we're hoping. >> that's good. >> >> positive results. >> my son all eyes on indiana. go iu. thanks for watching "power lunch." >> serrat, thanks for being here today. "closing bell" starts right now. welcome to "closing bell." i'm mike santoli in for scott wapner. this make or break hour begins. here's the scour card with 60 minutes to go. the benchmark s&p 500 modestly positive up there a little more than a quarter of 1% on the day, though, that is restrained by some more sluggishness in some of the megacap growth stocks out there. nvidia the biggest drag on the index. falling let's see about 3% on the day. it is down below the closing price from before the company reported strong results and raised guidance on wednesday. the dow industrials are out performing. they are up about 0.8%.

actually so is the equal weighted s&p up about that much while the russell 2000 makes another run above the 400 mark. it's not far from what would be its first record high in about three years. helped by upbeat raetsdsings on the consumer and a services sector gauge this morning. and then the tireless run in bitcoin. it is now trading above 99,000, 99250, got closer to that to the $100,000 mark as the buying frenzy rolls on. riding hopes for wider adoption under the incoming trump administration. our talk of the tape how long will these favorable friends remain investor friends as we enter a stronger period with the bulls' confidence riding high. we'll ask co-founder of 314 research. warren, thanks for coming on today. >> thank you for having me.

>> as i gather you're not in the mood to fight this upfriend we've faced the last several weeks of this year. the fundamental case, the fed is in this orderly easing process. the market technically has held this nice trend. is that accurate? i guess what would you be looking for to come next? >> yeah. i think that is basically accurate. the market's cleared a lot of concerning hurdles and now we're stuck with the seasonally bullish period of the year. the election behind us. the fed is cutting. that was anticipated events. when you go back to the beginning of this year, this is the dynamic we've been talking about and have been talking with you on this network the better part of this year, strategists, investors in general, were just pessimistic on the bull market coming into 2024. strategists forecast back then one year ago implied 2% gains

for the s&p 500 and so our view is that this was going to create a chase dynamic throughout the year. so all the pullbacks are shallow, they're quickly bought, everybody has to catch up. now we're in the seasonal bullish window. you can't fade this. i think the market set up to have a strong finish. yeah, i'm not going to fade that. but i am starting to look ahead at 2025 and see risks out there. >> and we are showing this chart that you made that tracks the strategist consensus target for the s&p 500 and you have the end of year jumps in the projected target level. obviously, as strategists come out and refresh their outlooks for the coming year, is this now at a level that you would be concerned let's say the consensus looking for 11% return to 2025 or just the fact that kind of everybody is revising higher? >> yeah, it is an area where i'm starting to get concerned, and so let's just for a moment we

have to get all the strategist targets in there to really have a full view of what's happening. but the early returns are in and like i said, last year, strategieses made the mistake of being too -- keeping their targets too low and too bearish for 2024. they will not make that mistake again it seems. the early targets we're seeing is 6600 for the 2025 target and from current target levels that's a 20% increase and 11% gain as you mentioned for the s&p 500, and both of those numbers are basically the highest we've seen at this point. you get this rise. this would be the biggest jump we see as we roll into a new calendar year. we went from skepticism in 2024 to optimism going into 2025. and that is the condition you see, you know, don't want to be alarmist but that's what you see around major market tops. every one of the bear markets

we've seen in the last 25 years has started with strategists well above s&p 500 spot levels. if this is where the rest of the strategist comes in on their targets this is a concerning backdrop, and it makes the market more -- >> yeah. obviously, the crowd becomes harder to please when everyone is expecting great things. if we do run into some kind of turbulence after the turn of the year there is historical precedent for weakness into inauguration day in a post-election year, all the rest of it. do you think that volatility might come from another growth scare or the overheating yields going higher story? >> yeah. i think it's a little interaction of both. i think under the surface, i'm not ready to say that the recession is here or anything like that, but i can say go back to last year, 50% odds of a recession based on the bloomberg survey of economist that number

