of $20. >> i think that's the reason the stock is moving more than the ai thing. nancy and her family were very good traders last year. >> they're widely followed and then you throw in the jazzy ai thing. they need to get into ai next. >> thanks for watching, everybody. >> "closing bell" starts right now. >> thanks so much. welcome to "closing bell." i'm scott wapner, live from the new york stock exchange. we begin with stocks on the move as president trump spend his first full day back in the white house. let's show you the majors with 60 to go in regulation. green everywhere, as you see. no announcement comes of any tariffs just yet, and that's been welcomed by both the bond and the equity markets. yields were down, stocks have been up all day long. take a look there at the ten-year specifically, 450. oracle shares are jumping on news it's planning a venture on

ai infrastructure, that announcement from eamon javers coming from the white house. we are also counting down to netflix earnings after the bell, that stock has been on a huge run lately. we'll ask our experts, including a shareholder, how much more it can actually run from here. the talk of the tape, the road ahead for stocks in a new trump administration, let's bring in our panel to discuss. liz young thomas, head of investment strategy at sofi, anastasia amoroso with i capital, at post nine with me. welcome, good to see you. liz, are you surprised by this reaction in any way? i mean, what do you think it means about where stocks are heading from here? >> i wouldn't say i'm surprised. i think the timing of it was beneficial. we had inauguration, first day of the new administration, on the heels of the ten-year down back closer to 4 1/2, which we know was a friction point where stocks stopped liking it, and two inflation prints that didn't

scare it for the end of 2024. i think we're coming in with the momentum intact from a sentiment perspective, and the expectation that this is going to be a friendly and pro-growth business environment. and then the domestic focus that i think we all expected has also remained intact. that's why you're seeing some of the industrials doing well, some of the domestic focused material stocks, things like that. >> anastasia, is this about no tariffs principally today? the commentary from the street is don't get too complacent for too long about that. wolf says our view is still they're going to be big, but slow. what matters more, the size of the tariffs or the implementation of them? >> i think all of the above. today, i think partially the market reaction has to do with no tariff announcement just yet. but i think today is also about this enthusiasm about supporting critical themes for the united states like artificial intelligence. that's why you see some of the

ai doing well. but to come back to the point on tariffs, i agree that we shouldn't completely not care about tariffs. i think they're coming. they might be staggered, they might be differentiated, they might be negotiation tactics. one thing i've been hearing loud and clear from administration officials is they believe tariffs are the way forward. they don't believe they're going to stoke massive inflation, because they might be currency offsets, countries lowering their prices. so i wouldn't get complacent about this yet. and i would expect, if not a universal tariff, but tariffs on china, maybe europe. >> everybody has found religion, i guess, on tariffs over the last however many months. >> by the way, it's a revenue offset as we talk about budget deficits. today we collect something like $76 billion in tariff revenue. if you scale that up, that's $300 or $400 billion in revenue. >> what do you think about the issue as it relates to the market activity today? if we would have gotten an executive order about tariffs

yesterday, do you think the market would look like this? >> no, i think today it's been a relief that we didn't get something stronger than we were expecting. i absolutely agree, don't be complacent. i would add to that, the last time that we went through this, there were a lot of retaliatory tariffs, and that's what actually drove a lot of the volatility in the market, too. so there could be more announcements that come if and when we decide that we are going to place tariffs on that are more concrete. then you get this retaliation effect from other countries, and that drives a lot of the issues in markets. so i still think that is coming. but right now this momentum is here and i think the enthusiasm, as anastasia pointed out, is still intact because we haven't gotten news that has surprised us to the downside. i don't think there's anybody in the market who is expecting that tariffs will disappear. i think we still expect that something is going to come. we just were expecting something more painful. >> you have this offset, i guess, by the view, anastasia, that you have what many people

