but, by the way -- >> he's a transition -- trans-generational player. >> they need him to do a little bit more if they want to get over the finish line tonight. >> that'll do it for "power lunch." thank you for watching on this beautiful day in new york. >> "closing bell" starts right now. welcome to "closing bell." i'm scott wapner live from post 9 here at the new york stock exchange. this make or break hour begins the countdown to meta and microsoft. we'll ask our experts what we should expect from both stocks moving forward. both are in the green a little bit as we approach those numbers. in the meantime, the scorecard with 60 minutes to go in regulation looks like that. a bit of an interesting price action mix today especially as we begin the final stretch. you did have some better than expected economic data. you did have that better than expected report from alphabet and what was a higher nasdaq and anything today, higher, by the

way, on the nasdaq is going to be a new record high. so we're going to watch that but thenasdaq and the s&p are now in the red. elsewhere, super micro plunging today after losing its auditor. we're watching that stock closely. look at that. 33% down. shake shack though having a big day following its big earnings. that stock is acting accordingly to the numbers. up 9%. takes us to the talk of the tape. whether the tech trade is about to make a major move. let's ask our panel. adam park er, liz young and brin out of the cnbc trader. liz, let me ask you first. the price action today i find rather interesting. you know, a lot of the megacaps are up though i just see now meta's gone negative. nvidia is negative. apple is negative. what should we glean from that if anything? >> first of all, i think this

might be an unpopular response, but this close to the election we have a big mountain of macro data this week, i think earnings season hasn't been as much of a story. unless there's a big sur price coming out of one of the headline companies, we're trying to find direction in the market. i think the market has taken a pause after having such a stellar year up until this point waiting to just get to the other side of this really uncertain event and frankly waiting for jobs numbers on friday. we got past gdp today unscathed. that was a positive for the market. now everybody is sort of sitting on their hands. >> you suggest, adam, that you would market weight the mega -- the mag 7, mag 6, whatever you want to say about it, which is not like, you know, they're still such a big part of the s&p 500. i want to be market weight that. what's your view on what's really at stake this week as we have alphabet, i think they -- you know, they certainly reported better than what some

had feared they might. what about now? >> you know, one of the big investment controversies when you talk about institutional investors is will we see return on investment from the hyper scalers. a lot of people doubting there will be enough proof cases out of microsoft and meta spend. after the big move in the summer you saw that in my meetings. a couple of weeks ago jensen from midia said you're crazy, a million examples and stock had one big day. i'm in the camp of there's a huge positive skew towards we're going to get some proof cases in the next two or three-quarters and get another big leg up from the group. i don't know if it will be tonight at the close. i think all it's going to take is a large cap company saying, hey, you know what, we're getting better at predicting our customer behavior and employee behavior. in the past we would have hired 1,000 employees for this. now the analytics have picked

up. everyone is going to say, yeah, you know what, my doubts here have been kind of cured for the time being. so i think it's a pretty positive skew to getting good case studies. whether it's tonight or in january, it's hard to pick. >> didn't alphabet, brian, sort of give us that last night? >> yes. >> now we hope that meta and microsoft continue a story into the rest of this week and then in the weeks that follow. >> we do. i'm with adam on this one. we know we've gone from, what, 35% earnings growth in these companies down to, you know, high teens earnings growth. so it's a slowing story that the market has certainly assessed, but we're starting to see some signs that the investment is paying off. alphabet is a good indicator of that. i look at it as these are companies that are still going to grow earnings stronger than the broad market and sentiment got a little bit weaker here. the setup is fairly good. i'm with adam.

