positive. >> you think if they do cut that many times it is because they have to. >> yeah, yeah. i don't like that view of good news is bad for stocks. that makes no sense beyond one day. good news will be good for

stocks. i think there is reasonable chance that earnings grow for several years in a row. we are in that process now. looks a little expensive 20 times forward or 19 times forward to get 10% off. might look a little more attractive as we look at earnings. probably skewing six, 12, 18 months out is higher. >> ultimately that ends up being the key to everything. >> yeah. stocks work when margins expand. obviously it depends on pricing. i think a lot of businesses will see this. lower cost for commodities and materials. less wage inflation at a lower rate which could be offset. the dollar weakening across the board. probably margins expand. >> doesn't matter how many

times the fed cuts or when? i know you said if they have to cut six or seven times, it means things get bad but given where expectations are, we got the read yesterday. it's trending in the right direction. >> here is the challenge i have. i want to do look at that and say okay, if they are going to be accommodating, don't be a jerk and fight that. don't fight the fed. if you look at the last few times that has happened, it was tnt bubble, financial crisis and covid. are you sure it's the exact same ? it doesn't feel like it. maybe a midcycle adjustment. doesn't feel like a huge problem that will need massive accommodation. i don't think we will get six or seven cuts unless things get way worse. looking at economic activities and indicators, the strength of the consumer still okay. it does not seem like we are

heading into that. >> but funds are probably higher than right now were they need to be, relative to where inflation is going. you think so? >> the tenure could be okay on the 4% basis. at some point, when you go back again, there is insignificant sample size with the on inversion playbook. what you need to believe is the two year yield below the 0 year yield. slowing the economy but not tanking. if this is the case, of course. >> how much do you think there is in that, if they snatched defeat from the jaws of victory because they wait too long, waited at the front end, waited at the back? >> i would answer that differently. i am not sure how long they were on the front and.

the part i would be more critical of is i think still in early '22, they were buying back mortgage securities when the housing was on fire in every market. >> you have been criticizing them since we've had these conversations. >> i don't know what they do. the reason that i pauses because i actually don't want them to start cutting crazy. what i want them to do, what i know is the probability they accommodate and a higher probability that they hike. i like the eventual combination. i'm not sure the reality will be awesome if it is because the economy is eroding. >> we do have some new news regarding boeing that we were watching and looking at how the shares were doing. phil, this seems to be around how long it will take these airplanes to get back in the air? >> it is indefinite. remember yesterday when they initially approved the

inspection process for the grounded mac nine, the thought process was maybe we will see some of these back in service. within the last hour, the faa has come back and we've heard that this is going on for some time. a discussion between the faa and boeing. they have said look, we will continue talking with boeing, looking at their inspection protocol, revising it, telling them what we think should be changed, amended. we are not there yet in terms of feeling satisfied with the inspection process. the bottom line is this. if you thought those grounded planes were going to be in service tomorrow, thursday, friday. that's not likely to happen. we have a few days here at least for the faa is going to say let's take this and make sure that we have everything exactly as we want it before we tell the airlines this is the exact process. you do this, you can put the planes back in service.

>> we will watch these shares. thank you for that. they hit a low of $223 today. but you see a little bit of a move lower on the news that phil was elaborating. maybe it will take a little bit longer until the faa has enough confidence to let them back in. down 1.35%. back to you, i look at your sector pics and they don't scream let's play offense, do they? energy, healthcare, utilities. >> the way you make money is you have to own high quality gross stocks and value that is not quality now but is improving. that is how we are positioned. the s&p, such a big percentage of it is tech. 27% of funding intact. it's not like we don't have offense in there. our main call there has been software for the first part of the year. videos have been the exception.

>> why? >> you want to buy where growth is a little bit below average and improving. that's a lot of software. avoid where gross margins are contracting. inventory across the board is all very high versus history, that impedes market progress for a lot of them. low and accelerating revenue and you avoid semis where margins contract. >> do you think this was the best move in 20 years? a lot of these stocks went up and didn't deserve to? >> yes, i do. there's some great businesses there. obviously nvidia having the biggest sales of any company. drove a lot of the performance. there are not that many peer beneficiaries. particularly the industrial

focused analog companies. very high inventory levels. i think there was a bit of a stuff went up when it did not deserve to. >> rising tide. rowboats, motorboats, yachts, everything. >> all kinds of boats. at the end of those -- the day, microchips. those with a lot of industrial and automotive exposure acting poorly until it's a little under control. the earnings don't collapse, just allows for gross margins to expand. >> and looking for one of these ai yachts. microsoft. is this correct? you say you have a short screen on microsoft? what? >> what we are seeing is software companies and obviously more than software companies, but they have high revenue that is decelerating.

