really being hurt badly by all of the fraud, waste and abuse. yeah. >> he's meeting with the ceo or. meeting with a representative of your government. >> well, he's meeting with me in a little while, so i'm going to ask him that question. all right. i'll ask him that question. yeah. >> i what should we expect? so you mentioned obviously steel and. >> aluminum and pharmaceuticals. >> what do you think about that? >> i think autos are coming soon. i think they're all coming more or less at the same time. and it's not going to be a big shock to the system. but what it's going to do is it's going to bring pharmaceuticals back to our country. much more important than the money. it's a lot of money, but it's going to bring pharmaceuticals back to our country. it's going to bring chips back to our country. it's going to bring automobile. we're going to do a lot more automobile manufacturing in our country. you know, when i did this, when i announced this during the campaign, they were going to build the largest car plant in the world in mexico was almost under construction. it was just starting. and when they

heard me make that statement and they thought i was going to win the election, actually, it was a few months before the election itself. china was. building the car plant. it was going to be the largest in the world. they immediately stopped construction. you can see the foundations there. they immediately stopped when they heard i was doing this. that would have destroyed detroit. it would have destroyed michigan. this plant would have taken up more than almost the whole state built. and it would have it would have been very destructive when they heard me speak and they said, wow, if he gets in, we're going to we're going to lose our shirt. so they stopped building. that's the impact that tariffs have. again, you know, i say it and i say it loudly. it's the most beautiful word. but now i say religion love and a couple of other things are more beautiful because i got a lot of

problems with the fake news when they said, oh, other things are more important, god is more important. but these are the words. but i would say it's number 4 or 5. to me it's the most beautiful. and i'll tell you what i think really. reciprocal tariffs those two words reciprocal or reciprocal makes tariffs really fair. >> to me. >> no exemptions. right. it would be all auto imports. >> any exemptions. no because you don't need to with reciprocal. you don't need to. >> mr. president mr. president. >> gavin clegg. >> arrived at prs. for you. >> do you have any update. on the tiktok negotiations. >> yeah, we have a lot of people. sure. well, i have 90 days from about two weeks ago. right. and i'm sure it can be extended, but let's see, i don't think you'll need to. we have a lot of people interested in tick tock, and i hope to be able to make a deal. i think it would be good. you know, people have learned it's very popular, and we'll have to probably get approval from china to do it. but we have a lot of people that are interested and a lot of people, i think china will be interested because it's to their benefit too. so i look forward to that. but we have a lot of

people that are interested in tick tock. quite a few. >> mr. president, i. >> those workers arrived today. gavin clapper and others arrive today at the irs. do you expect to close the irs or what do you expect? >> no, i don't expect it. but but i think i think that the internal revenue service will be looked at like everybody else. just about everybody is going to be looked at. so it's they're doing a hell of a job. it's an amazing job they're doing. and you know, that force is building these i call it the force of super geniuses. but it's building. and, you know, they go up and they talk to some of the people about certain deals, and the people get all tongue tied. they can't talk because these people get it. they're very smart people. we need smart people. >> yes. >> brian on tariffs, sir. >> brian. >> yes, sir. mr. president, i know that during the campaign it was huge in pennsylvania as far as bringing back manufacturing. we talked to any ceos since the tariffs were announced and steel and aluminum. what's the feedback from those? >> they are in love with it. as

you know in pennsylvania u.s. steel is through the roof. they're all through the roof. that's why i didn't want u.s. steel to make a deal with japan or anybody else. i think it's going to do great, but i think maybe more than anybody else, the steel companies and aluminum companies, they're in love with what's happened. and this will eventually be the car companies and chip companies. we have to have chips made in this country right now. we everything is made in taiwan, practically almost all of it, a little bit in south korea. but everything, almost all of it is made in taiwan and we want it to be made. we want those companies to come to our country. in all due respect, you know, they took they took the business away. taiwan took our chip business away. we had intel, we had these great companies that did so well, and it was taken from us. and we want that business back. we want it back in the united states. and if they don't bring it back, we're not going to be very happy. >> and you mentioned. >> tariffs. >> pharmaceuticals. >> pharmaceuticals as. well in china. that's national security

to bring that back. >> china and other places. we want to get the pharmaceutical and drug business back into the united states where it should be. right, sir. >> on on tariffs. are you concerned that the countries that would be most affected, like india, would just shift their trading to china? >> no, i'm not concerned about anything really. i mean, i'm just i'm just doing what's fair. this is a very fair thing. this should have been done a long time ago. i would have done it. but then covid hit. i was getting ready to do this years ago, and first time we had the most successful economy in history. and then covid hit and i was this was going to be the thing that i was most waiting to do. but it was awfully hard to do this with italy and france and spain and these all those people were dying. and then we put tariffs on. i think i have a i have a big heart. >> on ukraine when putin says that he really wants peace. do you believe him? >> yeah, i do. i believe he wants peace. i believe that president putin, when i spoke to him yesterday, i mean, i know

him very well. yeah, i think he wants peace. i think he would tell me if he didn't. i think i'd like to see peace. >> do you trust president? >> i believe that, yeah. i believe that he would like to see something happen. i trust him on this subject. i think he'd like to see something happen. i think it should have happened a long time ago. i think biden number one, it shouldn't have started. but it did. and now all those cities are knocked down like demolition sites. all those beautiful golden towers are knocked down. there's nothing going to replace them. but much more importantly, you lost millions of people, a lot of soldiers, but you lost millions of people when they knocked down those cities, and they're all laying down on the side. they're lying down just in ashes and all crumbled up concrete. they literally look like a world class demolition site. and many of them, almost all of them, but many of them. and this should have been done by biden years ago. this should

