we set a new intraday high on the s&p 500. tech doing well along with healthcare and real estate the s&p 500's currently trading at 4768, nearly a 1% gain. dow looks to be at the highs of the day. pushing almost 200 points to the upside still have about 1% or so, 1.5 to go for new highs. that will do it. tech check starts now. good morning morning welcome to tech check. jon and julia are off for the week today, the major averages are higher as we enter this last

trading week of 2021 s&p got an all-time high nasdaq's on pace to see gain of more than 22% for the year plus, as stocks rise, so does consumer spending. what ecommerce players could benefit the most then bitcoin up better than 75% this year. why one guest says comparing the crypto currency to a ponzi scheme is unfair to ponzi schemes. d? >> we will start with the markets. the s&p hitting a record high. mike santoli is with us looking at what stocks have had an outsized impact. let me guess it is the megacaps, also some divergence in the performance among that group >> absolutely, d two of the big megacaps that really have pulled more than their weight are microsoft and alphabet year-to-date. alphabet up 66, 67%. microsoft up 60% together. adding a $1.6 trillion or so to

the overall market cap of the s&p 500. clearly, that's not necessarily something you would have predetp predicted a year ago without those two stocks, we would have been several percentage points lower. it has brought renewed criticisms that the market is too narrow there's only a handful of stocks carrying things. that's not quite true. i think the very huge stocks, when they compound at this level, they're going to have more than their share responsible to them. but if you look at the average stock in the market, it's up plenty you mentioned divergences. you look at microsoft and alphabet compared to amazon on a yore to date basis amazon has done almost nothing however, i don't think there's anything much out of the ordinary with how amazon has performed over two years if you compare it to retail and cloud it's essentially tracked a blended version of cloud and retail so i think we should all

expect any of these huge stocks, these big winners, to have these periods of just going sideways or worse for long periods of time without notice, but to me, it doesn't say that the overall market is so acutely dependent on a handful of stocks that it all comes kind of tumbling down if they don't continue to perform, guys. >> speaking of the overall market, this morning, i saw on a list of contrary indicators, depressed sentiment and hedge fund derisking as reasons why this might not be getting overheated and might portend at least decent things for q1 how valid is that? >> quite valid we did get a pretty good reset over the course of november and december in particular and so you know, in a way, it goes to that first point, which is that it's been rehard to keep up with the indexes. i think about 20% of active mutual funds have kept up with the s&p 500 and along the way,

there's been these narrow corrections that have kept sentiment from getting out of hand to the upside i worry more when it's an indiscriminate prolonged meltup. nobody's really exiting 2021 with yeah, we got this in the bag, that was an easy one. >> one of the places we have seen weaknesses are those high growth names that saw huge gains in 2020 while they've been off over the last few weeks. certainly cases from omicron have risen, but these classic names like zoom and peloton haven't really done anything >> no, and i think that's much more about the kind of unique circumstances that took those type of stocks to fairly extreme valuations the sort of broken momentum after that went by the wayside has been tough to recover because it's not as if they're outright cheap on an ongoing basis if you can consider somewhat of a normal economy that's one of the reasons i think people have become frustrated a lot of hedge funds have

liquidated those names beat up stocks, riskier stocks, lower quality stocks tend to have a revival into a new year if the pattern is going to hold, but it doesn't mean they're going to lead the market >> good way to start the hour. appreciate that. and mike mentions amazon we want to stick with the retail numbers because the holiday sales data was pretty hot, especially when you drill down into e-commerce. hey, courtney. >> hi, carl. so another strong holiday for online sales up 11% compared to last year up 61.4% from 2019 that's between november 1st and christmas eve across all forms of payment according to mastercard online sales made up nearly 21% of total retail sales. one from 20.6% in 2020 apparel sales growing 47 plus

percent followed by jewelry up 32%. department sales gaining and electronics saw sales increase more than 16%. again, from november 1st to december 21st. now, amazon will likely be a winner for the season across categories, from apparel to electronics to home goods. a number of analysts think macy's will prove to a winner and these numbers may prove that all of those saw sales increase. lululemon, another winner. the retailer gets about 40% of its revenue online some of that could have been early holiday buying shopify reported strong thanksgiving weekend sales for its merchants. often those small and medium businesses selling goods to consumers. that will likely be a winner for the season, too. and the season isn't necessarily

