>> he should be doing better in the battleground states? >> absolutely or the polls are wrong. >> one quick question before we let you go will the republic stand regardless of who is in the office >> the republic is -- god bless the united states of america no matter who is in office, this is the best country, the best markets, period, end of story. >> you heard it here >> the best golf courses ron, thanks for joining us >> the best hosts on television. >> thanks for watching "power lunch," guys >> "closing bell" starts right now. >> welcome to "closing bell. i'm scott wapner live from post nine at the new york stock exchange we begin with chasing the market as yet another firm bumps its s&p price target we'll ask our experts over the final stretch where stocks are likely to go in the months ahead. in the meantime, the scorecard with 60 minutes to go in regulation looks like that pretty mixed day for the majors. boeing is a drag on the dow today. tesla is lifting the nasdaq and the discretionary space. elsewhere, service now, how

about that stock its earnings guidance, they beat the street near 5%. software names getting a lift as a result of now. does take us to our talk of the tape how to play these markets over the remainder of the year. we'll ask our panel that question joeterranova, marcie mcgregory malcolm etheridge, joe and malcolm are cnbc contradictors welcome, all joe t., to you first people are looking for more volatility as the election gets closer but this is hsbc today which bumps its target to 5900 they had at 54 so that's old news 59 is where they think we can go they have more visibility on earnings growth and rates. what do you think? >> i think that target is probably a little light if we have a year end chase for performance. the larger question is how exactly do you want to be

positioned into the end of the year i'm always thinking to myself when i study my portfolio, where could something go wrong the first place i look is sentiment and positioning. and what troubles me is the price action this week, and look, a lot of people are saying all right, don't worry about the rise in yields we'll be okay with the rise in yields market will be able to digest that but the rise in yields takes away the foundation of the rotation trade that was in place after the third quarter. the trade where you moved away from quality, you went high beta, you went small caps. you ignored quality. and i think the market right now is positioned in that basket the market is not really positioned, it moved away from quality, and most importantly, it moved away from mega caps i tell you what, tesla is up 20% today. i have watched it, i have traded some options i don't have anything on right now, full disclosure, but there

has not been one pullback today in tesla to me, that is an indication of where we are in positioning with mega caps. next week, you have mega cap earnings and what i'm concerned about and troubled by is that we might be setting up for the chase for performance looking a lot like 2023. and in that environment, myself included, you see underperformance >> okay, so you think we're going to revert back to a quality and mega cap led market. you're not saying that the rise in yields puts the run into year end in jeopardy. you're just saying the makeup of it may not be what you once thought? >> correct built upon the way the market is currently positioned and the messages that i'm seeing internally in the market, yeah, i'm wondering if that's how we're going to close it out. >> next week, once you get the mega caps is going to confirm that >> i believe it will you have microsoft, you have alp alphabet look at the performance over the last five days really the worst performing mag

seven name is meta, down maybe 1% while the overall indexes are down significantly more than that you have some mag seven which are actually higher. >> nasdaq is off for the week, but only one half of 1%. it's the other majors down more. there have been some idiosyncratic issues with dow stocks which are making that index look a little worse. obviously, but your point about the small caps is well taken because it's down almost 3%, is the russell. that's where you would see most acutely, right, the rise in yields and the impact on stocks? >> absolutely. i think that's where, again, the sentiment and positioning went a little bit, turned too much toward optimism, turned too much more the belief that we were going to have -- >> what do you mean optimism >> there was optimism surrounding the fact the federal reserve was going to deliver more aggressively on rate cuts >> they don't have to. they don't have to