take this with below average growth and compare the subsequent performance to those with above average, you make tremendous return in software. shows that maybe this is not the best time to buy microsoft. consistent with that, we don't want big differences in the aggregate versus the bench wait. a little underweight in microsoft, a little overweight on nvidia to get there. microsoft does not screen is one of the better ones right now. >> really? evaluation in part? >> it's less the valuation and more the decelerating revenue. >> is apple on that list? >> apple was also not one of our favorites, yeah, so -- but you know, again -- >> you sounded nervous admitting that. >> know. it's on a short screen on a

different page. you just didn't see it yet. i sent 280 pages like 20 minutes before we came on air. >> i don't see apple anywhere. conveniently left that one out. >> we have to yell at somebody else. it's in there. >> no we don't. i probably missed it myself. >> close to the magnificent seven. some probably better than others. trying to fire people, replace them with ai. they will be investing in security and other areas. generally revenue growth and expectations is a lot more retrievable. admitting that they will be somewhat correlated. >> we have left nicole webb sitting here listening to this. >> hey, nicole. >> fix me. >> i will fix everything that is said. his risk reward better for equities in '24? you agree with that? >> yes. >> sounds a little apprehensive, though. >> i know.

>> why? >> the setup going into this year, my concern overall is we go back to 2023. we had the above expectation growth. does not translate into eps growth. we look at the set up for 2024. there is so much consensus now around this idea that even if the worst thing happens, which is we do go into this mild recession, then the fed cuts and everything is fixed. from our expectation, that's just a little bit of a fallacy and when we look back at the meeting minutes from last month, there is still quite a few members who believe that cpi comes in this week. 4% on inflation. we still have a 2% target. and rates hold longer than expected and then you can make the case for yeah, but we need to make sure there is ample liquidity come march.

we don't want our clients to hear that we are so consensus that this is going to be a great year, that we will hit the 11% earnings growth estimate, the 2025 looks fantastic, to that it is so inevitable. >> i will tell you where she disagrees. just put it on the screen. does not think gross margins will go up for the average company. that is probably one of the biggest investment controversies. i think the average company can seem market expansion. we've seen this for the last few months. analysts are not good at estimating accurately. pretty good at knowing whether it goes up or down. 75% hit rate on it. more expansion for 2024 than most prior years. that's where the rub is. also the consensus is universally bullish. depends who you talk to. >> to nicole's point, though, a lot more people have gotten

bullish. i'm not going to mention any names on the air, ut rather just to have been bearish for a lot and missed a lot are now bullish or seemingly so. >> you and i have talked about it. i don't think those people suddenly got dumb. you do it long enough, your are in all four quadrants. that's the life you live when you have to do that for a living. in terms of allocating for private wealth or long-term investors, it comes down to the belief that margins will expand and earnings will grow for a while. if you think margins are going lower or that they are at risk, her bubbly six months early. >> the other thing, you take almost everything out of it, don't fight central banks. we are at the end of the cycle, we are.

even if an unforeseen thing happens and they hike one more time, which seems completely unlikely, by the way, that the next move is going to be a cut. just a matter of when, not if. why isn't that enough at a time where can -- inflation is obviously coming down, expectations are that it will continue to come down and the economy is hanging in there? >> just a few data points that we hang on to. curious what the setup really is for 2024. there is a propping up of the headline number by the healthcare and government jobs where you see some destruction in cyclical jobs. we start to go, well, what does that really shakeout? when we look at pricing nd the company's ability to hold prices where they are, oes that start to pull back and affect margin? where do you hold margin and hold it flat? we think about names. just going to go back to technology because they took a lot of

their medicine over the last year. that was the first place they went. to free up cash flow, see the acceleration, we saw job loss. does that trickle through to some of last year? the numbers have looked good. curiosity that maybe it is not this acceleration into a bull market throughout the year. i think something that adam said multiple times is really important. it's what we will be listening to as we look at q1 2024 earnings, which is productivity. can we see an acceleration in productivity and to continue? >> well, we have. >> are you throwing cold water on the idea in general that we are in a new bull market? do i hear you say that? >> i don't -- i think we ran up so fast at the end of last year but to us, we look at the setup today, and we are cautious that the fed does not cut as soon as about 50% believe that they will come march. again, we can make a strong argument for the liquidity metric cutting in march. if we don't get it, what kind

