>> next time, we will talk workout routines. i have been working on dead lifts. >> megan does them very well. i do not. >> get that form right. don't throw out your back. markets at record highs right as all. >> you have to get the form right. you don't want to throw out your back. >> to markets right now, as we point out, at record highs for the s&p nd for the nasdaq. thank ou very much for watching "power lunch." >> "closing bell" starts right now. >> this hour begins with a record high repeat as the s&p and now nasdaq hit new milestones today. we'll ask our experts how far this bull market could really run. in the meantime, we'll show you the scorecard here with 60 minutes to go in regulation. it is green across the board and tech is leading after octa earnings beat. those stocks are surging and nasdaq is the leader today.

salesforce good for 9% and meta and apple and amazon hitting new highs as the mega caps continue their resurgence. a bill slide for footlocker after the missing of expectations. that stock down almost 10%. it does take us to the talk of the tape today. where to position for another leg higher in stocks. let's ask adam parker, ceo and cnbc contributor with me once again at post 9. great to see you. you feel good about where the market is. the momentum seems clear and obvious. >> i think it does. most of the people i talked to are worried about rotation, whether it is inauguration, january 1 or could creep into the second half of december. >> the rotation? >> a switch of leadership. maybe kind of a new winner, new loser. all of us could say the stocks are up a lot that shouldn't be and there are stocks up that i could see why they are and then same thing, there are some that are down a lot. i'm not sure they should be down and others that are down,

footlocker, you are shoe physical retailers, sure. >> you've been negative physical retailers as long as we've been having this conversations. >> we like amazon and walmart. we don't like physical retailers. and target has been a really bad stock tor several years. kohl's, i think their stale in trouble. >> do you think we're in the early stages of a prolonged bull market? prolonged further by the election of donald trump? >> no. i don't think so. we've been a bull market for a long time already. >> >> two years. >> two and change. well two slash 15 if you take covid out. whatever, it is been -- >> well you have the rate hikes. >> so i think the biggest risk and i think the bull probability is higher than the bear and it is still keeping risk on but the biggest negatives i see are there are no question that the

fed is less accommodative than they did a few months ago. you could get a strong jobs report later in week and they have a hawkish set of commentary and everybody is like cuts are coming. >> but the fed chair was talking with andrew at deal book, if you had a chance to plaque out the conversation, you're making the way down to visit with us. he said economy, remarkably good shape. stronger than we thought it would be in september. labor plarkt market is better. inflation coming in higher and he addresses where policy could be. let's listen to the fed chair because he doesn't do this often and i thought his comments were interesting. >> the economy is strong and it is stronger than we thought it woulds going to be in september. so the labor market is better and the down side risks appear to be less than the labor market. growth is definitely stronger and inflation is coming in higher. so the good news is that we can afford to be a little more

cautious as we try to find neutral. >> i mean, the takeaway from that is we're in no rush, no rush to cut. but we know cuts are coming. right. and then when he overlays the fact that the economy is in remarkably good shape. stronger than we thought. labor market is better. >> and are you asking many he to articulate what the bear case is or my view. i think the bear case would be the fed -- we want to fight the fed. until we think they're half way or two-thirds of the way done and then we have to say last cycle we got bullish when they were still hiking because it was close to the end. so if that same logic applies on the other side, once we're at two-thirds of the way down, is it in front of me and i could see people saying, hey, that is closer to the end of the combination cycle than i thought. that is one risk. if inflation is running hotter, we talk about it all of the time, but number one thing that matters is gross margin goes up and smaller ones can't handle cpi. so that is the mega cap trade.

the only thing that is littlin con seventient is the 10-year yield. if it backs up the 4.7, or 4.1. which one is it. and growth is good. >> growth being good doesn't mean that yields have to back up again? why does it mean that? >> well, it doesn't. but you can't both be bullish that their accommodative and not accommodative. >> but they are accommodative even if they're not accommodative as we once thought they might be. they don't have to be because you balance that out with a stronger economy. >> the thing i'm worried about and the bull argument is still in control. the fed is on the front end and if cpi picks up and we get more inflation, that is not great for margins for a lot of companies. i think the bull case i didn't know about three months ago is the president of the united

