road, this could actually have an impact there as well. victoria green, thanks for joining us. happy thanksgiving. >> happy turkey day. >> we have a dow moving higher by 47% right now. russell 2,000 is negative. s&p positive by about 0.5%. the same for nasdaq. thanks for watching "power lunch." >> scott wapner and the "closing bell" start right now. >> yes, it does. >> we gyp with breaking news on "closing bell." welcome to our program. we are waiting on president biden to deliver remarks at this moment in the rose garden. momentarily. he is expected to address a possible cease-fire deal between israel and hezbollah. it is a significant development and we will take you live to the white house as soon as we do see president biden. want to update you on the markets as well. what had been a bit of an uneven day has turned green across the board not for the russell but the majors certainly here.

we had talk today, obviously, from president-elect trump about tariffs, on canada and mexico, and increased tariffs on china as well. that unsettled the market for a bit, but we seem to be picking up a little bit of steam here as we head into this last hour. which really is our talk of the tape today. how to best position ahead of it another trump administration. with talk of tariffs and tax cuts and so much more for investors to consider, on that be note let's bring in liz young thomas, sophie's head of investment strategy at post nine. good to see you. >> good to see you too. >> going to remind you we'll break away and go to the white house if we see the president. how are you thinking about the market today, which is doing a pretty darn good job brushing off news of more tariffs, at least what the president-elect is talking about. >> yeah. if you tuned in right now you'd look at this and say it's kind of a boring day flatish to up.

knowing the news we came into the morning with, the market was down and volatile earlier in the day and seeing where it is now i think is just further proof that this has been a rally of sentiment. this has been a rally that can last. and people want reasons to buy and there continues to be a bid for a lot of different sectors, many, many sector, now almost an overbought territory, but almost brushing that off as well. doesn't really matter if they're in overbought territory. people have appetite to buy equities. so the tariff talk today i think what we're going to continue hearing is a lot of severity in the proposals, but then softening in the execution when it actually happens. and i think that's part of why the market is brushinging this off. also even if the china tariffs go into effect these are not a surprise. this is almost exactly what most people expected and perhaps they go into effect immediately when trump gets inaugurated but again, not a surprise. >> i was going to say to you on that note, we sort of seen this

movie before. >> correct. >> none of this comes as a surprise. >> right. >> president-elect trump campaigned on this. and the market was going up knowing full well that tariffs were likely anyway, whether this is the first salvo in a prolonged negotiation. >> that's right. >> we'll find out. the market certainly doesn't seem to be too concerned about that. on the note that you said about so many sectors have seen gains, if not record highs, right. >> bank of america securities today talks about the highest inflows they've seen since september that clients bought stocks in nine of 11 sectors led by com services, tech, financials and discretionary and others talking about a huge move higher in cyclical names. that was sa vita at bank of america today as well. is that the kind of thing we should look for, those areas of the market to do the best? >> i think that 2025 will end up being a positive year, but more muted returns broadly and not as

concentrated as what we've seen for the last two years. >> why do you say more muted returns if there's optimism about a pick up in growth, using the pick-up in growth to get at the deficit, you increase oil production. i'm just saying what the expected policies and things that will be championed by a new treasury secretary are going to be. if there's optimism about that why are gains muted. >> we came into 2024 -- this is a question i asked myself thinking about writing the 2025 outlook, can we have another 2024. and what's different about coming into this year than what was different about last year. we came into 2024 with the expectation of six to seven cuts by the fed. we're going to end up with maybe four and right now two more priced in. >> maybe. >> two more priced in for 2025. less monetary loosening, right. less wind at the back from that perspective. we also are coming into it with valuations at a higher level, but not just in certain sectors.

they've gone up as we've discussed across a number of sectors because of all of the appetite for buying. so there just isn't quite as much room. when you look at things like valuations, now terrible timing mechanism, but there's something you have to look at over the long term. >> speaking of rate cuts, we did get the fed minutes at 2:00 eastern time, so you stay with me. i want to bring in steve liesman our economics reporter to discuss. steve, i will remind you as well that we are waiting on president biden. i'll go to the white house as soon as we see him in the rose garden. beg your parden if i have to jump away from you, but what seems to jump out to me most is one word that is gradually. about coming rate cuts. it sets the table for what is maybe a different sort of meal that investors thought they'd be enjoying a few months back. >> i think that's a great way to put it, scott. if you -- if i continue the metaphor, hey, you're going to bring one course, we're going to

