>> like i'm talking to my sister, she does all these activations. i was your activation act, brian, who are you rooting for? is it philly? >> oh, yes. >> i'm definitely rooting for the eagles to defeat the mahomes and the kansas city state farms. >> you and jake and state farm. i think there's like a beef there we all need to know about mike. thank you brian. thanks. and that does it for power lunch. closing bell starts right now. >> all right. welcome to closing bell and scott wapner live from post nine here at the new york stock exchange. this make or break hour begins with unsettled stocks with tariffs, inflation. >> and. >> earnings all pushing and pulling the markets today. we'll ask our experts over this final stretch how to. >> navigate all of. >> it. including tom lee. >> he'll be here at post nine momentarily. >> in the meantime, i'll show. >> you the scorecard here with 60 to go in regulation. >> it was late morning. really when that you missed inflation expectations report hit stocks along with more tariff talk from the white house. some other things going on too that we will tell you about. but that's your picture. former fed vice chair rich clarida with us later on

on. >> how all of this might impact. >> the fed's road ahead. amazon you know. >> by now. >> big mover today on its guidance and spending plans down some 4% and more magic from meta. that stock hitting an all time high going for its 15th straight up day. of course we'll track it to the finish. >> as well. >> and uber is surging after. hedge fund manager bill ackman reveals a new position in that name. 30 million shares he says started buying it in january as well. look at that lift. 8.5% highs of the day for uber does take us to our talk of. >> the tape. the markets according to tom. >> tom lee that is fundstrat's. managing partner head of research. he is with me here at post nine. welcome back. good to see. >> you scott. >> i said. so as you miss inflation expectations spiked. you've got more tariff talk from the white house. and then i. >> saw a. >> report too from jake sherman. punchbowl news. $4.7 trillion tax plan is what the republicans are said to be discussing. i thought the market took a little bit of a move lower on that as

well, just given where rates are concerns about the deficit. et cetera. your thoughts on all three? well. >> you. >> know. >> it does seem like a pattern. >> 2025 as. >> markets sort. >> of take a hit on. fridays and maybe. panic monday. so i don't. >> know. >> if that's going. >> to be the case. to me. >> i think the. >> inflation headlines from umesh are they're not. >> great to see. >> but also i think that they they are missed or there's a political component to this because. >> if you break that down. between democrats who see 5%. >> inflation and republicans at zero, the blend. >> is actually. >> pushing this number up. but to me, it's it just gets messy around elections. >> i mean, let's be honest. there are broad concerns about parts of this agenda from this white house. >> including. >> i might add, from the fed, that it could be inflationary when rates are already more elevated than i think the fed would would like to see. they'd like to be able to cut more, but their hands are tied, and one of the reasons their hands are tied

because of tariffs and unknowns about inflation. fair. >> that's fair. >> i'm not sure. the umesh. >> survey. >> reflects their assessment necessarily of the tariffs as much as, let's say, the bond market and. >> the bond market seems. >> less concerned about it because. >> as. >> you know, yields. have backed. >> off from 4.8 to. >> towards 4.5. but you're right. tariffs are reason. >> to be uncertain. >> but so far i. >> think if i looked. >> at how markets reacted i. >> think. >> they've actually taken them in stride. >> i mean your biggest takeaway thus far, you say, is that the market is proving resilient, which i mean, let's be honest too. since the start of this bull market, it's been one heck of a resilient market. it's been able to deal with almost anything thrown in its face. you've had a couple of panic moments monday off of the tariff news last august with the unwind of the carry trade, and then we just continue to set new highs. >> that's right. and i think. >> in 2025, a. >> lot. >> of. investors thought. >> maybe. >> the playbook would. >> change because we. >> just put. >> 22. 20% years behind us. >> but i think with january. >> being up. >> 2.7% and.

>> i think these sell offs being bought, it does feel like the same market that we had. >> last year. what are you worried about? >> well, i'm worried about sentiment becoming too bullish but. >> actually too bullish. >> but it's. >> turned the other way. you know. sentiment actually. has weakened. >> pretty meaningfully. >> and i'd. >> worry about a policy error from the fed. and as you know, the bond market. >> still thinks. >> there's a 20 more. >> than a. >> 20% chance the fed hikes. >> this year. >> i think it would be a obviously a policy error if they raise rates. >> what about a policy error from the white house. >> that's that's also something markets worry about. yes. >> but so far i. >> would say that the news that we've seen on tariffs, they've had more bark. >> than. >> bite, meaning they've. >> proven to be opportunities. >> for investors. >> to buy. >> what would you buy. >> well the big news this week in our minds is the ism moved back above 50. that really. >> does point to earnings dispersion improving. >> so i like industrials. >> you know the financials i mean small caps which have been. >> you know. >> not a great. outperformer

