what was interesting is she said, their traffic was pretty good the narrative that people aren't going to target wasn't the issue. it was the ticket -- what they were buying. she says they had to take one off charges for the ports back then >> inventory control >> if you can great weekend. >> "closing bell" starts right now. thanks so much scott wapner live from post 9 here at the new york stock exchange make or break hour begins with surging stocks the major average is closing in on another 'tiff week, a third in a row we'll ask our experts including the wharton school's jeremy siegel in the meantime, scorecard with 60 minutes to go in regulation nasdaq is leading the way again as meta and amazon hit new highs. we're 2/3 of 1% there. alphabet and tesla are also higher so we're watching that whole space today closely. ub bher is having its worst week of the year on concerns over

robotaxi competency competition. it's been a tough week applovin, take a look at that. up almost 950% year to date. takes us to our talk of the tape too frothy or just right that is the debate for investors as the bull market continues to run. let's ask jeremy siegel from the wharton school professor, good to see you a friday tradition good one to have. >> i enjoy it too, scott >> some are calling this setup goldilocks is that how you see it >> yeah. take a look at the employment report in fact, all of the economic announcements over the last week have been very close to target we had a little weakness in the household report, a little tick up in the unemployment rate, but everything else is working

exactly the way the fed wants. i think we're going to have one rate cut in -- on that december 18th meeting, but truthfully, i think only two or three rate cuts next year i think this strength could last and with the stubborn inflation i think the fed is going to settle down somewhere between 3.5 and 4 not the 2.9 the% that they put in the last sep report in their september meeting >> so, okay. one in january or december you don't sound like you think it matters much at this point. you know, in some respects the fed's been taken out of the game i mean, beth hammack said i believe we're at or near the point where it makes sense to slow the rate of rate reductions market doesn't seem to care. >> i think you do care there is an awful lot, especially for the small firms

business loans that are based on that fed funds rate. one for one. the prime rate what used to be called the libor, now called the sofor rate short-term borrowing rates of, you know, corporations and others so there is a lot that is pegged to that rate. but for the big firms that can access equity, long-term bonds and all of that, all of those rate cuts, whatever the fed is doing is already incorporated in those rates so in that particular case, you know, that's already there but it could make a difference for the small and medium-sized firms. >> sure. i mean, i do have some strategists who are kind of looking through all of that and saying, well, s&p can hit 7,000 next year, if not more at this point because the earning picture is going to be good. you're going to get deregulation you're going to re-up the tax cuts and you're going to have

other stimulating events around the economy and growth do you believe that too? >> the current estimate a 17% increase so it is very bullish. i think we will re-up those tax cuts, you know, that expire at the end of next year it would help if we got down to a 15% rate that trump has talked about. i'm not -- not too sure he's going to get too much more than a re-up on that. deregulation is always good for the market and particularly good for the small and mid-sized stocks so, you know, that sector could really shine while maybe the mag 7, which incredible 70% return so far this year really might take a rest in the market. >> people are pretty bulled up about what's going to lie ahead in 2025. i mean, some wonder too much so. ed yardeni asked the question whether there are too many charged up bulls what do you think about that

>> i'm going to worry about that when you see the bull/bear numbers, there is a lot of bullish sentiment. i also worry because everyone thinks december is going to be up and then there might be a rest when everyone thinks they know a pattern of the market, that sometimes tricks you up also santa claus rally is certainly more than a 50-50 but nowhere near a slam dunk i mean, there's a lot of uncertainties. listen, we all know and jay powell said so in the interview, you know, with andrew ross sorkin on cnbc, they're not going to react to what tariffs are, what the immigration effect is because they don't know until they have some hard data we don't have hard data. stock investors don't have hard data that all hopefully will be revealed in the first half of

next year clarifying a lot of uncertainty and give us information on where to position ourselves. >> so if we don't know and we clearly don't, if you say, well, we're going to get the tax cuts and we're going to get deregulation, but we're going to get tariffs too, do they offset one another and make you net bullish? or are tariffs more substantial to the outcome of how this all goes >> no, i think the extension of the tax cuts, which i think is a very strong certainty and even maybe a little bit more embellishment on those, and the deregulation together mean ore than the tariffs i mean, you know, trump in his first term talked big on tariffs. he did raise tariffs to be sure, nowhere near as much as he said he would it is that bargaining tool that's what i think the market is hoping for, not going to be