finish that, bring another course and another course. take a look at the meals expected in the fed probabilities now. maybe we're going to get another course in december. it's 60% now. yeah, we're pretty much counting on getting fed. we don't know what happens in january. we don't know what happens in march. we're unclear on what happens in may. all of those are running below 50%. so scott, i don't know if the main course is coming or not, but right now it's like, and by the way, those three to the right of that 60%, are all probabilities of the same quarter point cut. it's not like one another, one after another. there's still 25 kind of built in there over that period of time, but then a big question the market cannot get above the 50% probability of another course coming, scott, to use your metaphor there. >> the issue, certainly one of them, is that the fed itself would suggest that these cuts will come gradually as they move

towards neutral. they don't know where neutral is. they're not really able to say the extent of how far and fast they'll be able to go, while also keeping an eye on the economy itself. >> if i could, i don't know if liz is still there, there is maybe a sense that not everybody is quite so sanquine about the tariffs that are coming. i think they're terrible no matter how you put it. and about the best justification or rationale you see for it among the economist is hey, it wasn't so bad last time. look at the stock market flatlining in 2018 and if i told you, scott, out of context i'm going to put a 25% tax on our two most important trade relations, would you say that's good for the economy? the idea that we knew this was coming, doesn't change the economic reality of the negatives that this could potentially create. i think especially for businesses operationally, scott, that thought they were set up under the usmca created by

president trump that now he looks like he's in the process of potentially blowing up here >> i mean the world has anged a bit as well. all of those are things to consider. stay with me. while we're waiting on the president i want to bring in our other guest as well because i gather they would have opinions on what your sea saying. ellen from morgan stanley wealth management, chris from maryland bank of america private bank. ellen, i'll go to you first since we're reacting to what the fed may do, we remember your conversation not long ago with the chair himself, what do you make of the minutes here and network and think about that and expected cuts. >> gradually in the same camp as carefully cautious, measured, right. when did we last use the word measured. and so, you know, do you want to put a definition on it? >> does that mean every other meeting? does it mean we carefully approach every meeting. no one knows, right. to give the fed full flexibility. look you're a very astute fed

watcher and said chair powell doesn't know where neutral is. he said as we approach where we think it might be, we want to slow down. what steve pointed out with market probability being each meeting after december where the fed wants to be so the data leading up to each the market can say whether it needs to push that probability higher or not. this is what data dependency is. this is more volatility and the fed is guessing, the fed also doesn't know where tariffs are going to land. here, there and everywhere. the world was headed towards recession the fed started cutting. we need to remind ourselves of that playbook. >> we need to remind ourselves, too, i suppose, chris, that we don't need months to happen before you get tariffs in place. the president can do that through executive order by himself. which means that we could be dealing with this 12:01 p.m.

literally, literally on january the 20th. is the market prepared for that adequately as steves suggests maybe not? >> the market gets prepared quickly. they don't need too much of a head's up on things. we don't want sharp surprises. this would not be a surprise. the market will likely be prepared for that. i would caution, though, i would say this, back in 2018 the fed was raising rates when inflation was not at 2%. it was below 2%. the fed was raising rates which ril stopped growth in its tracks and then you had the tariff supplies as well and they had to begin cutting and the famous words listening to the markets started in 2019. now we have financial conditions that are frankly easy. we have a precedent. we kind of know what happened. to steve's point, yeah, we know what happened, but still, we got to see how it flushes out. my final point is tariffs are a

tax and there's a lot of discussion that they're inflationary. frankly speaking, that could be a tax on growth versus a boost to growth overall and that might balance out some of the discussion that a lot of people have had on inflations going to be much higher than what many people are suggesting. so a lot of things to parse there. i think the market will be pretty much ready for this. >> i want to push you a little on that. >> yeah. >> the idea that the market would be ready you said earlier prepared, for the tariffs. how can a market that many people think is going to go straight up between now and inauguration day, be prepared for something like an increase in tariffs and yet another round of what could arguably be a more significant and serious trade war this time around, when we haven't fully beaten inflation back into its place and we're

