i'm wilfred frost with courtney reagan a top analyst with the best bets for next year.nd chris barone are still with us. as we closed at session lows for the s&p 500. for the nasdaq just off lows for the dow. down 1.4% for the nasdaq composite. chris, i'll come to you in this late day sell-off. pull up the intraday charts, s&p is most pronounced for this, big sell off into the close there. >> i think it speaks the character of the market changing aside from a level or the last hour of the day looks look at the leadership we've seen the high list start to grow and then conversely the new low list start to grow with financials and materials there's a shift under the feet and see with the leadership changing and the big question out to '22 is are we going to be able to escape the first six months of the year without the bigger weights which really to this point have been defensive the faang stocks they have already sold all the second dafr issues are the sell evers coming for te big waves? >> i think we made it this far and not zoned in on the fed and the impact of the fed

i'm wilfred frost along with courtney reagan in for sara eisen today.ore reaction to the interview with brian moynihan and we're joined by mike mayo who's bullish on that particular stock. joe and greg are both still with us i'll come to you, joe. in terms of this intraday action, buying off the lows but slippage there into the close. week to date down 2.5% on the nasdaq. >> yeah. little bit of a turn around tuesday feel to it, wilf you still have an s&p 500 that's residing well above the 50-day moving average i attribute to the tax loss selling and the hyper growth stock names and the conditions in place with a very strong consumer, record corporate profits will come back to the forefront on the other side of the calendar we have a battle to understand the communications of a hawkish federal reserve with a yield curve that continues to invert and volatility is elevated riding out the calendar for 2021. >> greg, how much do you think the inflation fears playing into the sentiment with the market action and the november ppi stronger than consensus? we kn

i'm wilfred frost at new york stock exchange this is the final hour of trading for 2021, a year of transitory inflation, memes and the metaverse. we'll he you get the portfolio for 2022. >> welcome, everyone i'm sara eisen happy new year, dubai. we have a look at the fireworks display. >> look at this. >> at the tallest building of course in the world. they ring in the new year. just to give you a moment. always a good show in dubai. it is nice to see the celebrations happening again some were paused in the pandemic last year. we are optimistic. happy new year, dubai. ♪ now let's look at three things driving the action leading are real estate, industrials and consumer staples. oil under pressure despite a blockbuster year we have data overseas with china's manufacturing data better than expected. >> i like that i got new zealand and australia earlier today. >> we'll get russia later. >> you will get an extra couple with the late duty tonight i'll be watching from home we are doing our own new year's countdown. five top tickers of the cayear cnbc tweet us the guesses now and reveal number five

. >> i'm david faber in for wilfred frost. let's look at what's driving the action tesla, peloton, zoom weighing on the nasdaq 100 we did get positive news on the data front weekless jobless claims at 184,000, the lowest in five decades. crypto is having a rough session. bitcoin trading back below $50,000. >> wow peloton down 12% tesla down 5 three lawmakers at the forefront of global tech regulations talking to senators marsha black burn and richard blumenthal who led the hearing about protecting kids online and hearing from margrethe vestager of the european union. >> mike santoli is tracking the market action and sara has more on the amazon fine mike, let's start with what you are focusing on. >> the market regrouping after going up 3.5% in 3 days to start the week powerful rebound the low of last friday can probably be considered the low for a while but what's the head room here? that remains a question. so again nothing surprising about taking a pause but just a one point above 4701 not one of the five closes at high as 4

i'm wilfred frost along with sara eisen and mike santoli.lth tech plays the head of the jacob internet fund with the names he likes heading into 2022. plus could tesla's recall putt the brakes on the rally? let's bring in nadine to join the conversation i'll come to you first just on your take as we stand one trading day left of the year a little bit of a pullback and a resoundingly strong finish to the year, december up 5% for the dow and s&p. >> you're right. as i wrote in the notes this morning to the crew, if you had an up day today i thought of it as a gift. options attractively priced. we trimmed high beta positions yesterday i was buying treasuries today the was -- russ plus h having defensiveness in the portfolio. >> we don't get people coming on saying they buy treasuries everybody hates treasuries inflation is high. why are you adding >> sure. so what you have to look at is what's happening next year from the macroeconomic perspective. what will happen is growth of gdp to desell rate and we believe the math also shows that the grow

