year but they grew something like 50% last year >> you look at tesla, the stor was always, it's a tech stock. it isn't an automobile company it is being valued now as an automobile company the a.i. angles leading it luster >> great having you come back, will you >> have a great weekend. closing bell starts next welcome to closing bell. i'm scott walker live here a the new york stock exchang discredit the make-or-break ou begins with a countdown to tha critical week ahead. fed, the mega caps, maybe just the fate of this rally we will ask the wharton school jeremy siegel what it is likel to happen and where your money is likely to go from here he joins us in just a moment we can't wait for that in the meantime your scorecard with 60 minutes to go in regulation looks like that s&p is close to 4900, ye again. it is trying to close abov that level we will see over this fina stretch efficient at there nasdaq, somewhat muted

today out of those key tec earnings you can see negative bias. scooch intel, knows gucci. it is mauling -- one of the worst talks in th market today, down 12% as far as rates go, take a look ten year, after, that better than expected read on inflatio today. a pretty nice realtime look at the economy this quarter, as well i this takes us right t our top of the tape. what stocks are likely to do i the weeks ahead. how the next five days will be critical to that outcome let's ask wharton professor of finance, jeremy siegel you see him there as he join us now professor, welcome back. >> happy to be here scott. >> so happy to have you with us today we do have so much important lying ahead. the state of the market today, to you, is what? >> i'm still positive on the market we are selling for 20 time earnings if you are growth stock, you are selling a 25 to 30 if you're a value stock, you are selling at 14 or 15. there is a difference.

overall, toward. okay, it's not cheap i still think that we could get eigh to 10% for the year. the economy is still ver strong i think we are actually goin to be 2.42 earnings on the s&p 500 as a result i think stocks can advance. >> earnings have not bee really good to start thing off. >> some things >> are yo disappointed in the way we hav started? let's be honest they just have not been good. >> there have been a few headline ones, like intel. particularly tesla >> tesla, intel, i could go on >> okay. i had read earlier that 70% ha beat i think it's a little lowe than the historical average. , around 75, 78% we have to see how everythin falls out of this.

i notwithstanding, i think all the news about a soft landing, no recession, keeps on getting stronger and stronger with every day of data that we get. >> you said a moment ago you can get eight to 10% this year i thought the last time we spoke you are thinking maybe 1 to 15. have you muted those expectations what we did towards the end of the year, and now where th overall multiple has gone to >> i'm talking about fro today. we have gone up a few persons. that does bring us down little bit and the fact, take a loo at the multiple. i don't think the fed, we ar gonna hear next week, i thin they're gonna be reall reluctant to say they are gonn be lowering rates soon the economy is so strong they can afford to stay higher for longer that might disappoint th street somewhat.

although i've maintained i would much rather have a stronger economy with better earnings than the fed rapidl lowering rates because they se a recession. i don't think a bull marke really depends on them lower rate of quickly. nonetheless, i think the rates are going to be staying higher for longer maybe that will dampen stocks bit. but look, eight to 10%, that i still a very, very, good return much better than you can get on bonds >> do you think broadening out of the market happens more substantially and that is how you get to eight ten, 12 or whatever percent? it is still going to be a go big or go home market? >> it is so hard to say. tesla is the first of the maga seven to fall, if you want t call it that i think you need more earnings disappointments on those growt stocks to change the momentum.

but let's not put that out o consideration. i think there is a story about how fast things can change we were just hearing about florida passing laws against social media what happened? there is a lot of anti tan attitudes. what happens if the u.s. congress decides to move i some way against tech? what happens to meta, what happens to all of thes companies that depend on that? there are all of these threats out there. it's not always smooth sailing as long as those threats are out there, i would move to the lower peace talks. they don't need the growth i order to get the gray return that, i think, are inherent in their company. >> you don't think, the word you just said, more earnings disappointment for growt stocks let's say that that happens, okay do you really think that those stocks can come down, have som kind of corrective phase, an

that the market can still go u because money is gonna rotat into those other areas >> yeah. i think so look at the last two years last year we saw an incredible increase in growth stocks at the expense of the rest of the market the year before we sa exactly the opposite a collapse of growth stocks. the rest of the market actuall held up very well. there are a lot of times whe you see once again the marke really move forward without th other segment moving forward i can see growth stocks having perhaps, zero year, while valu stocks could have that ten 15% very possible. >> wow, a zero year? maybe the course of interest rates plays a role here in the way the growth stocks trade. you said earlier you think the fed can afford to stay highe for longer are you concerned at all tha they stay too high for too lon and snatched defeat from the jaws of victory? maybe the data now says they'r

