iwf are posting almost identical returns over a 12-month period without the effective dividends? so it's been seesawed back and forth. both bets might work. >> dom, thank you. kelly, a week down in january. see how the january indicator works out. thank you for watching "power lunch. "closing bell" starts right now. ♪ happy friday welcome to "closing bell." i'm sara eisen we are closing out a wild first week of 2022 with more red than green on the screen. nasdaq pacing for a 4% drop on the week but the dow is higher heading boo the final hour of trade. >> good afternoon. i'm wilfred frost. have a look at what's driving the action today a mixed report from the jobs number missed estimates but the unemployment rate fell to 3.9% treasury yields popped

that's putting pressure again on tech chip names hit hard today an encrypto seeing losses bitcoin falling. down 9% to start the year. >> coming up on today's show we'll talk about the brutal week for bitcoin with head of crypto and fintech investments at jump crypto we'll ask gerard cassidy whether this is a breakout year for the banks ahead of earnings. >> let's hit the big stories including the market action. mike santoli is tracking that and jeff sherman mike, with the big picture of the markets which is just recovered in the last half an hour or so a negative week overall. >> definitely still a push-pull. more stocks up than down on the

new york stock exchange. in general though in the last couple of days the s&p held the ground because it is pulled in two directions the 50-day average right through there and basically where the market bottomed again today. we went through it a couple times in the latter part of last year it's not a perfect indicator nothing in the jobs picture seemed to disturb the general idea to have a relatively soft stutter step in growth you still have the cyclicals you have had a bid in big stocks microsoft, apple went green berkshire hathaway against the nasdaq 100 look at the vertical divergence. why berkshire? value, financials, cyclicals,

real assets, infrastructure type things, everything is inside of berkshire. 20% of the market cap in apple, a tech stock not killed and ideal for the moment has everyone gone to that side of the boat in the short term? when unemployment is really low. less than 4% the forward runs for s&p 500 month to month is the worst. latter part of the cycle frequently the fed is raising rates or getting ready to the real rate for unemployment is going to suggest to investors later in the cycle than otherwise believe. you really want to buy when

unemployment is ugly as above 8% a year and a half ago. >> one part of the story is how much can the buying of energy and financials go? the other part of the equation is how much more selling is there to come in the tech areas? is it ominous that microsoft did not enjoy a bounce or ark not enjoyed a bounce? >> i don't know that it's ominous from this point forward. microsoft really doesn't look that terrible longer term. had an upside overshoot. the ark stuff i'm surprised there's not a salvage operation in the real beaten up emerging growth areas but in the normal range in terms of big cap stocks and had a giveback phase in things like microsoft, apple nvidia down 20% from the high

but the high was wild and went vertical last year. >> see you soon. thank you. jobs the big story december jobs below expectations payroll up 199,000 for the month versus estimated 422,000 but the good news the unemployment rate falling to 3.9% from 4.2% in november let's bring in jeff sherman on the bond market. this accelerated the treasury sell-off that we have seen to start the year, one of the worst ever beginnings for bonds. what's the market interpretation of the jobs report >> i think the market didn't look at the headline number but looked under the surface the jobs below expectations looking at the revisions within the report for the november and object data you have another 140,000 jobs so you put that together with the jobs print we

got maybe we get close every to expectations if you look at the revisions and people think that that number from december may be revised upward but the bond market looked at the average hourly earnings data and looking at the month over month increase that's the thing that the bond market continued the sell-off looking to see that it's going to allow the fed to continue on its path of tapering as well as liftoff from the low levels. >> that wage number was strong 4.7% jump from where we were last year. interestingly it expanded beyond leisure and hospitality showing that it's more picture s persistent really across the economy. what does that do to the inflation picture? >> keeping pressure there. that's why it's emboldens the fed and also there's a revision

upward to last month's wage number 5.1%. it is very robust. in terms of participation. very strong in quit rates in segments yes, the most in leisure but white collar workers quitting jobs and continues to keep pressure on inflation. so we get cpi next week. we expected it to print north of a 7 handle 7.1% or so and then continue to see pressure over the next couple of prints and i think it allows the fed to continue with the rhetoric to hike rates the market has a march hike almost completely priced in and i think that allows the fed to do so. the market is saying it's okay to do so and prepared for it so i think it allows the fed to really accelerate the path of rate hikes that they really want to do at this point to combat the levels of inflation.

>> jeff, that's rate hikes what are the chances of a v violent reaction i guess people expect it to keep rising but could we be massively underestimating the impact >> i think massively is a strong word the expectation for the taper have been there. chairman powell set it up toward the end of november talking about increasing the pace of the tape irand then out of that program or the fed out of that purchase program by the middle to end of march so the market's already set up for that so if you look at the supply/demapd dynamics of the treasury market it's almost completely offset by the issue shans of treasury. there's some of that supply

being removed. the wild card is if we get a build back better over fiscal stimulus programs over the course of the year to increase that treasury issuance i think the bigger wild card what we saw on wednesday is the fed minutes and saw when they're released is talking about reducing the size of the balance sheet and a tightening behavior. we have marginal tightening but if they're going to let the securities roll offand because we have to run a deficit more treasuries have to be issued and a new supply of securities out there so if they wanted to do the balance sheet reduction quicker which has been talked about then potentially that is a net negative for yields and could be a catalyst for higher

rates. this is a global rate sell-off this is not a u.s. phenomenon to see this week. there's been carnage across the global market so that relative value trade is intact and also just because yields risen in the u.s. there's not a natural buyer in the euro zone because the rates moved. >> wrap it all up. with this risky business where is doubleline on where bonds go and where stocks go along with that for this year maybe the dollar, too. we have seen some giant moves in the first week yields on the 10-year move up what analysts expect for 2022. >> supposedly the buy irs on the 10-year and forgot to show up. as you talked about the velocity of the move. this is a year where rate