isn't optimism about the economy and the consumer and knowing that rate cuts are coming anyway isn't that more important than the optimism that was once there about a whole slew of cuts you don't need the cuts like that >> i think -- i think that equity size class specifically, small caps, absolutely need it >> i'm not saying small caps don't, but the overall market is proving out -- >> you're 100% correct absolutely the market doesn't need the rate cuts you're 100% correct. but to get that real broadening out, look, we're sitting here october 24th, still waiting for the small caps - >> i don't disagree. >> -- to come and participate. but it's important to think about how is the market positioned and i really believe the market might be offsides here coming off q3 where it looked like okay, more aggressive federal reserve. you have a ten-year at 3.75 in

early september. now that ten-year is going to maybe go down to 3.50, and guess what, it reverses and goes back toward 4.25. that's not a good recipe for that >> we'll see i mean, it's all -- it's near term, it's tactical trading. let's broaden the conversation marcie, what do you think? what are your thoughts on what joe had to say >> well, i think the ingredients are in place for this melt-up to continue i won't be surprised by volatility either before or after the election, this could be a sell the news market event. i don't see any pullback as an buying opportunity because the ingredients are in place for this uptrend to continue you have a fed that is cutting i think it will be a slow, steady march ahead earnings are broadening. ultimately, i think the catalyst for small caps isn't the fed cutting. i think it needs to be earnings pig picking up in 2025 when i look at the s&p by second quarter of next year, i think all 11 sectors will be part of

this earnings growth party, and i think once we get to the new year we're going to get a new influx of liquidity. i think the recipe is there for this bull market to continue outside of some choppiness in the next few weeks agreed, sentiment has started to heat up a little bit, so i'm watching it closely, but fundamentals are in place here >> malcolm, that seems to be the prevailing thought, one that i hear quite often get the noise, get the election out of the way get some other stuff out of the way and keep your eye on the ball good economy, fed is going to be cutting. consumers hanging in rates aren't going to back up, you know, that much more what do you think? >> yeah, i agree i was in agreement with joe where he started off with the idea that he didn't say it this way but i will, the animal spirits are definitely back. but i think for a different reason i don't necessarily think yields are the thing driving it here. i think that the mag seven trade once again is prevailing i know you have heard me say

that month after month when different analysts have come on to say the market is broadening and this is going to be the moment where the market broadens i think tesla being up 20% on a revenue miss, i know earnings per share growth looks grapt, but i mean, on a revenue miss for a company that had no business being valued the way it was in the first place as an automotive, forget trying to convince us. it's a tech company. that alone convinces me that the mag seven trade specifically, forget big tech for a second, still has a lot more way to go because until something substantially comes in to break investor psychology that thinks the mag seven is the place to be, everyone is afraid of being caught out like we were in q4 of 2023 and that lends itself back to names like tesla. we have seen apple up for the last -- if you look at the six month chart on apple, it's up about 40%, and iphone sales for the 16 haven't been all that awesome. we haven't had a chance to put our hands on apple intelligence just yet

revenue growth, iphone sales were slowing in the last couple quarters and so nothing substantial has happened with that company to make us believe that it's more profitable or going to be more profitable near term, but the stock is a rocketship. i think those are the kinds of things that prove that toward the end of this year, we're more likely to see us charging toward the 6,000 level than going back in the other direction >> so you think that six-month move we're looking at on the screen next to you, let's put that back up you don't think that's justified, the 36 i think it was percent move we were just looking at >> i'm not necessarily saying that it's not justified to think that apple is a place you want to park that capital i'm saying all of the fundamentals, the reasons we're told we should want to be long term shareholders of apple, all the reasons dan ives tells me i need to hang on to apple, none of those things have come to fruition yet, but the stock has still been rewarded for the positive sentiment without any results. >> joe, how do you see that?