states, one of the things that the -- the incoming president cares about the stock market. so he's going to create some volatility and do some things do to change things and if anything makes it go down, he's going to stop doing that. he can't control everything. but he could certainly, you know, sort of ask for policy and the like. >> you lead into what some say with a trump put plus a fed put. >> yeah. >> plus a strong economy. >> yeah. that is the cocktail. >> a plus b equals. >> the bear case is definitely -- and you have a lot of people on this show, where they were bearish one and two years ago and they're bullish now. so the sentiment is not as negative. >> right. and for good reason though, right? >> i guess. so the sentiment, the con tearan sentiment is you can't realize your contrarian and that is

where the ish argument is. and i think what powell said is right and i think earnings will grow. i don't want to short stocks where gross margins are going up. period, that is it. >> tech, the resurgence that we're seeing. what does that mean to you? >> i'm a little surprised when i see salesforce up 9 where the scocks already ripped. it feels a lick extended to me relative to the fundamentals personally. coy see mid or small cap software. software killed semis in the last three months and that is the opposite of what makes sense in the medium to long-term where there is risk for software. are you sure salesforce will be a a.i. company that makes it in five or six years, i'm not. but i need semi. so it is a near term, you know, kind of long-term disconnect i see. >> you're not playing your biases at all from your prior life. >> of course. i'm anchored --

>> and these software. as a former semi, it is time to buy semis and software. if we threw a chart -- i know you too well. throw a chart up of a six month igv versus the smh. >> it is massive. >> you'll see it woop, right? >> if you're bidding up the stocks that do m&a, the alts and the banks, aren't they going to be software deals. maybe that the place you go. you sell some large cap and now that they've ripped and get some multiple expansion with deals and then take your chances on whether i get an a.i. kind of resurgence in q1 of next year. >> there is the chart. >> totally. i hear you. guilty as charged a little bit. there are clients that are rotated into the industrial and analog semis a little. you saw microchip miss again. but people know they're good businesses so they're trying to figure out if the economy is better and i think growth is

better and those stocks react more to -- it doesn't matter if inventory is high, as long as it is coming down. maybe they form a little base in microchips. there are people picking around semis and it is hard to say i love a.i. semiconductor companies and that is feeling a little bit more challenging. >> we'll go through some more buy or sell ideas coming up. but let's broaden out the conversation. it is good to you have with us. ali, i'll go to you, first. do you agree with adams view. do you take issue with it? what is your own? >> it is great to be here. what i do agree with, let's talk about the fundamentals. how did we get here. we saw strong u.s. growth, in terms of a great labor market and seen cooling inflation pressures, within a.i., we've seen real revenue growth and great innovation. but the key things we haven't highlighted is the strong earnings we came off of it. if you look at third quarter s&p

earnings they were the height of record earnings and a healthy profit margin and the key thing for the fourth quarter, we're trying to see in terms of upward revisions to sectors that are not technology and consumers. and discretionary, et cetera. so the broad sector leadership by strong earnings, that is what we're focused on. and the key thing to talk about is what these are doing in 2025. as of right now, u.s. growth might moderate a little bit. but of the top 45 economies in the world, none of them are expected to go into recession. so if you have a strong macro back drop and real economics and focus on margin, we could see in terms of the market continuing to have some strength next year. >> yeah, kevin. >> i think the growth -- as was mentioned, i think one the key supports this year. and it is now in conjunction with a better stock market story in terms of the breadth. the s&p has had the best profile

this year in terms of almost the entire year, more than two-thirds of the members trading above the 200 day moving average. but historically that tends to be a good place to look for support. so as long as that continues to be the case heading into '25 and it was the case during and before and after the election, as long as that is the case where you do have solid growth, then i think it is a relative gi setup. i would note that from a risk perspective, frothy sentiment has come to the front burner for us. and looking at not just what is going on the attitude side but on the behavioral side. from an etf perspective, that could last for a while so it is not that you hit some magic level or rate of change and things turn lower. but if you look to the policy outlook for '25 out of washington, i think that has the potential to bring some volatility up to the index level. but it is too soon to tell at this point. >> the part this i think is going to change. if you go to september 18th, it is date where vice president