over that is big week for retailers to entice shoppers to make exchanges instead of returns and for consumers to cash in those gift cards take advantage of the discounts that are always happening in this final week of the year. back to you. >> it's also a good chance to bring in our guests for the hour joanna, who i know has been deep in all things metaverse. we've seen lots about the app, some of the other plays today which are outperforming. is this sort of, do you think, vindication of facebook's t strategy to go all in? >> over christmas, there was always a good indication of what are the top gadget gifts are the apps in the apple app store which are topping the free apps. occulus held that spot

my big question is do people use them or do they end up in a closet some place? i think that's the big thing you've got to look at for their efforts. how are people using these things is it a novelty item you get somebody to play a few games then they toss it aside? >> that's a really good point. reminds me of the story, i think bloomberg had it last week, about alexa and the percentage of people who get one as a gift or purchase then stop using it in a matter of months. adoption doesn't end at the sales counter. >> same thing you saw, i was thinking the same thing when i was looking at those top charts. amazon was on there. the alexa app. meaning lot of people turned it on christmas morning, a new form, make an echo show. do people continue to use it through the year or is it the christmas morning winter fad then it ends up in the closet or basement or the dog is wearing

the headset, i don't know. >> fair enough i still use mine but the metaverse can be so much more if we get away from the hardware side of this courtney, i talked about some of the other names up today roblox is one of them. up more than 4%. any information about which games were downloaded? roblox, fortnite being one of them >> i don't have that early data yet for the exact game, but i know that play station five, as far as a gaming console, was a really hard one to get their hands on really for anyone. we talked a little be it about grinch bots and how actually consumers were trying to use them to buy or rent a bot to try to help them get one of those play station fives to be able to play a number of different popular games. we'll see how that shook out because i think they were really hard for folks to get their hands on at least from a primary source if wasn't bot second hand.

>> we're going to be talking a lot more about gift card redemptions and supply chain, but what a boat load of data today. thanks our next guest says do not short tech going into 2022 joining us this morning, wilmington trust head of investment strategy, megan shoe joins us the cloud, social media. obviously the resupply of semiconductors as one of the reasons why at least in hardware, it's going to be a tough short if kwyou're going t try it >> yeah, carl, thanks for having me i agree. i think there's a lot of potential negativity around tech concern around valuations and as i think about the last year to two years of market activity and really the narrative around the tech sector, it's been very rates driven pandemic related

lockdown related and more short-term i think as long as you have an investment horizon that is more than two to three years, which most of the investment community does, our investor base certainly does, you're looking at a really positive win for technology one thing in particular that we've been focused on is related to the labor participation rate and really the lack of movement of workers back into the labor force. one of the reasons for that is because we're seeing a record number of new business applications in 2021 and we see that as a tail wind for specifically tech related capex as it relates to some hardware spending also the social media and ad-based platforms should benefit as well. >> so basically, you're thinking to yourself all the plug and play applications you need in addition to office equipment

is that sort of the sweet spot in your view >> i think it's a diversifying play and i'd be careful around some of the more elevated va valuations if you look around at the economy, we're in a deceleration phase. it's for the economy to almost reverse back into a reacceleration phase if you see inflation coming down, you see this new business creation continuing. i think it's a really good opportunity for software as well as some of the hardware. so be diversified, but the cloud spending is likely to grow 20 to 30% per year from here so there's a lot of growth to be had and as long as you can look through what's likely to be some shorter term volatility as interest rates move higher because our expectation is for

interest rates to move higher, i think you're going to get some attractive entry points for some of these more moderately valued tech plays >> when you say that there's positive tailwinds for tech, who's set to take advantage of it is it the megacap names or some of the smaller, not so small, but names like zoom and docusign that have seen these valuation resets this year who's set to gain if that continues? >> well, some of the larger names i think do have clearly that market share, that power to be working through what could be tighter regulations and see the focus back to the tech regulations in congress, which could definitely happen and i think those bigger companies have the deeper pockets to deal with that type of a headwind i would also say that smaller tech, you mentioned some of the

smaller companies within the large cap space that have been really interesting to see how differently the market has played out in small cap space. or small cap tech and growth has really not done nearly as well as it has in large cap space i think there's opportunity where it's more reasonable and there hasn't been as much investor flow and enthusiasm >> looking at the performance over the last few weeks, it feels like the prospect of fur further tightening is the major force at play here how do they respond in a tightening environment >> i think the underlying trend should be what investors are focusing on, which gets back to one of my earlier comments about extending your investment horizon. but i think in the shorter term, the focus in the market movement

