that owned it. the company that licensed the magazine for publication missed a payment, and therefore the company that owns the brand revoked the licensing agreement. sports illustrated! in my house since i was a young boy. thanks for watching power lunch. >> closing bell begins right now. welcome to closing bell. i'm mike santoli in fourth got rough in. today stocks are barreling higher. the index is up by more than 1% across the board. the dow ahead by 400 points. they are a french entry day highs. we've got you covered as we head towards the. close scott walker is live from the american express pga tour event in look into, california. he will join us shortly with a big interview you will not want to. ms. energy founder and ceo west eaten. 's we begin here at this make-or-break hour with the most important u.s. stock market on track for a new all-time high for a first time

in more than two years. s&p 500 set to join the nasdaq and the dow industrial in record territory. largely on the strength of those familiar and dominant tech giants. the average stock continues to lag the mega caps. the biggest news coming as treasury yields have risen notably for the. year tenure up to 4.15, it was under 4% a week ago. this is under the solid retail sales and consumer sentiment data as well as some noncommittal fed speak across the. week which takes us to our top of the take. is the new s&p 500 record a vote of confidence in the soft landing story? or a vote of dissonance given the rallies top heavy leadership and lack of clarity on the interest rate path. let's ask adam parker, founder and ceo of trevor research. also a cnbc contributor. adam, you've been leaning in this direction. there has actually been a slightly longer way for a break towards a new high. considering a month ago we got to 1%. we have been chopping around

and digesting at least on the big cap level. we are there. what message do you take from it? >> i don't know. you are in new york, it's snowing. i have hundreds of dollars. got to in california with the good weather. >> hanging out with billionaires. >> yeah. what's what i'm trying to. do glass half empty, have. will the path towards bullish news continues to be the. same the average company growth margin cavities and chance of expanding. i think the earnings can grow this, year grow again next year at least as far as the eye could. see i think the fed, as long things don't collapsible, skew towards being accommodated in a way that helps multiples. i think what you just pointed out is good news. it is good for the economy, good for stocks. i like that equation. i never want to believe good news is going to be bad for a sustained period. that is how i interpreted. things are looking better than people thought. >> this week has been an interesting test of that proposition. it was not a sure thing, i

guess, coming into the week that we would've been able to deal with really hot retail sales number for a december. you can talk about the seasonal adjustment, inflation, whatever. a plunging weekly claims. the michigan consumer senate today has this vertical move, basically. basically coming around to the hard data. >> i look at the macro coming, as, look at the economic activities bottom. industrial 2d has been quite that, in my bottom. the biggest risk is the consumer. the consumer data pretty clearly slowed in the fall from a very strong level to a little bit weaker. credit card delinquencies are picking up. there is some signs of squishing. this if now your thesis for the two weeks is maybe the consumers are growing at a less rapid rate than i thought. that is good. news it's good for your economic prediction. at least for now. >> obviously you could decide what to emphasize, i guess, the financial credit laws number not great. it is not exactly the leader in terms of the consumer lending

at this point. it is something to note. you know? the mood around the economy changes a lot faster than the economy. >> one of the things you have to keep in mind. >> i agree. i saw the discovery results. you look at the capital is a correlating, is it not? is it low-end or everyone is trying to parse through the low and consumer has fallen. the total dollar spend a lot is skewed towards the upper end. that cohort seems to be functioning handsomely. >> at least at this juncture. let's look at the john hancock investment management. emily, good to see you. i think you have been a little bit more cautious here not necessarily thinking it is time to chase risk. how do you interpret what it's been going on in the market? both the nuances of what is leading in lagging? also, how we have been managing to deal with, at least, this latest bump in the interest rates and banjos?

