appreciate it. >> thanks. final check on the markets for today as we got about 20 seconds or so. up about 39 points 49 now on the nasdaq up about 7 on the s&p. ten year, still below 150. will i see you tomorrow, kayla what did you decide? >> i think so. and i think according to sorkin time, i was actually early for the show i'll try to make sure my text is fixed before the top of it >> make sure you join us as well tomorrow "squawk on the street" is next ♪ good morning welcome to "squawk on the street." i'm carl quintanilla with scott wapner futures pretty solid after four straight days of s&p gains ten-year yield is just below

1.47 records within reach, the s&p is coming off 69 record closes this year and the dow less than a percent away from its own new all-time high. >> plus, apple closing up shop in new york city as omicron rips through the u.s. the cdc now cutting the isolation restriction for those infected with covid in half. and the year that was for cathie wood as none of her ark funds beat the s&p this year a look at her moves and what's ahead, carl. >> got a lot to unpack this morning regarding the market action but really, leslie, it was the cdc guidelines, cutting quarantine, isolation guidelines in half that is reflecting a period where thanks to a variant that's a little more mild and thanks to a couple hundred million people vaccinated now, governments can afford to be maybe a little more practical, maybe a little more flexible and that's going to have a big impact on some of the cuts in

early '22 growth. >> absolutely. absenteeism is a big thing, you've seen it in airlines, restaurants. when you have a labor force that is required to quarantine for ten days, that has a really big impact on their ability to staff and then you've put kind of the holiday season on top of everything there have been a lot of businesses that have really struggled during this time to stay open at the very least, let alone made sure they're providing good service it will be interesting to see if this shorter quarantine period changes the game without sacrificing health of the community as well. >> it's funny you say changing the game the words that i was really thinking of when you think about this -- and i don't necessarily think it's overstating it is game changer for the very industries you just talked about. the one that is we led the show

off guys yesterday with. we showed the airline stock that is were down as a result of the cancellations, health care companies, restaurants, every sort of hospitality job that you can think of, we're talking about the industries, but let's talk about the people too. those who are relying on hourly wages. this is a big deal as well i think it's a big deal on the psyche of the american public. i saw tweets last night suggesting that this announcement was the beginning of the end of the pandemic, at least it helps people see the light, if you will, at the end of the tunnel. and i think the stock market reflects that, carl. when you look at the subp&p, we could be talking 4800 for the first time ever off the opening this morning. >> we're going to talk about overbought conditions and what it means when we're seeing so many new 52-week lows in the midst of these record highs. i think you're both right. you could argue that this move by the cdc is probably

disinflationary and it's going to help supply chain workers and logistics and truck drivers and ports have those workers who do get infected get back to work even earlier than they otherwise would have and then there's the president trying to localize the response to all of this, a couple of years in but, again, with the tail wind of vaccinations and this milder strain saying, look, these solutions here from this point forward are going to be done at the state level, take a listen. >> there is no federal solution. this gets solved on the state level. it ultimately gets down to where the rubber meets the road and that's where the patient is in need of help, or preventing the need for help. >> maybe one of the more constructive things we saw last night, leslie, our friend tom lee who does good high frequency work when it comes to the

pandemic the hospitalization rate, the seven day hospitalization rate over seven-day new cases, rolling over hard, never really got to where it was in delta, never got to where it was in wave one in tom's words, the surest sign that the hysteria phase of omicron has peaked and in his view in prior waves, s&p bottomed median 12 days before the peak on those waves. so, again, sort of ratifies, at least in the short term, the price action we've seen the last few days. >> and i hope that this is, as scott was indicating, as tom lee demonstrates from the chart, the beginning of the end here. really the reason behind the lockdown that is we saw in march 2020, it wasn't necessarily because people were concerned about getting sick it was because people were concerned about overwhelming the hospitals. if you see that hospitalization rate maintain a stable level and

the ability for hospitals to actually treat patients and to treat patients who aren't even sick with covid, that's really the end goal here is to make sure that all of our systems are functioning and our institutions are functionally appropriately so that we can carry on daily life as we know it i think that is kind of the key question as we look at the hold that omicron will take important to know, most people believe it has not yet peaked yet and they're expecting that all of the interactions that people had with their relatives and all of the travel that was going on, you know, over the last week or so, that will really kind of shape up and will really see the effects of that in the first two weeks of january, say, scott. >> there was also this other study that some are focusing on this morning, very positive, is the perception of it, and i saw dr. gottlieb was retweeting it last night, was the study out of south africa suggesting that omicron was going to displace

delta and that was going to be a good thing as well if tom lee had that in his back pocket, he would have used that as well as to the reasons why he told me yesterday on the "halftime report" that he thinks there's a lot of fuel left in the tank of this rally he said some other things that we can talk about in a minute about sort of what happens next. in the meantime, for more on the markets, let's bring in our market guests to start things off today. aly mccartney. scott, we'll start with you. >> sure. tom lee says there's more fuel in the tank. do you agree >> well, i think what we have to be cognizant of is the flowback drop for equities has been solid all year, characterized by very strong flow action into broad-based u.s.-listed etfs and mitigated bylesser outflows than

a a traditional fund it supports the action we've seen into the broader s&p 500 and broader market complex >> how do we deal with the issue of what's priced in in terms of a more tighter fed is it in the market yet or are we -- are we just enjoying a period of time here and then reality is going to set in shortly after the beginning of the year >> it's a good point we're using a target of 4900 when we set it a couple of months ago, that gave us upside. that's not the case where we are currently. the way we have to think about this, as you push higher into the end of the year, you see valuations lift, the s&p is trading at 24 times right now and that's predicated on no real change in our '22 earnings growth outlook which is around 8% or so essentially what you do is, the further you push the market higher into the end of the year, the more pressure you put on earnings and the need to come

through with probably stronger than expected earnings as we move into q-4 reporting and then into the '22 outlooks. >> scott, a lot of people watching, you know, as we've talked about the last couple of days the narrowing leadership and some of the internals, for example, number of new lows earlier in the week, double the new highs on the nyse with the s&p at a 52-week high. only happened a few times. all of them in december of '99 as people look to analogs to that period, is it too glib or are there real similarities to that period? >> i think there's a little bit of know your index here and how it relates to how it's traided n the nyse the work we did averaged that your average stock is off 11%, this is typical. it's very consistent with the historical pattern and that