is going to be on what the outlook is for monetary policy the good news for the tech sector is that we've already priced in a fair amount of fed activity for 2022 and the three hikes that are being telegraphed by the fed through their dot plot is probably, in our view, the top end in terms of rate expectations and we're unlikely to go higher we're likely to see one to two hikes rather than three. still, i think the ten-year yield is way too low for where it should be we're likely to see it move towards two, two and a quarter percent. that could be a challenging environment for those highest valued tech companies. >> yeah. high for the year so far was 177, even though a lot of people thought we'd get to two. thanks so much

always good to see you >> after the break, why our next guest say it is sluggish year for internet stocks has been constructive for valuations and has the sector positioned for a breakout in 2022 tech check is just getting started.

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the star board value run by jeff smith now owns about 6.5% of the internet domain firm, worth about $800 million godaddy shares are about flat over the last three years. they typically try to get companies to take measures to improve performance, restructure the business the journal also points out they're known for seeking board seats after amassing positions like this, but 83 bucks going to be about a five-month high on godaddy. >> that's a big jump nearly 10% now to internet picks for the year ahead calling 2022 a catch-up year for the sector after a sluggish 2021 bullish on google, meta, doordash and godaddy joining us now, usef sculley we heard a similar tone from

meghan which parts of the sector and what about the fed it seems a lot of these names, especially the higher growth ones, are reacting more to a potential fed tightening next year, not these underlying digital trends that came with the pandemic >> yes good morning happy holidays to you guys as well so a couple of questions there so stepping back looking at 2021 it was kind of a great year from a fundamentals standpoint. i think e-commerce was up almost 20%. online advertising was up over 30%. yet the internet, our internet index was down about 2 to 3%, which tells you that exactly to your point, the macro kind of really kind of had much more of an impact, macro concerns around inflation, supply chain issues, et cetera. has had much more of an impact on valuations. now we sit here looking at a 2022 valuations for big tech

like an alphabet or google like meta or facebook. at a almost a, you know, certainly at the lower end of the historical range, which we believe kind of positions these names to do really well next year not all internet stocks are created equal. clearly, when we put out our 2022 outlook, i think people weren't necessarily surprised by how well or how alphabet again and meta were top picks of hours. they were more surprised about amazon this is the first time we haven't had amazon on our top ten list for basically the last ten years. >> and we talked about that divergence meta and google versus amazon at the start of the show, and what a divergence it has been this year you like amazon becoming a player in that space does that off set some of the

commerce weakness that we might see and also of course major cloud play so is there value in an amazon right now? >> that's a fair point i think on the marketplace side of things, which is really the nuance we're trying to point out, amazon is no longer, at least over the short-term, say the next 12 months, is no longer going to be gaining share, beating and raising, which would be amazon for the last ten years. our check suggests one, that q4 is tracking to online quarter, maybe slightly better. maybe even amiss it's also showing that from an e-commerce market standpoint, this is really the first quarter where they're going to be the first seasonally strong q4 where they're going to grow in line with the market. whereas last year, they went from claiming something like 39 cents of every dollar spent in a

q4 of 2019 to 44 cents of every dollar spent during the holidays in 2020. in 2021, we think that's going to flatten out we're technically cautious on amazon we still have a buy. all we're saying is amazon needs to really get their one-day delivery effort to encompass the vast majority of their inventory before we can start seeing them gaining more share that's going to take billions of dollars and that's going to take at least the next 12 months for them to do that. on the advertising side, you're correct. amazon is gaining gobs of market share in advertising, but they still have about 10% market share, maybe a little less and aws is obviously, you know, the killer app in cloud computing. the only issue there is we already know that. we already value amazon on a very wealthy or very healthy aws

business and same done by an advertising. again, the new wrinkle is around marketplace. >> you said that in the last quarter, we heard quite a bit from snap and facebook about the hit that the advertising businesses took from ios 14.5 with apple's privacy settings. is part of your optimism that these companies have rebounded from that in the next couple of quarters and into 2022 >> well, google never really got impacted by it to a small extent, youtube we think surge has done extremely well in that environment. and will continue to do well and that's because google, alphabet continues to invest more than any other company we cover in the artificial intelligence. what is that, what that is doing is increased search relevancy,

click through rates and they're participating on that. on facebook, it's diverting. facebook degot impacted by the apple changes. if you look at expectations for facebook, for q4 and into 2022, we think we're already reflecting the required conservatism to take into account the ett changes, but yes, that is part of our logic in recommending those two. >> some argue that alphabet or google benefitted from those changes. thanks so much for being with us we'll talk to you again soon >> thanks, guys. >> still to come this morning, apple facing some scrutiny overseas for alleged changes to its app store policies plus, plawmakers urge the president to play a larger role inegating rulbig tech all of that continues after the break. but so is your sound engineer. you need to hire. i need indeed.

