deportable low-cost workers, and those are real issues, and every incoming administration gets this halo. >> this is the honeymoon. >> yeah, be wary with the stock be wary with the stock market going up on the incoming administration. >> it gets harder from here. thank you all for watching "power lunch." "closing bell" starts right now. >> thanks so much. this make or break hour begins with optimism about stocks. president-elect trump delivers this message to investors here earlier today. >> you will see very good days ahead. a lot of incentives will be given. you saw yesterday, a billion dollar investment. a fast approval.

nobody has come up with that one yet. it seems simple. you will have great dias head. >> that expectation a big reason why markets have rallied. let's look at the scorecard with 60 minutes to go in regulation. we are lower today, red after the ppi report came in hotter than etch xpectations. the nasdaq mostly muted today. staples and utilities have been among the best sectors. staples the only one in the green right now. if give u.s.s you an idea. it does take us to our talk of the tape, the road ahead for your money. let's ask our panel. good to have everybody with you. i mentioned this optimism in part because of a new trump administration. you heard the president-elect himself who was right over there

hours ago. do you believe in that story? is that a principle reason to be optimistic going into '25? >> i think it's a reason to be optimistic. in part because the regulatory environment, he is going to loosen that up. we will have more m & a. more ipos will come to market. as we talked about last time, the financial engine will start to hum again. that kind of creates an economy that is more fluid than we have seen over the last few years. >> what's that mean in practice of what you think stocks can actually do? cramer's first question was put so perfectly. what's your message to investors? you heard the president-elect give his answer. now what should investors think knowing what they were told? >> i mean, they should think gdp should be stable to at least growing a little bit, at least in the first half of the year.

they should think that, can consumption start to accelerate from here? any talk of a soft landing is off the table. >> no landing? >> no landing at this point. the animal spirits are back into the market. the valuations are actually not that aggressive. >> max, the president-elect set the stage, i think, today. it was a moment, as they say. it doesn't happen that often down here at the stock exchange where you have a president-elect, a sitting president, appear here. his message was clear. you know what investors are banking on. are they going to get it? >> yeah. i do actually think sometimes we are giving too much credence and put too much emphasis on the politics and the day lf -to-day politics. on the regulatory side, that's supportive for health care, particular for banks as well.

what's more important, even though it's perhaps a little more boring, is actually the policy setup that we go into next year. we are talking a little bit too much about the day-to-day rumblings on the political side. next year, what's unchanged, we can see in the data, we can see consensus expectation for the upcoming fourth quarter earnings season which is overshadowed by the inauguration. let's not forget about the numbers because they might be our job and are a little more boring than the exciting politics behind it. when we look at the s&p consensus, expectations for the fourth quarter, they are flat quarter over quarter. once again, an incredibly low bar to beat when we look at gdp expectations. we start the next quarter with less than 1.5%. gdp from the atlanta fed is

3.5%. next year, when we look at q1 and 2, they are not 2%. still 1.7% and 1.8% for q1 and 2. once again, i think what is very, very, very important is that we are going into 2025 with once again pretty subdued expectations on earnings and gdp expectations. from that angle, i think it's easy to deliver and even to over deliver. that should be bullish for stocks and risk assets. >> if we assume the baseline is bullish, how bullish? >> i think we are at the point of optimism. i don't think we're at the point of euphoria right now. the reason to be skeptical about the ability for the market to have another significant positive year like it has had the last two years is the fact that everyone is bullish. i also think that we are at a moment in which it's not about the chase for beta. i don't think we will be in an

environment where everything rises. i think it's more about creating alpha opportunities, looking at particular sectors, finding companies that are able to thrive in the upcoming environment and outperform their peers in a particular industry or sector. >> i hear the argument, valuations are stretched. i don't know if we will get multiple expansion in 2025. i don't know that we can. what can really deliver is earnings growth. where you might take a backseat to valuations expanding, you can have good enough earnings growth to justify a higher move in stocks. >> absolutely. i would say that people say that valuations are stretched on a historical basis. however, if you look at our market today, the composition of the market say little bit different than it has been historically. i was looking at the top 50% of the s&p. on average, the afrng verage

operating margin is 40% through meta and microsoft, which is an anomaly relative to our history. when we look at the market's valuation and context of its -- on context of its own history, we have to take into account that the operating margin and free cash flow profiles are wildly different for the market which does warrant a higher multiple. >> i said it was a moment, earlier today. it was as the president-elect was here ringing the opening bell, making his way around the floor. i saw you taking it in. you did have a chance to speak with the president-elect. give us an idea of what the moment was like. a little color for the stuff that people couldn't see. then you can tell us what you asked the president-elect. >> it's been a long time on the floor for me, 27 years. arely have i seen a rapturous reception.