actually should cut? >> i think the inflation dat is very good the sensitive inflation data i also very, very, good. the economy is strong. i don't think they are reall going to be pushing strongly t lower rates until we see the real data we can we have not seen the rea data we can. certainly, it could happen i think you would have to se some rise in the unemployment. reporter rise in those jobless claims soft real economic indicators. that will persuade them to start moving the rate down at the present time the sticky parts of inflation are suc that they can say -- and i think powell will be ver reluctant to say anything abou a large decrease or even beyon that he is gonna say data dictates. i think the only thing tha might be interesting next week

is the discussion on whether h is going to end cutie or not or if there's any discussion o that the rate unchanged next week with no commitment to lowe rates in the future. not with the thing to th economy that we see. >> all the others are saying there is no reluctance at all. they are arguing they should cut. on that note, let me bring i our senior economics correspondent, steve policeman to the conversation. you've got my attention earlier, steve. he posted the thing from capital economics. essentially suggesting tha this emasculate inflation stor is here. quote, it is time for fe officials to take the win an start dialing back to leve policy restrictive new soon. they are arguing to cut. maybe are going to cut other early as march >> i don't think that is going to happen. i understand what capital is saying i agree with them, generally that you do need to star taking some things up.

but there is a difference, and i think professor seagull laid it out between what me tweaking the rate and cutting rates i think they might be tweaking a few cuts down, i think the question is again, same line o thinking as the professor, i the economy is not baroque how much fixing does the fed actually have to do? the numbers we got yesterday i the queue dp report were quite striking we have been defying a lot o the stretch textbooks with the strong growth and declinin inflation. atlanta just printed the first quarter. be really weary of this number because there is not much to g with that. 3% first quarter growth. double what our cnbc rapid update is. still, it tells you what the trend has been it has been for stronger growth it may mean, scott, and the fe may take a lesson from these numbers and decide it is not that far off the neutral rat

that it seeks. it may decide, hey, we don't need to cut down back to two and a half, where the neutra rate is. we may have to do a few on the edges. i still maintain that thre quarter point cuts is probably the best bet this year every other meeting when the fed goes carefully, whether it begins in may or june the fe cuts on the meetings with th projections that is on strategy i think marches too early. even though the numbers scott, a very good when it comes to inflation on three and six months inuit basis >> i'll tell you what, you can build a case, steve, this is arguably the most perfec scenario for the fed in that you have a robust economy, a robust stock market. it can stay high for longer. restrictive in some measures if you will. and avoid a burns ian mistake, if you would, of the 70s they do not have to hike again

stay where they are feel goo about it because the other dat about the economy is letting them do it >> i think that's right. i do think they need to take a little bit off the top simple math as they are 30 points tie take the long run rate subtract 538, a little under three into points on the restriction on the economy let's say the two nap mutual rate is wrong. maybe it is three, three and a half there's still. ty i think there's still som room to let things rhonda question that the fed has to ask itself is whether - and i would love the professor thought on this. whether something more profoun is happening beneath economy productivity has come back scott, to the point with tha we are back on trend there was talk about the ide that, maybe, we were losing th global supply chain. i'm not sure that's true i will give you an example which maybe a little off the look at what is happening in

the red sea. we have not seen much in the way a pricing pressure it may be that the globa supply chain still exists. which is to suggest that som of the preconditions for the below 2% inflation that we had before the pandemic may stil be in place despite people believing they are going away. i do have a question about corporate profitability in a environment of lowering prices i think companies had easier when prices were rising. i think things get a littl tougher for companies. there could be something profound happening beneath the surface. that higher productivity may mean the fed has room to reduc rates without creating inflation. >> professor >> first of all i agree with steve. i think the neutral rate i three and a half percent i know they retro knot percent for years. i think we are 2% high not 3% high. we might even be a little bi higher than that >> so, i think that is

