direction but not all the tech world for shoe. >> it's financial services also. >> fair to say. we want san francisco to win. >> of course. a new mayor. i feel we need a final stock ticker from there or something. >> you asked the question. what else do you want to look at? >> companies in financial services to buy. morgan stanley, blackstone. things like that. companies do well other than the top ten. doesn't mean you can't own them. >> thanks. "closing bell" starts now. and welcome to "closing bell." i'm scott wapner live from post nine at the new york stock exchange. a big day from big tech. a.i. trade taking center stage again. certainly helping the nasdaq today outperform other major averages. fueling the s&p 500 today. heading towards a new record close. watching that closely over this final stretch. 6090 the old one. above it now. see what we do over the last

59 1/2 minutes, and russell 2000 down one half percent. not participating. netflix, big wenner after its blowout earnings. hitting a new record high. take us to our "talk of the tape." ask experts where stocks are likely to go. with us, our panel. cnbc contributors. welcome. s&p 500 this year. 10%. i guess take that. why just that? >> look, valuation is a pressure point. right? valuations are not an end-all, be-all but difficult to get a lot of multiple expansion out of this market going forward. doesn't mean multiples need to collapse necessarily. i have a hard time making math

work too much better than 6600 and frankly a little lower. looking purely at valuation model. i can get to those kinds of numbers. higher on other models but valuation is a problem. >> what do you think, adam? a day jamie dimon says are the market i think asset prices inflateded by any measure. >> he did that say 30%, 50% ago? right? >> talking hurricanes things like that. >> saying. all right, all wrong but his stock a monster. >> a little sour. >> more relevant today than said then? we have, look at the market multiple where at, what, 22 times forward on s&p. ten year average 18.3. >> as usual. sensible. history dictates call valuations. hard to rate out multiple expansion. less juice than a year ago. you don't have the fed in front of you. closer to the end of that. we'll see. don't have as much maybe in the

form of fiscal stimulus from the u.s. with excess spending's china seems less juicy. two bullish things out there. one is m&a. you saw in december and you've seen this month a lot of announcements on deals. every lawyer i know in bankruptcy is busy. could create valuation in person parts of the market that could prop up some lower valuations. and, two, is the a.i. stuff. what i mean by that is not just whatever these headline numbers are, what they mean, translate to corporates not necessarily the same thing. proof cases on productivity endings frond. the reason we know the market won't collapse, we're not paying for '25 earnings or even '26. continuing to get productive fi. today's valuation is high but don't know, can debate, is it expensive on '28 and '29

earnings? how much ininventory. >> what do you think? better than expected growth in terms of gdp. good jobs, employment, wages okay. adam mentioned productivity. helping inflation. same time, if any of the trump policies work the way we think they will you'll have lower commodity costs maybe on the energy side, of course. drill baby drill. better growth. a little less inflation. maybe it stays firm but that's okay. that leads to better than expected earnings. earnings now running 11% growth year over year. people aren't talking about, scott, we talked about this on "the half," margins and hargons expansions is underappreciated. you could see record margins this year, a., because of restructurings and productivity and pricing power companies have been getting more lean and more efficient. so you add it all up. i think given a year i didn't

think we'd see 15% earnings growth. a good shot we will. you don't need multiple expansion with earnings going higher. >> exactly where i was going to go as you were talking, because you need earnings growth. >> yes. >> to be that good. do you not? already have a full multiple. how much more expansion can you possibly get on the market multiple? real question is, can you get to your 15% if not more? >> 100% you're going to get it in technology. no question in my mind about that a.i. cyber. talked about the trends and themes. i think also seeing financials. we talk about the earnings growth and surprises from 17 of the big banks over the last week and a half. growing 26% year over year in financials. i think that you're going to see better than expected results in consumer discretionary. especially the services side. i think about the market overall and so far this year have been