i'm wilfred frost. some of the hardest hit reopening plays bouncing today casinos, online travel names boeing is giving a boost to the dow after a step to clear the 737 max to return to the skies apple underperforming. more on that in just a moment. 59 minutes left in the session with every sector in the green led by financials. >> looking like the best day of the year so far for the dow. two big interviews you won't want to miss speaking with kroger ceo rodney mcmullen it's having a best day since 1993 also talking to the head of five below ahead on solid results >> let's focus on the big stories to watch today mike santoli with a closer look at the rally and jon fortt with the apple demand story why mike, the broader markets up. >> not give on the steady rebound rally i would call it. the market looking oversold. we talked about it yesterday maybe signs of short term capitulation things look so bad they look so bad they're good and expect mean reverse higher s&p 500 spent the day between yesterday's l

i'm wilfred frost. today investors digesting the latest on the omicron variant and optimistic headlines white house medical analyzing dr. fauci saying the data is encouraging. reopening plays like airlines, cruises and online travel jumping today. oil is getting a pop and we are keeping a close eye on the crypto market after a brutal weekend of trading. 59 minutes left of the session energy in the lead. >> every sector higher coming up david giroux with the outlook for 2022 three names he says are a long term opportunity shares of poshmark higher today. we'll talk to the ceo about the business and what he's seeing in terms of consumer spend. >> first let's focus on the big stories with mike santoli and a closer look at the volatile tech sector mike, the broader market's up 1.3%. >> respectable we responded to what's building up as an oversold market the average stock down more than the indexes. a reason it seemed that we didn't get a forceful buys of the dip last week is not knowing to deal with two wee

i'm wilfred frost at new york stock exchange major averages rising.aining steam throughout the session. on record close watch for the s&p 500. >> for the 69th time of 2021 welcome, everyone. i'm sara eisen consumer discretionary stocks up today as new data showed the strongest pace of holiday sales growth in 17 years energy making a move higher. wti crude back above $75 a barrel the nasdaq outperforming big tech stocks leading higher and semis doing the heavy lifting today. 59 minutes left to go in the session. every sector is green. >> quite comfortably we'll speak with the ceo of check point about the vulnerability and how companies protect themselves and supply chain challenges and opportunities with the ceo of fathom making the spac trading debut today. >> first up let's focus on the big stories this hour. mike santoli tracking the market action and leslie joseph with the latest on the headache facing the airline mike, what are you focused looks like energy and technology on top which is unusual. >> somewhat unusual. it's a pretty broad rally. i w

. >> you have been keeping count for us i'm wilfred frost.ood afternoon lye from the new york stock exchange. utilities and consumer staples among the top performers crypto is selling off sharply. bitcoin below 50k. 59 minutes left of the session, sara. >> coming up on today's show breaking down the cdc's quarantine pivot and the new isolation guidance and whether the science is backing it up plus, venture capitalist bradley tusk with bold predirction of crypto. >> mike santoli is tracking the action and joining us is peter catchici mike, what is happening on the surface and beneath today? >> kind of a well earned pause from the low a week ago monday we were just above 4500 on the s&p 500. coming into today up 5.7% in 6 trading sessions a sprint relatively broad i have been pointing out that there's wear and tear under the surface. that was catch up moves by many stocks out there and pushing a 30% total return hard to begrudge the market for taking a pause nvidia is pulling back tofd. profit taking. weighing a little bit at the index level. c

