how about beautiful? how about something transcendent? >> right. the definition of art for some people is an idea that goes viral globally. and this idea like it or not went viral. and proved the artist's point. he was trying the art market he did in a way he didn't intend. >> turn it into banana bread. thank you. thank you for watching. >> thanks so much. welcome to "closing bell" i'm scott wapner live from one market in san francisco. this big day in the markets. let's take you to the scorecard with 60 minutes to go in regulation. dow up more than 500 at its high and up nearly 550. the russell ridge as well. nasdaq higher as nvidia taking a breather following its earnings report and may close positive, though, and we will keep a close eye on it as it is now green. we're watching uber.

alty me ter capital, revealing he sold that stock on concerns over tesla's robotaxi. stock was down and reversed as well. snowflake no reversal needed soaring after its own earnings. one of the best days for it in years. bitcoin surging towards $100,000. word now that sec chair gary gensler will leave come january. we'll see if we get $100,000. it does take us to our talk of the tape. post-election rally and where the markets go. sair, head of ebtss and fixed income at nuveen. >> good to see you. >> how do the markets feel? burst post election and took a breather and now maybe we're in the midst of something else? >> i think markets are finding their footing for two reasons. recovery from into post-election hangover after the first week and reaction to in nvidia's earnings. it is continuing this underlying

trend to a shift to software stocks. first of all because budgets that have been spent on ai are starting to be pulled back and shifting back to software and expectations for lower interest rates good for software stocks. back to the lee ex, tax, tariffs and regulations and how those impact the market. >> do you like nvidia? this shows how high the expectations are, right? when revenue growth is enormous year on year but fails to meet almost unbelievably impossible expectations at this point. >> stock up about 200% year-to-date. lot of expectations in this stock to be in raid guidance and we did not get the raise that investors wanted today. long-term nvidia is strong. blackwell going to be huge for them. spending on ai big. you're going to see periods of consolidation. people are waiting to say how are we going to monetize ai and see that business models.

that could happen [ inaudible ]. >> you mentioned three things on your mind the themes for the new year, lower taxes, higher tariffs easier regulations. that against backed up yields. what do i do with that and at what point is that a problem? >> the concern those three things will cause stickier inflation in an economy that could overheat. the jury is still out which is why you will see the volatility around the trump trade and take a break as people worry about it. probably depends on what's going to happen with the budget cuts. will regulations cause more m&a, will they cause -- taxes cause higher inflation in the u.s.? those are risks and investors need to consider. s&p trading at 22 or so times forward earnings. last time we saw it higher was in march of 2000 -- >> i think we know what happened. >> i think -- >> is this ending gb to different because of the power of a new administration, the lowering of regulation, the lower and upping of tax cuts and all more important than whatever

higher tariffs do and by the way, if you look at performance of stocks with higher tariffs it's not like the stock market did terribly the first time that donald trump was president. why should it do terribly the sed time? >> trump 2.0 is different in terms of the environment than trump 1.0. interest rates and inflation were not at these levels the first time around. that does give a different ending. i don't think we're going to have the same ending of march 2000 where we have the dotcom bubble. tech stocks are fundamentally strong this time around. the ending, challenging to say. it's really going to depend on the candidate's [ inaudible ] continue to perform strongly without overeating and manage inflation. we'll see pce data next week and inflation down to the target without it reaccelerating like it did this year. >> are you dialing back your own expectations of rate cuts? i feel like not? it seemed like a formality at one point, but i hear doubts. >> we've been worried about the

degree of rate cuts the market expects for a long time. we weren't in the six to seven cut camp. december is about a coin toss. 50-50 chance. four rate cuts are in question. if the economy remains at the strength it is and inflation picks up the fed is going to have to cut back on rate cuts. that volatility could be depend the now more on the fed. how will the markets handle the lower degree of rate cuts, as well as this year. >> fed speak lately has been mixed. fed governor bowman was hawkish. she's hawkish so that's not a big surprise. goolsbee was more dovish, i guess. as long as we get some degree of cuts is that all that matters? the size of the cuts, the speed at which the fed cuts is not that important? >> it depends how does the economy and consumer react with the rate cuts? what's been the driver of the economic cycle has been consumer spending on the high end. if that can continue with higher interest rates and inflation