surprised with the broadening out. tech and comp services running 2 to 3%. 3 to 4% after today. energy up 8%. to me broadening out continues because you'll see better earnings growth from other sector as well. >> can you get that kind of earnings growth we'll need? >> about 12% earnings growth baked in our numbers. a little less than consensus by a few bucks. not a ton. stepny has stephanie brings up a good point. since july consensus numbers for margins coming down. potential to turn around, could give additional juice. a big debate on mag seven-ish type names versus everything else. we joke seeing underwhelming examples of a.i. productivity gains's doesn't mean not coming

but haven't come yet. that's where the opportunity is. >> i want to expand on that margin thing, because both of the time you were bullish over the last 18 months or whatever was built on the idea of margins talked about it all the time on this program. >> yep. >> what tempered your bullishness at least a little was the idea margins had to come in. >> we think they're going up but don't know if the factor will matter as much. i agree with steph. record margins. factor, rank all stocks 1 through 500. long ones margins go up most. 1 through 1in had. short the ones not, 401 through 500 and see if you made money. the last months made more money than at any time in the last 20 years. it's worked. it's mattered. nerve worked more since the unwind of the tech bubble. also i notice contemporaneously, revenue acceleration wasn't working. i didn't get paid a ton.

thinking this year maybe down to like i need the top line to follow through. of course it's correlated to riding the coming pricing ower to work. shifting a little to i need to believe revenue acceleration is there to have more faith the margins, gross margins will be there. not uncorrelated points. i think the market's going to say i've been a little more optimistic about growth. what i believe happened here the last few months. i need to see by the second half of the year evidence of accelerating growth. not just 25 earnings paying for. paying for 25 earnings and believing higher in '26. >> gdp growth and margin expansion you get operator leverage and paid for. you mentioned. to me -- >> short stocks gross margin going up. >> interesting. you always come armed with baskets of stocks, sectors, long and short ideas. you just talked about one of the reasons why there's a good reason to be bullish is animal spirit dealmaking. >> yeah.

>> short ideas of private equity. aren't they in the short ideas, kkr, blackstone? is is that you? >> no. >> not you? under your notes. that's not you? >> something got -- i wondered why i was confused. >> that's fine. we like those business es. >> you do? >> yeah. we don't like the businesses where we don't think they're benefit from banking and we don't think they'll benefit from transactions. i think talking about, i think got switched. i don't know what happened. also -- >> reading off the notes i was -- >> i didn't make those notes. >> from you. from you -- neither here nor there. not a big deal here's the quality of what i have right here. >> exactly. first time that's ever happened to us. in our appearances together. i don't know what happened.

we like the company's benefiting from transactions. we say, hey, i'm with steph. like financials only the ones that benefit. don't like regional banks as much. they don't benefit as much from dealmaking. large cap, long alts and more negative -- >> large versus small? steph talked about broadening. largely been large. >> right. >> large stocks over say the russell and small. principally because where rates are. >> look. i have a hard time getting totally onboard with broadening trade. in my year ahead outlook like every other strategist give an edge to the broadening trade. since then i have come to understand a very, very consensus trade. small caps specifically as part of that we hurt them by dialing down this fed dovishness. right? my rate strategist thinks fed cutting cycle is done. others say one may two more camp. regardless, it's coming in and

massive underpinning support for that trade. it's nice to see energy doing well. that sector waited quite some time. financials as well. we like it on the value side. a little more skeptical of industrials because how expensive they are. tell you, scott, small cap i push back hard against chasing them. more neutral. we'll get opportunity but crowded expensive and just taken away the fed peller of support there. >> i don't see you, much as you like the broadening trade you don't like small caps, really, do you? >> not really my space. i am large cap predominantly. mid-cap, too. transparency not as good for small caps. more volatile. i just prefer the liquidity, again, also large caps and transparency very important to me. look, you can see a broadening in large caps. my point. right? in other sectors. >> d.c. industrials at a new h. >> stellar. >> health care names doing

better. energy names are being picked over now as well. >> yeah. you can buy some of the winning groups like financials like industrials. powerful themes. certainly want to have some tech as well, but you do want to look at some of the laggards. i've added to health care. underweight, owned one name in health care all of last year. slowly adding, building out, unh position. love eli lilly. so much controversy there and glp-1, early innings. you want a barbar. things that worked, pullbacks, buy those and buy down and outers. >> last point? >> i like the mag seven and think small caps are a lot -- small caps a lot different from stocks 8 through 500. i'd sea inauguration didn't see ceos 8 through 500 sitting as close as the vice president. i think you don't want to bet against the big seven stocks having good earnings.