volatility drives. as rates move up, i heard in the intro mike talking about the tech stocks hit. they're a long duration option as you look throughout the year it is focused on the rates market if you have moves in the eurozone and global rates that says that the dollar stays where it is at and so the market already has the hikes priced in and coming to the dollar we look to see the trading range it's been in for a while staying in the area we're long term bearish on the dollar and then near term bullish. for stocks if we push up another 25 or 30 basis points it is slightly negative for stocks but as you said at the onset, too,

if there' a rotation to the value types of plays that b benefit from higher rates i don't know that the yield curve goes steep every i think the 2-year ratchets upward if you look at the 5-year, 10-year, 30-year they are at or bo pre-pandemic levels and 2-year is about 60 basis points below the levels trading pre-pandemic with room to run and although we focus on 10s and 30s tell us about the economy i think the 2-year is dangerous part of the curve right now. >> great to see you as always. >> thank you happy new year. >> and to you, too. banks shining brigthtly thi week we'll ask a top analyst for his take on the great start to the

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welcome back financials one of the best performing sectors this week kbw banks index rallying since monday let's bring in gerard cassidy at rbc capital markets. great to see you thank you for joining us to what extent have things run up too fast this first week of the year and brought price targets too close for having a

bullish call on the sector for the whole year >> thank you for having me you're right the stocks have really rallied strongly here. kind of remind me of the start of 2018 with a similar rally in the beginning of the year. i think what's going to happen is as you know the banks start to report a week from today with jpmorgan, citi and wells kicking it off they can review from the policy to tightening and if that happens obviously with them raising short term interest rates that's positive for the banks. price targets and earnings revisions in 2022 could be increased. >> how much when you make the picks which we want to get to particularly let's say amongst the big cap six bamgs how much

do you look at multiple versus fundamental exposure for the bank >> it's a combination of both. you bring up a really good point because the valuations for the banks are to the point to reach the cyclical highs of 2016, '17. you might recall in that time period that was the last tightening period that the banks spi experienced and the bank stocks had a great move no 2016 and '17 to outperform the markets in that period. 2018 and second half of the year they didn't do as well but the valuations did get up to about 1.6 times book and almost 2 times tangible book and we have to determine this year if the profitability of the group if we think it can move higher than back then.

in 2017 when the stocks peaked out they were kicking a 13% return on equity we get above the numbers then the valuations will move higher and help push the stock prices higher throughout the year. >> given that outlook and the higher interest rates which names do you like best >> there's a number of ways to play the banks this year we think citigroup is an interesting play they had setbacks in 2021 from obviously having the cease and desist order for the money transfer problems inside the bank and google. 2022 i think could be the year where they narrow the valuation gap between them and the peers like bank of america and wells

they have a big investor day in early march giving the lay of the landscape under the new ceo and the gap is just so wide between the peers that can be a name and a global recovery of course is very positive for citi since over 50% of the business is outside the united states another name to look at of course is bank of america. big in the united states asset sensitive. it's a real play on a relational name m & t in new york very well run. closing on the peoples deal and have liquidity and will be able to putt that to use and then in that acquisition plenty of cost savings. can push that stock higher. >> but i guess as well summed up by the fact that the price target is $50 and trading at 49. in terms of your point on citi i

guess that valuation multiple gap is highlighted by the fact of a 3% dividend yield will we move to where the banks focus on difr did he understand versus buyback or keep buying back stock >> i think it's going to be a combination of both. most of the banks will tell you they have a dividend pay your policy some may go over 40% that is the range that most banks pay out in dividends this is a mature industry and economy and the banks will tell you aside from acquisitions, when you look at those numbers after they pay out the dividend the organic growth is 30% of

earnings what do you do with the rest you do it in share repurchases and expect both to continue going forward. >> gerard cassidy, thank you for the predictions. >> thank you. take a look at the market. dow is the relative outperformer up about a quarter of a percent. led by boeing and honeywell. s&p 500 under pressure it is the barbell here where some sectors do well like energy and industrials and technology is underperforming again up next, semiconductor stocks are hit hard again been all week. underperforming today. we'll look at what's driving the weakness and then the broader chelofwin analyst

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welcome back chip stocks with a strong year in 2021 but the first week of 2022 isn't as kind deirdre bosa with a look at what's driving the move. what happened? >> like much of the sell-off in tech it is driven by valuation nvidia saw the market cap more than double last year close to the $1 trillion market cap and amd surged nearly 50% over the last year seeing the stocks come down hard this year. investors looking for value in 2022 looking for the less pricey plays like intel and even though lower today it is better performing than the other names mentioned. it doesn't necessarily speak to the longer term trajectories the jury is out if there's execution on the ambitious plans

to turn around intel qualcomm has diversified from the reliance on apple and smartphones. deepening engagement with amazon so the question is this a value thing and revert many analysts say this is about picking the right players in the space but xoxx is lower by 3.5% this year reacting to rising treasury yields. back to you. >> d, thank you so much for that off the lows for the smh but in the red. thank you. we'll talk to jump capital's crypto partner about the week for by thitcoin and as we head o break, 10-year yield popping 1.76%. we will be right back.

