siner isva a cherry on top speaking of red dyes from earlier. i would be a buyer here of the trade desk. and i'll keep things -- could they a potential suitor for google one day? who knows? >> if that kind of thanks for w lunch." "closing bell" starts right now. welcome to "closing bell." i'm scott wapner from post 9 at the new york stock exchange. this make or break hour begins with a great sigh of relief with the subsequent drop in yields and what it all means and he'll be here in just a few. 60 to go in regulation and it's been higher all day after that inflation prin. take a look at the nasdaq today, up 2.5% and the s&p is good. the ceasefire in the middle east adding to the positive sentiment and the vix dropping back under 17. we do have a much-needed drop in

volatility, as well. standouts today include of course, the banks. bank stocks are higher today after those strong earnings. j.p. morgan and goldman. there goldman and most of the mega-cap techs and tesla is higher by 7%, as well. it takes us to our talk of the tape. can stocks get back on track and can this ral sy now resume r, a parker and cnbc contributor are both here. cameron, to you first. are you all right now? rates have been backing up a lot and we did get that relief today and the market loves it. >> yeah. we did think that rates moved a little bit too far too fast. look at the two year. it traded to 4.4% which is just

slightly below where the current fed funds rate is at 4.5% which effectively said the bond market was starting to price in the risk of further hikes and so you get this slightly softer than expected inflation data which allows you to have this big relief rally mostly in the interest rate sensitive parts of the market which you've seen the russell 2000 outperform. it doesn't mean we're necessarily out of the woods for things like small caps in the volatility that they've been experiencing, but the sigh of relief is welcome. >> can we take the chill now that fed is not going to do anything, oh, my gosh, they may hike before all is said and done because of what the prints were today? the goldman sachs asset management today, while today's release is likely insufficient to put a january cutback on the table it strengthens the case that it's not yet run its course. oh, my god, they might not do anything anymore. >> yeah. with some perspective, i don't

know if it matters. meaning if you think the fed has done three-quarters done, you just can't argue you have as much of the accommodation and oh, we just started the cycle and the fed's going to be there what got a little weird to me is even when people were still hawkish. you get dovish and the market goes up and i don't know if we'll get only dovish data point, if we do, that means the economy is disappointing. so i would say there are pillars to the bull case. they look less interesting to me and less, you know, lower probability than six months ago. >> what if we're getting so-called hawkish data points for the right reason? what happens if growth remains strong and then if inflation remains where it is or even ticks maybe down. >> the stock market goes up. >> to answer the question, the stock market goes up.

>> why isn't that the base case? >> i look at the world right now and why would we be super excited about the equities. i had massive u.s. deficit which really is a fiscal stimulus and now i have guys coming in that will look to reduce that and maybe be more, fisht with that. i had a dream of a china stimulus, that looks less interesting. i had some bull things i didn't have before. massive potential m and a cycle, regulation, and i get that and earnings proof cases on ai. >> i would have fiscal stimulus through re-upping tax cuts versus not giving more tax cuts? >> well, i think it takes less hikes off the table more than it takes lower taxes from here. so i think that's a bullish skew, but i'm saying if we're looking at the things that make you bullish, margins are up a

lot. i think i need revenue acceleration now and what got the sweep was more revenue acceleration than we're likely to see, so i'm not saying it's sell right now. i'm just saying we'll chop around until we get more comfortable that you're painting out which is that growth is okay. that's possible, but i would say it's less upside than it was a year ago. >> it could be your base case albeit with relative volatility at the same time and that makes it tricky. >> we think there are plenty of reasons to be optimistic about the u.s. economy however, optimism is more crowded today than it was this year or two years ago which means yes, you can get upside, but there's a lot less buffer or cushion if you get down side surprises. to us what that translates to is the wide, choppy range for the year. we think you can be up 10% or down%. it matters less of where you