the president-elect came on the podium and then to the floor to rapturous applause. this is trump territory down here. 80% of the floor probably voted for him. i asked him about the tariff on canadian products. canadian officials have reacted angrily. doug ford suggested he will cut off energy shipments to the u.s. if the president-elect imposes such sweeping tariffs. i asked mr. trump what his response would be. >> that's okay. that's fine. the united states is sub sid -- subsidizing them. >> afterwards. the president went to speak with

the head of floor trading for citadel securities. pete presented him with a jacket and told him he was one of the greatest capitalists this country has seen. this is emblematic of the reception he got. 27 years on the floor. you have been here a long time. i have seen kings and queens and rock stars. this was extremely warm. i would describe it as rapturous. he brought most of his proposed cabinet along. j.d. vance was greeted like a rock star. scott bessent. >> it just doesn't happen that often. maybe we take that for granted. we think that every president ultimately makes their way through here. there's a picture around the corner, famously, of reagan here in the '80s. the crowd that was so large gathered beneen ath him. this was one of the rare and

extraordinary moments from a president-elect as well. somebody who hasn't even taken office. he has been in the white house before. this time, he didn't come here from 2016 to a 20. >> what was wonderful to see the floor so packed. when i got here in the mid 1990s, there were 4,000 people on the floor. they did 80% of the volume. there's a few hundred today. that's what electronic trading does. you could not move on the floor anywhere in the back rooms, front rooms, anywhere. it was like 19 96. they were like rock stars. a major warm, affectionate way. >> investors have high hopes. thanks. it was a good moment today. makes me think about, as bob was asking the president-elect about tariffs and a response by

canada, perhaps, whether we are taking those sorts of risks into account enough. talk about all the euphoria, the optimism and excitement, part of the reason why the stock market hit the new highs almost every day or thereabouts since the election. what about the risks? >> i do think when we look at some of the tariff baskets, in fairness, when we look at the european tariffs, a lot of them have repriced since the mid to end of september. i would argue quite a lot actually in those names is already in the price. i wouldn't really agree on, we're not taking into account these risks at all. the market does give, i think, more weight and credence to the growth story. which it should. let's not forget aside from the politics, let's not forget for two years we have been talking about that eventually the long end variable lads of monetary policy will need to hit growth.

here we are again. it's the forth quarter. we are printing another 3.5 gdp growth. expectations are subdued. to what joe was saying, the sentiment is exactly what we see as well. we see pretty much everyone talking bullish but seeing the s&p forecasts around 6500, 6600. however, at the same time, we have an awful lot of talk around, in the near term you have to be more cautious. the idea of selling the inauguration. the honeymoon period is over and we will get a dip. then we have to buy that dip. that idea has become incredibly consensus, i think, over last couple weeks. on the one hand, we have bullishness. but i don't think people are -- they talk the talk. i don't think they are walking the walk in terms of positioning going into next year. if anything, we have seen more people de-risk in the last couple of weeks.

>> on perceived risks, joe, and the market is counting for those, i feel like in some respects that people assume -- at least to some --degree -- th president trump using tariffs as a bargaining chip and he doesn't necessarily put them into practice. i know there's that thought in some corners, that it's just some bluster, it's some bargaining use, but that he is not going to go to the extremes that he has talked about in terms of numbers. that say is a risk that he does. then there's retaliation. then we have trade wars that we are talking about again. stocks run settled. >> i think consensus is that we avert the worst. the worst possible outcome, we don't see the universal tariff at 20%. we don't see the chinese hit with 60% tariff. everyone can point to treasury

secretary-elect scott bessent and what does he want? 3% growth. if you want 3% growth, you really don't want punitive tariffs to disrupt that growth and to introduce the conversation surrounding inflation. i think you are right. i think that's consensus. i think that a lot of people view this as more negotiation than anything else. i think the biggest risk as we turn the calendar into 2025 is two things. next week, a hawkish cut, i believe, from the federal reserve. i think the federal reserve is a potential risk in 2025. if, in fact, they are going to cause longer than maybe the street expects. then i think it goes back to what you mentioned is earnings. they are the clear driver. if we have the inability to grow earnings and keep profit margins above 13% for the s&p, then i think the market is going to be challenged. >> it's not like -- i go back to the piece of a couple months ago, whoever wins the election