has dropped to 25%. basically everybody on the no recession kick. when you look at the cyclical areas of the economy they are weakening and that's an interaction of interest rates weighing on things like housing and so i think if rates don't keep moving down, that's not my expectation on the long end that is, i think you'll continue to see the growth scares pop up. so where we're at right now, the big question i have for 2025, can the u.s. economy handle say 7% plus mortgage rates, right now the evidence says not so much. it's not a great environment for those leading edge areas of the economy. >> i know you look across asset classes for your investment model and you have gold in there and bitcoin is kind of, you know, on gold's corner here dominating so much of the enthusiasm and action. what do you make of this run in crypto which also seems to have kind of kindled a little bit of

an echo boom in some other riskier parts of the market? >> yeah. that's absolutely right. that's the pattern we've seen post-election is like go from quality to low quality the swing in crypto, bitcoin has been the leader in that dynamic. you know, how can you be anything but bullish on bitcoin to be honest? i'm not a huge crypto guy or a bitcoin maximalist or anything like that, but when the administration throws their weight behind the asset like this, i think it's a big deal. and so it looks like this is going to be a -- just an ultimate, an existential win for bitcoin and it's going to be adopted by the industry. i was talking to funds that really specialize this, clients of ours, and they think a huge portion of bitcoin has been lost, some of the supply has been capped and they think that in order for this to be a big enough asset for the industry it might have to go up to like $300,000 or something like that. so once the industry starts

adopting it and you get this kind of narrative building you don't want to stand in the way of the momentum. our model is eye at a 3% bitcoin position, max position for us, and the one question i do have is can gold continue to thrive in that world where bitcoin starts to lead? my view is that some of the gold selloff we've seen, there's dollar strength and stuff like that post-election, i would chalk that up to this just crazy bitcoin rally and it kind of winning the battle of what i would say are debasement assets >> all happening with the dollar actually very strong and at multiyear highs. >> yeah. i mean the dollar, gold has been down. dollar strengthening, bitcoin doing well, but gold is down versus every currency, even the euro getting killed right now. gold down post-election. i think it is when you -- you have to take that dollar effect out but when you look at it you can see there is real gold

weakness going on under the surface. >> yeah. definitely was timed right after that decisive election result. let's bring in tavis from raymond james and flaubl [ inau into the conversation. victoria, you've been focused on quality assets, maybe a little bit defensive in your mix. has any of that changed based on conditions over the last several weeks or expectations about policy or market action? >> we haven't had a huge shift in our broader outlook. we still think there's warning signs ahead. some of the things you guys have been talking about, there's weakness in the labor market and we have to see how that comes to fruition or if it does in regards to, you know, the quits rate, the continuing claims going higher, companies talking about potential layoffs coming next year, and valuations are quite high. we're a little concerned as to how much more room there is for

this growth component in the market. at the same time like you guys have been talking, i don't think you want to stand in the way of the momentum that we're seeing right now and there's good reasons for it. you've got the fed, not just the fed but central banks globally, lowering rates. you have a more business friendly administration coming in. even if they don't get corporate tax rate cuts they're not going to go higher probably and less regulation and sentiment is strong. bull-bear ratio at a three to one, advance to decline line is strong. you were speaking earlier today about all the money you see flowing into sk riskier assets. i don't think you stand in the way of it but we are taking a little bit of a guarded approach but what we think may be coming next year. >> yeah. tavis, building upon that on some level how bull markets go, right? people have fun over hear and then the main core of the market reprising to discount, plausible

economic scenario. the market rotational since the election. banks working cyclicals working, responding to better than expected economic data. are you finding fault with any of that, seeing any potential hazards bubble up? >> not really. i mean, everything looks very goldilocks right now. the problem is, we know it doesn't stay this way for long. if we don't have a period of labor weakness nearby december of next year this will be the longest period of full employment in the u.s. since world war 2-year. generally what happens is either we will fall into a recession or things will overheat again and the fed will be forced to raise rates and cause a recession. it always ends the same way. so, yeah, i think everybody is playing a similar game which is momentum is strong. right now economy looks good. and i think at the -- the soonest sign of any weakness anywhere, you'll just end up getting an overreaction because

the multiples have gotten so high over the last 12, 15 months. >> right. there's no doubt about that, right. we're at 22 times forward earnings for the s&p 500. now that forward estimate does continue to tick higher but no doubt we're at pretty much close to multidecade highs there. now, tavis, a lot of folks want to rationalize that to come degree and say it's weighted in the megacap stocks that have underperformed. we have had a broadening out of the rally, following earnings growth is that enough? >> yeah. first, i would correct you. i do not think 2025 consensus estimates are higher. >> fiscal is not going up. 12 month forward. >> but the -- i think -- i think the -- to me the biggest risk for next year is the two things that have been driving multiples across the index are ai and the infrastructure bill. if you look at sector p/es