i expect there to be up side in these names. >> do you think we're going to revert back to that outperformance versus the rest of the market that we had before? >> a lot of that outperformance i would argue, if you think about -- i don't think they're going to have the same level of outperformance. basically if you think about the end of '23, you had a pretty broad market expecting six rate cuts. the market now is more aligned with what the federal reserve is ultimately going to do. maybe they got out ahead of it. now it seems to be more aligned. if we're in a resilient growth environment, which i believe we are albeit moderating some, rates could come down a bit, that should lead to a broader market than what we had in 2024. >> let's just pause for a moment and focus more heavily on the big earnings coming in this. steve couldkovac is here. steve, let's start with you. i guess this is going to come

down largely to cloud growth and hopeful that microsoft can match what alphabet has already delivered interms of their own growth rate. >> that's exactly right. i'll give you three quick things to focus on. azure growth rate, doesn't report clean growth with azure. just how much it grows, the expectations there on the street, 29% year on year. that number would not be directly comparable to past quarters since microsoft changed its segment reporting structure. expectations, of course, are high after google reported 35% cloud growth yesterday. next within the azure numbers, how much of that is attributable to artificial intelligence. that's been in the single digit percentage points. anymore stats on co-pilot sales, it's been a year since microsoft started selling co-pilot to businesses. we don't have a clear picture from the company if it's living up to the hype. as for cap exand all those ai

spending, about $20 billion a quarter, scott. >> that's all. just $20 billion a quarter. >> why not? >> steve, thank you. steve kovach, thank you. the cap ex numbers are unbelievable. meta up 68. amazon up 40. apple is only going to be up 16% but they're spending so much money and at some point there's going to be a -- i mean, there was last quarter, some scrutiny on the roi. that's only going to pick up as the quarters continue to go and the quarters continue to escalate. >> the request he is when do people give up and get frustrated. my suspicion is they know this is years two through ten. the companies will not come in and say, we were wrong. we're shaving 10 v a quarter out. the chance is so much less and you get proof cases. if people want to sell it because they're frustrated now, they could.

i don't think that's right. i think if equities go up whatever they've been, 10, 11, 12%, whatever they've been, i expect this group to do as well. they buy technologies in the way. they have good pricing, immune to rising cpi. labor productivity is huge. i think you want to own a chunk of these. it's hard to know. you go back the end of q2 and which two are the favorite, they were apple and tesla. it's hard to pick the big names quarter to quarter. i don't know what they're going to print tonight, that's a tough call. i want to own the names over the next 12, 18 months. >> julia, for meta there's a lot to live up to. this stock, aside from nvidia, is the best performer out of the group. >> that's right, scott. meta shares are doubling in it the past year and 63% of analysts, despite the case of

the stock rating meta a buyer over wait. those expectations further heightened by the better than expected results yesterday afternoon from snap and reddit along with google. they expect meta to grow 18% to $40.3 billion. that would be a slight deceleration in its growth rate from last quarter's 22% revenue growth while earnings per share are projected to grow by 20%. here are key areas to look at. monetizing reels and how much in meta's investments in ai are paying off with improvement in ad results. tough comparisons to last year's peak spending by chinese retailers in advertising that could weigh on things as well. we're watching for any update on meta's spending, especially after last quarter meta warned of, quote, significant capital expenditures growth in 2025. that capex issue one to watch.

>> that's julia boorstin with a good setup for us. part of the reason, liz, money has started to go back into that trade is because yields have been backing up. how much of an impediment do you feel like that is to the market which is obviously adjusting to what could be a higher for longer scenario? >> the big move in yields. i think there was a threshold at 425 in the 10-year. we could explain it because economic data was stronger. then we started to get uncomfortable anything higher than 425 is on the witness stand, prove yourself. is it because supply and demand are out of balance? is it because inflation is coming back? is it because the deficit is large and growing? is it because the debt ceiling is coming? there are a number of things that could be moving treasury yields higher. i think if we start to approach 5%, stocks are going to care a lot more. so far it has not been a

problem. to adam's point, i do think you have to own these mag 7 stocks. i think most investors do, whether they want to or not, you own it probably somehow. you want to be present, but the expectations first of all have been you have to be absolutely exceptional during earnings season and you have to continue being exceptional. now add on top of that they have to show proof of the profit. it's getting harder and harder to meet those expectations. i think investors are going to start, they already have started, looking for other places to make money and looking for other places in the equity market for growth and that's a good move. >> yields a problem at what point? i mean, yields going up because the economy is stronger and you don't be have as much reliance on the rate cuts? if. >> yeah. >> i mean, so what? >> especially with the core personal consumption. the fed's personal inflation back in the low 2s. is it a goldilocks scenario?

we'll decide what we want to call this. 425. the job markets suggesting things. i don't think rates are going to 5. i don't think rates are going to hold out for a year. it's going higher from the year. inflation remains contained. >> you had still a strong gdp number today. you lay out -- you lay out the -- not just the bull case but the uber bull case. >> i thought it was but then i told everyone about it. they were like, oh, no, that seems plausible. >> no, i haven't heard anybody go to this point.

