capacity. the most expensive single ticket is $80,130 for a suite at the 30 to 35 yard line. go nine hours. >> thanks for watching power lunch, everybody. closing bell starts right now. >> welcome to closing bell. i'm scott wapner live at the new york stock exchange. this make-or-break hour begins with tech earnings, the fed meeting on deck, and how to best position ahead of all of that. we will ask our experts over this final stretch. in the meantime, here is your scorecard with 60 minutes to go in regulation. it's been a mostly mixed day for the major averages. we are getting a little bit of a pick up here. take a look at the nasdaq. it's leading the way today. investors are assessing what is really at stake over the next four days. we will let you know. the s&p is above 4900. it's going for its first ever close above that level. we are going to keep our eye on

that closely. i said the nasdaq has been the performer. microsoft is hitting new highs. it's been a decent day for the russell catching a bit of a bit ahead of wednesday's fair decision. all of it takes us to our topic. whether the three month takeoff still has room to run -- how much? a lots of answers are likely coming this week, but let's ask dan greenhaus of alternative asset management. he's here with me on set. it's nice to see you again. what's on the line this week between tech earnings and treasury news? it seems like this is make-or-break, perhaps? >> it's a really important week for the macro and the micro. we might touch on that in a second. before we get into that, let's take a look back because i know the premise of the segment is the valley of risk. when you look at what has happened already, i know there is obviously a lot of focus on the dominance of tech earnings in the context of the larger market. there is an article in the wall street journal this morning about the strength of retail and how concessions have

basically gone away. s l green reported the other day that -- matt -- united rentals, the leasing company, 30% rental income growth which strengthen all end markets. you have all of the different companies there's a lot of focus on credit metrics from capital to discover, but these are reported, as a macro indicator, the commentary continues to suggest that they see nothing from the consumer side of things which suggests recent trends are likely to change altogether. that's a good backdrop. >> you are pretty positive? even as the market continues to elevate, theoretically, it just raises the bar, if not the pressure on these companies to deliver what their would suggest they have to, right? the valuations have been increasing on the idea that these are the ones you can count on. >> i think that's right. i don't mean to dismiss the importance of these names or their contribution to the

performance or market or earnings, but yes, i think there is obviously a lot of focus on these names given their strength. listen, microsoft always beats by a couple of percentage points. there's going to be a lot of focus on a.i. and copilot synapse which might become a new metric that we have to follow on a daily basis. it's not as if these companies are performing at valuations. they have done quite well on ballots. obviously, apple has some trouble in china and out the top line, but on ballots as a group, tesla side, they have delivered quarter after quarter, so as we said and everyone has discussed, they warned higher valuations. that's what they got. >> just a short time ago from jp morgan, marco kelowna vic has been negative for many months. he said that valuations look more stretched. how do you take that view? a few bad inflation prince would upload -- it could go against our pricing

and the higher probability of a hard landing. what do you make of that argument? even someone who is really bullish like jeremy siegel, 20 times is not exactly cheap. >> it's not. listen, p e's levy little room for error. that is true at the single stop level and at the index level as well. listen, we came in last year at a lower multiple thinking eps this year was going to be somewhere around, i think it was 225. for the next year, which is now this year, want to be somewhere around 250. both of those numbers have come down by about $10, let's call, and the market editor of the year last year largely on the back evaluation expansion which you are unlikely to get this year. the linkage between valuations and multiples and market performance can be differentiated from one year to the next. i think what you are saying is entirely true. when you are trading at 20 plus times forward earnings, you have little room for error. fortunately for the voter market, these companies have quarter after quarter delivered, more or less.

tesla has fallen by the wayside. apple has the troubles that we discussed earlier. fortunately for the market, they've done quite well. listen, this 25, 30, 35 times earnings too much? that's for the market to decide. i think they have delivered. >> what about the speed and strength in which the market has gotten to today? tony pass corolla runs headphones client coverage. he has thoughtful notes. i like to read them. i like to let our viewers in on what the conversation is with the big money out there. this is one of the most powerful short cycle rallies we have ever seen. for the avoidance of, doubt the 19% rip in thein the 99th percentile of market historo say, enjoy it because it isn't going to last like that. >> you're not going to go up at this rate ad infinitum. the market from a relative strength index is classically over bought here. you certainly could have the treasury department news, although it seems like we are hanging in there right now.