finish the year and the overall return, it's what you do with the volatility over the course of the year because we think you will get that volatility. >> what am i supposed to do if we agree to have more volatility in the first half. your playbook looks like, okay, expect more volatility and expect a dicey, skwishly first half, but then we can hit new highs in the second half of the year. >> right. i think the problem i have is i don't know when i'm going to see real proof cases that ai and analytics are driving margin expansion for big companies. if i felt that was definitely coming in multiple ways this quarter i would be bullish and say i have earnings dreams. >> you don't think it's coming sooner? i think it already is. >> you have one or two, and i think it's coming in the next six quarters and i don't think it's coming enough that people say, you know what? my back half of the numbers look good. underneath the hood i think the economy might be bottoming

because i feel like after negative earnings growth last year there have been two others, covid and financial crisis and probably could have more activity. i'm less excited that the consumer has upside. i think it's fine and maybe slowing a touch, and so i'm trying to transition some of the stuff. i'm not bear earn on the ish on and look, it's probably tighter financial conditions somehow. the balance sheet doesn't expand as much and we had a shock which i agree with kim, and there will be things that will cause the vol, but if i get tepid guidance in the next two or three weeks with the earnings that could be the catalyst to get us down back to the lows of the last several months. >> earnings expectations, i get it, are high, but so far it looks pretty good. i know we're just starting, but it often doesn't start with a bang. it starts with a whimper in

terms of the banks and now they're knocking it out of the park and it's as a result. >> that is a reflection of the economy. there are two things to point out for 2025, the first one is there's a big reacceleration expected in revenues as well as margin expansion so that creates a bit of a high bar, but the thing embedded in '25 estimates is that everything else is going to start doing very well. you have a big deceleration in mag 7 names and 20% earnings growth expected and that's down from 40% in 2024. what's expected to accelerate is the 493 stocks, and i think that that very much remains a show-me story because that's been a key area of disappointment in the first three years. >> let's any to leslie picker. she's following it today. what was it about these reports today that has the gains that wie seeing the likes of which we just don't see very often.

>> i know. you pointed that out and it's an outsized reaction to the market to today's earn, scott. it's less about what it was and more of what it wasn't which is big concerns over credit, big concerns about certain businesses. i mean, everything was firing on all cylinders. j.p. morgan, goldman sachs, citi each beating on both lines and wells fargo on the bottom line only and it's these several moving parts that contributed to the excitement and wells for example owe providing 2025 guidance nd the profitability metric for loan making and goldman posting its second best annual eps ever and beat estimates by a whopping 45% and j.p. morgan, those reels were in motion and 49% growth in investment banking fees and trading revenue and 20% growth in asset management fees and citigroup announcing a multibillion-dollar buyback at 1:30 p.m. eastern time from citi's headquarters. scott?

>> unbelievable move in that stock, among others today. we look forward to that interview. leslie, thank you so much. that's leslie picker. >> you haven't liked the banks for a while. >> we are waiting for the banks and trying to buy from in between and the ones that benefit from m & a and kkr, and more the smaller, regional banks from the activity you heard her highlight in interest rate, they probably won't show the upside. >> so i want to clarify this. i fear i'm setting this up wrong. you like the large banks. >> yeah. >> and the private equity players. >> yeah. >> many of whom stocks have had a really nice move. it's just the regionals that you don't like? >> yeah. we market weight the totality and the beneficiaries and in short the ones that went up a lot and don't benefit as much in this rate environment and this

activity environment as the big one. look, the ones that are up today are the best companies, morgan stanley, goldman sachs, j.p. morgan and those are the ones that benefit the most and then you have kkr and blackstone that will benefit. i think you top of the stay long that because every lawyer i know and every banker i know are super busy. as long as rates don't come up, as kim pointed out earlier, you will see more transactions. >> agree? >> we like the banks and they're in strong uptrends. the thing to watch is you are trading at 1.5 times price to book for the bank industry, this was the peak evaluation in 201818 and 2020. do they feel, like you have an inflexion in earnings growth that makes those valuations look less stretched. >> isn't that probable? i mean, if you want to throw into that, too, an easier