i'm steve liesman along with wilfred frost, joe, becky and andrew are off today you're looking live at the new year's celebration in new zealand, a light show over the bridge pretty nice. >> do you know what -- >> traditional fireworks displayed cancelled this year due to covid >> i heard a lot of people were watching the light display many others are tuning in for this great anchor partnership, steve. >> yeah. it's been -- it's decades in the making decades in the making. people have been clammering for it, writing in you have your lies-maniacs, frost-mans you're not wearing your jacket for the first time. >> i thought that's what we were meant to do in squawk. it's our show we can do what we like, steve. >> maybe i'll take mine off. >> i'll sit back and listen to you interview the guests for a bit. let's have some fun. it's an interesting show we have coming up. a lot to do here let's look at the market before we really go off the deep end here and get into cul-de-sacs we can't get out of the dow falling by 90 points yesterday, snapping a six day winning streak, the s&p and nasdaq bo

the a best week since march s&p and nasdaq for the best week since july i'm mike santoli in for wilfred frost. price index climbing 6.8% year over year, highest since the 1980s. tracking some big moves on earnings and pops for broadcom and oracle and a new report on the firsthandful of omicron cases in america mostly mild with one hospitalization and no dearths. dow up about 100. >> coming up on today's show brian deese to talk about how the white house aims to tame inflation. plus the ceo of fintech giant klarna tells us how inflation concerns drive kcustomers to a buzzy payment option mike is tracking the market action and steve liesman with a look at the cpi number there what are you looking at? >> i would say a steady performance in the face of the cpi number, perhaps less bad than feared and opening pop in the shall have popped at this familiar point we have lost maybe a third of that opening rally starting to get the look of this real like kind of a ceiling right now. it goes back to november 5 at this level and been a lot to go on along the way huge correction ongoing. meantime apple a

i'm wilfred frost at the new york stock exchange.t's the final session in a wild week on wall street. volatility showing no signs of easing major averages in the red. the nasdaq plum meting. >> i'm sara eisen. let's look at when's driving the action technology leading the declines. docusign wrecked on the back of weak guidance. didi said it will delist from new york stock exchange and other stocks also sharply lower. tesla is the biggest drag on the nasdaq falling as elon musk unloads more shares. it's been a bumpy week. >> we will be all of the nasdaq sell-off throughout the show with a tech edition of market zone and speak with the ceo of bitfury before testifying next week to congress on crypto regulation. >> let's focus on the big stories of this hour mike santoli tracking the market action steve liesman with a look at the jobs report. mike, what happened? things were looking solid this morning. >> the pressure built throughout the day and emerged from this intense liquidation type growth. docusign is sort of right at the epicent

i'm wilfred frost. the dow and s&p on track for their best two-day stretch of the year. >> a celebration i'm sara eisen let's look at when's driving the action technology leading the charge. nasdaq up almost3 paterson with gains for apple, tesla and intel more on those straight ahead. dr. fauci saying omicron is quote almost certainly not more severe than delta and glaxo said the treatment is effective oil marching higher today with a boost to the energy sector up now more than 3% for the week. >> we will be all over the rally throughout the show and also ahead two retail ceos give us a look into the consumer, supply chain and inflation. we'll speak about what they see in stores and online and given looking forward so much is the pitch is up there, ian bremer will join us with the first take on the meeting between president biden and p putin. >> let's straight into it. strong comeback. mike santoli tracking the action and josh lipton with the rally. >> mike, start us off. led by technology. >> it's very

. >>> welcome to "closing bell," i'm sara eisen wilfred frost is out today a third day of gains for stocks as we gear up for the final hour of trading this week let's look at what is driving the action durable goods rising more than expected personal income and spending both increasing in november. another covid antiviral pill approved for use this one from merck. and electric vehicle stocks surging. the whole space getting a boost after nikola said there are more to come. coming up on the show, john rogers outlining the big market themes he's watching the three stacks on his radar for 2022 and jeremy siegel weighing in on market volatility and why stocks could see returns of less than 10% next year. let's look at the stories we're watching this hour steve liesman wrapping up the economic data, what it means for the markets. meg, let's start with you. another milestone here for covid. >> yeah. so merck's covid drug getting clearance today. an interesting nod from the fda where they say it's cleared for adults 18 and plus for those who have a risk of disease this is not indicated for anyone

