19,261, down about 19 points at this stage. >> maybe throw up the ten-year yield. this is one to watch. rallied, the yield came down after cpi this morning. the line was, well, it wasn't worse than feared. well, 4.45, we made that for us "power lunch." thank you so much for watching today. >> thanks so much, dom. closing bell begins right now. i'm scott wapner, live from post nine at the new york stock exchange. the make and break with great expectations for the economy and of course your money, following the post election stock surge. we'll ask our experts over this final stretch just how long this can all last. in the meantime, show you the score card with 60 minutes to go in regulation. we did have a midday pickup in the major averages, but it's dissipated a little bit. we're still hanging positive on the dow and the s&p. nasdaq is a fractional loser, the latest cpi came in as expected, but did still show

that inflation remains sticky, and that sent yields at the long end of the treasury curve higher today. 4.45 is where we sit on the 10-year. that might be part of the issue today. elsewhere, you have yields at the shorter end, the 2 and the 5. energy are the best sector in a mixed day overall internally. it takes us to the talk of the tape. where these markets are likely to head over the next few months. let's ask ourtney garcia of payne capital management, a cnbc contributor. welcome back. >> are we supposed to buy into the election surge, or what's your take on what we have done and what it might mean for where we go? >> clearly what you're seeing is there's an excitement and euphoria post election. everybody is getting in there and putting that risk on rally. when you look at the s&p 500, for example, it is trading expensive. right? it trades 22 times forward earnings, which is historically expensive. but as you've seen in history,

markets can stay expensive for a while. i don't think this is ending anytime in the near future. i think if anything, one thing that is keeping the markets from going higher is how much cash is on the sidelines, interestingly enough, last week, more money went into cash. those numbers are reported weekly. i think it will be interesting to see what happens this week, to see like a full week post election, is money starting to make its way back in the markets, that's what ultimately will send things higher. >> you say the word euphoria, it felt like it. nelson peltz use ld d the same words, trees don't grow to the sky interrupted. he's positive about the election outcome, and what it could mean for the economy and growth moving forward. even he says, i mean, come on. it's been a little crazy, right? does it feel like it's been a little too much? >> you know, i wouldn't think so. that's where you need to look at different sectors of the market. all of the excitement has been

around ai and the mar-a-g 7. that's continuing to do well. that is where you want to look. take, for example, the s&p 500, when we invest, we split out growth over value, rather than blindly putting everything into the s&p 500. the growth side, talk about 28 times which is well above its five-year average. the value side, things like banks and your cyclical sectors, which are arguably positioned better under a trump administration are only trading like 17 times earnings. i don't think the rally is necessarily ending anytime in the short term. with the new money to add, there's a lot of areas of opportunity that have room to run. >> you say banks. deutsche bank raised their price targets on every stock in their coverage universe. they certainly raised their price targets on everything. goldman sachs, for example, goes to $575, instead of their old target of 500. there's a list on your screen here of the price target moves we had today at deutsch. mike mayo, wells fargo, calls it a water shed inflection point

for banks, talking about 15 years of harsher regulation is going to come to an end. is this a spot with big gains this year that you need to zero in on more. >> investors tend to be under invested. deregulation has been the big hot topic, which i think arguably is going to be a better boost for this industry, as opposed to things like tax cuts, which is going to likely happen on the corporation standpoint. but you're also seeing valuations are lower, and also the yield curve is steepening, which is a better thing for these banks. i think they have been a very under loved sector, something that's going to perform well, regardless of trump being in. but with him in, i think it positions them better. >> i know you like emerging marketings. are you talking about china included in that? are we thinking india and elsewhere? obviously we're worried about the impact of tariffs and the turn up of the ratchet on that, what do you think? >> i think that's where some of