breadth issue under the surface often tracks with volatility the other thing i would say here, when you look at the s&p 500, 30% of the total index and those have contributed about 40% of the index gains said differently, the s&p 500 is trading up this year roughly on par with the core index. so that issue under the surface is less about the s&p 500 and more about -- the smaller mid cap asset classes. on the small cap front, you look at what's happened with the health care component this year, which is where you have a lot of biotechs they've really struggled while we're looking at this growth bias in large cap, that's not been the case further down the market where values outperformed and led growth. >> interesting i want to bring in alli

mccartney who is with us she joins us by phone. we were discussing there is this massive dispersion when you pull back the indices and look at what's under the hood. he was mentioning that the average s&p 500 constituent is down 11% from its 52-week high given what we've seen with the santa claus rally that looks at indices broadly, do you think this is the time to broader the broader indexes or is it a time for stock selection. >> it's a great question it's hard to buy a lot of indices right now, both in terms of where we are, in terms of historical valuation and in terms of what we're expecting next year and being very late cycle. i think part of the santa claus rally is you have the -- the balloon has burst a little in terms of concern about omicron creating lockdown and curtailing the economic recovery.

and so markets have sort of gone up because we have gotten a lot of the sellers, the excess selling out of the market in the last five to six weeks we had 550 billion in excess sales. i think there's a slow bleed higher, but i don't think you're going to have any real leadership, which is what you talked about, until we get into earnings next year and we actually start to see what's working. so we're doing a lot of investing, a, b, c that is an area where you said in term of stock selection, in terms of the secular economy and where we're going, there's going to be some interest there. and i still like small caps because i think that we have a recovery that feels like it's long in the tooth, but when you look at the numbers for retail

sales that we just got, i think there's more to go >> why haven't they gotten more of a bid, speaking of the small caps we spend all this time talking about the s&p 500 at these record highs carl was referencing maybe some overbought areas of the market, like mega caps bespoke has interesting data out this morning, the money has been going into the mega caps if you look at the russell 2000, we're still talking about 8% or so away from record highs. if it's so attractive, why isn't it moving? >> yeah, it's a great question i think there's generally a lot of fear there. there are less people comfortable playing and unlike mega caps which are supercomfortable for both individual and institutional investors because they're so well covered and similar both in terms of growth trajectory and market caps, they're not created the same when you look at a small cap index, you have companies that are growth companies that may never make it and, you know, are

cash flow negative and you have growth companies where they've been paying dividends. they've been small cap contributors for a very long time and so i think when you talk about stock selection as opposed to buying the indices, that's a place where we see a lot of value. again, it's not going to be because we're buying the whole haystack, right? we're going to buy those few needles in there and use managers to do that. >> appreciate you both being with us this morning we'll talk to you soon. >> thank you. when we return, you can call it this year's dog of the nasdaq 100 or maybe downward dog. peloton losing more than three quarters of its value this year. is a rebound in store for 2022 let's take a look at the futures right now. dow has given back some of its earlier gains. it's about flat.

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kessler. happy new year. >> how is it going >> pretty good you still think guidance for '22 is aggressive and you still believe that a lot of demand was, in fact, pulled forward by covid? >> yeah. that's our view. the company got about 1 million net adds in terms of subscriber growth for fiscal '22. pre-covid, they were on track of 500,000 per year we think in this environment, where people are looking to get out of their homes more, the economy has opened a lot, a lot of demand was pulled forward we think these are creating near-term headwinds. we looked at the data recently, still shows consumers are searching for peloton. we think clear that shows demand was pulled forward, less interest right now and kind of

at-home fitness. we like the long-term trends, but near term, the demand was pulled forward and we're skeptical that they can hit a million subscriber growth for fiscal '22. >> what do you think -- how do you characterize demand headwinds held to some of the supply headwinds that they actually dealt with really earlier in the year? >> yeah, so supply headwinds were an issue before we think a lot of those have been alleviated now. before, you were kind of in a perfect storm of yet a high-demand and low supply demand has fallen here if anything, the company recently said they're going to be kind of looking to cut some costs, hiring freezes. we think we're at the opposite end of that spectrum right now demand is starting to slow a bit. but supply issues have become less than a head wind near term. >> we think of peloton as the

stay at home stock but prepandemic, they had classes that people could pay a lot of money i've taken them and they're not cheap for an hour-long class and you take a class in person with your favorite instructor. that has been completely turned off for the last two years do you think that's a potential revenue-driver in 2022 as they think about new ways they can cater to a new open economy? >> pre-covid, they did have their new york studio. and now they have a couple other studios. to your point, those are not for people off the street to come in we think that's an interesting question we've done a couple of surveys that have shown that people want to get back to the gym obviously the company's view is that everyone would do at-home fitness, post-covid. but people have returned to the gym. they want to get out of their houses more. will peloton look to do an offline strategy longer term

they haven't mentioned that. we would see that as a potential growth area. maybe you get the benefit of -- you have a gym memberership plus you can have the digital membership on top of that. that's an interesting idea they may look to explore to cement their brand. >> what about a more diversified pipeline bikes, treadmills. do you have of anything that could be in the pipeline in the future and also the idea of the company potentially being acquired, maybe by a fitness-related company, a gym company, for example? >> yeah, we expect other products the research has shown by far, treadmills and bikes are kind of your two leading category. everything else is much smaller than those two large categories. we think there are other areas the company has intentions of a rower. we've seen strength products that they've talked about that they're going to be launching, one of those shortly which helps

you with your form we could see maybe a tonal type of product from peloton, you've seen a lot of advertising for that product recently. wea we think it's likely we'll see consolidation within the at-home fitness space. that would make a lot of sense to get more scale efficiencies across the board we think we would expect more consolidation in the space over the next year or two >> yeah. has been a fascinating experience watching the shares and the evolution of the company at large we'll see what '22 brings. thanks very much >> thank you. still to come, omicron effect, cancellations impact the travel industry, don't miss an exclusive with glen fogle. we'll do that next hour. we'll try to extend the record