i mean, what we're learning heading into these earnings reports next week is that all stock performance in the mega caps is not created equal. whereas once it was, it feels like we have had some divergence between the various names, nvidia has been an absolute rocket ship, again apple had a nice run there, but some of the others haven't performed as well. >> certainly, and the third quarter was evidence to exactly what you're speaking about microsoft, alphabet, underperforming in the quarter alphabet with really not a very good quarter for them. so yes, i think you don't need the totality of the mag seven to work like we used to need it good is good enough. i think the ai thesis is so important. look at today, the formation of a lot of technology names and how they're trading. i think you have tremendous comfort if you're looking at the semis to see that lam research

is responding well off its earnings report. lam research is up about 4%. lam research is one of those names that we have all owned it's part of the semi equipment ai story you wanted to see them deliver in particular, in the wake of what we heard from asml. i'm less troubled about seeing ibm down 6%. okay, they have come back nicely on the year, up 32%. again, servicenow. performing well. part of the ai story you want to insure that as we move through this earnings season that the ai thesis, which has been such a remarkable catalyst for the market and for earnings themselves, you want to make sure that it's just good enough to keep this secular bull market steady and on its direct trend. >> marcie, you are pretty broadly bullish if i could suggest that aside from your obvious, you know, being overweight equities at large, utilities, health care, discretionary, financials,

core themes ai, infrastructure, data centers, security, maybe you're talking about cybersecurity. you tell me. >> yeah, those are our themes looking ahead. one thing i'll point out for everybody to think about is the parallels to what we're going through in the market right now to 1995, the last time the fed pulled off a soft landing. if you look, technology wads the market leadership heading into the first fed cut, but financials emerged as leadership coming out i think financials is showing a lot of technical leadership right now. it's a sector i wouldn't ignore. but yeah, utilities, you know, highest -- the first time we have seen a rise in electrical power demand since the early 2000s. also, 2000 was the last time we saw utilities as a sector perform like this. i think '25 is going to be all about those big picture themes, including artificial intelligence, but things like infrastructure, defense and cybersecurity. and also some of these big

demographic trends so i think while we're broadly positive on the market, '25 is the year we should also think about trends and themes. >> malkin, i have a couple names you like that you wanted to talk about. digital realty, do that first. why? >> yeah, i think it kind of goes with the theme that marcie was just talking about where you have a number of ai-oriented themes that are going to impact everything outside of just the mag seven names or the hyperscalers we constantly talk about. aside from needing a place to store all of the data, dlr is also very committed to this idea of being sustainable in their growth so they're getting reach-outs from companies, the mega cap tech companies looking to build their own specific parks now, not just one facility with shared space which has kind of been dlr, their playbook in recent past. they want their own entire campus where they can store that data that's being built by all of these different large language models and all that

compute power. so i think that makes them perfectly positioned to be sort of the next leg in this ai leg where once we needed the llm builders like the chatgpt, then we needed nvidia to create the chips capable of handling all that compute, we may found out having a place to store all that data that gets created is more valuable than the gpus we have been excited about for the last year or two. >> what about z scaler >> zscaler, after that salt typhoon attack, i'm even more bullish on the cybersecurity sector, which i know hasn't necessarily been the best place to invest dollars so far this year, but i am looking at the fact the federal budget at about $13 billion for cyberdefense has to be beefed up. there's no option going forward r regardless of who takes the helm at the white house, and zscaler is probably number three on the list behind palo alto and

crowdstrike on who is going to benefit from the spending in that space >> joe, cyber. crowdstrike had its problems it's up 5.5% in a month. it's up still 19% year to date, is crowdstrike even with the issues >> come back very strongly, palo alto, crowdstrike, and here comes fortanet, had some missteps, had some struggles cybersecurity thesis is a secular thesis it's a thesis that i think investors need to give consideration to the same way they give consideration to ai, the same way they're giving consideration to glp-1 drugs it's something that you could put in your portfolio and really have a buy and hold mentality on it one thing i will add, right now for me, the best technology name, i'm not sure if malcolm is in this name or not, is app, which is app loving, the steak is up about 300% over the last