than i think all of this soft landing narrative will remain intact. if the high-end consumer falls apart, we're not seeing that yet, we would be more at risk. another important number the employment numbers at the end of the month because you saw that last month's payrolls were up 12,000. we blamed it on strikes and storms. where are we really in the labor market is an important factor. >> what about the broadening trade we've seen, the russell up near 2%, dow up as i said 550 the sectors leading are classic cyclical plays, industrials or financials, materials, and things like that. do you expect that those trades are going to work too 2025? >> small caps and financials are part of the trump trade. i don't think there's any reason for those to slow down. within those two, we like small caps because they have a valuation argument. they're trading at about a two decade record discount to large caps. the small caps i think with

regulations could open up m&a market, tariffs more consumption and that's better for small caps which tend to be domestically oriented. >> even with higher rates. >> with rates stable to declining is good for small caps. we expect that. we're not going from four rate cuts expected to rate hikes i don't think at this point. it probably is less than four for 2025. that's still a positive for small caps and remember you have that valuation argument. >> business area for credit right now is what? do you think? >> given we don't expect rate cuts to the degree that the market does leveraged loans. those areas of credit that are less dependent on rate cuts will perform the best. >> yelled? >> high yield is higher than it used to be. you can get stronger returns. as long as the economy remains strong the fundamentals for high yield munis is a favorite. >> are higher rates a threat if you want to use that word to high yield and also maybe, you know, some are still projecting a possible deterioration of the labor market and the slowdown in the economy? maybe you don't see that?

>> we do. we are worried the me will get hit by this degree of inflation and interest rates. we're not seeing that at this point. with fixed income given that rates have backed up you can lean into generating income with fixed income at this point and look for areas that are fundamentally strong. municipal bonds are a great area because of the strength of the economy, their coffers and rainy day funds and they have been somewhat hurt because of the election and the expectations for less tax hikes going forward. >> good to see you out here at one market. >> great to see you. >> sara malik of nuveen. adam parker and joe terranova, both are cnbc contributors. you know, joe, i want to start with you and start with a moment that happened on cnbc on our halftime report where gersner sold uber shares. >> leading up to the election, right, we had been taking down

our position size and we've been rotating into tesla. why? because i said before, we had a chatgpt moment around full self-driving in 2024. i think the year of 2025 is about robotaxi. we were present at the robotaxi, we were impressed by the robotaxi. for uber they have to get past this moment where they have a hugely disruptive force coming in the case of tesla and now we know that the trump administration is going to push for a national regulatory change so that we'll be good for waymo and tesla. now uber has a solution to this, right. they have waymos on their platform, but we want to see it play out. >> joe, you own the stock. i play this because i was very surprised to hear brad sold it given how bullish he has been on the company and the leadership

with dara as the ceo. >> i made my move and sold it at 73.50 on a lot of the concerns that brad is citing. let's keep something in mind as it relates to uber. year-to-date the stock has under performed for the entirety of 2024 the s&p 500 and the nasdaq. it's only up 13%. this quarter it's down 6.8%. in the etf ownership is still maintained, i think that's the right position when you look at this company long term it's one of the better industrial names you're going to find. it's called in its nature for sure, but i respect, understand and agree with the premise which brad presented to you on the halftime report "today," i think when we turn the calendar into 2025, the conversation about robotaxis is going to intensify. you can't dismiss the fact that elon musk has the ear of the incoming president of the united states. and that is a very powerful position to sit in and it's a