you could certainly have some level of digestion although the strength of the rally historically doesn't necessarily automatically mean. i don't think toni makes incorrect points. >> hang on two seconds. we see the market jump on the s&p. you referenced this announcement. >> let's go to meghan costello what are we learning? >> thanks, scott. we're learning about treasuries borrowing needs. the treasury is estimating that they're going to need to borrow seven her 60 million for the current quarter of the january through march order. that's a little bit less than they thought. they thought they would need 55 billion in less than that to borrow. they are also looking forward a bit to the april to june quarter. they are estimating that they will need to borrow 202 billion in that quarter. that is a pretty significant jump. that's a quarter where we see some of variability. it depends on individual taxes and corporate taxes which are coming to. it will be the lowest amount of borrowing for quarter if that holds true that we have seen since april through june of

2022. we are seeing that jump there both times. they are seeing that 760 billion in borrowing for the current quarter and 202 billion for the next quarter. scott? >> i appreciate that, megan. thank you. we were talking about this. yields are down and the s&p is up. presumably, it's on this exact news that we are talking about here. they are going to borrow less than anticipated. >> listen, i'm reading through the report right now. i think that the second quarter they provided the first estimate. that's the quarter that megan alluded to which has -- that number looks a little high to me relative to what i think she was looking at. in the short term here, i think you have a lower number than expected for q one. that is going to calm people down a little bit. again, this is separate from the larger story here which is that we are running one and a half trillion dollar deficit ad infinitum over the forecast. these numbers, auctions for two,

five, seven, ten, et cetera are only going up. >> sure, but there was a point in time at which the market surely seemed a lot more concerned about those facts then it is today. we figure that even a couple of auctions as of late which have been a little swirly, in total, we are going to be able to absorb all of the supply coming on to the market. that maybe is why we have had the cooling of fears around this topic. >> listen, when the news first broke last year, there was a concern that maybe after 40 years of people worrying about this that it was going to be the moment that people woke up and imparted some fiscal restraint on the government. that proved to be short lived. we find ourselves in a moment where the headline comes on the market is rallying on it and it looks like we are -- the highs of the day, despite an exceedingly large number of borrowing that the government is going to have to. do the ten year treasury auctions call for 40 billion dollars. that's going to be on wednesday when we get some of the details. >> you know about the

relationship, obviously, between yields and both dynastic. let's put up an inter day as well for the nasdaq. you're going to see a similar chart response as we are looking at the s&p 500. as yields have come down in these last moments, the nasdaq has added up near 1% now. the russell 2000 is up about three quarters of 1%. that is a near 15 point gain there. by the way, since we're on the topic of rates and the fed and we're going to get the decision on wednesday, he's sticking with his march cut, kind of doubling down on that belief that the fed is going to cut in march. what do you make of that? >> i haven't been in the march camp. i want to make a quick point to the viewers at home. if you're an average investor, whether they cut in march or may or june, the fact that they are cutting presumably for the quote unquote right reasons, to borrow a phrase from the bachelorette, that's often what

matters for performance. i haven't been in the march camp. i think they're going to use -- the data might be too strong. some of the inflation data and economic data, the truth is, if i have them cutting in may or june, the larger idea for the market is irrelevant. the bias is to the upside. the fact they are cutting is positive. >> i'm glad you have a life outside of finance. your prime time viewing habits are interesting. >> i didn't say i watch the bachelorette. i know the phrase. >> nicole webb of wealth enhancement group joins a conversation. so, what are your expectations heading into what is undoubtedly a critical week as we have a spike in's stocks? >> frank, scott. last time you and i spoke, i delivered some criticism of this equal weight s&p all we need is a flexible fit. we have more disinflation in the pipeline.