year it's a remarkable story, and it actually has a reasonable valuation. >> we gotta run. thank you very much. marcie, we'll talk to you soon malcolm, you as well joe, too >> we're one week from apple earnings questions lingering over iphone 16 sales and investors await any insight into the crucial holiday quarter. here with that setup into the print is apple analyst eric woodring of morgan stanley welcome back >> thanks forking me >> what a great time to have you, too there's been so much noise around iphone numbers. the latest being analysts out of china that people take his word as the gospel, who says we're cutting by 10 million units. the stock went down on that report can you cut through this noise what's the deal? >> sure. so early in the iphone cycle, that lends itself to a lot of noise. a lot of sell-through data points, lead time data points

and we have to remember lead times are influenced by supply and demand being able to isolate either variable is tough, which makes it an inconclusive indicator he's been on the apple beat for a number of years, especially on the supply chain when we published our preview monday night, tuesday morning, we said something similar. we cut our iphone units in fiscal year '25 really the december and march quarters by about 5 million units. and what that takes into account is a slightly softer demand environment than maybe we originally foresaw and really that is a result of two major factors. one is the globe and the macro environment remains very challenging. global demand, consumer demand is uneven. that is influencing iphone sales amongst other things today but the other factor really is the introduction of apple

intelligence or the delayed introduction of apple intelligence october 28th we should get the first ios 18.1 update where we get the first apple intelligence solutions, so to speak, but really the core of what the consumer we think is going to look for doesn't come out until december of this year and then march of next year and so the iphone 16 family as it stands today looks fairly similar to the iphone 15 of last year with a few incremental changes. we think that is being reflected in consumer demand today so it's not a bad cycle by all we know today. it is still very early in the cycle. but we did take some wind out of the sails because we do at least hear from the supply chain some indications of iphone build cuts >> do you think, we're looking at a six-month chart, which tells a pretty good story. it shows the ramp that's really happened since wwdc. when this stock got reignited

because of all the excitement about the potential of an upgrade cycle, and not just a normal upgrade cycle but a robust upgrade cycle because we haven't really had one in a minute should we question that stock's move as a result of what you just told us that there is at least some caution and delay around some of these features and the upgrade cycle itself >> sure, there's two ways to answer that question first of all, if we look back six months, this was a stock that was trading at $165 it was relatively, quote, cheap on a valuation basis, at least for apple. and what we have seen this year in fiscal year '24 is fundamentals have accelerated. last year, revenue declined 3% it's growing 2% this year. last year, eps was flat. it's up 10% this year. free cash flow is growing 14% this year. so at least this year relative to last year, fundamentals have

improved albeit slightly but still imp improved really, the move has been looking forward. the market is a discounting mechanism of the future and what we have heard and still believe is there is still a large upgrade cycle to come. we don't know the exact quarter it starts, but i feel confident saying there are 700 million plus iphones that exist out in the wild today that are 3-plus years old, meaning they have been fully paid off, that are not capable of running apple intelligence and our belief has been that this year was a bit of a moderate year of growth. we originally had 235 million iphone shipments we're now at 231 million iphone shipments. but for fiscal '26, with the iphone 17, you not only get a more complete apple intelligence portfolio that the consumer can see, you also get a bit of a form factor change combined we think that can drive something

like $8.73 of earnings power in fiscal '26 that is something to get excited about. so we think the market is ultimately discounting at least part of that, and what we think the next leg really becomes is okay, let's refocus on the iphone 17, not the iphone 16 historically, that happens about six to nine months ahead of an iphone launch, so think end of year until march is maybe when you get that -- when the market starts to focus on the iphone 17 >> but if we get a guide down for december, which you think could happen, that they could guide their revenue below forecast, that means the stock is potentially vulnerable, no? >> sure. one, i completely agree with that two, eps of $2.36 is about two cents below consensus on a full year basis, i don't think two cents makes a heck of a lot of difference again, we're talking about estimates coming down rather

than up. and a stock that's trading around 30 times earnings on next year's eps, so i do think at least the near term tactical pain trade is down, but i still do believe that there is fundamental support for this stock because investors can look past the iphone 16 to the iphone 17, to the excitement around ai upgrades at least starting with the iphone 17, to say well, maybe there isn't necessarily upside in earnings as we foresee it today, but there is also relatively limited downside that makes this a safer name to play amidst what has been relative volatility in the market >> we'll see you soon. eric woodring joining us >> up next, bmo u.s. ceo darryl hackett is here with his forecast for the economy we're live from the new york stock exchange bcg lln atching closinbe o cn