very powerful position for tesla to be in and, obviously, the market is recognizing that. >>, but i mean, what you're taufrgts talking about is a moving of the goal posts because of that position it's going to benefit the companies that, you know, musk is in or cares about or that matter and in this battle over robotaxis i'm not saying it's a two-part -- two-position battle but it feels like that. >> it does, but the premise has always been a wish and a hope. you're at the moment if this cannot be reality and you can't advance the technology at this moment with this administration, then i'm not sure you'll ever be able to do it. i think understanding what risk is, reshaping and taking risk in markets is what we do and brad does well, and i think this is the moment you step forward and lean into the risk and you say this is the opportunity we've

been waiting for. >> adam, spin to nvidia with you. you know the stock well, the space well. what's your read and what do you think it means for where the market goes from here if anything. >> i'm a little bit n the other side of what sara was saying in the call. software is beating semis by a lot in the last few months. in the medium to long term semis are just going to be more enduring, more confident that i need them. i thought nvidia's numbers were in terms of pretty good i think they kind of told you that other semis are going to participate. i kind of like selling the software that's worked and buying semis in here. i think that trade could be good. it's hard to only recommend things straight up, and i like semis and nvidia and i think they will be higher in a three, six, 12 month view and so i'm positive. i think there's a lot to look forward to and i don't think any doubts in 2025, the year of

robotaxi, i think also the year of proof cases for ai, working the productivity and earnings for companies, and i want to own companies that are exposed to that. >> it seems when you talk about enterprise software that's where the action is and money is going to know outside, adam, of course of the nvidias and broadcomes and other names that, you know, easily come to mind for investors, but it's an enterprise story why the money has gone there if you look over the last five months. there's no competition. >> right. but i mean i'm not sure three years from now or five years from now what new companies are going to form that are going to be 100, 200, $300 billion market cap we'll be accessing on our phone. i am sure i need taiwan semi and nvidia and that means their multiples will stay at higher levels. i can poke holes in the large

software companies about what they're going to do. i can get this argument there's a little bit of a near term spin on enterprise, and i want cyber. i think there's pockets that work. but i think in any medium to long-term view own semis over software. they might both work. semis will be better. i see a dislocation where software has outperformed like the last few and makes me want to lean the other way, not chase this more. just my personal view. >> joe, you own nvidia. what's your read on the way that the stock is trading today on the back of earnings, which everybody could agree were great, right? you know, whether the guidance lives up to whatever hype was necessary, i don't know. you'll have to determine that. what about the price action today. does that tell you anything? >> i'm somewhat surprised because i thought in the revenue guidance we needed a 4 handle to see $40 billion. we didn't get that. the stock is, obviously, higher today. i think what nvidia did is basically didn't dent the optimism that's currently

embedded in the financial services industry that we have this end-of-year run on what we're seeing in the price action in nvidia you're getting a little bit of a jump start in what has been dormant momentum for some of the ai and halo adjacent names. take a look at a name like synopsis, a name like kla corp, take a look at applied material, names that have not been working that now after nvidia's report finally beginning to work once again. i agree with what adam said on software, but let's keep something in mind with software, you're finally seeing some of the emerging software names participate. twilio, a name that i bought recently that's at 102 today. you've got data dog, docusign. so the enthusiasm is not just in the large cap and mid cap software names. you're finally seeing now the emerging software is where investors are turning to. >> scott, i thought on that you

can't love all the m&a companies and not like small cap software. i would sell large cap software buy small cap and then semis. i like that positioning. because if you believe there's going to be deals you're going to see some in software. >> what about sara's all she likes small caps. if you're going to have a boost to the economy she says that's a place to look. you disagree if. >>? >> no, that's a trade from the trump trade. the thing she pitched were stuff up a lot very recently, so when i think about the note i write every sunday, the level of what am i going to say it's not just buy everything that's ripped straight the last two weeks. it's a little bit more what i think is overly run up on the trump trade, what has lagged. i kind of think the small cap part she pitched i disagree with the banks. i would rather own large cap,

