check and i believe tomorrow morning brings us the cpi in a may be off by a day. it could be right as we're talking but ♪ and welcome to "closing bell." i'm mike santoli. we are live from post nine at the new york stock exchange. this make or break hour begins the rally take a rest on the seventh day. let's look at the scorecard with 60 minutes in regulation. that s&p barely off right now, actually close to the flat line. it had been down half a percent midday lows. dow jones industrials the outperformer, settling back more so, down 0.6 of 1%.

the nasdaq composite hanging in there, had been sidelined in the media rally after the election with the likes of nvidia and microsoft playing a bit of catch-up. you see each up 1 and 2% there, getting support to the broad markets. the small caps, pull back after a blistering sprint to the verge of a record high on yesterday. it's down 1.6%, up more than 9%. the treasury market reopened after the veterans day holiday, crushing the ten-year yield, back above 4.43. that's not far towards those, from those immediate post-election highs in yield. that takes us to our talk. tape. can the markets pro growth risk be trusted and how has it changed the setup into the year's final stretch. liz young thomas, drew mattis and emily labelle. everyone here with me at post

nine. great to see you. liz, i guess the question here is, it was a pretty assertive, you know, this is what the election means, the anticipated policy mix, pro cyclical, small cap finish. there is also trends in place before. i wonder if it's a matter where we are right now as we assess where the markets have gone. >> well, i think you are right to note that the trend was in place before. all we did was give it more fuel to keep going. we made back a lot of that we pulled back today. i think don't focus too much on the one-day move. it's not as if it's over, we had a big euphoric season and we are done with it. there is room for things to keep growing. you have to think about the momentum is intact, the internals are strong. we have 74% of the s&p trading above the 200-day moving coverage, 68% of the rugged trading above the 200-day moving

average. there is a lot of tailwind. fighting momentum in this market is a losing battle, so i think there is more troom to go. yields today sending a little bit of a mixed signal and stocks are starting to get trepidatious about that. when yields are four and a half and approach five, that's when it's going to pressure stocks. obviously, right in front. cpi report i think it makes sense there is a little bit of volatility in the bond market. >> maybe a sensitivity there. drew, weigh in on that a little bit because it's kind of incredible to see the market just decide that we are going to get a reacceleration in growth. the last jobs report was soft. that put the fed on a dovish path. now we are pricing out rate cuts and a general anticipation that we have a growth driven move higher in yields. >> the trend was in place for employment before the storm adjusted numbers. the reality of it is the labor markets is slowing. we are seeing that.

if you look at the small business survey today, components suggest we should be expecting the unemployment rate to move higher the next couple of months. if you talk about the market thinking about higher inflation risk and pricing that in the ten-year note, and the idea that maybe you are going to get some slowing in activity but not enough really to get the fed to move aggressively, the hardest part of the landing is the landing. you tend to bump around a lot. i think we are seeing growth slowing, inflation is going to be somewhat stable. that means kwleelds are overdone. they shouldn't be this high. >> in other words, it's based on a premise of a reacceleration that you are not expecting? >> you will not get it soon. meantime, the data suggests to confirm the slowing that we saw before the election. >> emily, i guess one of the ways to read how the market has taken the news of the last week is, well, we had one less reason to worry about an outright downturn or maybe give the data a little bit of wider berth

because we think there is going to be policy help along the way. has the general investment kind of backdrop thang ipged for you much? >> not very much. we are really focused on investing in companies, not in sort of broad markets or countries. i would say the other sort of -- there is deregulation part, and other components to policies, tariffs, immigration, which are actually, spending cuts which are actually quite counter cyclical and could be contractionary. when we think about investing for our clients, we want to focus on where are the companies that are in control of their own destiny that have the ability to grow earnings through a variety of different cycles and how are we balancing the growth and industry outlook within our funds so that we are able to provide positive earnings growth and outperformance for our clients. >> one of the talking points is companies were saying on

conference calls and elsewhere, well, we might wait until after the election for clarity whatever that might mean. do you think that is happening in the companies that you are following that there is any real kind of shift in priorities or acceleration or pulling back from one area or another? >> i think so. you heard this a little bit with anecdotally around consumer spending and investment. some of the rental equipment businesses saying people are holding back on renovations, maybe smaller projects, part of that is rates and part is political uncertainty. that could be a little bit of a boost. in terms of fundamentally what's changed in the outlook for the economy, i would say that there is a potential for more inflation on the end of the spectrum where trump is implementing more of these productionist policies and then there is also the potential for that to have an impact on an already relatively weakened