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i'm gonna need to charge you for three people. bmo ringing the closing bell today here at the new york stock exchange joining us, darrel hackett, bmo u.s. ceo, along with leslie picker welcome. congrats on the honor at the new york stock exchange. >> thank you really excited to be here. thank you for having me. we're really excited to be celebrating 30 years of bmo being the first canadian bank to be listed on the u.s. stock exchange >> always great to get a banking ceo's view of the world, of the markets. the economy here is pretty good. fed is on this track to cut rates. tell us what you see >> look, we feel pretty good if you think about the economic activity, it has gradually moderated to a much more sustainable pace, which we do believe will allow inflation to

get much closer to the fed's target, probably in 2025 our projection is that we are set -- the table is set for a soft landing >> how would you characterize credit quality right now last quarter, bmo set aside higher provisions for credit losses than analysts expected. what would the trajectory be like at this point >> we have a track record of working through every type of economic cycle with our clients. we have a long 200-year history, and we're really excited about what is to come. >> do you think the worst in terms of credit quality is in the past >> i do. i do i think the economy we live in the united states, it is the strongest economy in the world and that's what we're hearing from our clients in terms of they are excited about the prospects going forward, but obviously, i would say cautiously optimistic until we get through some of the current uncertainty. >> does -- scott mentioned the fed cutting rates and the recent cycle. does that alleviate pressure or

do you still expect a little bit of volatility in the meantime? >> well, i think it certainly helps. i'll come to you from a standpoint of thinking about business owners. we are one of the four largest commercial banks in north america, so i spent a lot of time talking to business owners. and business owners were relieved to see the first rate cut cycle. and we have all types of clients who some have been making investments throughout this uncertain environment, but others are waiting they're waiting to make those discretionary investments and have the opportunities to continue to grow their business. >> what about your business, because you doubled your u.s. footprint about a year ago when you acquired bank of the west. what is your appetite to do more acquisitions in the u.s. is this attractive market and one in which you want to expand? >> certainly, we have grown a lot. if you look at our presence here, bmo in the u.s., it started 40 years ago at that time, we were the 34th largest bank in the country. today, we're one of the ten largest banks in the country and

we're really proud of that in terms of continued growth, look, we're always thinking about opportunities for us to grow as it relates to strategic and cultural fit, but we also have a lot to do in terms of great upside opportunity in the markets we're in today from an organic standpoint >> does the winner of the u.s. presidential election matter for your appetite to expand here and for your appetite to do business here i ask because regulation has been a key theme in the banking industry and then there's also some merger guidelines dictating bank mergers as well that has gotten a lot of attention >> yeah, look, what i think matters the most is everybody wants to get some level of certainty. and as you can imagine here, even for the next couple weeks, we're all living with some level of uncertainty it's not surprising, it happens every four years no matter who the administration might be, all banks are positioned to work with the administration to do what's best for all of our clients >> all right

darrel hackett, thank you very much really appreciate it >> less lie, thank you >> up next, despite the official inflation rate falling, americans just not feeling it. cnbc's all america survey shedding new light on how the public is viewing the inflation situation. we have those details next on the bell i think that empathy is an important thing, but my shoes will never fit on your feet because chances are my journey is different than yours. so open dialogue is so important. i'm proud to be a father, a husband. i'm proud to be an executive i'm proud to be a voice for our community. all of these things, but most of l,'mro to be a human as a human, i just wake up every day do the same thing and just do it better we're back on tl

despite the official measured rate of inflation falling sharply, it looks like americans just aren't feeling that decline in their everyday lives. here with more is cnbc senior economic correspondent steve liesman. what can you tell us >> this is one about getting out of our bubble. the cnbc all america economic survey finds inflation remains the number one concern in this election because a large chunk of the electorate still believes prices are rising as fast as they have been and they're losing ground to those price increases.