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uipath. reboot work. >> announcer: the opening bell is brought to you by nuveen. a leader in income, alternatives and responsible investing. few minutes here before the opening bell futures continue to look positive as we are going to aim at least for the 70th record close of the year. we'll see if we can get that

later on today meantime, keep your eye on the chips. the action in the stocks, nvidia, kla, amd was one of the more impressive parts of yesterday's price action >> yeah. technology continues to do really well and i know we focus all on the mega caps you just said it, nvidia, amd, some of those names that are leading that higher, let's mention apple too, guys. we're approaching $3 trillion in market cap again and we're $1.75 away from that we may eclipse that, leslie, today, as we take a look at the -- there's the stock right there. pretty good year, you think? up 36% >> yeah, i think any company would be pleased with that kind of return for this year. i was taking a look at some of the retail action today and some of the names that you were mentioning, tesla, apple, nvidia, all leading the way in terms of the biggest orders by fidelity customers that gives a sense of the pulse

for the retail investor at the end of the year. some data showing that yesterday's price action on the s&p was the best first day of the santa claus rally which typically takes place in the last five trading days of the year first two of january since 2000. it appears as we have the opening bell right now, that we could have another up day. although, given the volatility these days, carl, you just never know >> it's very true. yeah and given the volume of this classic week between christmas and new year's, but there's the opening bell and the cnbc real-time exchange it's blackrock one other note about apple, guys, is the fact that they're closing 12 of their new york city stores. we've tended to look at a few specific corporates as sort of

bellwethers as to how industry is dealing with covid restrictions apple was a big one. i remember the day in march of 2020 when they closed stores doing it again on a temporary basis. the other, of course, is goldman, requiring boosters. i know joe talked to scaramucci and mick mulvaney about it in the last hour beginning in february and goldman has required vaccines for all of their staff really going back to august. but the banks are having to wrestle with this. maybe more than every industry other than, say, logistics and freight. >> yeah, and i'm also thinking about those new rules, if you want to call them rules, from the cdc and how it's going to impact jobs in new york city since we're talking about a lot of the banks you have thebooster requirements in new york city. as you said, carl, with goldman sacks, i'm also thinking about the nba and nfl and how these new regulations are a real gift, is the commentary that i've read

this morning that have just been hit so hard by omicron and covid. you just look at the football game that was on tv last night, miami and the saints, and the saints had 20-some-odd players on the covid list. you're getting to the meat of the money time in those sports you're approaching the playoffs. not only from a ratings standpoint, but from playoff bonuses and things like that all of it matters. right now, the commentary for the most part is positive. it's why tom lee talks about there's a lot more fuel left to the rally if the santa claus rally started yesterday, we'll see how long it can go he talks about what the other side of everything is going to bring. he told us yesterday, it's not going to be so easy. let's listen >> i think 2022 is really treacherous. if we are 5,000 in january, we could be down by june from there.

but i do think for the full year next year, it's a double-digit year partly because we're still in a solid expansion monetary tightening doesn't kill bull markets if the fed liftoff is in the summer, they can look a little past that. i think we're up 10% for the year. >> most people would take a 10% gain in the s&p 500 as pretty good albeit, not as great as we've had this year. you get a little spoiled when the spigot is wide open and the liquidity pushes the markets to record highs every day, but then it starts to get real next year. you're going to talk about the fed and the change of policy >> yeah, i mean, it's going to depend a lot on how hot we want to run it. and how much, you know, a future

variant or even the existing variants that we're dealing with suppress economic activity interesting, leslie, to look at the spread on the yield curve today, flattening once again, implications for the banks and we've talked a lot about the disparity between the market's belief and the fmoc's believe of what will be necessary next year. >> when you look at the global impact and how that's impacted the yield curve as well. going back to that point about the bank i speak with a bunch of investors all the time and it's one thing to be in a business and be -- you have to be at work whether it's the nba or broadway or working at a port or working at a restaurant. for financial services, there's a big question about whether you want your workers to be back in the office right now goldman sachs is taking one route here with regard to boosters and requiring -- moving

forward with their mandate to be back in the office but a lot of investors and a lot of banks are kind of operating like smaller businesses and it's -- if you want to come in, you can. there's a tight labor market they don't want to force anyone to be in the office if they don't feel comfortable doing so. that's going to be a big question as we look to 2022 for the financial services industry as a whole, which i think is at an inflection point with these new cdc guidelines, carl >> yeah. and as for sports, scott, i know you mentioned football and the nba and the nhl and how we've watched the major leagues sort of try to get creative and stay nimble amid the various waves of covid. but the olympics are in 38 days in beijing where they have a zero case policy and it's going to be really fascinating to see whether or not china is able to suppress it, essentially to zero, in time for all of the athletes from 100-plus countries

from around the world coming in and minimizing spread. >> it will be interesting to see if the timelines and some of these forecasts, carl, whether it's -- when omicron is said to peak or at least thought to peak, maybe in the middle of january, how all of that could be happening as you're really starting to think about the opening ceremony of the olympics not all that far away. you're starting to think about the super bowl and out in los angeles at sofi stadium. when you're going to start getting huge crowds of people together and some of these global events, olympics, super bowl, nba playoffs, if some of those timelines are correct and omicron is peaking in a matter of two to three weeks, all of that is going to be fascinating to watch we should also mention, guys, since we're looking at the markets here and you have the dow higher by 112, there was an interesting article that i know we all saw since we're talking about the rally, that one person who missed out on it yesterday and

for the better part of many weeks at this part is cathie wood and the ark funds the innovation fund was down more than 1% while the nasdaq 100 was up 1.6%. and the nasdaq is not that far away from record highs as leslie was talking about, the interest rates and the relation to the banks, what all of that means, you got a ten year that can't get over 1.5% and you still have a lot of the high valuation tech stocks that still can't get out of their own way that's the result that you have when you look at the innovation fund and some of cathie wood's stocks which are ending the year with a wimper and not the bank she hoped. >> that's a great point. one of the benefits -- sorry, carl i was just going to say -- >> to scott's point, worst year since inception and people were looking, last night, leslie at her overnight buys, all sells

and what that might mean for year-end activity. >> that's exactly what i was going to say these funds are transparent with their daily purchases and sells and yesterday, you just scroll through the list, they're not big moves but any means, but there are sells across the board with regard to all of her funds going into the end of the year which is different than what a lot of managers are doing right now, which is actually loading up on some more names to try and lock in some gains before the end of the year, before they have to report those numbers to their clients and to their investors. and so this definitely represents a big departure here. of course it's been marked by a year where we've seen a lot of shorting strategies directly related to some of these funds which also creates an interesting dynamic that we don't see with your traditional etf out there. it will be interesting to see what next year brings. last year, ark's funds did perform extremely well this year, negative alpha.