i'm wilfred frost at new york stock exchange this is the final hour of trading for 2021, a year of transitorymes and the metaverse. we'll he you get the portfolio for 2022. >> welcome, everyone i'm sara eisen happy new year, dubai. we have a look at the fireworks display. >> look at this. >> a

i'm wilfred frost of the new york stock exchange.nother mixed session on wall street the dow could turn its sixth winning day in a row and could notch its first record close since early november >> welcome, everyone i'm sara eisen let's look at what is driving the action in this final hour of trade. treasury yields seeing a meaningful move higher today the 10-year yield now comfortably back above that 1.5% level. that is putting pressure on tech stocks chinese technology companies getting hit particularly hard. and shares of biogen rocketing higher on a report this afternoon it's in negotiations to be acquired by samsung of more than $40 billion. 59 minutes left to go here in the session. >> coming up on the show today, investor dan niles cashed in on a number of his picks for the year including oracle and jp morgan and today he's joining us with his top five list for 2022 >>> plus, the u.s. setting a record for daily average covid cases, and the cdc easing its quarantine rules we've got a lot of ground of cover when we're joined by

. >>> and i'm mike santoli in for wilfred frost.et's look at what's driving the action today consumer confidence data out this morning showed an improvement from november's reading on the covid front, pfizer getting emergency approval for its antiviral pill. and hospitalizations from omicron are comparatively low. tesla leading the s&p 500 today after elon musk said he sold enough stock by now. sara >> for the s&p 500, tesla right up there coming up on the show, mohamed el-erian is here to weigh in on the market >>> first hand funds, kevin landis will join us with the stocks he thinks could outperform in the new year >>> first off, let's focus on the big stories of the hour. mike santoli is watching the stories of the hour. and meg tirrell will talk about the antiviral pill that received authorization this hour. >> today, unlike yesterday, it's a little more of a top-heavy rally, but definitely probably constructive that we got some follow-through after a 1.8% gain yesterday. it continues to look like the market migrating to the upp

i'm wilfred frost at the new york stock exchange.week on wall street. volatility showing no signs of easing major averages in the red. the nasdaq plum meting. >> i'm sara eisen. let's look at when's driving the action technology leading the declines. docusign wrecked on the back of weak guidance. didi said it will delist from new york stock exchange and other stocks also sharply lower. tesla is the biggest drag on the nasdaq falling as elon musk unloads more share

i'm wilfred frost at new york stock exchange major averages rising.ion. on record close watch for the s&p 500. >> for the 69th time of 2021 welcome, everyone. i'm sara eisen consumer discretionary stocks up today as new data showed the strongest pace of holiday sales growth in 17

welcome to "squawk box" here on cnbc i'm becky quick along with wilfred frost. joe and andrew are both off today. it's good to have you here, though, will >> thank you for being here. >> i saw you past 6:45 the last couple of nights, too, so you're the every man all over the place. we appreciate it. >> it's one of those busy weeks isn't it, it's all in. great to get the extra air time, frankly. >> and it's good to see yo

the a best week since march s&p and nasdaq for the best week since july i'm mike santoli in for wilfred frostme big moves on earnings and pops for

i'm steve liesman along with wilfred frost, joe, becky and andrew are off today you're looking live atbration in new zealand, a light show over the bridge pretty nice. >> do you know what -- >> traditional fireworks displayed cancelled this year due to covid >> i heard a lot of people were watching the light display

. >> i'm david faber in for wilfred frost.peloton, zoom weighing on the nasdaq 100 we did get positive news on the data front weekless jobless claims at

i'm wilfred frost from new york stock exchange let's have a look at what's driving -- crossing a wholeber of recent laggards seeing strengt

. >> i'm dominic chu wilfred frost will join us in a moment let's look at what's driving the action todaycord fanning the inflation concerns as the fed meeting gets under way today. the world health organization said the omicron variant is spreading at a rate not seen

i'm wilfred frost.best two-day stretch of the year. >> a celebration i'm sara eisen let's look at when's driving the action technology leading the charge. nasdaq up almost3 paterson with gains for apple, tesla and intel more on those straight ahead. dr. fauci saying omicron is quote almost certainly not more