versus where they were in 2019, every sector outside of energy is more expensive than in 2019. but if you look at the median stock across every sector, the only sector where the median stock is more expensive are technology and industrials. it's all because of those two narratives. as you said before, like these cloud players have started to under perform much late because of capex anxiety and if that just continues into next year, and the infrastructure bill spending starts to -- it's not going to fall off a cliff but starts to level off, we lose the two narratives, and it becomes a different market. so i think the safer place to be is in the nonai, noninfrastructure bill related names that are cheaper because the overall economy outside of that looks decent right now. certainly better than i would have thought six months ago. >> victoria, the credit market certainly reflect this idea that there isn't that much macro risk

to fault risk based on how things trade at the moment which should give comfort for some things like even smaller cap stocks. do you have a belief some of the left behind areas of the market are due for a chance to participate or has the window closed? >> if we're going to have a soft landing, then those are the areas that need to kind of have a comeback and really support this economy. you're right. we think of recessions historically usually a credit event that ends up pushing us into recession. you look at credit spreads right now, high yield spreads are as low as they were before the great financial crisis. investment grade are as low as they were back in the summer much 1998. we are seeing no warning signs coming out of the credit market at all. again, i think that's feeding into this optimism that people have in this very bullish sentiment. we need to see turning in these other areas. we've started to see a little bit. energy has started to turn around a little bit.

utilities have been doing better. but we need to see kind of a breakout relative to the market as a whole and we're not seeing that yet. staples another one where we would like to see breakout and strength there and that puts you on a more sustainable growth pattern going forward would speak well to small caps. for right now that's a little too risky for us and our broad scheme for our clients so we're staying with some of the larger names in the areas we like especially financials and industrials. >> and warren, before we go, love to have you weigh in on oil here. because, you know, it's made -- it meat a little bit of a move. seems like the street is pretty skeptical on anything lasting, but how does it set up in your work right now? >> yeah. it's a little tricky. our model is bullish but i'm having a hard time getting behind that. i think maybe we found a bottom here in the near term and make a

little bit of progress near term deficits still remains and a lot of skepticism out there in the futures market from hedge funds. i think the dominant factor and a the reason i think there's more downside than upside if we go out like three months on crude oil, is we all know opec has to come back to the market with their oil. this is the seasonally strong period for the market. it is by far the weakest period for crude oil. so, yeah, i mean there are some things to like and we've stabilized here recently and i think that could persist for a week or so but once we get beyond thanksgiving into december i don't want crude oil exposure. >> the energy stocks have had a pretty strong bid since the election. is there anything to make of these periods when the equities really outperform the commodity or is it just a natural gas rally story? >> it's a little bit natural gas, a little refining and a little bit i think the trump trade.

like everybody throwing like just the cyclical low quality trade in oil and energy getting caught up in that. it goes back to what victoria was saying, if this can be a true soft landing, like a beautiful immaculate soft landing then all those trades can work out, but, you know, year three of a bull market it's late cycle in my vow, i don't want to go all-in on that bet personally. i think it's probably more likely to be ephemeral. >> something usually comes along to rebuild the wall of worry at some point. warren, tavis, victoria, have a good weekend. let's send it over to kristina partsinevelos for a look at the biggest names moving into the close. >> hi, mike. elastic on pace for its best day in about a year after a reported surge in revenue from its cloud unit and better than expected earnings outlook. analysts baird pgraded the software company saying the company has made an unexpected turnaround and becoming a leader in ai search and shares are up

almost 15% right now. reddit shares are falling on a report that advanced magazine publishers is looking to establish a credit facility using as much as $1.2 billion of its stake in reddit. advanced owns conde nasa and offering reddit shares 8% discount to yesterday's close and shares down 8% today. mike? >> interesting. all right. that's kind of an interesting combo publication and reddit. thank you. we are just getting started here. up next citi's mithra warer is back. she will join me after this break. we're live from the new york stock exchange. you're watching "closing bell" on cnbc. (♪♪) from celebration moments... ...to joyride moments. your moments are worth protecting against rsv. rsv is a highly contagious virus