consumer. we are focused on again investing in businesses that can grow sort of -- we aw shopify today as an example. gain share in an environment, grow earnings, seeing great operating leverages in the business. those are the types of businesses we want to be invested in in the environment that feels rich valuation-wise. you need confidence in the earnings growth continuing to beat expectations. >> yeah, liz, it is an interesting starting point. where valuations are, credit spreads are incredibly tight already, and i guess it changes the equation in terms of what it even means if we have, you know, kind of growth supporting policies and the fed trying to trim rates all to the good, but has the market already kind of front loaded some of that? >> i think there is a lot of cross krurnts in that question. if you think about the headwinds or the market might face that we weren't facing the beginning of the year, we are unpricing fed

cuts. we have a 50 to 60% of 25 dps in tease. a pause in january. to that end though, you still have a fed that seems pretty comfortable where things are, comfortable with where the labor market is, comfortable with the direction that inflation is going. i think the market right now has almost decided that growth -- the growth offset will be big enough to stand in the way of any other headwinds that might come its way between, let's say, now and inauguration or now and, let's say, february. there are a couple of other things that could rock the boat. the debt ceiling happening january 1. that's expected to be off set by draining the general treasury account. there are a lot of things that could rattle markets, but you can't fight the sentiment. i think the survey data we get, soft data, starting in november is going to be really positive because people just feel better.

the uncertainty is behind us. this pro cyclical idea is now in front of us. there is sort of a positive vibe check that's going on. so i think we will get some positive sentiment indicators that should at least carry us through the end of the year. >> that's almost a certainty. we will continue this in a second. i want to get over to steve liesman. megacap fed president neel kashkari speaking in the last hour. steve has the details. >> yeah, liz has the general sentiment. megacap fed president neel kashkari suggesting he is inclined to cut rates but offering doubts about how far the fed may caught next year. he says if confirmation is on the upside, it could give them pause cutting in december. that's how the market is priced. he added the fed is not necessarily close to neutral now. that's more evidence the fed would cut. he said it may be that the neutral rate has gone up in the short term because of, among other things, higher

productivitity, which should be in the higher rate. necessitating fewer cuts in the near term and stopping point for the fed. he expects the strong labor market and economy to continue into the coming months. on the election, the fed won't model new policies from the new administration until they are clear. tariffs are not viewed inflationary if they are a one off. they could become inflationary with a series of retaliations. when asked whether he was concerned that the president-elect would interfere in fed policy, he is confident they would not respond to pressure from washington. this idea about next year being a little more uncertain, it's a developing theme from the federal reserve at this point, which i think is what liz was saying. >> yeah, comes into tune with, obviously, how the markets have tried to, you know, kind of reprice things. >> yeah, i'm looking at that pricing and it is dynamic, i guess is the best way to say it.

we have a cut built in for december. january's a pause. and we're around 50-50 for march. maybe the best way to look at this is the november 2025 fda funds contract and if we have that available, i don't know if i asked for it before i wanted to talk about it. anyway, 390. what does that tell you? the fed is pretty close to where it was. it was 280. the market has baked out 100 basis points and now it's really a wait and see, dependent upon tomorrow we get the inflation numbers. that's important. later on we will get other data as the month goes by. and then we have to start thinking about what policies and what is the net inflationary result and growth result of those policies that could be coming down the pike. >> steve, thank you very much. >> pleasure. >> drew, what's your read on all that and how it interacts with where the bond market is positioned now? >> for me the biggest thing is the neutral rate is high early. and most likely it will continue

to move higher. we are in the early stages of a productivity cycle and i think that's going to make the early '90s look a little soft. it will be a very big cycle because it's happening in multiple industries at the same time. then you have the overlay of artificial intelligence which will allow those interactions, those areas will be able to interact each other, boost productivity higher. so i think if you are going to lead to a giant productivity cycle you are talking about a higher neutral rate. the fed doesn't have to cut much more. that's our view. we think they have 75 in this zl and they are done and probably skip december. i don't think the data is going to be as much as i think the labor market is weakening, i think our view is that inflation will be sticky here for a little bit. that will be enough to get the people in the fed concerned about inflation to just take a pause. >> that is an interesting part of it. i kind of made the point here and there, when you have the fed starting to pivot to be a little more concerned about growth, the thing they are looking for is

