they want to become the super app of mealtime. offer different options and people can do whatever fits within their budget or flavor palette. they are miniaturizing all of these different restaurants into one tiny kitchen and simplifying the process and they also see some opportunity because of a labor shortage. what they heard is that a lot of these hotels and airports do not have people to cook in the kitchen. if you can simplify things into one of in and make it possible with the push of a button there is potentially something there. >> equipment and meals that they will be providing. we have to leave it there. thank you for watching, everybody.

>> we went from the very deeply oversold level back a couple of fridays ago to not being not quite overbought yet, but getting close with that territory. we think we are in a really important pivotal point for the s&p 500 be right about it 4400. that is also the downsloping line that we had been in this downtrend since august. if we get above that i think the question is does the spark a chase rally into year in to get the green light to have the proper santa claus rally? >> you are not convinced yet? >> no. we have to judge it as we get the resistance. it is interesting to see things like that sit out today. those have been areas that in order to see a more sustained rally we would like to see them participate. >> and yet we are seeing signs

of weakness. materials and energy and industrial is not really participating. we are back to a narrow market. it is communication services. >> i asked this question earlier too. why would you take the risk when the rates are still elevated when you can say i will go make -- i would just go down the evaluation spectrum rather than take the risk on an industrial name because it is so cyclically tied to the economy. >> very good point. we typically see large growth perform. so prototypical. i think the risk that you have going into 2024 is that if those areas are crowded and

expectations are high do you see a leadership rotation? through the end of the year why would you sell it because you want to show that you own it. >> we talk often about this nonperson and moving eight sessions out of the nasdaq. today going 48 in a row. certainly does not look like it is ready to fizzle. what do you think? >> i think it is that 4400 level. if we can break through that it could be the thing that pulls positioning from what is no neutral to being overweight. it helps your goal. if we do not breakthrough we are continuing in this. you go through this again. >> one week. i said i would mention these. apple, microsoft, alphabet, amazon, and video reports

earnings ahead. those moves are astounding, which is why some people take pause. others look at that and say the end-of-the-year rally is totally intact. the rates have come down and we think the fed is done. the amount by which the 10 year note yield was like 50 basis points in a few days. >> that is an area we were deeply oversold and bonds. now we are back. just as important. if it breaks down maybe that gives you even more room to be able to do multiples. sitting around 18.5 times for the s&p. maybe you can get up. the other

point is that tech is now back at a relative high versus the market. for everything about interest in valuations they have not cared at all and is now in a new relative high compared to even above where we were in july. >> if you think a soft landing as possible or maybe probable would you by the two-year or would you buy the russell? >> i would by the russell. >> because there is greater value? >> if you think we are having a soft landing it means the risk is overpriced and that the valuations are trading at a major discount. if you have a soft landing maybe you get a little bit of said support. maybe you get those interest- rate cuts.>> would you on the by them if you think we are going into a recession? >> you would and if you wanted to add even more would extend

the rations. >> what if you think the rates are going to continue to calm down but we will not go through a recession? >> that is when they would do the best. we had multiple decades unfold. you not only get the arnings because you are not going into a recession, but you also get support from the fed to help keep multiples higher.>> money and youth in the usa. stock market. good place to build wealth or invest to third say yes and 63% versus 37 given everything we have gone through over the last year what do you make of the results? >> how different would that have been after the tech bubble burst where you had a huge bubble that brought a lot of retail into the market and that kept people out for almost a

generation for decades. this is different. we had bubbles in certain areas. we saw it over the course of 21. they are still clamoring and have open-mindedness. >> i wonder what the responses would be before october of last year. i wonder what their response would be when you are at a dislocated feel of the market. let's bring in our cnbc contributor. what are your thoughts? >> i think one of the things we have talked about a lot over the past several months has been the evaluation and they did a good job of laying it out in the market. if you think about the rest of the market outside of the max of six and seven your certainly seem more attractive valuations. i would say one of the things

that is important is a lot of us come on these programs and talk about quality and cash flow and balance sheets. they have strong cash flow and a competitive edge and advantage. and they have quality absolutely in many cases. i think they are not over valued. i think your argument is that if you are talking about a rally to be sustained they cannot be the only leaders of that market appeared there needs to be more. if you look underneath that they may always trade at a premium. we can argue until the cows come home about the appropriate premium.