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for hedge funds with long sort shortly strategies on track to nearly double their annual return. our next guest says next year should present more opportunity. mirthra warrier is head of capital introduction at post nine. good to see you. >> gret to be here. >> we're near the end of a year with the s&p 500 is up 25%. do people come and say i could have owned that for a couple basis points and why do i need to hedge, some complex strategy out there? >> 2024 has been a good year for lf performance and not just because the market has been up. if you remember there's a fair amount of volatility in the summer and a ton of uncertainty leading into the election. if you think there's going to be continued macro uncertainty, geopolitical uncertainty, rate uncertainty and fundamentals that are back in play you want to be hedged. post the elections our analytics show gross leverage in the system move hedge funds is at 20 month highs. net leverage is up but not quite

as high which tells us shorts are active. >> shorts are active or did they come into this period maybe defensive and they haven't caught up? >> it's a mix of both. one thing we noticed if you look at tmt our securities lending desk noted last week for the third week among four of the four prior weeks, tmt the most shorted sector. the view there is if you have to price in the impact of potential tariffs, potential ai regulation, and again rates, you now have an environment where there's going to be winners and losers and that's what hedge funds do, is that stock picking and differentiating between the winners and losers so there is that stock picking and fundamental assessment happening. >> sure. the other piece of it i think that is a consensus expectation is that deals of various kinds will start next year. maybe people don't talk about it so much but ipos are a tremendous potential contributor to hedge fund performance and m&a. >> yes.

that's the view that the regulatory environment next year is friendlier towards the m&a environment not just in terms of volume of deals but the deal breakage being lower should lead to more optimism around the ipo environment. hedge funds are active participants in that environment. >> to circle back to the idea an end investor has the choice between i will just ride the market with some proportion of my money, beta, or i'll seek to pay for alpha for some kind of a hedge fund strategy where you are differentiating. do you not feel as if people say the market is up 20% two years in a row? >> i think they can say that. what sort of headwinds do you expect. do you expect dispersion and differentiation. you can just own the markets or the right stocks and part pate in shorting of stocks that could amplify alpha to your portfolio. look at your portfolio if you want to have diversification, you want the alpha generational opportunities and you want to be hedged when there does come --

uncertainty does come up. again in talking to our clients the tech sector is interesting because beyond the mag seven we talked with your earlier commentator the breath breadth of the market is increasing and create dispersion. the supply chain, people are finding opportunities there. yeah, certainly you can own the market but what are you anticipating? >> if you have a ifferentiated view about the ai investment cycle and you think that everyone is -- there's probably plenty of things to pick out. >> exactly. >> i took note this week that ken griffin made public comments suggesting that the multistrategy hedge fund world is maybe peaked, maybe the interest is waning or not that it's played out, of course he runs one of the biggest and most successful ones but wonder if that matches up with what you sense out there. >> there's been a ton of aum growth in the space and it's, again, what are the alpha generating opportunities, compared to cash rates and risk free rates and the interest rate environment and again if it's an

alpha rich stock picking environment do you need the hedge market neutral portfolio aspect that those firms offer and if so how big of an allocation is it into your portfolio? when we speak to our allocators, less about do we need multistrat or not but what's the sizing. >> what about globally? you talk about dispersion, u.s. versus the rest of the world is incredibly split. is there interesting kind of people lookinging to kind of sift among the wreckage? >> tmt is a global story. supply chain and asia is a big factor. energy is a global story as well. if you look in europe energy security and energy transition, again, while green energy and electronfication as a sector not doing well, there's winners and losers. if you look at ai you need energy to power ai and that's a global story as well. in europe a valuation story and in japan and asia in particular

clients seeing opportunity for engagement and governance. you are seeing global opportunities and hedged opportunities and so we think hedge fund is a great place to be. >> and we've seen not to be able to escape the crypto question. does that come into play for the funds you would look at? >> our clients look at every opportunity from an alpha generation, and it has to fit the liquidity profile and goal they're trying to achieve. it's case by case. >> right. probably not necessarily crypto only. >> right. >> hedge funds. thank you. >> great to be here. >> up next, bitcoin bouncing hitting record high earlier today. now nearing $100,000. you see that within a few hundred bucks. emj's eric jackson is standing by to break down the move and what is next for the crypto space. you can catch us on the go following the "closing bell" podcast on your favorite podcast p. 'lbeig bk.ap