environment to lend into? banks have been hamstrung by the lending standards. they haven't been able to return as much cash to shareholders as i'm sure they wanted to, get the shackles off. they're saying let banks act like banks and the cost to borrow was so high in '23 and '24 compared to 2020 and 2021. now, if you get these interest rates that do stay higher for longer, what does that do to loan demand? what does that do to people who are starting on refinance and seeing their loan costs go up? it's an interesting wild card for this year. >> the other thing i'd say and maybe this is cynicism on. >> you? you like that. we get going and lather up on that. >> i got you. >> let's remember they compete on piesing with a lot of businesses and there will be more pricing pressure and they also pay people a lot and so you'll see, just like you said

things are good, you also saw q4 bonuses looking spicy again and the competition for talent requests up again and this isn't a group of companies known for this massive discipline on cost control. let's just wait and see what happens on the bottom line, and i wouldn't get too enthusiastic on con cost con troeft troll. they have a risk reward, and you get copy in markets, and it will be the seventh-inning trade and not the third. >> we continue to get headlines around big tech and hiring practices, if you will, maybe getting a leaner yet again. do you like the space if i was to say, well, i know the economy's going to be good. ai is amazing and that trend is going to continue for the foreseeable future and beyond,

perhaps. the fed is not hiking rates and rates have peaked. >> a third of the s&p is tech. so i've got to own a third of the portfolio in tech, and i've got to own the ones that have the most that are buying the new technology. so when i look at what looks like are the new trends going forward, whether it's a quantum or, you know, robotics or agentic ai and the big companies and the mag seven keep buying and acquiring assets and technology in those areas. so i get pushback on new outlook and it's looking like 1999 with the, and they're at the forefront of of what they matter and i agree with kim and it will be above market level and i don't see their multiples contracting. so i think you have to own the high quality growth stocks if you want to compete with the,

you mach dissemi, and more than you do software, why? aside that you're inherently biassed. >> i used to cover semis and i didn't know 20 years ago that they would be this cool. >> lagging. >> totally, as usual. but what i would say if i wanted to start today and build a technology i don't think you can replace semi in the next ten years, i don't care what you do and nvidia, but the way that ai is working with co-development, i think technological obsoletence is dynamic and there are ways that big companies are analyzing their own customer behavior and it doesn't necessary three mean today's companies will dominate. i think microsoft is different and oracle is different, but i'm not convinced that adobe or seat-focused companies and salesforce will have the same presence five years ago where i

kind of feel if i quote no, taiwan semi will. >> do you make a distinction between what parts of tech you like and what parts you don't? >> we still are bullish on tech overall, but i would note that you do have an acceleration that baked into consensus forecast where tech earnings are expected to go from 16% this year in '24 up to '26 and that's even with an nvidia having cut in half. >> for sure there was a note -- maybe it was last, one firm saying forget the idea of race for nvidia, you won't be able to do that to the magity nitude. >> temp you er your expectations it matter for the stock each ve you have to bring down your expectations. >> i think it depends on

performance. it was an extraordinary amount, and we don't think that that degree is sustainable. you will see outperformance, but it will likely be at a smaller margin. at the end of the day these are profit machines that can take a little economic growth and turn it into profits and betting against that is very difficult. we still think that you have to remain valuation disciplined and if you start bumping up above those 2020, 2021 peak valuations it's likely a good time to underwrite that position. >> speak pg of profit making machines, much to the ire of some at this point, health care is one of three sectors over the last month that's positive and you have the health care conference going on in san francisco and there's deal making and always a lot of buzz at that event. is this the moment after disappointment to buy some of the stocks? >> we pitched it one of our sectors for 2025. when you're a cannot rarian it just means you're wrong and

about to be right. it's been a bad call in the last few months and i did a bunch of ai for health care, academic work last year and got mesmerized by the potential for productivity. all of the grizzled veteran healthcare guys from san francisco this week said i've heard that story before and you're a newbie that's excited. maybe the truce is in between. i feel like the market took the election cycle and said i'm going to totally screw the estimates in the health care sector, but i'll have -- and it has steady dem combrafshgs and looks kind of cheap what's in the price. i think you can own pbs, and i like this sector and when i pitch it people feel like it's, you know, unattractive and they