important. i think one of the reasons the fed has gotten away with the so-called, immaculat disinflation is, honestly, because inflationary expectations never really rose during the last two years. i think that has been, that ha enabled the fed to slow it dow without having to crush it t break expectations if you take a look at thos inflationary expectations, yes they bumped up a bit but they are all the way bac down i think that is all th difference between thi business cycle and what we saw in the 1970s 10% inflation expectation. it took a crush to get tha economy down >> it is gonna be exciting t look forward to next week. i can't wait to see you in the room wrap it up, real quick stephen out to bring in someone else go ahead steve, you want to say something? >> i was just gonna tell the professor, i was talking thi morning with jeffrey lacquer bout the 70s, trying t

understand the differences jeff lacquer talked about, wha he called, a catastrophic loss of credibility by the federa reserve in the 1970s that is not the case the fed stopped 5% way too high in the 70s. the feathers down near 2% now. it is not gonna be cutting quickly. i think there are bi differences. they're concerned about this return of inflation it will no happen if the fed doesn' hurled form on this it is not gonna come back automatically. this is 1970s, for a whole lot of reasons >> not going to come bac automatically just because the economy remains robust is th key point. what you are learning. to steve, we will see you next week i look forward to that steve liesman let's bring in shannon saccoci of the nbc private wealt conversation good to have you with us you are the professor, he is still bullish. eight to 10% maybe, you could still do. what we've come a long way unreasonably short period of time what is your own view here >> i think it is interesting the professor talked a lot about this rotation, if you,

we'll to the wagner is that we have been talking. about since the fourth quarter of last year i am a bit less optimistic if we are talking about growth stocks returnin zero this year, just from benchmark perspective. that is not gonna look and fee great for investors who happen to be overrated to the s&p 500 under the surface you thin about what is happened so fa this year, scott we've seen a little bit of a tick up in yield since the end of the year. we have seen some softness, or weakness, and some of th interest rate sensitiv sectors. those sectors are the ones tha could, potentially, benefi from a more robust economi environment. i agree with steve concern about top line it has been very easy to gro top line over the last coupl of years given inflation however, that bottom lin opportunity for recapture is much more president, in ou view, in some of the sectors that haven't participated.

to the professors point, do yo see rotation if you see some tech misses next week? the initial reaction is likely to be very negative. that and i think there i probably taking a step back, looking elsewhere within the universe to see if there is, perhaps, opportunities where that threat of multipl compression isn't so large >> professor, do you think w are late cycle or not? i find it hard to believe that you could think that we are an then still think that growth stocks could return zero and that these cyclical plays ar gonna carry us to the games yo think we can do if we are at the end of the road. >> it is hard to know, tal about late cycle we just hit new highs a couple weeks ago. some people say this is th start of a new bull market i would hate to think it i near the end i do want to point out productivity has gone up a. i promises productivity t go up. and that doesn't mean just the growth stocks. a.i. is designed to reduce

costs in the smallest oxidativ lacks a small behind one thing is important, you do not need a lot of earnings growth for a great report. for a peace talk, you have t keep on turning and not fail >> you know what, professor? i was having a conversatio with someone who even suggeste that the weight loss drugs are going to continue to increas pretty tbd continue to increase employe retention. that is all going to be stimulus for the economy, as well maybe we are no considering that enough. >> reducing health care which, of course, in the united state is the highest proportion cost of the o a.c.t. countries. we can reduce. that productivity to so many other parts of the economy >> increase corporate profit in that sense. if they are shelling out les for their overall health car cost, correct? >> absolutely. >> we've had these fits an

starts with some of thes lagging areas of the market. would you buy those today? or would you feel better ahead of earnings? let's not forget, mega cap earnings will be the top o everything next week in term of market positioning. which is a better buy right now? laggers or the leaders >> i still think there are opportunities to add to th laggers. we do have a little bit of a push here in terms of health care and financials. we've seen better performers they are certainly not performing from the sector perspective as strongly as economy said actions have this year you are seeing a little life that may beyond glp-1. we saw that last year with those names. there are other parts of healt care that are getting anothe look i think if you are looking t position ahead of, not necessarily whether it is march, may, three or four rate cuts, think you are looking to position ahead of what could b