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welcome back have a look at individual market movers pizza chain papa johns announcing a deal to open more than 1,350 locations across south china by 2040. it's the largest deal in the company's history. the stock up ubs downgrading kohl's fto sell.

the stock is down 1.6% to sign up for the investing club news letter point your phone at that qr code. nasdaq keeps getting pummeled bringing the total week to date losses to 4.3% time to get a news up date with tyler matheson how nice to see you on this side of 3:00. >> great to see you, sara. three men convicted of chasing and killing ahmaud arbery running through the georgia neighborhood sentenced to life in prison why the judge ruling that the father and son will not have any chance of parole. the third defendant who taped the murder on the cell phone

must serve 30 years and eligible for parole. the parents of the michigan school shooting suspect will be in jail for now. james and jennifer crumbley asked for the bond to be reduced to $100,000. the judge said no. in part because they failed to turn themselves in quickly when they were charged last month as russian military units arrive in kazakhstan, secretary of state blinken said once russians are in the house it is sometimes difficult to get them to leave that's the news for now. back to you. >> as ever, thank you. 27 minutes left in the session. we are lower but off the ses

lows the nasdaq leads the declines one again. we'll talk to a top analyst after the break about the tech rough week and two internet stocks to outperform meme mania at it again we'll break down the moves later. e hoping things will pick up by q3. yeah...uhhh... doug? [children laughing] sorry about that. umm...what...it's uhh... you alright? [loud exhale] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. [ding] get e*trade and start trading today. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know

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story of the week for the markets tech the nasdaq on pace to post the worst week since february of last week. nasdaq and s&p 500 tech sector down 4% since monday on the back of the rising treasury yields. for more on the bad week let's bring in james lee

james, you upgraded a number of picks or picked out a lot of favorites today based on valuations that you say look attractive which ones do you like >> yeah. thank you for having me. there are three picks we really like in the u.s. given the fact in the rising environment we want to look for friendly valuation growth at a reasonable price number two, we want to make sure the fundamental hurdles is reasonable we like amazon they wept through a very tough 23 points of revenue top comp last year. i think the back half is easy. also uber. last year facing driver shortage and lowered the take rate and causing 15 point of comp last year the comps will be easy

facebook went through the policy change and the comp is easier from the revenue perspective in the back half. >> you pick the mega caps that held up better but have been dragged into the selling. isn't that a risky bet for 2022 when everybody is expecting the fed to hike three times and shrink the balance sheet with jobs today and fed minutes on wednesday? >> fair point. that's why valuation matters and looking at the three stocks specifically the valuation level is not stretched they're trading on two-year forward ebitda and looking at the group specifically we track from ev to ebitda decline about

15% since mid point of the year to 12 times. from that perspective the valuation seem to be very reasonable for amazon right now it is actually trading below the historical level uber is the valuation play uber valuation on the two-year, 14 times much more reasonable than doordash at 44 times and if you look at facebook's trading about 10 times two-year forward ebitda and a discounted level compared to growth of 20% and the metaverse business as a core option and we think it's a very good entry point to go into. >> uber you say is on 14 14 times pe. >> 14 times 2024 value to

ebitda. >> but on a regular pe if it is still pretty steep in the 30s, 40s. >> that's right. i think most investor the first benchmark for a company spending a lot of money on cap x and also depreciation in general have is ev to ebitda and compared to the peer look at doordash at 44 times and the business composition is similar i think uber represents a good value and then for uber is potential regulatory relief on the state side seeing massachusetts and new york potentially going into the path similar to proposition 22 meaning gig economy workers, stay as independent contractors with limited benefit and lift

overhang for the group for uber and lifrt. >> those are the picks in the u.s. what about the chinese internet names? are they attractive? >> good question from the valuation perspective even more attractive than theist looking at the index down more than 50% clearly on regulatory concern. we expect policy climate to start to become stabilize and economic initiative to ease heading into second half of 2022 as we saw we think the industry multiple is positioned for rebound. >> what gives you that confidence what visibility do you have, james, into chinese regulatory policy to predict that it will ease

>> yeah. it is a very good question by easing we are saying that we don't expect anymore additional regulatory framework to be established from the chinese government this is something we tread carefully. thinking since second half of last year not good for the sector and contained into four major areas. fintech, anti-trust, cyber security and labor reform. we have not seen the government expand on the frameworks the announcement is more or less along the line of the four buckets specifically and the latest we heard about alibaba selling the portfolio company i think is part of anti-trust. one part is market share the other one is industry influence. so we feel like we are pretty

much coming to the end in terms of that announcement specifically. >> is didi a special case in the delisting? >> good question i tend in terms of timing tend to think it's more company specific right? so rather than industry specific and clearly coming to delisting you have to look at two different regulatory environments here. right? in the u.s. certainly a requirement. chinese company needs to comply. a way to work around that is concurrently hire hong kong auditor and provide s.e.c. the audit paper. in terms of u.s. regular lay tori there's more. for chinese government it is harder and the intention to move

the companies home but you think about the structure of capital market in china right now where 80% of the investor is retail and i don't think they're ready. unless we see a -- of the chinese capital market i don't know that we'll see that immediately and a leading indicator is chinese government provided blessing to the vie structure which is the companies listed in the west with prior approval this is an indication that they'll continue to let chinese company -- >> that's interesting. thank you for joining us with a note people are talking about today. we appreciate it. energy with a big week and major divergences. we take you inside the market zone dot tdees lefofra

w is positive. s&p and nasdaq headed to another loss

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mike santoli here to break down the crucial moments. today we have odyssey capital investors jason snipe back dow is higher. s&p 500 and nasdaq lower for the fourth day in a row. the dow, s&p 500 and nasdaq on track for weekly losses. mike, the discussion has to start with the nasdaq. more than 7% from the highs down more than 4% for the week. you do wonder where these tech stocks are in the process of pricing in different interest rate levels and potential shrinkage from the fed with the inflation numbers coming in hot. >> right that's the overlay driving money to prioritize things outside of the nasdaq which is expensive crowded growth stocks.

