>> for the rest of the week eyes turn to shopping and how the retailers are doing. >> it's interesting, in my early days in business news, i used to go to the floor of the new york stock exchange, because friday is family day. so you see all the kids and everything else. >> awesome. >> anyway, thanks for watching power lunch. we wish you and everybody else out there a happy thanksgiving. >> and closing bell starts right now. come on down friday, still doing family day. i'm mike santoli in for scott. a sharp turn away from tech stocks and other big year-to-date winners. here's a look at our scorecard with 60 minutes to go in regulation. s&p 500 dipping below the 6,000 level mod esly before rebounding a bit to the verge of it. the nasdaq 100 feeling the most

pressure today. down almost 1%. in large part due to further weakness in semiconductors. results out of software and the pc food chain companies. still a solid gdp revision this morning, and as expected, inflation readings keep the upbeat economic story. other soft landing in tact. the russell 2,000 outperforms once again. and bond yields have resumed their retreat. down solidly for the week. that takes us to our talk of the tape. can the market rotate higher away from danger and take advantage of those holiday season tail winds. 11 months through a year that investors should be very thankful for. let's ask adam parker. good to see you. >> great to be here, mike. >> we're starting to see, i guess, the consensus for 2025 coalesce. i guess general term, market should be up 10% if you listen

to strategists. economy growing above trend again. profits cango up double digits. does that make sense to you? >> the most worrisome thing hearing that is the very same people who were generally negative a year ago and two years ago and the market went up, and the market is now positive. if you romanticize a contrarion, in fact, you cannot be a contrarion bull anymore. that's the worst part about it. i think the second thing would be it's a little bit talking out of both sides of your mouth to say i want the fed to be accommodated, but the fed doesn't have to do anything. i think in the past we would have said we want the accommodation. i think the bull story, you know, has some things going to it. we'll talk about those, i assume, but i don't think it's as clean as it was a year ago, you know, certainly on the sentiment and policy side. >> for sure. lower wall of worry this year. you could also say, look, if you want to say that you're super bullish, that might be out of

consensus in the other direction. not you, but somebody may easily say, look, we're in the early stages of a maifs acceleration across the board and 10% looks light. >> yeah, i can see the long-term bull case for sure, which is that we're two years into investment in a.i. that likely will drive earnings higher for a lot of companies and probably the most bullish thing i could say about 2025 will be if i get a proof case from a real company, hey, in the past i would have hired x number of people. now i didn't as my revenue grows. that will cause a lot of optimism of 2027 through 2030. >> that's likely going to happen next year. >> that's the big picture, marketwide story. what's been interesting recently has been the rotations and the way the market is just really shovelling over in a particular direction financials and other cyclicals working. i looked earlier, i think only three of the biggest ten stocks in the s&p are up today, and only three of like the top dozen

year -to-date winners. so clearly, there's a lot of -- let's see what's unexploited. i know you have some kind of likes and dislikes out there. >> yeah. >> what makes sense at the moment? >> well, you know, we write that note sunday the levels set every sunday. we send it out. i tried this week to say, okay, what's up that i like still, what's up that i don't like. and then on the other side, what's down i still don't like, and what's down is an opportunity. i'd say quickly, you know, everybody in the world thinks equal weight is going to be cap weight. i think that's the most consensus trade. i don't think it makes sense for software to beat semis, so i'd shift in the other direction. semis are cyclical, but they're also more impregnable to disruption. i'm starting to think i got to sell some of the software stuff and own the semis. the financial, as you mentioned,

i can believe in the alternative asset managers. it's going to benefit the big guys. i'm less convinced regional banks are a win, lower rates. on the retail side i don't like the physical retailers. i've come on this show for two and a half years and said i don't like target and i don't like kohl's and i don't like dollar general. and i still think that's true. i'm surprised how much some of the restaurants are up. >> yes. >> i would fade things like eat and cake and those kind of things, stocks are up a lot. these are expensive. >> well, these are expensive, but if you watch a ball game, all you see is like $10, you know, casual dining value specials. >> that's true, i think it depends if you're talking the lower end of the chain or not. if i look at some of the things hike, you know, a darden or brinker. look at brinker's chart, looks like they're selling semiconductors. >> wild. >> i think that would want to fade going into next year among