want to see some of the uncertainty get clarified before you get in. >> real quick and then i've got to bounce. >> well, it was such an utter disappointment in 2024. earnings started the year at 20% and they ended at 3%. for next year it's expected to be 20% once again so it falls into the camp of it's definitely a show-me story, but because it's underperformed so much and it's cheap it could be getting so close to it it's good. >> appreciate you guys. we are getting some news related to southwest airlines, and i want to go to phil lebeau who has these details for us. what are we learning here, phil? >> scott, the department of transportation has filed a suit in california accusing southwest airlines of operating a couple of chronically late flights. according to the d.o.t., these flights were operated in the middle of 2022, one between chicago and oakland and the other between cleveland and baltimore and constantly late. as a result, the d.o.t. has sued

southwest regarding those late flights. meanwhile, the d.o.t. is announcing as you take 15ing frontiers, the result of these fines and operating it chronically left for you. >> this is entirely unrelated to the right penalty was hit and the tremendous disruption that was weather-related of a few years back. >> oh, yeah. 100%. 100%. remember the d.o.t. put in place rules that said you chronically had lights that were always late. several months in a row, it's the same routes, it's the same flight and they're not on schedule as they should be then they're going to fine you or take you to court. >> interesting. phil, thanks for the update. oh, this activity around southwest airlines, that's phil le low on the beat, as always.

>> to kristina partsinevelos with the biggest names moving into the close. >> we have them wrapping up the quantum computing efforts. nvidia is adding a quantum day to their march a icon frens bringing in leaders from iong and d-wave. it's interesting timing though because just last week jensen wong said quantum tech is still about 20 years out, sending quantum shares plunging and the markets push today shows that nobody really wants to be left behind when quantum takes often as we know there would be to provide the automaker for the ev batteries and the deals run

through 2033. bitcoin surpassing $ 100,000. there is a higher risk appetite and it's driving crypto names like quantum, we've come pull circle. >> just a week ago it was up to 80,000. kristina, thanks. up next, tom lee reveals his top five stock ideas right now, and he'll tell us what he doesn't like also. we're back right here at post 9 with tom lee next. i'm barbara and i'm from st. joseph, michigan. i'm a retired school librarian. i'm also a library board trustee, a mother of two, and a grandmother of two. about five years ago, i was working full time, i had an awful lot of things to take care of. i needed all the help i could get. i saw the commercials for prevagen.

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>> session highs for stocks right now. bond yields moving lower today on that better-than-expected december cpi print. my next guest says this earnings report will be a good sign for the months to come.

joining me with his outlook and the best stock ideas this month is global advisers tom lee, cnbc contributor. welcome back. >> good to see you, scott. >> first, your view right now on this market is what? >> i think that markets are showing some relief that cpi was dovish and the inflation prints the last two days have been dovish including ppi. y is so it's setting the stage for yields close to touching 5% to cool and at a time when sentiment has been negative i think we should be rallying. >> is the fed back in the game which means these two reports were good enough, really, as some are saying okay. you're not going to get a cut in january, but you can get one in march and some people had written cuts off for many, many months. >> yes. into this cpi print the core cpi was .3 so the market was bracing in a hot number and you can see it in the fed funds

futures, where as of yesterday there was a 30% chance of a rate hike and those extreme views have been quelled and i just think generally without accounting for the fact that the california fires could mess with inflation, the inflation print over the next three months will be a lot lower than what we saw in november and october. remember, january to were ma of last year it was close to .4. so i think inflation is setting up for good comps. >> okay. how optimistic are you for the type of return we could do this year after back-to-back 20%+ gains for the s&p? >> we've gotten a good harbinger so far. the s&p's positive, so i would say there's an 80% chance of something over double digits for the year and what will matter to a lot of people is how we'll do for the month of january, but as of january 15th we're up .7%. so those are good harbingers for the year. >> can we have a good year if the fed doesn't cut until later in the year and bond yields

remain elevated for a while? >> if bond yields get stuck here, it is -- it's a severe tightening of financial conditions, and i think it will hit housing and we're already seeing it now. so i think it is important for yields to move directionally lower. >> that's a long way of saying stocks will not be good if bond yields stay where they are now? >> yes. it's going to test the market's resolve. i don't think it kills equities, but it's hard for someone to be pounding the tables if they think yields will be stuck at close to 5% for the next six months. >> so if yields, let's just say that they stay near as where they are now you're not going to stay as optimistic as you are? >> think it will raise concerns that there is a policy error from the fed either financial conditions are too tight or the bears will argue the fed made a mistake cutting too aggressively last year? >> isn't this the base case?