worried already about a softening labor market. this is different this time. how can the market be fully prepared for that? >> i would rather have a garden of better growth, nominal growth likely to be 5% or better, a garden of double digit earnings growth, and have tariffs than what we had back the first time which was a much different situation where you had to get growth up to a particular level from a low level. point number one. point two is, the market and investors will care about two things for the most part. what is the profit cycle going to do for 2025. it's one of our super six for all of '25, double-digit earnings growth for 2025. yes tariffs are going to be something people will pay attention to. it could limit some parts of the growth. but overall, it's going to be very hard to stop corporate america's double digit earnings growth for all of next year,

which many people were not expecting and still aren't expecting. liz hit it right out of the gates. a broadening marketplace actually is a more fruitful marketplace than a narrow advance we've been witnessing for the better part of the last few years. >> the problem ellen, is that you have the equivalent almost of, you know, if you want to use these companies that are excited about what's about to happen, deregulation, more growth forward policies they're assuming, so the wheels are turning and companies are expecting to turn them fast, but if you have tariffs now you're putting a nail on the ground and you may have to stop and you may have to change the tire and it's going to delay some of the momentum that all of these ceos were so excited about theoretically at a new administration's new more growth forward policies. >> you have to understand what's your pricing power, households don't have unlimited pricing power, who are you selling into and does the strength of the dollar not matter here?

a second term trump can say i want a weaker dollar. you can't just wave a wand and make the dollar weaker. if you're going to have onerous tariffs on rest of world where will investors go. the dollar will strengthen and that will be tough for a lot of large cap companies that do business overseas. and so those are some offsetting factors there. even you said it, scott, this could be raise prices in the near term, what about aggregate demand? you will weigh on aggregate demand. maybe this is something enough to get the fed maybe to stop cutting ecause you've got inflationary pressures coming through. what about when the hit to aggregate demand comes through. a fed cutting more than expected later on. >> to the point i made when we began this conversation at the top of the hour, new all-time high for the dow. >> right. >> dow is up better than 100 points. certainly look to start the day as if it could be a down day because of the unknowns about

the tariffs that we're discussing. the market has had this incredible resiliency almost every step of the way, no matter what's been thrown in its face, fewer cuts, slower cuts, possibility of tariffs and herer with still wanting to move higher. what's the messaging. >> don't underestimate the power of positive sentiment and that's what's been driving this. i'll go back to steve i'm still here, i'll go back to what steve said, what i was trying to explain really is how the market is brushing off the tariffs and i think what's happening today is either the market is saying they won't be enforced at this level, we won't put 25% on canada and mexico because maybe there's softening in between now and when enforcement date would be, the market brushing it off we heard you, that's a severe proposal but maybe doesn't go into action. if it does become reality, i think we would have to reprise that a bit and frankly i think the rally that we've seen since the election and perhaps even through inauguration, will end up coming into question once we

get into 2025 and start to understand which policies will actually go into place and when they will go into place. so we may have to give some of that back. that's why my point at the top of the show was this broadening out. we won't have such concentrated pockets of the market that will drive everything up. you have to own a more diversified basket including cyclicals, noting many are in overbought territory, but then also owning things like tech because those are the things that investors look at as their staples today and as they're tried and true. >> steve, am i correct in suggesting this feels to me like a true inflection point on the debate inside the room for the fed? because if you look at the minutes today and you see that some saw pause, some saw accelerating cuts, it feels to me like the debate is about to get more serious and heated if you will, maybe some friction, and then i put that against what

could be more volatility around a new president, who wants growth to be strong, who traditionally has liked cuts, and has also showed no shyness in laying into the fed chair when he didn't follow his guidance. >> are you saying it's about to get very interesting, scott? because it sure as hell is, i guess is the best way to put it. all of that is true. i think the way i think about where the fed is at right now, they were kind of careening along, thought they knew where they were going and then they saw a street sign and said wait a second, is this the right way? i think the best thing they're doing right now is slowing down. and i really like liz's explanation because i think what i maybe misunderstood when she first talked it's not that tariffs are okay with the market. it's that the market is discounting the probability they come in as advertised at this point, to which i would suggest

we maybe make a mistake thinking president-elect trump is not going to do exactly or more than he said he was going to do when it comes to tariffs. the other thing that bothers me, i'm interested in ellen's take if there's time, the following, the market can adjust to it, but what about business on the ground? the supply chain that gets disrupted, the people who are running these businesses, who put in place certain supply chain connections they don't adjust as quickly as the market does when the market hits a button and it adjusts. you don't adjust your supply chain with the hit of a button if something is 25%. what worries me about that you have the idling potentially of productive capacity and the idling of potential capacity goes along with downturns and recessions. >> that's always a possibility. i think that gauging -- so here's the thing about supply chains. they take a very long time to move. it's a ery expensive process