today and great point, it doesn't matter when rates come down. they're coming down this year. the economy is stronger than expected. dan made great points around quite a cards, the consumer. it's not about to take all of that away, it isn't and. this has not translated into earnings per share growth. to us, it's not just a necessary given. it is a story, again, of two distinct markets. as one of our analysts put it so perfectly today, you have the scarcity premium on how to participate in a.i. and you are seeing that play out in the nasdaq and specifically in mega tech. you have the rest of it, the rest of the market, and curiosity around a backdrop where we have to globalization and the cost of doing business is higher and we have used the strength in being able to pass along pricing, can that all really translate into growth

and specifically revenue growth and keeping up with margins? for us, that is still what we are watching carefully through this earnings season. >> what am i supposed to do if i was expecting the broadening out of the rally to continue but i have seen this return back to so-called quality which obviously means mega caps? am i thinking that that is just the way it's going to be for a while and this week is only going to underscore why? is the fed going to give us a reason this week to think that now is the time to diversify and brought in the mega caps exclusively? >> i will go back to saying it's both. this is an incredible opportunity to be a long term investor where you have the ability to still purchase what you didn't buy in 2023. there is a lot of laggers there. what should -- just because mega tech hit it out of the water last year

doesn't mean it has to do poorly this year. yes, it's crowded. yes, it's expensive. there is still momentum to the upside. until we see more names come public that specifically are in this a.i. area, you are going to see investors, both institutionally and on the retail side, looking for a way to purchase. it is this moment in time where we are going to see the front end of the yield curve come down this year. we have trillions in money market and both sides of the market look primed for investment. >> i will also add that the out performance at large, if he will, is not exclusive to technology. it's true across every sector. i think the only sectors where large is not a performing small our industrial and materials. if you take on boeing and the case of materials, it is the case. you have seen investors flocking more generally. i can't help but feel that that is something to do with passive flows.

i can't bear it out and it's not part of my job to do it, but i can't help but feel that the fact that more than 50% of the u.n. right now, give or take, is directed to passive flows is going to perpetuate this continued inflow into the large names, particularly tech. >> let's talk about the most active of investors ourselves. do you agree with nicole that this is a great opportunity for both? do you think people should be looking more towards the broadening out train or not? i mean, we came into this year thinking that this was the place to be -- new regime for the fed. the economy is hanging in, soft landing, no landing. the economy is going to remain good. now is the moment for mid caps. >> i saw this into theend of last year. i thought that coming into 2024 -- >> not correct. >> you're not alone. that leaves us in this quandary of what to do now. >> i would take issue with the word great.

valuations are high, certainly inclusive of mega tech, but even if we x them out for the equal weight, the valuation is not cheap. we can dispute whether great is the right adjective or not. listen, i mentioned a whole bunch of companies earlier. there are a whole bunch more. with respect to the narrowness of the rally, you have names as diverse as cigna, chipotle, uber that are within one, percent 2%, 3%, 4% of the highs. it's not as if everyone is languishing or down. it is certainly not as broad as you would like, but i think there are plenty of opportunities outside of large cap tech to get large returns. a sector i mentioned repeatedly last year and emma valdez myself, look at the hotels. pull up the charts of hyatt or marriott. this is consumer, travel, the story is played out. you didn't need to be in large

cap tech to be exposed to any one of them. >> you can pull up a longer period of time if you want to continue to see that nonetheless, nicole, of the ones that are reporting this week, microsoft, alphabet, meta, apple, which one is the most important, do you think? dan ives made the case that microsoft is. it sounded like dan greenhaus was back in that v. i had investors on halftime doing just the same. do you agree? >> we do. you know, i think microsoft is incredibly positioned, well diversified. we could talk on and on about the strength of the copilot. i will go back to something that you heard us say before. we really do believe that google had a fire lit under it in the race against chatgpt. the army of colder is behind their large language model

overlaid that onto their enterprise system, not to mention the capacity for which you can grow from where it is today. it's the largest media company in the world. alphabet continues to be very interesting to us. as we talk about mega tech, it's also to kind of go back and look at the sum of the parts and the parts of the some. one can really make strong cases for the valuation. >> i mean, let's take the valuation. you made the argument. i think you correctly suggested that they are not expensive. microsoft, let's just say it's tenure storable average is something like 23. it's a 33. >> yeah. >> how do you justify that even with the excitement around a.i., right? excitement can get out of hand from a valuation standpoint. we've learned throughout history the hard way when that happens. unfortunately, it's hard to see the signs as they are building. >> scott, it's not to say that they are inexpensive or cheap.

