>> higher and god bless art cashin what a great gift he was to all of us. >> thank you for saying him. we haven't gotten the chance yet. i think of him saying stay alert, stay nimble and that is true now as it ever was. michael thanks >> s&p went green. positive so far so it is an exciting last hour of trade. scott wapner live from post 9. a look ahead for your money as one strategist takes this target for stocks to the highest on the street wells fargo's chris harvey joins us on why he says another great year is in store for your money. oz perilman is here with a new trick to leave us wondering how did he do that in the meantime, let's show you the score card with 60 minutes to go in regulation. outside of the mega caps not a lot of green on the screen the s&p is barely positive

nasdaq outperforming apple a new all time high today. s&p sectors are split. we will watch everything over this final stretch t takes us to our talk of the tape lofty returns in the new year. that's what our first guest is predicting today chris harvey of wells fargo right here at post 9 welcome back. >> thank you. >> a big setup for you, man. >> a big setup. >> 7007, not 7000 and 7005, 700 # 7. >> big james bond fan, it's 7-007. >> why did you come up with that and how? >> the marked multiple is 22, 16% growth for next year and the year after that. that's matching what we expected the s&p to do next year and so really we're not talking about multiple expansion, talking about eps growth and going higher good economy, tight credit spreads, fundamentals are improving and the rich continue to get richer. >> this is all based if not -- maybe not all, but substantially based on what people expect to

be a trump policy bump for the market. >> yeah. >> that's what it sounds like. >> it's that, it's the fact that you have a strong economy, credit is widely available, m&a is going to come back next year, ipos is going to come back the title of our report was good year, bad vintage. we think markets will go higher but this is a year where people go too far out on the risk curve, too far on the capital structure and systemic risk goes higher equity markets usually go up while people take on more risk. >> systemic risk goes higher. >> yes. >> in what risk? too much risk taking, too much euphoria >> yeah. >> where do you see that most acute? >> we're starting to see valuations or leverage multiples go higher. we're starting to see people move further out on the risk curve. for the last year and a half

people have made money buying strength and selling weakness. momentum a strong factor and continues to be. when do you that you continue to push your bets and push your bets this is an environment where people will continue to take on more risk. because why? we're going through a period where there's less regulation. where i think the economy is stronger furthermore, i think the market is getting healthier with less regulation you should have a broadening out of the market, you should have better breadth and for a while i think people are going to make a fair amount of money, just you have to be careful toward the end of the year when we look back at '25 from perhaps the perch of '26, '27 we're going to say that was a year people got too aggressive with risk. >> you think the market goes even higher than your target but then towards the end of the year it sort of has a moment where it pulls back to get to where you think? >> that's possible, right? we could have a bit of euphoria, i'm not really sure how it plays out. we think that it 27500 -- excuse

me, 7,000. >> better not be 2700. >> you go back to 1995, tight credit spreads, the fed easing, we had much higher returns than we had at 16% or the expected 16%. >> it sounds to me you want equal weight, right. >> yeah. >> you play for the broadening. >> yeah. >> play the big game. >> yeah. >> and you don't necessarily want to go large cap. >> right. >> under your scenario small cap, mid cap >> mid cap mid cap i'd say. not so much small cap. small cap still is not a great risk/reward, it's more of a broadening out, equal weight s&p equal weight, mid cap growth makes sense. we like the barbell between banks, communications and staples. >> that's pretty concentrated breakdown of what you want to do, right? >> yeah. >> 40-40-20, banks, coms, services and staples.

>> it's worked pretty well for us we've set up a barbell for many years. we've had a barbell, communication and defensives this year for cyclicals. we like staples, staples are unloved, underappreciated, we think the fundamentals are churning but we want exposure to banks and financials we love that space, we think there is a rival situation -- rn you're going to have more multiple expansion, you're going to have positive eps growth, capital markets are going to improve. it's going to be positive for the group. not a straight line higher but positive. >> i've said this already. i say goldman sachs up 56% year to date, jpmorgan up 44. >> right. >> you're like, yeah, but. i mean, that's just getting started? >> that's just getting started we have had a very difficult environment for m&a, m&a activity what goes with m&a activity?