yet. but we still think small caps. >> are going to. >> do well. >> this year. what happens if some of the uncertainty around dc and policy has a more negative impact on not only sentiment, but actual transactions? i saw a stat today that m&a is off to an incredibly slow start this year, when part of the narrative coming into this year was animal spirits. can't tell you how many times i heard that phrase over the last three, four, five months. what if we don't get that? >> i mean. >> it's still. >> too early, right? because we're only one month into the year. the recovery and optimism both in the nfib and even the ism. i do think it would sort of. argue ceo confidence should be better. so i would. >> expect m&a. >> we had all. >> but one of the mega-caps report. we got to wait a couple more weeks for nvidia. what's your takeaway. >> well it's been a good earnings season so far. the mag seven as a group. >> hasn't been great. >> you know. >> in. >> fact they've been. >> a. drag on. >> the s&p. >> this year. so part of it is

it's telling me i think a lot of good news is baked. >> into some of these names and. >> especially with capex going up. but it doesn't mean i don't think they're market performers. >> i just think that outperformance. >> this year comes from. financials small. >> caps industrials. canaccord genuity today on the mag seven. we think it's fair to say this has been the softest quarter for this group collectively in the last few years. is that a meaningful softness that maybe the best times for a while are behind it? >> well, and that's a relative. >> term, right. >> because on an. >> absolute basis. >> these companies. >> are growing far faster than the s&p. but from a, you know, what's priced into the stocks, clearly it wasn't a market surprise. that's why year to date they haven't. >> been great. what about you're paying up. you know in some respects for declining revenue growth especially in key areas like cloud for some of these players where that's an essential part of why you were willing to pay up in the first place that matter? well. >> you know, these are secular stories. so to me. >> the stocks might actually under-react to earnings and they might overreact to earnings over

time. and, you know, they may consolidate for several years. but to. >> me. >> the key drivers for why you want to own the mag seven haven't changed. >> seems like seems like these names have sort of separated themselves from each other. if you look at a chart, for example, of meta, it's been magnificent. it's like the magnificent one, as some are suggesting today, because it's on a 14 day winning streak. hoping to get 15 today. julia boorstin is covering that for us. this run over the last two weeks alone has just been remarkable. >> that's right scott. the stock extending its. >> gains again today. it's higher for. >> the 15th day in a row and is trading at all time highs. meta shares are up 16% in the past month is the best performing of the mag seven stocks. >> of 2025. >> and it's up by more than half. >> over the past 12 months. >> now. >> meta has not. >> had a single. >> negative day since president trump took office. >> just yesterday, we heard ceo. >> mark zuckerberg. was at the white house to discuss how meta. can help. >> advance tech leadership abroad. and there.

>> was another meta headline. >> today. >> the information reporting. and we have confirmed that the performance based. job eliminations impacting 5%. >> of meta. >> employees will. begin on monday. >> those job cuts were first announced. last month. >> scott. >> julia, thank you very much for that. that's julia boorstin back to you, tom. i mean if anything this just shows that the monolith is over, at least for the time being, that they have separated themselves from one another. what do you make of that of that fact. does it matter for overall market performance? >> i think it should be expected. correlations between. stocks have actually fallen to 20 year lows. so i think this is a year of stock picking. so i. wouldn't be surprised for the mag seven to diverge. but i also think that means. investors can find a lot of other names that can outperform. >> this year. all right. >> let's bring in cameron dawson into the conversation now. she of course of new edge wealth here with us at post nine as well. it's nice to see you and have you back. you've been listening to tom. what do you make of what he said. >> so we do think that this

market is very different. >> than last year's market, mostly because of the starting point of where valuations are the starting point of where positioning is. >> and the fact. >> that you were. >> seeing much more dispersion. >> under the. >> surface and different leadership. i think it's important to note that tech has been effectively flat for the last four months. it's been on the road to nowhere, and that you have. >> seen. >> things like financials start to take on greater leadership. but at the end of the day, we do think tech still has to play ball for the market to continuously make new highs, simply because it's such a big part of the index. so there's a lot of shifting sands, a lot of trend under the surface. and at the end of the day, we've also seen fading momentum on the index level, which just says to us this sideways chop could continue at least in the near term. >> let's hit tech first since you went there. i mean, it is worth noting too. it is the only sector over the last one month that is in the red. you really need to continue to get a pickup from these other areas of the market. that's why the market sputtered a little bit, right? tech is flat and you just haven't had enough buy in to get

that next leg. >> and i think the challenge is tech is also the most crowded of the sectors. if you look at those deutsche bank sector flows. tech has been the only sector over the last two years that has had net new money flow in. you've seen a little bit come into financials over the last few months since the election. so it's a good argument or a good question of is this market offsides in the fact that it's not prepared for a leadership rotation away from tech, which could suggest that maybe there's some more pain in that churn miss. >> why equal weight s&p has has ahead of the s&p year to date. yeah. right. because these areas other than you know the mega caps have performed better than those stocks. so what do you make of that. the fact that the tech is the only negative sector over the last month. >> well i. >> think again it sort of speaks to market resilience because tech is the biggest sector. it's down 10%. a lot of folks would say that would take the tape down. and instead we're up 3%. >> for january. >> and you know, if tech.