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welcome back. bitcoin on a tear since the election hitting another record high today and closing in on $100,000. joining me here at post nine bull emj capital's eric jackson makes his case for more upside. it's fascinating. i've been talking all week how the high risk high reward parts of the market, aggressive growth, tech or, of course, crypto related have really gotten the tailwind here. talk about bitcoin specifically. we thing we know why it's here,

but how much longer can this supportive action continue? >> well, i think a lot of people that i talk to say, well, it's going to kiss 100,000 and pull back. it's a big round number and had a great run. but i do think there's a chance like that 100,000 milestone could be a rethink for a lot of investors both institutional, sovereign retail, and there are a bunch of catalysts ahead i think. usually when we're in these bullish crypto periods thanksgiving becomes a springboard and not actually the nail in the coffin. >> yeah. >> i think there's going to be a lot of discussion about it next week and i think that could be a catalyst. we've got the new sec regime coming in. i think, you know, the strategic reserve is huge. i think there's going to be a lot of other countries saying well, if the u.s. is doing this why aren't we. so that supports an underlying bid. >> you have to get to a point at some point where you genuinely believe there's going to be a

strategic reserve. in other words it can't just be the atmospheric of much more lenient administration and they seem to be in favor of this thing because the bull case fundamentally comes down to just reasons for supply-demand continue to improve. >> right. but there's no question that we're going to see some tangible names, you know, ahead of the sec in charge of, you know, whatever the committee is going to be in speaking out over the coming weeks. i think those names, you know, and the fact that they -- there's real structure that's going to be coming into place, around crypto and bitcoin, i think those will be catalysts in and of themselves. even before there's actually, you know, hopefully a tangible strategic reserve announced. >> there's a little bit of irony, i think in the fact that the original bitcoin premise, this is kind of this perfectly engineered asset class platform et cetera, verifiable, it is what it is and nothing else.

and then you have all the derivative plays like microstrategy a leveraged version of bitcoin, right. they're raising capital at high valuations to plow back into bitcoin and telling the market we're coming and buying more. not trying get a great price for it. >> right. >> what did you make of yesterday's ugly downside reversional, bouncing today, why hold it in that form. >> i own it. yesterday was a culmination of almost like six or seven straight days of like massive 10% plus gains for microstrategy and there had to be, you know -- >> moves like that end gently? >> i mean, you know, trades at a premium but grayscale traded at a premium for quite a while. i think this can continue. i think it does deserve to trade at a premium given its size, given its early leadership in this space. are there going to be other corporates that follow it?

this tune can continue to play the next couple years. i own it. i still think it's going to be around. it's the dominant, you know, the fact that it -- a couple days ago, you know, had higher dollar volume than nvidia and tesla was remarkable. >> right. again i guess i come down onshore side i would worry when you have so much hot money retail flow into a single name which is telling you all we are is our bitcoin balance sheet and trades at four times the bitcoin balance sheet. >> i think chaired to 2020, 2021 we haven't seen a craziness crypto fever. it's been a bitcoin rally to this point. ethereum has taken the off ramp. maybe participated in the last couple days. solana is emerging. mean coins are starting to heat up. so -- but the altcoins haven't done anything so far. i think we have to see a brdsenning out of the -- broadening out of the rally in

crypto. >> the wall street saying. >> wait until the alt coins rip before you get nervous. >> things like names you've known for a while, the affirms, fin tech stocks, the stuff that really was boom-bust in early 2021 and crashed is moving again. >> right. >> is that muscle memory, just an echo of what we saw before? what else is happening? >> there's been a false for the russell and arc-like names and we'll have to see if this post-election rally in them stickings. in a lot of them haven't really participated. i came on the program and i was sort of banging the drum for carvana, huge run since then, but at the time the stock was down 90 plus percent front its high, high debt, struggling consumers, you know, so they said, you know, where was the bull case then? but there are a lot of names

like carvana depressed relative to their historical norms. on the multiple basis if they get a little bit of growth, many are profitable or about to be, and that was the key catalyst for car van na. i love affirm and upstart again, peloton in particular. peloton has been sort of forgotten about. they have a new ceo so watch them. root insurance is another one that's been forgotten about. watch the names in the months ahead. >> we saw lemonade pop. >> the majority of my money in that as opposed to all on microstrategy at this point. >> safe and diversified. you said start again. you didn't ride it al way down from when you liked in 2021. >> didn't top ticket for sure. i was a bull when it posted in 2020, and it had an enormous run from there.