we want to have plays leveraged to the real economy with a belief to be brisk getting through this omicron soft patch. this idea that yields will be higher and sec tors that do better stocks have been bouncing hard look at telecom. things like that it makes sense to get to this point. it's not clear to me that somehow it means that this is going to be the one way trade for the entire year. there's never a one way trade for a year when you look underneath the dominant index weights in the nasdaq something like 40% of every nasdaq stock is cut in half already the smaller end of the market has come in for a reckoning. i'm not sure there's much more to go. >> have you been buying tech names this week, jason >> that's a good question. we have not.

obviously this is a heavy macro data number. ism numbers lighter than expected and obviously we got the fed minutes which content reveals they're more hawk oish this is a velocity story no one is arguing the point there needs to be a shift in policy from a tightening perspective. most folks agree that needs to happen but -- so we have been positioning since the end of december really into more of value oriented sector. health care and financials is where we have been some names are -- that these high multiple names are more attractive shopify is one we own and like down 18% this week so we'll start to kind of look at these and see how things play out but that's where we are as we stand right now. >> energy stocks soaring this

week pippa stevens has a break down. >> with a gain of 10 paterson that's the strongest in more than a year. this of course builds on the gain of nearly 50% the sector surged back to pre-pandemic levels. more than half of the sector's components up double digits for the week many names making new highs including diamondback and marathon petroleum at three-year highs. exxon and chevron at the highest in more than two years back to you. >> thank you mike, strong run in the short term and last year for this sector but they have one thing going for them which is a totally lost decade before the pandemic. >> looking at the xle, it's up

very strongly from the lows. leek doubled from the recent lows but in the middle of a 20-year range at 61. peaked at 100. crude oil is also at the same price it was in like mid-2006. the energy stocks are unlikely to get a great premium people thinking it's going to be boon times for years to come they contract with the commodity. i think it makes sense but you have a lot of mean reversion but not as if everyone owns them and has high hopes from here. >> only sub sector doing better than the energy names are broadcasts names like discovery and viacom/cbs with a nice comeback to start the year gamestop with a rally in meme

stocks today frank holland has the details. >> shares of gamestop moving 30% higher overnight shares now about 7% higher a lot of excitement on wall street betts, too. this video call for traders to pump gme making a reference to braveheart saying that investors should rally back into the meme stocks and not promising the outsized gains. amc up more than 2%. blackberry, wish and tootsie roll up. other meme names like palantir in the red the anniversary of the so-called reddit rebellion next week back to you. >> thank you very much mike, it is interesting to see the meme stocks work

there's fundamental news there's word that gamestop is going into crypto. they're wokking -- >> oh, define working zblchl. >> up 6% they're up on a week that the nasdaq is down more than 4%. >> okay, okay. where did it come from 240 on thanksgiving. right? >> sure. >> lost most of what happened overnight. yes, they have drivers it is about kind of if the crowd decides to all run to the soger ball at the same time they go up from here be i think more telling with the splashy announcement and have to see if there's traction why there's different ways to frame it. >> sorry let's hit some media stocks including discovery. julia boorstin has a breakdown hi, julia.

>> discovery up nearly 17% with a percent day since set of 2008. analysts bullish on the merger with the discovery assets and the potential for the combined company to compete against netflix and disney roku shares down 6%. off 20% in the past week dragged down by coverage with an underweight warning. plus just this morning the company announced the head of the platform business is leaving. disney announcing that the next pixar film will go directly to disney plus in march this is a bet by disney that the box office is not recovering

quickly. they grow the subscribers. the head of the distribution said particularly for family films flexibility is the core of the distribution decisions i think we'll be waiting to hear if more of the studios delay or change the release plans for films this spring. >> julia, thank you so much for that in terms of -- we have to get to the market internals mike i might come back and talk about media after the close. >> yeah. we'll do it quig here. pretty healthy internals more stocks up than down volume split is also looking relatively positive on the exchange more than two to one s&p is green most of the day a day when the big index stocks weighing down.

here's the consumer staples. six months staples pulled ahead. whether they can follow up the great performance and underowned and kind of relative value in some lights and working here volatility index is eased back 19s or so. holding at the levels. that's a net positive sign >> as we head boo the close less than a minute to go here, s&p 500 and nasdaq down for a fourth day in a row and nasdaq down more than 4% on the week dow supported by names like boeing, travelers. s&p 500 mixed performance. energy, financials, utilities and staples higher tech and communication services

lower. been the playbook all week long. underperformance of tech outperformance of cyclicals. and industrials. but few better in the period talking about fed tightening and strong economy looks like to close down 1% lower. small caps with a rough week down more than 1% on the day off 11% from the high. there is the close down a little bit of a dip into the close that turned the dow negative all four lower for the week and the day. ♪ welcome to "closing bell." i i'm wilfred frost along with sara eisen and mike santoli. bob dole is calling for a correction this year and will explain why and which sectors will outperform. jason snipe is still with us sara saying there dipped into

the red for the dow at the close. best performer for the week. the nasdaq down 4.5% jason, clearly the other factor was the rise in yields over the course of the week which is stark. we get cpi next week are we protected when that comes out given the rise in yields we have seen? >> yeah, yeah. obviously a tremendous move in yields this week for me, especially as we i focus on financials, for example, i don't think it is a steepening of the yield curve story i was listening to a guest on the 2-year note and moving up quickly. i don't think that's the complete story but when i think about financials i do think the return of loan growth is