the concern with china, it's going to have a lot of political headline risk, and i think some of that is going to get over sold based off trump's stance on china. i don't think this is something on a discount. we own emerging markets, entire markets including china, china is the one that has the headline risk. when you look at the bigger picture, 60% of global gdp, 10% of the world's narcotic market u.s. investors have 2% invested there. that is one of the areas where if you're doing additional money and need to deploy, absolutely pick that up. it's got great valuations. >> it could become more volatile, depending on what happens with the new administration. speaking of, we are getting some breaking news out of washington, d.c. now. megan has that for us. >> we have just learned that the president-elect donald trump is officially naming now florida senator marco rubio to be his secretary of state. this is a pick that we have been

talking about for about 24 hours now. it hadn't been made official yet by the president-elect himself. we now have a statement from trump saying that he looks forward to working with marco to make america and the world safe and great again. now, this is the second of the so-called big four positions that we have official names for, along with the defense secretary, the combat veteran, and a fox and friends weekend host. we're still waiting on the treasury secretary and the attorney general to round out those big four positions along with many other names. scott, more when we have it. one note on rubio, this will open a vacancy in the florida senate, so florida governor, ron desantis, will have an opportunity to appoint someone to fill marco rubio's seat. there's been discussion about who might take that seat with the president's daughter-in-law, the president-elect's daughter-in-law lara trump being at the center of the discussions. for now, we know rubio is headed to secretary of state.

>> in washington with the latest as these jobs get filled out or at least the nominees we learn who they are going to be. speaking of geopolitical risk, i haven't talked about that almost at all since the outcome of the election. do you think about that at all, as it relates to what the new year might hold for stocks? >> i think it's something you have to always consider. you want to have positions in your portfolio, things like gold, which tend to do better under more geopolitical tension. it's not something you want to invest around, you want to have the hedge in place. the risks have not gone away. >> you like materials, are you thinking of, you know, gold and medals and things like that. are we looking at, you know, copper or other areas of materials? >> absolutely. and i think this isn't so much on the geopolitical race as much as on just accelerating growth in the global economy, and if you believe that that is going to continue, which i do, that's absolutely an area that tends to benefit, and if you see industrials doing well, i really like some of those metals, like copper, used more practically, used in new evs, using these in

the electrification of the economy, as opposed to gold, which is a little bit more tied to sentiment, what's happening in the economy. i think some of those are good opportunities to take advantage of. >> a wild card field like it's energy. i'm not sure what to make of prior history. doesn't mean really anything as it relates to future results. how many times have you heard that in your investing career. nonetheless, you know, energy the worst sector under the prior president trump, and the best sector under current president biden. how are we thinking about that space under another trump administration? >> i think you're going to see knee jerk reaction, some of that might be a pull forward. to your point, that was one of the worst things under the last trump administration. i don't think people would have thought so. i think this isn't really a trump trade as much as it is an ai trade. when you're looking at the amount of demand for energy, data centers that are needed, there's not enough to go around, and that's not stopping anytime in the near future.

you're seeing nuclear getting online, to fill the gap. that's a much bigger trade on the secular trade happening with ai, thanes administration. >> let's bring in max, and malcolm ethridge of capital area planning group. malcolm is a cnbc contributor. good to have you both. malcolm, what's your take on this, what some are calling euphoria, post election, does it continue or take a break? >> yeah, i think courtney just used a great term there, the pull forward, when we talk about the trump bump, and it's possible that a lot of the sectors we expect to do well under this incoming administration might not be the ones that ultimately end up being in favor of the next four years, so you look at like health care, energy, financials, they're having their day in the sun now. but those won't necessarily be the ones that are ultimately the winners. i think, you know, even though logic would dictate we're probably going to see a little bit of a give back here at some point soon, following that trump bump, i don't know that that necessarily is going to come as

quickly as people anticipate. i think that the excitement over deregulation is so high, and the expectations are so high right now, if you just look at bitcoin crossing the $90,000 threshold, for example, i think this is going to carry for quite some time through the end of this year, and probably early into next year. >> what's your thought? how do you see things? >> i think it packs a little bit too much about the election outcome, and we're not focusing enough on what kind of starting point we're at. you know, just three months ago, bear in mind, three months ago, we were talking about the breaking of the rule, talking about is the carry trade, is that something systemic, are we on the verge of a recession, 2.8 rate, you fast forward not even three months and talking, again, about economic surprises that are much much stronger, that have been stronger in the last two and a half months, gdp growth, around 3%.