the winter. there's a lot of trade opportunities out there. i'd rather stick with where there could be upward divisions. the only thing i'd add is healthcare services stocks are down a lot. i don't think that make sense. they're going to grow earnings next year, and they're cheap. an overexaggeration of how much the fundament al is going to be impaired. there's lots of stocks like that where they're going to grow their earnings and they're cheap so. that's probably the stuff that's down that i do like. >> i mentioned that using the equal weight s&p as opposed to the cap weight is a crowded idea, and arguably, i would agree with that. does that mean you think that therefores the kind of played out and you would actually prefer megas? >> probably for mow, but if you get back to the january earnings, that might change my mind. it's hard to think that the biggers 10 or 15 u.s. equities won't have decent earnings growth next year. i think in a big risk on tape they will underperform. today's, i guess i'm wrong in that s&p is down some and the

russell is still up. i think that'll be hard. >> in a bear market it could happen, because it happened in the early 2000s. but that was an extreme -- >> that was valuation 70 times imploding. i don't think we're in that situation here. if we get that proof case on a.i. productivity, that will probably be the second leg of the mag seven train. >> yeah, they would not be immune to that. all right, let's bring in brent of requisite capital management and -- so weigh in here in terms of how you think the bullish consensus is shaping up and whether any of the marketa that you've seen recently makes you feel as if there's either areas that are overheated or stuff that's being unduly neglected. >> perfect. well, i love adam's pair trades. and i think when adam talks semis i suggest the viewers

listen because he cut his teeth on semi, so i like his contrarion sell software, buy semis. i would definitely listen to him. i think as it relates to the analyst, listen, we're probability-based investor, and a host of these analysts, you go back and look since 1930. the s&p's averaged 10%. but mike, if you look at any individual year, the s&p has actually only returned to between 8% and 12% in four years. that's the average, but it's not the typical. so i would put my money that we're going to be above 12 or below 8. low probability that you get an 8% to 12% return. it seems like there's so much excitement with trump and his eclectic group of cabinet members really looking to just disrupt d.c. and i think for the first at least six months or so that's going to be a halo effect to the u.s. economy. but there are going to be

winners and losers. crypto, tesla the big winners. i think it's going to get dicier next year, especially within defense and some of the pharma companies as rfk, vivek, and elon set their crosshairs on those sectors. >> yeah, i mean no doubt one of the big questions is just kind of how much slack investors give the market and the economy if they just simply hope that there is some growth supporting policies somewhere on the way or not. ed, all the pattern work that you might do, and i know you guys do suggest that the up side is the likelier path from here, right, in terms of how maeshths perform to this point, all the trends, the idea that earnings are in recovery mode. sum up your work as it stands going into next year at this point. >> yeah, it's one of the main drivers of it. bull market for the last two years. they're really still in place.

we still have disinflation. we still have earnings acceleration, and the technicals actually look really good despite all the consternation earlier this year over the mag seven dominating the cap weight indices. actually, most stocks are going up. so as long as these things are still in tact, it makes sense to stay on the bullish side. now, as we get deeper into 2025, i wonder how much longer those are going to be in tact. the law of large numbers are going to start working against the mag seven's earnings growth, and inflation may bottom out second half of next year may be a little bit tougher, and the fed may have to end the easing cycle around midyear, but you know, we've had, you know, you've had conservatives over the last few years about inflation, the economy. if you got out too soon, you'd have missed a good bull market. we're hesitant to pull the plug. >> sxed, if that's the way it goes, in other words, maybe inflation starts to flare up into middle of next year and you think the fed has room to do

cutting before, that i think the market would take it. aren't we now kind of questioning maybe it's one more quarter point and not much after. i think december is still considered more likely than not, but what do you think about that scenario and how the market might absorb it? >> futures are suggesting slightly better than 50/50 odds we get a cut in december and inflation is probably going to keep edging lower early next year, so that will allow the fed to go perhaps a couple more times. and it really gets to the rhetoric, it is more of a long pause or -- have to reverse course like they did in the late '60s. they started cutting in '67 by, you know, mid-'68 they had to start reversing course, versus, in 1984, a similar situation, inflation was two years off a major peak. the fed started cutting in late