is going to inherit a strong economy. it's not like a president trump comes in and has to rebuild a broken down economy in his own way. he will put his own touches, obviously, on what is an already -- what the fed chair himself called remarkable economy. that's why there's a lot of optimism. let me ask you this, if you look beneath the surface of the market -- we talk about the here and now or is the market poised to go up a bunch from here? mega caps have been working well. below the surface, not so much. breadth of the market, there's been more down stocks than up for eight straight days. is that a problem? >> sure. the rest of the economy has to start kind of coming to life. there have been parts of the economy that were definitely in a recession, whether it's transports and parts of consumer. they have almost had recession-like characteric ticks for the last two years with negative volume, negative foot traffic. yes, they do have to come back to life.

if we want for the economy to start to grow again. that said, i think the market, oddly enough, is a bit bifurcated from that real economy. in part because, again, the earnings drivers of the market isn't necessarily that portion of the economy as much as it used to be historically. >> what about the breakdown recently in momentum as a factor? because a lot of stocks that had gone up so tremendously high -- applovin is on your list of stock picks, not shorts. stock picks. that's the poster stock for the momentum trade in many respects. show year to date chart. it's up -- it was almost up almost 950% on the year. 725% still looks good until you realize what i said. it's down substantially in a very short period of time as

momentum has rolled over. >> right. >> why do you like this stock from here given that? >> i came on three months ago. we talked about it was 90 as a pick. went to 420. that last little kind of $50 of a stock came from the optimism around them being added to the s&p. they didn't get added and the stock rolled back over. however, i think this is a very nvidia-esque thing that's happening with applovin. the stock has gone up. the numbers are still not correct on the street. this is in discovery phase of where the numbers can go. really, when we think about where applovin and what this business model is becoming, it could be a contender to google and meta. if you put it in that context, the valuation doesn't seem egregious. >> this man to your left here

owns this stock. >> yes. >> he has for a while now. i'm wondering how you are thinking about it. >> i think it's been a spectacular name to own. i think there's some fundamental -- >> do you think? >> there's some fundmental al justification. when momentum deteriorates the way it has during last week, i'm utilizing that as a primary factor. i'm going to uncover what's the reasoning behind it. i have to tell you, doing the research on it this week, the risk is not so much in the individual names but really the fact that momentum has supported two major sectors. financials and industrials. if we're in a moment where this momentum is going to roll over, it's going to greatly impact those sectors and positioning. that means we're going to enter 2025 with a lot of people offsides.

you are about to see a significant rotation in which people are going to begin the year down. >> what if i asked you, weak breadth in the market plus a rollover in momentum equals what? we have been going into mega cap a lot towards the end of the year. what if there's picking off of the top of mega cap as you turn the calendar? then you have bad breadth and momentum breakdown. is there a greater problem? >> i think, yeah, i think that leads -- >> would you anticipate that? >> there's a correction. >> is there any reason to this that would happen? >> you have early warning signs in sure. i'm troubled by the fact that financials and industrials, one of the two favorite sectors, my strategy is significantly overweight both of those, you are beginning to is he a little of a rollover in price. if that continues into the new year, now you have follow that up with a reduction in the

overweight allocation that most people have toward it and the other side of that equals the word that we don't like, correction. >> let me ask you quick, then i have tgo. you have heavily weighted in large tech. you love these stocks or have. what do you make of what's happening recently with the names? a resurgence for sure. whether it carries over. >> i think what we have seen recently is a catchup trade. until three months ago, amazon, microsoft were flat for the year. the fundamentals for meta and amazon are getting better through the quarter and not worse. that's what's driving those. the valuation frameworks are what are driving amazon and -- are driving microsoft and google. and tesla is -- it is its own beast. i think it can continue to next year. the valuation frameworks are still showing that they are not aggressively priced. >> we will leave it there. thank you.