these -- you know, that's the position i'm coming into the room with. trump has always said that's the art of making the deal, you come in with a really strong position and you bargain down from that point. i think that's where the market hopes that it will be because, really, you know, a 20% or 100% tariff on china or the threatened 100% tariff on emerging markets if they use an alternative currency, that's going to have some deep effects. but i think the market is dismissing it at this point. >> yeah. interesting. let's bring in anastasia amaroso. she's here at post 9 as you can all see. welcome back. >> good to see you, scott. >> how do your views match up with the professors? >> tariffs and taxes, what really matters is the sequence and the timing and i do think there is a high probability that tariffs come before the taxes. the so the markets are running up into the year end, but i

think there's an actual risk when it comes to the inauguration date. it's not just the talk of tariff but it might actually be enactment of some of those tariffs. so that could create for a bumpy start for the second trump administration taxes will be the -- the tax extensions will be negotiated in in the background. scott, if you recall in 2017, it wasn't a straight path to passing those tax cuts it was a lot of negotiations it was a lot of fits and starts and it took the entire year. that's where we might ultimately end up with tariffs first, taxes later. my base case scenario is pro risk asset environment in 2025 but with a wide range of outcomes. >> do you feel like froth is forming? those are words from bank of america securities today their bull-bear indicator as the professor was eluding to says no global exuberance but froth is forming in crypto and the s&p and you have an overshoot risk in q1. do you agree or disagree

>> i don't fully agree with that because i do think there are solid under pinnings for the u.s. economy and the markets you have the rate relief that's on the way you have hopefully deregulation relief on the way. scott, one thing that really caught my attention looking at the data, the reason why the u.s. economy might have been so strong in the last few years, it's not just solid consumer but productivity growth. if you look at productivity growth over the last 5 1/2 years, it was something tangible and real that's really supporting the economy it's not just froth. >> professor, we've had many people, i think you included, suggesting that the broadening of the market will only get stronger, that tech is still going to do well but it's not going to do quite as well as it has and here we have a resurgence in a lot of those megacap tech names nasdaq is up 3%, for example, this week. meta, apple, amazon continue to

hit new highs. are we too quick to say that big cap tech's going to take somewhat of a back seat? >> well, certainly anyone who said that a year ago for 2024 has not been right and, by the way, listen, think of all of the portfolio managers that were light on a mag 7 with a 77% return maybe they'll be buying the next two or three weeks to show something at the end of the year in their portfolio. certainly i can see that momentum continuing next year. as anastasia said, i think productivity is really what is going to be the magic that could make the '25 market. we know the immigration is way down even before trump reaches office, that supply of labor is going to be down and that's where ai comes in as a substitute of labor, an enhanced

productivity we have seen an enhanced productivity, as she has mentioned. if ai produces some of the productivity gains that it promises, i mean, this bull market certainly will continue through 2025 >> yeah. i think we should continue the discussion about the rotation and potential rotation out of the mag 7 names. you know, for example, big tech regulation is not going away given some of the recent appointments, we might continue to see the continuation of scrutiny around big tech the other one, semiconductors have certainly done great over the last year or so, but if you think about tariffs coming before taxes and if you think about what rounds of tariffs and retaliation from other countries may mean, they may actually be negative for semiconductors as we've experienced in 2018. so i do think that maybe don't do it before the end of the year, but when you come into january and, again, before the inauguration, maybe take some of those chips off the table. and i will say, speaking of ai

and productivity, scott, to me the really big story is the ai software breaking out and outperforming. that may continue next year. >> professor, how about that we've been showing this all week, the diverging paths of software versus semis in the market, which really started about six months ago in a narrow way and then started to extend itself in the last couple of months is there a message in that how do you view those spaces if you look at it from that granular a level >> well, i don't usually go that granular, scott. i mean, i think in terms of the ai revolution in general the story, the narrative is still intact it has the potential to be a game changer for productivity. that is very, very good for stocks you know, whether semiconductors versus the chips and we still don't know -- i mean, there's more than one firm