ipos what goes with ipos? trading, trading activity. we are not there yet furthermore, as you start to deregulate, as the banks need more capital there's more available, more risk taking and more opportunity we think it's just beginning to get started, but the other thing to think about is the momentum trade, the face in the momentum trade is financials. if you look at the momentum etf, one of the biggest if not the biggest sector is financials that wasn't true a year ago. a year ago 40% of it was tech. now tech is something like 20% it is broadening out. >> we're going to broaden out our conversation, you're going to put your earpiece back in so you can hear one of our guests because they are remote. we will bring in mike rode of american century investment, iako, i think you heard everything that mr. harvey had to say what do you think? what do you think? >> how is it going >> so, you know, in terms of our outlook for 2025, you know, we

do expect earnings growth to do a lot of the heavy lifting going into next year i mean, it's hto argue for further multiple expansion from here, but i also said that probably two or three points ago. you know, i do think that seeing the broadening out of the market is what everybody wants to see we are seeing strength from financials and we do like names like jpmorgan within that space. we do think they can continue to run in 2025. >> mike, i mean, the point i think maybe we debate the most is you can get to lofty targets with great returns next year without multiple expansion and do it through earnings power. >> right. >> do you believe that >> yeah, absolutely. and if you look at the earnings growth expectations for next year, it's the highest in small caps, followed by mid cap, followed by large cap. the magnificent seven are still growing pretty fast, the highest, but that growth is slowing. so our research shows that dollars follow earnings acceleration and so where you're seeing the biggest acceleration

is in small caps if you agree with everything chris had said in terms of the economy doing very well, m&a picking up, deregulation, small caps should be the best -- the biggest beneficiary of those -- of those tailwinds. >> can you have both, earnings acceleration and multiple expansion? >> you can that's going to be tough, especially where multiples are i think you can have multiple expansion as you move down the capitalization, valuations and the mid cap and small cap space. not that they're depressed but they have room for multiple expansion. i think you have room for multiple expansion on the financial side selectively the answer is yes. >> aya, the risk is that earnings don't live up to the hype chris needs earnings to work and work really well to get a 15% gain next year >> earnings-wise we are going to get mid teens growth, and, you know, whether it's from the magnificent seven or beyond, i think the nice thing is that the

493 are going to do a lot more of the heavy lifting, i think, as mike talked about, that gap between what those large tech names have brought to the table in terms of earnings growth, versus the 493, that's going to narrow and we like that broadening out and we do think that we could get to that mid teens growth in 2025. >> do you believe, mike, the earnings story can power the bull market? >> we'll see i don't know if it will be 15%, probably not, usually the street is a little too optimistic, but going from two years of negative growth for small caps to flipping positive, i think that should be a pretty powerful driver then it goes back to the valuation point, what's your starting point for small caps you're basically in line with the historical average. large cap growth is trading at 33% premium to the historical average. you're starting at a really high point, there's high expectations built in nvidia put up a great quarter, they are looking for 50% revenue growth, the street is, for next year that's some really lofty

expectations i think you want to look in areas where expectations are lower or there's a bad outcome priced in and small caps, mid caps, really, there's a lot less expectation there. >> what's the risk to your story? >> the risk to the story ask multiple we're right, credit spreads are tight, liquidity is abundant and people do go too out on the risk curve and too far down the capitalist structure defensive sectors have underperformed by a massive, massive move it's 60% if you look at low volatility it's underperformed about 60% last five years. going to the great financial crisis that was something like 20, 25%. that screams complacency we're seeing more and more fear of litigation on the tech side and if that starts to pick up a little bit, that's going to weigh on those names which will weigh on the market and that's a significant fear. >> the risk taking you talk about, will the bond market allow that >> i think so.

>> do you know what i mean >> yeah. >> the bond market is already uneasy with the level of the deficit. >> yeah. >> now, we've come off the boil a little bit because maybe we're trying to price in higher growth. >> right. >> which takes the edge off where the deficit is and the cost of funding it >> right. >> rates have come actually in but is the bond market going to be the bigger story in '25 or the stock market >> so there's a couple things there. if we look at the deficit one of the things that i think people are underappreciating is the capital gains tax. we had a big year in the equity market, typically when we have a big year in the equity market we see capital gains starting to higher that could shrink the deficit unexpectedly or more so than a lot of people think. that will take some pressure off of bonds the other thing we're seeing in bonds is we're seeing inflation expectations or break evens toward the higher end of the 20-year range. there's a lot of talk about inflation and tariffs. it's already priced in there for