congratulations on your milestone. >> thank you. >> emily wilkins is here. we are just getting some news that the powerful house financial services committee that oversees the fed and banking has a new chairman. french hill has won the race for that committee. he will, of course, be following patrick mchenry. french hill, his pitch to lawmakers was all about his experience. he actually ran a delta trust and banking ing ing corporati. he says that his main priority is going to be looking at regional and community banks, making sure that the regulations there allow them to have an equal playing field with larger banks. for french hill, we expect to see continuations from what we have seen with the last couple years with mchenry. he has a focus on crypto. he was the one who sponsored a crypto bill that year that would have set the rules of the road,

whether crypto is a security or commodity and when it's one of each. he is now going to lead that committee, leading a lot with crypto and banking and when it comes to overseeing fed and regulations, he will be the top guy in the house. >> emily, thank you. we are just getting started. what does silicon valley want from the white house? the biggest names in tech are meeting with the president-elect. we will look at what's at stake for the companies next. we are le om tivfrhe new york stock exchange. you are watching "closing bell" on cnbc.

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alphabet's ceo expected to meet with president trump today at mar-a-lago. it comes as more big tech ceos are making a palm beach pilgrimage. mark zuckerberg dining with president-elect trump. meta donating a million dollars to his inauguration. president trump saying that jeff bezos will soon visit as well. what's this all about? what do you make of this? >> i don't think it's secret that if you are a tech ceo, you want to be on trump's good side. he went through the tech clash where all of a sudden people started to realize the power of the big tech companies. now they might be applying it in ways that are illegal. that started under president trump. we went into a moment during the biden administration where all the heavy guns were brought in trying to basically hold the companies to account, even though some of the cases started earlier.

now the have you trump administration running. there's a moment where they decide, do we want to go back to original policy, be friendly to business? the companies are trying to sway president trump and make him do what they want. >> do the ceos fear the administration? >> i think there's certainly -- trump threatened to throw zuckerberg in jail or suggested that might be an idea that he pursues. if you are mark zuckerberg, i don't think donating a million dollars to the transition is the worst idea in the world. it probably alleviates some of the pressure. i do think they really see opportunity here. they haven't been able to acquire companies for the past four years. they are probably trying to push president trump along the way to say, can we acquire again? we are competing with china. what are you going to do with tiktok? it's a mat they're ter that seed but there's more wiggle room than you think. these are pressing matters. there's fear but also optimism.

>> the past four years, let's not be naive, have not been great in terms of regulation on all the companies. go down the list and there's been talk or action or attempted action against most, if not all. maybe they think that, okay, we are tired of that. if we go down to marmar-a-lago, kiss the ring and musk there and others who have made their way in and around the white house, that things can be better for us. >> i think you are right there's about absolutely flexibility with trump much the doj has two cases against google. you think that's not going to come up? of course. he might ask trump to sway the cases. the one thing, i'm not sure musk is the advocate for these companies in the way we might imagine. he called facebook creepy. i don't think he loves google. he stopped openai as a check against google putting ai into production under their corporate system.

he might be like, go and do what you need to to google and meta. he has trump's ear. >> what do you make of what sam altman told andrew sorkin? and sarah frier at openai saying, we understand this contentious relationship that now exists. we think that elon will do the right thing. >> butter him up, say you don't think they would work to hurt our businesses. hope they follow follow through. if you put sam altman in a lie

detector and told him, do you think you are fine with elon, i don't think he could answer. he would say, there's a risk. there's a risk with elon. elon does not like sam. if you wanted to invest in openai's latest round, there was a stipulation, you can't invest. maybe not written. if you are an investinvestor, o would tell you no. there's animosity. i don't think that's going away because trump won. i would be nervous if i was openai. >> let's not forget that david sachs is crypto czar. there's a history with big tech. the company's trajectory changed because of microsoft and how the world changed.

you have some really interesting dynamics to think about. >> i think that we have to wait to see how much influence mark has. i know he said he has been in meetings. i would say elon is more influential than him. i think the main priority is, can we let big tech acquire our companies? we invest in the companies. the ipo market has been in nd out. we need an exit. it's been looked at as anti-competitive. but silicon valley vcs need to sell companies they invested in to big tech to get the return. that's the number one issue. >> we look back and we say, okay, we are surprised by the number of deals that were actually able to happen in the context of everything that we have talked about? a friendlier ftc, but all of the other personality clashes and policy issues that are there behind the curtain. >> i think we will see lots of deals that will happen.

i don't know if there's a lot of surprise. i think we have gone from an administration that wasn't friendly with m & a to one that's much friendlier. ferguson will lead the ftc is not exactly big tech's best friend but been open to the open of, let them acquire the companies. >> i have a story. tiktok's suitor waits for trum.. he is the most thoughtful acquirer of tiktok, wait for trump and then try to make a deal and we will see what happens. thanks for being here. speaking of venture capital, we do have rick heitzmann up next. had an ipo today. is that the beginning of the great thaw? he will tell us next. s head big. wow, fast response. sent! okay, oop! even bigger.