>> underperforms this. >> year, i'd. >> actually still think it doesn't. >> make a difference. the s&p would still be up more than 10%. >> one of the best stats, i think, for the bulls, you know was towards the argument cam of well, you can't get any more multiple expansion in this market, right. you're at 22 times. you better have earnings growth. that lives up to the hype. and it appears that it is. i mean you're two thirds of the way through earnings season thus far. and we have 15% earnings growth. that is the strongest in three quarters. that was at the high side of expectations. that's where you really need to see the proof in the in the pudding of what's happening in this market. >> and the fourth quarter has shown this dynamic of broadening out, and that is expected to continue in 2025. if you look at consensus, 2025 has that equal weight going from 1% growth last year up to 11%. so there is an implicit broadening out that's already baked into consensus numbers. but watch one thing. yes, fourth quarter earnings came in better than expected.

but we've actually seen slight estimate cuts to 2025 and 2026 numbers over the last two weeks. it's very slight. it's 1%. so it's nothing to say run for the hills. but watch those estimate revisions because we think the most important thing for this market is that 12 month forward earnings estimates continue to rise. that has been the underpinning of this rally for the last two years. so it is a true imperative that you see that 12 month forward continue to climb. >> how do we feel about earnings that stat that i just told you. right. you really do believe that you need earnings to remain at least this strong correct. >> yeah. the ism turning above 50. it's been below 50 for 26 months. the longest stretch since the ism was created. that leads earnings growth by four months. so it's particularly bullish for what i call midcap and smallcap earnings. so i think you're going to get the earnings delivery this year. and it's maybe not just the us you know year. >> to. >> date germany's. >> outperforming significantly. >> i mean europe looks. >> like. >> it's going.

>> to have. >> a great year. so i think that there's plenty of places. >> to find opportunity. you want to talk mid-cap small. cap right. tom's obviously loved small cap. made a big call last year. sort of missed the actual return on it. but the direction was right. it didn't have a terrible year. it just didn't match up to what the other major averages did you like. mid over small. >> we like mid over small. we continue to see small is struggling with a high bar of expectations. look at consensus estimates for 2025 earnings. they're set to grow 32%. in a world where interest rates remain elevated. in a world where growth on a nominal basis potentially slows down. and yes, maybe some some uplift from interest rate sensitive parts of the market or cyclical parts of the market recovering, we're a little bit less optimistic on using ism as an indicator because it has been so flawed in the past, but if we think about small caps, we think the challenge you have is that you could still be in an earnings revision down cycle because estimates are already starting from such a high place. >> you have a number in your

mind, tom, on what level of rates would be a problem? again, i threw out the number. that was one of the reports i saw. 4.7 trillion would be the reconciliation package number for republicans on on tax cuts. we'll see whether that ends up being the real number. but you're going to be in the ballpark. you have to believe, amid concerns about where the deficit already is and having a backup at the long the long end of the curve. once again because of concerns about funding it. >> yeah, i mean, the level that's going to be a concern for markets is the day the bond market loses confidence. so i don't know what that level is. i know investors don't like it near 5%. but i think one of the things that that is helping to contain yields. is the idea that this new. administration is finding ways to pay for spending, but also finding finding ways to save money. so i think doge is actually one way. >> that markets. >> are getting a little more confident about yields, maybe. >> having. >> a ceiling. i mean, they threw out the $2 trillion number at

the very beginning. you don't actually think that's a real number do you. >> well, we'll have to see. i mean i. >> guess. >> we can sort of measure it with every quarterly refunding. but it does sound like they're they're finding ways to save money. i don't know what number they're going to achieve though. >> yeah. the fed where does the fed play in your thinking? a lot of fed speakers are out now because the blackout is over. they're able to give their perspective. and most of it seems to be we're on hold. because we don't know any more than you do about what the impacts of tariffs or a trade war or renewed trade wars is going to be. >> we heard from mester this week, and there seems to be this consternation from the fed that inflation expectations are at risk of becoming unanchored go back to the summer of 2022. why did the fed raise 75 basis points? it's because we got a hot university of michigan consumer inflation expectations number. it ended up getting revised lower. but the point here is that the fed is