the most part. you have left over real rates and an environment where the fed is cutting rates it's hard to see real rates expand from here. we are not too worried about rates going higher because inflation expectations are already toward the higher end of the range and we are still in an easing cycle. >> should we be worried, mike, about rates going loafer fast enough we're already resetting our expectations for the fed but timing and size. >> i think it comes down to growth as long as the yield curve is steepening or steep, upwardly sloping it should be a tailwind for many businesses. so whether the fed cuts three times next year, five times. if the underlying economy is strong and inflation is sticky because of that, i think we're okay and i think that's the viewpoint of the trump administration hey, growth, trumps everything if the fed cuts less because the economy is good that's okay. >> that's the story you're going to hear out of d.c. from the

white house. that's going to be the narrative. whether it lives up to the hype, aya, i guess the proof is going to be in the pudding do cuts really matter and how much so at this point? >> i think, as you said, scott, a lot of it has been priced in i'm not sure if all of the could you tell us will matter. i think it will be more about the comment tags that the ary td provides about their outlook and what the triggers will be as they either change the pace of the cuts or find a spot to stop. i think that's going to be more of the narrative in 2025. >> what's the sector -- what's the outlier sector that maybe could do better than you think is it health care is the worst this year. >> yeah. >> what do you look at and say, well, it's not one of my favorites but i have my eye on it because it actually might be the outlier to watch. >> it's materials. material is washed out, it's been left for dead, it's a play

on housing, it's also a play on china. there is a lot of short interest over there and that short interest could turn very, very quickly. and if you are looking for a place where you could see a big reversal, i would say it's the material space. >> how would you answer that >> well materials i think packaging is an attractive area. two sectors, health care and staples have been absolutely forgotten this year and then with the fears about the rfk nomination, they've been pretty easy areas to short in this vacuum of news and so a lot of those stocks are extremely cheap, all time low representation in the broader market so it's probably a good setup for next year. >> i jokingly want to say what about mega caps. i feel like everybody -- no one wants to pick the mega caps next year might they just surprise us? >> you know, they could. i think, you know, when it comes to the mega caps i think a lot of them are already owned. so that might be the issue going forward. so i think you want to balance

it out with what you already own and what has worked with things that can work going forward. >> all right we will leave it there aya, thank you mike, we will talk to you soon chris, thanks for coming by. mr. 7-007. let's send it to seema mody for a look at the biggest names moving into the close. >> 45 minutes left in trade and shares of us steel falling as much as 8% as president-elect trump repeats his pledge to block nip upon steel's planned purchase of the company once in office posting to truth social he's totally against the deal. the first time he has mentioned the potential takeover since his election victory last month. and then there's shares of credo technology group up 46% after the data infrastructure networking company raised its revenue outlook and posted a big second quarter beat. the ceo saying the firm is experiencing greater demand driven by ai deployments and deepening customer relationships. we are looking at the stock up about 260% this year

scott? >> seema, thank you very much. seema mody we're just getting started here. up next, the ceo of aws joins us live from amazon's annual aws reinvent conference and that's coming from las vegas. we are live at the new york stock aeks change. you're watching closing belle on cnbc (♪♪) (♪♪) (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street invest in your future with dia, the only etf that tracks the dow. (♪♪)

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amazon hosting its annual aws reinvent conference this week in vegas. joining us now is aws ceo matt garman along with our very own kate rooney. >> scott, thank you so much. matt, great to see you thank you for being here this is your first reinvent as aws ceo. so big milestone for. >> you very exciting happy to be here. >> you had so many gen ai

announcements, but i wonder if you could summarize what it means for aws and what you think it means in terms of potentially driving spending on aws at least in the near term >> well, look, a lot of what we talked about today is how do we help customers really get into their generative ai apps into a production environment we see customers that have proven concepts out there. we built a platform and capabilities to really focus on production use cases and how do they take customer data, real enterprise, valuable ip and pull it into these use cases so that they can actually start to drive real enterprise value and not just kind of flashy, chatbots on websites that weren't driving a lot for customers. a lot of what we announced today and are talking about this week is helping customers do just that. >> productivity seemed to be a big theme at least for developers what do you think this is going to mean for fortune 400 companies, when do you think this will flow through to the bottom line.