>> good. >> you say the bull case catalysts materialize you could see 450 to $500 in earnings. >> by 2030. >> that's not that far away. >> yeah. that's probably the average returns we've had over the last 20, 50 years. >> there are people saying you're going to have way below average returns in the years ahead. low single digits. >> i saw that. a lot of people talked about it. i don't know why somebody would do that, write that note. >> well, because eventually you're going to have a slowdown and earnings aren't going anywhere where you talked about. the multiple will be too rich. >> when you say equities will get bad for the next ten years, you're really saying i don't want to work here. there's like -- there's something real going on there. i don't know what that is. there's only been a few chunks for you to have the confidence to make that call is crazy.

>> you don't have that confidence to make that call? >> that's the bold case. we said it's the bold case. the fed just did one cut, 50 bits. you are experts. six more. what's in the price? i'm going to fight the fed already? all right. maybe it's a china stimulus. youwant to fight the fed and china? okay. run a massive deficit next year which i think means mag 7, amazon, walmart get a massive deficit. you want to fight that? okay. margins are going up for the average company right now. you want to fight that? you want to fight one or two decent proof cases from ai? the bull case could really lather up where people are going to say it's the middle of '25. the s&p 500 is a superior asset class, we'll be at 4, 450, pay low 20s and the market is at 10,000.

we talked about it on the air a couple of weeks ago. i think that's a reasonable you know, 30, 40% bull case scenario. saying 3% per year returns, the reason people are saying that they're saying margins are high. they're high for a reason. the companies shall awesome versus history. it's not a total accident. not a bubble. what do you think? >> i think that's right. when you do these things in terms of your future return expectations adam's exactly right. you look at valuations and it's some type of a reversion to the mean argument. if i were going to do the building blocks of what an expected future return was i have to look at nominal growth, i have to look at the dividend yield, i have to look at a stock buy back yield. it isn't just a reversion to the mean on valuations. i would take the over as well. >> i mean, we can argue about the number itself. >> yeah. >> but the bull case itself that adam has laid out seems somewhat

reasonable. >> it does. sure. >> economy's resilient. earnings are still growing. i don't know what's going to happen in the election. fed's cutting. they just started. does it sound reasonable, that kind of return? >> by 2030 a lot of different things are going to manifest, right? we're going to have finished the cutting cycle. we will have gone through maybe an entirely new cycle. the bull case is absolutely plausible. right now in that note that we're referencing, one of the things that they've talked about that was maybe a problem is the big bifurcation between the large caps and some of the leaders that have been lieding and the rest of the market and how that typically doesn't end well. usually it ends in in pain. if that's not the case, if those leaders can remain leaders and remain large and leading earnings growth and leading the market, then this period can last longer, meaning there is

more up side broadly in the market. >> i was at this panel yesterday and this guy was arguing against me vociferously for small caps. what do you mean? let's take a step back. what he said he meant is instead of having a 5% allocation, it would be 7%. okay. if i am a high net worth individual guy, i have 20 million bucks, you want me to own 1.2 million instead of 1 million i can still keep my 10 million, whatever the average guy. sure. the problem is apple is bigger than the entire small cap universe. you have to own large cap high quality equities way more than small caps. it's messing around with the 10 bips -- >> what i take from your thesis and your outlook is that this is not late cycle at all, that this is the beginning of what may be a long cycle. you can't make a -- >> yeah. >> -- well, we're late cycle