that is entering i mean, you take a look at a little weakness in nvidia because of potential competition. we know there always can be competition. there always has no one has stayed on the top of the heap forever if you look at history. but it doesn't mean that this story has ended yet and as i mentioned, the narrative is still very strong. >> from the biggest to the smallest on any given year if you were to say, okay, the russell's up almost 19%, that's amazing i'll take that ten times out of ten. >> yes. >> twhu compare it to the nasdaq, they've underperformed, the small caps have. >> right. >> you've had many predictions that you were going to get a period of outperformance from that group because you're going to have, you know, better economy, higher growth, lower interest rates and then those are the stocks that are going to reap the rewards of all of that. has it changed should we rethink that >> first of all, i think the performance since the trump

election has probably been pretty comparable. remember, the small stocks really lag early in the year i think small stocks have also had to come to reconcile in the middle of the year we thought there were going to be a lot more rate cuts in 2025 than it now looks like. those rate cuts are not shored in as i mentioned at the beginning of the program do help those small firms. they have a couple of headwinds there. they're looking forward to the deregulation we know the nfid, sentiment index is small when trump took office in 2016 it soared. we're going to get the data soon on whether there's a similar feeling among small business owners that this is the way to go so it is very, very early in that rotation. i don't think they're going to match the s&p this year, but next year i certainly wouldn't be surprised at outperformance. >> let's throw a one month up, the russell. you can kind of see what i'm

talking about here you get a bump, anastasia, and then over the last month, basically since election day, you're all but flat. you're back towards this, you can draw a line straight across. >> i think professor siegel is exactly right. this is not a one-month trade. this is a whole lot of catch up opportunity. if you kind of go back three years, you know, russell 2000 has not done a whole lot of anything but going into next year is going to be about the america first agenda and that means the focus on domestic economy, focus on domestic companies. it is really going to be the time next year to differentiate between companies and sectors and factors and personally i would be prioritizing high domestic u.s. revenue exposure and so small caps certainly tick that box then to pick up on the rate release story. fine, maybe the fed doesn't deliver four rate cuts as we were expecting next year, maybe it's two, but the fact of the matter is interest rates are

still going to decline to 3.75% give or take next year which is well below where we saw at 5.5%. small caps are certainly feeling the relief now and they'll be feeling that relief later. so maybe into year end it's about the big tech that's outperforming and that's really the momentum trade, but i think you use that opportunity to light back into financials, regionals, small caps, real estate. >> professor, lastly to you, does the america first agenda that anastasia was just referencing, does that take the allure of international stocks off the table? at a time when some started to say, i don't know, there's better relative value over in europe their rate cuts started earlier and they're going to go longer and deeper than ours did so maybe that's the place to go, but now after trump's re-election, some are suggesting maybe not so fast. >> yeah. and certainly if tariffs go as high as he's threatened, again,

they did not in his first term go anywhere near as high as he's threatened, your conclusion would certainly be true. you're also dealing with 13, 14 times in europe, maybe 16 times earnings in japan, 14, 15 times earnings in the emerging markets. you don't have to grow a lot to get a good return if there's ever a time when the s&p, which we have to expect because of history, you know, comes down from its 20% plus annual returns back to a, you know, more normal 8 to 10% rate of returns, that's the time when, you know, certainly we can see those foreign stocks challenge or surpass the u.s. but, you know, with america's special, it has been for the last four or five years, at this particular point there's nothing to see a turn around in that

yet. >> professor, we'll leave it there. good weekend to you. we'll see you soon on a friday coming up. that's professor jeremy siegel and good to see you, anastasia seema mody. >> reporter: scott, 42 minutes left in trade and booking holdings shares are higher after oppenheimer upgraded from 5500 to 6,000 that is a street high maintaining an outperform rating the tribal giant continues its year to date climb being helped by a resurgence in international bookings the stock up 50% this year it recorded better than expected profit in the third quarter earnings back in october then there are shares of hpe surging after reporting a beat across the board in its fourth quarter earnings report. ceo antonio nary telling cnbc that it brings more to the market and artificial intelligence has been, quote, a leading element of the recognition of the stock