>> i think there's a huge opportunity to improve productivity if you initially looked at where, say, developers were, a lot of the initial productivity tools were around code suggestion, but the real value is if you take the end to end development lifecycle and make it so developers can be efficient at everything they do. we do it for marketers, finance people, sales folks. if we can make their every day lives more efficient, take away those mundane and repeatable and amountable tasks and let all employees focus on the creative value creating type of activity that they do every day, typically in a week you might only get to do those value creating activity 5, 10% of the time and the rest of the time you're pulling data at different source, trying to look up you code documentation we can allow people to be more available to do the hard, interesting, creative work that is core to what your individual company might be. >> apple was on stage as well

during your keynote. you guys have had this long-standing relationships but it's not a relationship that either apple or amazon talks about all that much. what is the strategic importance of apple especially now that they're publicly using your chips? >> we have had a partnership with apple for more than a decade and they are a fantastic partner, they push us on a lot of our things, they push us on scale, push us on new capabilities that they need, on security that they need. so they're a fantastic partner to learn from, but we also love partnering just -- they came to us and said how can you help us with our generative ai capabilities we need infrastructure to go build and they have this vision for building apple intelligence and some of the things you heard talked about on stage today. they have had great early adopters from our technology including tranium which is our early chip and they have had beta testers of that we learn a lot from them, they push us and get a ton of value

in using aws in the cloud. >> what does market share look like are you starting to feel like you're taking market share from folks like nvidia? >> we don't think about market share that way we think about where it is in the cloud. today if you look at ai, it's not really an nvidia versus us nvidia is a fantastic partner of ours and will be for a long time but we think the industry will benefit from choice. just like there's lots of different database options, different storage options, in the ai space i think customers will want there to be different compute options. it's not all going to come from one provider we thought we could jump in there and build a platform with tranium that could give variety and choice and hopefully help customers save money. >> you guys through bedrock offer multiple different models. you did have an announcement on your own gen ai model, nova. what has demand looked like for amazon's model and others out there. talk about the difference between offering your own

models, building your own and offering other choices >> our own model just launched today so i'm not sure what the demand is yet but there's been buzz and people are exciting about trying them out. this is one of the things that gave us a lot of confidence is customers really are latching on to this idea of choice when we talk to customers, many of them are using different models they might use open models, image models, might need a model to do movie generation, to do reasoning and we actually see that rarely is someone just using one of them. they are using a lot in parallel and testing. we thought from models we had been building internally, amazon and our nova models that customers would appreciate that additional choice. in particular i think the nova models are good when customers are looking for low latency, quick response times and low cost and are capable models as well we're excited how customers respond. i expect that they will be used in conjunction with all of the

other models we offer in bedrock. >> one that you do offer is anthropiy. another $4 billion investment last year. what's the return going to look like and why not just try to buy the company? you keep putting another $4 billion in. >> we love that people we like investing but we like partnering with them as well we learn a lot from them as partners and customers we announced today that we're jointly building project rainier, the largest compute cluster that anyone has ever built, it's five times the number of exo flops used in the cluster they have now. we're building a cluster that will deliver five times the compute power. we're excited in that partnership because aw customers get to use those models as part of bedrock. >> quick last question

there has been this criticism that amazon is behind in ai. what is your response when folks say that to you? >> yeah. you know, look, people said that, i think, particularly a couple years ago where everybody rushed to slap some gen ai thing out there really fast and they were hurrying to get a chatbot out there. we took a different approach we really wanted to focus on getting a platform that would integrate -- we have enterprise customers that are building their businesses on top of us so we wanted a platform that would integrate with their enterprise data, that would be secure from the very beginning and let them build a wide swath of application that is they need. so very methodically and intentionally we built a bunch of capabilities and features that allow you to do just that now when you look at bedrock you see that a lot of the production applications that are starting to roll out are all being built on bedrock because of that people may have thought we were ahead or behind, we're willing to take that criticism because we believed in the strategy we were going after and now we see

that growth starting to happen. >> matt, great to see you. thank you so much for your time. >> thank you for being here. >> appreciate it >> great having you guys thank you so much, kate. kate rooney. let's bring in amazon shareholder, malcolm etheridge good to have you as well what do you make of what you heard? >> yeah, scott, i'm very encouraged as an amazon shareholder in everything that i just heard from their new incoming ceo particularly in the realm of chips. so when we heard about the tranium chips, one of the biggest threats to nvidia and nvidia shareholders alike is one of the big four companies that relies on nvidia chips suddenly decides to start working on their own and strikes gold and it sounds like what we're hearing from the announcement initially at least from the announcement with apple and amazon that other companies are seeing value in these chips that amazon is out there providing, so much so that they are now on tranium 2 and allowing them to