the next part of the cycle whether we are late cycle or early cycle, scott, we have ha several rolling cycles thinking about it from rates perspective, going into some o these interest rate sensitiv areas, whether it is now o legging it over the course o the next couple of weeks mos clients, most investors, mos funds, have exposure to th technology stocks that are reporting next week. we could see some weakness that creates buyin opportunities in those laggers likely though they're not gonn be the big movers next week. it is really gonna be these bi tech names >> professor, not all lagger are created equal, obviously what is the best actor that yo have your eye on >> i don't actually do individual sectors i like to do classes of stocks above all you in growth stocks let me say it is impossible to tell in the short run. a week, a month, a quarter if you go through the data, an longer run especially right no we have a 40 to 50% premium on

p e ratios, growth relativ devalue, relative to its historical mean. that tells you you are set u well for long term investing i exactly the stocks we have bee talking about. those that have those lower p/ ratio. >> professor, i always enjoy our conversations in the debate, i really you you have a good weekend. we will season shannon, thanks to much could we continue we will see you on the other side everyone talking today about intel's big move we mention into the very top o the program. one of the worst stocks in the market today it is not the only chip name taking on the chin either. kristina partsinevelos looking for that kristina >> the theme for today, much like intel, is underwhelming guidance this time also with kla. a chip equipment from th positive we kind it's it ensures investors recovery is underway not everyone is convinced. though that is why shares ar down 6%. however, goldman sachs was a little bit, which is why the are still maintaining positive outlook

switching chairs, ships from western digital down, a little bit better, down just under 3% concerns, of weaker memory shipment i was just reading a no, the said both thesis remains intac because the memory cycle recovery is underway they believe that this is buying opportunity specifically for western digital. that is mizuho back to, you scott >> thanks again, we will see you in just a bit. up next, pumping the brakes on tesla. pushes dan i've's is back, he' taking the ev maker off of his best ideas lift. that is just a few days afte going to bat for the company and elon musk right here o this program >> i still believe the continues on the market, along with byd you really have to hold serv in terms of what is happenin from a price perspective this is all, in my opinion the reason we are long term bullis

it is just the start of th next phase of the tesla story. >> dan ives joins us with a to ten things elon musk must do t turn things around we will debate whether he ca do it we are live from the ne york stock exchange. closing bell is coming right back an office. hi! hello! a cinema. so automated. yes, the definition of a car changes... but one thing stays the same. it's a mercedes-benz.

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and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. welcome back share the touchdown 12% sinc reporting that big q4 earnings miss the other day warnings of a slowdown i vehicle volume growth this year, as well. joining me now post nine lea analyst, dan ives. he was with me the other day just ahead of that report. he doubled down on his bus case for that company. he is back welcome back did you come back today to say i was wrong? >> look,, we talked about we were dead wrong in terms of th calm in the quarter. i wouldn't go and say almost 2 years doing it, probably the top five worst call we've ha going into a quarter we thought, as we talked about

they will put the line in th sand from margins. price cuts are open. instead it was a circus show from a conference call they left the door open fo price cuts didn't give guidance must talked about the 25 ownership in the a.i.. it went off the rails. that is why we are here today. we are looking at it and feeling like, okay, what is th step forward put out a top ten list which w believe could be inflectio point in how we ultimately get higher >> are you risking, essentially, now everything about thi company going forward? >> we check it off guidance, i the near term from a catalys perspective, no smoke an mirror, you don't have the catalyst where you could ultimately say, this is goin to outperform in the next 30 t 60 days. in terms of the long ter thesis, we remain firmly bullish. it's my view, it goes back similar to netflix and 11 with the streaming. go back to jobs no seven wit the iphone we have been through so many

justin evolution of companies, i can see this more as a evolution into the next phas with a.i. and the mass marke because of $30,000 we don't throw that how, n doubt in the near term it ha been a disaster this week. >> i look at your, raised till haven't outperformed you haven't taken that how do you fundamentally haven't outperform at 1. trillion market cap, and a outperform now it is down to 581 billion. it's almost been cut in half how do you still have an outperform on it >> that is a great question. it is my view that, goin forward, the margin story, it' gonna drop when they cut costs, you can actually start to get margin expansion, 20 to 30% $5 of earnings becomes 8 to 10 when you work it out over th next two years especially on a. our view here is this could be the best long term add play ou