are calling animal spirits in the economy, in banking, in deal making, jpmorgan used those words, stan was with becky on monday and talked about animal spirits as well. he said the economy looks very strong for at least the next six months. i'm sure he doesn't know what the translation of that is for the market, because the risk in all of that is that you do have bond yields going up on the notion of tariffs and more inflation. but does that feeling of animal spirits, this new administration here on full day one, are we going to have many days that look like this as a result of those types of policies and that kind of feeling? >> i think that is the feeling today, which is this is an administration with an extremely pro business stance, almost trying to run the country as you might run a corporation. and it's an administration that also seems to care about

cryptocurrency, artificial intelligence, and that plays right into investors' hands right now. but i would broaden this out as well and say, coming into the year, we view this market as having solid economic underpinnings and that's not because of deregulation. that's because of the consumption pattern that's finished the year strong last year and carrying over into this year. but, scott, you add on top of that deregulation for the banking sector, one thing that was striking as i was looking at bank earnings, everybody expects a rebound in capital market activity, but what few people expect, a rebound in net interest outcome. few are looking for that to improve and lending activity, but if those animal spirits stoke lending activity, that's more upside to financials, more upside to the economy. again, the pro business stance that we're sensing so far day two, that's lifting markets. >> is that the area that we need to pay attention to most? i sort of paraphrased what mary said, she talked about banks being in, quote, go mode because

of lower regulations and things the banks are going to be able to do to maximize their profitability they couldn't do in the past, and they're going to be rewarded by shareholders who ostensibly are going to get rewarded as well. the banks are going to be able to, you would think -- we talked about dividends and buybacks and the shackles are off. that's the view, i think, across that industry. >> i think go mode is going to be different depending on which types of banks we're looking at. go mode from a capital markets activities, absolutely. go mode from a shareholder friendly standpoint, probably is going to give more tailwind. and then you move down the cap structure, and the concern for much of 2024 was, are we going to go through a painful credit cycle. because there were so many consumers who were levered up, credit card debt had hit highs and we were worried that would start to take its toll. >> and we didn't. >> that's right. so then move down the cap structure, and we don't have this fear about a painful credit cycle as much anymore. so then those banks can kind of

take their foot down on the pedal a little bit more and say, all right, we don't have to protect as much because the consumer balance sheet is in better shape than we thought, the economy is in better shape than we thought. and the real key has been the labor market staying strong, consumers can absorb and continue spending as long as the labor market stays strong, and that happened to be the case. >> what about tech? front and center, prominent in the rotunda yesterday, i don't need to tell you because everybody has seen the pictures of zuckerberg and pachai and others, tim cook was there, too. what does that mean for where this trade can go from here in what was a fairly onerous administration before on these companies, there were all sorts of regulatory actions that were under way or threatened. and here you definitely have at least a relationship difference that we need to assess and what it's going to mean for the share price. >> it has been a very drastic change, and i would say it's

very symbolic to see some of those big tech billionaires there, because one thing we put on our wild card list, what's going to happen with big tech regulation. and historically president trump was not all that favorable to some of the social media companies. but the fact that you do have this representation, the fact that you have the new s.e.c. chair and new leadership in the doj might mean a more supportive environment for technology. also, obviously, one thing administration cares about is the ai momentum, and you really can't deliver ai without the support of these big tech players. i think that's creating an interesting backdrop for investing. that's true for big tech companies. i would also say it's true for smaller tech companies. liz talked about the consumer side of banks to pick up on the capital markets activity. we are expecting 20%, 30% growth in capital markets this year. if you're a smaller tech company, you might get acquired, ipo. that's supportive. >> tech and all things ai are certainly going to be front and

center within the next hour. stay with me for a second because president trump is set to announce billions of dollars in private sector investment to build ai infrastructure, with masayoshi son, sam altman, all expected around 4:00 eastern. kate rooney and seema mody are following this story. kate, you first. >> yeah, let's kick it off. i have confirmed with sources that sam altman is going to be at the white house today. it is a major win for openai which has been pushing for the u.s. to spend big on ai infrastructure. i've been on the phone with some sources talking about what led up to all of this. one thing i'm hearing, more evidence of an increasingly close relationship between ceo sam altman and soft bank founder son. back in october, i'm told altman and son have spent more time together. i'm told they both recognize and