>> sure. it is surprising. bond yields backing up this week. still seeing the s&p 500 reach these new all-time highs. of course, driven by tech. if you can get tech to move higher, there you go. you've got it for the markets. we've had this almost perfect combination this week of continued disinflation traction. you mentioned the university of michigan sentiment index. you're a had inflation expectations coming in the lowest since 2020. that is good news. you have some says this week saying, maybe, wait till the summer to start cutting. maybe the cuts won't be as fast as market might expect. really not a lot of pushback on the said pivot here this week. at the same time he saw slightly better than expected data around initial claims coming in. sub 200 yesterday. you saw a retail sales coming in better, to adam's point. more strengthening of the consumer here. i think the market, certainly, has a lot of tailwinds coming into 2020 for >> you mentioned some of the feds speak.

there is effort out there too, essentially, preserving all of their options. you don't want the market to rush to forehead and assume it is going to be that easy that soon it's interesting to listen to austin ghouls, the fed president, on squawk box he is considered to be on the dollar side. he seems to think inflation is on his way down. here is what he had to say about how he is thinking about it. basically remaining data dependent. >> inflation has come down a lot. i've been highlighting for months, with you steve, and elsewhere, that is the thing that everyone should be watching. to determine what will the feds rate path and that being. it is not about secret meetings or decisions. it is fundamentally about the data and what will enable us to become less restrictive? it is if we have clear evidence we are on a path to get to the 2% target. >> adam, he means, specifically,

i think, and by his suggestion, just the inflation marks, right? we have a target. we think we are progressing towards the target. the most recent data look even better than the more recent data in the past. everything is moving in the right direction. i wonder if that means they're scientist targeting the related atmosphere conditions of inflation, right? they don't care if the markets go higher. they don't need the employment to go up a lot to meet their goal. that is the ideal case. all they care about his pce gets towards 2%. >> i think the mandate is full employment, stable pricing. i don't know if they can really ignore -- all the data points from the focus on the economy has seen more in the learning season. we will see if that trend has enough to subtly market enough to reach inflation. it is possible. i think the push back to any bullish rhetoric, the pushback that i got after the year had

outlook that we did, it is probably one -- you are talking about the front and. what about the tightening the balance sheet. last time we had the accommodation was also with the bounce sheet. and it's not exactly the same. to increasing concerns that china made could be weak. that seems smart to market a little worse than it did a little earlier. i think maybe the u.s. consumer, which looks better now, this is a bit of a lagging thing. if it continues to flow, if those few things turn out to be worse than we currently think now, that is probably the most well articulated barricades for corporate influence. sure. just in the way the bond market is absorbing all of this, i talked about yields going a little bit higher. they are still in this range where it doesn't seem like they are abandoning anything in terms of the economy or the stock market. how do you see the bond market right? now fairly priced?

too optimistic about inflation coming down? i know you have corporates beds also very tight. not a lot of worry there. >> yeah, bonds definitely might have gotten a little bit ahead of themselves with the dramatic drop that we saw. which saw the fed pivot party at the end of 2023. we are digesting that a little bit. we call it the hangover maybe we are trying out gradually here as far as the bond market goes. we have seen the back market yield. we see bonds offered at this level. typically what happens as economic growth decelerates and as contraction unfolds which ultimately is our base case it is taking a long time to get there. you don't see the bonds fall precipitously. we think that there is a really important opportunity here for investors to grab hold of high quality bonds at four 5%. we are modestly underway. the spreads are incredibly tight. there is no risk at all. even though defaults went up by 80% in 2023, investors are

largely ignoring that. we think areas like investment grade corporates and even municipal bonds offer a lot of value here. >> adam -- >> now i was just gonna say when you look at the s&p 500, very few companies are really affected by the bond environment. i think it is funny how things oscillate. sometimes it seems like, oh, bond yields and stocks, they have to act differently. of course they can both go up the same time. when the economies are better they should go both at the same time. i don't think it is all that surprising. >> just look at the last two years. two and a half years ago, maybe, three and a half percent ten year would've completely shock to the stock market. and you had to make you peace with four. now it seems like four and a quarter okay. phenomenal growth is okay. >> stocks, to me, still looks on. some people don't think there is enough of a premium. the 95 year at return averages -- 13 and change the last ten years. let's say it goes back to 11 oh ten. i think that is plenty of