i think one of the things that's still so under appreciated is these revisions to the national state in the u.s. think real disposable income, just happens to be almost a trillion dollar higher than we previously thought. perhaps, giving a little bit too much credence, too much going into the nitty-gritty arn ound e election outcome, and what a strong thing the u.s. economy is. that should bode well, good for u.s. high yield, good for u.s. credit, good for u.s. equities, it's good for the cyclicals, but slightly independent even from the election outcome, i would say. >> i mean, i hear what you're saying. it goes back to almost what the greg ipp piece was in "the journal," a couple of weeks back. he suggested whoever wins the election is going to inherit a very strong economy. that doesn't erase the point that what we are thinking about and talking about and what the market's obviously reacting to

is the idea of unleashing the kind of economic growth and stimulation of it, you know, the likes of which just wasn't going to happen if the election result was different. whether it's the idea of pent up demand and animal spirits in m and a, lowering regulation and the like, and then reupping tax cuts, which you can argue all you want about the deficit, and those are worthwhile conversations to have. but nonetheless, that's all part of the stew of why people think that there's going to be all this light ahead. >> yeah, i do agree with you. i think in certain sectors, which i like, i still like the banks in the u.s. i do still like things like health care, where we get a bit more deregulation around pricing. yeah, it looks really good on some certain sectors. let's bear in mind, where we see yields pick up, we have seen

treasury yields pick up from september, that was also the point. it didn't only have to do with the election odds, it also had to do with economic surprises, really turning the corner, with recession fears really starting to be reduced big time. bear in mind, that we talked about the rule at the beginning of the august. we talked about this carry trade. we talked about, you know, the revisions to the payrolls, and all of a sudden, we're talking about that untriggered again. below that half a percent. i would argue both sides, whoever had won the election, both sides didn't really have an appetite to tackle the fiscal deficit. the fiscal side, it was always going to be very unlikely that that was going to be a source of material head wind. we now obviously get the rate cuts on top of that. hike you say, we get to deregular deregulation, the fiscal stimulus on top of that. all of that, really, to your point should be unleashing a bit

more animal spirit. the negative about it is there needs to be probably some certain point where higher yields start. however, when we look at what fed chair powell was saying last week, he had the opportunity to push back three times. he was saying, look, the labor market is strong, but we don't care. it's a not a source of inflation pressure right now. we don't care that growth is stronger. we love it t.. it doesn't stop us from cutting rates. particularly given the fed last week, long bond yields are capped around 4 1/2%. we just have sideways yields, and bond volatility going down, that should be enough for high yield, for credit, emerging markets and s&p to rally. >> malcolm, it does raise the question as we see the ten-year hitting 4.45, and the stock market taking a little bit of a pause, to what level is there maybe more feeling of pain if

yields continue to go up? >> i think that the rules have sort of changed as of november 5th, right, so three months ago in market timing is a long time ago. and so if we just consider the fact that, yes, yields have started to spike and to this point, the last four years, that has actually been meaningful in terms of where the stock market started to go. we have rates that are coming down, as we talked about, by i don't know that we can necessarily guarantee that next year is going to continue an easing cycle. maybe we get one more cut toward end of the ar, and we have to find out what that means for the natural rate going forward, or we have an incoming administration to force the fed to push rates lower than they need to go, a la, 2019, so i think that a lot is up in the air right now, which is the reason that the markets are responding the way that they are, post election, and we can't discount how much of an impact all of that certainty and then

uncertainty is playing out in the markets right now. >> it's not like everything, court, has worked so well since the election, things that are, you know, yield proxies, staples, not gray. you like dividends. utilities not great. you do like dividend payers. are you making the difference between payers versus growers, and if you even like dividend payers, to what degree are higher yields a problem? >> higher yields, you know, that obviously is going to be a problem just generally speaking with stock markets, and it's something you need to consider, where basically yields are telling you, they don't believe fed has inflation under control. that's where having hedges in there is going to be important. i think dividends are going to continue to be important. one thing that is talked about a lot with the new administration is tax cuts. and dividends are paid in after tax dollars, you can see those rise if the tax cuts happen.