have bonded over the needs of ai infrastructure in the u.s. and the mega spending it's going to require globally as well. as one source put it, they are not incremental thinkers who think quarter to quarter. they're talking about a decade plus time horizon. soft bank has invested $2 billion. i've been told altman has been spending more time with the oracle founder, oracle and openai first partnered back in june of last year. this flew under the radar but they partnered on cloud infrastructure, and it was the first time they had done something, openai had, that was not exclusive to microsoft. so this could be read as a signal that openai is diversifying away from microsoft, which is one of its biggest backers. then there's some questions and have been questions leading up to the trump presidency over altman's rivalry with elon musk and if that would hinder their ability to do deals like this and be relevant in the administration. right now it's looking like that feud is not going to prevent

openai from being a core piece, scott. >> certainly not when they are pledging to be investors into the united states, something president trump is going to make a big deal of whenever he can, quite honestly. i mean, we've seen a little bit of that. thank you. to seema mody and what this means for oracle. >> what we're hearing is this announcement will involve a huge data center and a cluster that's a network of super computers in texas using oracle's infrastructure. this serves oracle's interest. it's in the process of building super computers powered by nvidia's graphic processing units. and founder larry el son met jensen huang for dinner last year pleading for more chips. we've seen shares higher of the announcement. ellison remains a confidant of trump and supported him back in 2016 when silicon valley at that time leaned left. no surprise oracle is involved in this data center deal. he also has a very close

friendship with elon musk, scott. >> seema, thank you. we see that stock, and we can take a look once more, shares of oracle spiking on the news. we will see what happens with this announcement a little later this afternoon, as i said, expected in "overtime." that's the highs of the high, oracle shares up 7.25%. back to both of you with me. this trade, we're going to get earnings next week of these large cap tech companies. is that where the rubber meets the road on what the real staying power of this rally is, when you get the mega caps starting to report? >> not necessarily. i mean, most of the megacap names are forecast to report somewhere between 15% to 20% earnings growth for the next several quarters. maybe that doesn't sound impressive versus what we've got in 2024. but the other reason i say i don't think the linchpin is big tech companies because the rest are supposed to scale up to about 15%. so it's been a great start to

the reporting season, i would say it's very strong. you've got 79% of companies that are beating and the average surprise is about 9%. so obviously it is important that they meet expectations, but i don't think the market solely hinges on them. >> we should show shares today as well of nvidia. show the market cap if you can between nvidia and apple, because it was earlier today nvidia topped apple in terms of market cap. how would you assess that question, earnings, what they mean, these particular stocks mean to where the rally can go from here? >> earnings from the companies that are tied to ai directly, i think they matter from a sentiment standpoint. we're at a point in the market cycle where even in the second half of 2024, investors had gotten really critical of those companies for how much they had spent on ai. you've got to show me the profit. i think we're still in that place. but there is a lot of other opportunity to make money in markets. look at how well financials have done already in this earnings season.

there are other sectors, health care is one that's supposed to be the second strongest sector from an eps growth perspective. so i think there are other places to find that growth, attractive valuations. we just need these big companies to not miss. the expectations are high, they need to not miss. >> you have to figure that -- and i can't remember the firm that came out last week with this, anastasia, who suggested that the days of the huge beat and raise from the likes of nvidia are probably over. how much does that matter, if at all? as long as you have a good earnings report and good enough guidance. i mean, nvidia has shocked us at times with the quality of their guide. do they still have to? >> i don't think they have to. i don't think that's the expectation anymore. if you look at some of the ai semiconductors, nvidia, or just semiconductors in general, they've not moved all that much in the last six months. so i think that it has made investors pause and sort of reassess their expectations,

they're not so lofty anymore. but the thing that keeps me encouraged about the durability of the artificial intelligence theme for investors, it is broadening. and i think this announcement from the administration and the consensus of companies is important, because it's not just investing in chips anymore. it's really investing in data centers and investing in power that's going to power those data centers. so if i'm an ai investor, i have so any more opportunities to participate in a theme, through utilities, software, as well as continuing to stay with some of the semis. >> we will leave it there. thank you. we'll see both of you again soon, because we have another nasdaq stock to talk about, netflix. those shares rising ahead of the company's earnings in just about an hour. stocks coming off a strong year, rising more than 80%. joining me to discuss, jason snipe, big technologies, both cnbc contributors. jason, how high is this bar given that very big move? >> yeah, scott.