premium on top of the romanticizing of any bonds. >> the current favor of the s&p 19 times forward earnings. almost exactly 19 years ago to the day. that is before covid. remember, we had fang leadership there, too. we have compounded 11 plus percent total return from the first 19%. the massive stimulus from every direction. exactly. there we have a point to point. >> the biggest 2020 companies. you made me think of. it if you look at the net income. the dollars they earned then, versus, now it is almost twice as much. the knee companies grow because they just grow a lot. that is a little bit like discounting what people said. oh, the mass is expensive. >> to that point, the did step and saying do you think the medium company can expand its points? exactly how? i guess what is going on that is allowed the typical company that is not one of these early to do so? >> first of all i think they

have dropped. you look at the last 16 months the margins have dropped and come up a little. the analysts actually are for more companies to expand the markets than normal last year. that could be embarrassing if they miss. on average analysts are pretty good at ignoring weather numbers up or down. they are not great at getting the numbers right. but they can't ignore if the numbers are up or down. that can be evidence of productivity. i think that is huge. i don't think we are at the top of the first inning of a i contribution generally the focus on productivity software, labor, wages earned. they are not going up the same way. we will see what happens logistic cost, generally, have come down. look at the commodity indices, whatever you want. they are coming. down currency was held. i don't think the depreciation out of the a big capital spending depreciation. when i look at the cost distribution, weber, materials, i think they could be better for some companies. >> we will see how the rest of earnings season goes. huge expectations coming down pretty good for the fourth quarter. the mid cap index looking

around 1% gain. it is not strictly the nasdaq today. everything in record territory on the big cap side. adam, emily, thank you very much. we appreciate. >> good to see you. >> let's send it over to pippa stevens for a look at the biggest names of the week. >> hi, michael. wayfair dumping 9% after announcing plans to lay off around 1650 workers. about 13% of its staff. that includes a 19% reduction for its corporate team. it is part of wayfair's efforts to right size its cost structure after ceo niraj shaw said the company went, quote, overboard with its hiring. this is wayfarers third restructuring since the summer of 2022. it is not just wayfair. macy's cutting more than 2300 jobs about 3.5% of its workforce. the retail also said it will close five stores as it looks to streamline operations in term costs amid slowing sales. that's top down 2%. mike? >> pippa, thanks. see you again in a bit. we are just getting started. up next, we are headed out

west. our scott walker sitting down with billionaire investor west edens, hear what he has to say about the recent collapse the natural gas prices, u.s. infrastructure, and if a soft landing in the cards. much more coming up as well. we are live from the new york stock exchange. s&p 500 in record territory. up 1.2%. you're watching closing bell on cnbc. 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.

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we are in record close. what stocks levitating throughout the weekend. here's another look at where we stand now. the dow up 1.1%. s&p up 1.2%. basically a full percent into a

record close territory. under 4800 with the record closing more than two years ago. nasdaq up forming, once again, up 1.6%. let's send it out to scott walker who is live from the american express pga tour event at like kentucky, california. hey, scott. >> a mic. good to see you. thank you so much. new forges energy founder and ceo west edens has his hand all over the economy. infrastructure spending, energy, and of course, through sports. he's the owner, after, all of the milwaukee blocks. we started a conversation today talk about energy. talking about natural gas he's a big believer in. if i asked him about the tremendous collapsing prices. that is where we started. >> you look at the u.s., the u.s. has 13 billion barrels of oil per day right the? most amount of any country in the history of the world. with that comes a lot of associated gas. you have the byproduct of all the oil production a lot of increase gastric shun. if you can't evacuate you do not mantra locally prices go

down that is what has happened. >> how long do you think it takes four to recover? >> i think the oil companies have become so good at extracting, right? it is not really a question anymore, it is just processing. i think it is going to continue. for the gas companies domestically i think getting connected to the international markets is really important. that is where the demand comes from. >> you have been importing lng for a while. you are reasonably new to the export game. and wonder what you make of these reports that the biden administration is reviewing the criteria uses to approve new export projects. what do you make of that? >> i think they're focused -- trying to understand the implications for increased fossil fuel production. what that means for the renewables chemicals in the clean and eagles that they have. i feel strongly that the u.s.'s position as a gas exporter gives us tremendous standing in the world. it is a big geopolitical forces. it is also a big economic