they're expecting the planned acquisition to close in the early part of 2025 as it awaits doj approval scott? >> all right seema, thanks so much for that president-elect trump says he's naming venture capitalist david sacks and the move has some wondering what all of this means for the brewing battle between musk's x-ai and sam altman's openai. deidre bosa is here with more. this is another interesting development in what feels like a brewing battle >> there are so many layers and wrinkles to this let me at least try to break it down now we have david sacks' influence in the white house it is official it is largely aligned with what the other tech elites are taking, their positions, or how they want to shape policy in the next administration. that growing circle includes david sacks, v.p. elect j.d.

vance and elon musk who is heading up doge all whom believe in a generally lighter approach to tech regulation this opens up another interesting dynamic in what you mentioned, scott, the battle of ai king makers musk and sam altman that has spanned their founding of ai together, then their lling out and the current legal battle david sacks through his venture firm has invested in four of musk's companies, including x ai musk responded with a crying laughing emoji, was it an olive branch, was he making fun of altman who knows. whatever it means, the potential conflicts of interest emerging they're on display they're not in the shadows maybe that is why altman himself isn't too worried. have a listen. >> i believe that -- pretty

strongly, may turn out to be wrong, i believe pretty strongly that elon will do the right thing and that americans -- it would be profoundly unamerican to use political power to the degree that elon has it to hurt your competitors and advantage your own businesses, and i don't think people would tolerate that i don't think elon would do it i -- it would go -- again, lots of things not to like about him but it would go so deeply against the values that i believe he holds about himself that i'm not that worried about it. >> you might ask that same question of david sacks because he is another tech elite in the white house. he will now have dual roles as policy czar but he will also still be an investor in two of these most important emerging technologies, ai and cryptocurrencies his current portfolio ventures has some of these names, scott. >> you have this lawsuit, right,

which really makes it interesting that musk doesn't want openai to be able to transfer from being a nonprofit to a for profit venture. some would look at that and say, well, obviously he doesn't because he looks at the lead, if you want to call it that, that openai has on x ai from a fundraising, valuation and, you know, obviously maybe a number of other fronts as well, so it's obvious why he doesn't want that transition to be able to happen. what light can you shed on that? >> well, the question is is he going to do anything about it? right? that was what was posed to sam altman from andrew at deal book and his answer was it would be extremely unamerican i mean, musk, a lot of the tech guys that are in the white house, they say that they're capitalists, right they don't want to interfere with market forces so if you take that at its face value, which sam altman is, you don't

think that musk is actually going to do anything the question is, scott, which is totally unanswerable, will the power corrupt? will he be tempted to do things where he can now that he has the incoming president's ear i mean, these are such complicated questions that extends past openai as well. if you believe that generative ai is the most transformative, powerful technology in a generation, this will also have implications on how it's developed, what kind of guardrails, if any, will be in place. we know that musk is a lot more worried about the negative and sort of the scary impacts of generative ai where someone like sam altman thinks that if you crack down on generative ai at all or put in guardrails, that you could hurt its innovation and development. mark andresson is in that camp as well. >> are there ore ceos out there that you've been talking to people about who, you know, may be raising an eyebrow at the

musk sax partnership if you want to call it that. silicon valley going to washington and what the fallout could be for any of these other companies. >> lots of raised eyebrows in public there's more of let's get on with it we know better how to deal with a president trump this time around elon musk is the wild card it's divided some people in the tech world are happy to see someone, an innovator like him in the white house. others are worried about these conflicts of interest that could emerge i think that really you're seeing a divergence between big tech and little tech a lot of people like we showed you like andreesson, that may come at the expense of megacaps who in public are saying they want to get behind the new administration

the new doj had a nominee. this air of hostility towards the megacaps is going to be ending >> such a unique period of time. the regulatory head winds have been blowing from the current administration under, quote, unquote, normal circumstances. you would have a look and say, well, some of our own, so to speak, are coming into the white house and they're going to have an impact on policy, on the way that ai is perceived and that would be theoretically a good thing. i don't want this to have a negative spin in any way on this because you could easily look at it that way and say, well, it's about time we not only have seats at the table, would he own the room the so we potentially have our industry with really key advocates behind it. >> absolutely. and i think that the idea of deregulation of having -- or less regulation and aving seat