as you know, and you just mentioned it, the stock was up 83% last year. and the street has really liked all the pieces that they have rung the bell on, ad-supported tier, password sharing and getting into live sports. my focus is what are we going to hear about updates from the live sporting events. when i think about live sporting events, that spells to me advertising dollars. and i think that's where netflix is obviously going -- is looking to move forward. they've highly focused on profitability and engagement over the last year. this is the last quarter they're reporting streaming numbers. obviously, the street is looking for a little over 8.9 million new subscribers. but we're moving on from that. so what's really going to be important to me is the ad-supported tier, live sports update, what's going on there and how netflix continues to move forward in that arena. >> alex, jason makes a good point. in that we used to be obsessed

over subs. it's all that really mattered, we thought, as this company was growing not only here but worldwide. are ad revenues now the most important? >> i think they will be going forward, but i think in this quarter, weirdly, subscriber numbers are the most important number. and i'll tell you why. i think the paul/tyson fight was the biggest event netflix has put on and it almost changed the narrative around netflix. this is a company that can now create a expect cool, 100 million people tuned in globally, but it showed the promise of the company to attract such a large audience for events it manufactures. i think subscriber numbers are the most important things to watch. let's see if those people stuck around. then we look forward at revenue, they're going to double eps this quarter, revenue is expected to be around $10 billion. to me, subscriber numbers, can you create a spectacle and create a lot of people. if they show they can, that's a big deal. >> of course they can.

but a spectacle comes with a price. netflix is going to make this a key part of its future, what does that mean for the economic dynamics around this company and what that could translate to from a share price? >> great point. if those subscribers stick around, that price will pay off year after year after those people stay and say, what's the next thing they're going to do. if they just tune in and pay whatever it is, $10, $20 for publix and go away, it isn't a worthwhile investment. >> what about price hikes? they've got to pay for this somewhere, you would think. is that something you expect? >> there's no doubt about it. and, listen, they haven't had any price hikes since october of 2023, and that was for the standard tier and for ad-supported tier they haven't had any price hikes since november of 2022. so i do believe that is definitely in the cards going forward.

i think the point that you also made on the expense of live sports, i mean, listen, we also saw those nfl games on christmas day. those are about $75 million a pop for the licensing for those deals, for those games. so eventually they're absolutely going to have to raise prices, and i think they will do so, because, again, their focus is more along the lines of profitability. i hear alex on the ad-supported tier. we're going to hear from them for the last time this quarter. i think it will go towards ads and i think that's going to be the story. >> do you think we could get that today, alex, a price hike itself, or a lead on that we may get it in the very near future? >> definitely. because as they stop reporting subscribers, they're going to want to hand something to wall street, hand this little token to say, hey, listen, we're making this shift in reporting and there's a reason why. profitability, revenue is going to go up. and, of course, they're going to need to try to maximize as much as they can, because if they're not ability to jump subscribers

the way they have in the past, even the way that they're expecting subscribers to come in this quarter is going to be less than q4 2023. they're going to have to show they're going to make more money off of the subscribers. i'm expecting them to beat subscribers, but if they don't, that price hike makes all the difference in the world because they'll be able to be more profitable. >> fun to watch, these earnings. and we will be fixated, once again. thank you so much, jason and alex, appreciate that. stay with me, because apple shares are weighing on the nasdaq today after two downgrades on wall street. steve kovach has those details. >> two in one day and also no longer the most valuable company in the world. by the way, it's not just two downgrades, one other firm lowering their price target. and, remember, i was on your program just about every day, december, this exuberance around the stock just hitting those all-time highs on basically no news. the story really hasn't changed