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le back.welcome back. servicetitan higher today. welcome back. >> thank you. >> an ipo, what's that? >> i know. i told you it was going to start to thaw q4. a little late, but the markets are starting to thaw. the capital markets i think are going to be strong next year. >> let's show the chart. whats reaction like tell you

about the bigger picture? is this an i had -- >> servicetitan is a good complp. company. it has profitability. i think it's just, there's a lot of money on the sidelines. markets are hitting new highs. people want to buy ipos. people want to get excited about a new story. they just happen to be there. >> you had ceo of goldman sachs on the floor today, among others from the financial services industry. we know that there's budding optimism in these hallways of the shops on what lies ahead. animal spirits, i hear. >> yeah. sglu >> you know the ceos are

thinking the same. >> whether it's large companies, corporate development offs are staffing up, google and microsoft. banks are staffing up. they are planning on a huge year. it's not only the ipo pipeline, but a thawing of the m & a market, as well as normal that's happening on a day-to-day basis. those deals used to happen a lot. it got thawed. it got frozen. everything was frozen. nature is healing. >> is it a software world and everybody else is living in it? it feels a little that way. if you look at the performance of software stocks versus, say, chips, over the last couple of months, it really diverged dramatically. software well outperforming what chips have done. feels like it's the market separating itself. >> software's tremendous scale in the business model. they get compressed more. they get excess profits.

people say, everything is shifting. there was enterprise software recession in '22 and '23. now you have easy comps in '24 that people expect will beat. as we look at the ipo pipeline, it's software, adjacent ai. even if we think about deep tech and next generation tech, defense tech, maybe even starlink spinning out of spacex, you will see a next generation. >> what about the companies that are raising mrn e ing money fro others, they are staying ing private? not only that, the need of the public market isn't what it once was. now there's all of these other avenues of capital. >> data breaks, one of the most anticipated public companies, is going to stay private longer. they have a liquid secondary market. they do quarterly liquidity for their employees.

though just raised $8 billion. that's the ipo. the public will miss out. that will go to later-stage investors. once the ipo market opens, entrepreneurs and ceos will see the upside. there's better access to capital. cheaper capital. morley -- more liquidity for te stakeholders. >> they are more mature than they would have been otherwise. the growth trajectory and maybe growth rates aren't what they were. invefrtz stors have to take thao consideration. >> the returns aren't going to be there. differently than microsoft or sysco that went public with a couple million dollars of revenue, a couple hundred million dollar market cap that have appreciated 1,000 times in the public market. a lot of that is captured by the private markets going forward. you are not going to see that value creation for public market

investors. >> you have done great deals. when you look to washington, and yousee silicon valley having a presence on pennsylvania avenue, what does it make you feel? optimistic? a benefit? >> it's going to be a benefit. our voice hadn't been heard. to have people being able to have input in how -- what's the ftc's function? maybe looser rules. people are talking about restructuring the ipo rules so more people in the public can participate. m & a is creative. there's going to be more opportunities. there's a lot less public companies now. that's less opportunity. i think the number of public companies will increase even as m & a increases in the next four

years. >> i'm sure you are watching like we are. we did a segment about the ceos taking a number outside the gate of mar-a-lago. do you think that the effort will pay off for those big tech ies which have been not only under the microscope, but under attack in some respects from the regulators? >> yes. i think it will be looser ftc. that's been -- it was as tight as you could imagine. that's going to be loosened up. the hyperscalers will buy companies. that's good. it's generally good for the ecosystem. it's generally good for the consumer. there will be scrutiny by the ftc and the new chair has talked about big tech sometimes getting too big. it's going to be looser for even venture companies who need to be part of that m & a process. >> appreciate you. up next, we track the

biggest movers into this close today. >> you were talking about software. adobe, the biggest laggard on the s&p 500. we will tell you how this stock is impacting the broader software trade after this break.