and it's been ongoing, so this is not trump's first rodeo. he put flifs place not universally like he's been talking this time -- >> ellen. >> yes. go ahead and interrupt me. it's okay. >> a point of clarification. we move the supply chains to mexico and canada after the usmca was put in place and we thought had some kind of agreement in place to create the supply chains. sorry for interrupting. >> i'm getting to that. so don't be surprised if when we put fresh rounds of tariffs on, that you'll find out how much movement has been taking place. think of the european debt crisis that reared in february 2010. it was such a slow moving train wreck we moved over time. now you bring up mexico and canada. that is a new wrinkle, and i do think that's something that markets are discounting right now because they are such important trading partners to us.

but mexico is really important because of the immigration issue as well. so you've got to carry a big stick and then maybe it just results in the renegotiation of the usmca with something more strict in place than what it is today. not a 25% tariff. watch key sectors. the motor vehicle sector is at risk here. you can ask them to quantify the percentage of parts in those vehicles in terms of what country of origin is in those vehicles. the industry on the whole is not prepared for that. >> right. >> yeah. we'll see whether this is, as i suggested, a salvo in a prolonged negotiation rather than some sort of solid in stone policy. chris, lastly to you, i mentioned the market brushing it off today. you suggest that markets are going to be ready. i have a target of 7,000. i think is the high right now for next year on the s&p 500. does that sound reasonable to you? >> yeah. you know, the investment

strategy team at bofa global research just put one out. we think that makes sense. as liz said before sentiment market cans keep running but they need a reason at certain multiple levels like now and that's still profits. we would say a broadening out of the market is what's most important here. this index can take itself as far as it wants to take it, and it's really taken a lot of those challenges in stride overall, whether it's tariffs, the unknown about what the fed speed is going to be. the certainty that we have is this, profits for the most part and the sectors that could be most harmed by tariffs are percentage of the s&p are very small. not saying it's not important. very important. but the overall production of profits is coming from asset-like companies and we think people should pay a lot of attention to those areas including the cyclicals like liz said. small and mid cap you and i have talked about this. got to be patient. it's working. it's going to take time.

and m&a cycle is on the way as well. and small caps should benefit from the industrial side of interconnected domestic demand and that is not something that tariffs are going to impact greatly. >> the russell is making a run. i mean it's pulling up the rear much of the year and it's actually outperforming the dow as we speak now. it's up 19.5% year-to-date versus a 19% gain for the dow. we'll see what's left in the tank over the final stretch of this year. that was fun, everybody. thanks so much for your patience and being with us today. liz, ellen, chris and steve. thanks to everybody. happy thanksgiving, too. >> kristina partsinevelos for a look at the biggest names moving into the close. >> i'm going to follow that conversation and say it could be a rocky road for automakers ahead as you discuss that pertains to the potential 25% tariffs on imports from canada and mexico. auto manufacturers moved a significant portion of their production to those countries to

lower cost, especially mexico. ford, gm, stellantis tumbling on the news. gm down over 8%. general motors. switching gears zoom communications no longer zoom video communications falling despite a beat across the board on q2 and beating estimates on guidance, not beating its guidance expectations by enough after a blowout q1 quarter. the stock is still up more than 14% year-to-date, but down almost 6% right now. scott? >> thank you. that's kristina partsinevelos. we're gust getting started here. back to tell us where she is finding opportunities in the markets today. right after this quick break live at the new york stock exchange. you're watching "closing bell" on cnbc. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience,

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welcome back.