have never been allowed to happen. i know he's a friend of yours. >> putin just withdrawal. >> he's a friend of cnn. that's why nobody watches cnn anymore, because they have no, no credibility. okay. who else? yes, please. >> you can find a buyer in the united states for tiktok. do you think xi jinping will authorize the sale of it, or. >> i'm going to make it worthwhile for china to do it? i think so, i mean, i got to know tiktok because during the election, i ended up with 36% higher than my opponent with youth. okay. that never happened before. i mean, you know, that's always been a democrat thing. youth. it became a trump thing. and i think tiktok, i think joe rogan was a part of it. some of the great people that i did interviews with were a part of it. but i think that tick tock, tick tock was a i think it was a big part. look, as you know, we were up by 36% with youth. the republican was never up with youth, and i focused on tiktok and i found it to be amazing, actually, and very fair. and i think the image of tiktok is

different than it was before the election. i think people saw it and they view it as a positive, not a negative. i think it will be to china's advantage to have the deal be made. yeah. >> how much money. >> do you think you'll raise from. >> tariffs on an annual basis? >> that's the most interesting question. i think it will be a staggering amount. it will be the external i call it the external revenue service. that was the name that was devised by a few of us. but it's i think it's going to be a staggering amount. >> it is. >> the number 1. >> trillion floated in meetings with senators. is that a number you thought of? >> i don't know, but already the senate is saying, well, wait a minute. you know, they're looking at some of the numbers and they're saying, whoa, this is look, we want to i say america first. i say make america great again. that's what we're doing. this is i think it's the most important thing i've signed. i've signed some very important things. right. to try was so important. i mean, a lot of important things. space

force, the biggest tax cuts in history. this could be one of the most important things that we've ever signed. >> do you think the russians and president putin to attend the summit in saudi arabia? >> eventually, yeah, not quite yet. it's a little early. they're having a meeting in munich tomorrow. russia is going to be there with our people. ukraine is also invited, by the way. not sure exactly who's going to be there from any country, but high level people from russia, from ukraine and from the united states. it's going to. >> be russia. back to the. >> g7, sir. >> i'd love to have them back. i think it was a mistake to throw them out. look, it's not a question of liking russia or not liking russia. it was the g8. and, you know, i said, what are you doing, you guys? all you're talking about is russia. and you, they should be sitting at the table. i think putin would love to be back. obama and a couple of other people made a mistake and they got russia out. it's very possible that if that was the g8, you wouldn't have

had the problem with ukraine. and if i was president, you definitely wouldn't have had the problem with ukraine. russia would have never attacked ukraine. but but you ask a very good question. the g8 used to be the g8, and then these people threw them out, and i was arguing with trudeau and with with numerous of the people. actually, prime minister abe, a great man from japan, agreed with me 100%, and some of the others did too. but i got there. it was a g7, as you know. they they had already been terminated. i think it would have been very helpful, and it still would be helpful to have russia be a part of that mix. and i think if they were, i don't think you would have had the problem that you have right now. >> russia is. >> part of the g20. >> they kicked them out, of course, because they illegally annexed crimea. i mean, how would you have responded if russia invaded or. >> took over. >> took crimea during obama 2014? they took, they took. now they're looking to take the

whole thing. then they took a big chunk of land and people, as you know, during bush, and now they're trying to take the whole thing during biden. you know, the only one that didn't give him anything is trump. they never took anything with trump. nothing, not two inches of property, of land. but they had crimea was obama. and then bush gave him a lot, if you remember. and then, in fact, it's a sort of a standard little phrase. and biden is giving them everything because this is a war that shouldn't have been had. and the only one that didn't give them anything is trump. it's just the way it. >> is wall street about these tariffs. there's been some nervousness on wall street about the impact. >> i mean, there hasn't been very much. and i think it's going to make the united states stronger. and in many ways it could make other countries stronger too. you know, other countries want to have a strong united states. they want to have a strong america. and i think it's going to make us very, very strong, much stronger. and we

have a lot of work we're doing on the military, our military already, i've authorized some contracts to be built that are very substantial, building the greatest equipment in the world. we have the greatest military equipment in the world. we're building it. at some point when things settle down, i'm going to meet with china, and i'm going to meet with russia in particular, those two. and i'm going to say there's no reason for us to be spending almost $1 trillion on military. there's no reason for you to be spending $400 billion. china is going to be at 400 billion. we're at a trillion. we're going to be at close to a trillion. and i'm going to say, we can settle this so we can spend this on other things. we don't have to spend this on military because and i'm going to be meeting with china. you know, we were trying to de-escalate nuclear, and i was in a position where russia had agreed and china had agreed we were going to start, and then we had a rigged election. so that never took place. but this one was too big to rig. we won by so much that it was too big to rig.