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welcome back johanna stern of "the wall street journal" with us today. nasdaq's trying to make it four positive sessions in a row as we kick off the last trading week of 2021, but a few companies are still deep in the red. check on the laggards. peloton and chinese tech lead the downside we'll get more on that in a moment first though, a news update with rahel. >> let's stick with the markets. s&p 500 setting its first intraday record high in more than a month stocks getting a nice boost from a report that holiday retail sales grew at their fastest pace in 17 years. some of the big losers are airline stocks cancel cancellations continue at a high pace today with more than 900 in the u.s. staffing shortaged caused by rising covid cases affected many of the flights then harsh weather in the west added to those disruptions.

cruise lines getting hit even harder. a holland america ship was denied entry after crew members tested positive for covid and three florida based ships had crew that tested positive. and spider-man no way home is the first film during the pandemic to gross a billion dollars worldwide. it passed the milestone in just 12 days. only two other movies had hit the million dollar mark. avengers end game and infinity war. movies certainly needed a win after the last few years they've had. >> yeah, that's going to be the one. thanks apple meantime is facing antitrust scrutiny the netherlands top competition regulator claiming the tech giant's app store fees violated the country's antitrust laws specifically focused on dating apps apple must allow providers like match to use alternate payment

systems. apple has until january 15 to comply or face a fine. apple says it's going to appeal the decision both democrats and republicans calling on the white house to increase their involvement to get their more than half a dozen bills across the finish line cowen washington research group estimates the president's support will greatly increase those chances while much of the white house's recent focus has been on infrastructure senior administration official tells the journal that president biden has long supported section 230 reform and has asked the ftc to address unfair data collection and surveillance practices by big tech companies. we were just talking about the prospect of more tech regulation in the coming year and putting the white house behind it would give it some new life. >> yeah, honestly not surprised to see many of these lawmakers just pushing the white house to do something

they've had numerous bills sort of circling the wagon for the last couple of months. they're trying to push through specifically some of the legislation around kids in tech, 2.0 is a big one that some are trying to get through. blumenthal was quoted in this piece by the journal talking about how he would like to see support from the white house amy klobuchar on the pivot podcast over the last week also talking about how in 2022, she's really hoping to see some of these agriclgorithm legislation through. everyone's hoping that 2022 will be the year that something will go through >> hoping and waiting. that's key we started the year talking about the sort of antitrust pressure we're ending the year talking about them is 2022 going to be any different? we have so many analysts that come on the program and have buy ratings. they say yes, this regulation is a risk, but continue to have those buy ratings.

we continue to see those stocks go up. what will be different this upcoming year? perhaps the white house will get more involved although i find that tough to believe because we go back to the fight that users still like these companies, carl >> there's that issue, d, and joanna, there's the added complication that in some cases, meta is one example, where the element of the business that regulation has targeted for years now is sort of becoming old hat and they're moving on to bigger and better things whether that's new platforms and technologies there's a sense that regulation in general, and always has, been chasing the last storm, not the next one >> yeah. my thing is i really think we're going to see something regarding kids in social media in 2022 this is an area no one will fight on they all agree there needs to be better protection for better users on these platforms so i think that's more of a sure bet when you look at the daily algorithm legislation or some of

the other antitrust legislation. >> even that may be too slow we started the show by talking about ok lus being the most downloaded app will regulation be late in coming to the metaverse? up next, recent ipos have underperformed, but that hasn't stopped the money. we'll look at that next. plus, speaking of recent ipos, check out didi lower the company is blocking employees from selling more shares as it prepares to delist from the u.s we'll have more on that coming up next. (soft music)