benefit. i am hopeful that it will continue as planned. this is something they are reviewing. >> you are big and hydrogen. you are building a plant down in beaumont, correct? >> we are. we are in discussions with the government. they put out rules on how these projects will work. the key to the whole thing is the use of renewables and how connected they have to be. for example, connecting 24 hours a day to renewables, right now is a little dark outside. so that would be working too well out here. we think there are modifications to the rules that they have been promulgated. it will be constructed for. i am a big believer that the decarbonizing industry in particular can really have an effect with hydrogen. i am an optimist about. it we are in discussions right. now >> what role does nuclear play in the conversation? are we still a, not in my backyard, country? >> there hasn't been a new nuclear plant bill in this country since 1977. which is kind of crazy. last year i was in singapore. i saw, in the dry doc, a

nuclear submarine. i asked the guy who ran the shipyard, how many nuclear powered vessels are on the world? the guy said 650. it's an amazing numbers, i thought. i didn't -- the notion of whether not small nuclear actors can work efficiently and safely is part of that answer. i am a big proponent of nuclear power. i think it has a long ways to go i am also an optimist about. this country right now it is a very hard thing to develop. >> how do we get over that last hurdle? >> i think this is where government can play a huge role, and really. do i think a lot of it is regulatory. you look at the amount of time it's taken to get permits, what it took to get -- i will give you the simple math example. if you take it three and megawatt power plant, conventionally, a gas plant. it cost to nine billion dollars to build. if you pay $10 you're gas, that's another tournament oz in year a fuel. run that for 20 years, right? 20 times 300. i have heard estimates that the

300 megawatt small nuclear plant cost four billion dollars. which is about the same in terms of what you're going to spend. obviously much cleaner. i think the raw economics could be very powerful. if the government got behind it, tried to develop a handful of these things just to see what the best technology is, i think it has real promise. >> you are a big player in infrastructure. obviously your rail, the bright line in florida, from miami to orlando, how has that been going? >> it is going great. we opened the service a few years ago. we opened the long haul service from orlando to miami just at the end of september. just within a few months. every month, steadily, increases in ridership. it is very significant increase in our ridership. the people of the service. they scores are off the charts. who doesn't love the train? it has been a great start to the service. >> enough so you have turned your attention west to vegas to california. you got a big grant from the biden menstruation. what is the status of that? >> we were fortunate enough to

apply and be awarded a three billion dollar grant to build at high speed rail. kind of version two point l. version one point out we built, basically, on an existing railway for the most. fire version two point now in california and nevada we are gonna build new. it will literally be bill on the medium of the highway. it is one hunted percent permanent, one on percent right away. now we have a big chunk of the financing. we are hopeful to break down on that in the next couple of months. >> i find it interesting, you are able to just get things done. whether it is power plants, infrastructure, rail lines, is there something you are doing? you're approach that may be different from others that you are able to get these massive projects, not only awarded, but completed? >> the actual process of building is not that hard. you think of a railway, it sounds complicated. for the most part it is a civil engineering job. you build a placed some tax on top of. it's not that much more

complicated than. that i was talking about it with some of the other day, i think the phrase for them would be venture infrastructure. there is no such thing, right? but it takes an unreasonable willingness to take a little bit of forest to focus on it. i think anything is possible if you have your mind to. it these are things that really believe in. i have a team surrounding me of capable people that believe the same thing. i think we are making some pretty good progress. >> given you reach in various parts of the economy i would think that you have pretty good eyes on what is happening in various segments of the economy. how do things look to you? >> i think it is pretty likely we are going to have rate cuts. i think consumption is about two thirds of gdp. if you can help people pay less on their credit cards and mortgages, car, loans that is a good thing. i feel like that is good. i think the fed has done a very good job thus far trying to manage the soft landing in the economy. it is too early to declare victory, obviously. but the prices are under control, you bring down rain,