there. that is what we're talking about. i think it ultimately will for some sort of holding structure from an a.i. perspective wit optimist, sergio, and others >> the best a.i. play out there? what are you talking about in terms of automakers are i total? again, betting against microsoft? >> i'm saying longer term, fro automotive and where they coul go, you could argue that, long term, this is going to turn to much more of a broader company as we've talked about, the a.i revolution is led by the godfather of a.i., jense nvidia, microsoft. everything we are seeing i tech for tesla to miss evaluate tha this will be an a.i. story this will be, what i've, you almost i will call it an air pocket it's more than an air pocket but i think we are going to see, at one point, two and a half, million vehicles per year. at that point, scott, we wil look back at this. this is more the opportunity, very bad bump in the road,

rather than the time that this was a structural, change in th story. >> you mentioned your top ten. last and not obviously gonna g through all of them. however, you suggest that they should do a ten billion dollar share buyback. they have, roughly, 30 billion dollars of cash on hand. on the same token down the lis who say they should do and a.i acquisition spree, a aggressive one, because i have 30 billion dollars of cash t fund deals which is it? you want them to buy things or you want them to do a buyback? you mentioned the theme 30 billion in both cases. >> it's not mutually exclusive especially for a company tha generate cash. first and foremost, you have t do the buyback the number one thing that yo need here, you have to do buyback. what i view as their view of where the stock is the cas situation, which stopped the from buybacks in the past, but no longer. you have to show confidence. as much as we can talk about

the story, we have to talk the talk and walk the walk from an emanate perspective becaus back to the thesis that th reason you are so bullish on tesla here, like ourselves ove the years, it is because e auto, that is just the first step to a much broader extremity. i believe they will implement, i believe they are in a strong position to do that. >> what about this 25% stuff h keeps talking about? you say he should get a ne comp package after you get the delaware legal issue taken care of. what are you alluding to, that >> the new comp package, tha will come out in the proxy that is something that is to make sure musk is here as ceo. >> you think the board to give him 25% control? >> i don't believe the board t give him 25% what i believe is ultimately gonna happen, not dual class o anything in the calm package i view it as a holding structure where a.i., a lot of the a.i

technology that they are developing, musk has som ownership structure of tha holding, with incentives that, through incentives, will ultimately get him to 25%. we do not believe that a dua class will be there or the compact, we are just gonna get him 25%. >> i appreciate you coming on. after the call you made th other day, after what happened we referenced going in that th prior three times the day afte was ugly for the stock we have seen a fourth. >> we are gonna be here, obviously. all the good calls, when you make a mistake, you have to ow a. >> i appreciate the owning that thank you. that is dan i've up next, five star stock picks capital wealth planning kevi simpson is back with us debate and latest rain, including the big tech stock he's buying i earnings that and more after this quick break.

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next week marking the busies of this earnings season. one fifth of the s&p 500 set t report on their fourth quarter as rain cabins planning's kevi simpson with how he' positioning. nice to see again. >> hey,. scott >> let's run through som stocks here i see that you bought apple again when it reache down to one 80 31 85 back towards the march to 200. >> for those of you followin at home, what do you mean yo bought back apples got, even i talk about it al the time we had a position called awa around thanksgiving. effectively at one 87 and half rest of the shares we sold tha one 92 and movies of would have, it continue to move up to about 200. i'm not crying over spille milk we brought broadcom. i think it is grown 40% since. their apple specifically backe up tampa, think out into the low 80s over the last week and a half, two weeks. we started we initiating tha position we still think it'll stretch multiples are little bit higher maybe we are over our skis we have earnings coming ou

next week. scott, i expect them to be tepid at best. apple is a new york stock. and when i had the opportunity to come back more cheaply, les expensive, lee we absolutely want to reinitiate tha position >> he sold out of s.o.b. but you are bullish on energy. tell us >> we got stalked out i can't stand when tha happens. we follow a room strategy. as much as we like strategy, w have chevron conical for the general pretty lousy earnings. we will vote in that prett closely. s.o.b. came down i think very highly of the company. the price action isn't there we have to recognize and acknowledge our rules base process. still owning chevron, stonin conical philip gives us good exposure t energy i'm not suggesting we are wron on that call but i think we were a little bit. really >> you bought cell to open calls on microsoft an cisco, explain what that is. >> we wrote the calls becaus