own market weight that group at least. pick elsewhere. don't be negative on those companies in this environment. >> seen for fruits of that in the last 24 hours. thank you all. stephanie link will stick around. we want to get more information about that announcement at the white house yesterday, which did send oracle shares higher and everything else in the space also. kate rooney is following that along with new reporting how it came together including the very complex personalities involved in all of that. kate? >> reporter: yes. we have more reporting wloon led up to that white house a.i. announcement. told by a source president trump had the a lengthy conversation phone conversation with openai ceo sam altman friday focused i'm told on potential altman walking through it what the technology was capable of and infrastructure plan laid out yesterday. source said it was productive and described it as amicable.

this before trump publicly called altman the leading expert on a.i. the white house yesterday. told the openai team first met with the trump team in vegas in june. altman has gotten increasingly close to larry ellison. long-time trump supporter and founder of oracle plus open has supports of softbanks, masayoshi, and invested roughly $2 billion in openai. those ties, altman, helped his standing with the trump team and helping offset some beef altman has with another close trump ally, elon musk. there have been questions how altman would survive in the current administration. with that in mind. plus also suing openai over its nonprofit status. he was co-founder of openai. they declined to comment on this one. back to you. >> the beef seems alive and well. right? >> yeah. happening as we speak. >> the announcement put on x

yesterday by openai. about the whole partnership. to which elon musk responded "they don't actually have the money." then said softbank has well under $10 million secured. good authority. sam altman replied, "wrong you surely know. want to visit the first site already underway? great for the country. what is great for country isn't always optimal for your companies in your new role i hope you'll put america mostly first." the beef isn't getting better, doesn't seem? >> reporter: alive and well. y pointed out. likely signals more confidence by altman. replying directly to musk. times musk goes out on twitter, x, he's silent. said at certain times long formal interviews altman said musk is a bully. punched back at certain times.

timing, the fact he just 24 hours ago was on a podium next to donald trump robably instills more confidence in elon musk say do what's best for the country not your company. that is a strong tweet, response, from sam altman. you're right this battle is far from over. not only in the courts but seeing it play out on social media. >> and mr. tman called leading expert in a.i. everything going on, might make you feel that way. kate rooney. many wonder what the announcement means for microsoft and its relationship with openai? steve kovach has in a story. >> the microsoft side headline that it's no longer the exclusive cloud partner for openai. that's been the case since it started investing in penai in 2019.

it happens on azure cloud servers. by the way, a part of the growth we've seen in the azure cloud business particularly the a.i. segment of azure cloud comes from openai. now microsoft has what they're calling the right of first refusal. literally don't have the capacity, cloud capacity, to do everything that openai wants to do and keep up with that enormous growth they're seeing. why we saw the stargate announcements yesterday and openai partnering with oracle. it has done that before. saw it last summer. announced taking some of the cloud business from microsoft, take the load off and do it on oracle. also opens up the idea that maybe other hyche scale cloud companies can also get in on openai. not all bad news for microsoft, though. again, still going to be using openai on azure for a lot of critical stuff and most of the agreement intact that includes exclusive access to openai

technology before anyone else gets their hands on it. got a clip from nadella on with andrew on "squawk box" this morning. what is staying the same and why it still benefits microsoft. take a listen. >> look, i think the partnership with openai to us is a critical partnership. we love it. it's working. it's created a lot of value for us. and we plan to just continue forward with it. it's true that on azure, particularly, there are other models. other source models we have our small and continue to have that. customers end of the day will demand choice. that's fine. we'll support it. having the leading model on azure es good. >> this is the first step of an equitable breakup between the partnership. not that it will totally go away. the deal's intact until 20830 and they can extend from there.