and we're still getting a lot of the kind of crummy signals on iphone sales that we've been getting since the beginning of the iphone 16 cycle back in september, and piling on to all of that is jeffries and luke downgrading apple today and jpmorgan is lowering its price target. jeffries saying apple is going to miss its revenue growth guidance for the december quarter, and the firm is lowering its expectations for the iphone 17 cycle based on lackluster ai response. and then over at loop, iphone 16 sales, quote, not amplified by apple intelligence launch. also saying that apple sold 5 million fewer phones in 2024 than they did in 2023. and then jpm lowering its price target by 5 bucks. and then there's china. the troubles keep piling on. you have counter point research out with a new report, saying huawei continues to gain share against apple. huawei having 18% market share ast quarter with unit sales up 15.5% year-over-year. apple was third behind huawei

and another chinese brand in the country with 17.1% share, and its unit sales down 18% for the quarter. all of these brands that i was showing you on that last screen, they grew in china. apple was the only one we saw decline based on this data. next up, we have apple earnings on january 30th, that's next thursday, next week. and one thing that may help out with this iphone slump that we've been talking about so often is the new iphone se. that's the entry-level cheaper model that costs a few hundred less than what the iphone 16 has. that's expected this spring. that might help a little bit. still, we're seeing apple shares off to a tough start for the year, down about 12% year-to-date. >> makes those earnings next week even more critical. >> and the guidance. >> no doubt about that, and the intelligence that you always get in and around that. we'll look forward to that, and i'll just reiterate what i said earlier. that stock price is the reason why today, down near 4%, why nvidia is back above apple in terms of overall market cap.

let's bring back in the guys, jason and alex. jason, what do you make of the downgrades? >> yeah, i mean, listen, obviously last year when you look at wdc, there was, first of all, apple had a very strong year from a price standpoint. when we heard the announcement on apple intelligence, there was great sentiment around the stock. china has not done well, it's down almost 20%, as steve mentioned, and obviously they're losing market share to huawei, which is collectively bringing down the stock. for me, i always looked at the iphone 17 as a potential upside cycle. i think the 16 is kind of a beta test. obviously the consumer is looking for applications that they have not found as of yet. but i think 17 and going forward, potentially, we might see more upside. i'm staying patient with this

name. obviously the price action hasn't been great year-to-date, but i'll be patient and see how it rolls out over the next few quarters. >> the china now the biggest risk to this story? you can talk about ai upgrade cycle, loss of market share, tariffs, which there could be carve-outs, you never know. but the degree to which china is the biggest risk is what? >> i think it's a major concern. i mean, if you think about it, china, 20% of apple sales, give or take, if you have 18% decline in iphone sales in a quarter that's not really good, in china it's obvious the huawei mate 70 in a phone that has not parity features with the iphone, but it's good enough. and the government has told government employees, the government has said no iphones on government jobs. that's a massive employer and it's a big point of pride. if you're in china, you want to use chinese-made goods, you don't want to use the iphone and the government has signalled that to citizens. that being said, your question is, what is the biggest concern for apple. i think number one is the

inability to deliver on the promise of apple intelligence. i said i was mildly underwhelmed with the presentation they put on and they're underdelivered. they have to get their act together on this. this is their marquee offering. they didn't deliver as they promised on the vision pro, again, apple intelligence, we're seeing the same pattern. this is not a routine you want to get into if you're apple. you need to give people something to make them go to the apple store and buy a new iphone. these phones are so similar. what are they delivering, and the fact that apple intelligence hasn't brought in a super cycle or a meaningful bump as expected for the 16 is an issue. >> we'll see if it eventually does. many think it will starting with the 17, obviously. but we shall see. alex, thanks. jason, you as well. we covered a lot. we're just getting started on "closing bell." up next, a high net worth

sherry paul is back and she'll tell us how she's positioned as trump 2.0 gets under way. the dow is up nearly 500.