. >> i'm jon fortt wilfred frost will join us in a moment let's look at what's driving the action uk

. >> you have been keeping count for us i'm wilfred frost.ock exchange. utilities and consumer staples among the to

"closing bell" right now >>> good afternoon welcome to "closing bell," everyone i'm wilfred frost inange. it's the first day of december, and stocks are picking up where they left off in november with volatility, the major averages giving up big gains as we head into the final hour of trade >> welcome, everyone, i'm sara eisen. let's look at what is driving the action right now officials saying they have identified the first u.s. case of omicron variant in california that news sending stocks lower fed chair jay powell speaking on capitol hill reiterating again that a faster taper is a

i'm wilfred frost.of the hardest hit reopening plays bouncing today casinos, online travel names boeing is giving a boost to the dow after a step to clear the 737 max to return to the skies apple underperforming. more on that i

. >>> welcome to "closing bell," i'm sara eisen wilfred frost is out today a third day of gains for stocksving the action durable goods rising more than expected personal income and spending both increasing in november. another covid antiviral pill approved for use this one from merck.

. >>> and i'm mike santoli in for wilfred frost. from november's reading on the covid front, pfizer getting

i'm wilfred frost of the new york stock exchange. session on wall street the dow could turn its sixth winning day in a row and could notch its first record close since early november >> welcome, everyone i'm sara eisen let's look at what is driving the action in this final hour of trade. treasury yields seeing a meaningful move higher today the 10-year yield now comfortably back above that 1.5% level. that is putting pressure on tech stocks chinese technology companies getting hit particularly hard. and shares of biogen rocketing higher on a report this afternoon it's in negotiations to be acquired by samsung of more tha

i'm sara eisen here with david faber, in for wilfred frost today. president biden outlining new measures from the administration to fight the fast-spreading omicron variant here in the united states, which currently makes up 73% of cases according to the cdc, including shipping 500 million tests to americans for free david, something that a lot of countries have done, and many have said is a long time coming, but the administration is going to do that, along with deploying military doctors and nurses and testing sites in places like new york city. we desperately need them here. you have seen the lines all over the streets. >> yeah, interesting, though, he ended up, of course, focuses on build back better and kind of venturing into our world quite a bit with quoting of goldman sachs and that report yesterday in terms of lowering i think the gdp forecast to a certain extent as a result of build back better, not looking like it was going to get passed, given joe manchin's opposition >> no, it was sort of trumpian t tactic he pinned it on the market and

what's in store for your money coming up in the new year, all coming up next right here on cnbc wilfred frostvist investor starboard value took a 6.5 stake in go daddy stock. that news started a bit of a fire in the options market where traders are betting that rally has some legs on it. mike khouw joins us to break down the action. happy holidays, mike >> hi there, frank overall, the options markets volumes were pretty light. the most active opening activity that was taking place there was the january 85 strike calls. we saw buyers of those spending a little more than $1.90 a contract this recent spike could continue through the third week of january and they're looking for prices above $87 a share >> mike, really appreciate it. pete, i'm going to toss it over to you 191 for that option. were you a buyer there, was that a good price >> you know, i don't know, frank. i think the reality is the volume is still low, as mike pointed out. when we're looking at unusual option activity, oftentimes we're looking for huge volumes this isn't in the category of huge volumes as far as risk/reward, i wou

i'm wilfred frost.atest on the omicron variant and optimistic headlines white house medical analyzing dr. fauci saying the data is encouraging. reopening plays like airlines, cruises and online travel jumping today. oil is getting a pop