labor market deterioration. they are almost focused on the weakest of the components ever the whole economic picture. >> i think the fed focuses on one thing at time. we like them to focus on two things at a time. they say they have a dual mandate. in reality they are looking at inflation or growth. if they are looking at growth they are looking at the labor market. and they never look at both at the same time. and so right now it seems like they have kind of seconded the inflation story away a little bit and they are focusing on growth. if you get a number tomorrow, especially after some of the other sticky inflation data we have gotten, they have to wonder if that down trend is still in place. >> emily, one of the standard pieces of the playbook here the last week, going book to 2016, too, is that the u.s. might be better positioned either outgrow the world or be a source of a destination of capital. you focus globally. does that make sense to you?

does the opportunity set still seem good overseas? >> i think in the short term it makes sense. look at what the dollar has done the past week, that's something as international investors we have to fight against and you have long cycles where the dollar is very strong and we have seen that. i think this will be a continuation. i think we need to find businesses that are able to benefit from that even though they are outside of the u.s. the real benefit of investing outside of the u.s. you can have incredible high quality businesses but the exposure too a.i., for example, that are key picks and shovels and producers of this but trading at lower valuation. in the long run what we think drives the stock market is earnings growth. if we can dial in on the earnings growth and be confident about that we think over time that story will play out. in the near term i think the dollar is a headwind for international investigating. >> and liz, on the earnings point, seeing a lot of stuff

most of the way through the season, well, it wasn't a gangbusters beat rate or anything like that, but if you take out energy it looks still like we are on track. does that start to enable people to look in a more favorable way at the current valuation and wait it out? >> i think does. if you are looking at it on a broad market basis, what we talked about through 2024 is earnings had been dominated by the major tech players and we needed some other sectors to pick up the slack if the tech players didn't dominate as much. that has happened. if you take energy out i think the earnings worth is 11%, maybe 12%, something like that, which is in line with what we have seen for a lot of the prior quarters. coming into the quarters expectations were 3 to 4%. this has been pretty good if we are running at 8% growth, we pretty much doubled what we thought it would be. the trouble with earnings right now is that the bar has gotten so high, the market has raise the bar so high that you have to beat and you have to be

exceptional at beating and then beat and raise guidance in order to just get even a muted upside in the market. if you beat and don't raise guidance, you didn't even lower anything, you get punished. so the bar -- >> the buy side hurdle from the most aggressive, multimanager hedge fund pod. >> that's right. i think that's what we face in 2025. inflations are high. they have been coming down as far as earnings great in 2025. i think that hurdle continues to get higher. >> finally, across asset classes, you sort of suggested you think things are pretty fully priced a i cross the board. if we have a multiyear productivity boom and other things that seem like they are falling into place, does that not justify some of that? >> i mean, it argues for thinking carefully about equities instead of other classes. if inflation goes down, right, then it's kind of credit negative. yet, it doesn't have to be margin negative for the companies if there is a productivity story.

>> so, in other words, equities have a path out more so than some other things. great to talk to you all. thank you very much. let's and it over to kate rogers. >> so shares of tyson foods are climbing up more than 7%. that's after the poultry processor reported fourth quarter results and raised dividends by 2%. they said the results were boosted by improving chicken sales. and ge stock is tumbling after the ceo told the "financial times" he is holding off on his search for new offshore wind turbine orders saying he wants to wait for market conditions to improve. the announcement is shortly after donald trump's re-election which added some uncertainty to the sector. shares are down around 7%. mike, book to you u. thank you very much. another big mover we are keeping an eye on, amgen. >> yeah, analysts putting out a

note this afternoon saying they found some concerning dating from the phase one trial. that's the drug that we have our eyes on. people on the drug saw a decrease in their bone mineral density. that's according to the analysts. they i lay out two scenarios, maybe patients are losing bone mineral density naturally during the course of weightless treatment or could be a non-starter because it looks dose dependent based on the results. it works differently. they point out this has been an unknown from the phase one data. we reached out and we will let you know when we hear back. and amgen already said it's moving forward into phase three and we are expecting the full phase two results by the end of the year. there is a lot to come from this. you can look today, stock down 7%. >> heavy volume and it's taken 150 points out of the dow jones industrial average. thanks very much.

