mark tepper with me for the hour, and you've got stock pix.ing to sell some positions in the eli lillys and the novo nordisk, the weight loss drugs? >> yes. stuart: why? >> first of all, no one's ever gone broke take a profit. you want to trim when things have done well. these stocks are up 50, 60% this year. one of the issues i have with these -- look, i do believe ozempic is a game-changer, but you can already find generic visions -- versions of this stuff. it's available in all these compounding pharmacies across the country -- stuart suit really? >> available without a prescription, so there's not as much moat as you'd expect, so i would be trimming and taking profits there. stuart: where would you put the money? if medtronic? >> yes, a company like medtronic, which is up about 11th year to date. -- 1% year to date. i think ozempic is causing investors to believe the need for heart valves and things like that are no longer necessary. med terror thetic plays in that space, i think they're going to rebound next year. stuart: yeah. it'd be st

i want to bring in new york post columnist ricky rikki schlott along with mark tepper.st economic, it's the politics of envy is. but it's so dangerous. it's anti-capitalism. and on top of that, mark if erik i think it's wrong. i mean, listen, it's crazy. >> it's a lie. first of all, i mean, we're still looking at core inflation of 4% year-over-year. the inflation rate is slowing, it's moderating, but prices are not -- charles: right, but he's saying prices aren't down because of corporations. not because of his policies, but he's saying corporate, the unbridled greed of corporations. you know, you've got to be really careful, because this sounds like a speech someone might have given in the soviet union in 1901, you know? like, let's get rid of the czars. rikki, he specifically is going for your generation though. >> oh, e yeah, absolutely. he's hoping he can say lower the praises, man, and one of us -- prices, man, and none of us understand how free markets work. charles: you liked that, huh? my man, you're lying, you know? they brought receipts. >> they did bring the

maria: mark tepper, jump in here. >> interesting to hear your outlook for 2024. concerned. when you look at this year, we're up about 20% this year. all of our gains this year have come from multiple expansion. you can probably attribute that to a.i. and ozempic. the thing i'm concerned about is i feel there's overly ambitious consensus targets for next year, 5% revenue growth, 12% earnings growth. at the same point in time, gdp growth is expected to he slow from 5.2% last quarter to 1.7% % when we get numbers next quarter. how do you think we can continue to grind higher given the the ly expectations. >> we're getting everybody's forecasts. there's dour forecasts in the next year so we like that. i think one of the key things right here, mark, is the fact that we're going to have higher productivity. we've had high productivity for two quarters in a row. there's some similarities between now and the mid-90s, the last time we saw strong productivity. that means the fed which hiked a lot, we understand that but they did a couple surgical cuts. with higher producti

maria: mark tepper, jump in. how do you see it? one of the big things i'm watching, there's a record level of assets in money markets right now, like $6 trillion. so my question for you is, if rates continue to come down and essentially make those money market accounts less a attract the testify, do you -- less attractive, do you foresee investors beginning to pull and rotate money out of the 6 trillion in money markets and move that into stocks which coppcould perpetuate a greater rally in 2024. >> i think so. i think a that's the upseemed you think of 2020 during the pandemic, people scratched their head, how can the stock market go higher? if you're going to get zero on your money, might as well try stocks. 5 and a quarter, 5 and-a-half, i'll put some money there, because i don't know what the stock market is going to do and we've had a see saw effect. rates start coming down, investors have the gee, 5 5 and-a-half looks pretty good. i'll take my chance with stocks again. maria: we've got the december nahb housing market index o

also with us is mark tepper throughout the morning, mark, i want to kick things off with you and looks. we are seeing a quiet session but it is to the upside. dow industrials up 74, nasdaq up 13, extending a year end rally that has been in place. we've got consumer related names reporting earnings this week, mark, fed ex tomorrow after the bell then we'll hear from general mills and carnival cruise lines on wednesday, nike on thursday. mark, we're interested in fed ex. that's a real economic indicator in my view. your thoughts. >> fed ex is going to give us a good gauge on the global economy. we know that global pmis have been fairly weak over the course of the last several quarters so we'll see how they're doing but i think given the fact that we're now more than halfway through december, the most important thing out of all of these companies is really going to be what is their outlook for 2024. whadoes the guidance look like. 2023 turned out to be a year where the s&p was essentially flat from an earnings growth standpoint. next year analysts are expecting 12% earnings growth for th