>> in the united states. or would you travel to china for that? >> for what? >> for china meeting. would you do that? >> i tell people all the time, you know, the question is, who's going to have the first meeting? where are you going to go? i say this to putin, to president xi. i say to everybody never bothered me. you know, i'm willing to say i'll go first. it doesn't matter. it's the end result that counts. so it doesn't make any difference. >> do you want to have a conversation. >> about global defense spending? you. >> china? >> i'd like to have that. as soon as things settle down, i'm going to have that conference primarily with china and russia, because those are the two that that really are out there, and we're going to have them spend a lot less money, and we're going to spend a lot less money, and i know they're going to do it. they agreed to it. we were talking about nuking, denuclearize, denuke. and president putin and i agreed that we were going to do it in a very big way. there's no reason for us to be building brand new nuclear weapons. we already have so many. you could destroy the

world 50 times, over 100 times over. and here we are building new nuclear weapons and they're building nuclear weapons, and china is building nuclear weapons, and china is trying to catch up because, you know, they're they're very substantially behind. but within 5 or 6 years, they'll be even. and we're all spending a lot of money that we could be spending on other things that are actually, hopefully, much more productive. hopefully they'll never be a time when we need those weapons. if there's ever a time when we need nuclear weapons, like the kind of weapons that we're building and that russia has, and that china has to a lesser extent, but will have, that's going to be a very sad day. that's going to be probably oblivion. >> a separate conversation. or do you see one giant summit with you, xi jinping and vladimir putin? >> yeah, i could see that. i let things calm down a little bit. you know, when i left, we had no middle east problem. we had no russia going into ukraine. they never would have done it. putin never would have done it. and i

came back and we got like, the whole world is blowing up. so when we straighten it all out, then i want to have one of the first meetings i want to have is with president xi of china, president putin of russia. and i want to say, let's cut our military budget in half and we can do that. and i think we and i think we'll be able to do it. >> identifies wasteful spending in the defense department, defense contractors and the like. are you willing to go after that spending as well? that's been. >> go we have to go waste fraud and abuse. yeah. and we're doing that. >> i'm just wondering about your conversations on defense spending. would you want to do that as a trilateral, or would you use the existing body that also already includes china and russia, the g20? >> i know it's the people. it's president putin. president xi, i don't need bodies. i don't need anything. it's people. it's all about people. it's about relationship and people. and, you know, i've had a good relationship with president putin. i've had a good relationship with president xi. it's about people. and i think

when things straighten out, which i hope will be in the not too distant future, the meeting i want to have first is a meeting with china and a meeting with russia on slowing down, stopping and reducing nuclear weapons in particular, and also on not having to spend the kind of money we're all spending on weapons, military weapons generally. >> i think my question is, would you have those meetings separately with each of those leaders, or would you try to bring them all together? >> you start off separately. and that's what was happening. i was dealing with president putin. we had really an understanding where we were going to denuclearize. what a beautiful term that is, right? denuclearize. what a great thing. if we could do that. and we were going to he he really liked the idea and so did i. and we had then called china. and china was very open to it. and then covid hit and then we had a rigged election. but now there

was no rigged election. now we have a an election that was too big to rig. that's what my whole thing was too big to rig. and they tried, but they didn't pull it off. >> as part of the reciprocal tariffs. would you also direct agencies to study the impact they would have on prices in the us? >> no, there's nothing to study. there's nothing to study. it's going to go well, you know, the united states is going to become a very, very strong economic economically country. yeah. >> mr. president, in the past you have spoken against brics india as part of brics. do you want to dismantle brics or you want to you want to be partial? >> i don't care, but brics is was put there for a bad purpose. and most of those people don't want it. they don't even want to talk about it. now. they're afraid to talk about it because i told them if they want to play games with the dollar, then they're going to be hit with a 100% tariff the day they mention that they want to do it. and they will come back and say, we beg you, we beg you not to do this. brics is dead. since i mentioned that brics died the

minute i mentioned that, and i know i remember when obama and biden in particular, i guess he said that they have us over a barrel, they don't have us over a barrel, we have them over a barrel. if brics wants to play games, those countries won't trade with us, we won't trade with them. and if any trading gets through, it will be 100% tariff, at least. >> on. >> your cabinet. >> you know what? when they hear that, what do you think they're going to do? they're going to say, look what happened to brics. they don't even want to talk about it. they don't they don't even want to admit that they were a member of brics. that's what's happened. >> in your cabinet, sir. we saw robert f kennedy junior get confirmed. he's in a come in here and be sworn in. mitch mcconnell has now voted against several of your nominees. he voted against rfk jr as the next health secretary, citing conspiracy theories. what's your reaction to that? >> well, i feel sorry for mitch, and i was one of the people that said he couldn't. he wanted to go to the end and he wanted to stay leader. he wasn't he's not

equipped mentally. he wasn't equipped ten years ago, mentally, in my opinion, he let the republican party go to hell. if i didn't come along, the republican party wouldn't even exist right now. mitch mcconnell never really had it. he had an ability to raise money because of his position as leader, which anybody could do. you could do it even. and that's saying a lot. but the fact is that he raised money and he gave a lot of money to senators. and so he had a little loyalty based on the fact that as leader, you can raise a lot of money. senators would call me and they say he wants to give me 20, 25 million. can i take it? i'd say take the money, take the money. but he so he engendered a certain amount of i don't even call it loyalty. you know, he's able to get votes. but i was the one that got him to drop out of the leadership position. so he can't love me. but he's not voting against bobby. he's voting against me. but that's all right. he endorsed me. you know, mitch, do you know that mitch endorsed me? right. well, do you think that was easy? >> what? >> he had polio, obviously.