a lot of those are cyclical sectors. i think you want to look at the dividend payers. >> you say to be tactically overweight, along with emerging market equities, we have raised the tariff issue, you didn't really defend your position on being overweight, asian equities if we're worried about an increase in tariffs, which seem almost a certainty at this point, the degree to which they have an impact will be argued, of course, right up until and thereafter they're leveed. i reference what nelson peltz said earlier at delivering alpha. he thinks they're going to be used and he thinks they're going to be successful. >> yeah, look, most of our asian equity overweight, the tactical one is on japanese equities, which i would argue is not related that much to tariffs. it's much more related to two things. number one, we have foreign investors, really fleeing japan, japanese equities in august and in september. so we have the biggest drop in

foreign investor flows ever since 2020, right, so we have really the biggest exit out of japanese equities since covid, since the first covid wave. if that's the positioning, tactically, it is really a bit on the light side, that should be supporting that kind of global stance in japan. the other one is more of an extension to the u.s. equity overweight, and to probably the main risk that we are bearing. so you guys were just talking about, you know, higher yields. the problem of course for us, i think that is by far the biggest risk for us is really that at some point, long and bond yields really do spike higher, the dollar goes higher, and as a result of that, volleying would go, 160, 165. if you own japanese equities, you get those weaker yen effects through on the earnings strength. that actually is much mump

better than japanese equities and much more important . >> malcolm, one week from today, talking about nvidia. we haven't talked about the mega caps because many of them haven't done as well as a lot of other stuff has in the market. what's the risk going in to this stock and the earnings one week from today as it relates to how we think about the mega caps in general? >> yes, scott, you've asked me pretty much throughout this entire year whether i thought the mega cap tech trade was going to be the thing to lead us higher and higher, and each time it was a resounding yes for me. i make the case, until something meaningful happens that really forces us to step away from the large cap growth, excuse me, from the large cap tech names, the rest of large cap growth wouldn't have their opportunity to shine. i think that the tariffs that you guys were just talking about being leveed against chinese

corporations, and all of the other regulations that we're hearing about coming from the incoming administration that will impact the tech sector, specifically the big tech names, i think this might be the moment we turn around and look back at six months from now, that's where the mega cap trade was broken. i'm not ready to proclaim that for sure just yet. i definitely am getting concerned this might be the place where mega cap starts to decelerate and someone else takes up the helm, maybe financials for example. >> court, last point to you. you can react to that, right, as i said, a week from today, we're going to be consumed with nvidia. >> absolutely. i think the biggest risk is it has such a high bar. that has been driving the markets, in the largest parts of the s&p 500 right now. you're seeing over 30% of the s&p is just your technology companies, and i think that is the concern, is if you see the rotation or broadening happening, that can bring down the joemp overall indices. i don't want to be throwing money at it. >> good to see you back here.

on set. malcolm, max, we'll talk to you soon. thank you so much. steve coecoe. >> the deal is worth up to $5.8 billion. the first vw models to use rivian software and electrical architecture are set to arrive as early as 2027. you see shares up now about 13%. and rocket lab shares hit an all time today after reporting third quarter results. the space infrastructure company posted a 55% jump in q3 revenue from the same period a year ago and announced its first customer for the upcoming newtron vehicle. shares up 35 1/2%. >> steve kovach, thank you very much. top technician, jonathan krinsky is back. why he's watching global markets as we head into the new year.

you're watching "closing bell" on cnbc.