wilfred frost hosts "your money: 2022."sten live on the cnbc app. >>> let's catch you up on a few stories that should be on your radar. it is time for "rapid fire." here to break down the headlines are cnbc's bob pisani. also seema mody and julia boorstin that is quite the trifecta for "rapid fire" today first up, we've got electric vehiclemaker nikola. this stock is, you can understand, soaring today, it's up, like 19% right now but the company has had a tough year amid aongoing production delays they paid a $125 million settlement the stock is down nearly 27% on the year as a result this used to be bob pisani, the kind of poster child for the nontesla evs at one point, and then kind of things unraveled. what exactly is the case to be made for owning nikola right now? >> well, the case to be made is they've got a tremendous product potentially out there and in some particular areas like commercial evs where they may be able to be really important. the problem is very simple one, they're not going to make any money this yea

unwinding and it's not an overnighter or a one-year, vent >> no, but it's what james morgan told wilfred frost the other day. god forbid the fed need ammunition or tools in the box, it will not have anything when it really needs it you're in agreement with mr. gorman only half heartedly though because you still think that the fed will be more dovish than people think. >> i do. >> in terms of the dots or in terms of interest rate increases, but they're still going to taper and that's positive and with much humility, i've written 24 s&p 500 forecasts and we looked at what we wrote in 2010 and '11 we were critical of the fed in 2010 and '11 and we were wrong because qb didn't stop until 2014 this is taking longer than people think and it's on a short term basis and i think that's what the market thinks right now. >> what about technology, the place you ended before i brought you in you're telling me that that's cool with owning tech. dovish fed chair equals buying some of those stocks back that sold off so badly on fears that he would be more hawk earn. >> coming today, scott, tech was up 14% ask

welcome to "squawk box" here on cnbc i'm becky quick along with wilfred frost. joe and andrew are both off today. it's good to have you here, though, will >> thank you for being here. >> i saw you past 6:45 the last couple of nights, too, so you're the every man all over the place. we appreciate it. >> it's one of those busy weeks isn't it, it's all in. great to get the extra air time, frankly. >> and it's good to see you in person we start with markets this morning, the s&p 500 rose by 6 points yesterday that was enough for it to log its 70th record close of 2021. we are getting a little spoiled by these records, this is the most records we've ever seen, second most back to 1995 with 77 records. so we have closed with a record level 28% of the time in 2021. it wasn't just the s&p, the dow was also up, it added 90 points and closed at a record for the first time since november. the dow has been up for six days in a row now nasdaq was an opposite story, down by 15 points yesterday. if you look at the futures this morning you'll see green arrows across the board d

frost, that is wilfred frost visited -- >> i thought you said mr. froth. >> no.his is what gorman had to say about the fed rates. >> at the moment at zero interest rates, we have no ammunition ten rate increases from normal if i were the fed, i would start moving earlier rather than later, store away some ammunition and accept the reality. this is before we even get to the inflation discussion we'll see, i guess, the -- if i'm -- the meeting is this wednesday? we'll see where they come at i would be very surprised if there aren't more dots talking about rate increases next year. >> there you go. i'm with james james is good. >> you are. >> good manager. stock goes to 95, buy more. >> 95? where is it at right now >> 97. >> it's had a great year, morgan stanley. he made the point that their strategy, they bought e trade -- >> i love what they bought >> think of a all the market cap that they aed dded to those dea. >> i just like different stocks. there are so many companies that came -- 91 companies became public, of which 100 have already been obliterated and the

i wilfred frost along with morgan in for sarah.'s president and coo will join us in an exclusive interview moments after the numbers cross, and also speak about the company's views on shipping delays and shortages victoria fernandez is with us, and katie and adam parker from trivariant research joins the conversation and come to you first for your take on what we've seen this week clearly, a nice bounce yesterday but weak today down sharply for tech stocks >> i think when people think the fed might act more aggressively it cause as bit more of a rotation, but frankly, i'm bullish on equities. i don't think there's a lot of evidence if they raise interest rates the stock market goes down frankly, i don't think they're going to raise the three times that might currently be priced in plenty of things you could buy on weakness. >> katie, what do you think in the short term is the sector you want people to avoid most of all? >> you know, in terms of avoiding a seconder i would say probably industrials and communications services. those