argument if you think we could have that kind of return in five years. >> in the distribution of outcomes, bull bear base, whatever, i think a realistic probability would be that earnings were up for the next several years in a row and they're fueled in part by predicting analytics and customer behavior. that's why you're seeing capitol expenditure. they're trying to drive better productivity for the biggest equities. yeah, that's in the distribution of outcomes. it's not zero. >> you made the argument many times that we are late cycle in your mind. >> yeah. the i would still continue to make that argument. >> you mean more macro? >> the macro case. but the argument there would still remain the same. his case is still plausible. >> the economy. >> between now and 2030 we could go through a cycle. it's been shown it's better for the market if the fed cuts faster. would he could go through a cycle where they cut fast, we

have a little contract shurn, unemployment goes up because we bounce better on the other side. >> they're not going to cut fast. >> well -- >> i think we do know. >> we maybe know for next week but i don't know that we know that for sure. look at how quickly the story changed when we got one weak jobs report. suddenly we were pricing in two more cuts than we were three days before that. the story could change pretty quickly. the faster they cut the better the recovery. >> if this was end of cycle we would see corporate borrowing year over year. we don't have it. we would see credit spreads. we would see the bank tightening lending standards significantly. we don't have it. to me the only thing we got was the inversion of the yield curve after a very bizarre covid period. >> right. >> you know, everybody rushes to say end of cycle because we know cycles don't die in bed of old age, they die at the federal reserve. if rates don't go up, you tend

not to roll over. that's what corporate borrowing costs are telling us. >> the precedence for when they -- okay. you never have a recession without an inverted yield curve but you don't always have a recession when the yield curve reverts. your first instinct is to say when this happens, that happens. there is a cost and effect. >> we didn't get frothy. we could have a massive m&a market. you start getting some of that going and you'll get the bull case. i'm not talking about the election or whatever. of course small caps will outperform by two weeks. we get a republican sweep. knee jerk. i think equities will work and they'll work big relative to any of these other bonds or whatever other -- >> let me tell you something. when we talked to todd bole in beverly hills a couple of weeks back, he said animal spirits as it relates to m&a.

private equity sitting on a lot of dry powder. you have private equity looking for more realizations. i've talked to other -- >> big law firms -- >> -- senior executives of financial institutions who think you're about to go on a boom of deal making. a boom. >> yeah. >> so you add that to the mix as well, which adam didn't even get to when he was laying out -- >> that's frosting on the cake. i was just doing the cake. >> that is the frosting. there have been a lot of calls. it would be good for a lot of sectors. if we have it that picks up that way. it has been lagging and hasn't been as additive to their bottom line. i think we've got to get through 2024 24 first. i'm not sold that they will do this so methodically and get to the smooth, neutral rate the neutral rate will still move around quite a bit.

the market expects inflation to look like will still move around quite a bit. >> what do you think about that? i mean, the idea you're going to have a big pickup in activity whether you want to call it animal spirits or not, whether it ends up being that but the commentary you're hearing from leaders, whether it's over in saudi arabia, whether it's here in conversations that all of us probably have either on or offline, the expectation is you're about to enter a period we haven't seen in at least a couple of years. >> yeah, i'm on board with that. you know, you look again at the fundamentals, whether it's the businesses, whether it's of the private sector. fundamentals continue to look strong. you know, you're right. we are likely to go through an investment cycle and an m&a cycle. the federal reserve is going to be a tailwind with this. they got inflation back down to where they want it. they don't have to aggressively

cut, but they can move when economic -- if the economy starts to deteriorate. >> they may have overdone it with the 50 basis points. >> i don't think so. >> even if they did, wouldn't you rather they overdo it that way than the other? >> of course. i don't think they did. why do you need a 5 1/4, 5 1/2 funds rate? you don't. you're too tight. you might as well start bringing it down. you know, you're trying to keep price stability and full employment. >> all right. we'll leave it there. we kicked a lot around. >> good to see you. >> liz, brian and adam as well. that was fun. to pippa stevens now for the biggest names moving into the close. >> garmin is leading the s&p with revenue increasing 31% year over year. the company's fitness segment by demand for wearables. garmin lifted the full year

momentum to continue into the holiday season. caesar's is sinking following a profit miss with revenue coming in just in line with expectations. caesar's ceo saying, quote, there are still more headwinds than tailwinds for us. the competition and hurricane helene among the drags on marge begins. those shares down 8%. >> pippa, thank you. up next, much more on today's megacap earnings. alger's dan chung who owns both microsoft and meta. we'll see what he is watching for when those reports hit. live at the new york stock exchange and you are watching "closing bell" on cnbc.