at the table through people like musk and people who have been pro crypto, pro ai like david sacks, that's encouraging. this is going to be so nuanced, right? where do their interests lie like you said at the beginning musk directly competes with openai and it directly competes with many of google's products he was reportedly on the call when senator pachai called president trump. can you create regulation that would be good for one group of tech like the smaller tech companies and less advantageous for the bigger tech companies? all of this is going to be sorted out if you look at it like at least there's a seat at the table, at least tech is getting the recognition it deserves? yes. is that good for investors i don't know some of the megacaps are the most widely held in the markets and it's not clear they're getting a boost from this administration that wants to level the playing field and crack down on their dominance. >> going to be interesting to follow that was great, de

deidre bosa out on the west coast. just getting started morgan stanley's sherry paul is e' jn ah her yearbook shlloimet post 9 next.

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s&p and nasdaq hitting record highs to close out the week joining me now at post 9 is morgan stanley's sherry paul you say it's an eyes wide open market what's that mean >> there are so many things happening domestically and geo politically and from an innovation standpoint. along with now policy and tax changes and deregulation that the head fakes are going to be abound and my encouragement is investors stay focused on earnings momentum and the attributes that stay connected

to earnings which is different than trying to trade policy possibility. >> aren't we doing that now though aren't we kind of trading policy possibilities and probabilities, tax cuts, tariffs, deregulation? that's what this whole rally has een based on, the idea that al of those -- you're going to have reupped tax cuts, regulations and tariffs. we've been trading that. >> trades. yes. i would agree we're in a trading market where these bumps, this 6 to 7% bump isn't necessarily based on earnings although the other 27% we got year to date was based on earnings so that's pretty good which means policy volatility is what people should expect which is different than earnings momentum, which is also why stock selection, rebalancing and having your eyes wide open in terms of where you're investing in the pockets will be more enduring than just sort of a fadeaway head fake. >> what are those pockets? we went from a megacap tech dominant market to a little bit of a pullback and then the rest

of the market got its act together and now i feel like we're potentially at another inflection point i'm not sure what to make of the fact you have the resurgence in tech what do you make when you say we're in a not to miss industrial revolution. that tells me you're focused on tech >> if you go back to 2023, that market was so stocks 2024, we got a bit of the s&p. 2025 will be a broader broadening, but the difference is that we should start to see companies that aren't already positioned for the download of ai are going to have to play rapid catchup. that's what i mean by the corporate extinction events that harken back to the early 2000s it will be very hard for companies to catch up and we're already seeing that for some of the companies within the chip sector. >> you like sectors outside of tech i guess in some respects what i hear you saying is i like tech, but i don't have to be all focused in in the megacap.

>> no. no >> down the derivative plays. >> derivative plays because ai is an equal opportunity installation across all business cycles that's the difference between this moment and 2001 that's why i i this the -- why i think the opportunity is so big. it already takes current earnings and improves them, expands them and reduces costs it's a very different kind of industrial revolution than the uncertainty of the early 2000s of what the internet was going to be. >> you like staples and health care health care is the worst performer of the year. >> i know. >> you don't believe that's going to continue? >> no, i don't just like the first part of the year financials were the worst performer to start the year. at one point in january we were down 8% and people thought we were going to have a recession we were not in that camp and now financials are one of the best performers i believe health care will have that catalyst. too hard to time. >> i was going to ask you that that was the word i was going to use.

