thank you. >>> let's turn to bob pisani on whether we could see a market rotation next year. pe here is big cap tech earnings are going to grow nicely next year. some of them in the 20% range or even higher. but the acceleration is slowing down. in other words, in years numbers -- or next years numbers are not as strong as last years. here is an example. this is nvidia. this is earnings growth, 50%. it was 120% this year. and almost all of these, with the exception of broadcom, are seeing their earnings growth lower. now they're not going down dramatically. it is just decelerating a bit. and if you look elsewhere, so let's look at the magnificent 7 for the fourth quarter of this year. the numbers are expected to be up 24% collectively for the entire group, the magnificent 7. but it is expected to be up 18% for the fourth quarter of next year. that is still pretty strong. but it is decelerating. when you look at the ex mag 7, the other stocks in the s&p, it is the opposite. so for this quarter growth is 4% for the rest of the s&p 500, believe it or not. that is it. for this qua

our bob pisani looking at today's big movers. what are you watching?we're supposed to start tomorrow. nothing going on here. we have a brief rally friday, and now back to the down trend that we have today here. all the other sectors are lagging again here. this has been the trend here. if you take a look for the month, mega cap tech has been holding up. all other sectors are remaining weak. december has been a particularly poor, all sectors, sub sectors, really. interest rate sensitive stocks. real estate and youth, consumer staples and health care have been weak. even cyclical sectors like industrials and materials, near a 52-week low. the story in big cap tech is, of course, broadcom replacing nvidia as the new darling. that's the big broad story, up 40%. this month, nvidia is down 1%. that is something to see. as far as what's going on right now, the last time we had a big mid-december decline, remember this, 2018, there were very similar concerns about inflation at this time. in december of that year, the fed implemented its fourth and final rate h

as our bob pisani, some of the tech fueled growth may be running on empty. >> there is a simple answer why the stock market is ending year record highs. overall profits are near records. the s&p is expecting to see a earnings increase of 10% this year. this is the fourth consecutive year of earnings growth. they are expecting to see another increase in 2025. in last two years, stocks in the tech sector have reported higher earnings than the rest of the s&p 500. this is largely because of the a.i. story which has become an investing paradigm on the scale of the intranet of the late 1990s. this is why nvidia, broadcom, meta, amazon account for nearly one-third of the s&p earnings this year. the magnificent seven. for 2025, earnings growth for these mega cap tech are expected to remain strong, but it's slowing from the tore rid pace of 2023 and 2024. for example, nvidia is expected to see profits slow to a 50% gain in 2025 from a 127% gain in 2024. it's going to go almost in half. this is causing some excitement among the so-called rotation crowd. they are hoping to see the other 493stock

bob pisani notes it is well below average three years running.now is our guest with stake in many. santos, good morning. great to you have here. >> good morning, frank. >> can we read into servicetitan to get insight into 2025? >> yes. two or three significant significant signals. it was a great day in general. the ipo marked needed to be thawed. this set the process in motion. this is the beginning of many more to come. this is the best out of the gate. there are so many waiting in the wings that don't need to rush out. they will come out pretty soon. this company is good. it sends a lot of signals. there is not a lot of risk capital out there. investors are waiting for names to jump on to invest in. i think this was significant and showed the market's hand in what's available out there if you want to invest. a lot of companies will come out. >> you are saying companies are not going to race out, but they want to come out. what do you think the catalyst is? is it simply the administration and more growth in the u.s.? what is the catalyst? if the

bob pisani here at post 9 with more on what he's watching. 're working today, bob. >> we're all having to work this week. this isn't very pleasant but there is a basic thing that's going on here, first this morning we saw sell program come in, you saw the flight to bonds we saw earlier on but we are still getting season alley light volume. it's not pleasant to see things go down, whether heavy or light volume, but that's what it is. the last time we had a notable up volume day was december 20th and that was the rebalancing. since then it's been season alley light. remember, still not comfortable. take a look at the major sectors, basically everything is down 1.5%, energy is the one little exception here, but consumer discretionary, tech, industrials, communication services. here is where these are not that useful anymore. when you have this tyranny of big cap tech, when you get a big cap tech selloff is drops all of the others. you can have apple and meta in the technology sector and you can have alphabet and tesla sitting out there, alphabet