look at our first finding here in this poll 76% say prices are still rising. with 45% saying they're rising at a faster rate than they were, 32% believe they're leveling off, 22% -- sorry, say overall, they're leveling off with 6% saying they're going down. take a look, though, at the actual inflation numbers that we talk about every day you can see we peaked at 9.1%. in '23 now, for what it's worth, we're down to 2.4, 2.5% on the inflation numbers. that's not what a big chunk of the public is feeling. so it's still rising but of course at a slower rate. the trouble is americans largely believe they're losing ground to these price increases. 7% say that their incomes are going up faster. 27% say their incomes are staying about even here's the big number, 63% believe they are falling behind. and who is falling behind? take a look. republicans. 77%.

independents, i would say this is a big politically driven number, but the independents are really saying that's true as well, with 45% of democrats believing they're falling behind that has a big impact on the outlook for the economy and the assessment of the economy. 73% see the economy as fair or poor 26%, a little bit better saying it's excellent or good. but now, take a look at what people are saying about their personal financial situation 48% say it's excellent or good 51% said fair or poor. we know inflation has a lasting economic impact. we might see come the election a couple days from now that it also has a political impact. scott. >> it's so interesting, on a number of levels can certainly understand why people would suggest they're not feeling the inflation decline because prices are still elevated >> the level is, yeah. >> but in other parts of this all america survey that you did, trump is viewed better on the

economy by plus 13% nationally, even though many of his policies are deemed to be inflationary, whether it's an expansion of the deficit because of renewing tax cuts or instituting pretty stiff tariffs, which most say would be inflationary there's a disconnect in there somewhere and i don't know where it is. >> well, there's very little that former president trump has said that leads me or other economists to believe he would have a positive effect on inflation. he has a notion about driving down energy prices as if the american energy industry oneeds much lower prices now. and harris, she seems to be more in line with paying for her spending even though that's a promise not necessarily always kept so there is a disconnect there in terms of the difference on inflation. i think the story here is, we had inflation during the biden/harris time period, during

that tenure, so therefore, we blame biden/harris, and anybody else in the situation is going to be better and i will say this, scott after i listened to the two debates and have been following the campaigns, i do not hear a good response from the harris team about the inflation issue i don't hear a good response about the immigration issue. those are two really important issues, and i have not heard a response to say the inflation reduction act is really something it does not appear to resonate with the american people >> the only person who has opined consistently, i'll say, on the issue of inflation is the fed chair himself, as you know from sitting in the room so many times, who blames it almost squarely on supply chain disruptions from the pandemic. but to your point, certainly one side of the political aisle has had a hard time articulating their own beliefs on why this all happened >> so the actual inflation story

is a complicated one one that defies, you know, a quick sound bite it is true that a lot of it was supply side. it is also true, we had very easy monetary policy for an extended time period it's also true that the biden administration spent a lot into that pandemic, believing that there would be far worse outcomes that helped fuel it as well. so it's not all biden, but it's partially biden. and then they will come forward and say, well, there's the inflation reduction act which helped in a couple areas but ultimately led to more spending. it's very hard for them to come forward and say we addressed inflation very forcefully. yeah, they did some things but ultimately, it took a long time, the supply side, and now we do see, by the way, real wages catching up. they have been running pretty strong in the last year. some of the best actual real wage increases in the past ten years have been in the past year, but that does not seem to be resonating in the results of

our survey, scott. >> really interesting. thanks for bringing that to us that's steve liesman we have about 20 before the closing bell to pippa stevens for a look at the key stocks she's watching. >> molina health care seeing its best day in more than a decade after q3 numbers beat estimates on the top and bottom line helped by higher premiums for the company's medicate insurance plans. those shares up 19%. newmont mining is sinking, the worst performer in the s&p after the gold miners results came up short of estimates higher costs and lower production in nevada impacted q3 numbers. even as gold prices rose, the stock is on track for its worst day since 1997 scott. >> pippa, thank you. up next, nba commissioner adam silver sitting down with alex sherman you'll hear what he had to say about sports betting after the break.