the catalyst for financial stocks is obvious.the catalyst care >> cost production number one just in terms of the ability to use ai at the white collar level to get to the same analytic outcomes, especially in vaccine development, as an example remember, too, that health care stocks and pharmaceuticals and biotech in particular are driven by the ability to get approvals and not sausage making takes a little bit of time but it sort of produces a j-like type of return we're getting a good dividend. our overweights are continuing to be in tech and financials and industrials. >> net net for the s&p next year, what kind of return do you think is reasonable? what do you have in your own mind >> well, i think we're double digits for sure in my mind but i don't think it's a straight climb at all every single year, scott, the market starts the year at some

point lower -- it's lower at some point during the year than where it started so we have a guaranteed entry year decline and i think given the policy and political volatility we could see even a greater level of peak to trough volatility so it won't be a straight line, but it will be an opportunistic market for people to end the year in positive territory. >> crazy year. close to a 10% pull back we didn't get quite there. the good to see you. >> you too. >> sherry paul, thank you. up next, a look inside the world of the name, image and likeness economy nil in college sports. it's controversial and it is a very big business. we'll do it next take a left here please. driver: but there's a... carl's way is the best way. client: is it? at schwab, how i choose to invest is up to me. driver: exactly! i can invest and trade on my own... client: yes, and let them manage some investments for me too. let's move on, shall we? no can do. client: i'll get out here. where are you going?? schwab.

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>> it's conference championshi weekend for college football as the first ever 12-team playoff pulls closer it's competition in the name, image and likeness or nil economy is raising eyebrows. we have a sports investigate tifr reporter from the washington post. he joins us now. nice to see you. >> thanks for having me. >> you know, more people are talking about this now because of what happened recently with the quarterback star recruit brice underwood supposed to go to lsu and all much a sudden now he's going to michigan and they say the billionaire larry ellison, who's very familiar to our viewers, was involved and tom brady. what are we to make in all of

this do we know how much he's going to get paid? >> we don't and we probably never will this is the future of college sports as it stands now. it is a place where there is money being thrown all over the place, not a lot of oversight to help us understand where that money is going, not a lot of regulations to determine how that money can move, who can pay, who it can go to. what we have is a place where someone like larry ellison can give as much money as he wants to a program like michigan to get the best recruits moving forward. >> why is there such a lack of transparency >> part of the challenge is that it's so new and this is something that came swiftly after the supreme court decision in july 2021 that barred the ncaa from prohibiting athletes from making money. since then the federal government, congress has left it in the hands of states, to determine how to regulate this what's happened in a lot of these states is this sort of competition to see who could have the least amount of regulation so as not to get in the way of the competitive advantages that they have.

>> how easy is it to track even the sources of where the money is coming from, never mind how much money we're talking about but who's actually giving it >> very, very difficult. and part of the reason is only half of these -- of the states in america have any sort of laws requiring college athletes to disclose anything about what they're getting, and within those states, each school has their own discretion to determine what they're going to require athletes to disclose we filed a bunch of public records request. 14 schools gave us a lot of good info most public universities didn't give us anything it's because they don't have to according to the letter of the law. >> is that going to change >> there's no reason to believe it will change if anything, the only evidence we have is that it will go in the other direction because the states where they are required to give information are worried that there is a recruiting disadvantage against the states where they don't have to give anything. >> what about the ncaa what is its current role how does it see this i don't

necessarily want to call it a problem, that's my word, not other people's words, but how do they see this developing >> they have tried to do as much as they can to do as little as they can, and that has sort of been the root of the problem they have sort of punted to the states and said follow your state's laws but every state has different laws when the ncaa has started to pass these regulations on kind of eligibility rules, a lot of times it will conflict with some state laws, not conflict with other state laws so these universities sort of have to decide, do we want to follow the state laws? do we want to follow ncaa guidelines there are several court cases that are determining what exactly the ncaa can do moving forward. but all of that is up in the air. the ncaa hasn't done much to give clarity to the schools. >> what do we know about what the athletes themselves have to give up, so to speak, to the boosters and the benefactors when they take this money? >> they -- they don't have to give up much except the

knowledge of where they are in the market they don't know -- a lot of these contracts don't allow them to discuss how much they're making they don't know what their colleagues are making. depending on if you are a men's athlete in a high profile sport like basketball or football or athlete in a lower profile sport or woman's sport they have to give up the time to create content that will draw these corporations for them to make money while if you were a men's athlete in a revenue sport, maybe a little bit of time for charity work in exchange for six figure checks. >> i was going to ask you about nonrevenue sports and the fallout. all of the money is being made by men's college football and men's college basketball, what is the fallout for all of these other sports >> the fallout is they are not getting the same amount of money to any degree. sort of this fundamental question in terms of the economy of college athletics are we paying athletes based on

the money they are bringing in this or the labor they are putting out. what happens is you have one class of athletes who can only make money by putting in in the time to develop social media followings that will draw the business interests to their brands and another section of athletes that are really just getting paid to play. >> interesting reporting you've done i appreciate you spending time with us. >> thanks so much. up next, we track the biggest movers into the close. seema mody has the story. >> we're now looking at a number of lesser known midcap names that are getting a bit of love today. we're going to tell you which ones and why they're moving after this short break