. >>> welcome back another big day for the crypto market bob pisani bitcoin hit a new high topping $108,000r 2025 and beyond it can be a part of a long-term investment strategy or just a trader's play. sharon joins us with more. >> bitcoin and other crypto currencies have soared since the november election. if you take a look at this coin 20 index made up of mostly bitcoin and xrp, ether and solano and several other crypto currencies that trades 24 hours a day and doubled since the election still many advisors are reluctant to recommend crypto. in july 2024 when crypto prices were half of what they are now a an annual survey of 2,000 financial advisors found that more than half of advisors, 59%, said they don't use crypto currencies or plan to the in future while more than a quarter said they don't use it now but expect to in the future. about 12% of financial advisors said they use crypto currencies based on clients' requests less than 3% of advisors use crypto based on their own recommendations. advisors who recommend it are using exchange traded funds for crypto exposure and over one thi

bob pisani has more on the trading year ahead. >> for stock investors, the handoff for 2025 is as goodhere are significant headwinds. here is the good news, there is a strong economy. 3% gdp. second, record profits are expected for a second year in 2025 and not just from the tech sector. under valued sectors like healthcare and industrials are expected to see profits in high teens and not just profits up. profit margins are expected to remain at record 12%. corporate america is keeping the revenues they take in as profits. here are the tailwinds. there are four. first, the fed might make a policy rror and cut backs with the job market risk. the trump administration are m&a friendly. those positives may be countered by tariffs that are too high and hurt growth. third, with tech prices near record highs, there is the potential for the collapse of the a.i. story as investors may revolt against endless rounds of spending. finally, there is the threat from the bond vigilantes and the possibility they could force interest rates higher. the bottom line, there's lots to be happy about, but lot

bob pisani. >>> there is your macro set up. your first guess this hour does remain optimistic about the set up into 2025, and he sees several themes and trades you may want to add to your portfolio. let's hop right in with drew pettitte. good to have you on. what are some of the macro themes that you and citigroup are telling your clients about for next year. >> so a couple things. first off, on the growth side, we think the a.i. story is real. i appreciate what bob's covering here, but honestly, a.i. productivity gains, high level fundamentals look really good for the s & p 500. i think that helps us get through some of the more volatile periods. but at the same time, inflation, not quite done yet. then when you think of the valuation setup, a lot of good news is price thin. >> so there's actually a lot to unpack there. some of the good news, you're optimistic about some of the a.i. themes. now the market obviously drew, very optimistic about a.i. for the last year plus. what will continue or what might change in '25? >> so it

bob pisani has told us what 2025 has in store for stocks. >> for investors, the handoff for 2025 is aboutgood as it gets. there's significant headwinds. here is the good news. first and foremost, there is a strong economy at 3% gdp. record profits are expected for 2025 and not just from the tech sector. under valued sectors like healthcare and industrials are expected to see the increase in the high teens. profit margins are expected to remain near record 12%. corporate america is taking the money as profits. first, there's a risk the fed will make a policy error by refusing to cut rates to combat inflation and let the job market deteriorate. that's a risk. second, the strengths of the trump administration, that is their business friendly, deregulation oriented, m&a friendly and tax relief oriented, those positives may be countered by tariffs that are too high and hurt growth. third, with tech prices near record highs, there is the potential for the collapse of the a.i. story as investors may revolt against endless rounds of spending without increases in earnings or productivity. finally,

. >> the whole story in china is bob pisani and they are working on their unkept abilities that will be on the edge. we have no reason to believe their phones won't be much better. >> i am not doubting that. i am just saying, if they are counting on some sort of upgrade cycle, help from china, it may not come in the chinese government decides no ai partner. >> happen to be stared china risks for apple in the face for a year? i don't want to belittle the impact and if there was a headline tomorrow, we know what apple would do. i think we all recognize for china there is an indian where smartphone penetration is 3.3%, where the market share is. there's a lot of other markets for them to grow. the 3 billion install base, if you remove china, it would be a big impact but i don't think it stops. >> we could go 10 minutes without talking about gold. it was announced china stopped purchasing gold in april of this year. the market took it as okay, they are done. maybe that is the end. now goldman sachs put out a note that maybe they have been buying gold in the over-the- counter market that