decisive going into the quarters in year so that's a story i pay attention to i think the cpi number will be hot and probably in the 7% range. and the fed's going to step in as i mentioned earlier xhints i think the fed has got to make a move here and will be and monitoring closely the economy and the market of course as far as going forward with hikes. >> the other dynamic at work is some of the losers are top of the market this year and looking at the media stocks, the airlines have had a nice start to the year. some of the other reopening trades that ended up red for last year. is this normal sort of starting seasonal stuff or could there be some turn arounds in sight >> there's a dynamic with a reprieve for some hardest hit

stocks it is caught up in the idea of running from consensus favorite growth stocks toward things that are underexploited or seen as neglected or linked to the economy or reopening that's all in play the fact that the rotations happen so sharply in the first week gave people i don't have time to slowly my grade into a different allocation and that's why it's a noisy signal that we're watching in the first five days there's a standard thing maybe says how the whole year goes it is squishy doesn't say it's a down year but on people's mind s&p closed on the 50 day and plety for people to argue about all weekend with the trend. >> i thought the christmas period was meant to tell us how the year would start. >> exactly

and so there's all these checklists if you want to be textbook the almanac says the santa rally and the first five days and january. look it is nothing pefr fekt. the market goes up two thirds of all years. there's a heads start. we have an unpredictable thing called the stock market and people try to grasp on to the patterns. >> inher entally unpredictable when you produce a brilliant chart you don't get credit and when there's a hint to possibly have something wrong on it we pick up on it. impossible job leslie >> yeah. red reddit, they have hired morgan stanley and goldman sachs to manage that ipo that is of

reports from bloomberg today we also have learned that there's a third bank leading the ipo of jpmorgan. morgan stanley, goldman sachs and jpmorgan to lead the deal and could kick off march we are told they filed confidentially there have been reports sounding valuation and still expected to be $15 billion march is quite a ways away and could change this is according to people familiar with the matter why the company declined to comment. but again another step in the process for one of the most hotly anticipated ipos on the year. >> might be a test of the memes. >> sorry leslie, took so long for this to come and to have the announcement made and to say come in march whether the nasdaq tanked 4.5% and various newer

tech companies fallen more you wonder if they missed the golden opportunity and surely was last summer. >> yeah. i think that's a big question for all of the ipos to be frank. i'm speaking with sources that say this is a year to return to value names. industrials for example. financials this is not necessarily. people aren't anticipating a lot of more kind of high growth silicon valley backed companies we have seen recently. there's a big part of the market but maybe not the way we have seen in the last five years. reddit might be bucking the trend and there's an appetite for a few but the pipeline of a few years people don't expect 2022 to be the same way. >> leslie, thank you. back to the broader market,

a rough week for the growth stocks let's bring in lisa ericsson from u.s. bank. you're overweight stocks what do you do with technology names? >> we're still actually positive on the tech sector and growth names and really the reason why is even though they had a recent rough run if you look at the tailwinds they continue to be supported by a lot ofshifts in behavior, whether people wanting any time anywhere con neck tyty or flexibility in how they shop and so they have continued to get that tailwind in addition to the fact of the reopening which again will hopefully continue to sustain growth throughout 2022 there's a number of reasons we continue to advise people not to abandon the sector but to hold on to their positions.

>> the case you're making is similar to the one from cathie wood saying it's the secular technological growth tailwinds to propel the stocks ark innovation fund lost more than 10% this week and now 47% off the high just are these the type of names you talk about given that's the crux of the ark. >> looking at the sector we see a broader opportunity set right now to be interested in within the u.s. equity market while we advocate to hold on to the positions in some secular growth names we think some sick welcomal names that you just have been talking about on the show is interesting and back on the fact that companies have really managed both the top and bottom lines well and subject to continued reopening as that

occurs throughout the year and overall while we have headwinds on the policy front we have a low interest rate environment and certainly a fed attune to some of the trade offs with growth and inflation and see a broader opportunity set in terms of sector landscape as interesting for the clients right now. >> are you worried about how much banks ran up this week? >> they have had a fave but if you go back beyond just the last few months it is on the back of some underperformance on a longer term perspective. >> lisa, thank you so much for joining us today. >> thank you. jason, we want to get your zone in idea top trade. what are you going for >> for me i really like qualcomm

here consolidating 2021 and then had a really nice catch up trade above 20%. i like how they have diversified the revenue stream just we think of qualcomm as a head set and 5g story but what they do in autos is admirable the deal with volvo, with honda and with bmw is opportunity there in terms of info-tanment qualcomm is a nice story for 2022. >> jason, good to talk to you. have a great weekend thank you for joining us. >> likewise. >> we are just getting started here on the second hour of "closing bell. an investor on why a major

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welcome back bitcoin in the red today and falling 8% on the week and gaining traction with gamestop, one of the -- new stories this week of course relating to crypto cnbc confirming that gamestop plans to create an nft marketplace. let's discuss much more on this topic and bring in the next guest, peter johnson great to see you thank you for joining us before the gamestop story just wanted your take on the pullback in bitcoin this week and whether you fear there's more to come in the year ahead. >> yeah. thank you for having me on

so at this point bitcoin is still viewed as a speculative storer of value. a risk asset right now it has a high correlation with other risk assets and sold off largely because of that and also more market dynamics where there's a significant amount of open interest in the open markets and led to liquidations and driveren the recent price action in bitcoin. zooming out -- go ahead. >> no, no. go ahead. >> yeah. zooming out, i think what's really important over the long term is what we are setting ourselves up for this year there's several positive catalysts. one is a macro backdrop with fears of inflation good for bitcoin the second is massive amount of

capital to be deployed into crypto hedge funds are increasingly deploying into the space and talent the smartest people in the world are building in crypto and i think that those factors are really going to be catalysts for positive move in the space this year. >> talking about the opportunities in terms of fintech and web 3 disruption across the banking space what are the boest ways to play that? are s the value creation happening behind private closed doors? >> it is interesting because that's changing. there is the interesting thing about web 3 is does open value accrual and ownership up to the user so you don't need to wait for a company to be public to participate in the accrual you can buy the token,