they are vulnerable and susceptible to multiple compression. unlike many other parts of the market. you can just go to other parts of the tech sector. you can go to the parts of industrial that are not quite as cyclical to get that collection or margin of safety where i think these stocks potentially have as a risk. >> at some point you cannot write it only and expect the stocks to go up. >> and you cannot be complacent. look at amazon. it is a consumer business with a huge transportation network. the thing is that they have

better balance sheets and less cyclicality than other parts of the market. if you have a recession it is not as if they will be completely unscathed.>> i think a grade point is we talk about the ability of these companies to grow. all of the companies that they sell to may not have that if we fall into a deeper contraction. i do not necessarily think we are going to a recession, but that top line will be at risk. customers may be spending less. we have seen enterprise spending we were all talking about it declining, but we have seen that with specific software outlays. that has helped the top line for these companies even when some of their customers may have been feeling a little more. >> let's dissect these other areas of the market as we move

away from tech and we are thinking about when is the rest of the market going to pull its own weight? people are still talking about supply and demand imbalances that will keep oil going up today and that these are going to do well. when do we feel comfortable buying energy?>> we like it as the inflation hedge. the one challenge is that it tried to break a vote and just ultimately failed. from a technical perspective that was a really sharp sign for what we are trying to balance now is how much if we do not have a recession or demand estimates too low and then how much is the supply overhang having a lot of excess capacity that is not using keeping that downward pressure on prices.>> what about financials?

>> it is certainly not all the supporter right now. you are looking at these sets of financials. those that are able to grow. that certainly gets easier with a more normalized deal. >> that is going to be a long time coming. on the flipside of that you get more volatility. i still think that regional banks are going to be a challenge. if you think about that you have to have some strength or a satisfactory outlook for regional banks in order to get a sustained balance. >> i would say is anybody going to run out here and there are

still questions about the recovery of china? what am i going to say? discretionary? >> i think that is why tech is playing this middleground. if you are thinking i might be worried they are still doing terribly themselves. it really gives you only those with stories that are doing well right now. >> why can't that continue then? in other words, why would we be in any different environment than watching these seven stocks run up and if you are in them you are in the right place. if you are in the others you have had a miserable year. >> i think that can be sustained in the short term.

that is the challenge here is that we are look at all of the underlying opportunities and saying great. there are definitely ways that we can be active. we can think about some of them that have not participated. over the next six weeks or so it will flow to a place where it feels comfortable. i think there is a lot of uncertainty particularly in the first three or four months. the bigger piece of this is you are not necessarily being rewarded for some of the companies that are continuing to execute well. you look at the shareholder value that is being delivered. you look at how they are thinking about discipline. this is the reason why the sector was on investable prior to 2020.

>> hard was it to make the call you would want to be overtake this year with yields continued to rise and the fact it has been stronger. not like we has been and a super scary environment. i think we have to have open minds. it might be that what has worked will continue to work, but that could set up for some violent and powerful leadership

rotations. >> that is like the counterintuitive trade. i like the way you put that coming into the year. tech had such a miserable 2022 that there is no way it will bounce back. that is where all the action was, so maybe it is the inverse reaction that is going to lead to this. >> that has been the most painful trade. at what point do you see people taking cash and worrying about reinvestment risk and having to put it somewhere? the expectation is that similar to what we saw and a low interest rate environment everybody fouls it back into equity. the play might be some of this cash does not and a back when the equity market but we do not get that pronounced rotation in the first half of the year because people are rotating to longer durations. >> we will see what happens with the data too.