concerned that if you see tariffs get pushed through, that it will cause consumers to expect higher inflation. look at egg prices. look at people at costco. you still have this notion of inflation that is still simmering in the consumer psyche. so the fed is concerned about that, which is why they're on hold. but the good news is the job market isn't giving them any reason to say that they need to rush to cut rates. jobs stated today was still strong. you saw the unemployment rate tick down. wage growth actually ticked up. all suggest that the fed can remain on hold. prioritize this. worry about inflation without the risk that the job market is falling off a cliff. >> so cameron makes a good point. tom, what about egg prices literally being an existential threat to this ongoing bull market and bull economy that you have? there's no strategic egg reserve, right? you can't really go and find them somewhere and release all these eggs. and you do have hoarding as as we've seen of people trying to get their hands on eggs. what happens if that

becomes a legitimate issue where people are saving money to pay for eggs and they're not spending it where they otherwise would? you miss suggests that sentiment's deteriorating to some degree, unexpectedly i might add. are we are we downplaying the possible impact of all that? i know people laugh, but i mean, i think it's a legit issue. >> yeah, you never know what becomes burned into, like, sort of people's minds and what like exemplifies where they see inflation. but, you know, i'd say maybe i'll just hold judgment until next week. we get a cpi report. >> people are bracing. >> for that seasonal higher upward bias in that number. but if it's a soft number, i think all this talk about inflation. >> pressures are. >> going. >> to abate. you think it's all about more of what of what you said and what the impact is. if you are a consumer and you're more worried about putting eggs on your table than you are closing your dresser, that's a potential problem. >> well, we've certainly seen some pull forward of demand as

well from tariffs and people trying to say, let me get ahead of price increases. and that speaks to the psychological component of inflation and why the fed does care about inflation expectations. we do think that as the fed is contemplating the risk of higher inflation, as they're thinking about tariffs, the key difference between today and 2018 is that you're starting from a higher inflation level. you're starting after a very scarring inflation period. so they are worried of that pass through happening at a much more rapid pace versus getting absorbed by companies as it did back in 2018. >> i mean there's the reaction in the stock. we're showing you the dow for a reason because i think this is about the lows of the day down 450. you can blame it on whatever you want. the inflation expectations, the tariff talk, which we're going to get some degree of tariffs. it looks like next week reciprocal tariffs at the very minimum. the president has suggested already today. and then of course reports about the reconciliation package, the price of it, these tax cuts and renewing them and what the

impact is going to be on interest rates. guys, it's good to have you. thanks for being here. that's cameron dawson and tom lee to kristina partsinevelos. now for the biggest names moving into this close christina. >> well, citi analysts are downgrading. nike shares to neutral and slashing their price target to $72 after meeting with nike ceo. they say core products like air jordan ones. >> are still. >> struggling, and there aren't enough. >> new. >> products to actually. >> fill in. >> the gap. they're expecting this. turnaround for the company to be pushed out to 2027 at the earliest, which, according to them, is too long. >> to wait. >> at these valuations. that's why shares are down 3.5%, expedia shares hitting an all time high. >> today after posting strong. >> bookings during the. holiday quarter and reinstating its dividend. hsbc and bank of america say this name is a buy, and the stock is up 17% right now. airbnb shares are also up in sympathy, almost up 2%. scott. >> all right, christina, thanks back to you in a bit. we're just getting started here. up next, the former federal reserve vice chair richard clarida, is standing by. we'll find out what

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were startled as you appear to be. >> well i. >> think they. >> would. >> certainly, you know, align one point does not make a line. and so i think there's time to look at additional data. >> but certainly. >> scott, if. >> we. >> were to get. >> a run. >> of these. >> it would. >> be. >> quite concerning, i think to the fed. >> you know, the fed seems to be confused into and i don't mean that in a negative. i mean, i think generally i mean generally on what the impact of prospective tariffs are, are going to be on the economy and how to deal with it. now, i thought it was very interesting. mr. clarida, the commentary from austan goolsbee, the chicago fed president this week, where he talked about learning lessons from the pandemic, about supply side disruptions causing inflation, not just a demand issue. it almost flies in the face, if you will, of conventional economics, the way that all of you were raised to,

to believe more demand creates more inflation, demand gets out of control, inflation goes up. yeah. the pandemic proved otherwise that it was a mostly supply chain disruptive impact on the inflation picture. do you think that that's what they're getting at that they are so mindful now on the impact of cutting off supply chains and what the impact of inflation could be as a result. >> certainly, you know. >> supply shocks can push. >> up inflation. we saw that in the 70s. >> we saw it 2 or 3. >> years ago. >> you know i think with regards to tariffs. >> you know the. >> real question. >> is going to be. are tariffs a bargaining chip for. >> the white. >> house or a battering ram. they're just news. >> today for example. >> that. >> europe may cut. >> tariffs on. >> us cars. >> just to avoid the tariffs. >> that we might put. >> so i think that. >> i think the fed. >> is not confused as it is. it's very uncertain about the details of the policy. but you