participate in the network and benefit from the value i think that is the probably best way to. get involved be users of the product and kind of judge for yourself the value of the products and the tokens i also think that there is increasingly large public companies whether that's financial institutions, retail everies, everybody is going to look for a crypto strategy this year like the internet in the late '90s calling them dotcoms and then everybody was a dotcom. like right now is the early stages of everybody starting to develop the crypto strategy. how will they use it offer products to the customers? is it using stable coins as payment rails? but i think more innovation will make the way into public

companies and there's going to be plays there, as well. >> you need the price to be stable or going up to get all that money into all of those exciting technologies and start-ups. i wonder if the recent slide and people underwater shows that bitcoin can't be a reliable storer of value when monetary policy is tightening and a play on the massive liquidity and then when the tide turns it will be rough. >> the volatility is expected. and i don't think it phases most folks in the crypto market you can't go from an asset nothing 13 years ago to several trillion dollars in value in a straight curve up and to the right. the market gets ahead of itself

and corrects and going through the cycles and part of a natural cycle and maturation of the crypto assets but if you zook out i think they're all points in the right direction. >> seeing a story like with gamestop do you welcome that as a broadening out in the way that crypto's being accepted and the interest in it or is it a story like that where perhaps it has some spuriousness attached to it that's bad for crypto as a whole? >> gamestop specifically maybe is gimmicky but i think overall a good move for gamestop if they can execute on that plan that's great for them. it is indicative of the macro trend that every company is looking to do something in crypto and integrate this into the business and take advantage of the benefits of

decentralization and true ownership and send value without a trusted third party and that greater theme is more important than anything specific that gamestop or others are doing. >> i think one of the predictions is that stable coins will gain attention. whyis that >> absolutely. we are bullish on the use to stable coins there is a lot of volatility in crypto assets and for people that want to have something for payments and maybe escape currencies around the world this is a perfect venue to do that. stable coins anybody can hold, spend, borrow and use u.s. dollars and not widely available

to the world and now it is and great for the world and the u.s. dollar and something that's going to power stable coins that are about $140 billion outstanding and will have $500 billion by the end of the year. >> thank you so much good to see you. >> thank you so much for having me on. cross mark chief investment officer predicting the treasury will do something that they haven't in decades plus tech stocks falling 4% this week a top analyst on the stocks he thinks are oversold.

it was a stellar year for the stock market in 2021 s&p 500 gaining 27%. nasdaq up 20 so far stocks having a rough start to the new year. joining us with the outlook bob doll at crossmark global investments. welcome. nice to see you. you had a few predictions right and one that you missed that a lot of people missed, most, the inflation and how fast and how long and how high to get it looks like you said to

approach 2%. we have gone well above that level. how does that set us up for what to expect? >> i remember a year ago the questions most on that prediction inflation as high as 2%? consensus was 1.5. we were on a lunatic fringe and like you said we were way low. inflation is snuck in there. we wrote a white paper in september saying it's not transitory the fed expunged that word from the vocabulary inflation is likely to fall in 2022 as we solve the supply problems and the transitory piece and there's part of that goes away but the core inflation will be between 3 and 4 and that's not quite where this consensus is as you know. >> no. you have the stock call right and predicted to reach new highs and got that last year

this year you predict a 10% correction is that what we're spirnsing right now? >> good question this is still a seasonally strong period. so not sure if that's what we're in now but i think we'll get one. most years we get a 10% pullback it seems out of character. we think it's a bumpy, trendless, frustrating year. there's a tug of war between earnings tailwinds and valuation headwinds. of course this past week we saw the valuation headwinds create a lot of havoc in the market we hope now as fourth quarte earnings in front of us to see the earnings tailwinds so we can rally back on a -- >> you think it's finally,

finally, finally a year for my continent back home. >> yeah. i start with the question, will international stocks ever outperform the u.s. again? it happened two of the last ten years but the guess is as economic growth and economic and earnings momentum pick up outside the u.s. with the cheapness of the u.s. and probably dollar weakness before the year is over we have a chance to see the continent do better, my friend. >> i should be taking this positive and not coming up with a negative on it which is that if we do get a bigger pullbag in the u.s. is a buying opportunity to get in to international markets? or can this outperformance on

international markets on a relative and absolute basis throughout the year? >> i think either way. it is back to if you believe in inflation is not going back to 2 and interest rates creep higher, what stocks get hit the worst? long duration, high growth, high pe stock just the u.s. more than any other part of the world and part of this belief the baton is passed overseas. >> when wilfred said finally, finally, finally i thought he would say it's the year for value investors. >> same applies. the same applies because europe is cheap, old ex-growth rubbish. >> how about value in the u.s., bob? turns out growth won the day and seeing signs but the russell