to feel that consumptions are gonna be pretty good. every other consumer's gonna be. it >> is that the camp you land in today, softening? is that your base camp at this point? >> i think it is. i am not the expert economists but we do talk to a lot of people about. it i would say there is a reasonable case you made. for that feel pretty good about it. the combination of interest rate decline, the productivity gains, employment still seems really strong. i think we are pretty optimistic there is going to be something soft. >> have you recalibrated your own view of what distressed could look like now that the trajectory of rates seems to be lower and not going in the opposite direction? which would obviously create more potential distress situations? >> my concern or anxiousness have left to do with the u.s. today and more long term in terms of balancing the books. anyone who spends why wanted and they bring in, eventually, is gonna have some trouble. that is the issue we have as a country right now. domestically that is something we really have to keep an eye on down the road. internationally i feel like

there is significant geopolitical risk. a really. do i think all of these regional conflicts that people don't seem to be concerned about how, i think any one of them could be something that is really substantial. china taiwan. hamas and industrial. ukraine and russia. people seems to be pricing that it zero. i think zeroes probably the wrong prize. >> you think a lot about election risk? i don't necessarily mean just in the united states. you are going to have dozens of elections around the world this year. >> the crazy statistic is something like 50% of everyone's is likely gonna be there this year. it is quite the year. it is a huge year. the election will be a significant amount of change. we are right in the middle the election cycle. here just the first primary a few days ago. i think stay tuned for what is gonna be a very action-packed you here. around the world, it is the same story. >> here are the job, of course, is being the owner of the milwaukee box. are you marveled, at all, and

by where valuations are? >> i think it certainly has exceeded our expectations. that is not why we made the investment. we thought, obviously, it was something we hope to be a good investment 8 to 10 years. ago it has turned out to be a very good one. the unique character of sport is it is the one thing that cannot be delayed. in the new age of tv where you don't have to go to the theater to watch a movie, you can watch on netflix whenever you want to hear. if there is a box celtics game, you need to watch it just right then. i think that, in large part, has driven the media values. that has driven the other values for the teams themselves. >> are you looking ahead to thinking about what that renegotiation of the media rights deals going to bring? >> we are optimistic about, it? right obviously there is a lot of people in the nba around the league who are intimately focused on it. i think there's a lot of reason to be optimistic. there is a tremendous product, in my view. i am biased, of course. but i think it will reflect itself in terms of the people

who want to be a part of. it >> why do american billionaires want a piece of the premier league in england? you own aston villa. it seems like, every year, we are hearing about newowners. from the united states buying into teams that. why? >> it is the best lead in the world, right? mls has a lot of promise. there is a lot of other great leagues in the world. the premier league is an extraordinarily competitive league. if you are interested in spore, you want to compete at the highest level, it is the place to go. it is a lot of fun, actually. >> the other thing i know you are having fun in is premium tequila. you're a cofounder of cincoro with michael jordan, his wife amelia, jeanne bass and others. that is a crowded market. how do you stand out? >> we have the best tequila. i mean, very modestly. we did not really set out to build this to make a lot of money. we just simply want to have the best tequila. michael was the inspiration for the thing. a guy who --

a competitor, the tequila he liked a lot. we thought we could make it ourselves. it is an extraordinary group of people have done a lot of work on. not we think we have a great product in a great space. it is not that drinking is healthy for you. but it is the house's portion of. it is the only alcohol that is a stimulant, not a depressant. it is a low calorie drink. we think it has a lot. américa móvil partly, it is gray. >> you look at what clooney and gerber did with colostomy goes. you think about the eventual exit? is that the ultimate goal? >> no, i don't imagine an exit. i think it is something that, as long as we continue have fun with it, and it is a lot of fun, i think we will really be involved this forever. easy to find out, he has so many handler the economy. it is interesting to get his perspective on all of the areas. i should tell you, you do have more than 20 of the pga tour's best in the mx this year. you can catch coverage today through sunday on peacock and

the golf channel starting at four pm eastern time. there is the promo there. check that. outlook at that spectacular backdrop. speaking of, we wouldn't have this backdrop. i have to give a shout out to john not kashima for his patio today. without this, we don't have that. thank you. guys, i will send it back to you. we will see you on monday, mike. >> beautiful. all right, scott. enjoy it. thanks so much. coming up next, capillaries kevin drier with the stocks is banking on right now and some names just might surprise. you he will join us here after the. break s&p 500 tracking for a new record in the next half hour. closing bell will be right back. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities,