it's a unique fund heavy concentration. heavy high growth that's been out of favor this year we'll see what next year brings. but this year, not looking like -- she'll be able to lock in some gains. >> yeah, guys, as we talk about sort of year-end window dressing, it's interesting to watch tesla here got above 1100 premarket i noticed today wedbush takes hair target to 1400, saying the company is operating from a clear point of strain. got down into the mid 800s just before christmas currently this morning, going back to the beginning of december but it's going to be who wants to show it add year end and what the company is going to do in the face of what we widely expect will be multiple competitive offerings from legacy oems and a bunch of new start-ups as well. >> i know one person who is

going to show it they own it at year end, cathie wood, right she's one of the biggest supporters of tesla. by the way, is musk down selling yet? >> he said he is >> we'll see what the new year brings in terms of that. we'll get back to focusing on deliveries and all of the fundamentals that matter more than anything else as it relates to tesla not focusing perhaps so much, or maybe we will, on musk's day-to-day tweets or musings, whatever he's talking about outside of the tesla sphere. >> guys, we got an all-time high on the s&p again most of the sectors are green and some strength in travel names for once let's get to bob pisani. good morning. >> good morning, carl. we did open at a new high. but it's flattish right now and the market, the green side of the market is very defensive perhaps understandably we've had quite a run in the

last four or five days we're due for a pause. we're a little bit overbought. health care, consumer staples, utilities, those are all classic defensive sectors that are doing better semiconductors had a great run, new highs on a lot of them flattish today banks also flattish. look at banks and industrials, a more cyclical side of the market, on the flat side very defensive open to the market new high list, yeah, we're at a new high in the s&p. those new high lists, it's very defensive names on it. united health care is at a new high, prorcter & gamble, utilities at new highs this is very defensive smattering of tech pretty small. defensive. why are we at new highs? it's understandable, if you get the basically concept here that the country is not going to have a mass shutdown. that's what's going on

look what happened to the cdc. how do you address the worker shortages? you shorten the quarantine period that's what they're doing. send them home put them away for five days. if they test negative, bring them back to work. not shutting down the entire economy. that's the key to this game, if you have that, then you're dealing with supply chain issues and inflation. maybe it's been peaking now. it's still elevated, but it's peaking. you have a shot that the supply chain is going to improve. at the same time you've got rates, we've got a flat yield curve. long-term rates aren't going up that much and the earnings tail wind which is substantial. the average estimate is 10% growth in the s&p. there's a lot of people who think it's 20% at this point they're much more bullish. you put it all together, it's a little wonder we're at new highs right now. that's the good news all of this is good news right now. the bad news is, we're very overblown. we've had one heck of a run in the last five days

up 240 points or so. that's about a 5% move in the last five days that's pretty stretched going into the end of the year right now. so the question is, where do we go from here usually the game is, what's going to happen in january but we have omicron and we have a 27% gain on the s&p 500 this year that's quite amazing i think my friends over at data trend for pointing this out. average january is up 1% it's an up month, traditionally. but when the s&p registers 20% gains or more, that doesn't happen very often, january tends to be flattish so, carl, you get the pull forward on the january gains when you've had very outside gains in 2022. friends over at data trek point out in the last 40 years, we've been up 40% or more 20 times generally, you get flattish

january when you've had outsize gains for the year before. we'll keep an eye on that and see how we do going into the last few days of the year. back to you. >> bob, thanks bob pisani quick programming note, do not miss our cnbc special tonight, your money 2022 hosted by wilfred frost. coming up at 6:00 p.m. eastern time for the bond report as we take a look at how treasuries are fairing. 74 basis points and the ten year back to 1.456. we're back in a moment

welcome back to "squawk on the street." energy bouncing back in a big way on track to finish 2021 as the year's best performing sector, up 50% this year we have more on the energy surge. christina, what's behind these big moves? >> i just want to point out, it was just literally last year

when west texas contracts were negative in april 2020, making history. prices have since recovered and energy is on pace to be the top-performing sector of the s&p 500 this year. look at that, over 48%, year to beat beating returns for the s&p 500 which is 27% higher on the year and follows the rise in oil prices wti crossed its 50-day moving average. it hasn't traded above that level since mid-november oil and gas stocks have been top performers, even as environmental, social and governance takes hold, and we all ramp up to curb our reliance on fossil fuels. we're on its best year since its inception back in 1998, and devon energy, which provides

services is the top performer, up 182%, followed by marathon, oil and diamond back energy. doubling year to date. exxon is on its track for its best year ever if the sector is tracking this high, what does it mean for next year wall street pretty darn bullish. despite strong growth this year, they predict u.s. supply will likely only return to pre-covid volumes in july 2023 and two of their best picks not mentioned so far is -- you have rbc analysts pointing out many energy firms are flushed with cash after heavily reducing costs. another reason we saw the sector up higher. their top picks for this year are california resources corporation as well as conocophillips and then an interesting twist of events, i

should say, different angles, shareholder activism is pushing for more -- and we could see major oil breakups into smaller firms heading into the near future surg energy is on pace to be the top performer. something we haven't seen in the past ten years. >> sort of an echo of the conversation we had not that long ago >> interesting on the energy fronted. i was looking at, by strategy, how the hedge fund performance has done energy has been a big loser. the hedge funds that focus on energy in particular this year they are the best

strategy among any hedge fund strategy out there energy up about twikts%. compared to tech investors up closer to say 14%. i'm sorry. 3% for the year. huge disparity, historically bio tech investing has been the standout winner. hedgefunds standing out more in energy and trailing the broader sector by about half carl >> interesting energy one enough few sectors not in the green this morning. got the vix still below 18 or so actually, just above at the moment but s and, plrks-time high by the way, if you missed david's exclusive interview with bob iger the exit ierew ionntvis cnbc.com new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get