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great job, everybody! 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. let's get back to seema mody with the stocks she's watching >> the software trade is broadening out beyond the salesforces of the world docusign sharply higher. the ceo telling cnbc strong demand coming from enterprise customers. smaller moves, asana work management cloud giving a huge beat seeing strong demand in the ai studio shares up about 42%. then veeva, life sciences company seeing a similar story

better than expected story expectations stronger i.t. spending in the coming year. that is helping shares outperform meantime, the momentum not faultering for applovin. up 900% for the year. >> incredible. it's only up 6% now. i think it was up 10 earlier today. still ea tl ahd,elyou what's behind the big bounce in lulu. "closing bell" is coming right back

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we're now in the closing bell market zone mike santoli here to break down the crucial moments of the trading day. plus julia boorstin on the latest on a potential tiktok ban. what it means for meta that stock is up courtney ragan and lulu. julia, we'll begin with you. meta, snap who else do i need to watch because of this tiktok news today? >> reporter: well, first and foremost, meta those shares hitting a new all-time high today. the court ruling to uphold the

law banning tiktok on the 19th if chinese parent bytedance does not divest of it snap and meta are higher betting that they will gain users as well as creators meanwhile, ceo mark zuckerberg today announcing on his threads platform that meta's releasing a new, more efficient version of its llama open source platform at a lower cost. meta saying this text only model of llama has improvements in reasoning, math, general knowledge, instruction following and tool use and with this zuckerberg also announcing that meta ai now has nearly 600 million monthly actives, up from the 500 million announced in october he also noted that llama has been downloaded more than 650 million times. scott? >> julia, thank you. julia boorstin courtney ragan, lulu shareholders have been waiting for a day like this. what's going on? >> reporter: yeah, that's true

'tiff positive surprise. they're still down 22% year to date far under performing the etfs that track elt and xly up 4% in total with america still lower year over year but slightly better than last quarter's sequential rate now investors are still wondering about the u.s. and whether growth can pick up again even further re-accelerate injecting more newness into the women's mix. he's confident it will help by the first quarter. >> even in the u.s. we're very confident about the growth story. there's no metric that shows any concern to me in terms of the interest in the brand, the health of the brand, the attraction of the brand. we've acquired millions of new guests we're at 24 million.

we have less historical newness. the team's focused on it. >> mcdonald did say black friday set records for the most visits ever lulu doesn't run blanket promotional events like others do on that day still, meagan frank, the ceo, call the holiday forecast prudent. she callings the shortened shopping time uncertain. >> mike santoli, hello and good-bye less than a minute away. >> it's a quiet market and it's interesting. the equity market has noticed a little bit of deceleration on the economic numbers the jobs report with a soft underbelly you know, industrials are down 2.5% this week banks down 2% this week. you have the magical rotation of some of the growth stocks and some of the real spicy stuff working. it's all on trend for now. the market's supposed to hesitate in early december everything is very much in line but you have some pretty

interesting story lines developing going into next year between all the risk appetites running into speculative small cap and then of course the larger market. a pretty high valuation. >> all righty. have a good weekend. only 10 points away from 6100 now already [ bell ringing ] >> record highs and s&p and only 10 points away from 6100 now on the s&p. that is something to watch and we'll take that into next week everybody have a good week the bell marks the end of regulation chain bridge bank corp ringing the closing bell at the new york stock exchange the nasdaq closing at another new high it looks like the s&p is going to settle in new high territory too. that is the scorecard on wall street but winners stay late. welcome to "overtime." >> i'm jon fortt along