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. trike to hang on to the green, trying to hang on to post election gains at least today. they have been up so much. my next guest says u.s. stocks seem to be the only game in time. jonathan krinsky, welcome back. does that mean that this ally just continues almost unabated from here until, i don't know, at least election day? i mean, inauguration day, excuse me. >> hey, scott, so look, the primary trend for u.s. equities remains constructive. i think the year probably finishes higher than we are here. the question is the path to get there, and there's a couple --

there's three really points that suggest tactical vulnerability. we are seen up signs and exhaustion signs. last wednesday, 27% of the s&p 500 made a 52-week high. this may be counter intuitive because new highs while they're bullish in the medium term, the last ten times we have seen a surge like that, eight of ten times has been lower 30 days later. that suggests end of december, a little bit of weakness: the second point is the speculative friends we have seen post election. you have seen a surge in crypto in the meme stocks, you had the most amount of nasdaq otc volume last week since july. so there's a lot of indication of a bit of speculative frenzy out there that typically coincides with some tactical froth, and then the third point are the global markets. now, while the s&p is up about 3 1/2% since election day, the all world ex-u.s. index is down around 3%. now, that's pretty much in line with what we saw during the 2016 election. so if we're looking for the, you

know, the 2016 redo, this is about the time when you want to see global markets start to participate. that's what happened then. you had about a 3% pullback post election, and then they actually started participating on the up side with u.s. stocks. we think the next few days into the next two weeks will be telling, you know, is the weakness in global markets, you know, just kind of that knee jerk reaction to the strengthening dollar we've seen over the last couple of weeks or is it telling us something a bit more ominous? >> i mean, it would appear, i think you could make an argument that it would be the former that the likelihood is the former over the latter. i think global markets would obviously be responding to what would be a new trump administration. the fact is you said the dollar has been rallying, you have the prospect of tariffs, and other approaches to geopolitical issues that may be far different than prior. that's neither here nor there.

the other idea i want you to opine on is maybe what was considered speculative in the past, like crypto, feels like it has a little more certainty. and maybe the most amount of certainty, quote unquote, as much as you can have in those types of assets than it has ever had. you're going to have an administration that's obviously much more open armed to it. >> yeah, i think, you know, bitcoin for sure, the break out through 70,000 was compelling. that measured around 90,000. we've hit that. so i don't think bitcoin itself is that speculative. when you talk about some of the meme coins, ge coin had a market cap reaching four. >> i'm specifically references bitcoin. i'm glad you mentioned that. i'm not suggesting that these other coins or whatever, necessarily have nearly the upside prospects as a way that people around this administration have talked about bitcoin. so let's talk about bitcoin,

forget the others. >> yeah, so, again, bitcoin, nothing wrong with that. but, again, the acceleration and the move, you know, from 70,000 to 90,000 is, you know -- it's been an impressive move for sure. i think just a little bit of a pause is warranted there, but back to the global markets, you know, again, while the direction has been similar to 2016, the main difference in some o.f the global markets is some of their structural patterns. you look at south korea, for instance, and a big part of that is samsung for sure, that market is probing multi-year lows. it's been unable to recover after the august volatility. france, look at the cac, that's also testing multiyear up trend lines, but the structural aspect of some of these global rkets is a bit weaker than 2016. we don't want to make too much

of it yet. you did have a period of several weeks where global markets needed to find their footing. if they can't find their footing in the next week or two, you have to ask yourself is it more of a ka canary than rotational aspects. >> what looks most technically vulnerable to you, some of the sectors that have ripped this election, like financials, industrials. rehighlighted earlier today on half-time, software, cyber cloud, et cetera, is there one that jumps out where you say, okay, this looks a little technically stretched or vulnerable. >> so there's two aspects here. there's the parts of the market that have surged. i would put financials in there. software actually we have relative to semis. that trade has worked out well. the other side of the coin, though, certainly software now could be vulnerable to a bit of profit taking. look at the relative performance of semis, and you mentioned you have nvidia coming up.