financials hitting an all-time high today again. the sector having its best year since '97. our next guest is finding attractive opportunities within that space. alger executive portfolio manager ankur crawford is back at post nine. good to have you back. >> nice to be he >> we talk to you about tech, everything we always talk about is megacap, why are you zeroed in on financials even after a huge run? >> i think as the market broadps you have to find opportunities and we are -- we do run diversified portfolios. it's not all about tech. as the economy starts to hum again and reaches a state velocity with the new administration, you need to have exposure to other sectors. financials is really interesting in that, you know, they touch on, you know, the life blood of the consumer of our economy. so, you know, companies like square, paypal, blackstone, they are really touching on some of the vectors of growth in the

economy from here. >> do you feel like this expected pick-up in capital markets and m&a, i mean a lot of these the stock moved already in anticipation of that. what makes you believe that all of that is not in the name? they move so much just since the election even >> i think paypal and square are in a different realm different attorney general. -- >> i think it is a very powerful kind of -- it will have a powerful velocity the next few years. there's a lot of unrealized assets that are going to, you know, come to fruition for blackstone, and will drive the earnings power over the next few years. >> you suggest to own deregulation beneficiaries. specifically what? is that day lorred to the financials? >> you think about m&a, m&a across -- i feel like ceo have been handcuffed because they're not sure about the regulatory

environment, not sure if they should -- >> they were sure about the regulatory environment. it was prohibited. >> now you can. that engine starts over again. i think you'll see more m&a. you'll see a lot more ipos come to market. that's very good for the alts. >> health care. has not done well. >> no. >> certainly since the election hasn't done well. the second worst performing sector. does it get any better. >> not sure. this kind of reminds me of hillary clinton in 2016 and health care had a really tough period of time for years. and in part because you can't really understand what they're going to do. i think with rfk at the helm, you know, there's a lot of uncertainty as to where health care stands for this administration. >> i remember that. when there was talk about drug prices back then, it was a tweet

would come out, and like 2016, and then all the stocks would get hit immediately. you have your eye on know tara in that space in health care. why? >> when you have so much uncertainty in an entire space you have to reach for natera that has product specific stories that can't get derailed by any kind of regulatory changes. so that's why when we're looking at the health care space, our holdings are really conglomerated in companies like this, that have these product cycle stories. >> let's wind it up with what we always talk about. how about that. tech. all right. so now a little bit away from nvidia and earnings. what do you make of the price action in that stock since, and about mega caps going forward? >> yeah. you know, i think what's happening in nvidia, i mean three months ago i was on the show with adam parker and the stock was at $100, and it had

gotten decimated. they were like it's going higher. 36% higher than it was then. so are people taking money out of nvidia and spreading it across into financials? sure. >> but are they going to continue to do that? >> they probably will. however if you look at nvidia from here on out i think nvidia becomes a star performer again. >> really. >> as we move forward. >> why so? >> everyone will want to own it for the blackwell ramp. the numbers are still -- i mean it trades at a sub-market multiple 2026. that is not an appropriate valuation for a company like nvidia. so can it rest for a little while? sure. just be patient. >> are you as confident in the other names? >> look, i think all of them, if you look at the valuations for the mag sevens, most of them are quite palatable. you talk about amazon or meta, microsoft. several of them have rested. and you want to actually see

some of these companies rest and their price rest before they start to make the next move. >> all right. we'll talk to you soon. ankur crawford v a good thanksgiving. >> you too. >> up next top wealth adviser is back with us and give us his 2025 playbook at post nine next.

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we're back. more record highs in sight. s&p 500 heading for its first closing high in two weeks.

the dow setting its second record close in a row today. looks like it's going to do that. here to share how he is positioning after his -- this roar -- his recent run, trying to read this, treasury partners founding principal and cio rich saperstein. cut to you at the right time, camera off me. fumbling all this. how are you doing? >> doing well. >> feeling good about the market? >> i am. >> more so than before the election change things for you? >> well look fundamentals are solid, strong economic growth, full employment, accommodative fed, declining inflation and the trump bump right now will lead to uncertainty. >> lead to uncertainty? >> yeah. it's going to lead to more volatility. specifically, lots of uncertainty about tariffs, whether it's going to be higher or lower than what's reflected in the market. inflationary impact, trade impact, earnings impact. so expect four years of

increased vol versus the last four years. >> what about returns? >> i think returns are going to be good because fundamentals are solid and we're going to have rising earnings. you got 266 $266 on the s&p 500 earnings for next year which is a 10% bump. it is doable. i think the environment is generally good with deregulation, more m&a, and lots of activity will occur next year. >> you have a highly accomplished former hedge fund manager as treasury secretary. part has been the bessent bounce since it was -- became clear he was going to be the one. the market seems to like that. >> i think the larger impact was realized in the bond market where from the last fed meeting, september 18th, bonds -- rates were up 80 basis points. >> backed up a lot. >> and when bessent was announced all of a sudden, market improved, rates dropped 15 basis points. so that's an indication that the long end of the market is less