pisani quick programming note, do not miss our cnbc special tonight, your money 2022 hosted by wilfred frost eastern time for the bond report as we take a look at how treasuries are fairing. 74 basis points and the ten year back to 1.456. >>> we're back in a moment >>> welcome back to "squawk on the street." energy bouncing back in a big way on track to finish 2021 as the year's best performing sector, up 50% this year we have more on the energy surge. christina, what's behind these big moves? >> i just want to point out, it was just literally last year when west texas contracts were negative in april 2020, making history. prices have since recovered and energy is on pace to be the top-performing sector of the s&p 500 this year. look at that, over 48%, year to beat beating returns for the s&p 500 which is 27% higher on the year and follows the rise in oil prices wti crossed its 50-day moving average. it hasn't traded above that level since mid-november oil and gas stocks have been top performers, even as environmental, social and governance takes hold, and we all ramp up to curb our reliance

. >>> tonight, don't miss our cnbc special "your money 2022" hosted by our own wilfred frost at 6:00 p.m. eastern time today. >>> a pretty light calendar this week claims on thursday, chicago pmorr i on thursday as well, but the ten-year now below 1.49. don't go away. >>> travels names among the laggards this morning. the cancellations, the concerns about cases on cruise lines have most, i would say, the top 10 or 15 losers are at least somehow related to the travel industry boeing is not far behind more "squawk on the street" continues in a moment. don't go away. (swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. small businesses like yours make gift-giving possible. now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to t

"closing bell" right now >>> good afternoon welcome to "closing bell," everyone i'm wilfred frost in the new york stock exchange. it's the first day of december, and stocks are picking up where they left off in november with volatility, the major averages giving up big gains as we head into the final hour of trade >> welcome, everyone, i'm sara eisen. let's look at what is driving the action right now officials saying they have identified the first u.s. case of omicron variant in california that news sending stocks lower fed chair jay powell speaking on capitol hill reiterating again that a faster taper is a possibility. and salesforce down sharply and weighing heavily on the dow after fourth-quarter guidance missed the mark. 59 minutes left to go in this second >> tech investor dan niles will join us to discuss his biggest concern about the market amid this renewed volatility, and the select few ev names that he does invest in right now. >>> plus, the other shoe drops shares of allbirds down. we'll speak exclusively with the company's co-ceo >> meg tirrell with the latest on the fir

i'm sara eisen here with scott walker who is in today for wilfred frost.entator. we'll have instant analysis of results for you from gamestop, rh, rent the runway, as soon as they are out >>> plus, kohl's ceo michelle goss speaks for the first time since an activist is urging that company to spin off its e-commerce business. you do not want to miss that exclusive interview coming up this hour. >>> josh brown from ritholtz wealth management is with us mike, i'll turn to you just to summarize the day. third day in a row of buying even went down at one point on the dow during the day and it looked like we finished strong >> yeah. it was obviously no real profit-taking just yet there are going to be people that are going to squint and say, okay, five closes in the last five weeks or so above 4700 and you can't get any distance from it. we still have the seasonal upside bias that some people are still counting on. and i think that the market did have a good enough shakeout in that 5% drop with most of those kind of crowded positions getting blown away that, in

. >> chair powell wrapping up his press conference welcome to the "closing bell," everyone i'm wilfred frost along with kayla tausche who is in for sara eisen today and joining us from d.c. stocks at session highs, rallying sharply both on the original release of the statement, but during that press conference, the nasdaq's down 1.7% a big swing during the session it's a by the rumor -- sorry, sell the rumor, by the fact type moment it was hawkish, it was a change of direction doubling the pace of the taper ten members saying three likes next year. five others saying two hikes next year. >> despite how much of that has been telegraphed beforehand, the market likes what it is seeing and hearing from fed chair powell just now. our panel of experts are standing by to break down those comments from jay powell with the federal reserve wiping transitory from the statement, doubling down on taper and committing to possibly three rate hikes next year and coming up later on in "closing bell," the ceo of eli lilly will join us to talk about his company's boosted outlook for 2022 that stock leading the