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stocks taking a brother from the post-election pop. the major averages and a number of sectors up 5% or more this month. has the rally gotten ahead of itself or is there more runway ahead. sherry paul of morgan stanley, good to see you. you have to operate where the long-term and the short-term, you know, kind of come together and figure out what is changing and what hasn't when it comes to things like this new policy push or anything else. what are your sort of top line thoughts? >> first of all, thank you for having me. my top line thoughts are that

when it comes to investing not a lot has changed. my strong recommendation to clients right now is to invest in enduring themes that are earnings driven that transcend presidential or policy politics. so those themes continue to be in fact tact. they trove the market this year, last year and continue to 2025. a.i. thematics, which we can get into a little bit more. with regard to policy, back to policy volatility. that brings 3 to 5% swings in a market as the conversation around what might happen continues to accelerate. but what we know about policy, even if the republicans have a triple roun, it usually means that there will be a lot of talk and all of a sudden a decision day. we are hedging that, but not necessarily investing in those outcomes because those are conversations that are not earnings based. >> when you mention the longer term themes you think remain on course like the a.i. investment theme, i imagine a world if we didn't have an election this

year maybe there would be a little bit of a pretty good debate going on as to whether we hit some kind of a plateau. i know there was some talk last week about this. maybe the next generationration of chatgpt is not bearing as much fruit in terms of ac is celebration, and semiconductors is hit or miss. i wonder where that particular theme sets up for you right now. >> it's a great point. i think where it sits is the larger conversation around deglobalization. so that requires a reimagining of supply chain and onshore manufacturing and also disrupts what the human labor composition of globalization was, which can be expensive. so i really believe that becomes the accelerant around a.i., particularly in automation and manufacturing wherever you can replace human labor, you are removing your sochi from the geopolitical consequences of the outcomes from the manufacturing standpoint. reminds me what happened during the pandemic where in the pandemic i think less than 50%

of people in the country ever had deposited a check via their iphones. so that became an accelerant, the remote of everything. now it's the automation of everything that would position companies for cost reduction, productivity enhancement and controlling outcomes in a world that may continue to deglobelize. >> it's interesting because if you hear the stated intent of a lot of the policies, it's not just debris deglobalization, but bring physical manufacturing work here. not necessarily companies making a decision to just get more efficient or find a way around -- >> right. that's what i love about the capital markets. we go back to enduring themes that actually drive earnings. that's where investors should be. that's how our portfolios are set up right now. are the reimagining a different sort of u.s.-based manufacturing renaissance, that might be

multiyear out. it's also fundamentally inflationary from a cost standpoint to corporations. the incentive, if be do that for greater political stability we should be pushing automation to bring about cost savings and we end up in a balance relating to earnings and profitability. >> i doubt your sclients would have had a very sudden change of mood the last few days. the market character shifted in the direction of a -- got lathered up in some areas, meme stocks, crypto, a lot of stuff that moves fast, tesla, seems like it got a burst of energy into it. other stuff maybe got neglected or set aside. does any of that speak to you in terms of whether risk appetites are rising or if it's just a passing phase? >> it's a good point because we have lots of money sitting in cash accounts that are taking pay cuts every time the fed cuts rates. if want a little bit of taste of

fomo, we got it the last seven days. that requires a mental shift for people to get out of cash into a market that will likely continue to accelerate. >> what about fixed income? is it doing its job in a portfolio? are you not interested in terms of what the economy may do. >> hard to say. it's an airbag in portfolio. that's how we describe it to clients. if you are extending out, it's not too late, especially with the bumps and yields lying over this concern around inflation associated with tariff policy, which is sort of drove the ten-year open. if you are extending out in the five to seven-year range, you should get a bump in price appreciation. that provides an income hedge to the innovation trade which by nature brings more volatility to a portfolio which is different than something going wrong. that is the key for people. volatility will start to spike. doesn't mean things are going wrong. >> i was pointing out yesterday if you looked at like the second

half of the '90s, it was actually a volatile marks. vix never went before 20 and markets were going up. >> right. volatility, this is innovation volatility. that's different than things are breaking volatility. so a reset is not a recession, and a reset is not necessarily a correction. it's just a reset sometimes. >> yeah. see if we get one of those. thank you. up next, early coinbase and robinhood investors rashon williams retacts to bitcoin's bounce. where he seize opportunity in tech post-election. catch us on the go by following "the closer" podcast on your favorite podcast app. we'll be right back. lps secure . our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. wall street forecasts over $100