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check out the stocks along with broadcom and kla and terradine all setting new records. a better year-to-date performance than apple, d. >> and speaking of relative performance, robinhood, didi, all those companies went public this year and have all seen

their shares slide yet leslie picker, we continue to see more ipos and spacs and direct listings. 2021 will end as a record year in terms of money raised i keep asking this question, leslie when is this going to hit private markets and there really hasn't been any indication it has. we have companies on all the time that are raising rounds at ever higher valuations like data breaks recently. >> yeah, it's pretty remarkable because usually what happens in the public market, it is a lagging indicator, but it does ultimately affect the private markets, but we haven't yet seen that with the onslaugt of deals, you'd think performance would be better ipos notching a record in terms of stand alone companies combined with special purpose acquisition companies or spacs the capital markets generated $318 billion worth of new issues by far a record, even adjusting for inflation. those numbers alone may indicate

a healthy market ipos of 2021 are down 11% while the nasdaq is up 22% that's a massive source of negative outlook for those who bought in. including rivian, roblox and robinhood according to s3 partners as investors look to capitalize on high growth names. now, this underperformance will likely elicit investors as they sit under water to previous ones spacs and chinese companies listing in the u.s. are also expected to be more muted in 2022 capital markets experts are expecting additional regulations for spacs, especially when it comes to disclosure, liability, and compensation and while 34 chinese companies went public in the u.s. in the first half of the year, only three have listed

since july a massive chill brought upon by a regulatory shift in both the u.s. and china just over the weekend for example, chinese securities regulatory commission released new rules for companies looking to list overseas including the sudden halting of any deal that may be deemed a threat to chinese national security. of course the u.s. has always been a hot spot for chinese companies looking to raise capital, guys. >> hey, what do you think this means for the early 2022 ip orch ipo trajectory what are you hearing >> yeah, so far, they're still on track although i think a lot of these deals were hoping to list this year and got pushed out with some of the recent activity we've seen because really, the performance was fine up until maybe the fourth quarter of this year fourth quarter is where things really started to fall apart for a lot of these names as we saw a shift in monetary policy and selloff in these companies profits are more difficult to

p project out into the future. those have been pushed back into the first quarter, second quarter of 2022, however, it will be interesting to see if the market activity changes that bankers say it's going to be a focus on fundamentals in a way they haven't seen in recent years. that could provide opportunity for firms to exit and some of the more slower growing but profitable companies >> fascinating look forward to that thank you. leslie picker. we should point out two ipos that did particularly well this year were roblox and applovin. strong debuts, strong 2021 up next, a look at the top tech stock of this year and an argument against bitcoin stay with us (swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation?

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let's get a gut check on alphabet the top performing megacap name. up 70% with just five trading days left in the year, it is looking impossible to check. jenna is here with an article on why the company did so well this year closing in on the best yearly gain since 2009. they've been resilient during the pandemic the company's advertising revenue showing big gains holing

up well amidst apple's changes the most of any social media app among americans in the pandemic and that's according to the pugh research center. plus, google's cloud business also climbing higher we've got to point out the five-year chart. here is faang plus microsoft versus alphabet. the big ad platforms, they have underperformed for a wide margin in this time period. those white and green lines at the bottom on your screen there, while apple and microsoft and amazon, netflix as well, they're all clustered at the top of that chart. doubling those returns, carl >> interesting to hear sculley prefer digital advertising why our next guest says comparing bitcoin to a ponzi scheme is unfair to ponzi schemes. we're back in two.

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after closing at an all-time high, our next guest wrote a piece titled why bitcoin is worse than a madoff style ponzi scheme

joining us now, an oxford university faculty member, robert mcally. why don't you lay out the argument for us first and how bitcoin, since it cannot end in a run, could end in a crash. >> sure, diedra. a lot of people say it's just a ponzi. even economists say that but i think that's wrong it's worse than a ponzi in a couple of key respects for one thing, in a ponzi, if there's a run if the scheme collapses, you wait around long enough, you might get a sizable chunk of your money back in fact, some 12 years on, 13 years on, investors in madoff's scheme were up to 70 cents on the dollar and it's still rising every dollar they've put in, they've gotten back 70 cents

from the bankruptcy court. what happens if bitcoin collapses? well, there's going to be nobody you can go after you end up with nothing. >> i guess that is one possibility although with every moment in which there is not a collapse, there's the potential for some legitimate use case to come about and i wonder if that's what you think the bulls are counting on. >> well, carl, it's been a while. we've been waiting for the use case originally, it was going to be a marcos transaction turns out it's pretty -- way of making payments. there's congestion, things slowed down, it gets expensive doesn't look like a real good payments mechanism new ideas are coming down the pike for what it will get us eventually, but we're still sort of waiting