>> and i don't know. >> i don't know anything about. he had polio. he had polio. >> are you. >> doubting that he had polio? >> i have no idea if he had polio. all i can tell you about him is that he shouldn't have been leader. he knows that he voted against bobby. he votes against almost everything. now he's a, you know, very bitter guy. and we have a very strong party and he's almost not even really a very powerful member. i'd say he's not a power. he's lost his power and it's affected his vote. and you know, it's one of those things. but in the meantime, bobby did great, got more votes than anybody thought. and i think he's going to do phenomenally, just phenomenally in that position. and everybody else likewise did well, not only well, they got more votes than anybody thought. tulsi, look at how she did. she did great. marco got 99 votes. how about that? and marco got marco got 99 votes. and marco, by the way, i

have to tell you, marco rubio has done a fantastic job. he's been a great secretary of state. they're all doing great. but we're going to have a swearing in today and maybe we're going to have a second one, because i hear we have a couple of them coming up, and the man behind me is doing a fantastic job. secretary of commerce. and i think you're going to see something very big come from from today's signing. there's going to be a very important signing. okay. >> can i ask. >> very quickly? you said. >> you'd meet. >> with the head of. >> that company, and the. >> japanese company. >> is going to be here, and a lot of a lot of the steel companies are coming. i think steel companies, they love what's happening to them. we say that if i didn't do the tariffs from my first term, you wouldn't have one steel company here, you wouldn't have one steel. there wouldn't be a steel company alive in the united states. and right now they're going to be thriving. they're doing very well, but they're going to be thriving. they're going to be coming out. people are going to want to buy those steel companies like crazy. >> are you still planning to

mediate talks between nippon steel and us steel? >> yeah, i don't know. i think us steel right now has all the power. the tariffs have given us steel a new lease on life. okay. thank you all very much. thank you, thank. >> you, thank you. >> all right. welcome to closing bell i'm scott wapner here at the new york stock exchange. that of course the president that was taped playback of president trump announcing reciprocal tariffs on u.s. trading partners. they charge us a tax or tariff and we charge them. that's what the president had to say. could be additional ones as well, said president trump. importantly, and the reason why the market is probably acting the way it is and is actually higher now than it was when all of this began, is because these tariffs, these reciprocal tariffs will not go into effect right away. there will be a study, howard lutnick, the proposed commerce secretary, saying that that study should be done by april the 1st. so we're watching all of that. eamon javers was in the room at the white house. he joins us now.

frankly, eamon, at times it felt like you had a chair pulled up to the resolute desk because i heard numerous questions from you obviously about tariffs, but a number of other topics as well. what can you tell us? >> yeah. look, the president for an hour there took our questions and just a small group of reporters gathered around the desk. we were standing not in chairs, but yeah, i mean, he top of the head, no notes, any topic. we wanted to fire a question at him. he was happy to take them. a couple of interesting nuggets to me. one is i asked him about elon musk and his role in this government, because there's this question of conflict of interest with elon musk. elon walked across the street from the white house today to go over to blair house, where prime minister narendra modi of india is staying in advance of his meeting here this afternoon. musk had a meeting with modi, earlier ceo to head of state, and i asked the president when elon musk, given his role here, now has a meeting with narendra modi. is he having that meeting as the ceo of tesla, or is he having that

meeting as a representative of the american government? and that gets to this, you know, conflict of interest question about what musk's role is exactly in this white house and in this world, frankly, and what the president said there was, you know, he's representing his company when modi comes to meet with me, that's when he's meeting with the us government. but i followed up and asked, you know, how does modi know that when they sit there for that meeting, whether this is a person who represents the government or represents tesla, and it just gets to that murky relationship and the murky role that elon musk has here, and how all that's going to be sussed out. one quick item for you, scott, just as that was happening, even more news. reuters is now reporting that the trump administration is going to want to renegotiate some of the deals under the chips act, that biden era law that pushed out all of that money on semiconductors. they don't like the fact, according to reuters, that a number of companies took the money and then expanded their operations in china. they want to renegotiate some of those deals. so that's something else to watch for. you heard the president there in the oval office saying that he feels that

taiwan took the chips business from the us. he's very focused on making sure those chips come back to the us. scott. >> hey, man, i appreciate it. well done. eamon javers at the white house here bringing us the very latest as we heard about those long talked about and now formally announced at least there will be a study. but the plan is to put on those reciprocal tariffs on our trading partners. let's bring in dubravko lakos, head of global market strategy at jp morgan. he's with us here. as you see at post nine. is that your takeaway as well? yes, a lot of tariff talk. nothing really implemented today. and that's why the stock market looks the way it does. >> yeah i think you. >> summarize it very well. i think there's a lot of. >> repositioning that's. >> taken place around tariffs. >> and around the. >> uncertainty there. so i think a lot of books are have been sort of hedged, especially when you look at the long short side. when you look. >> at the. >> momentum factor. people are hiding in a lot of these call it high quality names. so i do think that there's a bit of a coiled spring in the market, not the market overall, but