big financials that benefit from the m&a cycle. if we're going to get a position where we get a strong jobs report december 6th and people say maybe the fed is not going to be doing as much no way the small cap banks are going to work as well. even if her point is right there's more coming. less accommodation, i'm going to be short the small cap banks but still going to believe in apollo and morgan stanley and kkr, et cetera. the pair trade would be long the guys that benefit from the m&a, short the small cap banks to pump the breaks on the fed. >> i feel like we're already couple bumping the brakes. doesn't feel like a maybe anymore. i feel like we're going to be facing the reality that the fed is not going to be cutting anywhere to the degree or speed at which we thought even a month ago. >> i think that's clear. you know, yesterday the remarks from fed governor bowman, it's obvious to e fed independence is in place. she was appointed in 2018.

she's a republican appointed by president trump. they're keeping their independence and observing the economic environment. candidly i'm okay if they go slow as long as what they're doing through the course of 2025 they're lowering rates. the point on small caps, i don't think you need to go directly to small caps if you really like the financial sector. the financial sector is the top performing sector in the s&p year-to-date. it's up 33%. i can do the work that i need to do right there with goldman sachs and jpmorgan i could trade down to some of the private equity names that adam mentioned, and i can look at mid cap regional banks. look at m&t bank. these banks are doing well right now. the expectation of where fed policy is going togto go, you and i agree maybe less than the street anticipated, stay in mid cap and large cap because the broadening is happening there. >> all things equal do you feel

like the post-election rally is intact, after the burst and rest we've got now some clearing event of getting nvidia out of the way. we're going to take bets on december and we're going to do it up until they make their decision and chair powell meets the media. do you think it's intact. >> we talked about it last week. i can see the inauguration call, rally until then and a dead spot until we see the benefits of what people are discounting. the negatives, the big firms negative last year or bullish this year, the consensus is optimism is up. the positives we have an incoming administration that values the stock market, wants it to go higher uses that as one of the metrics of success and is going to shake things up. if something happens, and it doesn't work they'll stop doing it. they want the market to go up. the bull market proeblts is higher than the bear and going higher. i don't think it's quite as easy as it's been the last couple weeks going forward. >> joe, last word, same topic.

>> i think what's interesting, scott, month to date, i think most viewers would be surprised with what i'm about to say. the best performing sector is energy. energy is up 9%, so energy is rallying right now. natural gas is at 340, oil at $70. if that continues there's an effect on the other side of the year, but i think for now, what it does, is it provides multiple avenues for investors that are chasing this tape to find investment vehicles, and i agree with adam and why we're in a good place through year end. >> all right. we'll leave it there. >> safe travels. >> see you back on the east coast. let's send it to courtney regan for the names moving into the close. >> hey, scott. shares of deere are soaring after posting fourth quarter revenue and profit that beat wall street estimates. the tractor maker issuing a weaker than expected forecast for 2025. the ceo says the company is in a strong position to handle tariffs under the incoming trump

administration. shares of deere are higher by 8%. mongodb stocks rallying across the board after snowflake released a strong earnings report and optimistic guidance. mongodb announced the company is expanding its partnership with microsoft to advance ai applications and data an lintics. shares of mongodb up almost 13%. back over to you. >> thank you. we're just getting started out here. up next, notable capital jeff richards is here with us live and how he's playing the tech space. we're live at one market and back after this.