'84. 50 basis points every time. this wonderful bull market that, of course, ended with the '87 crash. but two plus years of a great bull market. that's what we're keying in on. inflation is going to keep edging down. we just suspect that -- late '60s, it's not going to be an '84 case either. i don't think we're going to have that benign inflation environment for two more years. >> i mean, if we're throwing years around, i know it wasn't about around inflation spike, but '95 they caught a couple, three times, then went on hold indefinitely. '96 one of the best years for stocks in memory, adam. >> mm-hmm. >> i guess you have to sort of do the, okay, if there's a trade you have to make around the economic cycle, that's over here. if you're talking about kind of what's bubbling up in the corporate sector and if you just want to give credit to the fact that you have the a.i. theme still working, you know, b of a today had interesting comments from the equity area saying

we're at the point in the a.i. theme where either you start to doubt it or it just like ramps into a bubble. like there's kind of only two ways for it to play out from here. does that make sense? >> i'm more it's going to ramp over the next three to -- i'll till you this -- 2023 from the biggest firm, zero mentioned the words a.i. so two years ago nobody knew what a.i. is, now it's supposed to be all in the price. i don't think so. i think you're going to have to see a big company with lots of employees and low margins tell you that they're benefiting from predictive analytics, i think that'll happen next year with a proof case, and then you'll get that leg up over the next two, three years. i think sit a -- we're going to get to the up side. i don't think we're at bubble territory for most stocks, particularly the mag seven. i will say, bryn, one of the best calls i heard was her uranium call two, three years ago. so you know, people chase that 300%, 400% after her call.

so there's lots of upside from a.i. left that i would not want to fade that trade in any way, at least for me i think it's way in front of us still. >> bryn, just in talking about a.i. and the way it filters through a lot of different parts of this market, there have been these efforts to try to anoint other big companies or some legacy companies as now they're a.i. plays. naturally, dell has been one of those. it had a really good run, got sort of repriced higher in a hurry and now a gut check today. stock is down on some results. it seems like it's supply and kind of pacing of investment in some of the concern, but how are you dealing with that as somebody who's owned it? >> yeah, so i'm a recent purchaser. i bought it at $130. i like to sell calls, so i sold the 145 calls in january and got $7. so i'll probably close those out. ill be basically flat on the stock, but here's where when you look at dell. when i listen to dell's numb bores last night, the sum is not

as great as the part. the part being, obviously, the server spend, which on servers and networking they had $7 billion plus of 58%. but when you look across the other part, i am not a believer in this pc upgrade cycle. i don't think a button to copilot is necessary when i can go to perplexity or copilot online. i think from a retail perspective going to consume a.i. via software, not via a need a whole new laptop. i think with a company like dell there's been so much volatility around the earnings, i would wait for this stock. it's got good support at 115. they were really clear that their network and their servers are once again growing 58%. that's not slowing any time soon. and they're definitely dependent on blackwell. i think 115 will be a good entry point. i think these company, the oracles, old tech company, definitely have sea legs if you listen to all of the

hyperscaler, we're going to be building data centers for at least ten years, right? >> yeah. no doubt about that. i guess the question is just how much we front lloyded -- loaded the credit for it, right? >> i don't even know what box it's in. i think she's right. i aguy with bryn. i don't think there's a massive pc upgrade cycling. i think it's more a -- so that's the part that you've got to size the position correctly. >> for sure. ed, i'd love to get your thoughts here just about the way the mood seems. i know you put out a piece today about the various ways to read whether sentiment is getting ahead of itself or if it's what we should expect at this phase of a bull market. >> yeah, it's not surprising after a two-year bull run that, you know, investors are feeling

a lot more optimistic. adam mentioned earlier in the strategist community, which has been doubting the bull market, is getting on board two years later. that's a symptom of what a lot of people are feeling. so our sentiment composites, which take this information, put it together, aren't showing a fair a mount of optimism. in a bull market, that tends to happen, and it can stay that way for a while. we don't want to sell just because people are feeling a little bit more jubilant. we want to wait for it to reverse and we haven't seen that yet and usually there's a catalyst along the way. and that's when things get tougher. and so that's part of our thesis for next year, maybe the second half's tougher than the first half as some of these concerns come to light. we have high valuations, a lot of optimism, and that could lead a little bit more downside than what we had, say, the last couple years when you throw a rough patch in there. there was a lot more money on the sidelines. >> and of course, third year of