but let's get down to bob pisani with a look at the markets this year. >> nothing mysterious about the markets here. no drone activity here. we're in a modest down trend. this is not unusual for the middle of december, but it is been going on for five or six days so let's look at the major averages. s&p 500, the dow and the s&p are down. nasdaq is flattish right now. but i would say modest down trend here. we topped out, five seven days ago, except the nasdaq, it hit a new high on wednesday. but the s&p 500 and the dow moving to the downside here. if you close here, interestingly, this would be the 7th straight negative session for the dow. that doesn't happen very often. a few stocks down in the last six or seven trading sessions. united health, down about 15%. sherwin williams and nvidia and cater pillar and home depot. stocks have been moving to the downside. kelly mentioned broadcom, a new high on earnings report, it is the forecast that we're talking about here. they're big tech customers and going to spend money on artificial intelligence and that is the maxi pixy dust here. and

and bob pisani breaks down the crucial moments of the trading day. rough road contending with the rates for home builders. >> for builders it's all about mortgage rates, which moved a tiny bit lower today for no particular reason other than they jumped so much last week. we're still over 7% on the 30-year fixed. that's the top of the range. as a result the home construction etf, itv is down close to 17% month to date, on pace for its worst month since the start of the pandemic.e was builders have been buying down mortgage rates. all that said on the existing home side, we just got the read on pending home sales in november. up 2.2 month to month. that's the fourth straight month of gains. this count is based on signed contracts. so, people out shopping in november when the average on the 30-year fixed spent much of the month over 7%. chief economist claims consumers are used to the higher rates. if you believe that, maybe 7 is the new 5. i don't know. >> i guess the price of the house, you can get used to the high rates. we'll see how that goes. cour

bob pisani is here. >> the markets are a lot more stable in the last three days.t seeing is rotation, we were just talking about this, still dominant in tech, mega cap, consumer discretionary, there's amazon. apple at a new high. again, energy, real estate, consumer staples sort of lagging, this has been the story for the entire month of december. we'll have the santa claus, it starts today, whether we had it or not, the tendency to move up in the last five days and the first two days of the new year the afternoon gain is 1.3%. the problem i have with the santa claus rally this is fine in a normal year and this isn't a normal year, the interesting thing about the incoming trump administration it represents both tailwinds and headwinds for the stock market. in theory there is a great handoff for 2025. great earnings, rising earnings expectations for 2025. the fed is easing. hopes for deregulation. at the same time, we're getting the return of the bond vigilan vigilantes, they're worried about pockets of inflation and tariffs and tax cuts. overlaying some of the con

studied the best sports mixed use developments, atlanta, d.c., other sites, we want to apply those bob pisani: it is one of multiple mixed-use developments rising in salt lake city. they include the west quarter, post district, sports and entertainment district, the silos and the astro tower, now the tallest building in the state. >> this is area prime for development. >> it is. and, in fact, what you're going to see within the next several months or a year is cranes going up. >> reporter: erin lainey barr is the areas's managing director for a commercial real estate services firm, wills a salt lake native who has watched the city's economy and landscape transform markedly in the last second dade. >> we have an incredibly diverse economy reflected in commercial real estate, a life sciences community that continues to grow with incubators and innovation, a very involved technology community, a burgeoning aerospace and defense community. >> all of these new industries in the city are bringing in new real estate developers. in the past most was backed by the church of jesus christ of latter day

bob pisani is here to talk about art.emotional for me and you, i know the influence on you, david, you would regularly speak to him as well art cashin befriended me and greatly influenced my market reporting. he was a master market historian but he was not an academic his greatest gift was that he was a master storyteller who knew how to translate the often arcane world of stock trading into simple language that anyone could understand in the intensely competitive and often vicious world of stock market commentary, art cashin was that rarest of all creatures, a man respected by all, bulls and bears, liberals and conservatives alike. he was born in jersey city, new jersey, in 1941, and began his business career when he was 17 years old and still in high school >> so what you need is comfortable shoes for your workday. >> in 1964 at age 23, he became one of the youngest members of the new york stock exchange. years later, he would proudly point to the book he signed the day he became a member a book that contained the signa