concerned about, you know, a runway fiscal deficit and prolific spending and more bond issuance and higher inflation, so it's a sign that the bond market vigil antis are calming down. >> a shot of the rose garden here. we have been awaiting president biden to make remarks about a cease-fire deal. >> good news to report from the middle east. i just spoke with the prime minister of israel and lebanon. i'm pleased to announce that their governments have accepted the united states proposal to end the devastating conflict between israel and hezbollah. i want to thank president macron of france for his partnership in reaching this moment. for nearly 14 months, a deadly conflict raged across the border that separates israel and lebanon. a conflict that began the day after the october 7 attack by hamas and israel. hours later at 2:00 a.m. in the morning, hezbollah and other

terrorist organizations backed by iran attacked israel in support of hamas. let's be clear. israel did not launch this war. the lebanese people did not seek that war either. nor did the united states. over the past year, including the days immediately following october 7th, i directed the u.s. military to flow assets and capabilities into the region, including aircraft carriers, fighter squadrons and sophisticated air defense battery to defend israel and to deter our common enemy at a critical moments. since the war with hezbollah began, over 70,000 israeli have been forced to live in refugee -- live as refugees in their own country. helplessly watching their homes, their business, their communities, as they were bombarded and destroyed. and over 300,000 lebanese people

have also been forced to live as refugees in their own country. a war imposed on them by hezbollah. all told, this has been the deadliest conflict between israel and hezbollah in decades. how many of hezbollah senior leaders are dead, including its long-time leader nasrallah? and israel destroyed the infrastructure in southern lebanon including miles of sophisticated tunnels which were prepped for an october 7th-style attack in northern israel. but lasting security for the people of israel and lebanon cannot be achieved only on the battlefield. that's why i directed my team to work with the governments of israel and lebanon to forge a cease-fire to bring a conflict between israel and hezbollah to a close. under the deal reached today,

effective at 4:00 a.m. tomorrow local time, the fighting across the lebanese-israeli border will end. will end. this is designed to be a permanent cessation of hostilities. what is left of hezbollah and other terrorist organizations will not be allowed -- emphasize not be allowed to threaten the security of israel again. over the next 60 days, the lebanese army and state security forces will deploy and take control of their own territory once again. hezbollah terrorist infrastructure in southern lebanon will not be allowed to be rebuilt. over the next 60 days, israel will gradually withdraw its remaining forces and civilians on both sides will soon be able to safely return to their communities. and begin to rebuild their homes, their schools, their farms, their businesses, and their very lives.

we're determined this conflict will not be just another cycle of violence, and so the united states with the full support of france and our other allies has pledged to work with israel and lebanon to ensure that they -- this arrangement is fully implemented and the agreement totally implemented. there will be no u.s. troops deployed in southern lebanon. this is consistent with my commitment to the american people to not put u.s. troops in combat in this conflict. instead we along with france and other will provide the necessary assistance to make sure this deal is implemented fully and effectively. let me be clear, if hezbollah or anyone else breaks the deal, and poses a direct threat to israel, israel retains the right to self-defense consistent with international law. just like any country when facing a terrorist group pledged with that country's destruction. at the same time, this deal

supports lebanon's sovereignty and so it heralds a new start for lebanon, a country i've seen most of over the years, with rich history and culture, fully implemented, this deal can put lebanon on a path toward a future that's worthy of a significant past. just as the lebanese people deserve a future of security and prosperity, so do the people of gaza. they, too, deserve an end to the fighting and displacement. people of gaza have been through hell. their words. their world is absolutely shattered. far too many civilians in gaza have suffered far too much and hamas has refused for months and months to negotiate a good faith cease-fire and hostage deal. now hamas has a choice to make. their only way out is to release the hostages including american

citizens, which they hold. in the process, bring an end to the fighting which would make possible a surge of humanitarian relief. over the coming days, the united states will make another push with turkey, equip, qatar, israel and others, to achieve a cease-fire in gaza, the hostages released and end the war without hamas in power that becomes possible. as for the broader midwest region, today's announcement brings us closer to realizing the affirmative agenda that i've been pushing forward during my entire presidency. a vision for the future of the middle east where it's at peace and prosperous and integrated across borders. a future where palestines have a state of their own one that feels aspirations, one that cannot threaten israel or harbor terrorist groups with backing