harris's poly market probability of being elected was highest and it came down steadily and then massively after that. that is the day where the market micro structure really changed. if i look at growth stocks. starting then, negative earnings, negative low cash flow, margin, what we call junk stocks. >> are you talking about a lot of things that are -- >> arc. to arc is up 40%, 50% since lows. i don't know the exact number. but we track high quality growth versus hyper growth that is junk. the junk growth killed the quality, and the most outside of covid recovery and financial crisis recovery in the last 15 years, i don't think that is sustainable. i think people will sell some of these kind of sort of really riskier out on the risk profile kind of frothier type of stocks and go back into something that is slightly higher quality. maybe you're seeing that a

little bit today with the moves. and arc is a low quality growth factor bet with a negative low alpha on it. and we have this huge move, now we have to sort of see where i could dream up fund amentally supporting. >> and if we were too quick to make a decision that mega cap tech was going to underperform other parts of the market in the coming year and whether we're going to revert back maybe not to the level of outperformance, but enough that you want to be there? >> we think you're going to want to be in certain areas. for instance, like an amazon is a real opportunity. particularly given the fact that they're using some a.i. to improve their business and in terms of drive and advertising as well. but the key thing is we always know as we go back to the mag 7, let's go to the next level, the derivatives of those. great example is in stead of a nvidia, maybe a taiwan

semiconductor. france's chip manufacturers are designer ago nottic. they recognize that they have a great need or something they could supply to the globe. the fact that they can in terms of operating in full capacity, they have a real potential market expansion. something makes sense versus staying in the mag 7. let's look at more traditional companies using a.i. to improve their overall operations. deer. deere is going through a tough agricultural sector, but by using a.i., they're helping farmers reduce the cost of pesticides by 60%. really improving their margins. so take of the some mags that are a.i. themes and let's take it down to the industrial and the other sectors and that is where it is more opportunistic going into next year. >> what about the sectors like industrials or financials that have been trading at record highs that have outperformed by huge amounts? what do i do with those? >> well i find interesting and you could date it back to the

middle of the summer where you started to see the mega caps, the tech and financials and industrials but within the broader cyclical complex, there is an interesting disconnect between those that are commodity sensitive versus those that aren't. so energy has struggled from a breadth standpoint but you've have industrial and financials strong. so you can look at the market as this monolithic creature, whether it is from a sector or index standpoint and it gets to the fact that probably heading into 2025 and what i think is the case throughout the entire bull market when you date it back to october of 2022, it is paid more to be a little bit more factor and characteristic focuses where you can't make the outright calls, certainly on a short-term basis because you keep going through relative sectors so it makes sense to look at companies with strong

revenue profiles and you could find that in any sector. so, we think that theme probably continues and it is the theme for most of this year. >> and i was just think being another risk. because you got me real -- realtime thinking. >> which is -- >> the idea of this program. >> you're good at that. you do that every time. i didn't mean to imply it was new. i was thinking about the semis, guilty as charged. the biggest risk that we haven't talk, about the equity market in 2025 or 2026, as soon as taiwan semi said that three months before they say that they could meet high end chip demand for nvidia, the stock market will get annihilated. semis will be down 20 to 30, high beta and stock market is going to be down 10. that is going to happen in the next few years. i don't know when. but i'm not saying that is in the next six months. but i want something that will

make the stock market to go down. but that is it. i'm sorry to get out of everybody's joy. it is a little too merry here on the the desk. >> there is a lot of optimism in the market. what you call a froth or all of the different places you want to look. whether people are getting too optimistic about certain things. >> and the only thing would you say to ali, and i hear her point loud and clear on taiwan semi, it is the most point asset in the world, but if your clients care about the s&p and she knows this well, they're going to tell you the s&p is up 20 something. where are you? the challenge with owning and being underweight the mag 7, is the market cools off a little bit, the mag 7 holds in better. so the question is do you know something that nobody knows about amazon and meta and google or should you be closer to market base and take your -- elsewhere. >> your microphone has a clip there.