it shows the cozy relationship the two companies have and increasingly becoming competitors with each other, starting to open up a little bit at the same time. by the way, microsoft still heavily reliant on openai to do everything it wants to do on the consumer-facing front of artificial intelligence including sulaimon hired last year as ceo of a.i. microsoft. heavily relying on the technology to do what they want to do and get that engine running as well. >> one founder of deepmind, sulaimon. important to note. the market doesn't seem to be worried in any way, shape or form about microsoft. stock's up near 4%. showed me and it was down? i would get it. maybe concern over the future of that relationship. not to them nomplts doubt growth isn't there. there will be growth and there will be growth in the azure business for microsoft spurred by openai.

we'll see it next week when microsoft reports earnings wednesday. they'll tell us what percentage of that azure growth comes from artificial intelligence. go ahead and assume a lot of that is coming from openai. again, the relationship isn't going away but starting to crack just a little bit right now as many had expected. >> only thing i wanted to talk to you about, talking about these stocks that are up a bunch. apple is now in danger of falling. couldn't believe this. danger of falling below microsoft in market cap. eclipsed by nvidia yesterday. microsoft putting that in danger as well . worse month since december '22. sour note today. bearish from barclays underweight. >> and cut their price target by a buck i think. not a huge call but again seeing this pile-on from analysts just picking out this dreary data they steam to ignore last month when the stock was just hitting

all-time high after all-time high. barclays is saying is similar to what i was on your program talking to you about yesterday. concern december quarter iphone sales won't look great. concern iphone 16 builds have been cut back for this current quarter we're into the march quarter and guidance might look crumbier than people expected. also just looking forward to what will happen with mac. expecting good stuff from mac and services is still the bright spot. got to talk about that, too. expected to continue its double-dump it percentage growth, picking up the slack. the real question going into it, i think, not just what the iphone business looks like but the top-line revenue growth will it hold up? period of apple several quarters could not get top-line revenue growth. mostly back to that even with struggling iphone sales and narrative of apple intelligence not driving it. >> good stuff. steve, thanks.

steve kovach. steph link is back with us once again. talk about a.i. infrastructure first? off the heels of the announcement yesterday at the white house? a lot of winners. microsoft winner in long term. infrastructure, underappreciated. talk two yearsing a eaton and ge vernova. and it's important total addressable market for a.i. is $350 billion today going to $650 billion by 2029. doesn't include stargate. i think there's a lot of growth and you can play it through he technology names. >> playing it through the names you talked about? >> i do. >> vernova? >> one thing about data center. 11,800 data centers around the world. u.s. has 5,400 centers going to 10,000. you can play it through and amazon, number one hyche scaler

in data centers. play it through broadcom and pure plays, or through names i mentioned. 1.8 trillion dollars of mega projects are expected throughout the world, according to eaton. only 16% have been started. so that's why i want to own tech but i also want to own the infrastru infrastructureplays. underappreciated. >> amazing. stocks that have done so well on the heels of his announcement. apple notwithstanding. positive by one quarter percent. bunch of downgrades. not a lot of positive sentiment going sgoo into the number. stock again. you used to own and sold last year. >> so out of favor in the last couple weeks on top of the stock up 6% in december alone. up 37% since the spring. when i was adding to it and sold it in the fall. probably too early, of course. i think right now a lot of bad news is priced in.

i don't think the iphone 16 is the supercycle but over 200 million users, user base. install base. powerful. just not there yet because, scott, still trading 30 times forward. i bought it in the spring got as low as 26 times forward. love to get it back there. on my ray car screen but not going away. >> thanks for sticking around. stephanie link. coming up next, just getting started. wells fargo's chris harvey is breaking out his market playbook for the new administration. sectors he is betting on after the break. he'll tell us. we're like at the knock stock exchange you're watching "closing bell." a new record close, on track. ruri never thought she would live out her dream.