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the great news for technology, scott, is this. i look at massive tailwinds over

the course of the next five years and i think they will be winners. i think 2025 about picking winners and losers, software in the back half of this year was one of those winners. we're still trading under that 10-year average. >> that was brad gerstner making the bull case for software in the months ahead. joining me jeff richards at notable capital. >> thanks for having me. >> are you as bullish on technology and software? >> i saw your segment with brad, and he came across as bish. >> he did. i would give you the backdrop it's been a rough few years. '23 was challenging for software. companies deceled, growth, if you wind back the clock two or three years ago we had quite a few public companies growing north of 50% including snowflake who you talk about. the fastest growing companies in software are ticking over 30% and most mid 20s. snowflake one of those.

the crowdstrikes in the mid 20s. decel in growth, a little bit of what brad was alluding to we're seeing that pick back up. >> as you saw the decel, i guess the multiples had to come down and now are they going to be expanding once again and those stocks are attractive? >> if you look back, the peak multiple for software back in i believe it was november of '21 or december of '21 was the average of software. today at 6 the ten-year historical average. to brad's point if you were looking at software five or six months ago trading at 5 x forward looks attractive. the question, are we going to see that growth tick back up. it's the unknown. the one thing we're seeing as a tailwind, seeing it in the private companies is ai. everybody talking about when is ai going to kick in for software, it's happening now. >> it has to be that. that's why these stocks have picked up. we played the sound from when brad was with us in june where he said software bottomed and out performance software to

semis has been stark. i mean pretty amazing. >> yeah. i'll tell you i have private companies last two quarters their best bookings for quarters in years. 60 to 70% of bookings are ai or ai related. chatgpt has taken a company years for those companies to build in their road map. the infrastructure build-out that's happening. capex by the mag seven. put it in context the federal and state govern spending on infrastructure, bridges, roads, airports is $300 been billion a year. these seven companies are spending that on the ai build-out. think about it as an evolution from the semis and chips start first, then the hyper scalers and infrastructure and on top of that the applications. we're talking about enterprise software but consumer. we have yet to see the airbnb, the uber, the doordash of ai coming. that's getting funded by vcs. we invest over a long time

horizon. we've been funding these two or three years. you're going to see those companies hit the mainstream in a couple years now. >> feels like what was bridges and roads and airports, what in yesteryear were railway, railroads r now data centers. i mean, how do you see the evolution of that where the -- feels like a lot of dollars are now going there? >> the other thing that's amazing it's global. in our firm we have a global perspective. we call it u.s. plus. you think about the amazon, the meta, apple, google, not just serving u.s. based customers they're serving people in europe and india and africa and other countries around the world. the bridges, roads, airports show the u.s. predominantly. but what's interesting the tale of this, the impact of global gdp. we're fortunate to have these companies, the cash flow to invest in this. if you look back, the origins of the internet was the government. the government can't afford $300

billion on infrastructure ai today. we have the companies building it out. greasing the skids for the innovation on top of it. >> i thought that was an interesting headline from the journal, ai investments booming but venture firm profits at historic lows and talked about how venture firms have returned $26 billion worth of shares to their investors the lowest amount since 2011. when does that change? >> well, you guys haven't had very many days talking about ipos. is that going to change? >> you know what's amazing about it, we had an ipo suin reddit, stock up 3 or 4 x. growing at 60 plus percent. there's demand for these companies, public shareholders, investors would love more of those names. we've got one that just announced a filing this week called service titan. testing the waters there. good software company that sells to the s&p space. i think a lot of bankers, with folks from goldman and morgan, expecting a robust pipeline next year. may not be the names we think of. it will be a bunch of names that

people haven't necessarily heard of. hopefully with an ai bent to them. probably 100 companies well over $100 million in revenue private, mostly funded by venture capital firms that will hopefully get out in '25 and '26 we only have 4300 public companies. i heard an interview with marc rowan from apollo, 80% of the companies in the world are private. i think it's good for our economy how the companies go public. >> the other part of that issue that companies are just simply choosing to stay private. they don't need to access the capital markets for the -- certainly the public markets for their funding. why is that going to change? there are firms who are lending money hand over fist to these firms who are just remaining private. they don't need the headache of the public markets >> it's a great question and you've seen stripe following that path. stripe is a 15-year-old company, not a start-up, over $60 billion. the secondary markets for