a bull market, that history sometimes a little bit of a tougher risk/reward, even though it's mostly positive. i also was looking at this. we had 52 new high, record highs in the s&p this year. only a handful of years have had that or more. i just looked at -- did the next year have any kind of significant correction. and i'd say, you know, four out of the six did. so we're probably dur for something like that. >> maybe. the statistician side -- >> i don't mean an -- >> i think the biggest risks are, one -- and they're correlated. i said a few months ago when the fed's halfway done, i'm going to get worried. we've done three 25 bips, do we have more than 75 in front of us or no? if cpi picks up in the second half of the year, the reason that's a problem for stocks, stox go up when gross margins go up. and most companies can't handle

raising cpi. so -- you know, if that happens in the middle of next year, three to six months is like the inauguration date. or something like that. so that's what we got to monitor a little bit. >> when you're halfway through when you don't know how long it is. all right. adam, bryn, ed, thank you so much. >> happy thanksgiving, everyone. >> let's hand it over to christina for a look at the biggest names moving into the close. >> big moves in lesser known tech stocks today. semiconductor manufacturer surging after beating estimates. driving, assisted driving, video recordings. it continues to grow its product offerings and market share within vehicles helping it guide high fer for third quarter in a row. the market clearly rewarding -- up about 5%. on the flip side, shares of warehouse automation company symbiotic short circuiting after it delayed its 10k filing due to

accounting errors. it reduced first quarter guidance on those errors. the largest drop since june 2022, down 39%, mike? >> all right, christina, thank you. we are just getting started here. up next with stocks sitting near record highs, how should investors be positioning their portfolios into year end and beyond. so join me at post nine after this break for the new york stock exchange. you're watching closing bell on cnbc.

(ominous music) (bubbles rising) (diver exhaling) (music intensifies) (diver yells) (shark roars) - whoa. (driver gasps) (car tires screech) (pedestrian gasps) (both panting)

(gentle breeze) - [announcer] eyes forward. don't drive distracted. stocks trading near record highs with the major an averages on pace for 20% or so gabs this year. but our next guest sees more opportunityings outside a traditional portfolio of stocks and bonds.

good to see you. >> hi, nice to see you too. >> first with the premise. you're an investor, long-term time horizon, the traditional mix of 60% equities, 40% bonds, i mean, it's come in for stress over the last couple of years. but why would you say that's not enough at this point? >> i mean, i think we've been in an era of complacency. up until one blip in 2022, the 60/40 portfolio really worked. if you looked, that was anomalous in that we were in a low and declining interest rate environment. if you think that the populist agenda, which really got trump elected, and the rhetoric that he has around it related to tariffs, related to immigrant deportation, it's hard not to imagine that there could be an inflation spike. if there is an inflation spike, the 60/40 portfolio breaks down. equities and bonds correlate,

and they correlate to the downside so. what we're really looking for are what are ways that we can help clients preserve capital, compound capital in any environment. because we don't know what's going to happen with inflation. >> so you're essentially looking far more durable inflation hedge or source of returns that can perform in that type of environment. where does that bring you specifically. >> sure, we focus a lot on alternative investments. private credit has been a very interesting space for some time. we really like to play in the part of the market that's relatively liquid. you know, we haven't been on the side that a lot of wealth has been on where they're going into the semiliquid products. we think that those structures are complicated. they're untested in a major liquidity crisis, but we still want to have liquidity. we want to have liquidity inside of three years so that as markets change you can be dynamic with your portfolios. in that vein, we found really

interesting opportunities in asset-based lending. so inventory, receivables, and things like that, where you have the benefit, if there's inflation, these assets will benefit from that. but the loans are floating rate. so ifrates come up, you're going to get that benefit as well. we like strategies that are focussing on infrastructure with operating assets, and we've been continuing to look at private credit broadly in direct lending. >> when you say you would kind of look for these structures that are more liquid, you have a manager that says, okay, you can actually have access more frequently or is it actually a traded product? >> so it's that there's access more readily available. so we're really, really careful to avoid asset liability mismatch. we saw what that did to the hedge fund industry during the gfc. we saw what that did to banks in the u.s. very recently so. we want there to be really quiddity in the underlying

assets, and we want the liquid terms of those funds to match that. >> do you investors kind of buy into the idea that they ought to be in principle protection mode right now? i'm looking for signs that people have gotten excited about the returns. i mean, three years, you know, maybe not that great in terms of equity performance, but every other time period it's mid-teens or better pretty much, until you go back 20 years. bonds have not done much of anything. i'm curious about if you had a 60/40, it's the bonds you should be worried about. >> a lot of the clients that are coming to us are focused on cal tal preservation and compounding. markets are strong and they've been strong, and you have to realize if markets continue to be on this tear, you may give up some of the up side if you're diversifying. but for client who is want to really focus on that capital