so i take your point on the optionality, but it's been a while now. >> you make a strong point in your piece about the cost being a lot around the miners and electricity we're using. there are some that say this is going to go down would that affect your argument at all >> thanks for bringing that up because i really want to make the point there's another respect in which bitcoin and ethereum are worse than a ponzi. that is that they're negative sum. what is a ponzi? you take from peter, you give to paul might cut yourself in for some but basically, it's the redistributed gain with bitcoin though, every day there's money being paid to

miners from investors. that money is mostly going up in smoke. it's mostly burned electricity going through machinery and that's all social cost that's all lost. so even if you could in the event of a collapse of bitcoin, if you could try to go after the money, a lot of the money, some over $20 billion to date, is gone it's gone. it's not there to be recovered and that makes it worse than a ponzi. >> i guess this would have to end in a kind of crash and you point to the role of stable coins and the transparency there. something that could trigger a run and collapse of bitcoin. but i wonder if you know, stable coins like tether are cleaning up things behind the scenes, getting ready, as they say, for an audit or we get a central bank digital currency before we see a run on those stable coins, does that take out one of the

riskiest parts of the space? >> well, it's a known, unknown, what could make bitcoin tank it's sort of a zero coupon there's no income promise. no ultimate end of the corpus. it's just there. it's a zero coupon perpetual so there's nothing in principle that keeps its from falling to worthlessness. and so saying what will take it there is probably a game but certainly an easy to imagine scenario is that one of these stable coins falls apart sort of unregulated money market funds and we had an unregulated market fund break it in 2008 and cause a huge amount of havoc throughout the financial system. so in the highly leveraged

trading of bitcoin and other crypto currencies against these stable coins, suddenly, the dollar falling apart, that could just reek havoc through the whole leverage ecology of bitcoin and the others that's an easy to imagine scenario i give you another if you like >> bob, we'd love to hear it we'll read about it because we're out of time. certainly a provocative piece and i'm sure you've received lots of kmcomments on it, but is great to have you on the show. thank you. we'll talk to you again soon >> thank you, have a great new year >> you, too. don't forget, tech check is a podcast. you can listen anytime, anywhere, wherever you download podcasts we're back in a moment

one more thing before we go. joanna has a piece titled tech challenge change your life in 2022 they look at ear buds, drone

package delivery, but maybe it's not an accident you put affordable evs at the top of the list >> why you don't think it's going to happen >> no, i think it's very much going to happen. i wonder if, i mean, it's not any particular priority, right >> it's not in any particular priority, no, but that's one of the bigger question mark, right? will these actually shift? definitely some promising trajectory on evs in 2022. but my favorite thing about this piece is that we can make lot of predictions and then we can be wrong. so you know, i -- go for it, diedra >> i was just going to say you and i were joking before the show about robots that might be able to take care of our kids and i noticed that these home assistants, the roaming ones, are on your list but they most likely won't take care of our kids they'll just be there and fade

into the background. do you think there's any parts of this that are overhyped that could be on your list that you're maybe not putting too high up there? maybe a moon shot, even for you guys to predict? >> yeah, but you're a better mother because my kids are being watched by the roomba right now, so that's just a comment by me the fun thing about this was we get to look at, maybe we are kind of living in the future, right? we have drone deliveries, but really only in north carolina right now. so that's one, drone deliveries are not coming to everybody this year similarly, yes, the home robot, we're not all getting this the amazon astro is in a beta period with amazon we talked to an executive there who said they're really encouraged by the number of people so they're trying to upiu upinventory there but certainly not everyone is buying one right now. >> yeah, it's a great piece and

you even say your discussion of mixed reality or arvr, you say look, we've been saying that virtual reality will change your life for half a decade now, but as we know, tech innovation comes in fits and starts it's a great piece everybody should take a look appreciate having you with us today. from "the wall street journal. so we kick off a light holiday week let's get to the half with the judge. >> thanks so much. welcome to the halftime report front and center this hour, the s&p 500 setting a new intraday high already today how far can the rally carry into 2022 we'll ask tom lee. we'll also debate it with the investme investment committee joining me today. let's go to the wall first i'll show you stocks we set the new hig