liquidity for employee shares, for example, is liquid. plenty of demand. i think the argument that i would make it's good for the economy, good for your employees and good for company discipline. you look at the performance of companies like snowflake, crowdstrike, hub spot, shopify, if you ask those ceos they love being public, right. helps for branding, great for employee base, gives them ton of access to capital. hopefully we'll see. company like openai spending a lot of money eventually may not be enough private appetite for that and they need to tap the public marketss. >> are you being pitched anything not ai related and do you pass immediately? >> we do. we're investing in consumer. and there's some companies in those spaces doing well. quince, i don't know if you shopped on quince, it's sort of affordable luxury, multi hundred million dollar company on a tear. we're doing a lot outside of cyber and cloud infrastructure. there's pockets of innovation.

those categories are going to be impacted by ai. >> appreciate you spending time with us. >> thanks for having me. >> joining us here on "closing bell" at one market. the cio of ai driven software company logic monitor is with us here after a fresh funding round. find out what she has to say about demand for one piece of the ai story. live in san francisco as you know. the bell back after this.

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welcome back. investing around data centers has been one of the fastest growing parts of the ai story. our next guest's company has seen its valuation surge. logicmonitor's ceo joining us at one market. nice to see you. >> you as well. >> data center monitoring exactly what? how du describe that to people? >> logicmonitor we're a hybrid facility platform monitor on premise as well as those in the clouds like aws and microsoft azure. we monitor to ensure the systems stay up and running and resilient. we're really at the epicenter right now between ai and the data center optimization and so we are able to ensure these data centers stay up and running, resilient while looking for insights around cost optimization and sustainability. as we say, ai needs data centers

and data centers need logicmonitor. >> like we wrote in the intro it does fell like all roads literally and figuratively lead to the data centers. peak data center? anywhere close to that? is this build out going to be infinite almost because we have -- we're still in nascent stages of what generative ai is going to be and do. >> we're in the early innings and seeing this incredible demand and tailwinds as our customers are looking at how do they power this ai innovation and how do they ensure that this innovation can stay up and running. you need those to be resilient. they're balancing how do we do this in an optimal cost way, ensure that we're meeting sustainability requirements and we're able to derive those insights and be this adviser for them. >> your own growth and the valuation that you now, you know, raise capital is pretty astounding.

you're owned by vista ebts partners. according to pitch book they acquired you around $400 million in 2018. it sells the stake at a $2.4 billion valuation. i mean, okay, robert smith i get it, he understand buy low and sell part very high. they're going to remain the majority shareholder. they're remaining in control. we are so excited about this $800 million investment at this incredible valuation of $2.4 billion. it's just a huge testament to the demand we're seeing in the marketplace and the need for the systems to stay up and running. so we're excited for this investment and to continue to partner with vista. there's three things we want to do. the first is we want to continue to expand our platform innovation. we may do that through m&a as well. the second is we want to accelerate our ai products. we launched our i.t. assistant edwin. >> edwin ai. >> mid july.

seeing tremendous impact with our customers as well as on our own business. we want to continue to expand to additional geographies and markets. >> i just had the conversation, i'm not sure if you had a chance to hear it with jeff richards. >> teed us up. >> well-known venture capitalist and talked about the idea of companies going public or staying private longer. what are your own views? >> definitely. as ceo i'm focused on building a long enduring company and ensuring we're deriving great value for our customers. squarely focused on this investment that allows us to expand that mission and then, of course, we'll continue to watch the markets and see what happens. >> when you watch the valuations of ai related companies just explode, what goes through your mind? >> yeah. i think we're at the ground floor of this incredible revolution. i was at salesforce, i started there in 2002 where we were on the ground floor of the cloud commuting and how that was