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>> we're back with the s&p 500,

pacing for a new record close as . we're back. s&p 500, not all areas of the market a winner in trump 2.0 according to our next guest. chris harvey with me at post nine. welcome back. >> thank you. >> not everything's going to win. a lot of optimistic. going to probably have a new record close on the s&p. you don't like energy. let's start there. okay? what happened to drill, baby, drill? talking about it all the time. declared a national energy emergency? >> more optimism, drill, baby, drill is not necessarily good for stocks. a couple years ago you recall all about growthing, growth, growth. didn't work out so well from multiples or for earnings. then religion. profitability. that worked out pretty well. not seeing this as drill, baby, drill as a positive. the other thing just because you say that doesn't mean it happens. >> good point you make.

a point that cramer made yesterday morning i discussed yesterday as well. saying that the president with all due respect can say drill, baby, drill all you want but companies sort of changed strategy on their businesses. >> that's right. >> where they don't want to drill that much. >> correct. >> return more cash to shareholders because they've seen what it's done to share prices? >> exactly right. what we think about is, we would turn more positive on energy if we thought global growth were stronger, inflation was going higher's that macro picture is really positive. look at china, europe, things aren't where they need to be. we also think that inflation is not accelerating. more or less flat lined. isn't great for commodity or isn't great for the energy companies. >> you don't like tech hardware either. is that apple? what are you talking about with tech hardware? apple is part of tech hardware. we don't like it because you pay

premium valuation but not getting premium fundamentals. stocks are beginning to roll over. in a momentum market it's not what you want to see. we think nty scope for down side. that rollover is really important. as a result, we want to stay away. a lot better risk/rewards in the marketplace than paying up for just okay fundamentals. >> such as what? where are the opportunities? >> the opportunities are still in the communications space. you saw what netflix did yesterday, last night. right? we still think that's the quintessential sector here. good valuation. positive momentum. improving fundamentals. stocks continue to work for two almost three years. valuation is trading at a discounted market. >> meta is in there. >> meta, google, netflix. you have some cable companies as well. a handful of others. >> everybody now seems to be all

bulled up about the banks? >> yes. >> for obvious reasons. one sector that folks think is going to do well under trump 2.0 it's banks. more animal spirits, shackles off, blah, blah, blah. what don't we know? stocks have already done pretty well? one of the things is people are very positive on the banks, but not positioned that way. they're not, a lot of people are not overweight banks. saying, well, maybe a pullback. not sure. valuation versus the last ten years not so great. the other thing is, regulation hasn't changed. we've just turned the calendar. getting new people at the s.e.c., the ftc. the enforcement hasn't changed. heared more about m&a but that's just beginning's haven't seen the ipos or associated training. the e will go higher we think.

in addition to that the multiple hasn't expanded enough. you've had 15 years of upward regulatory presh perp not resolved in three, six months. >> overall view for the stock market this year? a target yet? >> we do. >> i'm serious. didn't mean to make a joke. >> seven 007. >> that's right. forgot about that. seven 00. triple o wasn't dw enough? >> no. wasn't good enough. >> what's going to get us there? exactly what we're seeing. right? people are worried about, oh, tariffs this, tariffs that, trump this, trump that'slook at the fundamentals. the fundamentals are pretty damn good. right? in addition to that you have an economy that i think is better than expected. you have credit spreads still very tight. you have the cost of capital beginning to come down and not exceptionally high to begin with and m&a is just beginning to kick up. throw that altogether, and you can see the s&p go higher just

following growth and growth rates without much, if any, multiple expansion. >> leave if there. up next, back with us, where ed yardeni sees small caps from here. might be surprised. we'll ta thi nt.lko m,ex we've been navigating change for 125 years, always looking forward, anticipating risks and trusted to manage over $1 trillion in assets worldwide. solving for the needs of investors today and tomorrow. investors today and tomorrow. that's the power of >>andre: university of maryland global campus believes in its students and what they can offer the world. you get credit for experience. i didn't have to start at the bottom. i had life experience and i had actual job experience