i kind of got crazy microstrategy like almost, but did get out of it. but they've been biding their time. they and affirm, people said the consumer is struggling how are the names going to do well? they are doing well and they are managing their downside well. and there is a demand for their services. >> trying to -- the business model -- >> the personal loans renegotiating them and so forth. >> got you. thank you. all right up next we're tracking the biggest movers into the close. kristina standing by. >> potential future trump political players adding volatility to one biopharma name and a big stock reversal for a software. i'll explain, next.

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with 18 minutes until the "closing bell" let's get back to kristina for key stocks to watch. >> moderna one of the top gainers in the s&p 500 after jefferies said the stock could be due for a rebound following its post-a lex day slum. shares dropped following trump's when and selection of vaccine skeptic rfk jr. for hhs secretary. but yesterday, moderna shares

turned higher after a.g. pick matt gaetz withdrew maybe a potential sign that trump's other controversial nominees may experience the same fate and shares up 6.5% netapp shares losing steam and in the red despite surging after reporting results yesterday. strong quarter overall boosted by performance in cloud storage services and there was a flurry of analyst calls today, morgan stanley, barclays, wells fargo upping their price targets. you see shares down almost 4%. for mon on this quarter tune in for a cnbc exclusive with george kurian. mike, happy friday. >> thank you very much. will do. still ahead, amazon making another big ai push upping the ante in its funding battle with openai. the details coming up. the next barbenheimer. the box office getting big on "wicked" and "gladiator 2" this 'ldiuswh wel scs en "closing bell" comes back. e media coverae the stock market does. in fact, most people don't find them all that exciting.

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♪ coming up next, a parade of retail results on tap for next week. we'll run through what to watch when macy's and nordstrom report earnings coming up and much more when we take you inside the market zone.

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while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley we are in the "closing bell" market zone. courtney brings us the move in gap shares and key retail earnings out in the week ahead and big we could for the box office. julia boorstin on the key figures for two studio films and kate rooney on the latest amazon funding for ai start-up anthropic. courtney, pretty positive responses to the retail numbers in the last day or so. what are we looking for next? >> most better than expected for the quarters but with caution for the sleigh season. the xrt outperforming the s&p

500 this week. gap inc one of the names surging following the better than expected earnings report. i spoke with ceo richard dixon in an interview about the progress of the transformation. >> the apparel industry decline 1.5 and we grew share in all of our brands. this is the fourth consecutive quarter of sales growth, seventh consecutive quarter of share gains, so you're really seeing the sequential progress in a reinvigoration strategy driving top top. >> gap might have gained apparel. ross said higher priced necessities are pressuring its shoppers spending ability. we'll hear more next week when dick's, macy's, kohl's, bias and a couple others -- best buy reports. gap says the early holiday sales it's seen are off to a strong start while target's quarter

disappointed but did set sales records for its circle week, the early holiday event they're pretty much holding every october annually. retailers say consumers will buy when they have a reason to. maybe the events of black friday and cyber monday to get consumers willing to open up the pocket books for the discretionary items. >> for sure that would seem to offset the it's a short holiday shopping season based on the old math of how many days between thanksgiving and christmas. seems like it sort of fills whatever space is needed. it's a discussion point and has fewer days where retailers are able to deliver for customers. literally and figuratively. just because there's five shorter days doesn't mean mostly likely people will buy one less toy at the end of the day. they have to get their act together faster and retailers better be able to deliver that. >> thanks. >> julia, supposed to be a big weekend at the movies.