2000 down 3% for the week. >> yeah. not helpful on the small cap side but even today value stocks beat growth stocks by 100 base i points look if you believe -- i'm coming back to the same theme we have the valuation headwind and the economy of the u.s. and the world is okay it is those shorter duration stocks that have earning and cash flow now that will do better at the expense of those long duration i'll make money some day growth stocks. >> in terms of -- it is also linked percentage sector weightings in europe higher and so much of what we discuss is overlapping are you worried by the run-up in the first week of the year added

to last year to the extent it doesn't provide many sectors with the attractive upside >> yeah. are we ahead of ourselves short term quite possibly but if you look back, the amount of underperformance the financials had prior to the recent outperformance is significance with valuations and who benefits from rising interest rates getting a decent economy is more lending. the banks have much better balance sheets today than last cycle. they didn't do bad lending like in the pandemic that buying back the stock, raising the dividends. i think there are ways to win in these financial stocks. >> so the problem, bob, or what could disrupt the apple cart in this world view of value and

cyclical stocks working is what if the economy really weakens here and the fed is tightening into a weaker economy with high inflation? what does that look like because we have seen weak data points this week or weaker than expected. >> we have ifr to throw the predictions out the window if that happens but the view is that rising interest rates will have a sooner effect on the financial markets than the economy. remember the fed when they foist raise rates from 0 to 1 quarter of 1%. two or three or four times is not an interest rate penalizing the business the fed is accelerating -- in an accelerating mode in terms of helping the economy and got a ways to go to get to neutral

before it's punitive >> bob doll, happy new year. thank you for joining us. >> happy friday. >> you know happy friday wilfred? it is time for a cnbc news update this friday afternoon with shepard smith >> thank you president biden's vaccine mandate policy is in the hands of the supreme court that court heard arguments if two cases that challenged the white house policies one involves a vaccine or testing requirement for businesses with 100 or more employees. the other one a vaccine mandate for most health care workers there could be a decision within days. nato's foreign ministers meeting today to discuss the russian military build-up on the border with ukraine and warning the risks of conflict are real

nato secretary-general said they want a solution but if that fails he vowed significant consequences for russia. sidney poitier has died. poitier's trail disease blazing career spanned more than a half century including roles in "a raisin in the sun" and "guess who's coming to dinner." he was 94. tonight, a deadly officer involved shooting in ohio and the body cam video that's igniting the texes of use of force. sara, back to you. >> all right see you then thank you. after the break here on "closing bell" game on for new york the state kicking off mobile sports betting this weekend.

and later a look at the fading influence retail investors are having on stocks and what that could mean for wall street "closing bell" back in a moment. ,

the more questions we have. the biggest question now, what's next? what will covid bring in six months, a year?

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mobile sports betting starting on saturday. contessa brewer looking at the stocks that could benefit. i can timely bet on the bengals. >> that is fantastic i'm so happy saturday is tomorrow so gear up mobile sports betting kicks off tomorrow at 9:00 a.m just ahead of the nfl playoffs and college football championship game. they're chomping at the bit. they got to the starting line first and get the first mover advantage. flutter is own er of fanduel. the analyst at wells fargo said the pullback in stock prices is an opportunity for patient investors, those who can wait for the companies to turn a ploft on the sports gambling and i-gaming ventures.

i asked about balancing growth with that goal for profitability. >> we have been one of the more efficient operators wh we obsess about that and want to make sure we reach the broadest audience and do that in new york, as well. >> you love the bengals. sara, howe said she grew up in buffalo. she just lit up talking about giving new york an opportunity to bet on her beloved bills. there's someone in that control room i think passion about the buffalo bills, as well sara, wilf >> what about arsenal this weekend? where's my - >> i mean, if you want to bet on that you can do it in new york now. go ahead have fun >> there we go.

>> that would be mike with buffalo. >> what is -- i know i'm aware of that. what is the score prediction for arsenal? >> 2-0. >> 0-0 nothing ever happens in soccer. >> there we go. >> somebody will -- nottingham 2. yeah. >> gosh. well, i hope you're wrong. thank you for joining us >> sure. the ceo of caesar's entertainment will have more in an exclusive interview monday on "squak box." don't miss that. we'll review contessa's 2-0 call. tech analyst on the putback this week and the two stocks that are the best bets to cash in on the metaverse and mortgage rates. find out wthheer it could slow down the housing market later on "closing bell.

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welcome back tech taking a tumble this week with the sector lower by more than 4%. some big oes losers salesforce and adobe. for more on the opportunities let's bring in brent thill thank you for joining us. >> thank you for having me. >> overall valuations do you think they will continue to come under pressure like this week or is that set the barlower for the

rest of the year >> if you look at software multiples down 10% last year 15% in the first week of the year so you've had a massive exit in software across internet names and we think we are not there yet. there's still frothy multiples multiples up 80% in 2020 and unwinding from the covid pull forward and closer to the bottom and probably not quite there yet. i think a number of companies give conservative guide for the year and clearly we got some fairly positive news out of one company today and the stock went down 8% and tells you that right now everyone wants out of tech in the short term. it is a rotation to energy and financials so unclear how long this lasts and tech has felt it and we think it takes time to come back

so probably not quite at the bottom but certainly getting closer. >> what about for the mega cap names? do they follow the smaller cap names lower before they rally? >> small cap was rocked first and then mid and now large cap is most expensive in software. everyone is getting adobe, salesforce, microsoft. microsoft down 7% starts the week a story we think is a great fundamental franchise. i don't think we're at rock bottom yet but closer but we have said that you have an unwind and they took it out on the small caps first small cap looks interesting. most multiples at takeover land and the coast is clear large cap not there but great

franchises and long term holders we don't have a concern there. >> but i think your favorite mega cap tech pick is meta, right? why do the tech analysts like facebook and meta when the world likes to hate it >> we like it. it is cheap. it's the 11 1/2 times ebitda they're cheaper than google and google works last year it works in odd years. so i think meta is doing some really interesting things. looking at oculus. no one expected it would be the number one downloaded app over the holidays i should have bought fiver and i bought one this is a sign of on roads to a new revenue tuopportunities. it's effectively showing to do

more than advertising. so this is an onramp to the metaverse and to meta getting to the younger audience which they lost to tiktok and snap. so i think it's cheap, sara, and we think again their advertisers say they get the best roi on the platform. >> is china tech cheap for a reason >> it is i don't cover china tech but it's cheap for a reason. that's another conversation of everything going on there. i think it is out of the control of what we see and focus on the u.s. u.s. tech names are cheap as well with meta at 11 1/2 times ebitda many of the internet names are chapper. software and some high fliers have a long way on downside.