are. correct scott. there will be an adverse supply element to higher tariffs, especially because a lot of goods that we import are capital. >> goods and inputs to production. >> i mean, what if they're both they being tariffs, both a bargaining chip and a battering ram. >> well yeah. if it. >> ends. >> up being a battering ram that stays. >> in. >> place for a while, then that will then start to show up in the inflation data and potentially also in, in the. production data for sure. >> i mean, when i tell you that, you know, the republicans, according to reports, are eyeing a $4.7 trillion reconciliation package on tax cuts. what's your reaction to that? >> well. >> i think. >> i've. >> expected that. >> all of the of the. >> trump tax. >> cuts would be extended. the question mark is what will be the payfors on the other side of that. and from what i can tell, you're looking at the news coverage. there's no real consensus among republicans. themselves over how much of this to pay for. so obviously, if

none of it's paid for, then then that puts additional debt in the hands of the treasury market. but again, like with tariffs, i think the details will be important. and it's just too soon to tell. >> i mean, the president himself, though, has suggested that tariffs are going to be the offset. do you do you not believe that they could be. >> well certainly. >> they could. again that that that could be one of the, one of the approaches that congress takes to use some tariff or a lot of tariff revenue to offset the. >> the cost. >> so again, that that's an additional source of uncertainty that you. >> pointed to. >> but i mean, that would suggest i guess is implicit in my, my, my question that they would have to be more permanent than not. well, if you were going to use those as a primary source of trade off. yeah, there's only one way to go. >> i'm i'm not an. >> expert on budget scoring. >> but you're. >> right. >> i think. >> nor am i. >> believe that. >> to be offsetting other elements of the package, that there would have to be some

assumption about them staying in place and thus not being the bargaining chip that. i referred to a moment ago. >> when you're thinking about the number of cuts that the fed can legitimately get to this year. you know, i don't know if your own mind has changed at all, but where are you today on that question? >> well. >> you know, we came into the year with a baseline of two cuts this year, but certainly highlighted that there were scenarios where the fed could be could be on hold. indeed, our reading of both the december and january fed meeting is that chair powell and the committee wanted to buy time, in part to assess and resolve some of the uncertainty that we that we've talked about, you know, coming into the year, i think all but one member of the committee thought that at least one cop would be appropriate. we heard today, for example, from president kashkari making a comment along those lines, but we also heard from. president logan, which i read her remarks

to indicate that she could see scenarios where there aren't cuts at all. so again, i think there will be additional cuts, but that's really going to depend on the flow of data for sure. >> i thought. >> it i thought it was interesting. you know, obviously the president made waves, which he likes to do in his comments to davos, where he said he's going to demand. i think he used the word demand that interest rates move lower. now, the treasury secretary gave an interview this week in which he suggested they're more in tune with watching the ten year yield than they are in lowering interest rates, at least demanding that the fed do something about that. what's your reaction to that? >> you know, i applaud. >> i applaud the. the comments. >> by by secretary bessant because it reflects the reality that most people don't borrow at the very front end of the yield curve. at the federal funds rate, people get 30 year mortgages and they get auto loans and corporates borrow money. and so and so i applauded the focus on the part of the

treasury secretary to that as being, you know, probably the most important interest rate in the economy. and obviously, you know, decisions by the treasury have a lot to do with that. >> richard, i appreciate your time very much. we'll talk soon. >> thank you. >> all right. that's richard clarida up next. investing beyond equities, jefferies wealth management's laurie goodman will tell us where she's seeing opportunity right now. closing bell. >> is. >> coming. >> right back. >> infrastructure makes our economy grow and keeps our communities strong. and now's the time to build band mutual protects municipal bond investments that finance essential projects, providing an added layer of security to improve your portfolio with. guaranteed income that helps investors reach their goals. invest with confidence. build a better portfolio with bam

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the list at cnbc.com. slash inside wealth. >> welcome back. read across the board today moving lower as well here as we head towards the close dow and nasdaq now negative on the week. our next guest looking beyond stocks for opportunity. joining me now jefferies wealth management laurie goodman it's good to have you. hi. thanks so. >> much for. >> having me. also really your your focus, your wheelhouse. you also say stay liquid, which is interesting because people think of alts as not exactly the most liquid place to be. so reconcile that for. >> me. >> that's true. that's true. well. >> there's a range. >> of. liquidity within. >> alts. right? >> so if you're if you're thinking. about the more liquid end of the spectrum, you can talk about hedge funds. there's definitely liquid places in private credit. there's even some relatively liquid places in infrastructure going all the way out on the spectrum. >> to private. >> equity. >> longer duration, private credit, etc. >> what's your favorite area of alts? if you had to pick one, do you have one right now? >> no, i don't. >> i really look at things from a bottom up perspective. we're