from iran. future israelis and palestinians enjoy equal measures of security, prosperity and dignity. to that end, the united states remains prepared to conclude a set of historic deals with saudi arabia, to include a security pact and economic assurance, together with the credible pathway for establishing a palestinian state and the full, the full normalization of relations between saudi arabia and israel. it's a desire they both have. i believe this agenda remains possible and in my remaining time in office i'll work tirelessly to advance the vision for an integrated, secure and prosperous region, all of which strengthens america's national security. getting all this done will require making some hard choices. israel has been bold on the battlefield. iran, and its proxies have paid a very heavy price.

now israel must be bold in turning tactical gains against iran, and its proxies into a coherent strategy that secure israel's long-term safety and advances of broader peace and prosperity in the region. today's announcement is a critical step in advancing that vision. and, so i applaud the decision made by the leaders of lebanon and israel to end the violence. it reminds us that peace is possible. say that again. peace is possible. as long as that is the case, i'll not for a single moment stop working to achieve it. god bless you all. sorry to keep you waiting so long. may god protect our troops. thank you. >> president biden in the rose garden as why you saw announcing that cease-fire deal between israel and hezbollah. 4:00 a.m. local time it will be effective tomorrow in lebanon.

60 days permitted for the full withdraw of israeli forces the first of which will be leaving within the next ten days and france will help with the implementation of this. eamon javers is watching it in washington and joins us now. >> scott, you heard the president there talking about the delay, apologizing for a delay. one reason for that might be the statement that we just got from israel saying that the political security cabinet aproevgds the u.s. cease-fire arrangement by a majority of ten minters to one. israel appreciates the u.s. contribution to the process, reserves its right to act against any threat to its security. may be the delay was waiting for that vote in israel to make sure this was officially official and now it is, scott. i've been texting with a former cia station chief in the region to get a sense of what the analysis is of this deal. a couple points to make there. one is that the israelis will, i'm told, do what they need to

do here despite the existence of a cease-fire, that includes potential will i a tax on any resupply evident out of syria or other countries in the region such as iran. and it also raises the question as you heard the president mention there of what happens now in gaza. this is a first step in a multistep process that might happen over the course of two consecutive and die ametrically opposed administrations. now for the incoming trump team and outgoing biden team, can they get a deal over the line for a cease-fire in gaza as well and what are the implications for that? that's the piece we don't know. of course, the fate of those hostages hangs in the balance there as well. back over to you. >> do we have any reaction from transition team trump to this deal? >> not yet, but i think we will have it very soon. if you're donald trump, you know, he very much wanted to be the person to make a big announcement here on this.

he wants to be seen as the guy that can do the deal in the middle east. they're proud in the trump team of the abraham accords back to the first trump term. trump sees himself as somebody who can bring a measure of peace here and because of the strength of his ties with benjamin netanyahu, he might have the sort of only nixon can go to china credibility to get a deal done there. this sort of politically in terms of political credit if you want to look at it in those crass terms does rob trump of some of his ability to take credit for this piece of it, the lebanese cease-fire. but that big gaza piece remains out there. >> eamon javers in washington with the latest for us there. rich saperstein has been with us watching all of this unfold. one of the risks we haven't discussed that much, geopolitical, moving into a new year, so much optimism about the domestic economy, we haven't focused that much, investors seemingly haven't, on issues that may develop across borders.

>> yeah. what's interesting is that with the two wars that were going on, oil prices really have been subdued and so you would have thought that with increased global geopolitical tensions you would see rising oil prices and weak stock market. but it's clearly moved right past that given the fundamentals we're experiencing. >> areas you like the most, are they the ones that have been really picking up since the election, the cyclicals, financials, industrials? we talk financials every day and they've been hitting new highs almost every day. the ones that have been in a little bit of a slumber, big tech tech? >> we own big tech and look at google as probably the most attractive right now. it will be a broadening out and we add utilities right now. >> you still do? >> yeah. most recent one nrg which it's a $20 billion company with $2.5

billion operating cash flow and 21 locations where they could co-locate any type of large electricity demand. so there's great opportunity still in the utility sector, which should do well in 2025. >> still love munis? >> oh, yeah. >>. >> not getting off that train. have a good thanksgiving. >> thank you. likewise. >> thanks for your patience as we went to the white house. up next we'll run you through what to watch for when dell and crowdstrike report earnings. we're going to the market zone next.