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there is widespread optimism that the trump administration, which has stated that they wish to embrace cryptocurrencies and make america the center of cryptocurrency innovation worldwide is going to have a much more forward-looking policy towards this new industry. and i think what you're seeing is the market reacting to that. >> in the white house with president trump, there is a full-throated endorsement of crypto. so we couldn't be in a better position to finally get clarity and start to rebuild the crypto industry in america again. >> that was robinhood ceo and

coinbase ceo brian armstrong speaking on the future of cryptocurrency and a trump patsy. bitcoin up 32% since the election. joining me is venture can't rahel, an early investor in robinhood and coinbase, among several other things. good to see you. >> thanks. >> when it comes to the crypto piece of this, obviously, burst of excitement, most of the storyline is, with well, maybe will be a little bit less kind of chasing after am some of these businesses based on allegations of fraud. but how does it look to you in terms of whether there is an industry behind it and whether it's still a ripe investment opportunity? >> first of all, i feel really surreal to see the founders as publicly traded ceos now when i met them almost a decade ago. and we were completely in a different environment. in crypto and digital currencies, unlike the public equity market, you have the technicals and fundamental e

mentals. technicals in crypto, but the fundamentals are dependent on regulatory and public sentiment. we are in an environment where i think the fundamentals will outstripe the technicals for the first time in long time. i think you will see explosion, see that growth and continue to see the adoption kind of take place mainstream. >> what are the components of the fundamentals? it's tough to chase this down because a few years ago it was supposed to be new ways of lending. seems like that's calmed down. >> yeah. i think it's about the regulatory and public sentiment. a speculative asset kplas. it's how much people are excited about artwork, how well the adoption is, how sexy the asset class is. so up to this point it's been about technicals. now the fundamentals are largely being skewed by the regulatory and the public sentiment environment. >> when it comes to technology as, let's say, the publicly traded stock, there is a lot of divergence even with semiconductors and software.

feels like the market is aggressive trying to separate winners from losers. how do things look to you just in terms of a lot of the major sources of new companies, new growth themes? >> yeah, well, my job is to pick winners around the curve. we are looking five and ten years out. what's happening now is a tectonic plate shift happening with a.i. i have seen it happen two other teams in the last 25 years. the internet and socht ware taking over the world. now with a.i. everything that is related to it is rising. the entire ocean is shifting and all of the companies are benefiting from it. in our world it's our job to look around the corner what's going to be next. of course, we are making money in investments now in the a.i. space, but the things that are coming around the corner, quantum computing and quantum protection, protecting security and infrastructure from all of the power that the quantum computers have. think of cybersecurity for quantum computing, quantum protection. in this environment we are super

excited about everything that we are seeing. >> seems like a few steps down the line. part of the storyline when it comes to the a.i. build-out is this is one of those big shifts where scale matters so much. you have to have the data. you have to be able to invest heavily. it almost more skews the advantage towards the established massive companies. >> 100%. when we were vefrg in coinbase and robinhood and instacart 12 years ago they would raise a 5 or $10 million series a. now they are i raising $250 million and they are valued at a billion or $2 billion. so that's a completely -- that's a tectonic plate shifting thing. instacart is an iot of marketplace type thing. much bigger scale and theme requires bigger assets. >> seems to me if you are looking for founders who have an idea and can work their way into some corner of an industry, it's

probably harder to find that many of them? i mean, who can get to that scale quickly? >> you are not only looking for the whales and big a.i. companies. i am a guest shark on "shark tank." we look at tons of consumer products. we know that entrepreneurship drives growth this this country. there are plenty of areas outside of a.i. people are investing in, even non-technology businesses are booming now. >> and if you are looking at i cross the landscape, things like the possibility of tariffs or what are the tax rates going to be in a year and a half, how much of that has to enter into your process? >> we are long-term investors. in the public equity markets people are quarter to quarter. we are five and ten years out. we don't get caught up in short-term situations that are happening now. of course, it affects funding, the economy and it affects public sentiment and consumer confidence. for us our companies aren't profitable until five years after the ipo is when they open the spigot to profitability.