thank you very much. good to catch up with you both again. let's go to our question of the day. would you buy energy stocks today? the results are coming up a little bit later on. in the meantime we will talk about some top stocks to watch.>> thank you. dated on posting its best day ever after strong earnings results. probability is also improving. the positive report is helping the sector. you have snowflake on your screen up by 10%. i have to mention this company that posted their earnings yesterday evening. shares are up 18%. higher on the notion of maybe an expected rebound in cloud spending. shares are up about 5% right now even though this company issued revenue

guidance. they are focused on the profit outlook that is improving, which could be a sign a slump in the industry with smart phones and pcs is easing, which is something we already heard. >> we will see you in a little bit because we are just getting started. up next. the countdown to disney. reporting earnings in overtime tomorrow. people here now from jim stewart who wrote the book on what he is expecting from that crucial report. live from the new york stock exchange. (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently.

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stroke welcome back. disney earnings are scheduled to be released tomorrow. >> we are a long way from the finish line here. there is this thing that is really weird going on in the moment. the screen actors guild is still not settled. that has thrown a wrench into getting much predictability out of this. >> what do you make of johnson

coming in as cfo? obviously not lost on anybody who has followed him who is obviously big in the stock. he was at pepsi when nelson had his thing with pepsi. is this a coincidence he is at disney now? how do you assess that whole thing. >> i am sure that was a plus. he is very experienced and has been in the thick of things.

>> there has been a lot of turmoil. hopefully it can bring some stability to this. disney has a very unique culture and it has not always been easy for an outsider to come in there and readily adapt. that is the one astrid i would put over it. >> as we think about the successor we have already seen this go about once. you talk about culture. i think you would agree it needs to be somebody with an understanding of their creative side and how hard it is for an outsider to come in. do you think firmly that the successor is inside? >> i would think is it is hazardous to guess, but i would think yes.

not since they brought him in all those years ago have they brought in someone -- going all the way back to the tradition that the ceo has to dress up as a themepark character and work in the parks as i have said i did when i was working on my book. that aside, i think it has to be somebody from inside the company. he said let's do some cost- cutting. disney pretty much agreed. and it kept going down, so he is unhappy. what fundamentally does he see as a solution to the reason the stock is down? i have yet to hear that message. maybe he has a plan. >> what is the harm ford disney putting him on the board? at this point and now the fact that he controls the steak so

he has a lot more than before. >> there is potential harm of. is he going to be a team player? certainly there are board members. he could be marginalized. they could listen to him politely and do whatever they want to do. the main risk with someone who has an agenda from what the company leadership has the risk of information getting out of the board room. that is a really serious issue here. very hard to know where they are coming from. that is the last thing.

>> but how can his agenda be so different if his agenda the first time seems to be exactly what the doctor ordered because that is what he announced the company was doing and that is when he dropped this. >> having somebody that wants to raise the stock for us i do not see that is necessarily bad for shareholders. i am saying are they looking at long-term or short-term results. is he really investing for the long-term future, is which he claims he is doing. they may have a very different agenda. >> what is your take on espn? where does this go? >> they reorganized and created this where they are trying to set up the sports operations. a willingness to sell and take a partner and make a strategic alliance here. they have to do something about espn. everybody wants sports. it is now seen as the key to

the problem in the streaming world. if you are a sports fan there is always one that you want to see in real-time. there is always another sporting event. i agree that it is an incredibly important component. disney has a lot of the rides, but they are locked up which is slowly but surely disintegrating. at some point it will have to take espn2 streaming which is what they say they are going to do. they cannot replicate the revenue they got from the old model. everybody wants sports. bidding on these things is going to be insane. the nba is coming up pretty soon. everybody wants that. the nba is really going to cash in. we are all shocked at how high the bidding goes. that is a problem for espn

because the cost structure is going up. >> it will be interesting to see what happens. we will interview exclusively after the results come out. we will talk to you soon. thank you.>> thank you. up next. breaking out goldman sachs and where they are telling clients to put their money.