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comfortable jeans is our passion. >> all right, we're back. sto all right, we're back. stocks are rallying to begin president trump's second term in office. joining me with her outlook the morgan stanley private wealth manager, sherry paul. good to see you. are you urprised by anything, we're off to the races as we begin 2.0? >> i'm not surprised because there's been so much talk. it reminds me of what the fed is saying when they're trying to prepare us for change.

i think the pace of change may be taking investors a little off guard, and that means that central to portfolios right now you've got to be liquid and dynamic and ready to make change, and then make change again, and then change again. >> if you get a tariff announcement overnight, is the market just like this but in reverse red? is that what we're bracing for? how do you think about that whole issue? >> well, i'm glad you asked the tariff question up front. morgan stanley, our analysts think if the tariffs are implemented it's probably 0.3% of gdp, it increases inflation maybe by 1.3%. the bigger story that tariffs sit within, which i think is a thing investors need to focus on is deglobalization is happening. it's not just a debate or discussion. and the best way to invest in that and to understand the whole point of why we globalize in the first place. deglobalization is the opposite, which means things get more expensive, but the antidote is

going to be the other moment, the deep innovation that allows ai to take on the role of some of the labor complexity and the manufacturing imagination. >> does that mean that you're investing in, i guess, a purely exceptional usa rather than looking abroad where there's going to be some potential more acute issues? >> yeah, you know, i'm talking to investors about just resisting being lazy with diversification, just because you're supposed to do something doesn't mean it's the right thing to do in this moment. and so u.s. exceptionalism is real. it's the centerpiece of innovation, centered on ai, manufacturing, reimagining how we're going to download a new way of being in the world as we're deglobalizing the world order. we're overweighting the u.s. right now, we're staying large cap, minimizing small capex

-- exposure, because we think rates will stay higher for longer. the international markets and scene is really where weakness is around the world. so it makes a lot of sense. >> when you say stay large at the cap space, are you talking beyond just megacap tech? and if so, what areas? >> i think the other reality we need to embrace is we're going to continue to have very narrow corridors of performance return. and so stock selection is going to be crucial. we're broadening in other them attics that are centered on this administration really around defense and energy, because with deglobalization comes military uncertainty and those themes should do well this year. we're already starting to see some bumps. >> it sounds to me that you kind of like everything with the nuance of everything big. the sector plays that you have, ai, obviously, that speaks to larger cap stocks. financials, you like the big

banks. health care, the larger companies within that space. industrials and materials. is there something you don't like, even if it's a larger company? >> well, i've never been a big fan of the oil play just because it's such a policy and political football that can change on a dime. and so what we're really investing in are enduring thematic that transcend politics and policy. health care is a perfect example, as a space that, regardless of what happens around the debate around vaccines that could find its way into policy, we have all these other enduring breakthroughs that are happening that are going to help with longevity, for example. and then within the financials, i think what we want to be doing is looking in the sub sectors that are going to benefit from deregulation. >> jim cramer had a good point, even though you have a prt with a drill, drill, drill, mantra, the companies have said, no, no,

no, we don't really want to drill more. we would rather take that cash and return it to shareholders because they've seen how beneficial that change in thinking has been to their share price. so while the president is going to talk a lot about -- and he's declared this energy emergency in the united states already, is that how you're thinking of it, too? because you could sit and say, well, he's pro energy, these stocks are going to do really well. you say not so fast? >> i love that you brought this up with jim, because there's a lot of talk and then we want to focus on earnings reality, right? so a third of these energy companies have reinvented themselves into natural gas companies, for example. and so we want to focus on three things, earnings, innovation, and inflation. and those three metrics are going to basically equal what we think the market will do this year. and what will weigh on the inflation number will be tariffs, deglobalization. i believe that the policymakers, though, are thinking that the

antidote -- because we were the incentive here in the united states, and that cost money. so the antidote will be tax policy, taking the corporate tax rate from 21 down to 15, to provide companies with the earnings spread they need, to buffer that transition. very different, though, than growing your earnings based on innovation, which is why we're encouraging investors to continue to stay in tech. >> enjoyed the conversation very much. thanks. we'll see you soon. coming up, a new era for crypto, bitcoin just shy of its record high as the industries hopes for new policy from the administration. we'll break down what's at stake after the break.