they are crowded and expensive. i will go back to what i said before. they are in momentum to the upside. investors are going to continue to look for how one participates in a.i.. there is so much buzz around it. add in the cap weighted passive flows. go deeper. can i substantiate being a buyer of microsoft? can i substantiate being a buyer of alphabet? this is where we look at the parts of the sum and can create some justification behind, yes, it's expensive, yes, it's crowded, and what they are bringing to the marketplace today as the highest likelihood for continued growth looking forward to 2024. >> you think earnings are ultimately going to justify this move? you do believe in the so-called january effect? as goes january, often so goes the year, allegedly. >> when you take in the data, it certainly works. there's no doubt about that.

there's the first five days and then january as a whole. there is a 900 basis point performance between up january and down in january. the month of the year doesn't show anything close to that in terms of seasonality. yeah, i think an up january is better than a down january for sure. to the point about microsoft and evaluation. i'm making an argument one way or the other for the stock. what is the openai investment worth? what is barred worth? what is einstein worth? all of these companies, there is servicenow, adobe, salesforce, the number of other ways to play this. i don't think anyone really knows what the valuation is going to be on some of these businesses in which they are investing and rolling out. >> no, but at least you can -- i think you can more credibly, at least with some of these, names look at the path to monetization, if you will. you can see ones that are already doing it, like microsoft or nvidia. the others are a guess. these are somewhat of a guess in terms of the magnitude of

the monetization that you're going to get. at least there is tangible evidence and money and data behind these moves to at least justify them in some respect. >> entirely fair. we're probably going to hear about that on a bunch of calls. historically, with a lot of these names, when you are trading at 20 or 30 or 35 times, the assumption is that earnings are not correct and that over the next three years it's actually in retrospect going to be looking considerably cheaper than a dozen relief. >> let me steer you back. let me remind our viewers, let's show the s&p 500 again. we're going for our first ever close above 4900 today. barring a surprise in the last 40 minutes, it looks like we are going to get it. we continue to get a spike in stocks here. look at the s&p here, 40 9:25. that's on this news, apparently, that the u.s. has cut its borrowing estimates, the treasury has, from january to march. yields fell. stocks took off. the s&p, the russell 2000 and

nasdaq as well, but the dow was up near 200. do you want to get one more note on why the market is doing this in such a favorable way in a pivotal week? >> as i look at the data here, what this report tells me was how much the government has tomorrow on a quarterly basis. they follow it up with the size of the treasury office like i mentioned. everyone's been on edge about how high a large the treasury auctions are going to be. you are down seven or eight basis points, and when you think back to the end of last year, when did it treasury yield speak out and we can moving lower? the end of october. when data stocks bottom out and began moving higher? the end of october. while growth is a very important component of equity valuations and earnings, et cetera, et cetera, so our yields. it's not unusual and not surprising to see the relationship on the yields of that. >> just remember, i think the midpoint of last week, if we have a one week on the ten year no yield, we were marching back

up in the so-called wrong direction, right? you were for the teams and now we, as you said, have just dropped down. you can see it. we are almost approaching 4.20% yet again. it made people nervous. that's why the market last week took a one step forward, two steps back at certain occasions. this sort of takes it off the boil. >> if i can paraphrase dave chappelle, yields are a heck of a drug. >> we will continue to watch that over the final stretch and see if we can get that close. nickel, thanks. we will see you soon. let's send it to julia for a look at the biggest names heading into the close. >> a, scott. sofi is scoring, beating estimates on both sides of revenue. the company is expanding investment options to include mutual funds and money market funds. irobot is in negative territory