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retail leads to a variety of opinions among stock pickers but a handful are showing up on the top picks for 2020 list. the consumer isn't expected to weaken but the thrill of the deal and the treasure hunt is a key theme for many analysts and consumers. the dislocation of the supply chain over the last 18-plus months is something that leads many analysts to believe that shoppers are going to be very interested in the off price sector so, names like five below and burlington are showing up on a lot of lists as opposed to the previously sort of hot name for retail in that off-price sector. walmart also is a name that many analysts are interested in, as it's underperformed the broader retail sector this year. a top pick for the j soul, who

say it's mispricing the impact amazon is another top ecommerce play for 2022, after a subpar performance in 2021 as well. several analysts say it's poised to break out in the new year lowe's is a top 2022 stock pick for bank of america and ubs. while the holiday sales result point to a strong holiday for department stores, there's differing opinions on macy's for 2022 and forecasting it will take share from department store rivals and grow prophetably, thanks to his leadership and focus on engaging younger customers. conversely, j soul has a sell rating and says macy's will continue to lose share, as well as brands own websites, leading

to lower sales and operating margins. that's one of the battleground names i was able to find here early on carl >> there's going to be some fierce debates, especially when we start watching for promotional activity take a look at the markets on this holiday week. got the dow up 170 and the s&p above 4800 notching a new all-time high "squack on the street" will continue in a moment

good tuesday morning welcome to another hour of "squack on the street. david and morgan have the morning off. that's a new all-time high on these five-straight gains we've strung together. dow back as the 10-year gets rejected at 1/5. >> that's right. here are the three big movers we are watching, starting with apple. once again proaching a $3 trillion valuation, needing to hit $182.86 per share for the

milestone. and they're closing the 12 new york city stores due the spread of the omicron variant and all the cryptos under pressure this morning, coinbase up almost 10% in the last week of trading and we'll end with nvidia up more than 135% since the start of the year. but let's now turn to the broader markets with the s&p 500 notching yet another record high for this year. joining us now is all-spring global investment portfolio manager and chief market strategist thank you both for being here. let's start with you how much of the recent rally can be attributed to seasonality verses actual sentiment? fundamentals is a real shift

here >> the market liked what they said and i think there's still a lot of money on the sidelines, waiting for the big correction when the fed jumps in. they haven't got it. and if they're not beaten down by the new covid variant, i think there's nothing stopping it from advancing to the end of the year and well to next year >> we've seen some that have gotten quite the gift of decent returns this year. but others, the returns look a little bit more like coal. what do you make of that and what does it mean for the sustainability of the rally as we look ahead to 2022? >> i mean, obviously, it's natural that people are going to favor some stocks over others and some sectors over others that's just part of normal trading. i think also -- you know this is a week where, as you said, we have the santa clause rally

often and volumes on average are 30% lower than normal days this is happening at a lower volume and one of the patterns i do think we're seeing, plarly from retail and two of the 10 to lead the way for this entire year so far. and nvidia have been cupople of the other one. and what's been interesting is how tesla has behaved. weechbl seen this amazing move over the last four trading days. when it got over 950, people were hesitant. when it got above 950, you saw more people buying it, up through 1,025. and people again became hesitant the price has a lot to do with

it and tesla is really about confidence in inmarket, to me. >> we were talking last hour about an interview scott did with tom lee, where he talked about how the first half of next year might be more volatile and the second half, we could actually notched gains of about 10% for the year many say don't expect the same returns we've seen this year next year. 10% would be about half. but do you think we can compete the magic weec've seen in the markets in 2022? >> i think that's very likely. the market is going to power up to much higher levels than we're expecting. we're personally thinking high -- low single digit but when you look at the fed's policy, the economy is extremely strong, the u.s. is extremely strong on global industries. so, we think the surprise is

likely the market does eeven better than we thought and may equal what we saw in 2021. especially as covid is fading, consumers are in great shape, corporations too much money to begin making acquisitions and increase their buyout. we think the market may well surprise on the upside that's not the expectation that people are hoping. but really the fundamentals that say we will get that >> you know, on the list of bull case narratives this morning, i read technically balance sheets at central banks are expanding and i guess that's going to be true for a little while. do you expect there to be an inflection point as which the market does get concerned about withering liquidity or tightening financial conditions? >> yeah, i think it's going to be natural that people are going

to get a little bit nervous. let's face it. outside the virus, where we've had any kind of pullback at all and pullbacks have not as significant as wee've seen in th past it's been around either the threat of or the actual things pulling back the actual hasn't happened too significantly. but the threat of a pullback from the fed or really any of the central banks around the world has really been the times we've seen a lot of concern. it seems every time, two or three days later, cooler heads prevail but that all being said, i think that is the threat of it happening may not be as bad as the reality of it happening. but leading up to it, i would expect us to probably see a little bit of sell offs once it's signalled this is happening pretty soon. >> along the lines of carl's question to j.j., how many rate hikes do you think the market can take

if you think there's a chance we could surprise in 2022, in terms of, say, s&p performance, what happens if you get the three rate hikes that seem to be pricesed in at this point? >> keep in mind, there's a small rates and there's always a chance they could back away from those. but i think those rates, from such a low level, basically zero, will have no effect on the ability of cornerations to make money and the ability of the economy to power ahead always difficult to say permanent, that rates will stay permanently lower than in a long-term investment horizon the idea that rateds will go back to normal is not something that's going to happen all the global central banks are keeping rates as close to zero they like the results. there's no reason for them to tighten and if they raise a

little, that's not the same as tightening and not insame as tel telling banks don't make risky loans. we're nowhere near that. >> so, margy, j.j., thank you both for joining us today. >> happy new year, lesley. >> speaking of the fed and what to expect in the coming weeks and months, let's bring in former federal reserve governor. it's great to have you this morning. i don't know if you heard the prior discussion but i wonder whether you think this variant and what we think is a mile severity of it, not to mentioned the more creative cdc guidelines, more flexibility among corporates is going to ratify the pivot we got in the last couple of weeks >> i think it's important the fed start to move ahead. there's a significant chance that inflations could have become unanchor said

the risk is there. but i think there are consequences that the variant, even if not very infectious, that could lead to some increased price pressures. i think china is going to have large lockdowns. we've seen one, 13 million people they're pursuing a zero covid policy it's super transmissible and you're going to assume zero covid. you're going to do a lot of lockdowns in china and parts of asia >> we've been watching the lockdown for a few days now. i wonder on a relative basis, it would impact imports, is your argument i wonder if we're able to be more loose with guidelines, at least in the states with ports, trucking, with rail, if maybe it won't be as severe as some of the supply chain pressures we talked about earlier in the year >> i think this will pass but

anyone who relies very specifically on chinese manufacturing is going to see a challenge. you would have had a challenge anyway because you have china ease new year and you would have had slowdowns of production around the beijing olympics this is going to add to it and this will put pressure on at least the last few months. >> randy, what kind of grade would professor krauzner give to jay powell in 2021 taking in to account how much he focussed on employment, where inflation was today and whether he made a mistake and is going to have to play catch up faster than he would have liked >> i think you're right they're playing catch up but they were purposely doing that that's part of the framework they adopted when the concern that inflation was too low, rather than too high and that they're purposely choosing to have a different kind of