test on those. i think that that is probably one of the biggest, most interesting and probably more important developments from this conference so far because if amazon is able to position itself as the provider, the number two or number three even behind amd provider of those chips that could be a whole other business line in similar fashion to aws where that part of the company sort of carries the water for the e-commerce business. >> you suggested amazon is underappreciated when compared to the other mega caps in what way? >> yeah, so i believe that, you know, coming into this year we were talking about all the other mega caps and then amazon. so much so that the share price was under pressure i know that since then, you know, call it three months ago, maybe it's actually started to take off and has jumped ahead of the likes of microsoft and i believe apple as well. so it's starting to get some love, but i bought shares of amazon back in august at roughly

167, even then shareholders -- or investors were saying that amazon is sort of behind in ai we just heard kate with the interview talking about how people are still saying that amazon is behind when it comes to ai, but i think that they are making it very clear that their plan is to become the everything store of ai, not necessarily be the dominant large language model, even though we didn't get a direct answer to the question why not just buy anthropic outright maybe that is a development later to be seen i think that amazon's strategy wasn't necessarily obvious to everyone the same way that some of the others were, but i think that now it's becoming more clear just how they will become the everything store here. >> i'm glad you went there because i was going to ask you about that when mr. garman was asked about that and the perception that they were behind in ai he was like, no, we just took a different approach. and they, i guess, have increased the way they've taken that approach by continuing to invest in anthropic. >> yeah, i think that amazon's focus is not necessarily on

having one best offering with the large language model, a chatgpt, for example, or a claude or something similar. their focus seems to be allowing the smaller and mid-tier players to come in and build on their chassis so that all of those web service credits will continue to be built up and bought up coming from aws, which allows them to stay the number one player in the cloud services model, which they built and pioneered 15 years ago, right they initially built it as an in-house tool and then all of a sudden realized there was potential to sell it outright. i think that maybe that's the same strategy they're taking with ai and it's just going to take some time before it's obvious to us mere mortals. >> malcolm, thanks for joining us. up next, the mentalist oz pearlman will join us at post 9. also a stock market prediction you don't want to miss he seemingly gets nothing wrong. i don't know how he does t he will blow our minds again next

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all right. welcome back from professional athletes to celebrities, to yours truly, oz pearlman aka the mentalist has blown the minds of many over the years and turned a childhood hobby into a full blown business he has dropped by post 9 to blow us away once again. >> what a pleasure thanks for having me on again. >> i'm happy to have you every time i see you i get nervous because i don't know what you're going to do.

>> i'm going to get inside your head this time i going to tell you one of the joys of what i do is seeing people's reaction and being able to travel around the country i'm going to tell you a place, google this, folks, for stock picking there is a city. up state new york and it is called speculator, new york. are you familiar >> i'm not. >> google this, everybody. i want you to remember this moment speculator, new york talk about good stock pickers there, speculator, new york, is a real city. upstate new york, speculator, new york, i want you to remember this during my segment. >> all right >> and this is cnbc, the greatest financial network in the world, we need skin in the game to make this exciting i brought a little money remember my dollar. >> big spender. >> big spender it's a gentleman's bet a dollar speculator, new york and let's get things under way let's pick some stocks, but i need some more people in the mix. who else can we entice >> we have our contessa brewer.

>> i'm just right here how nice to be brought >> just appeared >> contessa covers gaming, goes to vegas a lot. >> perfect. >> might be a ringer. >> we're all picking stocks. the two of you random, me as well, but we will do it in a funny way. a picture is worth a thousand words. these are 50 logos of 50 of the large cap stocks in the world, you are going to recognize them all and i'm handing you each a marker and one of these. look through this and you're going to be picking a stock for each of yourselves circle it, wait until i turn my back contessa, the same thing, picked at random. once you have circled your stock i want you to put it close to your chest and let me know when i can open my eyes. >> okay. >> is it close to your body? >> yeah. >> i did not tell you what to pick. >> no. >> true story? completely tell the viewer -- >> bell be transparent nothing. >> now we need to pick one for me i can't touch these so these are

the same companies all written down, general electric, intuit, netflix. i'm going to start dealing and whenever you get an urge i want you to stop me i'm going to deal them face up and the next one i'm going to lay to the side. sap, nvidia, i'm going to go fast. >> okay. >> stop you anytime. >>en ott next card i'm going to go fast chevron, shell, abbvie, tesla, visa, l'oreal. >> stop. >> before we go further because you stopped me right here i need to know this is where you stopped me, you feel good about it. >> i do. >> contessa is over here and i want to get two minds at the same time. do i put this card that scott stopped me to the side or do i keep going further >> go further. >> just know that right now you could have stopped me on merck but you didn't whenever you want say stop at&t, cisco, ibm, meta, lvmh --