trying to find. >> more esoteric strategies and. >> really, i mean. >> the topic. >> of the day you've been talking about is what's going on with tariffs. >> and. >> what's it. >> going. >> to mean. >> for inflation. and there's so much. >> uncertainty out there. and so what we're trying to do is. >> we're trying to find those strategies that are going to be insulated from the from that uncertainty. playing more in niche segments of the market. >> i mean, and you think, well, i guess i would say theoretically, yes. but if i'm going to be investing in private equity, for example, coming into this year, there's so much optimism about deal making and realizations from private equity. yes. but if some of the issue caused by tariffs that upsets the market and then there aren't as many deals as one thought there might be, that could have an impact. >> that's that's exactly right. so actually, i was just looking at. >> a headline before i. >> walked in. >> here. >> and it's saying that deal activity was. >> really depressed. >> in january because of. >> all of. this uncertainty. >> that's exactly right. >> and if you have a lot. of

inflation. >> there's going to be a continued. kicking the can down the road, right? >> 2024 was. >> the third. >> consecutive year of. >> below average distributions. >> what happens. >> is this right. >> it's lbo is. >> is the predominant. >> part of. >> private equity. >> and leverage is like alcohol. >> it makes the good better. >> it makes. >> the bad worse. and so when you have this inflation scares. people don't want to go. >> to market. they want to they. >> want to. >> see inflation. >> and rates. >> come. >> down because they'll get better valuations. >> so it's something. >> we're really looking at. >> with all of that said. >> there are. >> parts of the market that you. >> can play in in. >> private equity where you're less beholden. to what happens. so if there's. areas with secular. >> tailwinds. >> whether it's cybersecurity or ai. >> or biopharma. where you're finding niche managers, managers. >> where the exit path. >> may be m&a. >> as opposed to ipo, those are going to be somewhat insulated from. >> these dynamics. >> they're still. >> they're still going to be

impacted, no doubt. >> i feel like it's two big areas for private equity that, you know, you talk to private equity executives. you hear a lot about data center and private credit obviously. how do you view those areas? >> sure. i mean, for data centers, a lot of. >> it's. >> going to be wait and see with the. ramifications of deep seek and. >> how much energy we're going to need. >> with private credit. >> it's been an interesting space. >> as well, and it's been. >> going through a lot. >> of change. so if you look at what's happened in. >> the market. >> over the last couple of years, a lot of the large asset. managers implemented private credit into. >> their strategy, even if they were traditionally. >> just credit hedge funds. or traditionally buyout shops. >> right. >> and so they're showing you in some ways. >> that they. >> think that the. >> risk reward there is good. if we don't get rates back to zero. at the same time, you have to be careful because the pendulum is swinging and now you have a lot of assets. moving into this space. and so. >> they're going to be competing. >> with each other. >> you're going. >> to see spreads compress. and also banks. if we have the bank

deregulation. >> you're going. >> to see more competition from banks. >> and so it goes. a couple of mondays ago, the deep sea headline, which really caused an earthquake, obviously did that sort of form its own cracks in the way you're thinking about data center? i mean, are you being a little more scrutinizing of that? yeah, we have investment at this point. >> we haven't had we haven't had much data center. >> exposure in what we're offering. >> in alts for our clients. >> but i think it's going to be really interesting. >> to see how all of this plays out. on the one hand, the developments should hopefully lead to greater efficiency. and then and then it can open up a lot. >> of new. >> opportunities in the application space. >> i'd love. >> to. >> just get your view. i know we talked the whole segment about alts, but what about stocks? i mean, what about where the markets are? are you positive on are you are you telling trying to tell a good story to your clients about where you think the equity markets are going? >> yeah, i mean, look, i think we want to i think we want to recommend staying diversified because there's a lot of uncertainty right now. it's hard

to be a ceo when you don't know what tariffs are going to hit, where they're going to hit, when they're going to hit. so diversification is really the best thing you can do to. >> insulate your. >> your portfolio from this uncertainty. >> thanks for being here laurie. it's good to catch up with you. thank you. laurie. goodwin. goodwin. excuse me. from from jefferies. up next, we're heading out to new orleans. as that city, as you know, gears up for the super bowl this weekend. we'll hear from the ceo of caesars about betting on the big game. you think there's going to be a little bit of betting? we'll tell you exactly how much next. >> don't buy another stock before reading this book, because when you see the returns you could be making on options versus stocks, you'll realize that in today's market, buying and holding stocks alone is not an option. the simple, beginner friendly option strategies you'll learn in our new book could take your investing returns to a whole new level, and today we'll give you a copy for free. get your free copy while they last at. it's not.

