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now for more on the markets as we get ready to kick off the first full week of trading in 2025 is dan nilesng, he is the founder there. dan, what do you think about what mike santoli was just laying out, this idea about levels that need to be tested, things we're going to be pushing on? how are you feeling about the year? >> i think q1 earnings and guidance is going to be key to this because you've got a lot of things that need to get taken into account. the first big one honestly is at the end of q3 the u.s. dollar was at 1.01, it ended the year at 1.08. so you have a 7% move in that and you are going to have guidance that a lot of these companies are going to give either for the full year or first quarter and s&p companies get about 30% of their revenue overseas. for the magnificent 7 a lot of their revenues it's closer to 60% overseas. you're going to have to deal with that. the second part is some of the calendar shifts you're seeing they shouldn't really matter but you have easter moving out from the end of march to april 20th and so for companies that only guide a quarter in advance,

the morning calls plus dan niles on the changes coming to meta and more.♪ why choose a sleep number smart bed? i need help with her snoring. sleep number does that. thank you. it's our lowest price of the season on our most popular smart bed. save $1,000. plus 0% interest for 48 months. shop now. jonathan: the stocks are up again this morning posited by 0.2% and building up two gains -- days of gains. let us give you some morning calls. it is an overlooked winner of 2025 and is going to benefit from research. that is up by 1.3%. the second call downgrading apple to sell, citing antitrust overhang and a weakening position in china. bank of america downgrading tesla to neutral morning of the -- morning of the risk. that stock is down by 1.7%. meta revamping the company's approach to free speak, the ceo announcing changes including the removal of third-party fact checking and a move to community notes very similar to what we see on x. dan niles knows this better than most. happy new year and welcome to the program. my first question is this about insulating t