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from hr to payroll, adp designs forward-thinking solutions to take on the next anything. stocks surging to close at the we. we are green across the board with the s&p hitting an all-time high. on track, as well, if a record close. the russell 2000 seeing an uptick today amid the broader. ali my next guest continues to see value in some small caps.

several under the radar names he thinks could see big returns this. your compelling funds kevin drier joins me now. kevin, good to see you. >> good to see you. >> it has been easy, i think, to point to this moment carries with mark and say, a lot of hunting can be done. there looks like there is good valuations. they have been somewhat neglected. i like that you look at it with a catalyst in mind, to some degree, anyway. i always feel like you should go to a small cap cfo and say, why isn't private equity bought you yet if you're sochi? not that, but to exaggerate. how do you approach? that what are you finding now? >> our approach is what we call a private market value for catalyst. we try to look at a company and decide what would a private equity farmers to tragic buyer paid or in the whole business to look a catalyst like a takeover or financial engineering. sometimes it's as simple as new management or a change in casual allocation. that can narrow the discount to what we think that stock is. worth >> i know you actually had a company that just announced it was taken out today. >> command an aerospace

supplier announced that they are being brought out by -- private equity firm. double where was training yesterday as a result. i think that highlights, number one, the attractiveness of that general market. a lot of aerospace apply or is notwithstanding some of the issues boeing has had recently, they are very attractive businesses. they have long term tail winds behind them. also that valuation gap. a lot of those small cat names could be coming to the surface. >> what other kinds of timely ideas do you have? obviously a company that will remain public for a little while the people can? by >> last time i was here when rates were a point or so higher, we talked about two companies. -- makes for mere protein shakes. and atlanta braves holdings. both of them as potential takeover targets. interestingly both went through financial engineering themselves. bell rang spun out a post, the first ipo and then was spun off. atlanta braves holding, part of the company media they did a small transaction. pure play companies.

now -- devouring particular were coming up in the two year anniversary this march. certain potential tax advantages. that might be the start of where bitters start to come in and buy that one. >> sure. as you look at these companies, is your premise that the economy is going to continue to be good? we can plug that into the earnings model? or do you have a macro feel at all for how things are going? >> we are very bottom up when we look at companies. we look at a variety of scenarios. i would say, personally, from the inflation situation, obviously, it has come down a lot. wages will probably be a bit stickier. the market may have gone ahead of itself in terms of expecting so many wage cuts this year in such a way each -- we will see how that plays out. we tend to really like companies that will do well regardless of the environment. especially when they are doing things internally, like spectrum brands, for instance, is another one. not necessarily takeover target but they had a business that they sold. they are home improvement hardware business.

over four billion. went to a nick cash position. let's go from 2 to 2 and a half times net set to ebitda. another small client incompetently sell-off. they are that with a pet business and home garden business. pretty reasonable assumption you can get to a much buyer hot -- if they get to a cash buyback of. stark >> former roll up of consumer brands. they have been closely, the came out of bankruptcy. a lot of moving. parts >> exactly. but they haven't slimming down in shutting off pieces. >> interested in your take on campbell soup. part of the bigger company. out of favor group. people worried about loss and pricing power. what is attractive? here >> first of all the whole food and beverage sector had a tough 2023. it was a perfect storm of the few things. companies have raised prices very aggressively to cover input costs going up. volumes were declining. that with all the news on gop ones and what that might do to their business that didn't really affect the results.

the volume decline from price increases combined with that narrative. looking at the stock prices, multiple came way down. campbell is in particular or buying so votes. that deal is not completed yet. i think it gets done. it may or not may get done. they makers of pasta sauce which is growing very well. that will help the revenue growth. what they might do as a next up after they complete that would be to potentially split off that business. they have a snacking business. those companies generally garner much higher revenues -- i would say, generally, looking at the comp if we do have a soft economy you can see some homes as we lamp there -- the value declines, it is easier cos seeing some results, especially as costing -- >> i do know that, i know that is not your premise but campbell's is a bit of a counter cyclical play. i do notice you don't need a great economy for. camels >> we have that in the

other direction. you can hear them talk about the soup business in a recession. kevin, great to talk. you thank you so much. >> great, thank you. >> of next, we are tracking the biggest movers as we head into the close. pest evens is back with. that >> high. mike this to search continues with two names hitting record highs we've got all the details coming up next.