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>> now we're back. super bowl. >> 59 this weekend in new orleans. our contessa brewer is there and joins us now with the ceo of caesars entertainment, and probably can tell us exactly how much money is going to be bet on this game. >> let's ask him, shall we? scott, nice to see you and nice to see you. tom reed, ceo of caesars entertainment, the only place in town that you can walk in and physically get a sports bet is right here at caesars sportsbook. we're not far from the stadium. how much do you think will be wagered on this game? >> oh, i've seen numbers. >> like. >> you know, a billion and a half plus. i know last year was a little shy of that. i'd expect it to be another record. we'd expect it to be a record for us and the business. >> how much opportunity do you have now to attract new customers or maybe lapsed

customers? because one, you've launched this beautiful property, almost half $1 billion in renovations to rebrand. what was harrah's caesars and then the naming rights to the superdome. and everywhere i look, every time a tv is on, you see that aerial shot with your branding everywhere? how much do you think that lifts your brand recognition? >> yeah, i like that shot. this was a you know, this is the culmination of a five year project that actually started before we closed on the caesars acquisition. and we knew that opening, if we could reach opening at the end of last year, we were ahead of the super bowl coming. and when we launched sports betting in 21, we signed a deal with the saints that was all encompassing, where it just so happened those naming rights had come up at the same time, and we knew the superdome is

host of a lot of huge sporting events. we started with the final four ncaa championship. we've had ncaa football playoff game and now we've got the super bowl. we think it does wonders for our brand, and we do get a lot of people that come and see this, and maybe they've got a dated view of what caesars used to be even in new orleans. and they see this and go back and are impressed with it. so we think it's huge for us. >> who do you want to win? the eagles or the chiefs? >> i want. >> monday to get here so we can get to bears free agency. >> there you have it. thank you for being a generous host today and letting us barge into the sports book. it's been a lot of fun. tom reid, thank you. >> great to see you. >> captaincy earnings are coming up next. it's like not saying too much because you know quiet period and all of that scott. >> well they. >> got the biggest free agent coach that was on the market. so he's got to feel pretty good

about that. but i hear him on free agency. i'm waiting for that for my own team. contessa. thank you, mr. reid. thanks to you as well okay. all right. still ahead. shares of beauty stocks are sinking in today's session. we'll talk about what's driving that next. >> you make. >> good choices. >> always planning ahead. like to not just chase a. >> career. >> but one day. follow your. >> heart. >> with ambition like. >> that. >> you need someone who elevates advice to a craft. >> at ubs. >> we match your vision with insight and expertise to shape a unique outcome. >> for you. >> advice is our craft. >> do you have. >> an old, outdated bath or shower? >> but you're. >> afraid of. >> the cost and the hassle. >> of a lengthy remodel? maybe you're having. >> trouble stepping over a high bathtub and just feel unsafe. whatever your reason, your

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wish i'd invested when i had the chance... to the moon! unbelievable. stop waiting. start investing. e*trade ® from morgan stanley. >> all right. we're now in. >> the closing bell market zone. cnbc senior markets commentator mike santoli here to break down these crucial moments of the trading day. plus courtney reagan on beauty stocks taking a hit this week. and steve kovach on the rally in take two shares. we'll get to all that in a minute. mike you first. we're ending with a whimper. we are. we're going to look ahead to some inflation data next week. and who knows what else. but we have to be on the mend on the mind for tariff headlines. >> yeah it's fascinating week. so the low is you know one hour into trading on monday when we got a little bit of relief on

what we versus what we expected on the tariff front. you have a basically a 3% rally going into this morning. bumped 6100 on the s&p again. we did that the first two months ago. have not been able to really close above it, but a couple of times. so that sort of acting as a little bit of a ceiling. and that was right before you were talking about it. the inflation expectations number plus this idea of reciprocal tariffs, i think everybody knows these are not the massive swing factors for whether it's going to be a decent economy a good year. but in the moment they do just pinch on tactical risk appetites pretty consistently. we'll see if that pattern changes at all. i do see some apprehension on fridays in the last few weeks. so, you know, it just seems an eventful, noisy news environment that the market, while holding up fine, has had a hard time getting comfortable. >> with it. well, because you brace for something over the weekend that you have like last weekend where you come in monday morning and you're, you know, the market acts shell shocked. >> yeah. which is fascinating because what happened last week

was you had this buildup of anxiety into the open on monday, and it almost just crystallized all at that one moment. and he got through it. so, you know, not to say it's always going to be downside pressure. i do think given that you have amazon down 4% today, you have actually a lot of relatively nasty responses to some earnings reports and some work on that that the company is missing or getting punished more than usual in aggregate. we're going to move the chains and it looks like it'll it'll be okay. but you know, definitely a little bit of a delicate balance that this market is perched on. >> all right kurt tell us. >> about beauty stocks taking a hit. >> yeah. >> pretty ugly year. >> for the beauty. >> groups here today. >> so elf beauty. >> is really pulling down the entire sector in a big way. >> it's on pace. >> elf, at least for its worst week since august. >> of 2018. >> ulta beauty that. >> of course. >> sells elf. >> beauty products, among others. also on pace for its worst week since august. >> competitor coty. >> worst week since august as well. >> estee lauder worst since october. so the low priced, often viral. >> beauty brand. is cutting.