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dad: you can talk to me. son: it's been really, really hard for me. . welcome back. strong start to megacap earnings. alphabet moving higher thanks to strong revenue growth from its cloud business.

investors now turning their attention, of course, to microsoft and meta both reporting their results in overtime. joining me now at post 9, alger's dan chung holds them either personally or in the fund. one do you one down, four to go. we can't get to nvidia. how would you assess what you got from alphabet? >> alphabet had surprisingly good growth in google cloud. search was actually stronger than people expected. steady as she goes really at google. there's been a lot of negative sentiment around google. >> yeah, of course. you don't think any of it was founded? certainly not now but there are legit questions in search whether it's because of microsoft or others or because of some of the upstarts like per perplexity and others. >> there are legitimate concerns

around the challenges they'll face competitively around ai search competitors and that still remains to be seen. it's why google has been in a bit of a penalty box. meanwhile, near term it's a good company, great company, still doing fine. what about microsoft? that stock hasn't done anything lately either. why not? >> yeah, so microsoft is interesting. it's underperformed a bit. we like it a lot. we think it will be a big winner in ai. we'll hear tonight about how they did, as you are, based on google's cloud results. have to have strong expectations about that. meanwhile, co-pilot, ai enabled co-pilot. it's a small step in the right direction. we're pretty positive about microsoft. we think it's a great combination of a leader in the space as well as a good stock. the valuation is quite reasonable. >> how are you thinking about spending overall?

the cap exnumex numbers are cra. you need to see a return on that. the you're the shareholder. what do you think about that? >> right. the capex numbers have gone up for the hyper scalers. we think for most of those companies these are wise investments in the future. as a strategy, we're looking for the companies where the capex is flowing to. i.e., it's revenues. >> nvidia? >> that's the leading. data center plays, semiconductor plays. power plays in electricity. >> yeah. obviously those are popular themes. let me ask you before i get to meta then since you brought up the beneficiaries of the spend. what's going on with amb? you own that. it's trying to play catch up, i think it's fair to say. what's your view for somebody who owns the stock? >> the debate internally is amd, if you weren't looking at the

results from nvidia and others, it's growing nicely. they under their targets from the ai data center business. however, those expectations today are much lower than they were at the beginning of the year and the expectations for next year are still lower than they were at the beginning of the year. in other words, amd was expected to be a huge winner. right now it's a winner but you've got other places that seem to be winning the battle there. >> i mean, as long as it's compared to nvidia in the near term -- >> right. >> -- that's the potential problem moving forward, right? >> right. >> it's a problem until it's not. >> correct. >> the outlook, when do you have an idea that you really think amd can be a viable competitor to nvidia? that's what the market seems to only care about. >> one of the challenges they have is nvidia is a tremendous competitor. the next generation of chips is talking about leap frogging again. there's kind of a fear like frankly angie's seen it before, remember when it was a

competitor to intel but couldn't gain market share. it lived in that middle land for decades. so we'll see in the next year whether or not amd can start to gain back share against nvidia, but for now it remains sort of a second source supplier. the fear is nvidia wrapping up the technology, improving supply sort of cap amd's near-term opportunity. >> since we're talking about nvidia which is the best performer, stock has been remarkable, the other one on its heels is meta. how are you viewing that? they went through the year of efficiency. they seem to be getting it right. the market obviously has been giving them the benefit of the doubt. what now? how high is this bar now that the stock has done quite well into the print? >> well, the remarkable thing about meta and a lot of these companies, even at their size they're really growing tremendously well, mid teens to