after agreeing to terminate its planned merger with amazon with the two companies saying they have no path to regulatory approval of the deal. irobot ceo is stepping down immediately and the company plans to lay off 31% of its employees, around 350 people. scott? >> julia, we will see you in just a bit. we're just getting started here. up next, more of your big tech set up. apple, alphabet, amazon, meta are among the big names reporting this week. we will hear from a top tech strategist with how he is navigating the crucial week. we're live from the new york stock exchange. you're watching closing bell on cnbc. s&p, 40 9:25. the dow is up almost 200. we're back after this. we're back after this.

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the finish for stocks on the treasury announcement just a short time ago. the highs of the day across the board, that was good for a little bit more than 230 points

as we speak. s&p 500 going for its first ever close above 4900. looks to be on the way of doing that. of course as yields are coming down, the nasdaq is starting to rip a little bit as well. 15,000 6:27. it's the outperform or today, a better than 1%. speaking of, tech stocks, moving. are ticked off the busy week of earnings with all these makeup stocks reporting their numbers this week. microsoft, alphabet, amazon, beta. you know who's reporting this week. let's bring in -- to discuss. these were the top of your holdings as well, what are your expectations? >> the outlook is still positive on all of these names. overall sector positive, but we do recognize a lot of these names have been moved quite a bit already, and it's been just a couple of weeks in the year so some of this good news may very well be already pricey for some of the shares,. >> how do you judge that forces the fear that there is just little room, maybe not even

little, no room for error? >> that's a good point. i think it has to do with evaluation. so names like microsoft, apple, for example, have relatively high valuations, relative to their tenure, historical valuations. which you just showed us earlier on. so you'll see straw beeps and raises on those types of stocks but something meta, amazon, google, have low valuations are in line valuations relative to the historical average is. on that perspective, there's a lower hurdle to beep for those names. >> talk to a few people about what they perceive to be the most important one, microsoft seems to be at the very top of most lists. is there one you are most concerned about when? a b apple is the easiest one to pick on. it's five to start this year, questions about where their revenue growth is, what are your concerns, if any? >> i would say apples the low hanging fruit, pun intended.

it's actually a little bit of a concern for us, just because there is some channel checks that show the iphone hasn't been particularly robust. china weakness has been a concern, valuation, as we just mentioned, the shares. however, longer term we still like the name, because the ecosystem is extremely valuable. still extremely strong. potential for new products is always working for apple, and the strong cash flow. i think there's catalysts for this company to decide to increase their earnings dividend. >> i attempted to trim any of these? because i guess i ask that in the context of even investors that i've been speaking with, whether it's the show or halftime, who won in particular sold meta. still loves it, but just can't ignore the fact that it had the best year ever in 2023. well i know that was after the worst year ever in stock 2022,

but the stock has rubbed a lot. >> the good thing about the way we manage our tech positions, we trim along the way. so as long as we like the name for the long term, will continue to hold them. but we do trim along the way to get some profits, get that responding portfolio. so for those reasons, we still hold those. those are our top holdings in our firm. if for any reason, the long term story is no longer attractive, then we will completely sell them out. >> is there one thing you have your eye on that you don't own? i've also had some suggest that we need to move our way from these magnificent seven names and look at more of a so-called a.i. five. and include names like broadcom and amd, for example, within that mix. i don't think i see those on your top holdings. it doesn't mean you don't own them, but in lightness further if you could. >> when that we've been

following, that we are starting to build a small position is adobe, actually. the reason why we like adobe is we think it's generative a.i. business is extremely compelling. it makes content publishing, content creation, that much easier for creatives. and it doesn't get as much a.i. highlights as the other names. it's a company that we think we'll see extremely strong earnings for. king, appreciated as always. king lip. up next, positioning your way portfolio. bank of america's chris highs he is with us, we'll tell you how he's breaking down this just after the break. the first time you connected your godaddy website