>> its guidance. >> it's actually. >> pretty rare. it's had a really. >> strong sort. >> of trend. >> here for sales and otherwise, but also missed on profit. >> it called out seeing a. >> slowdown in its sales in. january and. >> the ceo. >> tauranga men. >> isn't really. >> worried about. >> bigger issues at elf beauty specifically, even. though he. admitted that recent. >> product launches kind. >> of failed to perform as well as past offerings. instead, he points to external. factors from. >> the slowdown. >> in the beauty. >> category overall, after a huge growth rate and slowdown. >> in. >> social commentary around beauty last month, with tiktok users. >> for instance. >> focusing more on a possible. >> ban of that social media. platform and. >> also focusing on things like la wildfires probably felt more appropriate than putting up beauty tutorials. makes sense if that is what happened, why you're seeing the broader. >> industry get pulled down. if it's more than. just an elf. >> beauty issue, but definitely. >> something to take note of. >> all right, court, thank you very much for that. courtney reagan, steve kovac, to you, many investors doing a double take at take two. you see what i did there? i got i got two

today. i'm glad you're quick. you're quick i appreciate it. >> let me tell you 15%. yeah. let me tell you what's going on here scott. so last night they reiterated their guidance and the fact that grand theft auto six, the next in that big franchise is going to launch this fall. not a huge surprise there, but it was enough to send shares soaring, especially. >> following pain. >> from so many other gaming companies this earnings season. the big one, of course, was electronic arts back in january. they revised their guidance lower after football club that's their soccer game franchise failed to meet expectations. in the december quarter, they had another game called dragon age valgard that didn't sell well either. and then you had that roblox guidance disappointing in their earnings yesterday, not to mention bloomberg reporting it's part of an active sec investigation. unclear what that one's about. the company is not responding to requests for comment. and then you had microsoft. their gaming revenue was down 7% and gaming hardware revenue down 29%. that, by the way, includes activision, the big company they bought for $69 billion makes all that capex

spending look kind of silly right now. all those regulatory headaches and so forth they went through. was it worth it? >> and in the. >> meantime, we had bloomberg reported last year that take-two competitors are really just waiting to see what they do with gta six, including waiting for them to announce a specific date before launching their own games. the entire industry. scott, you have wrapped around grand theft auto six likely going to be the most valuable or most huge, biggest revenue entertainment property in the history. scott. >> good stuff steve. thank you, steve kovach. you heard the two minute warning shares of uber guys, if you could for me please. bill ackman announcing today on x that he's taking a new position 30 million shares $2.2 billion. started buying it in january. what do you make of that. >> it's interesting. first of all, i felt as if uber had really become kind of a consensus favorite last year, especially kind of a hedge fund name. everyone thought the platform was finally at a point of really kicking off lots of sustainable free cash flow. one thing you could make of it is

clearly, bill ackman doesn't believe that it should be going down every time elon musk says robotaxi, which had been going on with uber, which is crazy, that they were considered to be that vulnerable in the near term. that said, 30 million shares or 30.3 million shares since early january. i went back and looked he's been like 5% of the volume in the stock since that point. presumably, he's now got a full position because he's now talking about it. so it's almost like the buying is good. it's a vote of confidence, but it doesn't necessarily mean from here on out, you know, it's going to have a lot of legs in terms of more incremental demand for the stock. but it is, you know, kind of interesting, by the way, in the dow transports. and one of the reasons that i think a lot of the dow transports have been hanging in there better than some other cyclical parts of the market. >> meta going to be 15 in a row today because it looks like it's going to go green. i mean finished green i should. >> say yes. >> and that's an all time high. >> you know. >> it was cheap enough. it was in the right spots. and now it's just its momentum. i'm just shocked that palantir is down.

you know, a third of a percent after going up 34% week to date. that's the other one in that bucket. >> all right. >> great mike thank you very much. that was a great weekend everybody as well. we'll see you on the other. side i'll send it into. >> overtime now with morgan. >> well that's the end of regulation. millrose properties ringing the closing. >> bell at the new york stock exchange. suit up. doing the honors at the nasdaq. >> new inflation tariff fears. >> fueling a sell off. >> inflation data, i should say a. >> sell off. >> for the week. >> that's a. scorecard on wall street, but the action. >> is. >> just getting started. welcome to closing bell overtime i'm morgan brennan john fort is off today. well the dow falling for a second straight day. the s&p 500 and the nasdaq both snapping three. >> week winning. >> streaks after a higher than expected jump in wage growth. weak consumer confidence data and president trump promising reciprocal tariffs on some. >> countries as.