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where are interest going from here? our next guest is tempted to get more bullish on that trade. bring in ed yardeni. good to have you back. >> thank you. >> why are you trying to fall in love with the small caps here? >> well, because i've been out of love with them quite some time and they have actually done reasonably well. i think this market is broadening out. i think we've got a roaring 2020s kind of bull market here, and valuations are stretched on the larger caps and mid caps look more interesting. mid caps more than small capping in terms of fundamentals. seeing better earning performance and expectations in the s&p 400 whereas s&p 600 still has, fundamentals aren't that exciting. look, it's what people are excited about buying stocks. you see money going in all areas, and i think they will catch up some. >> glad you clarified it a little.

more nuanced. on top of the program, a guest can't get behind them. too expensive. not enough growth. to your points fundamentals don't match when these stocks are trading now? a lot of m&a activity. i think a lot of large capless continue to pick some of the best of the breed and small cap and mid cap area and i think banks and technology stocks in those areas may very well benefit from an m&a mina, which i think is still ahead of us now that we have a new administration got getting in the way with antitrust measures of a lot of m&a activity. >> feels to me overall, ed, like you're trying to get more bullish on this market? it's not just through the small and mid caps. it's that you're raising estimates for enings growth which you're going to need, really, given where valuations are. correct? >> well, scott, i've been bullish all along in terms of

where it's going. i still think it's going to 7,000 by end of the year. had $285 a share for s&p 500 for this year for quite some time, and that's probably the highest on the street in terms of what the s&p 500 can accomplish, and thinking maybe that number's conservative or maybe i'll raise it because so far looks like the fourth quarter of 2024 is coming in better than expected. analysts expected 8%. now expecting 9% year over year increase. i expected 9. now expecting 12%. i did think there might be a pullback maybe even a correction back in december. i thought it might occur. we did have a bit of a pullback down about 4%. through january 10th. last week was quite an amazing week, because all concerns about the bond market 5% melted away. fed official saying maybe they

will cut by more than two times. maybe three to four times. inflation came in better than expected and now with the inauguration, trump did not raise tariffs from day one and that was a bit of a relief suggesting that tariffs will be used for negotiates purposes. >> could start soon enough. day one doesn't tell the whole story. i think the president himself made that point. now, to your point. jamie dimon's message -- >> jump in, let me just say a fool be situation. trump said 60% on china now 10%. we got to be flexible in terms what we're hearing coming out of washington. >> what he said and does, learned our lesson about that. >> yes. >> i got that. >> okay. >> jamie dimon writes in terms of tariffs, get over it. right? i guess we'll deal with it. >> we'll deal with it.

>> and it's not going to derail, though the prospects of this market? >> i think this market's going to continue to be driven by earnings and i think we are seeing productivity improving, continue to improve. doing it for quite some time. back to norm's productivity growth. i think we'll see it possibly doubled, 4% by end of the decades. i still think looking at a roaring 2020s scenario with technology boosting productivity in turn means record profit margins and i think s&p 500 earnings up to $400 a share by 2029. i think earnings are kind of the, let the force be with you and certainly what we're seeing with earnings. >> all right. we'll see. ed, thanks. talk to you soon. up next, kristina partsinevelos is standing by. >> from auto to health care

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partsinevelos. >> wall street growing cautious. barclays price target of $11. rising chinese competition and potential trump tariffs heading into 2025, 3.5%. johnson and johnson beat estimations thanks to strong cancer sales. not loving the forecast reflecting negative impact of a strong u.s. dollar and that's sending shares down about 2% lower at the moment, scott. >> kristina, thank you. still ahead, what's driving travelers. higher today. that stock leads the dow. we are back after this break. sector spider etfs. visit us on the web at sector spiders.com.