you have what is arguably a more inflationary environment because of some of the policies that are being talked about by a new administration. sure, they may stimulate more economic growth, but with that potentially comes more sticky inflation, too. >> well, there isn't necessarily a connection between growing faster and more inflation. there is some inflation that can be generated by tariffs and that's the uncertainty -- >> that's what i mean also. it's tariffs and it's inflating the deficit. it's just reinflation -- it's the reinflation trade based on some of the expected policies that may cause that. >> true, to keep in mind, last year's inflation was what they call imputed because it was statistically catching up with the price changes in the years before, but it's housing and auto insurance were 80% of the inflation over the last four years and the third is labor markets since we know aren't in inflationary position. so in order for new policies to

generate inflation, they have to be powerful forces that fiscal spending hasn't generated the last three years. so i would say it's difficult for me to make the case in inflation and getting strong. let's talk stocks, specific names. your top five stock ideas for january 2025. nvidia is at the top of the list. the stock has not traded well. >> why is it going to have a great january all of a sudden? >> nvidia has been reverting because it did have a huge move and now it's cooling, and i think it's -- earnings season will affirm visibility about how much companies are repositioning around the value creation around ai. so to me, nvidia is the name you want to own and it's an attractive pullback. >> you like meta, amazon, alphabet and we don't need to discuss and everyone knows the reasons why. however, j.p. morgan is on that

list as the only of the banks and obviously it's a great day on the back of earnings. why did you single out j.p. morgan? why didn't you? >> j. morgan is one of the best executing banks and to me banks should be rerating higher. i mean, they survived a gauntlet of stress test over the last few years and producing strong earnings and a yield curve that's uninverting and the company spends a huge amount of money on technology. so i actually think j.p. morgan should see the multiple expanse. do you like the banks in general. it's not just j.p. morgan. goldman sachs is up 7% upon wells fargo, city, up at least serve. seven. to me that's a multi-year period where banks are going to do very well and this is a risk on environment with animal spirits coming back and capital markets coming up so it should be good for all banks. >> stocks to avoid, intel,

airbnb, alibaba, verizon and nike. nike is just not going to be out of its own way still or what? >> these are one-month views, and so yes, i think it's -- in the absence of a fundamental catalyst, i think many of these have been already companies with not clear visibility and weakening fundamentals and poor price momentum. so i don't think they're stocks that i want to be trying to pick up. >> all right. good to catch up with you, tom. as lways, tom lee. right here at post 9. >> up next, we debate the fate of the techtrade and vista equity partners ashley macneill, and we are back on the sector after this. lammed shut) for eighty-nine years, morgan stanley has offered clients determination and forward thinking to create the future... crowd: stop it! ...only you can see.

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we are back. the nasdaq outperforming today following that cooler cpi report. tech's been shaky lately, leaving many to wonder whether the recent volatility is here to stay and what that might mean for deal making and ipos in the space. let's ask ashley macneill at vista equity partners. welcome back. >> you, too. >> it's been volatile, as we said. you're not surprised by any of this are you? >> no. 2025 will be predictably volatile. we saw last year a lot of the valuations being pulled forward and a lot of the momentum and macro decisions that are set to be made this year. so it will be a volatile year, and i also think it will be an exciting year. why so? >> i think software is at an inflexion point with respect of the generate of ai that's

integrated into the financial metrics and i know you'll start seeing and i think you'll see real data particularly on the top line and on the revenue growth, and so you're going to see, i think, very interesting data come out of earnings on the growth side. >> is it easy to tell the positive story around software when everyone seems fixated over chips and semis? >> look, i don't think it's an either/or. i think it's an and and it's really where along the generative ai arc are you investing. i ultimately think that software is a beneficiary. i do think that there is a first mover advantage, and i think that software companies that have demand and sovereignty over their data set are going to be the winners here. so, yeah, it's easy to be positive over the tailwinds. >> if you back it up, i don't know, five, six months you have this real outperformance, right? software versus semis, and maybe