of deterioration do we see and then is it a pivot necessitated by data? two adams point, that is actually destructive. do they come in and start to cut and do it sooner than later? which is not often the way they handle these situations. >> what do you like in the equity market right now, if anything? >> i think there is a lot of curiosity around small-cap and a lot of the acceleration we saw at the end of the year. when we look at the mid-cap sector, we like it more than small-cap. we like the industrial makeup and then a lot of small-cap is these regional banks where we think the large banks are trading at a relative values similar to that small-cap banks. >> you get that re-steepening of the yield curve, too. >> we believe that will pick up ipo business. if investment banking can pick

back up and you don't see the consumer side of thinking deteriorate, then i think you are making a really strong case for financials. >> the way i see it, obviously details, but if you on these and that is your way to beat the index, i don't think you're going to do well if the stock market does not do well. i'm trying to square that with your economic view. need the expansion to be there with industrials and the like. you sound positioned more bullish than your upfront rhetoric to me. >> let me make one thing very very clear. >> i don't need to agree with it or not. >> i actually agree with what you're saying. what we want in the private wealth space, it is so important to not have the messaging of risk on versus risk off. people who went into january

last year stood on a pedestal and said we are risk off. they were still wrong. there's opportunities for multiple outcomes in 2024. the story behind it, it is there. that's where we talk about okay, look at all the opportunities, the laggards, the equal weight opportunities, the mid-cap. that's true and you also need to look at what if the rest of this does not play out the way it is priced into the market today? that is what more of my messaging is an attempt to say. you have to be mindful about your position and, that it is not necessarily guaranteed to go one direction. >> i am more bullish than that. i think we look back 12 months, the markets are higher and you are believing that they could make 25 and 26 will be better. don't want to fight everyone at the same time. could be a month of harsh selloff. if they cut a lot, it's because things got worse.

once they start the combination, punch me in the face if i am bearish against that combination. i am more bullish. >> making that note. you got that? >> gently. it's a radio phase. you've got that down? you can punch me in the face, not him. >> we will leave it there. no punching anybody yet. thanks. as always, let's look at the biggest names moving as we head towards the close. >> networks surgeon more than 20% following reports that he later packard enterprise could buy the company as soon as this week. the deal valued at about $13 billion according to the journal of sources. about 8%. unity software dropping 8% after the company said it will cut roughly 25% of its workforce or about 1800 employees. they did not provide estimates

around the cost but expects the charges to be incurred during q1. it could help unity had its financial targets. on the flipside, growth trajectory is no less certain. >> we will see you in just a bit. just getting started here. anthony scaramucci is back with us. we will get his take on the looming fit going deadline. they're supposed to make a decision by tomorrow. we will see what happens there. you are watching closing bell on cnbc . hey, is this thing hard to learn? nah, it's easy. huh. you know, i think i'm going to ride it home. good thing you chose u.s. bank to manage and grow your money. with our 24/7 support at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh.

the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com

in order for small businesses to thrive, they need to be smart, efficient, savvy. making the most of every opportunity. that's why comcast business is introducing the small business bonus. for a limited time you can get up to $1000 prepaid card with qualifying internet.

yup, $1000. so switch to business internet from the company with the largest fastest reliable network. give your business a head start in 2024 with this great offer. plus, ask how to get up to $1000 prepaid card with qualifying internet. we are back. the price of it going through

to nearly 70% over the last three months ago and as expectations rise for the approval of the first spot that point atf with an fcc decision expected this week. we're joined now by anthony scaramucci, founding and managing partner of sky bridge. welcome back. is this going to happen? >> we have every indication to believe it would happen. have to remember something about the sec. if this was not going to happen, that would be wrapped into the market. not saying they are as good as telegraphing things as the federal reserve but they're pretty good at it. some that i have been in touch with believe it will be announced tomorrow or thursday with potential trading later in the week. >> you have a dog in the fight because you were an early investor in blackrock's product. why did you pick that one? >> at that time, bitcoin was in