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we're in the "closing bell" market zone now. market commentator mike santoli here to break down the crucial moments of the trading day and two earnings reports in o.t., we are watching closely. kristina partsinevelos taking a look at dell for us. kate rooney on crowdstrike. michael, i'll begin with you. we're on track for closing highs in the s&p and the dow. tariff talk, oh, well. >> yeah. i mean look, even at its worst i think it was like a two-thirds of a percent drop in the s&p futures. it wasn't as if there was panic and if that was off record high levels just about and we're up 4% in the last three weeks. the market in a mode for giving a lot of complications that might come along. we're deferring to the seasonal strength, the also very kind of upside bias of this week. the majority of the market is kind of flat to down today, but there's just enough strength in the large caps to push us over and it's this rotation and kind

of dispersion that's been helping the market as you've kind of cooled off from the highs of really like november, call it 11th or so when we got the post-election pop. everything is in order here. i do think that we have to notice that some of the economic numbers have softened up. housing market seems stuck. beyond that, there's nothing to be too concerned about in the here and now given what's expected into next year. >> you mentioned earlier today to me the economic surprise index reading and then we have the pce in the morning. we still have some things to react to that are meaningful before we take a break for thanksgiving. >> and coming along as the minister told us, the fed is basically going to have to just sift among the data as it comes in and deal with meeting to meeting what needs to be done. but i think the stock market is fine with not much left in the way of easing in short term rates. >> the game has changed a little bit on that end and the market had a chance to get used to it. kristina partsinevelos is going to be watching dell. what should we pay attention to?

>>. >> we know ai offers dell a potential lifeline talked about on the call but supply constraints in weak markets like pcs threatens to undermine its recovery. traditional servers yet to recover as i.t. budgets prioritize ai spend. pc sales encompass over 50% of dell's revenues are delayed. the pc upgrade cycle continues to stall right now and then you've got storage and networking that haven't seen an acceleration in growth and lastly potentially the u.s. dollar could impact guidance which could get on the earnings call. dell investors are banking on dell's server business to bridge any performance gaps, but as competitor super micro said, nvidia's gpu supply issues could limit that upside. last quarter dell warned q3 revenues would fall quarter over quarter because of that lack of supply. >> all right. thank you for that. kristina partsinevelos. now to kate rooney on

crowdstrike which has been a -- well a hot sector to say the least. >> it has, scott. so the report today is going to give investors a sense of how crowdstrike has been recovering after that global tech outage this summer. that is a big theme folks are watching. analysts expecting a modest decline in earnings, 81 cents a share on s. that led to widespread outages in computers. truist analysts say they will watch for how many deals crowdstrike ended up closing in the quarter and what other long-term impacts the outages will have on the business model and btig thinks crowdstrike will face delays with new and existing customers they say customers might ask for discounts on renewals as well. street is still bullish on the cyber security name 40 out of 50 analysts at least have a buy. stock is up more than 40% this year. >> thank you. that's kate rooney. mike, software versus semis no contest. >> not recently.

semis heavy again today. nvidia could hold a bounce back bit. i think that's one of the areas that the trade tensions are shadowing at this point even though nobody has really got them in the cross hairs. the semi index is spending more time below its 200-day average right now than it has since late 2022. clearly a retrenchment going on right there. you talk about the big cap software doing well but all the revived upstart software not upstart the company but basically those emerging software companies have been flying and it's been kind of a speculative theme a day. kate rooney was talking about quantum computing flying for a week for no reason. the penny stocks. yesterday was the ev tall like the helicopter stuff. you have this funny kind of froth sloshing around the market. it's not impacting the main part of the market. by the way, microstrategy getting smashed again today down

like double-digits, like 28% off its high a few days ago. good job. thank you. so, we will go, closing high. s&p, and dow, once again. "overtime" now [ bell ringing ] that bell marks the end of regulation for any group ringing the closing bell at the stock exchange. record closes for the s&p500 and the dow after a ceasefire and fed minutes that showed more easing. that is the scorecard on wall street. winners stay late. welcome to "overtime." >> we have a jam-packed show coming your way. earnings results