so that will be telling, but semis have not shown any relative strength since the election, and if you look at the semis, overlayed with south korea, you know, those charts have been very korlative over the last few years. you have to ask yourself again, is south korea leading the semis to the downside? we'll see, but i think those are some areas we're certainly watching here. >> jonathan, i got to bounce. we'll talk to you soon. jonathan krinsky, i have breaking news out of washington. let's go down to megan. >> that's right, the president-elect donald trump now saying that the florida congressman, matt gaetz is his pick for attorney general. that's coming out in the last couple of minutes. the president-elect posting on truth social, that quote, few issues in america are more important than ending the partisan weaponization of our justice system. he says that matt gaetz will quote, end weaponized government, protect our border,

dismantle criminal organizations and restore americans' shattered faith and confidence in the justice department. this is a pick that will put gaetz at the nation's top law enforcement officer, and it's installing someone in that position, scott, that is a die hard trump loyalist, about as loyal as they come. he's huge in the maga movement. he hit the campaign trail with the president-elect this year. he spoke at the rnc in july, and he was on the plane today, according to a source on the plane to nbc news, he was on the president's private plane today when he came to washington, talking with elon musk while president-elect trump was in that meeting with president biden. so we'll dig into this. i will say, scott, this is definitely a pickal raise some eyebrows on capitol hill. it will have to get senate confirmed, and of all the picks that we have gotten so far, this is one that we do anticipate lawmakers maybe raising some eyebrows and questions about as we will see how that goes. but for now, matt gaetz is the pick to be attorney general. >> we have more news on

mcdonald's, kate rogers has that for us. >> yeah, we're getting an update here from the cdc on the mcdonald's e. coli outbreak, tied to slivered onions in the quarter pounders that began last month. the latest tally as of today. 104 cases total. 14 new cases, 34 hospitalizations, that is 7 new cases of hospitalizations. deaths remain at one. no additional deaths. states 14 in total. that is one new state, and it's north carolina. just a reminder for viewers, mcdonald's did say it expected the case count to go up as the cdc did continue its investigation, and it resumed selling quarter pounders in stores in recent weeks that were impacted without the slivered onions. they are believed to be the source of the e. coli outbreak. the stock is slightly lower. back to you. thank you very much for that. up next, ed yardeni is back, why he says his roaring 20s scenario is getting a big boost. the closing bell is back after this break.

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major averages in the green today, trying to finish that way. the s&p, the nasdaq, closing in on record highs yet again. our next guest says the return of animal spirit sets the stage for more up side in the months ahead. let's bring in ed yardeni, good to see you. welcome. >> thank you, scott. >> you think the goal posts have moved? sfl i do. i think that, you know, john maynard canes came up with the expression, animal spirits and

the idea spontaneous optimism, and we did see that in 2016, when trump was elected and went up .10. i think we're seeing again in trump 2.0. i think the markets are excited about tax cuts for corporations as well as for lower income americans. that will help the consumer sector. i think there's excitement about deregulation, and i think there's even an expectation that some of these geopolitical crises might end sooner rather than later with trump's diplomatic intervention. so you put that all together. and you get a very up beat scenario. i was upbeat about things before trump was elected because i think we're seeing a significant rebound in productivity growth, and that's really driving the economy to a large extent over the rest the decade. >> i feel like before, you know,

on euphoria scale, if you will, you were almost at a nine, like feeling like it was getting a little bit out of hand, so has the prospects of what this new administration could bring brought that meter down at this point? because it certainly feels post election like it's a bit euphoric, and i'm not the one who's used that word. others have, including nelson peltz today. >> yeah, i've talked about the possibility of a melt up scenario. i keep talking about the roaring 2020s, but give that a 55% probability. i would say 25% to a melt up. too much of a good thing. i think the fed's making a mistake tier, lowering interest rates, and stimulating an economy that's already doing quite well, and that could very well spill over into the stock market, and create a melt up. valuation multiples, everybody agrees are stretched. however, you know, we've had