>> i think the key thing is where what the goal for clients every time is you make them real money in terms of real companies and so the key is going into it, let's be opportunistic. focus on the great high quality companies that we might finally be given at a discount bargain prices. we would love an environment like that. so we know there will be pullbacks next year so you need to be discipline and ready to move and really focus on the long-term wealth creation as opposed to keeping up with the index for a short period of time. >> you have a couple -- another pair trade that i think is interesting, a.p., and that is go long the asset manufacturers and short the small and regional banks. >> i think that the regional banks don't benefit from the m&a thing but we'll get deals happening in the next month or two -- or three. and all of my law firm contacts and investment banking, they're busy. they're busy and even for december, you see it even the

private side, too. i think data bricks did it on debt -- people were busy so i think there are-will be reasons all of these stocks are up and the regional banks are trickier. they don't really benefit some of the smaller ones from m&a. 'they'll still have the interest rate problem. >> but the rates are coming down. and don't they benefit from the stronger -- >> it is a multiple expander, but am i going to see dea mand for credit and the tangible book growth that kind of generates the price of tenable price book expansion they've already seen. that could take long tore pan out than maybe a -- on the bigger asset -- >> so you stay away from small caps broadly? >> i think it is getting long in the tooth there. i don't believe you could proof to many he that margins expand where we are at this point in the cycle. if we have a recession, i would

want to buy the recovery after that. i get why they are up. but i think that trade is of lower quality growth trade. that could be something that people sell to get back into higher quality growth in a rotation. >> what do you think about the small cap trade? over the last month, russell is up 9%. >> if you're looking at it relative to the past few years, the russell is still struggling to get back to the november of 2021 highs so i think it is a different conversation if it was keeping on track with what the s&p 500 has been doing. but our focus for an index like the russell when you have 44, 45% of the index that have no earnings on a trailing 12-month basis to put on the profitability lense in general. not a lot do that. specially retail investors at schwab so it is not as popular for small caps, but if you're a little more active and selective, the profitable parts of of that index has done well.

and i think there are opportunities and small caps could do well when it is elevated but it is the volatility of rates coming down. >> we'll leave it there. thank you. >> once a semi fan, always a semi fan. >> you're right. guilty as charged. >> that is adam parker. back with us too at post 9. soeema mody for the biggest names moving into the close. >> less than 40 minutes left in trade and the latest analyst shows that a black friday sales fueled demand for toys an games and that is sending shares of mattel higher on pace for the best day since july. mattel saying they saw strong sales out of the holidays and are expecting positive growth in the fourth quarter. that optimistic holiday outlook is helping shares of hasbro, the stock is up about 3%. and then take a look at shares of roku. jumping about 10% as laura martin said the streamer is likely to be scooped up for a large premium in the next year. martin writing that roku current

base pricing power and data sets make it an attractive acquisition target and potential buyer could include netflix and trade desk and we'll watch that with shares up 9%. we're just getting started here. tony pasqureriello is back. we're live with the new york stock exchange. you're watching cnbc. the dow is good for better than 300.

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hi, welcome back, s&p 500 and nasdaq both on track for a third straight day of record closes. here to share his top themes for the new year and beyond, tony pasqureriello, global head at goldman sachs, welcome back. >> thanks, scottsdale. >> what is your base case. >> it is a terrific year for u.s. equities.

total return plus 29% for s&p, more locally up 11 the past 12 days. i think there is still gas in the tank as we move through december and into '25. i say that for a few reasons. the economy is doing well and the gdp growth 2% for the quarter and 2.5 for next year and we'll talk about the fed, would they, should they. but the fact is right now financial conditions are accommodating for forward growth and then you have the technical side of the equation, flowing funds and rubbing net positive and the biggest holder of the asset class, and the biggest buyer which is corporates in the form of buybacks. it is the world's best known secret, seasonals this time of the year are very favorable. so i think this momentum continues through the month and then into the start of next year. >> just to the start, when you say that there is still gas in the tank, do we have a quarter tank or do we have like almost full?

did we just refill the tank? i should better say with the new administration coming in that is just going to be more growth friendly? i don't know how else to put it. >> i still think it is bull market and a right trend is higher and if a right on fed and technology, the raw ingredients are -- would argue for the rally to continue. no you is risk-reward the same as it was today or two years ago? no. is valuation more demanding at 22.5 times? yes. but the big picture, the primary trend is still higher through next year. >> market goes up next year because of better earnings growth or multiple expansions, it is hard to get both? what do you think. >> if i had to pick one, given that we are forecasting s&p 500 and plus 11% next year,eem going with earnings growth. and it is what you said. there is a lot of unknown variables in the political equation. trade/tariffs and taxes and