tepper and economist harry dense said we could have the biggest crash of our lifetime next year.hat do you say to that? >> i sure hope not. look, that's a pr pretty outrags claim and good way to sell books and get clicks and even a broken clock is right twice a day. i disagree though. look, i certainly believe that heading into 20 this, there's a lot of head winds and quite a few challenges but you still want to be positioned rather pullishly yet defensively into next year. some of the biggest issues and first things first, earnings growth expectation next year are expected to be 12 pes and that's a little high and overly ambitious and i don't know that we'll hit that. second is look at companies in s&p 500, there's about $2 trillion of debt they have to refinance between 2024 and 2025 at higher rates and eating into profits and eating into margins and that's not good for stocks and third thing, david, invest sores are cheering the possibility of a cut and in actuality they should be fear ago cut and the market draws down over 20% from that point on average and would present a pr

also with us is mark tepper this morning. thank you for joining the conversation, jay.e market and look at futures, we're looking at a mixed story, dow industrials down 74, nasdaq up 30. we have been seeing investors dgoout on that risk curve, bitcn has been trading up recently but fireworks in washington the other day when crypto prices were down, well, crypto was down across the board today but jp morgan chase ceo jamie dimon told lawmakers at the t senate banking committee he would ban bitcoin if he had a government role. watch this. >> i've always been deeply opposed to crypto, bitcoin, et cetera. you pointed out the true use case is criminals, drug traffickers, tax avoidance, that use case because it's somewhat anonymous, you can move money instantaneously. it doesn't go you through as you all the systems built up over many years, customers, sanctions, ofac, they bypass all of that. if i was the government i would close it down. maria: i'd close it down. >> yeah, those are fighting words right there. maria: yeah. >> i don't know how you can close it down or cancel

stuart: mark tepper. >> 1266 is a nice number. stuart: you are all wrong. it is 1110 feet. number 3, it is the deepest of the great lakes. thanks for playing along. ashley, we will no doubt see you tomorrow. 10 seconds left before i pitch to coast-to-coast, any time now. coast to coast starts now. neil: frustrated homebuyers, your ship has come in. i'm not shipping. take a look, this is a 10 year note for mortgages. it is down right now to around 4.11%. remember october, it was 5%. that could translate to a 30 year fixed-rate mortgage of 6.5% which is down from the 7% we have been averaging. there are lots of reasons for this. traders generally loving this including ray wong talking about all things tech but this is not only magnificent for 7 stocks including magnificent for other stocks and has a spillover effect today. what do you think of this. that's the wind at the market's back, technology today. >> those numbers drive everything and the jobs rate. people waiting for the fed to pause and drop interest rates. neil: you suspect rates start, what do you think? >> the slo

joining me is morgan stanley managing director and private wealth advisor, kathy enwisle and mark tepperll morning. kathy, great to see you. look at this year end rally, futures once again indicating a big move at the opening of trading this morning, dow industrials up 144, nasdaq up 104. we're waiting on the final read of third quarter gdp out in about an hour and 15 minutes, the expectations call for the economy to grow by 5.2% in the third quarter. we'll also get the november pce index out tomorrow. kathy, does this make sense to you that this market is showing such incredible moves, the nasdaq up 43% year-to-date as we see an economy that i guess is missing the worst connection exe stations of a re-- expectations of the recession, 5% growth pretty good for the third quarter. >> it's been great for everybody's portfolio. it's confusing when you think about the numbers and what's happening. what we try to do with our clients is say to them, look, we're looking for not the headlines, we're looking for the fundamentals and let's look underneath the companies and see what's there, strong

stuart: mark tepper is with us this morning.e's not going to stay for the entire hour but he's with us on remote right over there. i want to know what's your outlook for stock market next year. should i buy now? what should i buy now to position myself for next year? >> you've got to be strategic about what you're investing in for 2024, stu. this year has been an ined criminal year and zero earnings growth, multiple bank failures and the hype surrounding ai and ozempic has us up 23% for this year. next year is a more challenging setup and atlanta gdp number has us slowing economically from 5.2% gdp growth in q3 to 1.2% in q4. you've got economic growth slowing while earnings expectations are going up and then investors cheering on the possibility of fed cuts next year. however, you know, history, stu, says investors should fear the cut because the average draw down from the time you get that first cut till the trough is 27% when you go back to 1970. if that holds up this time around with the first cut right now being priced in f