>> the main thing is not just cutting costs, but getting rid of all the regulations. >> i will very simply put america first. >> the trump impact on business and the economy for the first 100 days and beyond. cnbc. bitcoin inching closer toward its record high from yesterday. cnbc.com is following the story for us. it's hard to keep up with because it's been so volatile lately. >> bitcoin got a nice bump this afternoon on the news that the s.e.c. has launched a crypto task force to help create a regulatory framework for crypto assets that will address issues related to registration with the s.e.c. of different coins. the commissioner that will lead the group is music to the ears of the industry. she's seen as an ally to crypto and the voice of reason at the s.e.c. when it comes to it. it is so hard to explain how big of a deal this is for the

industry. given the lack of clarity from the past leadership, we may be entering a golden era of innovation of crypto in the u.s. under trump, and it could be messy, chaotic to use a word from bernstein's note over the weekend. so we did see trump launch his own meme coin on friday night. many argue this is a bad look as the industry tries to distance itself from the days of ico bubbles, and celebrity endorsements, what have you. and bernstein says they're not alone, that that may be, but it is a short-term price to pay to have long-term regulatory support of the more sal valuable parts of the ecosystem. >> exactly your point, the risk of making a mockery of what is trying to become a more grown-up investment or asset class, if you will. >> exactly what they're saying, scott. >> thank you. we'll talk to you soon. up next, we track the biggest movers into the close.

kristina partsinevelos is standing by. >> we have two iconic american brands defying expectations, and a surprise turnaround pushing both stocks higher. the market reaction when we return. >> shares. >> the no, you're just not hearing me. papi, why don't you take my keys and go for a ride. welcome stella. so, you talk. stella? almost. bright blue, it's bold! i'm hungry actually. [ laughs ] your favorite, right? how did you know?

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so what's there to lose? speak to hennion & walsh. the second opinion people. i don't ever see anyone coming out to maintenance anything, so it's very scary for me because i have everything i love in this home. so, we've now implemented drone technology.

how is that safe for me? it enhances the inspection, so it allows us to see things faster. your safety is the most important, and if you're feeling unsafe, that's not okay. it doesn't feel like that in our hearts. i mean, it's worrisome. [dog barks] >> what? 15 from the bell. let's get back we're 15 from the bell.

let's get back to the stocks you're watching. >> i want to start with gap shares, climbing today after the ceo touted he retailer's turnaround progress live from davos early this morning, seeing stronger margins and more shoppers in stores, even as tariff concerns linger. here is what he told cnbc. >> we've diversified our footprint from the manufacturing perspective quite nicely over the last few years, only 10% of our product is coming out of china. so we really feel confident about the footprint that we have. >> nice coat. 3m shares surged on surprisingly strong results powered by robust holiday sales and gains in industry, electronics and aerospace divisions. their sales jumped 2.1%. she have largely wrapped up the restructurering program from 2023. >> stocks on the move and fashion reviews. you don't miss anything. >> with me, definitely not.

>> kristina partsinevelos, thank you so much. still ahead, it is the moment of truth for united airlines, one of the top s&p 500 movers. we're back on the bell just after this. sector sort is sponsored by --

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stronger bond. >> quick programing note do . quick programming note. do not miss interactive brokers founder and chairman thomas peterffy after the fourth quarter earnings just after the bell. first, netflix, the key metrics to watch, we'ltal ke you right up to earnings in the market zone next. like a distraction-free work environment. -yeah,i'll circle back around. -get those steps in, kevin. your coworkers keeping things confidential. [phone ringing] oh, she's spilling all the tea. ♪♪ or office etiquette. yeah, that's not guaranteed. i know you can see me! you know what at&t guarantees? connectivity you depend on, the deals you want, and the service you deserve. can i get that logo bigger? or we'll make it right. that's the at&t guarantee.