preservation and compounding we're really recommending this diversified approach. >> you mention the potential for these populist policies of one sort or another to make their way into the economy, how much of a role should that play? in other words, your assessment of where policy is going to end up, given how many offsets there might be and a push/pull of what might be done, and the lags, and everything else. >>s that the big question, right? will the policy match the rhetoric. that's the big unknown. and we don't have a view. we have the humility to say we don't know how this is all going to play out. there's a lot of other dynamics that go into inflation. look, we've seen labor striking and getting wage increases. against that we've also seen that there's going to be a focus on increased energy production in the u.s. that could put pressure on energy prices. there's advancements in artificial intelligence, which you've just been talking about, and we know tech can be

deflationary. we're really trying to say, okay, if you want to preserve, there are opportunities we think can give you reliably double digit, low double digit, compounding returns, some of them in tax advantage structures where you don't have to make that bet in one direction or the other. >> all right, sounds like a decent tradeoff. laurie, good to see you, thanks so much. >> thanks so much for having me. >> happy thanksgiving. tomorrow marks -- five-day stretch of the year. so who's expected to come out on top this holiday shopping season, we'll discuss with top retail analyst brian nagle after this break. growing old is part of the journey, even when you have heart failure. but when he had shortness of breath, carpal tunnel syndrome, and lower back pain, we wondered, could these be warning signs of something bigger? thank goodness we called his cardiologist because these were signs of attr-cm, a rare and serious disease...

...that gets worse over time. if you see any of the warning signs, don't wait, ask your cardiologist about attr-cm today. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's your free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free. and there's no obligation. you see, medicare covers only about 80% of your part b medical

expenses. the rest is up to you. that's why so many people purchase medicare supplement insurance plans like those offered by humana. they're designed to help you save money and pay some of the costs medicare doesn't. depending on the medicare supplement plan you select, you could have no deductibles or copayments for doctor visits, hospital stays, emergency care and more. you can keep the doctors you have now, ones you know and trust, with no referrals needed. plus, you can get medical care anywhere in the country, even when you're traveling! with humana, you get a competitive monthly premium, and personalized service, from a healthcare partner working to make healthcare simpler and easier for you. you can choose from a wide range of standardized plans. each one is designed to work seamlessly with medicare and help save you money! so how do you find the plan that's right for you. one that fits your needs and your budget? call humana now at the number on your screen for this free guide. it's just one of the ways that

humana is making healthcare simpler. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free. and there's no obligation. you know medicare won't cover all your medical costs. so, call now and see why a medicare supplement plan from a company like humana just might be the answer. >> umgc gave me the ability to succeed again. it allowed me to understand my true potential in life and gave me the tools to go get it. i feel i can accomplish anything. >> learn more at umgc.edu.

thanksgiving kicking off the busiest season for consumer spending. this after a mixed read from retailers in their most recent quarters. here to share where he sees bright spots is brian nagle. brian, it's good to see you. >> nice seeing you too. >> we had some good numbers, i guess, in terms of personal income coming through. the monthly retail sales figures have sort of generally been okay. then you get this choppy back and forth with the individual chains reporting. what do you think the general tone is going into this season? >> well, look, i know there's a lot of debate on this. i think we're going to have an okay but not great holiday

selling season. there's a lot of takes here. you mentioned in the opening, we can't dismiss -- i know this sounds silly to most people -- but this is a shortened holiday selling season. there's as few days as possible between thanksgiving and christmas. that's one negative. we also have, i see this with all my companies reporting lately, there are clear indications of a stressed consumer. now, the consumer's still showing up for big events, so that's maybe a positive for the holiday, but in between big events you're seeing sign os a stressed consumer. i think that's going to weigh upon spending. >> i mean, it's clear it's not necessarily lifting all boats, so what parts of the industry or what areas of your coverage seem like they're better positioned? >> well, let's talk about dick's sporting goods. they reported their fiscal third quarter results yesterday. i spent time talking with their senior leadership. they had a nice quarter, very