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let's get a look at the stocks we are watching. >> let's look at adobe. weak fourth quarter revenue guidance. concern how much skin did has in the ai game. that's contributing to the underperformance. downgraded it from low to buy. lowering from $625 to $550 a share, saying management emphasized ai where the street was hoping for more clarity. the ceo is bullish on the suite of ai tools and demand going into next year. we are looking at the stock down over 13%. warner brother discovery shares are surging after the company announced a plan to separate the cable tv from the streaming and studio operations. it will include names such as cnn, hdtv and food network. max d discovery plus will be in another division along with warner brothers pictures. they expect to complete the

restructuring by the middle of 2025. >> thank you very much. still ahead, we will run through what to watch for when broadcom reports result flz s i overtime. we are back after this quick break. ♪ i have type 2 diabetes, but i manage it well. ♪ ♪ it's a little pill with a big story to tell. ♪ ♪ i take once-daily jardiance... ♪ ♪ ...at each day's start. ♪ ♪ as time went on, it was easy to see. ♪ ♪ i'm lowering my a1c! ♪ and for adults with type 2 diabetes... ...and known heart disease, jardiance can lower the risk of cardiovascular death, too. serious side effects include increased

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we are in the "closing bell" market zone. mike santoli here to break it down. melissa standing by with what to watch from costco's numbers and broa broadcom. market not so great. what's your take? >> the market is getting to a point where it's going to have to prove that this is just a routine consolidation and majority of stocks settling back every day this month. it is getting to be just a little bit more of an anxious

churn. we are barely off the highs in the s&p 500. today was a day when we didn't have enough of the big guys really pulling higher. you do have another negative. so i think this market has wanted to push the hard questions into the new year. we will circle back after the holidays. let's not get in the way of it. that could happen. you are supposed to have a stutter step in the first half of december. i think you have to be aware, it's a very bullish setup. everybody has been repeating why it's a bullish setup. everybody knows it. it wasn't like the market was in desperate skeptical condition before we got this. >> tell us about costco. >> wall street is expecting earnings per share of $3.79. revenue of $62.08 billion. it's the first quarter since could costco hiked the cost.

it went into affect in early september. it was the first time they raised the fee for members in seven years. they will share clues about how consumers are spending on food, gifts and more during the holiday season, which would be and indicator for other retailers. one unusual challenge for costco, a year ago gold bars became popular on the website. sometimes selling out within hours. >> thanks. tell us about broadcom, which has had a good year. up more than 60%. the final earnings report of 2024. >> a great year. they did adjust the estimates lower ahead of today's result on the expectation the wireless business is dealing with tough seasonality. it comes down to artificial intelligence. broadcom has been partnering with hyperscalers. working with apple on designing their own in-house chips that

they hope will compete with nvidia. wall street is betting on an over 50% jump in fourth quarter sales. guidance is key, following rumors that been a hiccup with the google partnership. the ai outlook will provide a good outlook, whether the spending continues despite the broader debate on ai's return on investment. shares up over 60% this year. >> thank you for that. back to you, miami. apple is a machine. it's up again for nine straight days. we will get another closing high for april. you have the $4 trillion in market cap, hanging around the rim on that. >> i don't know if we have a wall street rule of thumb that all stocks that get to 3 and three quarter trillion get to 4 trillion. naturally, it's a story that you don't have a lot of people pushing back on. that's not to say everything is

bullish and growth is accelerating. it's one of the things where it's an easy one to own when the price action is this way. i don't want to overthink it beyond that. we have talked about these big tech companies, where there's a perception that the ceo is going to be in the good graces of the new administration and crucially the stocks were not extended coming into november and december. they were not. if you look at loy the name a l names. broadcom had -- it started trading around today's price in mid june when nvidia did. nvidia is higher. i think that's what the market is doing. what hasn't been completely used up in terms of potential upside. the momentum trade, it hasn't been as dramatic in the last day or so, it continues to show some wear and tear. it's not as if the high flyers of last week have picked up.

it's a noisy picture. it's not necessarily fully negative. it's more just waiting for the next beat and watching what bond yields are go doing. >> a historic day at the new york stock exchange. it will end red across the board. dow showing a loss. same with the nasdaq.it for us,. we will see you tomorrow. that bell marks the end of regulation, and brand-new ipo service spiked today in the first day of trading, doing the honors at the nasdaq. biggest losses for the small caps with the russell down about a percent in the third, and we saw a tick higher for yields as new inflation data races concerns. that's the scorecard on wall street.