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no application fee if you apply by february 12th at umgc.edu. cook. >> tara. now the closing bell market zone. we're in the closing bell market zone. commentator mike santoli is here to break down the crucial moments of the trading day. plus, a pair of earnings reports, and we are watching united airlines, and julie

boorstin on netflix. you sit up 550 on the dow, pretty good all the way around. >> no doubt. it's pretty solidly across-the-board, stronger below the surface than above. i think what it tells you is we continue to emerge out of this multi-week shakeout. the s&p 500 closed at 6050, we're exactly right there, on december 17th. the day before the fed meeting. that was when we still thought we had strong economy, fed has room to ease, bond yields are tame. you know, all the stuff that we think is the formula for going higher was in place, and then we got tested by higher yields, by changing the fed policy outlook and all the rest of it. so i feel like this rebuild has done what bull markets do, which is it gives you a little bit of a scare, it gets positioning a little more defensive, and then, of course, the overlay of new administration and there's that many fewer reasons, perhaps, to be super concerned. so you give the market a little bit more leash.

i think that tells you the story of where we got here. >> it's been a pretty consistent characteristic of this bull market, in reality, over the last couple of years. a couple of moments of worry, markets self-correct to some degree, and then restarts again. >> no doubt about it. every time we have to test the market and the economy's resilience for a higher threshold of yield, we've done that again. i don't know that anything got settled here. it wasn't like some huge high momentum runoff of a major low. this is much more about the market etting back into gear for the moment. i think you have to be open to the idea we're going to be chasing headlines in both directions. >> back to you in a moment. speaking of headlines, we're going to get some in ot related to earnings. phil lebeau is looking at united. >> scott, the street the expecting big numbers from united given what we saw from delta a couple weeks ago. what do you look for if you're an investor when it comes to the united fourth quarter earnings? how strong was the end of the year? we know it was strong. can they give us some

perspective there. corporate and premium revenue, how much was the growth in those two years. then there's the q1 and 2025 guidance. the magic number to look for as you take a look at shares of united, which are tickling their all-time high, they're at $110, $3 a share is what the street is expecting for the fourth quarter. tomorrow, "squawk on the street," we will have an exclusive interview with united ceo scott kirby, a couple of minutes away we'll tell you how iunited did in the fourth quarter. >> i look forward to your interview. stock was a double last year, so there's a lot to live up to. julia boorstin, netflix has done really well. i know we'll look at a chart while you're telling us what we need to look out for most. >> this is the final quarter that netflix will report its subscriber numbers, as it works to refocus investors on profitability and it builds out its advertising revenue extreme. the company is expected to

nearly double earnings to $4.19 per share, while revenue is projected to grow nearly 5%. the company is projected to add nearly 9 million subscribers in the quarter, but investors will also be looking for an update on netflix's ad-supported active users, which is most recently announced at 70 million. there are other key areas of focus for the earnings call, upcoming price hikes. netflix's strategy around investing and live sports, and the question of whether netflix could be interested in mma. netflix shares are up about 23% since its last earnings and analysts are still largely bullish. 60% from a buy and 33% have a hold. >> we'll see what happens and look out for you then. julia boorstin. back to you, mike. we know tariffs are coming, at least we think based on what we've been told, often. a slower rollout, though, is more palatable to this market, clearly. >> there's no doubt about it.

and slower rollout, have them be a little more conditional as opposed to just sort of acts of aggression. the market wants to hear less about how much revenue can be generated through tariffs because that seems like not the approach that would mean the lowest friction way to do it. so you'll have to navigate. everyone, i think, keeps falling back, though, on this relatively nonspecific but very closely held idea that deregulation in itself can kind of pay for a lot of these things. you know, you want to get a little more detail about exactly what that means. 2017 was a really clean story. you could just do the math on what lower corporate tax rates were going to mean. we have a cushion and it's probably something we might need at this point. of course, also, growth expectations and valuations are also a bit more elevated than we

had four strong day and a broad one for stocks to send it into overtime. and they see earnings right around the corner. >> that's the end of regulation. bark ringing the closing bell at the new york stock exchange. monster beverage doing the honors at the nasdaq. that is the end of regulation. the closing bell at the stock exchange with monster beverage doing the honors at the nasdaq with solid gains on the first trading day of the new trump administration with nearly every sector higher after sitting out this quarter and it's just getting started. welcome to closing bell overtime. >> the after hours earnings season kicking into high gear