more recently software stocks have taken a little bit of a turn lower. why do you think that is? >> well, last year between sort of the time period of may to say, august, software wasn't the most beloved sector ask that's because of the impatience by investors to see proof points around this generative ai. look, generative ai implementation will be a multi-year cycle. this is not going happen overnight and it is a change that requires a fair amount of patience and software is starting to standardizing the metrics that we need to look for to understand how this technology will change our everyday lives. >> so when you say you're not surprised by the volatility and your outlook suggests that it's going to continue, i don't want to assume everybody knows what your specialty is, but you guys are software experts, right? >> yes. >> that's what you do. so how does that increase the volatility and the impact on the companies that you have whether

it's deals, ipos or even beyond your firm, just the space in general? >> it's really about being okay and embracing the volatility that we're likely going to see in the public markets. software is a very durable business model and it's shown over the past couple of years that it really can withstand a lot of the macro dynamics that are going to be at play as well as what may or may not happen with the incoming administration. and so it's more about understanding that there are going to be certain implementations that take time and understanding what you're looking for from a data perspective to know are these changes working? >> when you see rates backing up the way they have, what's your reaction with the kinds of companies you watch? >> i mean, it's -- no, it's really more about understanding the cost of capital for software companies. the cheaper the cost of capital, the easier it is for these companies to implement innovation and to be willing to

take risks with respect to their businesses and their product line, and so i think rates backing up means there's a cheaper cost to capital and that is good for innovation. >> so rates coming down from the boil. i mean, because when the fed started cutting rates in september you see the rates going up and to the right and you're saying well, this is the last thing that we need at this particular time. we need rates to start coming down and maybe that's the relief you're talking about today. >> yes, but what i most focus on is access to capital and dry powder and making sure that we're still seeing capital being deployed in the equity markets. i mean, last year we had a recorder yoo of record year for inflows and it's really about making sure that software companies have access to capital to continue on innovate and to continue to provide these really unique products. >> lastly, have you pushed out your own expect eggs on ation o

tech ipos in 2025. >> i wouldn't be a real bull if i did. of course, not. i think 2025 will be a good year for ipos and software ipos. last year we saw 3x of tech ipos as we've seen the year prior. everything is setting up for a great year and will we return to pre-covid levels? maybe? well, we shall see, which means we will talk to you plenty times more. ashley, thanks. ashley macneill of vista partners. back to kristina partsinevelos. >> we have record highs for a company revolutionary robots and the largest music streaming platform, i'm sure you all can guess, why wall street is betting big both those names next.

>> we're 15 from the bell. back to kristina now with the stocks she's watching. what do you see. >> >> shares intuitive surgical topping wall street expectation. the results were driven by a group in procedure volume as well as single-use accessories. intuitive robots are used by surgeons for minimally invasive surgeries and they're up 8%. shares of spotify moving higher,

as well as u.s. is from buy to neutral and jumped to $540 and it's trading right now at $489. >> spotify is still prime to jump with new premium editions and improve ams and they like this name. scott? >> kristina partsinevelos. stocks are moving higher ahead of the tiktok ban. we will drill down on that coming up. the market zone coming up, too.

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>> up next, tracking some big moves today in theinch ace. fte we'll break down what's behind the bounce inside the market zone next. your shipping manager left to "find themself." leaving you lost. you need to hire.