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closing bell. let's get back to pep and to look at the key. stocks >> mike, nvidia heading an all-time high as meadows mark a quirk lead up plans to spend billions on nvidia's a.i. chips. zuckerberg saying by the end of this year meta a.i. infrastructure will include 340,000 h 100 graphic carts from nvidia. andy, arrested, and pure storage also on the move as derivative plays according to wells fargo. broadcom jumping a record high as well after goldman sachs reinstated coverage with a buy rating. the firm forecast double digit revenue growth for broadcom's a.i. business as well as recovery in its semiconductor division. that stock up 6%. mike? >> pippa, thank you very sent. a big contributor for the upside. check on the s&p 500 as we come to the close. up 1.2%. just about the prior closing high from two years ago. about 47 97.

comfortably in that record high territory. still ahead, shifting gears. for changing up his production plans for some of the top vehicles. all the vehicles and what itghme mit an for stocks straight ahead. closing bell will be right back. ts that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence.

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the s&p 500 on track for a record close as we head towards the bells, we will be all over that made to move in the market zone. plus, earning setup. netflix gearing up to report results next week. we will hear from an analyst on wh hwi bwahing with numbers had to take. market zone is next. says here it gets plenty of light. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal,

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tested brewer is, traveled visor. [inaudible] upside contributor to the dow today. this actually has been a strong group, a strong stock in a stronger. what is happening with the numbers today? >> earnings come out and they just blew away exportation. well as far as analysts, in fact, just published a note raising her price target from 182 to 211. which is what it is at right now as you can see. almost 7% on that massive earnings b. the global insurer, mike, sent

record quarterly highs in poor income earnings per share and return on equity. that came in at 24%, year on year. look, they are just writing lots of new policies. they are charging more for premiums. they are keeping the customers that they have, even when the premiums are higher. those higher interest rates have been good for insurers in general. for sure good for travelers. so much of their investments are in fixed income. by the way, fourth quarter certainly helped by lower catastrophe losses. that is a reversal from the much higher catastrophe costs in the previous quarters of the year. part of the reason why it her traveler so much as they had come down on the amount of insurance they had. so much of the insured losses had to do with thunderstorms, conductive storms. those do not do enough damage to even reach the amount of -- travelers had to shoulder all of that in the second and third

corridors. the amount of coverage they have in insurance by a billion dollars going into 2024. the rate is out with this report the says 100 billion dollars or more and insured losses will be the fourth year that happened in a row. half of that, more than half of, it came in from the thunderstorms in the united states. that climate risk is volatile and unpredictable. the fish ensures quarter by quarter. the freeing clear shot from the weather, the other things continue to work on pricing. the big beneficiaries of higher bonnie else. thank you so much. let's get to fill on what is going on now with four inspection plans on the electric pickup trucks. >> the lightning, mike, they are cutting production plans, again. this will kick in april 1st. here is about four denounced. they are cutting one of its two ships at the planet senator where they build a lightning.

effective april 1st. they are gonna shift some of those workers over to build the bronco in the range or in a plane nearby. they should not come as a surprise. we have talked about the ev market growth slowing down overall for all automakers. not just for ford. remember, just a month ago that ford said, you know what? we are gonna cut our production plans for 2024 and a half. well, now they are cutting them again. and the end of the day you have to look at this and say this is a prudent move by the automaker. hybrids have been a much greater demand of electric vehicles. the f-150 habit is selling well. take a look at shares of four, i know there will be some people who say, well, this is proof the lightning can't sell. not proof the lightning can't sound! perhaps proof the growth plans that ford originally had for the lightning and just not there yet. could they be there in 25 or 26? maybe late 24? yes, that is possible. right now, mike, the market is not favorable to ramping up ev