especially a lot of these call it laggards and value segments of the market that i think could start to work quite well. if we start to see that the situation on the tariff side is not going to be perhaps as bad as feared. >> what happens if, though we have a more pronounced trade war of sorts? you know, they come back with the report. secretary lutnick gets confirmed as commerce secretary, gets the report on the president's desk by april 1st. he implements them shortly thereafter. then it spurs a whole bunch of responses from our trading partners around the world. >> volatility. i think you're just going to get increased in volatility. and i. >> think. >> that's going to. >> be a, you know. >> a challenge for risky assets. and probably in that environment, market is going to have a hard time squeezing higher. and if anything you could see some pullbacks. but again i think the bigger question still remains on on the economy and the fundamental side, the demand side, which from everything we're seeing remains a pretty robust picture. >> i mean, we're pretty resilient, wouldn't you say. and the reason being i would think, is because earnings are delivering to a degree that some may have doubted they would. and

you could make the argument that they really had to deliver. and that trumps everything else right now. >> so i think earnings and i think. >> there is still room for. >> earnings to surprise to the upside. >> even from here. >> from here, i think because you're seeing still a very strong nominal growth environment. and i think the terminal growth rate for the us generally, if anything, has been squeezing higher. and for as long as the fed doesn't spoil the party and start moving to some form of hiking process, for which i think that's a pretty high bar for the fed to get there. you have this sort of period of call it reflation, which i think bodes well for stocks and for earnings, and a fed that still remains relatively you know, you know not not constraining the environment. liquidity remains ample. availability on the credit side still remains quite ample. and you know. >> pretty amazing i mean we're only nine points or so on the s&p from a new closing high. would would you have thought that that would be the case if we're, you know, talking about tariffs every day? you had a

couple of hot reads on inflation. you know the fed is backed way off its plan of cutting numerous times this year. that doesn't seem like it's likely at all. and here we are on the doorstep of yet another closing high. >> yeah i would have thought that maybe there would have been a bit more of a pullback that you've seen more than just like a34 percent pullback. but i don't think that so far that really changes the big picture. we do have a price target of 65, which i would say is lower versus the street to some extent reflecting the fact that we could enter a period of uncertainty tied to tariffs. so yeah, we've been in a period of digestion i think right now. and given the shift not just so not given the uncertainty on the tariff side, but also given the shift in expectations around the fed. yes, the market has been pretty darn resilient. >> so only 6500 is where you think it is that your your base case is 65. >> that's a base case. i think it's really hard to sort of come out with forecasts a year out. that's just the reality. there are so many unknowns and so many sort of second or third order effects that are hard to sort of

forecast. so we're we're going to stay open minded. and if situation gets better, we're definitely going to look to revise higher. if it gets worse, we'll do the opposite. but we think 6500 is a good place to be. >> what are the biggest stories of the year thus far as you have? every sector right now, of course, is green on the s&p year to date, everything is now green. but you know, things like tech have dramatically underperformed. you have pretty good performance spread out throughout almost every sector. what does that tell you about how you want to play this market now in the months ahead. >> so for me in the months ahead, i still see pretty elevated crowding in the momentum factor and the momentum stocks. so to me, the thing to really think hard about are the are the laggards and the potential for broadening out. i believe we talked about this a number of weeks ago when i was here. and in the meantime, yes, we had to digest volatility and some news. but i still think that's the key narrative. and i think that's something that could very well be tied to an opening up on the capital markets side and deal activity, because again, the momentum

trade that we're seeing in the us has been highly correlated to the size effect big over small and to the quality effect, high quality, lower quality. >> i've been doing a lot lately on the momentum trade as a factor. it is remarkable. i mean, we're talking about a lot of widely held large cap stocks. your firm included is on this list of, you know, the goldman's, the jpm's broad sectors as well. do you think that continues? why have those worked so well, do you think? >> i think it's just where people are hiding. and i think those are the easier ones where you see some stronger. there's greater earnings visibility. some of them are participating or benefiting from these so-called secular tailwinds. if tariffs were to go higher, if rates were to go higher, a lot of these names, i don't think they're going to get affected that in a meaningful way. and that's where people are basically hiding. and on the flip side, they're basically shorting or shedding. a lot of these call it more sensitive vulnerable names to either tariffs or to interest rates. >> what sort of risk do you think is there around interest

rates? i mean, what do. you expect the fed's going to do? one. >> so our house call is still for two cuts. we think that even the prints that we just received recently didn't really change the picture much on the pc front, which is really what the fed cares about. and we're we're calling for the next cut to be in june. and between now and june, it's a lot of time, but you still. >> think you can get two cuts and you still would be at 6500. seems reasonable to you even in an environment where you get two cuts. >> yes. i think for as long as the fed remains in pause or some form of easing, given the strong nominal growth environment, i think the market can continue to do well. the reason why i would sort of say why you could get two cuts is i think people are many people are basically talking about ten year breaking out five, five and a half, some even sort of floating the idea of six. but we forget about the fact that we're seeing changes on the immigration side. immigration has been a huge boost also to us growth over the prior years, and also what's happening on the on the government side in terms of some of these cuts, you know, freeze on the hiring side, all of these

things to me suggest that perhaps this really, really hot economy expectation may end up turning into something that's more of a normalized economy. >> what do i want to do? lastly, before i let you go with big, big tech, which has, you know, not performed all that well other than meta, which is just this runaway freight train, it's going for 19 in a row. that's the longest streak that any of these, you know, nasdaq 100 stocks has ever done. well, what about these as a group? momentary pause. is it just a matter of time before people go back in to these names? >> i think it's very hard to short this complex, not in the current environment and in an environment where actually things like antitrust is only going to get easier and not tougher, i would really be focusing more on the other 490 in the s&p, so not the big ten, but the other 490. that's where i think there is a lot more value opportunity. >> but even if rates remain a little elevated and tariffs you know, just create uncertainty. doesn't that hurt a large part of this market away from the mag

seven? >> no, i think it does. but i think a lot of that is priced in. so that's where i think you're seeing this pretty wide spread in terms of how the big, big are trading versus the less big. >> good having you here on a very important day and fast moving one to dubravko. thanks. thank you for having me. jp morgan. up next, value investor bill miller the fourth is back with us. he'll break down where he's finding the best opportunities today. of course we're talking crypto as well just after the break. >> shaking the bond report is brought to you by pimco, a brought to you by pimco, a global check in time is 3:00 it's 2:55. i know. is this what he's doing now? as your host, i have some rules.