>> am i stopping you >> whenever you want. >> are you sure you're stopping me on this card? >> yes this is the card. >> i'm putting this aside, putting it right here. my money goes on top i want everyone to see what could have been. could have been general electric, wells fargo, netflix, adobe. here is where this gets fun. i think i know what contessa would have done with her stock i think that what you thought to yourself is what will i pick something that's been in the news recently, no chance i think she said i'm going to manage up. i'm getting good air time. we're going to go with our parent company, comcast owns nbc and cnbc did you circle comcast is she comcast she is. >> look at this. >> comcast, everything >> all right that could be a little predictable maybe. >> that is comcast. >> scott, close your eyes for me, please close your eyes for me and keep your eyes closed come back to me, everybody, so you can see his eyes are closed.

go back to me. you see something just appeared out of nowhere scott, with your eyes closed -- pulled that out of thin air. what stock did you circle. >> coca-cola. >> open your eyes. i'm holding in my hands none other than a bottle of coca-cola. let's get in one tight shot. >> i just -- i know everybody has the same reaction every time. >> speaking of everybody, everybody that's watching cares about their money, they want to see a return on investment on their stocks if you are in speculator, new york, do you know what you want to see if you bought comcast or coca-cola you want to see injure stocks go up. >> that's right. >> you want to see them hitting 52-week highs. can we get -- what is the control room, help me out, what is the 52-week high of coca-cola? >> i know what it is. >> let's see if they can tell us we do have it. what is it $73.53 just so everybody at home knows that means the most that the

stock has traded for in the last 52 weeks what's comcast >> about 47. >> $47.11. this changes all the time. there's no way to predict t what did i say, scott, i said don't forget my dollar >> yeah. >> $1 and i want everyone to add this up. help me out. 3 plus 1 is 4. >> 5 and 1 is 6. i was told there would be no math that's $121.64 couldn't be more random, could it >> no. >> there's nothing random. you stop me anywhere look at these cars pepsico, at&t, chevron, changed your mind in the middle. l'oreal, you saw every single one of these you stopped me on abbott laboratories. >> all right >> control room, please tell us what is the 52-week high of abbott laboratories?

it is $121.64. >> no! >> take a moment to let that soak in what just happened, but hold on. i told you to remember two things, my dollar which we needed and also speculator, new york and there are people watching this show from all across the country, all over the world and how do you know which city is which? what does the government do? they give each city a zip code, a five-digit code. >> don't tell me -- >> let me ask, siri, what city is located in zip code 12164. >> the zip code 12164 is located in speculator, new york. >> come on, man. how much time do you spend coming up with each new thing you do and then how long will

you use a similar trick if you want to call it that. >> this is one and done, folks this stock could change tomorrow for you watching that is going to be the craziest mind reading stunt about the stock market you will ever seen in your life. in one moment that could change right now. >> are those stocks going up or down >> drink some coke, let's get some money going to atlanta. >> you are the best. thanks tore coming by. >> thanks for having me. >> love having you, especially when you are talking about this. you blow people away. >> i will see you in speculator, new york. >> now you're going to be really, really hot up there. >> i might be speculator famous. >> oz pearlman, he is the mentalist. thanks we do have some news out of microsoft, we will get to steve kovach with that what do you got? >> i do have for you that microsoft is wondering if there are leaks within the ftc i have a letter from one of the deputy counsel lawyers over at microsoft asking the ftc inspector general -- this is due to a bloomberg report last week that there is a big antitrust