the doldrums. a bear market. the team over there, they were looking for an outside investor. my partner brad and i will butcher robbie's last name. sorry for the butchering of your name. >> some partner. sounds like a close partnership. >> yeah, no, sorry about that. i'm drawing a blank right now. high-altitude. but in any event, put some money in there to help get it started. i think they cut the momentum. they have been almost perfect on their etf application so i do think this goes through. >> when you look at the players, we are showing the list right now on the wall back at our headquarters. it looks to me to be at least a dozen on this list. is that too many, either going to be more? how should we judge the number of players trying to get a

piece of this action? >> we had an application in 2021. could got rejected alongside the fidelity's application. and i think that the 12 of them will probably garner the marketshare and those 12 will likely, once due diligence goes through with the wire houses, and up on the platforms. this is a seminal moment for bed coin. they didn't want to open up an account or store it on their own personal wallet. they would prefer to store it in a brokerage account. etf allows them to do that. for the wall street, those 12 that you are referencing. >> how much in bed corn towards the end of the year, we mentioned that the gains were incredible over the last three

years alone. it was an incredible asset class of last year. let's pick over the last three months per se. how much of the game do you think was due to the expectation of those and then some now suggest that you could get a cell on the news. what do you think about that? >> it's very hard to make this stuff. i've been humbled by price productions in bed coin. i will be surprised. feels like there's several billion dollars of market demand. remember, those 12 issuers want this to get off to a strong start. i think they have the demand. you are asking about recent appreciation. bitcoin peaked at 68 or 69,000 in november 2021. when the bitcoin futures was approved. i would have thought it would have gone way higher, but we had a horrific year in 2022. i think it has landed around 16 or 16,500. it's been a humbling process.

we entered the space in 2020. we like it long term. we think it can eventually be the same or up there, may take a decade. it's very promising. the fact that the sec is going to allow this in brokerage accounts is meaningful. you and i both know wall street, they will sell this product to their best investors. >> there is no doubt about that. what about the relationship with interest rates and fed policy. if the fed is done hiking and now rates are going to start coming down. bitcoin appreciated it last year. how does the relationship go forward here do you think? >> more liquidity in the market is better, people that are doing the work on bitcoin recognize it as a digital store of assets. they see it as a digital form of gold.

there will be more liquidity. i think this will be better for bed coin, finding its way into more mild port olio's. prior to the debate, don't want to punch anybody in the face but i do believe on rates, if rates go lower, it's hard to fight stock market. i'm worried about the top heaviness of it. anytime i see this level of concentration at the top, there is sloppy forward markets. >> that was one of the principal stories to end the year. the top-heavy market suddenly became everything goes up so to speak except for energy. you know what i mean. started working on these areas of the market. the question is does that continue into this year? >> i think i read this morning that microsoft has a larger

market capitalization and the entire canadian stock market. it's moved us little. there has to be a more even market if we are going to have a successful bull run over the next two years. listen, tech got demolished in 2022. same as bitcoin. there was no surprise to me that there was this residual reversal. i think you have to worry as a long-term investor about these concentrations. i like these names. that has to be an issue for people. the fed cuts rates. a heavy wind and the sale of the market and you don't want to fight that. >> good catching up. take care. speak with you soon. >> we expect the sec to make the decision in the next 24 hours or so. big-money advice. angela joins us to advise ultrahigh net worth clients and

how they are navigating the year ahead. closing bell will be right back.

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to

sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

we are back. nasdaq major average fighting to stay up today. our next guest advises ultrahigh worth clients. let's bring in angelo with her 2024 market playbook. rings on the 2023 besting state wealth advisor list. great to have you. >> thanks for having me. >> give us your general view of the markets as we embark on this new year. >> if i think about where we were last year, we were standing before the mountain. the fed was about to start raising rates and we were not sure how the markets would absorb that. look at where we are today. we're talking about a soft landing. not sure if we are 100% doing a victory lap on that yet.

we are in a good position for our clients in terms of being able to invest for the growth that we anticipate. an absolute return basis. i think we will be able to cut good protection. overall i think this will be a big week for determining which direction we will go. we have financials on the earnings reports and the cpi front coming up. that's the goodie. >> is it right to be overweight on u.s. equities are enough? >> i would someone neutral. but u.s. equities versus international, i would prefer the u.s. i think internationally they are a little bit sensitive to geopolitical risks, a little bit behind on their recovery. you mentioned tech coming out of 2023. the s&p 500 did great. the magnificent seven range from 48% to 249%.