tepper, cheryl casone in restoring american editor for the washington examiner kaylee mcghee white,h maria" is live right now. ♪. maria: time for the hot topic of hour the impeachment inquiry into joe biden's official after the house voted along party lines 221 - 212 it was unanimous on the gop side including ken buck here is jim jordan and james comer on what's next on the house. >> i would talk to the partners rob walker, eric schwerin, tony bobulinski, jim biden all those individuals are important then we still want to talk to hunter biden. >> is very clear the white house has been obstructing our investigation and the message today was very loud and clear. maria: first son hunter body was supposed to sit for closed-door deposition with the house oversight committee but he defined that subpoena in this statement outside of capitol hill. watch this. >> i'm here to testify at a public hearing today to answer any of the committee's legitimate questions republicans do not want an open process where americans can see the tactics expose their baseless inquiry or hear what i have to say

tepper, washington examiner kaylee mcghee white, new york city council minority leader joe borelli,rnings with maria" is live right now. ♪. maria: time for the hot topic of hour four gop candidates taking to the stage in alabama for the fourth primary debate. grady troubles live in tuscaloosa with all the highlights. good morning. >> good morning with just over a month until voters in iowa and new hampshire go to the polls it was a small republican field on the debate stage last night, the candidates trying to catch up to the front runner. former president trump are trying to separate themselves from each other to prove that they are the candidate who could take trump on. last night in the news nation debate that meant they were on the attack. >> you for corruption problem and that's what people need to know nikki is corrupt this is a woman who will send your kids to die so she can buy a bigger house. >> governor haley would you like to respond. >> no, it's not worth my time to respond to him. >> which he was governor of south carolina she was a number one ranked governor of bringin

joining us now, gregory farnello as well as mark tepper with us this morning.take your temperature on these markets, take a look at where we stand, the dow industrials up 103, nasdaq up 66, s&p up 14 and-a-half. this after the dow hit another all time high yesterday, 512 point rally after the fed 1 and-a-half percent, nasdaq was up 200, nasdaq up 1 and a third percent, the rally coming after the fed left rates up changed for the third time and the fourth since the tightening cycle began in march of 2022. jay powell left the door open to raising rates and said that inflation will be above its 2% target until 2026. watch this. >> no one is declaring vic he tri. that would be premature. we can't be guaranteed of the progress. we're moving carefully and making the assessment of whether we need to do more or not. we need to see continued further progress towards getting back to 2%. that's what we need to see. ultimately about the outlook and balance of risk as well. that's what we would be looking for. maria: how do you read the same? >> so, it was an an amazing mee

joining me is harris financial group managing partner, jay he jamiecox, mark tepper is also ws all morningthe market is under selling pressure this morning, kicking off the first full tr trading wk of december, the dow industrials down 96, nasdaq down 93, amidst new escalation between the united states and iran, despite a pretty good performance year-to-date, look at the market surging year-to-date. dow industrials up better than 9% in 2023, the nasdaq up 36% thanks to that magnificent seven tech names which have led the nasdaq this year. the s&p 500 higher by 20% year-to-date. but gold has also been a factor, certainly overnight gold hit a new record high as the war in the middle east is boosting demand as people try to hedge their bets amidst all of this uncertainty. mark, your reaction? are we going to see a further fallout from this war in the middle east? >> well, i mean, that's what gold would suggest you're seeing right now, right? i mean, look, it's at 2087 right now, a key number for us to watch is 2075. if it can stay above 2075 i think that it has room to go up to maybe 232400 f

mark tepper, your reaction. >> yeah, i mean, investors are certainly expecting central banks around thestart cutting rates sooner than, obviously, they're going to. right here in the u.s. they're expecting a march rate cut which is, you know, in my p pretty aggressive. i don't think it'll happen that quickly, and if it does, then we've got some pretty serious issues with regards to our economy. >> yeah. i'm looking into this decision right now, maria, and what they're saying basically, the economy expected to recover because of rising real incomes according to the ecb. they're also saying past interest rate increases continue to transmitted forcefully into the economy. they're also saying they do believe inflation has dropped somewhat in the last several months, but they think it's going to pick pup again temporarily. so maybe the inflation story in europe is not quite over according to the ecb. maria: well, foreman head of the ecbd former head of the ecw earlier said we're probably going to see a cut in rates in europe before we actually see a cut in rates at the federal reserve. >> ex