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we are now in the "closing bell" market zone. cnbc seen yore markets commentator mike santoli. and two big dow index. seema mody. mike, begin with you. maybe the bad breath of the stock market biting us at the close? >> shows fatigue. why? because since last monday's low the s&p 500 was up 5.5%. average stock did better. five days of super trong graphs following a couple weeks of really bad. the market is sloshing around aggressively. time and even beginning of trading this morning, majority of stocks were pulling back. noting also the volatility index at benign levels at 15.

firmed up. in other words, nobody's betting this return to the s&p 500 high means we're gist going to keep clicking in an orderly way higher to record highs. headline sensitive. the way the markets behaved, if you say that, no across the board, punitive tariffs a bit of a bid this week. it tells you investors in aggregate prefer the policy set and the economy in the earnings picture we have. you don't really have to do a lot and i think right now it explains why the market is here. maybe why it feels like sudden moves or harsh rhetoric is the kind of thing at least on a quick basis would cause an air in the pocket. >> back to you in a second. contessa brewers, what's up with travelers? >> popping on fourth quarter earnings swept away expectations. $9.15 versus the street's $6.63.

record profits fueled by growth in all three business segments. investment full year up 20% largest portfolio ever. wildfires top of mine. damage in l.a. county material to these first quarter earnings. it would not get more specific. warning analysts publicly posted market share numbers basically list travelers as having 4% market share in california. they're outdated and don't reflect efforts to reduce exposure to wildfire risk in the state. as for the overall outlook. the ceo said the business booking love pricing, stability of the marketplace and the way they're keeping customers loyal. seems like all things steady as she goes. we'll see, scott, whether that pays off for them. after all there's so much consumer sentiment against the higher prices in insurance. you have to wonder whether that's going to pressure regulators into rate crackdowns. >> no doubt. thank you very much for that.

contessa brewer. procter & gamble, seema? move into the consumer staples space a lift from feminine care brands including charmin, fs and's tampax. >> seeing reacceleration of top-line growth, volume and sales. particularly biggest markets north america and europe. north america up 4% on sales and that was on the volume growth of 3% europe, growth 4%. growth across the board nine of ten categories growing sales, building share. >> also telling cnbc he saw notable improvement in china. organic sales down just 3%. that compares to the 15% decline they saw last quarter. he says p & gmplt continuing t

invest in china. divertifying away from the company. interesting. >> seema mody. mike, back to you. see how we settle out. a few points below the record close for the s&p. we have to watch for white house-driven market trading, and then get to maybe cap earnings next week. really what the market will be waiting for, i think. >> yes. in terms of filling in a lot of blanks, in terms whether i think full year 2025 numbers look like they have any upside or need trimmed. a big sway in it. the market index level inherently is so hard to handicap in terms of leadership. could the market over the next few weeks decide to play 33 times earnings for microsoft, apple and nvidia instead of 31 where they are now? sure. market enthusiastic, maybe from earnings reports, or not.

this is the time investors want to be able to turn their attention to companies, and we'll see if they're allowed that privilege. >> apple's going to have what's on pace for its worst month in some two and a half year es. nice if one of the large effort, still second largest cap stock in the market can get its act together. >> goes in streaks because it had such a run into, just about the end of 2024. again, not on very much changing. i do think we're paying for that to some degree right here. one thing i'm looking for is every morning is a drumbeat analysis of apple. a soft quarter. demand's not really there. you want to see the stock stop responding and not trade so heavily. maybe today is a little start of that up half percent even if underperforming the rest of the nasdaq. conspicuous and why often said it's not a bellwether.

yacht ultimately matches up. >> maybe nvidia is the bellwether. who knows? microsoft stock up. and we'll see as we settle out if we are in fact bringing in a closing high on the s&p. doesn't that bell marks the end of regulation. council of institutional investors doing the honors at the sdaq. we will see where the record settles after a pop for tech and communication services let by netflix and ai services. >> another big afternoon of earnings. reports ahead. we will bring u