changing the way companies deploy their software and then now we're in this ai revolution where we're driving data insights and, so i [ inaudible ] in the early innings and at logicmonitor we're proud to be at the pinnacle of this where we monitor the data centers that are fueling the ai revolution, but then we also, you know, unjust over a trillion metrics a day. we have all this incredible data that we can drive insights and predictions around this management of the data centers. >> you mentioned the, quote, unquote, teammate that you have in edwin ai and you talked about the trillion plus records a day. i mean you have 100,000 plus customers and this was only launched in june and it's already contributing to revenue growth? >> it absolutely is. we just launched it in mid june and so edwin is your, you know, i.t. employee who basically never sleeps, doesn't go on vacation and can really help

elevate and optimize performance for these i.t. teams. they're under enormous amount of pressure because ta their environments are not getting simpler, they're getting more complex as they're continuing to build out these data centers and under demand to be more efficient and do more with less. >> good having you here. >> it was great. thank you so much. >> christina kosmowski. logicmonitor's ceo. we're tracking the biggest movers as we head into the close. kristina partsinevelos is standing by with that. >> the impact of chinese stimulus plans should take longer than anticipated. i'll have the details next.

standing by with that. we'r

bell. back now to kristina partsinevelos for a look at the key stocks she's watching. >> thanks. pdd, pinduoduo is sliding after the temu company missed estimates. the latest giant to be hit by competition and slowing growth as consumers are pulling back on spending. online ad spending from businesses in china are weaker in the third quarter according to chinese giant baidu and their revenue fell 3% and forecast china's stimulus plan is going to take longer to take effect and that's why the stock is down about 6% right now. scott? >> all right.

thank you very much. kristina partsinevelos. still ahead alphabet shares are sinking. what's behind the big drop. s fnccoft t the bell out here inanrais aerhe break. 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 or changes in their dosage may be needed. tell your doctor if you have kidney or liver problems, hiv-1, are or plan to become pregnant, or breastfeed. don't take paxlovid if you're allergic to nirmatrelvir, ritonavir, or any of its ingredients. serious side effects can include allergic reactions, some severe like anaphylaxis, and liver problems. these are not all the possible side effects

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(brian) opendoor gives you the flexibility to sell and buy on your timeline. (janet) nice! (intercom) flightdeck, see you at the house warming. overtime tonight we'll tell you what to watch for when the .eports hit the tape ross stores and the gap inside the market zone, next.

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sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. we're in the "closing bell" market zone. senior markets commentator mike santoli to break down the crucial moments of the trading day and deirdre bosa on the big swing lower for alphabet shares and courtney reagan to gap and ross the earnings after the bell. mike you first. i mean, nvidia's now positive and the market's got an pretty good day out of this. >> it has. although nvidia, my read on it is the report passed. it didn't do any damage in the long-term fundamental case. no real incremental reason to get particularly excited freshly, bit the catalyst steps aside, the rest of the market is released to do it rotational thing. sturdy rally below the surface. s&p suppressed by selling the other. nasdaq 100 type names.

you got the equal weight up 1.4%. banks strong, snaps up almost 2%. the one thing i keep having to come back to the split nature of the market where the majority of the market has been going sideways and cooling off hanging earn the net, waiting for another upside attempt. two-week high for the s&p. but the wild smaller cap crypto link stuff has been really erratic and you got big downside reversals in micro strategy and coinbase with bitcoin going higher. you have to be alert as a potential source of a little bit of turbulence in this tape. i'm not sure you can get a perfectly seamless rotation in the rest of the market. >> i guess we're going to be focusing on data on the economy and what it means for cuts going forward. now that nvidia is the clearing event out of the way, there really isn't that much for the market to focus on. i suppose we're still waiting for a trump treasury secretary which the market is going to weigh in on one way or the