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the market swing as we head towards the close here, you take a look there, doug jones industrial average good for about 200 points. there's the s&p though, right in the middle. 40 9:26, as we -- i know i keep repeating it, but it's significant. 40 9:26, we go for our first ever close above that 4900 level. yield can down on that treasury announcement, nasdaq better than 1%. it's a crucial moment for the market this week. busiest moment in terms of earnings season, you know about the fed meeting, et cetera. joining me to make sense of it, chris hyzy, ceo of bank of america maryland. --

you'll come down, stocks jumped. >> very similar to late last year, we had the big two month move afterwards, you take the wedge out of the market, most of last year was the inflation wedge, that was removed, then it became a yield, backdrop, deficit, where are we going on the tenure cut? check that out. now it seems to be this slow drumbeat, once again, of taking that yield wedge out of the market. obviously, it's just one announcement, but it's a big one. >> does it last? you think where the markets come to in a pretty quick three month period of time, that it is a, justified, and can continue, has more legs? >> i think we've been covering the markets for quite some time, both you and i. when you see something priced like that, it's justified. because it's president. the question is, is it gonna have follow-through? i think that's where you're going. >> let's put it this way, let me be more specific, our valuations justified of the market? dr. jeremy siegel was on with us on friday, said, well, i mean, 20 times is not exactly

cheap. but he still thinks we have more to go. >> i'm not so sure it's important to look at the valuation levels today and say i remember when. the makeup of the market is different, it's that era, but if the market is willing to price this enact these levels and they have certainty, extra political activities, so for instant certainty of this next week that we are going to be relatively different, and they're happy paying, that if you look at me, down inflation coming down, financial conditions are still easy, i think those are justified. >> i like to you put that. it's not like we ever have complete certainty, it just feels today we have a lot less uncertainty than we did over the past 12 to 18 months. >> especially the two most important jobs when it comes to what our worries are, the treasury, and the fed. when they are working in concert together, it makes people feel like it's okay to take a little bit more risk. >> goldman doubled down today with their march call, i think there's going to be a cut, what's your view? >> how few is. march still there, it's

quarterly from there, very measured moderate place of removing the excess real yields that are out there overall absolute yields. , that's our call. we have two more cpi prints before then, and jobs, it's jobs. we will know in the job market if we are turning from soft landing, which is basically drumbeat of wall street, to a hard or landing, overtime. >> there's no indication that we are. >> no, there is. and >> i don't think a few days from now it's gonna be telling much of a different story. there's no indication that is going to. >> i completely agree, that's one of the reasons why this transparency factor is staring us there. we know the playbook, and if the playbook doesn't change, then you could continue to go to new highs. >> so conventional wisdom and say, okay, if i believe what hyzy is saying, that would suggest i want to go into these broader areas of the market, i want to small and mid cap names. i want these more cyclical names that aren't all condensed into these large cap stocks.

why is that not working lately? >> i think because the comfort level, with a good portion, the lower quality areas of the market is in there yet. they're waiting for a few signs that those unprofitable areas can turn to a little bit more profit. they're very comfortable owning the areas that have been working. what's that flare gun that goes up? maybe, just maybe it is the first couple cuts that the fed engineers. >> do you like the other areas of the market? or are you still mega count to the way to go? >> we are still high quality. we are still mega cops, however, on our upgrade watchlist has been small and mid cap stocks. some parts of the value, what is driving the market right now, you see it every day, scott, is more the factor and of things. last year it was interest coverage, this year it's earning momentum. until that switches to the broader part of the market, these are subtle head fakes, but it's good to see the basing out. >> you think stocks and bonds are going to go up together this year? yields are going to continue to come in. >> yes, this is a road to normalization. now, is it going to last all year? it's not that easy.

but a stair step type of grind it out, climb the wall of worry, great transparency, yields coming down, inflow should participating the way we want. resilient job market, resilient consumer, yeah. >> we start talking about 60 40's back. >> 60 40 is back. >> people were writing a back, the demise of the 60 40 was greatly exaggerated. >> it's hard to argue with 100 years of matt. >> all right, it's good to see you again. >> thanks. >>chris hyzy. up next, we're drilling down on the energy sector. not gas taking another dog today, we'll tell you what's bringing the move. just after the break, closing bell.