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still a big believer and a big investor. bill miller, the fourth, is cio and portfolio manager of miller value partners. welcome back. it's good to see you. >> awesome. thanks for having. >> me scott. >> why the cool down do you think of late in bitcoin 96? a little over 96 is where it currently stands 96 k. >> well. >> it's tough to call every 10%. >> twist and. >> turn in a new technology like this, scott, but it seems to. >> me like. >> traders and people that are more focused on short term outlooks. >> may be looking at doge and. >> saying, well, they may be actually. >> eliminating some. >> of this profligate government spending, which is bad for something that effectively will be the. >> check and. >> balance on that. but when you actually dig into the math on doge, and i think reality is

eventually going to get in the way here, and that if you just look at the us aid situation, right, 60 billion, let's. >> say all. >> of. >> that goes away. well, that's only 1/30 of the deficit. so you got to do that 29 more times. they're not going to be able to cut all of that. and then when you actually look into what can be cut there's a real. >> limit to it. so i. >> think in the short term bitcoin is bumping up against some of that outlook perspective. but in the long term it's inevitable. >> i see a bunch of headlines regarding tariffs and bitcoin asking the question, should you stay away from crypto because of tariffs? what do you make of that? and is that any of the reason for the recent weakness. >> well, tariffs at the end of the day are inflationary. it's hard for me again to say what every twist and turn means. but again, we look at it from a value investor's perspective. and so there's really two elements to the investment thesis here. one is the conceptual valuation framework i mentioned before. it's probably the new. monopoly or will

eventually get to that level as a check and balance against profligate government spending. and so gold has historically served that role. bitcoin is going to serve that role in a much better way as it's automated, it's more transparent, it's transportable and more secure and has a much more. clear supply protocol. so from a conceptual valuation perspective, gold's valuation is 20 trillion. bitcoin is at 2 trillion. so that would imply a fundamental intrinsic value of about $1 million of bitcoin today. then second there's a game theory aspect to it, scott, which is, you know at a $2 billion market cap today, it's approaching 1% of the global basket for financial assets. and so if you don't own any bitcoin today as an allocator you're now effectively short the best performing asset for the better part of the past two decades. and then the other game theory way to think about it is the us monetary policy makers have an explicit goal to devalue

everything you own that's priced in dollars by 2 to 3% a year. so why wouldn't you take 2 to 3% of everything you own and stick it in a system entirely outside of the fiat system? and i think that's why a lot of companies are doing it. >> you know, if you look at the global. >> landscape today in public markets, a lot of companies are converging on a bitcoin standard. there are now 70 companies. >> on publicly. >> traded exchanges around the globe that hold bitcoin on their balance sheets. everyone knows strategy and some of these other companies that are much larger. but we have things like tesla out there holding bitcoin. there's mercado libre. alliance resource partners is a coal company, so there are people adopting bitcoin treasury strategies more and more every single year. and as other companies see companies do this and outperform they're going to want some bitcoin. >> so. >> there's only a certain number available. >> so 2 to 3% maybe is worthwhile. you say what jumps out to me too is the 0% that you have in the mag seven. you don't own any of them. >> no. you look at their

spending plans. they just announced $300 billion of capex plans. collectively over the next year. so part of the investment thesis for a lot of people buying these names is, well, they have effectively a massive marginal free cash flow margin on all their additional revenues, which is going to flow to their bottom line. well, maybe not if they're going to need to invest all this money in other stuff. and if you look at the valuation of small and mid and value names relative to the overall market, we're looking at a historic opportunity, i think, for a lot of small and mid-cap names. >> your largest, well, your second largest holding in your etf is crocs, which is interesting to me. >> why take. >> a look. >> at this. >> two of my favorite things all rolled into one. we love crocs. and you know what's interesting about it? even though it's up 25% today, it's still a pretty cheap stock. so it trades at a 14% free cash flow yield. this is a company that's been on public exchanges for 20, 20 years now. and it's been derided as a fad since day one. but the

management team has been relentlessly focused on execution, and that's all they keep doing. so again, at a 14% free cash flow yield, this thing is a staple. i mean, it generates cash flow pretty much every single quarter. they just re-up their stock repurchase authorization. i personally believe that crocs is worth much closer to its all time high of 180 than it is at its current price of 110. >> well, i was going to say i mean, even with this kind of move today, you're you're staying long. >> love it. yeah, absolutely. >> bill, i appreciate your time. i got to run. i had some breaking news, as you know, at the top of our hour today from the white house, i appreciate you. we'll have you back sometime soon. i'm sure that's bill miller the fourth. joining us up next, top strategist, ryan detrick. he is here to tell us why he's bracing for some volatility over the next few weeks. tell you why next. >> i find it challenging to come up with a gift that's really impactful but something that really makes a difference. joe lee has been a tremendous gift. it's something that has not only looks beautiful, but makes us