investigation into microsoft related to artificial intelligence and cloud computing and a number of other things and this letter from microsoft's attorney asking the inspector general to look at whether or not this leak of this investigation is coming from inside the house, so to speak, and also noting that even though the bloomberg report said there have been some investigative materials passed on to microsoft, this attorney is saying -- the microsoft attorney, rather, is saying they have not received it and have not received any information about it i will also note sometimes leaks like this when we hear about the antitrust investigations, scott, sometimes, yes, they do come from within the ftc but another source is also when these investigations happen they go to rivals, go to other cloud rivals, for example, in this case of microsoft or other productivity rivals of microsoft. sometimes the leaks come out from rivals of microsoft who might want to put some damaging color on what they're doing there. but, again, we've asked the ftc for comment but right now as of last week they were not commenting on any investigation

going on or antitrust investigation going on with microsoft. we've seen microsoft shares down just a tick here, scott. >> we will follow t steve, thank you. that's steve kovach, again you didn't pick microsoft. >> you could have picked microsoft. >> by the way, thanks, contessa. >> sure. up next, tracking the biggest movers into the close, seema mody is standing by with that. >> what a block, scott one cloud company failing to meet sky high expectations and one pharma companies soaring on promising trial results. more coming up after this break.

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coming up next we will run you through what to watch for when salesforce reports in ot. thatnd mh aucmore inside the market zone. that is coming up next

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unbelievable. stop waiting. start investing. e*trade ® from morgan stanley. we're now in the closing bell market zone cnbc's senior markets commentator mike santoli here to break down the crucial moments of the trading day plus at&t one of the best s&p performers today, today, julia boorstin for him. julia, what's going on here. >> scott, at&t shares are up 4.5% after the company laid out its three-year plan to expand its 5g and fiber services across the u.s. saying by the end of 2029 the company expects to nearly double its fiber location toss 50 million. at&t's ceo john stankey saying

they expect to return more than $40 billion to shareholders over the next three years through dividends and share repurchases, including a share reauthorization of $10 billion by the end of 2026 this as the company raised the lower end of its 2024 adjusted earnings forecast and from 2025 to 2027 guided to consolidated service revenue growth in the low single digit range and forecast a $22 billion annual capital investment back over to you. >> okay. julia, thank you to seema mody now on what we need to know about salesforce before these numbers hit the tape. >> scott, just in a few minutes we will learn whether excitement around its salesforce ai agent has yielded big orders from customers in silicon valley. analysts at wedbush conducted checks and found that ai automation offering from soles force are getting a warm reception from customers analysts reiterating their outperform rating at $375 price

target on a stock that has run 30% in the past month outperforming the software etf which has been on a tear since trump won the election investors will want to hear from marc benioff whether whether he says the m&a environment improving under trump and whether that will lead to more deal making. >> mike santoli, got a couple minutes to go here a day not so similar to yesterday. >> no, not really. just sort of firm at the index level. more stocks down than up in this consolidation mode really it's also a strong trending market, but a low momentum market. that's been the saying for quite some time with some exceptions four of the top biggest weights in the nasdaq 100 are up more than 1% today. only amazon really has any news behind that. so it just sort of shows you when the market is indecisive for a moment and needs a little bit of ballast, that's where it reaches for. last week was strong, supposed to be strong early december, there's a high probability of just sort of a hesitation and a

plateauing i think everything is fitting together fine. treasury yields cooperating and all the rest i think it's more building up toward exactly what can this economy deliver now that everybody's economic mood has brightened. >> higher earnings according to chris harvey that's how you're going to get to 7,007. >> it's under way on some level in terms of, you know, the broadening out of earnings growth most stocks didn't grow at the median level for a year or two still, i mean, 7,000 is a pretty heavy multiple on what's now expected for 2025 earnings which is 275 so you kind of have to count on a lot of things staying in good shape, including the credit markets which have been rock solid. i agree with chris that we do have the makings for a big burst of risk appetite explosion, a

lot of deals, a lot more reckless haphazard activity, a higher energy market we have the ingredients. >> good stuff, mike. thanks s&p going to go green by a few points it looks like, otherwise a mixed day. we will see you tomorrow we will send it into overtime with morgan and jon. br . >> that bell marks the end of regulation aflac ringing the closing bell at the new york stock exchange pledge 1% doing the honors at the nasdaq it's proving to be a december to remember already with the s&p 500 and nasdaq closing at fresh highs again. that is the score card on wall street welcome to "closing bell" overtime i'm jon fortt with morgan brennan. >> the communication services sector the big winner hitting the highest level since 1999 thanks to big gains by at&t and meta a record high today. meantime the dow keeps underperforming the broader market, falling for the thir