production. for a company like ford, i guess you have the benefit of being somewhat agnostic about what kind of vehicle a customer i want. you mentioned it is not right to conclude that the lightning has not been ahead. we remember when everyone's into paid their deliveries initially and how fast they got to their initial sets targets. today just exact that demand? >> i don't know if the exhaust of the demand but it looks like they had production problems last year. they had to shut down production for a little bit. they had a couple of issues. number one he didn't have quite the production you are expecting. and to when you talk to dealers the market has clearly shifted much more towards hybrids. we are seeing that in the pick up truck market. you look at the ford dealer the f-150 however it is very much in demand right now. the lightning? not as much. that is going to be the way this market is. i think for the new term at least mike. >> phil we appreciate. it allen cooled looking at netflix you raise your price

target well above $500. had a hard time getting above there except for little time during the pandemic. what do you like about netflix that people haven't already been celebrating? it seems like folks have really come around to though one clear winner and streaming. >> mike, they had a great quarter last quarter. the stock reacted nicely. i think the key is the environment is getting better. first you have the competition, the other streamer starting to raise prices. saying they would spend less on content. both would be good for calm netflix. this court of the big changes you are seeing even more of the other streamers, the other studios, licensing their content and netflix. just as netflix was probably about to have a little bit of an issue due to the strike, they have all of this licensed content, one of the top shows this past quarter where the warner brothers show, young sheldon. their library increased in terms of the number of titles in the u.s., even though they

produced a fewer originals. we put out a note today, if you can't beat them, license to them. that is what is happening. i think the next move we are going to see is the open consolidation. at least one or two of the existing streamers will go away. that should lead to a less competitive environment. >> i guess the question is are they benefiting from the cracking down on the password sharing, adding subs, to factor that way, raising prices. what do you think is a key threshold that they have to cross either in sub growth or average revenue per user in the coming quarter to please the street given the run the stocks of had in the last year? >> this will be the first quarter where they had double digit revenue growth in two years. that is a positive. i expect the guidance will also be double digit next quarter where i frankly expect them that going forward. the biggest number is still the sub number or the applied sub number.

as long as the sub beats for q, and the revenue prize a pretty strong growth, that is probably the biggest factor. also good to hear how the advertising business is doing. they did briefly announce that they had 23 million monthly active users there. also, let's see how the free cash flow and buybacks are doing. >> i was gonna say, about the advertising tier, it seems like a somewhat slow start. they just have to prioritize it. really, almost to serve the advertisers to get scale and have it justify itself. >> they originally said -- small walk around. i think they expected to hit more than 23 million users at this point in time. probably roughly 10 million subscribers to two members per subscription. i think they are going to get there. netflix has reached that no one else has. they reach audiences no one else does. it is taking longer, you are

starting to see some vandals for example that deal with t-mobile is now the ad tear instead of the ad free tier. we will probably see more of that. netflix is adding more features to that here they are starting to prioritize it. >> all right. we appreciate your time today. we will see how those numbers come through next week. >> as we get into the close, we are going to be heading for a record on the s&p 500. the prior record was under 4800. the very first trading days of january in 2022. we have gone over two years without a record high well on the benchmark historically when you finally do cracked the record high after a very long period to mean better forward on the ten month period we consolidate from. there we are still gonna have some folks noting, small counts have in the pine. the average stock has not fully participated as the headline s&p -- they have come down. today the 2009 tenths of 1%.

it is still 6% off of a tie. of course, the nasdaq in the judgment of that your average are already at record highs as treasury yields -- ten year by four. about 100%. that is going to do it. the record closing for the s&p 500. that is the closing bell. we will take it over to overtime. there you have. it record close for the s&p 500. finishing about 4800 for the first time we are seeing the broader markets hit an all-time high since january 22. we've got new records for the dow on the nasdaq 100 as well. that was the scorecard on wall street, but the action is just getting started. welcome to closing bell: overtime, i m organ writer with john forward. >> good to have you back. tech