framework so they allow the unemployment rate to come down more than they otherwise would have tolerated because of the threat of inflation. so, i think i'm going to cheat a little and say incomplete because you really have to look at it over a couple of years well, their pram framework is a multiyear frame work >> i knew exactly what i was walking into when i decided to ask you that question. i figured i was going to try it to give it anyway and almost thinking you couldn't give an a, based on if they're playing catch up, if inflationis where it is today, then let's just taken taken a "a" off the table and grade the fed chair as evenly as we possibly can, even with your proximity to the chair in prior years. >> as you say, it's always great to build a great friend. i think i'm going to continue to

punlt on that one. but i think you're exactly right. if you're giving comments on the midterm is that insufficient attention to the prospects for inflation and by the final, study more on the issue. and they're starting to move, fortunately. have they moved quickly enough so far we haven't seen inflation expectations so much that suggests that the markets don't think it's going to get out of control i'm only grading the midterm, not the final quite yet. >> or perhaps on the curve, which is my saving grace i'm just curious what you think the margin of error is, given all the factors that scott was just mentioning regard to inflation, regard to what's going on with the labor force, supply chain, omicron, the pairing back of gdp estimates for the first quarter. it seems like the fed has a big

task on its hands right now. >> for sure. because i think there's going to be a lot more price pressure in the short run. they're starting to wind down more rapidly they talked about transitory for a long time. that probably didn't help their credibility as transitory transited to something that is intermediate term and likely to be with us for a year. it is a very, very difficult time to work through these things i can understand why they didn't want to be too quick because we didn't know what would happen with the virus there's a seasonal that comes in the winter time, not only with the flu but the virus. i don't think it was crazy to hold their fire a little bit but i'm glad they did start to move down more rapidly and i think we're going to see a quite a few rate increases this year >> yeah. they definitely fell on the transitory sword

we'll see what happens in the meetings to come have a great new year. always appreciate your guidance. let take a quick break here's a look at the road map for the next hour, including a exclusive with the ceo of b booking holdings plus, crypto's getting crushed again this morning crypto down 15% for the month of december >> with spiderman, no way home, raking i what if the next big thing was nothing at all? fivver freelancers turn nothing into something everyday, in over 500 categories. designing, writing, coding, creating. nothing. nothing. nichts. meiyou. today i recommend you nothing! (laughs) (phones chimes) turning any business idea into the next big thing. let me get this straight. now i gotta buy nothing? (phone chimes) (typing)

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for right now. show up, however you can, for the foster kids who need it most— at helpfosterchildren.com . welcome back to "squack on the street." want to get to sena. >> i'd like to welcome ceo of booking holdings on net knelt. cnbc. a lot to talk about and i think the obvious place to start is with the thousands of flight cancellations. i would love some color on rebooking. from what you're seeing on your platforms, what percentage of travellers are rebooking for the next day, verses canceling altogether and asking for a refund i think that would provide some level of insite around the desire for travel and also the tolerance to deal with all these changes. >> is it has been a little bit

of a mess, let's say weather has been a problem in the west of the u.s. and unfortunately, these cancellations have been troubling for a lot of passengers unfortunately, some people are very inconvenienced. omicron is taking its toll on staffing you have to obviously fly safely so, if the airline doesn't have the appropriate staffing, unfortunately, they have to cancthal flight. and the holiday season is the worst because things are so crowded to begin with. you went to visit grandma and grandpa, you have to get rebooked to be home. they may decide i'm going to rebook for later in the year and i understand that. >> so, from what i am hearing, it's discouraging travellers >> i don't know and i'm not sure people are that discouraged.

as a percentage of total flights, it's low number i don't think that's an issue at all. we know people love to travel. whatever there is a restriction on travel, it's dropped. people immediately book for more travel i know there's a built-up demand and as long as they can, they're going to travel. i'm not concerned about a lack of demand. what i hope for is to get more pee people vaccinated. >> speaking of vaccinations, dr. fauci saying airlines should start requiring passengers to be fully vaccinated to traveling. i'm curious if you agree with him and if that goes to place, how could that limit travellers? >> one of the things i thought to try to encourage more vaccination is if we made the lines at tsa faster if you have your vaccination in order and if you don't, the line was a lot

more than unvaccinated obviously, dr. fauci is going for a higher level, saying no one can get on the plane or suggesting that. it's an interesting thing. i spoke to scott kirby, ceo of united airlines and told him how much i admired him when he got his entire employee force vaccinated i said scott, that's really great. he says look, when people are required to get vaccinated, they started getting vaccinated so, maybe dr. fauci has a point. >> at the same time, we're seeing the cdc shortening the isolation period for covid day five now i have friends now on day nine of being positive for covid and saying day five i could have travelled. i didn't have to wait this long. >> it's an encouraging thing to shorten the period of quarantine people have to look at the suggest and make sure they

understand whether you're symptomatic, asymptomatic. it's a little confusing. so, please, understand what the rules are before you decide to go out and travel. >> one thing you've done, which i think caught the market by surprise, is get a room and [ inaudible ]. is this part of the strategy, using the cash you've been able to drum up in the last couple of months >> i'm very happy with the deals we just did. obviously neither is closed. we're in the middle of the process. both will add to the service we provide to travellers. we have a lot of cash on our balance sheet. and if we see something right, we'll try to do something that will help improve the company further. and we have all sorts of different opportunities around the world and, as we always are, very careful >> given the explosive demand

within the vacation rental space, why haven't you put more capital towards the space? why not buy some of the smaller property management companies that manage 100 to 200 homes in your threat against expedia and airbnb >> i think we have a great product. it's a good one. talks about how, in the u.s., it's not as good as other parts of the world, like europe, where we're strong we always say the same thing we look at opportunities we think is the right price, the right management we always want to be cautious, always wanted to recognize that our shareholders want us to use our capital appropriately. and if there's something there, we'll do something >> inflation, staffing shortages. what would you say is the biggest risk going to 2022 >> i think there are a lot of

risks, as there are every year and it's not just we've had covid. we all know we've been through things like sars before covid. and there's all sorts of things that disriment travel. but the thing is demand -- people want to travel. and we've been going through,au obviously the ups and downs. but we've seen a trim line that has been good for travel, since the start of the pan ddemic and hope it will continue. >> nearly every force caster out there suggest 2022 will be stronger than 2021 keeping us honest on all things traveling. thank you very much. >> carl. >> thanks so much for that as we go to break, we are watching action in alternative energy and evs today