we have earnings coming. our volatility has been so low over the past two years it's been difficult for us to write options. when we get into earning season, you can have some fu with it. within individual names, you will see how involved goin into the earnings, especiall with tech names. look at this trade on the 4:25 we don't expect that to ge called away. earnings should be good next week you never know what's gonn happen it allows us to supplement the dividend if, for some reason, microsoft disappoints, which i'm not expecting, it gives you little bit of a buffer to th drawdown on the downside that is how we look at the different calls. not as a means of regenerating cash flow, just for the sake o cash flow, scott, but fo helping to buffer ou portfolio. essentially, overtime, smoot out the ride >> jeremy siegel with with m earlier. suggested, since we're on th topic of mega caps, you coul get zero out of the mega cap this year and still have a really good mark a year. maybe eight to 10% more from

here do you buy that? >> from the professors mouth t god's ears at the value manager a dividen growth manager, it i incredibly challenging i speak on this firsthand. your entire asa plan or your entire categories basicall catatonic in the closet to years you're watching a handfu of tech stocks go. up it would be great if he is. right here is why i don't thin he 's if we see effect that i decreasing the interest rate policy, meaning his rates ar going down, it doesn't matte if it starts in march 5th star since september. if rates are coming down, think it is constructed fo stocks across the board. i tend to think that people pa up for growth so wouldn't be growth versus value trade or a tech forces non. tech but it is quiet about the ppe. ratios that really resonates me maybe we don't need to se zero growth out. there we can see modest. growth but the broadening an the breath of the market we ar starting to see at the end o october happens to be in november, december, and here i

january. he and ayatollah on the same page that moving forward for 2024 >> you can tell the 20 times multiple was making a little nervous on the market. is it the same for you >> yeah, but he also points ou way better than i could've tha that is the multiple on th market doesn't represent all o the. stocks so many in our portfoli are well below 16. that breath is reall important. we haven't seen him in two years but it started it is the big names that hav really expanded the multiples. which is why we sold apple we start to get a little nervous out there. we are not a big tech name we can't own these non dividen growth stocks. when they get a little bit ahead of their skis, they don' need to fall off the cliff they can just love allow and the rest of the market can pla catch-up that is really what we hav started to see now and expec that to continue for the res of the year. for the most par like most stocks, maybe the exception of nvidia, most stock where the were at the end of 2021. they are certainly up fo

trajectory for these companies that are profitable businesses they just seem a little bit of multiple compression and that is where they shoul see the rest of the market mov higher i agree with everything he said i'm just not sure we would see zero growth out of these men caps they are just too protect of a company. >> we will get some clues next week with the earnings kevin simpson, we appreciate it season. >> thanks. >> up next, we are tracking th biggest movers as we head into this friday. close christina marc inevitable sustaining by. >> our company stronger than people realize amendment tough for than people think? those are words used t describe yes, going. based i will describe this new bullish thesis next.

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duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. just about 15 away from th closing bell back to kristina partsinevelos on the stock together i. on >> colgate stock is up 2% even though the market saw wee to flat line in the corridor revenue growth is actually prepared not by demand but b higher prices. interestingly, china was a talking port doing cocaine cal this morning

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we saw through the third quarter, we saw some goo spending and the holidays we talked about consumer spending all th way from thanksgiving into cyber monday >> i was an american express ceo on, that stop 7% it is surging after reported earnings this. morning thatoron me what is behind that move when we tak you inside the market zone, we will do that next.

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bell markets new market commentator mik santoli here to break down the crucial moment at the tradin day. kate roni on american expres railing after turning, and - analysts getting even more voters now ahead of meta earnings mike, i will begin with. we keep trying to make a run a this close i know you know where i'm going, 4900 you mentioned earlier abou china, trying to do this a 4800 well, here we are again. >> now does that occasion fo three or four weeks of sideway churning digesting the previous rally i don't know if, somehow, it i gonna hit 4900 if we are just hesitating here it is the way the market would trade if the bear case i priced for perfection. but both cases, things loo

pretty perfect, you know all of the economic number coming through, you couldn't really ask for that much mor in terms of the direction of inflation, stronger than expected growth, real personal income, all of the stuff staying ahead of what we thought of gonna be. who knows? technically speaking, six or s days up in a row new record. it is a rare street where yo have these persistent rallies. it is underlying strength bu it also means you have t expect you're gonna hit an air pocket for some reason, or not at all >> it is incredible. let's just say your ago you' say, okay, we are going to get pc with the to handle. we are gonna have gdp now with the three handle you would say, you are crazy a, by the way, you're gonna be a 4900 on the s&p. >> right added all up, 5% plus nomina gdp -- three dp percent now comin from the good part, real growth again, it may be too much to ask that it continues exactl this way going this into the fed next week there is actually not a