should we just cut bait now? should we be done with it? driving this wave of growth, this ai movement, i think we still have some upsides. we like the barbell and the mega cap stocks. we also like the names in the public sector and playing on the private markets to look for innovation and the strong founded pedigree is important when it comes to that. >> wildly neutral given all that has gone on? the fed is just about done. probably a cut. at least that's what the market view is. the economy has been hanging in there. earnings are likely to be okay. isn't that better than neutral on u.s. equities? >> it's a question of opportunity. back in 2022 when interest rates were barely getting you

anything, basically had to ink out all of my returns to the equity exposure. right now my fixed income is giving me mid to high single digit growth with not a lot of added risk. it's more a question of where i want to be. i can have the same kind of return with lower risk and may be less return. i'm not saying i don't want to be in equities or have exposure, but in a well diversified portfolio and getting a decent amount of return and unable to lower the risk of the portfolio. actually extending duration within our fixed income portfolios. understanding that the fed is probably going to cut rates whether it is intermediate or longer-term on the treasury and on the corporate bond side. it really isn't a question of disliking it, but more a question of what do i like more? >> i was posing it in my own mind saying why not even like it more? your sector pics send a little

more offensive. utilities not obviously speaking in an offensive way to play things. small caps, industrials, tech, right? >> let me talk about utilities. for me it's more of a play around the energy transition economy. i don't know if you saw today there was a headline that showed 2023 was the hottest year on record, beating 2016 when the pace of warming was pretty alarming. for us investors working with clients, we are looking at how we can invest in these themes. that goes to the utilities, to the industrials, as well because we want to be investing in renewable energy and smart grids, and electrification. a lot of the position we are talking about within equities are looking at opening up around small-cap cyclical names and cyclical sectors. that's the realization that as the fed settles into,

hopefully, a soft landing. just the other day, i heard someone talking about potentially having a rate hike. in the back of your mind, you know things are not quite hunky- dory yet. it's a softest landing if you will. let's watch earnings to see if there is really growth behind this. if the consumer remains resilient, to see if this really has some legs. >> we will see, yes we will. appreciate it very much. talk to you soon. >> up next, blackrock ceo out with a new memo announcing some big changes at his company. we will tell you what they are just after the break. when closing bell comes back.

at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. oh no, a rash. maybe it'll go away. awww, how am i going to find a doctor i'll actually like? is that a qr code? dr. stafford makes you feel at ease. thanks rash! you've got more options than you know. book now. i did have hearing aids from another company. i was just frustrated... i almost gave up. with miracle—ear it's all about service.

they're personable, they're friendly. i'm very happy with them. we provide you with a free lifetime of aftercare. meaning free checkups, cleanings, and adjustments. i see someone new. someone happy. it's really made a difference. try miracle—ear hearing aids with no commitment... during our resolution to hear better event. call 1-800-miracle now. oooohhh, it is cold outside time to protect your vehichle from winters wrath of course the hot sun can be tough on vehicles too you need weathertech all year round! come on, protect your investment laser measured floorliners and cargoliner will shield the carpeting from sand and snow for your interior, there's seat protector and sunshade plus, mudflaps and bumpstep for the exterior order american made products at weathertech.com surfs up yeah, right

big news in the last hour, blackrock cutting 3% of its global workforce. leslie. >> according to a memo obtained by cnbc, the firm has developed plans to reallocate resources . as a result, 3% of employees will leave the firm based on the latest case shy of 20,000 employees. the reduction amounts to 600 seats. a slightly higher proportion of

last year's reduction of 2.5% for 500 people. large firms aking the calendar year to rethink priorities and adapt to different market conditions. i am told this year's cuts are not focused on any particular group and they are broad-based in nature. in the memo, the ceo and president wrote even with these changes by the end of 2024, they expect a larger workforce as they continue adding people and building capabilities to support key areas of growth. this comes amid the potential fit coin etf approval as they have the potential to be one of the key issuers there. they are also slated to report their fourth quarter earnings friday. lots of moving pieces in the world jerk >> no doubt. i'm sure we will hear this explained in more detail, as

well. shares of urban outfitters popping up more than 6% in today's session. what is sending the retailer higher. we'll be right back.