near 20% for companies that are already giants. we love meta. it's one of our largest holdings. you know, i think the metaverse didn't play out the way mark zuckerberg had thought and the name change is odd there. the investments have benefitted ai and they're a leader to applying it to social media and advertising. >> lastly about the group itself, you had a bit of a slumber in q3. now this trade has woken up again. is it going to resume its leadership role or not? does it matter if it doesn't? >> great question. i think the magnificent 7 is not as a group going to outperform so easily as it did in years past. however, i would note that fls some softness in the economy in different spots. these are very solid companies and they're, of course, a huge part of the market. they offer a combination of

growth and defensiveness that's fairly rare. interestingly, it's within tech. we didn't talk about apple. this is a good example of a company that isn't demonstrating anything yet on the ai front but has tremendous potential. >> we'll get those earnings tomorrow with amazon. dan, i appreciate your time. thank you. >> thank you. >> dan chung joining us here at post 9. up next, eli lilly sinking on weak results. we have the details when we come back on the "bell." well would you look at that? jerry, you've got to see this. i've seen it. trust me, after 15 walks, it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! unbelievable.

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the closing bell. eli lilly falling. >> reporter: scott, mounjaro is coming up short. the glp1 drugs are so crucial for lilly. trimming the full year sales forecast by $600 million. that comes one quarter after raising it. >> we are taking a little bit off the top of our guide because during the quarter i think we cha changed an assumption. we changed the assumption we should start promoting and launch being sooner in the u.s. and other markets. we pushed some of that out into q4 because of customer service levels. we want to make sure people when they get a prescription can if i

recall it. >> now rick is saying this is not a supply issue nor is it a demand issue, rather, he's saying this is actually something called channel, destocking. basically wholesalers have plenty of product and they're working through that instead of buying more. now of course this is raising questions because there is so much demand as we know for these products. a lot of questions today about what that dynamic looks like and what we should expect going forward, scott. >> angelica, thank you. the latest on lilly. we have news on amazon. kate rooney has that for us. kate? >> this is about zooks. the autonomous driving part of the company. the cto saying on stage at a tech crunch disrupt conference that those cars are in the next couple of weeks here, they're going to be rolling out in san francisco and in las vegas. the cto jesse levenson saying they're going to start offering

rides with employees in the soma neighborhood which is near where we are and on the las vegas strip. they're saying zoox is starting there even though it's a more difficult part of the city because the city has operations there. the quote, we have achieved that internal safety readiness required to launch the service. says that the company is taking a measured approach to rolling out the robotaxi service. waymo, a big presence in san francisco. you have tesla going after this with the robotaxis. the latest in the autonomous driving space. >> getting more crowded. kate rooney. >> they're everywhere. >> yeah, they are. they are. up next, we track the biggest movers into the close. pippa stevens joins us with that. >> restaurants are serving up results and investors are mixed. the names to watch coming up next.

we're 15 from the closing bell. what is behind the big drop? >> scott, this is a company that counts nvidia and x and musk as customers. dropping super micro as a client

in the transparency concerns. the short position in august. they are working diligently. down over 70% from the year high. the ai server maker which will provide a crucial business update next tuesday. they need to provide a plan with the exchange's listing compliance or it risks getting delisted. dell up nearly 7%. back to pippa stevens for some of the other big movers.

missing street account estimate. food beverage and packaging costs rose year over year including avocado prices. shake shack beating on profit and revenue. reporting better than same store sales. the shares are down 21%. >> programming note. cnbc will be live all night long on election night. we'll have the results as they come in. reaction from the biggest names in business as well. all starts at 7:00 eastern from the new york stock exchange right here. still ahead, not just microsoft and meta reporting in

ot. robin hood and starbucks release their own results. we're back after the break.

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coming up, we're going to run you through what to expect including robin hood, starbucks. don't miss the ceo of coin base. "market zone" is next.