regulation and immigration. there is a lot we don't know. i think in the end you hit the key point, my point is the next administration will be offering from a procyclical bias. >> does the fed add fuel to the growth fire or does it snuff it out a little bit because it waits too long or it is too patience, too cautious to move too quickly? what do you think? >> our expectation is the fed goes into december, january and march. two more times next year. so we're sitting here in june. the funds rate is 3 and 3/8. that is a little bit more than the bond market and the strip prices. so on net, i still think part of the story this year is you've had, like i said, you've had a strong growth back drop and we think that continues and alongside that the fed has a good hand to play and they continue to deliver the adjustment cuts. >> that is the point that powell continues to make. >> exactly right. >> he has a lot of cards thatco

play and he could be patient in how he plays them. he doesn't want to throw everything on the table now. he doesn't have to. >> that is right. and i'm of two minds on this. the unemployment rate went from 3.4% to 4.1%. we know lower income households and small businesses have been under pressure. so that would argue for more of what he's been delivering. the other side of the equation, is growth is fine. i look at the equity market. it is not obvious that liquidity is too tight. so, i think, again, powell goes on the 18th. that is 100 basis points in his pocket and he has six weeks for some of the other cards to turn over policy wise. >> so if you're optimistic about growth, do you think that you edge towards equal weight? because you think the broadening is going to continue, today and recently we have this resurgence in tech which could call that into a little bit of question and you said if year right on the fed and if year right on

tech. what does being right on tech mean? what is your . >> i still like tech. it manifested the elements of sword and shield. the magnificent 7 is up another 58% year. that is worth $5 trillion of market cap creation. it is some form of magic. you have to ask yourself, could it deliver as much torque this year as it delivered this year. but i say all of the time, you don't want to constrain your imagination around these companies. they're the best companies on the planet and best balance sheets on the planet. there is a reason they're up 15 of the past 16 years. >> what about financials and things that will take advantage of the environment that we expect, deal making and lower regulation and goldman notwithstanding and i know you wouldn't talk about your company stock, but it is had a great year and a great pick up on the election and everything that i just said. >> i do think in the constellation of potential policy moves, i think the

deregulation variable is probably the surest bet. there are no sure bets. but i think there is going to be an active expectation, an intention to de regulate many parts of the economy including but not limited to the financial services sector. so if i think about the runway for capital markets, the runway for capital formation, the runway for m&a and ipos, i think one could be reasonable confident that is coming to a theater near all of us, . >> and this is a no-brainer, u.s. over -- >> i detected before the election clients were saying, hey, given how much of the global share the u.s. comprises, given how concentrates the index is, i would like to find a few places to look outside of the u.s. the hunting is still best in the u.s. you look at the month of november. the u.s. equities outperformed and i do not want to fade. >> that is a perfect way to end

it. tony, thanks. that is tony pasqureriello, goldman sachs. one against, marathon asset management bruce richards is right here on this desk as well. with his forecast r foprivate credit in the new year. just after the break. "bell" is coming right back. ? my daughter. who gets married someplace more expensive? my other daughter. cancun! jamaica!! why can't they use my backyard!! with empower, we get all of our financial questions answered. so we don't have to worry. can we get out of here? i thought you'd never ask. join 18 million americans and take control of your financial future with a real time dashboard and real life conversations. empower. what's next.

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private credit as an asset class has surged from just $40 billion in 2000 to an

estimated $2 trillion today and our next guest see those slowdown in sight. let's bring there bruce richards, ceo of marathon asset management. nice to see you again. >> nice to see you, scott. >> it is remarkable. and black rock does a deal right, this week for hps. what is the message in a deal like that in an environment where i haven't heard anybody suggest that this private credit run is going to slow down any time soon? >> it doesn't slow down. and blackrock managing nearly $12 trillion in assets has the biggest voice in the room among allocators based on their cheer side and the great success they have brought to the firm. and what they've said is, we're willing to pay $12 billion or 30 times which is fee related earnings to add private credit to the mix. and so we see private credit growing by about a 20% kegger per annum for the next many, many years. so four years from now, private

credit will be 2 x the size it is today and another 2 x or 4 x than it is tod >> so you're saying you think we're in the early innings. >> we're in the early innings. private equity has been around 40 to 50 years and hedge funds have been around 40 years and since the great financial crisis in 2008 and post 2008, so it is very early inning relative to other alternative asset classes and most importantly the most consistent returning asset class of all alternatives, earning about 12% regardless of markets are up or down so we see it capturing a bigger part of the allocators wattel and when you look at the banks that owns 10s of trillions around the globe, private credit is a force. >> you still have many highly credible people who are suggesting it is either in a bubble now, or it is going to get to that point and when it rolls over, it is going to be --