nice quarter. they're seeing continued solid consumer demand for better brands, specifically footwear and other categories. that's a bright spot with the holidays. consumer electronics is more hit or miss. i was talking to best buy yesterday. they're seeing good consumer demand for large flat panel tvs. so i think, you know, but other than that the consumer is waiting around to see what's happening with a.i. you could have some bright spots in consumer electronics. then a product i want to mention quickly. lovesac. a smaller company, a disrupter in the home furnishing space. they introduced a new reclining seat for their platform. i visited one of their stores here recently. it's a great product. again, still very much a niche-type item, but lovesac could get a benefit as people buy this reclining seat. >> funny, i was looking at that chart, it obviously has had an aggressive move. it's a somewhat smallish market cap, but when you say it's a

disrupter, i mean, is it kind of following in the path of a wayfair or more specialized than that? >> similar to wayfair in that it's online, but lovesac's a manufacturer. lovesac has its own products. there's only two line, sac and sectional. in one way it is disrupting is bringing online capabilities to what has been traditionally an in-store experience with home furnishings. >> mm-hmm. home improvement, i mean, obviously we got the results from the big ones, and we see the housing data kind of flit all over the place with every move in rates, what looks like is the trend there? because i got -- i saw some people very excited about the breakout in the home depot chart. >> yeah, i mean, look, this is going to go, obviously, beyond the holiday spending dynamics. i talk about this a lot on your network, we need a better -- we

need ar housind more housing to. that's very dependent upon rates moving lower. now, so far we, obviously, the fed has started to lower rates. we haven't seen mump in the way of moderation where it counts in that ten-year treasury, but boy believe that that will be happening. i think that's a big thing for 2025. that's a positive for home depot and lowes. we need rates to move lower, the housing market to unstagnate and have people once again buy and sell houses, moving houses. that's going to be a big positive for home depot and lowes. the holidays, funny enough, there's a lot of -- home depot and lowes have done a great job with holiday assortment, trim a tree, those esilly blow-up things you put on your lawn. they sell those as well, and also tools. both companies sell very well the tool category. >> just quickly, back to the more traditional holiday theme, you favor both lulu and nike, do

you basically think that the -- those brands are back on the upswing? >> well no, look, i think those names set up really well for 2025. interestingly, both lulu and nike are in a similar position where i think their product innovation lulled. they lulled post-pandemic and now we're reinvigorating that. lulu's probably less. there's less of an issue there. they got lax within the women's category domestically. nike has a new ceo a person who was historically at nike has come back to the company to run that company. i think really -- i think those name, nike and lululemon, set up very well for 2025. not necessarily the holiday selling season. >> got it. brian, appreciate you running through all that with us. thanks very much. >> thank you. >> all right, up next, the biggest movers as we head into the close. christina is standing by with those. >> thanks, mike. well, coming up, can you guess which bitcoin miner is nearing

year-to-date highs today? the clue, a quintillion hashes per second. next. deadline in five! finished and sent. [sending swoosh] we have tight turnarounds. at&t business helps us deliver. okay! client wants his head bigger. wow, fast response. sent! okay, oop! even bigger. sent. [sending swoosh, notification alert] still bigger. okay, yeah i'm not doing that— [typing noises, sending swoosh] i think it still looks good! [notification alert] oh — even bigger. it's time to grow your business.

create a website. how? godaddy. coding... nah. but all that writing... nope. ai, done, built. let's get to work. create a beautiful website in minutes with godaddy.

hive digital technologies is embracing the ai boom by supercharging its data centers with nvidia gpu chips, a move that diversifies hive's revenue streams and solidifies its position as a leader in the digital economy. hive digital technologies. nate jones... lines things up...

checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing. appreciate it so much. thank you. doors are new beginnings. -surprise! -surprise! your dedicated fidelity advisor can help you open those doors. for you, mama. through personalized money management that can evolve with new chapters. and they can proactively view your entire portfolio. with an eye on taxes and the impact of risk. so you can enjoy moments together. because doors were meant to be opened. coming up on 17 minutes to the closing bell. s&p still down about half a percent. let's get back to christina.