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wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq welcome back i'm rahel solomon. here's your cnbc update at this hour the seven-day average of covid infections approaching last winter's peek and more than

500,000 new cases reported on monday, although that got a boost from reporting delays due the holiday weekends four dead, three injured in what denver police are calling a killing spree. after the suspect opened fire in two different locations, police caught up with him in a suburbs where he was killed in a firefight with officers. there are no survivors after a small jet crashed in a san diego neighborhood they don't know how many people were aboard. it hit the ground and caught fire and the white house says diplomatic talks with russia about ukraine are scheduled for january 10th not expected to include president biden or putin back to you. >> rahel solomon let's look at shares of dee dee this morning as the company's 180-day post ipo lock-up period expired join us to discuss the state of

china tech stocks. appreciate you both being with me today i'm going to begin with you. when i go around the table at noon on the halftime report and anytime we discussed chinese nrlt internet stocks and i ask the investment committee in front of me, would any of you buy chinese' related tech stocks most, if not all, say no repeatedly and i'm wondering how you counter that >> it's obviously been a tough yearwith the internet regulation and more recently, u.s. regulations and these companies continue to grow and look at the latest earnings alibaba generated 29% and ended.

losing 100 billion in market cap. it's really weighed on the names, pushed a lot of investers to the sidelines they want to see a green or red light to give them the confidence to come back in >> do you think we're close to getting to that point? in fairness, it's not media narrative, it's actions by the chinese government that makes investors queazy about owning the stocks that doesn't seem to be subsiding in any way anytime soon >> well, the news cycle, where it's going to be problematic is the regulation is in multiple categories cyber security, user data, antimonopoly and those regulatory actions are done by different regulators moving at different speeds

it feels like china is the singular entity is going after the companies. it's really the different regulators going after a different pace that's based on what companies have said during their q3 earnings calls certainly they are -- many are buying back stock. in the case of 10 cents, spinning off the j.d. ownership, they're trying to extract value for their shareholders and didi, which we led the segment off with what do you do at your firm? should you sell? are you holding on and waiting >> the challenge, really with, didi is to wait out the delisting and relisting process in hong kong and factoring in discounts that may be applied there. but the long-term case for didi

is bullish it might take a few years to shake out but the fact though is this a company with 550 million users and holds 95% market prediction in the largest ride-hailing market that's larger than all others combined. and so, it's clearly very good business it was one with significant regulatory issues and fell afoul of chinese regulators out the gate you have two options crystallize what is an undervalued proposition today or wait it out tlhrough the hong kong ipo and see them straighten out the regulatory shifts. >> yesterday the chinese regulatory commission, essentially china's version of the sec put out listings abroad. so many chinese companies have

done ipos in the states. a big part of that is the vi erksz structure that's allowed for big chinese tech companies and financial services companies to list abroad, given restrictions in china. basically that could create delisting. do you see this news as being positive or creating more uncertainty? >> it's important the chinese regulator has officially recognized the structure the mechanism for the companies over the last 20 years to become public it's a very, very strong sign that the regulator is really acknowledging and approving the existence of this structure. it's a little bit of a validation we think that in general many in the tech that have user data,

they're more likely to be going public in hong kong going forward. that's not very different. we're seeing within europe the gdpr, the data protection rights, which regulates the user data within apps and on your phone. so, some elements of what you're seeing in china are not that much different than europe i see this happening in the u.s. you see that from the chairwoman >> we talk about looking for green lights the chinese have injected more than they have in a couple of months a couple of ministries have vowed to support the economy in the coming year. would you say kind of we're done for now? would they be that transparent about it >> there will be no announcement of a cessation of regulatory interventions.

the announcement that came out on christmas eve, that acknowledged the vie structure and starting to lay the framework for companies to recommence the listing process which has a six-month lull of chinese companies going public outside of greater china we see that as something we were expecting and a positive sign that at least a framework is be dg vepped. the problem over the last year is very little forewarning and overall, systemic uncertainty. the more that frameworks are laid out so we know what rules to follow, what approves we need to seek, what wavers need to be granted to go public and also those negotiations going on in tandem around data throws and other sensitivities causing them tool pullback home companies once those are set in stone, there should be much more

uncertainty around the framework. >> didi's in the headlines seemingly every day. but it's alibaba, which is the stock you're most worried about. that stock's down 50% on the year why is that one the one that sticks out to you? >> it's kind of at the perfect cross hairs of several issues. there are political sensitivities around the company, its founder the business has been seen by both regulators as well as consumers as someone that abused the monopoly position, using the media arm against consumers leveraging complaints on the e commerce side, as well as the employees. so, it's a business that falss significant head winds from regulators and doesn't have the kind of tokens like didi, like 10 cent to spin off or distribute as they did with the j.d. stock over the last few days

as a result, less spin offs, less tokens, less tools amidst the chests to appease regulators it's the one i hold back on the most today >> interesting appreciate your insights brendan hearn and -- happy new year we'll talk to you soon carl >> guys, after the break, we're going to talk with the second largest theater chain on the recovery as we go to the new year check on the markets s&p's trying to hold 4800 and same for the dow at 36.5 nasdaq relatively flat

holiday weekend box office numbers are in spiderman reaching a billion dollars in global ticket sales, despite the surge in omicron cases. joining us for an exclusive is the ceo of cine world.

have you seen a good explanation as to how spiderman did these numbers in the face of this scare? >> i think first of all, we have in our hands, an amazing movie the first thing is the product the movie's great. but the anticipation, the way people waited for it, and want said so much to see it and it was really a movie that was released in a big way in the big date and really people were so excited. and these shows prove that people feel the cinema is a safe place. everybody sits watching the same direction, everybody watches the screens. not like in other places and really people came i was in manhattan on the first saturday when the movie was released i saw people again in the first row in the cinema, which is something we haven't seen for two years. it was an amazing experience for

us, and the studio >> so, i wonder when you combine the performance from "spiderman" and now the relaxed guidelines on isolation from the cdc here in the states, whether or not we get some pendulum shift back to exhibi exhibiter theatrical distribution in 2022 >> i think if we analyze the last four months of 2021, starting with september and going on to "doon" and "eternals" and all the other movies that were released and reaching huge climates i think we're on the way back. people want to go out. we are still the most affordable entertainment in the market. and i think that if we look at the line up for 2022, we can only expect for the best