there is going to be hell to pay. i think those were the words that jamie dimon said, i talked to jeffy dunlap in september. listen to what gunlock told me. this is in september at future proof. >> without any doubt, i know that when i -- when the first question at a large crowd presentation is over and over again talk to me by private credit. we're you're asking me that bec. you have your clients all in these funds. and now i think something is rye to do a closed-end fund for private credit. it gets weirder and weirder. someone is so bold to want a billion dollars fund and now a $5 billion fund and now there is somebody doing a $25 billion fund. this is what the top looks like. >> what do you think? >> my comments? well with all due respects to jeffrey, the simple truth of the

matter is, fixed income, whether it is high yield or loans or structured credit, a complex of that, yields around 6% or 7%. private credit is delivering 12%. so there is a lot of very smart money. the allocators are speaking ana private credit. so that explains the whole story from the advantage point, because people talk their book, and i think that stands for itself. as it relates to being a bubble, not at all. it is just early innings and just starting. the overall complex, we've lived through some bubbles like venture capital break and other asset classes like real estate asset classes breaking. private credit has been the shining store consistently generating 11%, 12% net returns. >> what if, as a result of deregulation, the competitive environment intensifies to the fact where banks are freer to

lend more so all of a sudden you have more competition in the lending pie? is that a risk at all? >> well, i think, i don't think it is a risk. i think banks are a bit overextended with respect to the real estate exposure. they're looking to take down the private lending book. so while i agree that deregulation is a big part of banks, and has been constraining the banks, it is not the regulation of lending in the credit markets that is the issue. it is all of the other regulations they have to deal with that -- so i wouldn't conflate the two. i think we will have deregulation for the banks but i think the two could coexist where private banks and lenders are lending and we're competing with business and private credit will do certain types ever loans that the banks don't want to lend to. so there -- after '08 and '09, banks were stepping back. you need that for markets to

function well so they do coexist together. >> what about the cost of capital comes down an the rate of return that you're going to get on some of those loans, inevitably will come down. maybe not severely. but how do you see that? because what was, i don't know, 12, 13, 14% return that you were getting on a lot of those loans, maybe it is reduced but to how much? >> we think the number is around 11%, 12% to deliver to your clients. >> to matter what the rate complex is. >> not month matter what the rate complex is. most creditors use a turn of leverage and using that you get well above a 12% return. the broadly syndicated loan market earns around a 7% return. and the private credit market with no leverage earned about 300 basis points more than that. about a 10% return. with a little bit of leverage, it is pretty easily achievable to generate a 12% net return in

private credit. >> how are you watching what the fed may do or may not do in the year ahead because the types of things -- i go back to comments today. the economy is great and the labor market is strong and things are stronger than we thought that they would be in september, as a result we're going to go at our pace and we won't be pushed or pulled by anybody. >> we get the market consensus this friday and cpi next wednesday plus 3.2%. based on that, the fed shouldn't go. how many more times do they go. probably three times in the cycle and they have eight fed meetings next year. the two big calls that i have, equity markets, and you heard this right here, set an all-time low in this -- this century at 666 in march of 2009 during the great tfc and we'll set the yearly high next year at 6666.

up 10% from where we are today and that is next year's high and 6666. >> we visit with chris harvey here yesterday who was at 7,000. >> up 10% next year because you're coming off back-to-back 25% years and the market is a bit inflated in terms of deregulation. but it is hugely positive. the other big thing to look at for next year, is just the u.s.-europe dichotomy, how it is separated. where europe is going flat and sideways in terms of growth, close to zero, inflation sub 1% by the end of next year and we think christine le garde will bring it down to an environment, maybe 1% into the next couple of years and do whatever it takes to keep the economy back on track. because europe is in the low growth, no growth mode while u.s. is steam rolling ahead.

and it is great for credit markets. it is great for the lending markets. it is great for private equity. it is great for equities. but equities are pretty fully valued. >> when you hear central bankers say they will do whatever it takes we've seen that before. it is rathon, right here on pob. >> one stock leading today's chip rally and jet blue riding high on an upbeat forecast. what is next for that stock coming up after this break.