>> sure. i know you are also involved in the nfl, part owner. atlanta falcons. sports is now seems like this feeding frenzy, people saying it's an alternative asset class, almost a trophy piece of an asset. does that change the attractiveness of it, change anything about what these businesses might be worth? >> it's always been an asset class. it hasn't been open to private equity and to people other than billionaires. what's attractive about sports outside of the nfl and the falcons, it's the recurring revenue stream that sports teams get from media rights. and that's very similar to software companies. a lot of vcs and private equity guys love the profile because the revenue is baked in for ten years from tier one creditors and they know that the top shelves are sports programming. this is going to grow very low risk profiles. you have emerging sports industries as well, the

pickleballs and unprofitable leagues. those are more like early stage, you know, leagues versus the later stage leagues that are profitable. completely different risk and return profiles. >> sure. i see the kind of startup leagues. they want to get a little bit of the media rights and have it work for them. >> i would, too. >> yeah, no, no doubt about it. i guess the question -- one question i have is how do you feel the professional sports landscape apparent dependence on, you know, the betting piece of it, is that a risk? >> i was an investor in draftkings online sports betting, one of the big themes driving revenue growth for professional sports teams and leagues in general, international expansion, media rights, online sports betting. some of the emerging leagues are betting on being able to land those types of revenue streams from media rights and online sports betting. it's still unproven and we don't know. the big four dominating that

space. there is room for more than four winners in the space. >> the big four also have theist history and the data and you need the data for the betting. >> for sure. >> thank you. >> thank you. all right. up next, we are tracking the biggest movers as we head into the close. kate is standing by with those. hey, kate. >> hi, mike. one stock is climbing after an activist investor unveiled the stake. that name to watch is coming up next. this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo

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about 16 minutes until the closing bell. back to kate for a look at the key stocks to watch. >> hi, mike. shares of honeywell are popping after activist investor elliot management disclosed a $5 billion stake. the investor is pushing honeywell to divide itself along two primary a business lines, aerospace and automation. honeywell up around 4%. and tencent music is sliding after they posted the q3 results. they reported that revenue from its social entertainment services business fell nearly 24% year over year. those shares are down nearly 5.5%. back to you, mike. >> kate, thank you. disney reports before the bell on thursday and the clock is ticking on incoming board chair james gorman's process. a look at what we know now.

>> hey, mike. well, incoming board chair james gorman is known for running a smooth succession process for himself at morgan stanley. he is credited with incentivizing the two runners up to stay. also known for his attention to protocol, creating systems and rigor. sources tell me now gorman has a cha tons 30 to overdeliver in surprise with the successor announcement earlier than expected. i am told that the board wanted to get the media disney's back. two of the four candidates, dana walden and josh d'amaro are seen as leading contenders to replace iger. they are working with a kruger firm on outside candidates. they have been floated, though i hear the board is more like to go with an internal candidate than him. now sources tell me the message from the board is that succession will not be delayed again. mike.

>> we will look for more clues as disney reports. thank you. getting news now out of openai. >> mike, yeah, openai co-founder greg brockman is returning to work after a leave of absence. >> this is according to a new report just out in bloomberg. he took a leave of absence earlier this year, this also came amid a wave of top executive and co-founder exodus at the company. most recently, it was ctom i.r.a. di who departed. bloomberg reported that brockman told employees he is working with sam altman for new role at the company. we have reached out for openai for comment. >> thank you. still ahead. instacart among the key names reporting in overtime. we will break down the t themes and metrics every investor needs to be watching. "closing bell" will be right back.

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analysis to help you deliver meaningful returns. that is tomorrow, november 13. next, what to watch when instacart, occidental and tt wh. report in overtime ithaen we take you notice the market zone. down is down 340 at this point. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next.