other. i guess. outside of that, what are we left with? >> no. that's basically it. you have this sort of holiday week upside drift dynamics that are just in the background. we are still over trading every appointment announcement and every hint about policy i think but that's what we have to work with. arguably, the market took an up leg midday just as the matt gaetz withdrawing headlines came out which is when the austan goolsbee, chicago fed president came out. it's hard to know but clear the market would like to see somewhat of a more maybe less fringe, less contentious process here but that's just conjecture. >> yeah. speaking of headlines we got some today relative to alphabet and it's not often you see that stock off by more than 4%. that's not even as bad as it was earlier. >> right. usually investors have been kind of complacent when it comes to antitrust stuff, not today. there's the proposed sale of chrome ending the deals with the

likes of apple and sam sung. the doj went further raising the prospect of separating android requirements on data sharing and asking the judge to force google to shed its stakes in ai companies that control technology that could compete with search engine like anthropic which is important for google's ai chip ambitions and all of this leads to the most important point here for investors and that is, in the leveling google search position the doj is going to hurt google's position in the generative ai race at a critical moment. this will take months, maybe years to settle, but january when president-elect trump takes office that could be the next most important event for google's antitrust battles. trump has recently succeed that google should not be broken up but as we know, he is prone to flip flopping on his big tech opinions plus he's got elon musk in his ear who stands to benefit from a weakened google on a number of fronts from self-driving technology to ai to

videos. >> interesting to watch. thanks. deirdre bosa. all right. courtney, gap, ross, after the bell. what do we need to know? >> such a busy time for retail. investors want to see if gap ceo richard dixon's changes are taking root for one quarter. he talk about shoring up the financial rigor which he thinks will enable the brands to grow and be reinvigorated themselves. last quarter solid. shareholders looking for continuation of that with the most important holiday quarter under way here. the street expects gap's third quarter earnings 58% on revenues of $3.81 billion. sales up 1%. last quarter old navy was the driver. has that trend continued? we'll have to see. ross stores also reporting the street looking for comparable sales growth stronger there 2.5% with earnings of 1.40 per share on revenues of $1.5 billion. tjx had a decent quarter, the soft guidance and marmax division that one more closely

compares to tjx than its home good division when talking about the comparison between ross and tjx. td cowen is maintaining its buy recommendation for ross but cutting its price target to 177 to 18 a 5. shares of ross and gap are higher into the print >> you'll let us know what happens as well. thanks, courtney. appreciate it. courtney reagan. mike, yields up today. russell outperforming today. what's that tell you? >> you no know -- you know it's an interesting combo. yields started lower and we did get a little bit of data out there, initial claims were certainly positive. i don't think, you know, weekly -- leading economic indicators was a mover. but we're in a value over growth tone. i think that's where the russell is coming from. banks up 2%. i think as long as we don't go blasting to new highs in yield maybe those things can coexist. you look at the chart of the 10-year yield, the chart of the u.s. dollar index, they're both

bumping up against these yuan recent range ceilings that maybe would be a test. so far, not really up ending a lot of the underlying story today. >> what's going to be on your mind for tomorrow? the final trading day of the week? is bitcoin going to be at the top? i mean we're pushing up against 100 k. you mentioned some of the trades around the crypto universe as we assess what's going to happen in the new year with a new administration. there it is. >> yeah. >> getting closer. 98.2. >> right. look, absolutely. mostly because it is incredibly concentrated, risk appetite, and also you have to be aware of when do markets finally get to this crescendo peak? it's on the pileup of good news when it gets discounted an maybe when the angle of the dissent has gotten too steep. that might not be the case with bitcoin. it's the case with some of the related stocks. so watching that and just watching how the overall market continues to react to its own

position. as i mentioned the s&p at about a two-week high trying to regain some more of that post-election bounce we gave up. thanks, mike. it is green across the board and most sectors that way as well. [ bell ringing ] >> that's it for regulation. ringing the closing bell at the new york stock exchange and at the nasdaq, higher for the dow. the nasdaq lags by a big drop in alphabet. that is the scorecard on wall street but the action is just getting started. welcome to [ bell ringing ] i am morgan brennan. >> i think into it is already up. we will get into it with