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talk about easier investing. all right, less than 15 to the bell and back to seema. >> marvell in focus today. trading at all-time highs on the heels of a very strong quarter and a new five-year partnership with amazon and jp morgan raising its price target to $130 from $90 citing cyclical a.i. tail winds and the ceo confirming on call he's all in staying into place at marvell and putting to bed that he was being considered for the top job for gelsinger. and then jet blue following strong bookings and lower fuel

costs and shares have climbed 18% as the new ceo doubles down encore markets in the northeast and southeast. scott,ha tt as helped. >> still ahead, we're counting down to the final moments of the record day. what could be more record closes. mike santoli is on the the other side. get four on us. only on verizon. the global injectable drug market, including high demand glp-1 weight loss drugs, is projected to hit $800 billion by 2025. lexaria bioscience is breaking down barriers with a patented technology that enhances bloodstream absorption. and the best part? it's an oral delivery platform. as an innovator in drug delivery, lexaria bioscience has partnered with a global pharmaceutical company. invest in the future with lexaria bioscience.

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and stay on top of the market. e*trade from morgan stanley helps you plan your trades the market zone is sponsored by e-trade for morgan stanley. we're down to the closing bell market zone. commentator mike santoli to break down the crucial moments of the traying day. a day in which we could see the first ever close above 45,000 for the dow and along with the s&p and the nasdaq. >> just enough and just enough large stocks to get us there. the don't market rules are in effect. we have this upward drift and pretty low volumes but that means there is zero selling pressure. nobody wants to stay in the way of a market that has the seasonal and fundamental ant technical tail winds.

i'm watching all of the hot pockets of the market as i have been for sometime. robinhood ripping and things every day there are three or four racier software stocks that scream higher. put call ratios are very low. not as low as 2021. but any way, you have this market that is trending in the direction of everyone is going to be celebrating at the same time. and they could see no downside. but i don't think, we're at a hazardous point in that process just yet. >> i'm looking at salesforce today, up 11%. i'm type in octa here which had some good earnings and it is up almost 6%. to your point, the divergence between software and semis has been so stock. we showed igv versus smh and it doesn't seem to be waning. >> not yet. there is a willingness to believe that software is now coming into the spotlight for a.i. you had a lot of these stocks that really did less than nothing over the last two or

three years after having a big 2021 and it seems like there was a big grab for stuff that hasn't participated, higher beta, all of things that these stocks represent has been in favor. and then semis themselves, really nvidia has gone sideways-ish for six months and there is challenges for the non-a.i. part of the sector, it is not going to persist like this for very much longer but i do think there is grab for stocks. microsoft is the second biggest upside leader in the s&p today outside contributor. it is been not a leader recently. so i think that is the process. market wants to stay in tact. it wants to churn to new highs and it uses different stocks to get there. >> meta, i know it is down today, but earlier, new high. and amazon record high. apple record high. apple had its own resurgence here with really no news to speak of. >> it is often late in a rally. i find apple, it is always

there. it is always a high quality name. it always seems like it is -- at there point, it did break out to a new high but it is basically a market performer on a year-to-date basis. so, yes, all of that is going on. do you think there is an element-by the way, we had the soft numbers today. bond yields are down. i've been talking about for a week how the economic surprise index has rolled over just at point where everybody wants nothing but cyclicals. i don't think this is game over. the economy looks fine. it is coming off a strong level. >> remarkable is the word that the chair used today with andrew. >> and even real gdp from the atlanta fed is 3%. it is not an emergency. but the data has a soft patch and i think that is why also you're going to see big growth stocks are sitting right there. because they are not as geared for the economy so it gives a chance for the banks and the industrials to rest. that is what they've been doing for days now.

banks have not been at the sent of things and big tech is able to take charge for now. again, until the tank gets depleted. >> we're looking at jobs report. a in a couple of days, we're going to follow. >> that but we go record close across the board today. in fact, the dow looks like it is going to get that first ever close above 45,000 as the bell rings in more record highs across the board. [ bell ringing ] >> now to o.t. with morgan an john. >> duggers ringing the closing bell. robinhood doing the honors at the nasdaq. stocks storming high for another record close for the s&p 500 and nasdaq and the dow in uncharted territory. it is charted now. closing above 45,000 for the first time. that is the close. welcome back to "closing bell overtime," i'm jon fortt. morgan