the common mistake is many investors feel like we'll bounce back seen 50 to 80 to times revenue multiples is probably long gob and reserved for the elite of the elite. i think this is going to be difficult to maintain those type of multiples across the industry and i think those days are gone. >> is that the only thing going on that the multiples are contracting in this new environment with rising rates and the fed and everything or, is anything changing fundamentally with the companies and the big cycle of everything moving online and the high growth rates their had >> multiples are the big things that changed you nailed that. i think fundamentals are weakening a bit. so if you look at the software industry 80% will show a

deceleration of growth 20% will accelerate. that's a lowest numbers in years. we're all working from home. you buy zoom or teams or salesforce for microsoft they can't keep growing 22% a quarter. that will be a best growth quarter and the ceo is selling stock. you just came off one of the best quarters ever so i think you have a digestion period to go through i'm not of the opinion it is over for tech but we have to digest and with decelerating growth that's a toxic set-up for

stocks and starting the year down 15% on multiples right now. >> yeah. 6.6 for microsoft. have a good weekend. mike with a look at the waning impact retail traders are having on the overall market mortgage rates at levels we haven't seen in 2020 on the rise what's at stake for real estate.

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♪ gamestop finishing session up 7% today. let's go back to mine santoli for an updated look at retail trading in the stock market. mike, you couldn't just let me have it, that meme trading is back. >> listen, it's a lot higher than a couple years ago. we're 51 weeks removed from when it all started with gamestop the stock still higher than when it started, but you have seen waning influence on retail options trading, which is the main wayne that influence was

felt over the course of the last year and a half. remember, this is shortly after the market bottomed, after the covid crash. that was the hertz speculation, and then, of course, we got really busy when it came to gamestop and the other meme stocks really getting going into january of last year this is the percentage of options orders basically from retail sources, from smaller traders. the longer-term trend is down. it's still pretty busy, it's hard to maintain that level of. >> announcer: and enthusiasm in these stocks, many of which have actually come down a lot when you're trading options and just buying calls for the most part, it's a formula for having a lot of wear and tear on your portfolio. now, here is a way to try to gauge the influence of that activity from morgan stanley on stock prices it was a complicated math involved here, but basically, it shows you the same angle

yes, retail is still a big deal. if you go back three, four years, it's a lot busier than it was, but it has been receded a little bit we'll see if that changes. we can certainly weeks and wane a -- wax and wane up next, this l.a. mansion, once the most expensive house in america, is headed to auction. we'll tell you just w cht homu i might go for, when we return an. what's this? verizon 5g for your home? see ya cable! just plug and play it's ultra fast, ultra simple, 5g home internet. (mary) shhh (vo) and it's 50% off with your unlimited plan. verizon is going ultra, so you can too.

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welcome back we have a double dose of housing stories, mortgages rate hitting highs since the start of the pandemic, plus the most expense imp home heading to auction, not likely one bought on a moor, though robert frank has that story for us diana, kick us off. >> this spike comes after we saw more than a dozen record lows last year. we saw the rates shoot up about 40 basis points, but the true spike was this week when the federal reserve made it clear it would start off-loading mortgage-backed bonds sooner than expected.

we're up almost 25 basis point since new year's eve we could see 3.6 by monday what does that mean? on the median priced home with 20% down, the monthly payment is now about $100 more. for those putting less down, it's about $120 more all of this is likely to cause more urgency among buyers, not usually a hot time in the housing market, but not much is usual in housing these days, sara. >> true, like many things. thanks, diana. robert frank as more on the most expensive home going up for auction, hopefully with pictures. >> yeah, lots of pictures. it's 100,000 square-foot house in bel air it's 4 acres, 21 berms, a nightclub, a 40-seat mother

theater, its own bowling alley, a 10,000-bolts wine cellar, and a garage for 30 cars, and seven water features, and a moat that runs, it comes with a mountain on debt. unless it sells in the next month, it will go to the auction block as part of a bankruptcy. the broker was telling me today they already have one offer from a saudi royal, another from a chinese billionaire. more on the way from crypto whales so we'll see if any of these offers of high enough to prevent an auction next month. guys >> wow, that really says it, the crypto whales. i feel like 42 bathrooms might be excessive well, hold on, a quick question, robert so it's not like a -- there's not like a christie's thing

tomorrow it's just that bids are open >> from february 7th, the bids start. they close on february 10th. it is no reserve, wilf, which means whatever the highest bid it at the end of day february 10, so it is in a way like a real auction it just takes a few days. >> no reserve, wilf, put in your bid. >> astonishing number of bathrooms. four acres is not that much. i get that it's a great location and all that, but you think that's a bit did i apsappointin. >> 42 bathrooms, that's a lot. >> but only 4 acres, i wouldn't go with 42 bathrooms, pay just 30 >> 20 seconds, mike, tell us what we should be watching in

the market. >> very tough week you want to watch to see if the nasdaq has come down enough. also, yields very much repricing for an imminent fed rate hike. two-year yield was the only one not you have today that maybe means we're rethinking -- >> i took up your time, mike, sorry. we're out of time, "fast money" starts right now 42 bathrooms, that's a lot of scrubbing bubbles tonight on fast we're on the verge of earnings season kicking off. find out which names they are betting on heading into next week plus the chips get checked, the semis pulling back after finishing off last year at record highs, so where is this trade head headed from here? the chart master will lay it out. troubled brewing for starbucks it's not just the falling stock price that has one of our

er