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>> see kind of a banana peel. >> if you will. >> now you don't blindly scott, invest just on seasonals and seasonality. but i think it's. >> really. >> important with all this news that we're having, we've had big down days on fridays and mondays. everybody's worried about what might happen over the weekend. i know president trump just talked. obviously we're bouncing now. we know that can change in a hurry. so i think what i'd feel more comfortable with if we start. >> to see more. >> strength on fridays. but the reality again, just be open to the idea. the next couple of weeks might be more consolidation, a little choppy. perfectly normal. it's important to know that. >> do you think a tariff related pullback is inevitable? >> yes. i guess the short answer. you know. we're going to continue to get the headlines. we're going to continue to get the worry that's out there. i know i'm sure on your network earlier today people talked about that a sentiment poll, the highest level since right after that 10% correction late 23 before that regional bank crisis, before that, the end of the bear market in 22. so investors are very, very worried right now when you look at that. but the flip side, scott, i look at then i look at put the call ratios. there's some actually

some calm and maybe too much optimism there. so it's like this barbell. everybody's kind of confused. the reality though we probably see more volatility i mean to think last comment on this. to think this year was the only year without bad news, without bad days, without probably a 10% peak to trough correction. we think it makes sense. i'm still bullish, but only two years say we're in a bull market. surprises happen to the upside in a bull market. just prepare for more volatility. and honestly, the first half of a post-election year, that's usually when you get it. >> i mean you're still expecting a big year, maybe not quite as good as what was delivered in 23 and 24, but 12 to 15% upside from here is your call. >> yeah, that's exactly right. i mean, we started the year 12 to 15% total return, kind of like some. of your previous guests before i came on. we think that broadening out is going to happen. i know everyone's saying one cut. you know from the fed we think it's more like 2 or 3 because we do expect inflation to improve. i mean, what we just see last week we saw hundreds of thousands of jobs just evaporate in essence. but gdp has been revised higher. what's that. tell us stronger productivity. go look it up everyone. in years

of strong productivity, you tend to have higher upside economic surprises and strong stock markets. we still think you know this this bull market is alive and well. but small mid industrials financials those are the areas that probably do a little bit better when all is said and done. >> well i mean you better hope you get a good february cpi report right? i mean early march is going to be really critical for this market, especially after what was just delivered. this next read can't be equally as hot or we're going to have a problem. >> well, we very well. that's true. we very well could let's just history doesn't repeat itself often rhymes mark twain. what have we seen three years in a row? that january cpi number came in hotter than expected. no other guests have talked about this. even last year. february came in a little hot too. so, you know, maybe we do see that a little bit. but again, the underlinings the rents have been improving. look at today's ppi. some of the components that go to the pce, a bunch of letters i get it. that's the one the fed looks at. looks better. that's why we're rallying today. we rallied before the president spoke and obviously said maybe kick the can on tariffs. at

least for today. that's what we're rallying. but the reality again inflation is still going to improve. maybe not might not do in february. it might be later in the year. but it's still going to be positive. and our big i guess you call it call here is going to be more cuts. right. we've actually added some treasuries. we added some tips. some of the models we run for our carson partners a couple of weeks ago. so we think, you know, the longer term treasury makes sense. longer term treasuries make sense. if the fed cuts a little more than is being priced in right here. >> what about matt meta's run nvidia earnings. and the way that a lot of the mega caps have traded lately. >> yeah. you know well obviously meta is in a world of its own. but i don't come up with you for well over a year. say we're more neutral large cap tech. we're more neutral. mag seven. trust me, we have exposure to those areas. we just think, you know, the bar is awfully high. look at the reaction to earnings from the majority of those mag seven names. solid earnings, making a ton of money. but they kind of sold off a little bit. so that's okay. we're more neutral tech. we just think that that baton has passed. the lifeblood of a bull market is rotation. we're seeing rotation. that's a great sign. >> yeah i mean meta is positive again today could be 19 i mean no no mega caps gotten close to

that. it's good to talk to you man. i'm glad we could fit you in. we'll see you soon. that's ryan dietrich. carson, group chief market strategist. up next, we get you set up for airbnb and wynn resorts in ot. we'll do that in the market zone next. >> what makes a comfortable retirement? it's having the money to retire. >> on your terms. >> that means having a smart plan for how your. >> money is. >> invested, how. >> long it needs. >> to last, perhaps where it will. >> go when you're gone. >> creating a retirement. >> plan with. >> fisher investments gives you the confidence your money will cover your health care costs. last out your retirement and perhaps become a legacy. >> take it from. >> legendary money manager ken fisher. retiring the way. >> you. choose makes a difference. >> call 1-800-885-7650 for the fisher. >> help you need. >> three free. >> indispensable guides to retirement income, paying for health care and providing peace of mind for your loved ones. call 1-800-885-7650.