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welcome back the nba season officially kicking off earlier this week, nba commissioner adam silver sitting down with cnbc's alex sherman today as part of a cnbc sport videocast. alex, there he is. he joins us now with the highlights what did he tell you >> you know, about ten years ago, adam silver wrote an op-ed

in "the new york times" supporting online sports betting. since then, we have seen online sports betting spread through the country, clearly a multi-billion dollar industry. but we have also seen a scandal in the nba, and in fact, the atlantic wrote a piece a couple weeks ago outlining some of the societal pitfalls, personal bankruptcies associated with betting. i asked, you wrote this ten years ago. do you still stand by it do you still support legalized sports betting take a listen. >> i think ultimately, technology is such that you can't turn the clock back. i think that the issue is it's a global market. that's the other thing we have to keep, you know, keep an eye on, that u.s. can do whatever they want to do about sports betting. but the internet is global and that what we saw before it was legalized in the united states that you could, again, when i wrote that op-ed piece ten years

ago, you could go on google and put in bet nba or bet nfl or any property, and you could literally look at thousands of sites. and they had little credit card, you know, flags from major credit card companies. and clearly, there was widespread betting so of course, i'm concerned to the extent there's problem betting, and we should address that directly. i don't think going back and now saying sports betting is illegal in the united states is going to solve the problem. >> so his point is basically you can't put the gina back in the bottle or he feels like you shouldn't. he went on to say if sports betting is legalized and it's all above board, you have a better chance of taking a look at the data to stop potential scandals with superstars, whereas if it were all illegal and sort of black market, it would be much harder to weed out those certain scandals >> i mean, all you need to know is that when you talk about expansion and he has made, i think, no secret that expansion

is going to come to the nba, that vegas is high on their list, according to people, including our own mike ozanian who sat with me yesterday and we had this conversation. you go where the money is. nhl is now there, the nfl is now there, and adam silver, he doesn't want to be the odd man out when you're talking about the prospects of what lies there. >> you have also seen the media companies really embrace it. disney was against sports gambling for years and years now they have a licensing deal where there's such a service called espn bet, and when espn is going to launch their flagship product next year which is going to be their out of the bundle product where you can get espn without subscribing to the cable bundle for the first time ever they're going all in on sports betting. there's going to be all these personalized things to say hey, look, here's your fantasy team you're a lakers fan, bet on the lakers we have seen a complete 180 over the past five or ten years since

it's the ten-year anniversary of his op-ed, where the entire sports ecosystem is embracing betting. >> yeah. you get a dog and a beer and go play a hand of black jack and then go back to your seat. appreciate you we'll talk to you soon you can check out that videocast, of course, there it is qr code or cnbc.com/sports >> still ahead, u.p.s. popping in today's session thanks to serious earnings strength. we'll break it down on the bell. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us.

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coming up next, shares of southwest falling after striking a deal with an activist investor got the details coming up. do not miss an exclusive interview with palantir ceo and l3harris ceo, that at 4:00 p.m. eastern. market zone is next. savvy investors know that gold has stood the test of time as a reliable real asset. so how do you invest in gold? sandstorm gold royalties is a publicly traded company offering a diversified portfolio of mining royalties in one simple investment. learn more about a brighter way to invest in gold at sandstormgold.com.

ref you suck! ref you suck! ref you suck! you blew the game for us! you just cost us the game!