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another big move in natural gas today, pippa stevens is here with the details. pippa, seems like around the range of $2.50 is where we offer a while. >> big declines here, scott, tumbling another 9% today into the contract exploration. there was pretty light trade volume, but still, the sentiment here is negative with next month's contract for march delivery trading below where we closed today. for the latest headwind is free forth saying that when it's three lng trains is going to be off line for roughly one month following damages to a refrigeration electric motor during winter storm heather. that weighs on prices as it cuts demand for gas fee stop. this of course comes as production hovers around record levels. forecast shift to warmer temperatures. prices are down to $2.46. scott? >> starting to decline. goodbye, thank you so much. this is stevens. object, we're tracking the biggest movers as we head into the close. julia boorstin is standing by

with us today, julia? >> scott, a couple of stocks are getting hit with downgrades today that are sending their shares lower. one in the energy space and another and media. all of those details after the break. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least $10,000 to invest, call and talk with one of our bond specialists at 1-800-376-4376. we'll send you our exclusive bond guide, free with details about how bonds can be an important part of your portfolio.

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the closing bell. let's go back to julia boorstin now for a look at the stocks she's watching. julia? >> well, scott, lumen or g's lower as bank of america downgrades the hydrogen fuel cell maker to underperform from neutral. analysts expect revenues to be flat through 2025, and note that the company's recent coo replacement adds some uncertainty during a critical growth period. and warner bros. discovery is in negative territory as wells fargo downgrades this talk to equal rate. down over 1%. they expect the media giant to remain under pressure, setting headwinds such a subscription cancellations and declining ratings in its networks business. scott, a lot of headwinds in the media space. >> no doubt, julia, thank you. julie abortion, still ahead, to your earnings rundown. some big names reporting in overtime tonight, it's not all about the mega caps, we're gonna tell you what to watch for from those reports when we come back. and tomorrow morning, we're

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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, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley >> closing bell: market zone, cbc markets commentator mike santoli here to break down the crucial moments of the straightaway. plus we're watching three key earnings reports coming out over the next 24 hours. pippa stevens is on whirlpool, cleveland clips, that's in overtime tonight. frank holland, looking ahead to u.p.s.. that is tomorrow morning, i begin with you, mike santoli, in the here and now. that is the market liking this treasury funding announcement,

because yields came down, and stocks went up. we're probably going to get that 4900 above close on the s&p. >> it looks like. it would not necessarily that ptsd from the treasury supply story of last fall was still that strong, i think it might have just been this market has had no give whatsoever. it's like eight straight days of high or lows, day by day. there was not even a one person pulled back in the last few days. maybe it was the last chance for some selling pressure to come out. but the ten year yielded did give on the announcement, things are moving in the right direction. the market is still -- i was saying last week, we are playing by bull market rules. persistent rallies, those that don't really let you in comfortably with deep pull backs, are generally to be respected, not to be feted. all that being said, we are up almost 20% in three months. usually, that means good things for the coming months, but something could come along to knock us off course at any moment. there is definitely i consciousness among traders of upside risk. in addition to the potential

that we finally get a little bit of a reset lower. >> tony p. override golden, obviously, was talking about that. this has been incredible, it's got to simmer down. colin evict puts out a note this afternoon that has now valuations are even more strict. >> there's no doubt about it, the valuation is not going to make the top of your list of reasons to be mega bowl-ish in terms of expecting great returns. but when yields retain, the fed is not looking to be aggressive in terms of tightening, and earnings are at least on an upward path. then valuation reckonings tend not to happen while those things are true. it doesn't mean that we are just up and away from here. 5000 continues to feel, to me, like a reassess moment, because of how far we've come. >> we're at 40 9:20, as we speak, let's go to pippa stevens, we'll have the first two of those key earnings report. you have world pool and cliffs. tell us. >> scott, we'll get another read on the health of the consumer when whirlpool reports during q3. the company said the market