subject, of course, for no additional covid surprises but the way omicron is now looking, i think that we would be over it relatively soon >> i'd like to get your reaction to a comment that disney chairman bob iger made a few weeks ago regarding ticket pricing. >> i worry that the cost of a movie ticket is becoming more of a problem to people, particularly in inflationary times, which we've been experiencing but when you compare that cost of going to a movie with the cost of staying home and watching a subscription service, i think it's starting to get a little -- it's starting to get too hot. >> is that a concern of yours? >> not at all. and i will start by saying i have the highest respect for bob iger and what he did for the industry

but the average tick price still is around $10 a ticket i don't think anyone will argue this is relatively cheap it's true that, in some places in l.a., and new york, tickets are already touching 17/18, maybe $20. but this is the exceptional. i remind everyone most of the circuits, especially regal are having a cheap day in the middle of the week where the ticket costs about $6 we have special early tickets for students, kids i think, by far, we're the most affordable entertainment to compare the kaugs of watchingt home and the cinema is wrong. you don't compare the cost of a meme you cook at home to one at a restaurant we offer a social experience people watching the movie together, laughing together, crying together.

being frightened together. i think altogether, this is a completely different experience, not to talk about the quality, the size of the screen, the sound, etc >> if you believe it is the most affordable entertainment experience out there, will you be raising ticket prices >> we're not considering raising the prices at this stage there might be some changes here and there. we need to remember costs are soaring now in the united states and worldwide. we have increased dramatically the pay for the field employees for the people that on the ground in the cinemas. they are only people electricity is going up. a lot of costs are going up. but on the other hand, we want our customers to come back we want them to feel comfortable. might be an interest here and there. 75 cents

currently one of consumer interest >> assuming that we get these sustained tail winds from the public health front and from the slate, and from the studios, does the industry then move back to repurposing locations that were closed or buying some new property what happens on the real estate front? >> we are in relatively good situation. regal has a new plan for deals we have done prior to covid. and we are still looking in new locations. we are also requiring some locations on competition that will close on the other hand, we can say that we left behind us some of our worst cinemas and opportunity to negotiate and to leave some of our cinemas. and we are very happily investing in our refurbishment plan and believe the experience

to the customer is what is counting and if we want really to show, even mr. iger, that we are the best place to watch a movie, we need to give better experience to ourb customers and regal have invested through all the covid a lot of money in our cinemas and we continue to do this >> appreciate that guidance. we look forward to getting more data on the box office and getting into the new year. happy new year thanks for the time. >> thank you and go to the movies bye. thanks >> by the way, starting today, lesley mentioned the interview with bob iger from last week you can watch the full interview online just head to cnbc.com. and a deep dive of cathy woods performance of 2021. none of her arc funds are set to beat the s&p this year

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for even more value, switch to xfinity mobile, and you could pay as little as $15 a month for wireless. click, call, or visit a store to learn more. what does a foster kid need from you? to be brave. to show up. for staying connected. the questions they weren't able to ask. show up for the first day of school, the last day at their current address. for the mornings when everything's wrong. for the manicure that makes everything right, for right now. show up, however you can, for the foster kids who need it most— at helpfosterchildren.com welcome back to "squawk on the street." let's get over to sector sort. looking at materials today, kristina >> yeah, you got it. i want to say it isn't the worst

performing of the sector but the sector has lagged the broader index slightly in 2021 we know it's been a choppy ride thanks to inflation and the infrastructure bill. a mix of names have held the sector back, though. including many of the paper and packaging like west rock, international paper. ols where, we see names like ball corps and fmnc it's worth noting all five are trading below their mean analysts from a stock perspective it hasn't been all bad news there are notable outperformers in materials as prices for metals like copper and aluminum have soared. we've also seen big names in mining names like freeport. fertilizer have been on the rise we see industries among the leaders. on the line, big player in the lithium yum battery used in

cars that stock is up more than 50% so far this year alone we know inflation and material shortages are a big story for the sector and certainly will continue to be a theme heading into 2021. scott, back to you >> k.p., appreciate it kristina, as we head to break. take a look at the top gainers on the s&p 500 led by action blizzard, carnival corps. pvh, southwest and boeing. we'll be right back. realtime exchange sector sort is sponsored by specter spdr your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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welcome back to "squawk on the street." activist investors, remember them i'm exaggerating but for the first nine months of 2021 there was a slight dropoff in the number of companies targeted by activist with the type of data related to activist, that number as 746 globally, a 7% decline from 2020 levels the lowest figure for similar periods going back at least six years. however, we have seen a notable pickup in recent weeks just yesterday, starboard value revealed a 6% stake in godaddy

and pushing macy's to separate the e-commerce unit. and third urging shell to break up and also facing an activist investor of its own in london lists funded advisers to hedge funds tell me these public situation, only the tip of the iceberg and there's a lot more activity percolating behind the scenes in secret that is the situation in the new year traditionally, activists looks for undervalued companies that are focused on fundamental and two years into covid they're likely to target any company that hasn't been able to execute through the crisis but, guys, with markets, especially with the s&p another record high today, that provides a big challenge for the traditional-value investor >> yeah, i don't like all of these activity taking place in secret that means people like you and me need to do more digging

>> right exactly. >> it does, leslie, speak to the fact maybe activist investors aren't as public as they were even five years ago where it was seemingly, you know, every day, there was a report out publicly about an activist investor who had taken a position i'm wondering why you think that is >> you know, that's a great question they were so much more active a few years ago. part of it has to do with the overall market activities, activist will say the low-hanging fruit, therefore, they have to look -- you now, they have to look through how many they think can rise from here that could be a reflection of the market activity as a whole also there's kind of a reputational aspect to it as el, esg more in focus. we should see more of those, guys >> we are looking forward to "the halftime report" in a little more than an hour as well michael farr is on today he has the top-ten for 2022. the top-ten for 2021, only one stock was down

half the list was up more than 40%. and in some many cases, much more than that, 50%. in one case, 60% so, he's back. kevin o'leary is back. we're going to revisit the stocks as well leslie, to be with you today >> good to be with you >> on "squawk on the street. watching the s&p, another record high, 4800. "tech check" starts right now. ♪ ♪ good tuesday morning, welcome to "tech check," i'm knt knt with deirdre bosa. and joanna stern back with us for the hour meantime, s&p hits another record high, coming you have the 69th record close. nasdaq earlier gains on pace for the first down day in the last