much, i think, anxiety o suspense around. it even though, sure, we are going to trade around whethe we get a potential rate cut in the margin or not. >> absolutely. i think you nailed that. kate rooney, emeritus press. we heard from steve square wit me last friday, they hav delivered their earnings in th market likes it >>, gotta give you a grea preview. a lot of what he said this morning on the call really echoed that interview last week amex is a winner for the car companies, leaving the dow today. if you look at the top of th big. whether it's outlook has been big driver better than expected forecas we caught up with the ceo wh tell me the higher consume they service is still looking, throwing spending. they pointed to restaurant as particular bread brought topping 100 million for th first-time up 11% and restaurants aroun to about 6% across the board airline spending did slow bit. they also said they are gainin momentum attraction amon younger consumers. gen z. they also told me appliqué's got his benefiting amex.

they said the partnership is a win-win for both these companies. amex saw a record revenue in light of expectations. we also have these calling tha consumer resilience, endin holly travel spending. overall, the consumers looking strong based on what the car companies are saying >> kate rooney, thank you so much about that. it's consistent with what we are just talking about >> visa, american express, i've also point to capital one up almost 5% today 8% on the week it also has gotten clear of lot of the worst worries you had about credit delinquencies operating the broader part o the market than american express, it all looks good honestly, it is backward looking. we have to see if we get fatigue in there in terms of the consumer it is an offset to some of the other cyclical companies tha have had a little bit more of downbeat, whether it is some o the banks even, saying tha things like might be a slot. it is holding the earnings

season together seeming it i more given take than all tha -- >> these luxury retailers have reported the stocks were absolutely bonkers today to the upside, as well julia boston, on meta, as look here it is pushing toward $400 >> that's right. meta is sending more recor highs today ahead of earning coming up on thursday of nex week despite the fact that the stoc is up nearly 100 and 70% ove the past 12 months, analysts are increasingly bullish i'm raising its price target from editor trinity for dogs t florida $50. saying their ad checks out the fourth quarter ad spending was a.i. investments have improved monetization across minutes ad products and enabled efficienc gains. they are naming meta atopi seeing ongoing strengthen it core at performance the reel monetization messaging monetization and ramping a.i initiatives. scott we have counted at least

ten price increases this month we are going to be watching th stock now at three 94 ahead of the earnings next week >> i know you will it is gonna be a big week. julia, thank you julia boris and you want t look ahead to megan? >> meta in particular has gone from being these guys can't ge it right to, can they finall get margins unlined, now trading near 400 again the companies are supposed t contribute the most toward fourth earnings growth met o the largest contributor bigger than nvidia on you every earnings growth contribution even in the first quarter, the current quarter for companie are accounting for like 80% of predicted earnings which includes the meta, amazon, alphabet, nvidia it shows you why the market ha been as concentrated as it has been it definitely raises th bar for next week. i think everyone remembers three months ago that fina week of october partly tha coincide with all thes companies coming out and sayin business as usual for us we ar

making money hand over fist. we are outdoing expectations yeah, you can see there being little subtle with the new stuff i would've perhaps sai that about netflix, as well. you managed to build on. it >> i want your take on what professor seagull said earlier the most controversial thing that he said about everything in the most memorable, perhaps, you can ge zero out of the mega caps this year and the market will be jus fine you get a rotation eight to 10% you believe? that >> mathematically, it's possible to do just fine depending on how you determine that you talk about 70% of th market it's not the big seven. sure, in theory, if i owe move the right direction, you can really absorb right weakness i those facts. instead of the s&p do okay and a lot of people are looking, at you can kind of turnaroun and i just those stocks up and down 55% of names on the upside for almost backs you can build something. it's doable. i think it's much more about

not being an either or back. it doesn't have to be zero sum about it it's doable if you - whatever marks terms as -- >> kept me to see you next week we got a big one here. [bell ringing] we got more with morgan an john [bell ringing] [bell ringing] >> pentagon capabilities, no even bad for the rest of us winter storm, with bergen-belsen >> five snapping street. take, the biggest drag on th market the energy outperforming the bottleneck >> speaking of tech, intentional biggest drag on the, having its worst day since october 2021 having disappointing first quarter that its ceo path guessing whethe it's bucket show, or the macro >> backup j looks happy.