>> i'm hoping our audience did guess, but let's start with solar edge. energy storage division. it'll reduce its workforce by 500 employees, roughly 12% of its workforce. the stock is getting some relief up over 7% but still down nearly 85% year to date. for that guessing game, shares of crypto mining company iris energy, yes, iris energy, surging in q1 results, despite missing estimates for bitcoin mining. the real story is the bitcoin mining speed. the ceo saying the company is weeks away from its goal of 31 quintillion hashes per second. 18 zeros. a hash is a string that's used to validate bitcoin transactions. bitcoin is back to almost $99,000 in bitcoin proxy. micro strategy almost 12% higher

on this news. i'm sure many of our audience members knew a quintillion was 18 zeros. >> i didn't. i wouldn't be surprised if some of them did know that. thank you for the reminder this is about forcing computers to do math problems that don't have any reason except to create a fake coin rolling off the -- it's fascinating, and it's worth almost $100,000. >> a fake coin, you're sharing your opinion on air, mike. >> no, no, i'm observing what this industry is, but hey, i'm not exactly in the, you know, i can't say i got that one right, let's put it that way. christina, thank you so much. >> you missed the boat, i got it. >> we'll drill down on what's behind the weakness on the software space today. catch us on the go by catching the closing bell podcast on your favorite podcast app. we'll be right back. eed? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our

retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

- [narrator] we just signed the lease on our third shop. my assistant went to customink.com to get new uniforms with all the locations. he found great products, uploaded new art, and had boxes sent to all the shops. custom ink makes it so easy. get started today at customink.com. it's hard to say who'll be more excited on the day after christmas. the guy who got a brand new truck from mom and dad. or the guy who got all the weathertech protection for his truck. like laser measured floorliners... the under seat storage system...

no drill mud flaps... impact liner with shock absorbing rings... and top it off with the alloy cover. find these american made gifts or get a gift card instantly at wt.com. (♪♪) (high five) hive digital technologies is a first mover in the crypto space. combining sustainable bitcoin mining, strong asset holdings and a focus on ai and high performance computing data centers join hive in driving digital innovation. hive digital technologies.

welcome back. get the power of cnbc pro with the best deal of the year. join cnbc pro today to get exclusive stock tip, essential tools for wealth management and more with our special black friday offer today. go to cnbc.com/prooffer or scan the qr code on your screen. up next, urban outfitters and nordstrom moving in oppotesi directions. what's behind those moves, that and much more when we take you inside the market zone.

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, helps investors meet their goals. pgim investments. shaping tomorrow today.

♪♪ well would you look at that? jerry, you've got to see this. i've seen it. trust me, after 15 walks, it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! unbelievable.

stop waiting. start investing. e*trade ® from morgan stanley. we are now in the closing bell market zone. hp leading some big movers in the software space today. we have the detail, plus dn urban outfitters rallying and nordstrom selling off. let's get started with some rough moves in tech here. >> yeah, let's first start with hp falling as pc sales failed to meet estimates for the quarter and margins deteriorated more than analysts were forecasting. i spoke to hp's ceo who said enterprise pc demand remains stronger than consumer demand as companies look to replace and

replenish old technology. but the stock has had a nice run going into this report. stock down 11% today. it comes as software stocks are selling off after a big run following the u.s. election, work day earnings overnight a softer guide, last night weighing on sentiment. next week we'll get a better read as the market is expecting when salesforce and box get set to report, mike? >> yeah, and obviously the setup might have been a little bit tough with the rally in the software spaces as you mentioned, but when it comes to hp and maybe some weakness on the consumer pc side, i think it's coming as part of a lot of questioning as to whether the a.i. laptop phenomenon is really going to be a thing. >> yeah, that's a great point. we know there's so much spending going into artificial intelligence. the a.i. pc number not holding up as well as you would expect. about 15% of total sales in the past quarter. they do expect that number to

grow. maybe it does take time for the customer, the enterprise, and you know, personal computing customer to become more understanding of what that a.i. pc can bring them and what the return on investment is. >> yeah, starting to see some ads trying to persuade people. we'll see how it goes. thank you. diana, a little wrinkle in the home sales numbers. >> but in a good way, right? pending home sales rose 2%. the street was looking for a slight drop. up 4.5% compared with october of last year. the highest level since march. that came even though mortgage rates rose sharply in october, starting near 6% and ending near 7%. this count is based on signed contracts. it's people out shopping for a home during the month. sales rose in all regions of the country, even the south, where we saw back taye back hurricanes. sales of newly built homes, which are also based on signed contracts, actually fell sharply in the south in october. the bump in existing sales recently is probably because there's just a lot more supply