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didn't get these actual tariffs put into place today. just a study. we got to wait. and the market appears to be soothed at least a little bit. >> yeah. >> you know. >> as i was. >> saying to you in the noon hour. the market. >> wants almost nothing. >> new to happen relative to what we expected. >> on december. >> 31st in. >> terms. >> of the fundamentals. >> the market does not view tariffs as. >> like a battle we have to fight. so if we defer it, if it's not across the board, if it's not very punitive, if it doesn't. >> seem like. >> it's going to add too much friction, that's all the better. meanwhile, the indexes. >> the s&p has been hanging around the basket. right. it hasn't really been. >> able to buckle in. >> a. >> sustained way. >> this is. >> our seventh time. touching the 6100 level in the last. >> three weeks. >> whether that. >> softened it up. >> or not. >> we'll have. >> to see. i still do. >> think, you know, you're seeing. >> some evidence of low conviction. my gauge for low conviction. >> is walmart and costco. >> keep going vertical. and they're up another. >> 1% today. >> and those are the stocks, as dubravko was saying, people are kind of hiding it. it's high

quality. >> you can't. >> argue with the names. you can't argue it's momentum. it's quality. it's deep. it's macro defense. it's all at once. and so we'll see if that. >> if that changes. >> anything, if that. >> creates. cracks elsewhere. >> or if it's just going to be one of these, you know, effortless rotations that we've seen before. >> julia tell us about airbnb. what do we need to watch out for? >> well. airbnb's revenue is projected to grow 9% as the company is expected to benefit from strong booking as well as rate increases, continuing the trend. it's on the third quarter. earnings per share are projected to fall over 24% as the company manages costs and has committed to investing in the business to grow, share and expand its platforms to offer more different types of bookings. on the call, we are hoping for some guidance on when airbnb will open its website to sponsored listings and with the stock pretty much flat since the last time it reported earnings. analysts are split 29% of i'm sorry, 29 analysts have a hold.

eight have a buy and seven have a sell. we'll see how they shift after these results. back over to you. >> all right julia, thanks so much julia. boorstin. contessa brewer, tell us about wynn. >> two things, scott, that investors are going to look for in wynn. earnings. las vegas performance against some really tough comps. and the macau outlook. now the street is looking for 1.8 billion in revenue for the quarter. $1. 22 in adjusted earnings per share. we got a peek into vegas and macau with mgm's earnings report yesterday. its shares today on pace for the best day since april 6th, 2020. there was a lot to like. look at that up 17.5% in las vegas. mgm saw its strong month for convention bookings 43% higher, they said, than previous record month. well, of course that would benefit wynn and it would benefit caesars. caesars also on the move today up 9%. so we'll be looking for more detail on what this scenario is like in macau and in las vegas. >> all right. you let us know when those numbers hit contessa. thank you. that's contessa brewer. mike, i turn back to you. 6,118.71. that's where we

need to get to for a new closing high. yeah. points away, very close. and a lot of these mega-cap techs like nvidia is up 3% today. how about this? meta run is just remarkable. >> it's helping. >> on the 19 in a row. if it closes green today. >> yeah it's. >> actually it's almost like kind of a video game because it started lower and we're finishing higher. palantir started in the hall. it's also going to finish higher. so we i keep pointing to it. ryan dietrich talked about it. you do have this kind of army of optimists that just keeps kind of battering these same stocks with buy orders, and it's working. >> that said. >> mag seven. >> is a group where nasdaq 100 in total relative to the overall market. >> it peaked. >> in july and then had a. secondary lower peak in december around christmas time. and since then, it's been. >> a much. >> more mixed story. and i. >> think you. >> can treat that as. >> a net positive. market's kind of hanging around. >> the highs. maybe going to make a new one without necessarily it being more concentrated. it does get you back to that idea though. how tough is the math if these

companies aren't going to trade, you know, in line with their earnings growth this year or better? it does put the burden on the rest of the market, i think. you know, it's okay. we're at this decent equilibrium right now. very mindful too of what i keep saying about next week. you get the expirations. maybe it's going to loosen up the way this market moves around a little bit. raise some volatility at the index level. ryan dietrich is talking about that too. seasonals and flows. maybe they become less favorable. but right now the market isn't displaying any kind of behavior that says it's really on the brink of something something worse. >> let's see what nvidia earnings deliver. that's the next sort of line in the sand. but the companies have already told you they're unbelievably big capex numbers. so you already have. and by the way, since those earnings and we learned of those very high numbers, nvidia has been in a nice move. >> it's yeah. >> there's no doubt. >> about it. this is going to be six in a row. >> it's being seen as the as obviously the.

>> net beneficiary coming. >> off a relatively low base. who knows what it's all going to mean for taiwan semi. i mean that stocks now you know kind of in the crosshairs of the president. but we'll we'll see if that plays through. there's about. >> to be about two and a. >> half. >> points from a new. >> closing high on the s&p. metta looks like it's going to get the 19th straight day of gains into the double. >> that's handed regulation group one automotive closing bell at the new york stock exchange. >> and aardvark therapeutics one of this week's ipos ■doing the honors. >> at the nasdaq a broadly higher finish for the major averages. we basically finished. >> right. >> near session. >> highs as tariff fears ease. >> and tech. >> gets. a lift. >> driven by app love and standout session and a bounce for mega-cap names like tesla and nvidia. that is the scorecard on wall. >> street, but the action. >> is just getting started. welcome to closing bell overtime. i'm morgan brennan with jon fortt. >> we've got another big hour of earnings results coming headlined by airbnb, applied materials, coinbase, draftkings, palo alto networks and many more. >> are you ready? >> plus, we'll b