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unbelievable. stop waiting. start investing. e*trade ® from morgan stanley. we're now in the closing bell market zone. mike santoli is here to break down the crucial moments of the trading day. first to mike, interesting price action in the market as we started our program with. i'm still curious about your thoughts. >> yeah. the overall market is very low momentum right now. it's kind of gotten into the drift, the cruising altitude. the s&p 500 is up 1% month to date. all at the beginning. month. the median stock month to date

is down half a percent. what does that mean? it means some of the large stocks have started to contribute to the up side. you see that today. modest through the alphabet numbers in the form of microsoft getting a big, amazon as well. it's all coming together in terms of earnings being good enough for now. not a huge beat rate but good enough. the gdp number was nominally amiss but it was way better than we thought we were getting a month ago. good enough economic data. yields aren't blowing out to the up side at the moment. it's all fine for now. i do think there's very much a wait and see. maybe there's too much of a consensus that the market is going to rip higher november, december after the election and therefore nobody is doing any selling ahead of time. lots of gliding and drifting around as opposed to high conviction moves. >> it will be interesting to see if the market has overdone it in the expectation of a so-called

trump trade. >> yeah. >> we'll have to wait until next week, maybe thereafter. meta/microsoft. alphabet delivered and now it's up to these two stocks, which have gone in different directions. >> yes. >> to do the same. but it will be interesting to see the price action in both of those names on the other side. >> for sure. meta, there's such tremendous confidence in really the fundamental momentum. they have things figured out. they're direct beneficiaries of ai in action. not just building data centers to have some down the road thing. the valuation has been reset higher for that reason. definitely there's a pretty demanding standard for them being able to please the market. microsoft on the other hand, it's really underperformed even on a year to date basis. you would think that they might not have as hard a time persuading the street that things are looking okay. >> we shall see. kate rooney, tell us about robin hood. >> thanks, scott. robin hood you think of as the

entry level trading platform for retail investors. it's been trying to lure in more traders. watch deposit growth. >> assets under custody. a sign of growing market share. the company's focused on more profitable growth. cryptocurrency, a key area. back above 73,000 in july. going to buy a bit stamp for 200 million in cash. may get an it update on that. the finally, election betting. robinhood got into that projection market. big run up this year for robin hood. up more than 100%. >> kate rooney. to kate rogers now with a look

at what to expect from starbucks. kate? >> hey, scott. starbucks released preliminary results that did miss estimates on the top and bottom line. in the u.s. and north america. same store sales fell 14%. this will be ryan nichols first quarter as ceo as he seeks to refocus the brand and include service starting in the u.s. last week nichols said in a message our first quarter performance makes it clear we need to fundamentally change our strategy so we can get back to growth. that is exactly what we are doing with our back to starbucks plan. he's already made changes we know to pricing, menu, management. more details will be key in how investors analyze the plans and how long they're willing to give them for a turn around. scott, we want to giveyou an update with mcdonald's and the e. coli outbreak. 90 cases total. 15 new hospitalizations. 27. that is 5 new, deaths stand at

1. 90 cases total. 20 hospitalizations, 1 death in 13 states. mcdonald's stock is dipping a bit. the company expected the case count to grow as the investigation continues of course and we'll keep you updated. back over to you. >> kate rogers, thank you. do you have a thought here? the market is likely to give mr. niccol the time, the benefit of the doubt. >> for sure. >> and the opportunity to try and turn that around. >> really articulate a more specific plan. i don't think there's great incentive for them to show excellent results in the last three months so, therefore, maybe it's not about the actual quarter, it's about i think more tangible measures that he thinks that can be taken and whatever progress that they've been able to see in getting in that direction. yeah, there's no doubt. it was a quick kind of blessing of the decision to have him be ceo. now let's articulate it. we've seen it again. you've seen it with nike and

other great american brands, like disney for that matter, with iger coming back. >> we shall see. we're going out red. looks like across the board. the dow, the s&p. new high? not going to get it. meta, microsoft. i'm sending it over to morgan. >> that bell marks the end of regulation. perimeter solutions ringing the closing bell at the new york stock exchange. cardlytics doing the honors on the nasdaq. the nasdaq seeing some pressure in the final minutes as attention turns to a slew of major earnings coming in just a few moments. that is the scorecard on wall street. would era he going to stay late. i'm jon fortt with morgan brennan. >> another crucially important hour of earnings season. meta, coinbase, doordash, starbucks. many more. >> we will bring you all the breaking headlines p