environment was still challenging, and discretionary purchases had been softer than anticipated. the appliance maker pointed to low consumer -- they thought it would continue into q4. an update on the consumer's top of mind. as our margins, now turning over to cleveland cliffs, this new maker reporting earlier this month, plans to increase prices for hot rolled, cold, rolled and coated steel products. automotive is the company's largest markets, so investors will be looking out for the help of that division. jp morgan recently giving the company and overweight rating, saying it should generate ample cash in 2024. amid easing cost pressure and minimal capex requirements. so focus on shareholder returns and for the debt reduction. scott? >> the, thank you. pippa stevens. now to frank holland, looking ahead at u.p.s., that coming tomorrow morning, frank, what should we expect? >> hey scott, first, off u.p.s. shares are down 15% since

announcing the tentative contract deal with the team surging and underperforming in the market and its rival fedex. investors, they worry about the impact to profit and to margins. the company said nearly half of the financial impact of that deal will be realized last fiscal year, the two key areas to watch our u.s. margin and guidance for the current fiscal year. you can see on this bar chart right here, margins dropped sharply in the report after the deal. estimates have revenue increasing by four and a half percent eps by eight and a half percent. another area to watch, ceo -- bettered and bolder plan. the last 18 months, u.p.s. has made a number of acquisitions focused on health care, returns, delivery, and same day delivery. the companies also said it would increase the use of artificial intelligence, and triple the use of bots and facilities this year. scott? >> frank, i appreciate that. that's franco and. mike, i turn back to. we had a long list of things we needed to check the box is on, this, week treasury funding, check, that goes in our favor, you've got mega caps, you've got the fed, you've got more

mega caps, and then you've got a jobs report. do you want to talk about mega caps? let's get on the line given what these things have done especially what they've now donesince the beginning of this year? >> that changes the field position a bit, versus last quarter, as we, know we were in the midst of a deep correction when they reported in late october. so they are going to be relied upon, in terms of just gross dollar value creating a huge percentage of the overall earnings growth and substantiating evaluations of the market by coming through. i don't know where the bar sits with one versus another, but we did get through a sloppy bank earnings season, making new highs, even though overall, you are not seeing great guidance by the average company out there. if the market has a willingness, we think the broad things are in place and we'll see, obviously, if the fed and the bigger tech companies reporting this week underscore that or not, but it is interesting when you talk about today's reports, a whirlpool and a cleveland

cliffs. it's very easy to come on here and say, you know, that's cheap, you should look at the stuff that had some participants, it's exactly whirlpool it under a times earnings. but those earnings estimates have been slashed and burned for six months. same things with cleveland cliffs. you have to buy things with hair on them or you're going to perhaps overpay for the sure thing. which is something like meta at this point, at 28 times earnings. >> it's interesting, last week we talked to many times about the number of fed folks who are talking the market off of march. you have the ten year no yield moving back towards 4:20. felt a little nervous about that. now you have march and focus again as hot as he isn't goldman, sort of levels down, you heard chris hyzy, bank of america, private, bank all leading into the fifth year on wednesday. >> i don't think he's going to forcibly try to pull it apart off of march, but also because there's still some data to come between january and march. seven weeks, you're not going

to necessarily promise it either. i'm not surprised people think it's a good likely thing, because of everything the fed is already said and where it sits now. [bell ringing] >> you hear the bell there, the first ever close for the s&p 500 above 4900. we'll see you tomorrow. [bell ringing] >> sending these s&p 500 to another record close above 4900, to kick off what bill the most eventful week of 2024, thus far, that is the scorecard on wall street. the action is just getting started. welcome to closing bell: overtime, i'm morgan brennan in washington d.c., along with jon fortt at cnbc headquarters. >> you're in my hometown today. -- come services and tech driving the benchmark index to a new high. the nasdaq 100 also at a record. >> theto