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billion in sales for weight loss drugs known as glp-1. even with disliked injections. dehydratech processing of a glp-1 drug demonstrated improved blood sugar reduction and reduced side effects. study results are arriving monthly and lexaria has entered a new relationship within the global pharmaceutical industry. lexaria bioscience, transforming the future of glp-1 drug delivery. we are in the closing bell market zone. we are on earnings watch. reports out in overtime today that are on our radar. instacart, occidental petroleum and flutter. set us up for instacart. >> instacart is the best performing by far of the major gig economy stocks this year,

doubling value. investors are looking for continued double-digit top-line growth and better profitability. guidance will be key. last quarter that look was ahead of expectations sending shares higher. i will also be looking for color on the uber partnership inked earlier this year to challenge doordash's dominance. dash partnering with lyft. could that present a new challenge for instacart. finally, smart shopping carts offering expanding, how might that impact margins. >> thank you. occidental reporting, been a rough road for the stock? >> that's right, mike. occidental has underperformed the broader energy sector this year. results will be impacted by the decline in commodity prices. they already released the oil and gas price realizations for the quarter, for the u.s. down 6% and 26% relative to q2's numbers. during the quarter the company closed the $12 billion acquisition of crown rock. analysts will be looking for an update on the synergies as well

as plans to shore up the balance sheet given their leverage ratio is hoyer than its peers. they also invested in carbon capture products. commentary how they are viewing the inflation reduction act which has credits for carbon capture will be interesting. we heard from the ceo who said their carbon division relies on those incentives. any commentary there will be interesting. >> so many cross currents as relates to policy in this group. there was also that commentary that, obviously, greater incentives to drill nor domestically is really feeding into what looks like a pretty well supplied market. >> that's right. and white president donald trump said he wants to drill, it's really unclear whether or not the industry will heed that call because, of course, the market already looks oversupplied. opec out with the monthly report today, bringing down demand forecasts. it's not as if executives want to increase their outputs so much into a market that's

already looking pretty well supplied for 2025. >> and not to pivot to hard, but i noticed that natural gas actually has a little bit of a spurt in the last couple of days. we are talking about weather here? are there other forces at swork? >> yeah, we saw some production come offline in the gulf of mexico ahead of that storm. that was about 16% of output in the gulf was offline. then we had some pipeline maintenance which recused out put. they are cautious given the decline in the gas recently. and finally here in new york we are starting to get a little bit of that fall weather at long last. that has definitely increased the bullish case. also heavily shorted, so cashing some of those shorts off guard certainly increasing that bounce we saw yesterday especially. >> yeah, the end of summer in november in the northeast. all right. thank you. contessa, flutter a new name for some? >> to some. this is the parent of fanduel.

the real story for flutter is like a line out of "jerry maguire." show me the money. the street is expecting earnings of 10 cents a share on $3 billion of revenue. flutter's growth engine is the united states and it's putting all its efforts here and listing on the new york stock exchange in january is paying off. investor day in september, the executive team said all the reasons that investors should expect solid returns. product innovations are leading industry. they showed off new st betting options, launching wonka, a popular slot machine game on the flores of casinos. am they launched that on i-gaming. they insist the size and international scale creates a fly wheel of customer acquisition, profits and performance that help it stay the number one sports back in i-gaming casino in the nation. the stock was down a little bit today, but up to year to date

about 40%. soreally has performed incredibly well after listed on the exchange in january. >> exactly. and what i meant by a relatively new name to some u.s. investors after that new york stock exchange listing. contessa, thank you. we will look out for those numbers. as we head into the final minute of trading, a modest pull back across the board in the major undecks. the s&p 500 rallied from midday about an hour ago, now down a quarter of 1%. the russell 2000 is down 1.8%. keep in mind, it's been the leader out of the blocks this month post-election. but you are giving back almost 2% of that today. dow jones industrial also weighed down by amgen to a large degree is also down about 0.8 or 8, the 9%. the market negative. it has been selective for a while right here. we have 25% of all new york stock exchange stocks to the

upside. the leading stocks though are some of the old megacap winners of the first half of this year with nvidia and microsoft doing their part to support the nasdaq 100 and the s&p 500 as well as honeywell international. the that closing bell. we'll send it to overtime with morgan brennan and jon fortt. >> that's the end of regulation. state street global advisers and the world gold counsel ringing the closing bell. doing the honors at the nasdaq. well, the recent rally taking a pause at least for today as the s&p 500 ends in the red for the first time since the election a week ago. that's the scorecard on wall street, but the action is just getting started. welcome to closing bell overtime, i'm morgan brennan with jon fortt who joins us from washington, d.c. >> yeah, a little light off the dome, but not mine. well the dow and the russell 2000,