...the worst call in the history of this sport. he should never be allowed to ref... (♪♪) ♪ i tell ya... ♪ (♪♪) ♪ how much i love you, love you, love you ♪ (♪♪) ♪ i believe. ♪ (♪♪) ♪ i believe. ♪ ♪ i believe in you. ♪ we're now in the closer bell market zone. mike santoli here to break down the crucial moments of the trading day. plus ups hitting its highest level in three months. frank holland with more on that. phil lebeau on southwest and elliott striking an agreement. michael, you first nice turn here actually as we approach the finish here s&p is good for about 16 points.

>> as tesla has extended its gains, nvidia is riding along. you had a little bit of an improvement in underlying breadth. big picture, earnings have mostly done what you want to see. some big potholes. ibm is trading pretty sharply to the downside you also had treasury yields that halted their rise almost exactly where they had to to look like an uptrend it's status quo. we can hover near the highs. big picture, we keep saying credit spreads are narrow as can be all the inputs here, we hit 10 of 11 months higher. that's not the setup for the start of a bear market beyond that, it's all a matter of what you want to paz for the fex phase of earning growth. >> frank, ups, talk to me. >> ups shares up 5% as investors reward groelth and volume for the first time in seven quarters

and they're considering if this company has right sized its business for the holiday peak and beyond results were solid overall top and bottom line beats along with a beat on margin. for its u.s. domestic business that generates two-thirds of revenue. they also managed to lower their cost of delivery on the call, the ceo tempered expectations for holiday peak volumes but said this about holiday surcharges for large retail customers that can range from $1.50 to $7 a package based on volume over baseline. >> a good peak but not as dynamic as people thought at the beginning of the year. >> one week spot there, ups lowered the full year revenue guidance attributing it to the loss of revenue from the sale of coyote logistics but it did raise its margin guidance. back over to you >> thank you very much to phil lebeau on southwest and the activist tell us.

phil, you hear me? i don't think phil can hear me but trust me, he was watching southwest. >> usually you don't have to ask phil twice >> exactly we'll try to get him back if we have time. we have about two minutes to go in the session but you know, it's going to get real, real quick with mega cap earnings starting next week. >> it does feel as if the market is definitely holding in reserve any real new high conviction moves. the critical mass of earnings in terms of market cap really does start to hit next week i think some of the inklings are positive one thing i keep pointing to is the way mega cap tech is trading in a divergent way the ones that have the trends behind them, the metas of the world, are outperforming it's not just because it's quality or it's momentum over everything else. it's because of what's happening

in the individual companies. that means the earnings reports are that much more important i don't think you have the street leaning to the cautious side as far as we have seen that they were with tesla obviously, just been a massive move you had the stampede of the call buyers came out in tesla midday and ramped the stock through $250 up to $260. so that game happens along the fringes of the market. next week's earnings, along with, it was interesting today when we got the pmi data, the s&p global numbers, they were solid and the market tried a downside move, the stock market did, as if good news is bad news we're really not there it's still a pretty much good news is good news market as long as the rise in treasury yields doesn't get disorderly and doesn't start to seem like it's sort of self re-enforcing off the burning a little today at 4.25. take it off the boil for a minute and we can relax for a

second >> it doesn't necessarily mean that the signal of what bonds are saying is irrelevant i do think most of what it's saying is growth since the fed rate cut has come in much better than expected and obviously we're reducing the number of fed rate cuts we're expecting to have >> s&p positive. dow is going to be negative. the nasdaq, of course, a standout today into o.t. with morgan and jon. >> that bell marks the end of regulation bmo ringing the closing bell at the new york stock exchange. blackrock doing the honors at the nasdaq tesla providing a turbo boost today, bought more mixed picture beneath the surface. that's the scorecard on wall street, but winners stay late. welcome to closing bell overtime >> coming up, an exclusive interview with palantir's ceo and