we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future

premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. coming up next, a fast food dolela ub py. jack-in-the-box and papa john's moving in opposite directions. we break down both of those moves inside the market so

next. you know what's interesting these days? bitcoin. look for bitwise, my friends. a force to be reckon with. no, not you saquon. hm? you! your business bank account with quickbooks money, now earns 5% apy. 5% apy? that's new! yup, that's how you business differently.

the power goes out and we still have wifi 5% apy? that's new! to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network.

power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis, help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting

and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. we are now on the closing bell market zone. here to break than the crucial moments of the trading day. thus the consumer in bit time focus has the latest reporting on the holiday season. two big movers in the restaurant, looking ahead to cpi. interesting today we had this nice buying going on in the nasdaq. some of the names are still higher. meta-and tesla are drags. now we are negative. >> pretty localized.

nvidia and amazon have the bids. if you look at the rest, not doing a whole lot of anything. i think we are still in this mode of figuring out the minor pullback we got last week if it was enough to refresh the market. surprising if that's all we needed. it's all preliminary. got through a couple of treasury options. some of the stuff we were anticipating for the week is already in the books. mostly, let's be sure that our conviction about inflation remains well-placed, firmly on the downswing. i think the soft landing scenario kind of has the floor. the burden of proof is on the people who say it's not going to happen. you still kind of forever need that reinforcement. i think it has to come from the growth side. people seizing on company specific stuff. activism, the consumer conferences, it's healthcare. >> the latest retailer reporting paula newton -- positive holiday season? >> urban outfitters sharing's

urging of 7%. it's giving a strong holiday update. speaking at the icr conference today, noted 10%. double what was expected. still continues to lag people and anthropology banners under the company. it follows positive holiday updates from the likes of american eagle and crocs yesterday. barclays was less optimistic about total gift spending in the holiday season thing it was 5% below 2022 with consumer spending less on goods but more on services. this a beauty was the top gift category, largely predicted. luxuries benders cut back and amazon looks to be the winner online the week before christmas. for all the last-minute shoppers. back to you guys. >> it depends which retailer we are talking about. hard to make a big case in any direction at this point.

courtney reagan, thank you very much. kate rogers, two big movers in the restaurant space. what do you want to tell us? >> restaurant companies are also reporting at the icr conference in orlando today. jack-in-the-box down 4%. the parent company of del taco said they will move to make the companies non-retail owned and more asset like. papa john's up 3%. they updated their guidance thing there decreasing marketing spend, moving away, making them optional. rob lynch also responded to its rival woman is expanding the brief partnership in the new year. more than four year head start using this tech in its restaurants. major themes included a broader sense that normalcy is finally returning. we'll see if that holds true. back to you. >> thanks so much for that. make sure to catch the ceo of jack-in-the-box, darren harris. that coming up in overtime.

10 year anchoring about 4.5%. a little bit above and below. the downside there. a lot of folks are fixated on for in the quarter, 428. if you want to get really cute about it, being a little bit of a barrier. in that zone it seems like they repriced the expectations and the trend pretty quickly. seems to be the return to normalcy. the entire market figuring out the step down in growth rates. maybe in uptake and things like credit losses. to return to normalcy. a big piece on the consumer finance companies today. the stops have all ripped capital one, discovered in the last few months. not going to be reckoned with in terms of a huge default cycle. we still see some fraying around the edges of their

ability to shoulder what leverage they have. that is the fix we are in. waiting for the shoes to drop. going to be able to proactively ease up on the rate side before we have to suffer that. >> going to obviously kickoff earnings season on friday. are we about to be in a better place for bank stocks given where we are with the macro? the idea of a reese deepening curve? >> obviously the market rally takes the pressure off the balance sheet. the regional bank went from trading below book value to trading at a premium to book value. the stocks have moved. they have anticipated that the scene is set for them to have better numbers. i guess capital markets, this completely remains to be seen. it is an article of faith whether that will come back in a big way. no reason for that this week.

the healthcare companies feel like making deals. they are doing it every day. we will got next. nasdaq will fight for the last moments here. felt like the flatline. we will see you tomorrow. >> looking like a mixed picture here today as the nasdaq ekes out the slightest gain. ending the day lower after the rally. the action is just getting started. welcome to closing bell overtime. i'm morgan back with john. >> another tough day on wall street. 10 year treasury yielding 4%. chief investment officer goi