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ordered and it's a nice bill of health today. >> it's a pretty healthy showing. you did build on the midday lull a little bit on the indexes and you have almost a full 2% gain and one of the takeaways is at 60, 50 on the s&p a month ago and a go slow, wait and see fed is bearish and yields going higher and the yields in the dollar may be overshooting what the economic fundamentals would say on the upside and you have a little bit of relief. that's a positive thing. what you are seeing in the market though is, people are concerned it's starting to run a little bit. what do they grab for? the old stuff and the nasdaq 100 from the open and the nasdaq 100 is up almost 1% and the russell 2000, basically flat from the open and it does show you that that's still the ingrained behavior and it makes sense. obviously, the earnings front end of it is positive. i do think it's going to be a little bit of give and take. it's not always a clean readthrough from the banks to everything else, but so far so

good, and you're doing some of the technical work. you had a proper 5 % lower from intraday high to intraday low and that's the formula for some relief. >> we just needed rates to come off the boil and we needed volatility to settle down even if it's just for a few moments. >> exactly. there you get a little bit of a shock and we tested the election-day levels multiple times. at this point it looks like they were defended and you didn't have to talk about a new range, but obviously, we'll need reassurance along the way that the whole interplay of growth is acceptable. >> the mag 7 stocks adding 550 billion in collective market cap alone and that gives you an idea of what kind of day it's been. fintech is doing well today, too. deirdre, what's going on?

>> they've been helped by those strong bank earnings indicating a healthy financial environment dealing with some specific names and we saw sofi higher after blair initiated coverage saying fintech can win in a changing financial landscape and adding momentum which saw the price target raise by citi and barclays and that was the fintech performer and the etf up about, let's see, 2.5% almost today and remember, too, sort of the bigger macro environment, too, potentially less harsh regulation will be good for the names. >> that's deidre bosa on the media stocks today. what's happening here? >> meta shares and snap shares up 4% and pinterest and alphabet shares are both gaining about 3% today. most of these stocks are now in the green for the week after falling yesterday on rumors that elon musk might buy tiktok.

with those rumors shut down and the tiktok ban is set to go in effect all weekend and tiktok is banned and these companies are expected to gain users and ad dollars and morgan stanley expecting to see an upside in earnings per share and deutsche bank naming it a top 2025 pick. snap which had the largest move higher today is seen as getting the biggest percentage boost from tiktok's ad dollars moving elsewhere. you'll have to see what the incoming administration does about this tiktok issue. >> yes, we will. julia boorstin. >> we can take it from the new trump administration on the other side of the holiday weekend and we'll have the inauguration and we'll have to start learning really quick and executive orders what some of the early plans need to be and how the market will adjust to that. >> it's been quite a road, too. if you go back a couple of

months and a week and you had an immediate attempt of the rerun of the standard trump playbook got completely unwound and now it's front loading some of the potential concerns, and i don't know necessarily that there's going to be one signature moment where people say it's an all clear whether it's tariffs and immigration restrictions, but if that's going to be the case, having the meeting stock and the s&p trade 12% below the record high today is less demanding setup for it. so i think we're still going to be trading headline to headline, and i don't know that there's any one destination, everybody has high conviction in. also bitcoin back up to 100k today, and it shows you there wasn't a wringing out of risk appetite and it speaks to bitcoin's resilience, 89,000 a minute ago. >> it does. it just springs around in huge

chunks and that said, the quantum stocks flying today, and it shows you it just doesn't take much to have a little bit of daylight shown to the short-tomorrow traders and the run for it, and that's the way bull markets act. it's okay until it gets us really over our skis. >> we have the jobs report out of the way and the inflation data out of the way and now we really can zero in on earnings front and center, but as you said, of course, the incoming administration and the earnings have to live up -- >> and knowing what we know about just the macro backdrop and there's no reason to think there should be disappointments and big sectors of this economy. that's good because again, everyone expects the beat relative to expectations and you don't know how high the hurdle is until you see the stock reactions. i do think the draining away of volatility is a positive and the vix down 2.5 points today and a

much more normal level and that probably does firmer footing. >> mike, thank you. mike santoli. we'll see him coming up in a bit. we'll go out better than 700 on the dow. that's the kind of day it is on the cooler than expected cpi report and it's off to the races and we'll send it into overtime with morgan. [ closing bell ringing ] >> that bell marked the end of regulation and consolidated edison in the new york stock exchange and charlton aria activision corporation doing the honors at the nasdaq. the stocks closing out their best session since the day after the election. the bulls breathing a sigh of relief as bulls head in the right direction and banks kickoff on a high note and i'm jon fortt with morgan brennan. >> loretta mester gives