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markets? because a lot of people were so negative. what are they missing? >> i am. we obviously have a lot going on from a geopolitical perspective and from a rate perspective, but i run the global family office business at goldman sachs and i think one thing to keep in mind is that we are working with clients who are long-term investors and not working with clients who are answering to a board of directors or thinking about other moves. if you can really think long- term about the market we were advising clients on this post summer 10% correction. any time you see a correction close to 10% is when you want to be getting longer pick especially when you are a long- term holder of equities.>> the flipside is now that we have had this big rally in the span of a week how does that factor into the way i should be thinking? we spoke with your

colleague on numerous occasions. monstrously suggesting the path of least resistance. now what? we have had this pretty substantial move. >> i still think you have the seasonality impact of november and december. we see corporate buybacks. five billion dollars per day. up until december 8. and then we have potentially a perfect storm of. i do not want to say it thinking about a soft landing if we think the fed is done, which i do. that is positive for equities clearly. if we think inflation can stay under control or if the economic data is strong but not so strong, and payroll and wages are sort of at the right place to keep things at a moderate growth level i think that positions us really well for equities. >> would you then say you want to move broadly from just this?

if inflation is going to be lower than people think and economy is still going to be more resilient than people think. does that make the case for some of these other cyclical areas or not?>> i am probably not willing to go that far yet. i think it is more for us about just staying in u.s. equities and really focusing if you are going to do single stock work on companies with strong balance sheets. durable earnings growth. stable margins. you have to keep in mind that even though we do not think they will hike again we are in a rates higher for longer market and have to think about that impact we still favor u.s. equities. our investment strategy group has had a fantastic call on that. i continue to have that view. i also think we do not have to be quite as precise if you're talking about clients that hold

stocks for years and sometimes decades and generations. it is okay if you do not get the timing perfect. >> you are not willing to say that the fed having been our focus so to speak by this regime they have been on as not yet your friend? they are not going to cut because a lot of times we think it is not only done but they will want to get ahead of that. it is the game in town that matters most. still mean there could be a challenge with rates elevated? >> not quite our friend. but not our enemy either is how i would put it. what i would say about that is our house view which i agree with is we will see cuts in q4 2004. i think an interesting topic we have been having a lot of conversations with clients about fixed income. we have been super short duration. hard to compete with treasuries six months at 5 1/2%. if you have the view that it is

not going to continue the hike and that we will cut it you want to start to think about extending your duration a little bit. 3-5 years is where we think that sweet spot is with clients. one nice thing about our client base as they are long equity portfolios. they spit out cash dividends. you do not have to rebalance to allocate the new money. that is kind of a lot of freedom to take that new capital and think about adding a little duration to the portfolio. >> also hear from many investors who are either billionaire investors or family office money or hedge funds and private credit. >> it is a big theme. one thing to keep in mind. we published a survey in 2023. we did the same survey and 2021. they are under allocated to private credit. this is not surprising. we come out of a low interest- rate environment for the last decade.

u.s. taxpayers also have to pay ordinary income. today i actually think private credit is really interesting because you were looking at double-digit returns and you have a client base that is quite overweight. i think there is a real space in the portfolio for private credit. those returns are still interesting after-tax. higher on that with better covenants typically. a lot of things make private credit interesting. >> great to meet. welcome to our show. >> thank you so much. up next we're tracking the biggest movers as we head into the close. standing by once again. >> 20% dividend increase be driving one homebuilders stock higher. online travel agency also jumping 12% pure i will reveal those names and more. after the break.

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bookings are up 33% despite the south got for q4 analysts pointing to profitability which is a restaurant booking app in 2024 a year ahead of what the anticipated. slight improvement in both of those categories and were not expecting that. up about over 3%. they also are forecasting better revenue for next year due to low supply and favorable demographics supporting housing demand. people like me who want to buy a home but are stalling due to the rates.>> thank you.

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