this terrible recession for the past three years that just didn't happen. the most widely anticipated recession of all times didn't happen. it was reasonable to think it might, with the fed raising interest rates the way they did. but if we didn't have a recession the past three years, why should we have one over the rest of the decade. the longer out you can see the economy growing, the more, the higher valuations people are willing to pay. so that's what we're in right now. but, yeah, i wouldn't dismiss the possibility of a melt-up scenario. >> you're raising your estimates for earnings next year and the year after. >> yeah. >> are you raising the multiples on the market as well, the price we're willing to pay for those earnings? >> yeah, look, scott, i have been bullish, but not bullish enough. you know, when the market bottomed in october of 2022, it took us a couple of weeks. we thought that was the bottom, and a lot of people said that can't be the bottom because the

forward pe is 15, and that is ridiculously high for a bottom, and it turned out that was a bottom. and at that time, i thought, well, maybe we could get up to 20. people thought that was delusional. it got up to 21 and now it's 22. i did raise it. these valuation multiples can be sustained for a while, as long as there's no recession that brings them down. >> going to get a rate cut in december, do you think? >> i don't know, scott. you know, i didn't think that they should have done 50 basis points, 25 was enough for me back in september 18th. and i thought it would be none and done after that, but they just won't listen to me. they got their own opinion, and the reality is, they did cut by a quarter, and looks like they still want to cut by another quarter, but the data just doesn't support that at all, and by the way, the bond market begs to differ because we've seen the

bond yield go up by 75 basis points as they've cut the fed funds rate by 75 basis points. the bond vigilantes, no mas, we don't need the fed to cut rates. >> yeah, it's tricky. some would say the cpi today suggests that it keeps the door perfectly open for them to do that. if they do one more and wait, so be it. what's the big deal if they do another one? >> well, look, it depends what you're looking for the in the cpi. you can find trouble there. i've been a disinflationist. the super core inflation, the core services, excludeing energy, and excludeing housing, that's turned out to be kind of sticky in the cpi, right around 4 1/2, 4.6%, and powell is the one who came up with that concept, and now it's suddenly not very important. but, scott, to your point, it is not a big deal, if they do 25

points in december. just, you know, i would like a nice leisurely bull market for the rest of the decade, just because i do, doesn't mean it's going to happen, and it could be a melt up and the fed could feel a meltup. what the bond vigilantes are saying, we've got stimulative fiscal policy still. it might be more stimulative. we don't need the fed to create monetary stimulus because then the risk becomes 2021 all over again, you know, the fed is fighting -- trying to keep unemployment down, and all of a sudden they get this huge inflation problem as they did in 2022, 2023. >> you do have a 10,000 target for the s&p by the end of the decade, so here's to your bull market prediction. we'll talk to you soon. >> thank you very much. >> ed yardeni research. we track the biggest movers. steve h is standing by with

that. >> we have one tech giant down after announcing layoffs. that is next. covid-19? i'm not waiting. if it's covid, paxlovid. paxlovid is an oral treatment for adults with mild-to-moderate covid-19 and a high-risk factor for it becoming severe. it does not prevent covid-19. my symptoms are mild now, but i'm not risking it. if it's covid, paxlovid. paxlovid must be taken within the first five days of symptoms, and helps stop the virus from multiplying in your body. taking paxlovid with certain medicines can lead to serious or life-threatening side effects or affect how it or other medicines work, including hormonal birth control. it's critical to tell your doctor about all the medicines you take because certain tests

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back to steve kovach now for the stocks he's watching. hey, steve. >> let's start with skyworks solutions. lower today, down about 4 1/2%

after posting first quarter guidance that came in below analyst expectations. the semiconductor company reported a beat on revenue. that was in line with estimates, and amd announced, 4% of global work force as competition in the ai chip space heats up. the computer chip maker says the move is part of the company's effort to align resources with a quote, largest growth opportunities. shares of amd, they're down a little over 2% now, scott. >> steve, appreciate that. thank you, steve kovach. still ahead, we'll tell you what's sending jet blue stocks soaring today. the stock up 10%. back on the ball after this break.