on the market. active listings are now up 29% year over year, according to realtor.com, and here's my u favorite stat. the lock box indicator. this is a count of how many of those little door key boxes are open to show a home by the real estate agent. the realtors say openings were up 7% year over year in october which suggests much more demand moving ahead into the usually slower winter month, mike? >> yeah, that's fascinating diana if that's really what we're seeing. greater supply creating more traffic, as you say, through this lock box indicator. it's been tough to sort out what the trajectory here is of housing. i've had a lot of focus earlier in the week on people saying completed homes are way up but new starts are not up as much. and therefore it seems like the backlog's being depleted. people thought that might have meant that 7% mortgage rates were going to lock this market up. >> the builders can buy down the mortgage rate. they're buying down into the 5% range. the trajectory is whatever the

trajectory of mortgage rates is going to be. if it gets lower, there's so much pent up demand out there. >> yeah, it does seem as if there's a high sensitivity. thank you very much. and courtney, two more retail names that are swinging around today. >> lots of move this is week for lots of reasons. urban outfitter share, those were soaring, after putting up strong third quarter report and positive commentary into the holidays. the ceo calling his customer, quote, remarkably resilient. much more upbeat than we heard from retailer this is week and last. upgrading shares -- and a fourth quarter comparable -- on strong margins. jefferies reiterating it's underperformed. but by contrast, you're seeing nordstrom shares lower here after commentary on its conference call casting worry about the holiday quarter on the

consumer. the retailer put it better than expected sales and profit for the third quart we are strength in women's apparel, shoes, active, but ceo of nordstrom said it saw, quote, noetszable decline in sales trends towards the end of october. that led nordstrom to give a more conservative holiday quarter forecast, incorporating that downward trend and pulled the wind out of its sails with that xhem tear, back over to you. >> i'm trying to see if there are -- rougher time and are giving weaker guidance. i mean, abercrombie, whether it's right place, right time, right fashion, they're that window. they were very confident. you mentioned here urban too seems to think their consumer is in pretty good shape. >> it's so interesting, even if you're talking about categories -- and apparel, of course, is the big category, and most of these retailers -- target saw

weakness in apparel, but nordstrom said it was good. urban outfitters said it was good. it depends on what you're offering, who your customer is, and how much you're asking them to pay for it. it's really going to be, you know, time to do some homework if you're looking at picking retail stocks right now into the end of the year. there are very clear winners and losers. >> and court, i know you're set up for black friday, with is the suspense in terms of whether it'll be still a continuing big phenomenon and where it's going to move the needle for what types of retailers? >> i think it's so much harder to tell, mike, because all of these sales and promotions are stretched out over longer periods of time. you have consumer shopping a little here, shopping a little there, stopping a little in store, shopping a little online. we often get more data online because of the availability of technology to track certain things and less -- and then in store it's hard to tell where with your eyeballs really gauging foot traffic because the

patterns are so different now. so it's hard to know exactly where the suspense is, because it's so much harder to predict. we're going to be in stores for you on black friday, so we're going to try to figure that out. cyber monday we're in a distribution center. we're trying to cover all the bases, see what we can record as things are going on. >> all right, yeah, absolutely. i'll be here watching it with you, court, thank you very much. >> thanks, mike. >> all right, as we head into the close, the s&p 500 remains under pressure. down about four tenths of one percent. weighed down by the mega cap leaders of the first half this year. the likes of nvidia down another 1%. nvidia down close to 5% on a week-to-date basis. there are more stocks up than down, so it is a mega cap phenomenon underneath the surface. that cracked below 15. that's sort of the low normal area. and that's been a little bit of a benefit keeping this market

not too far from all time highs. the 6,000 mark on the s&p 500 is in play into the close. it does look like it's going to fall short. don't forget to tune in on friday. it is a shortened trading day, but we'll be live here from 12:00 to 1:00 p.m. eastern that does it. over to john in closing bell overtime. that bell marks the end of regulation. the salvation army closing the bell at the new york stock exchange. lakeside holding limited doing the honors, and a mostly lower finish for the averages ahead of the holiday break. as tech drags in the nasdaq, while real estate healthcare and crypto get a boost. that's the score card on wall street. welcome to closing bell overtime, i'm jon fortt. morgan brennan is off today. coming up this hour, former trump national economic counsel chief economist, joe lavorgna joins us with his firs