tell us about it. >> well, it's already starting off as a big weekend at the movies. "wicked" has grossed $19 million from previous and paramount's "gladiator" brought in $6.5 million. those two films can give a much-needed boost to the box office that's down 11% from last year and down 27% from the same period in 2019. but "wicked's" massive marketing blitz is the new playbook to turn movies into cultural touchstones. "wicked" has over 400 partnerships which universal says reach over $2 billion shoppers. partnerships ranging from starbucks and legos to skits on "snl." meanwhile, paramount's "gladiator 2" spent $100 million on marketing including six red carpet events, faux coliseum in hollywood and a trailer they released simultaneously on more than 4,000 networks digital platforms and radio stations to

reach as many as 300 million customers at the same time. not just the studios hoping for a big weekend. imax and ars for all the big budget sequels that are set for release next year. >> they're trying, julia. i wonder people clearly have been trying to map the "wicked," "gladiator 2" duo along with, you know, "barbie" and "oppenheimer" a year ago last summer. are we seeing any evidence people are going to see both movies in one day? that was an organic phenomenon that took on a life of its own. i think it's less trying if get people to seeing both in one day and more about excitement to see movies in general. people have time over the holiday weekend and see one one day, one another day and the other thing that's key here, is that these are movies for very different audiences. there may be one audience that

sees "wicked" and another that sees "gladiator" and yes, there could be some overlap but just like "barbie" and "oppenheimer" very different films and they're clearly not competing with each other for audiences which is one reason why i think the idea of a barbenheimer or wikdsator is not competing with each other. everyone wins. >> in my household a dad movie and daughter movie. maybe we go to both. but that's kind of how the breakdown is. now what are the chances that the slate that's remaining for the rest of this year can sort of rescue the box office for 2024? there was a bit of a logjam. you will have a rush of late-year holiday timed movies. >> well, coming up before thanksgiving there's moana 2 from disney expected to be a huge family film and then towards the end of the year you always get oscar movies and so that's when you're starting to get the more prestige movies that may not be massive box

office over the little bit and more of a hold at the end of the year. the real box office numbers could come next year when we have the backlog of films sequels to avatar and "captain america" from disney, "mission: impossible" from paramount and these films were delayed because of the actors and writers strikes. so we're going to see the really big budget and potentially huge box office movies coming out next year and i think there is a home that you go to see a movie this weekend, you will see a ton of trailers, every time i go i see more trailers, and that is supposed to get you excited to see more movies next year. >> that's the game. 20 minutes of trailers. thanks so much. kate, talk about this new amazon investment in anthropic. >> yeah. it's the latest. amazon doubling down on its anthropic bid announcing another $4 billion investment into the ai start-up, the total is $8 billion by far the largest outside investment by amazon in

its three decade history. this is really amazon's horse in the ai race. amazon in this scenario still a minority investor and does not have a board seat but it z a major endorsement for anthropic and it's a start-up founded by former openai executives and is competing with openai. cash is a key way to these ai startups compete. they are capital intensive and access to cloud computing chips are key. amazon will become anthropic's primary cloud partner and use uaw semiconductors to train their models. >> on that point it is interesting on one level you could view it as amazon essentially funding a very large customer of its own and i know sometimes these payments like with microsoft and openai they were in the form of cloud computing time. >> that's been one of the criticisms of these types of deals and this structure, but it's becoming common. you mentioned microsoft and openai, one thing that people

have been sort of chirping about i talked to a couple folks today who said amazon is compete committing to anthropic while some said microsoft is now sort of hedging maybe moving away from the openai relationship. the news today is underlying for a lot of people the anthropic-amazon relationship may be fueling amazon growth in some way, some criticized that arrangement but they are committing to that being the one versus microsoft spreading their best, google the same thing, but interesting dynamic and the regulatory environment is different. give them a green light to do this type of deal. >> to do things like this and maybe experiment and see where it leads. kate, thanks so much. have a great weekend. as we head into the close about 40 seconds to go in the week, the s&p 500 hanging on to a gain on the day of about 0.4%. for the week up 1.7%. really it is somewhat the

laggard ased on the weakness that lead that index. the equal weighted outperforming 2.5% for the week. the dow going out on the day with about a 1% gain. there has been this pattern all week of late day strength, lot of etf flows have come and theyr do at the close. that's going to do it for "closing bell." we'll send it into "overtime" with morgan and jon. barrack ringing the bell at the exchange. dow record close and a mostly positive finish to the week with major averages all advancing more than 1% since monday's open and the russell 2000 climbing more than 4%. that's the scorecard on wall street, but winners stay late. welcome to "closing bell: overtime." i'm jon fortt with morgan brennan. >> bitcoin's relentless march higher. the cryptocurrency is just shy of $100,000 after a furious