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♪♪ 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. stop waiting. start investing. e*trade ® from morgan stanley. we're now in the closing bell market zone. cnbc senior markets commentators, mike santoli, to break down the moments, kate rooney, and phil lebeau on what has jet blue shares flying high.

we're barely hanging on to the dow. >> yes, and it seems like there's a little bit of fatigue. you're able to see, especially parts of the market that really had a headlong sprint from last tuesday. in fact, the intraday reversals in things like micro strategy, tesla, goldman sachs, is 8 bucks off its morning high. you started to see some of those momentum leaders that came out of the gate so strong buckle a little bit here. i don't know if that's decisive. what i found interesting is that was happening, and the indexes were coming in toward the flat line, the vix went down to 14 and actually below. it suggested it's actually the wild up side action that is juicing the volatility picture. you're seeing this hunt of heavily shorted stocks throughout the small cap universe. a lot of this stuff is a little bit of a lather, we probably have to get to, it doesn't change the overall trim. i'll be watching as we get the 1% drop in the russell 2000. it's basically not up since the day after the election. >> yields on the long end putting pressure there.

kay rooney, speaking of watching, we will be just that for cisco in ot. >> if you look at the stock, this is really about expectations, pretty high for cisco, stocks up roughly 30% since the last report back in august. and cisco has been one of these ai beneficiaries, stocks, companies, said it did see strong customer demand uring the last report, despite the persistent macro uncertainty. it's thanks to ai and the offerings. it was launching a global investment fund to develop ai solutions. we'll see if we get an update on that. analysts have been upping their estimates, as far as earnings in the past three months or so. strategist wrote consensus is up 11.5%, and expects that earnings revision to signal an upwards earnings surprise. we'll see today, and earlier this weekend, jpmorgan upping its price target by 11 bucks, wrote in a note it's watching the recovery cycle and network

demand which they say is still in the early stages. scott, back to you. >> kate rooney. phil lebeau, tell us about jet blue. >> scott, this is actually a tale of two airline stocks, jet blue and spirit. let's start first off by looking at what both stocks did today, and they went in opposite directions. jet blue having one of its best years since 2015. we are on case for jet blue's best year since 2015 as you take a look at shares of jet blue, the reason it's moving higher is because, look, they have 73 direct routes that overlap with spirit. if spirit moves closer to bankruptcy, and there was the wsj report yesterday that they are considering that, does this benefit jet blue in some fashion? and as you take a look at shares of spirit, keep in mind, we've seen airlines go towards bankruptcy, and ultimately file for bankruptcy. while that may wipe out the shares, doesn't mean that the airline goes away. it takes a long time for an airline to truly go out of business, even if it does go into bankruptcy.

scott, back to you. >> appreciate that. phil, thank you, phil lebeau. back to mike, a little more than a minute here before this bell is going to ring. what do we have now really between nvidia today. there's not a whole heck of a lot to drive this market, other than anticipation of next year and a new administration. >> it's the eye of the beholder in whatever tea leaves you see revealed about maybe the policy stuff, whether the individual moves have to correct a little bit and the immediate reaction. i think it's interesting today that the indexes did get back into control of some of the megacaps. so they, again, acting somewhat like defense, somewhat like the neglected group. that's more like microsoft and amazon. it's not nvidia today. because the overall semigroup continues, really, to struggle here. so i don't think there's a lot that we're going to be talking about headline to headline. macro is set. you know, i mean, today's cpi, even though it wasn't great, as a benign surprise, it was enough that we think we know, we get

another quarter point, and then take it from there, two-year note yield is not that far below fed funds right now, suggesting the market is positioned for, you know, meeting by meeting after december. [ bell ] >> as you can tell, dow, s&p 500, trying to hang green.in th i'll see you tomorrow. >> that's the end of regulation. jll ringing the closing bell at the new york stock exchange, and the premier lacrosse league doing the honors at the nasdaq. averages pairing early gains, closing near the flat line. really a mixed session as investors weigh the new read on inflation and the latest moves from president-elect trump. that's the scorecard on wall street, but the action's just getting started. welcome to closing bell overtime. i'm morgan brennan. green light capital's david einhorn takes the stage. we will take you there foris