sending best regards kenny polcari joining us. thank you sir. well other states are looking to california's fast food $20 minimum wage hike now. and we're getting new data and reaction on the actual impact. one california mcdonald's franchise owner has already had to close two restaurants this year. he'll join us next. stay with us. >> maye musk on varney as trump transition continues and elon's new department looks to cut government waste. she's detailing the work ahead monday on varney. where are you headed? >> where am i headed? am i just going to take what the market gives me? no, i can do some research. >> you know, that's backed by jp morgan's leading strategists like us. >> when you want to invest with more confidence, the answer is jp morgan wealth management. >> to go further, you need to be ready for what's down the road. as energy demand continues to rise, we are harnessing breakthrough innovations to increase production in the us gulf of mexico. our latest deepwater development anchor produces previously inaccessible oil and natural

sending best regards kenny polcari joining us. thank you sir.ell other states are looking to california's fast food $20 minimum wage hike now. and we're getting new data and reaction on the actual impact. one california mcdonald's franchise owner has already had to close two restaurants this year. he'll join us next. stay with us. >> maye musk on varney as trump transition continues and elon's new department looks to cut government waste. she's detailing the work ahead monday on varney. >> amelia turn off alarm amelia weather 70 degrees and sunny today. amelia, unlock the door. >> i'm afraid i can't do that. jen. >> why not? >> did you forget something? >> my protein shake. >> the future isn't scary. not investing in it is. >> you're so dramatic. amelia. >> hi, jen, nasdaq 100 innovators one etf. >> before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco. >> com to go further, you need to be ready for what's down the road. as energy demand continues to rise, we're harne

kenny polcari has bought on weakness and he's here with the case for apple. meanwhile palantir gaining this week. if you bought the stock in april when hillary kramer recommended it to you on this show, you be up almost 300%. hillary is back to share more of her winners, 2:45 eastern time, plus the asset she says is trash for retail investors right now. and how about a slimmed down santa? christmas came early for elon musk's waistline. the billionaire revealing he uses monjaro, as one in four americans say they plan to use weight loss drugs to meet their new years resolution goals. all that and a lot more on "making money." >> so, markets are wavering today as you can see the s&p and the nasdaq are slightly lower. the russel 2000 is gaining steam, but really, we have had a big retrenchment, it's light trading. the question now is santa claus going to come to town as we round out 2024. let's bring in slatestone wealth chief market strategist kenny polcari. hello to you. you know, the quote santa claus rally. it began december 24 officially goes to january 3. w

i want to go to kenny polcari, chief market market strategist, very good on what motivates corporate this kind of thing. i should add, kenny, that the very, very latest was apple's ceo tim cook having dinner last night if at mar-a-lago. but again, i suspect he's just the latest, he won't be the last. what's going on? >> yeah. well, listen, we all know what's going on, right? if they've got to cozy up, they've got to do what's right e, they're got to try to make up for, you know, maybe past mistakes. and mark zuckerberg, he's the first one that should go up there crawling on his knees after what happened four years ago. you're seeing all these tech guys, a.i. guys, they want to focus on the future, focus on the deregulation, focus on the opportunity, and they want to show, i think, that they're ready to play on the same team. and so they're going to support the president, they're going to support the inauguration. no one should be really surprised by it because it's the way it works. neil: you know, kenny, i was thinking, would you -- and you're a very savvy investor -- would you thin

[laughter] let's bring in kenny polcari. want to know about this christmas cheesecake. >> oh, it is so delicious. charles: you brought the recipe. >> it's so delicious. you e eggnog instead of milk, it's perfect. charles: i know yesterday you could have put eggnog in a shot offing? [laughter] your thoughts on. that's just your typical tantrum? >> yeah. i think it's a typical tantrum. look, what's everybody surprised about? to your point, the vix was trading in the range of real, utter complacency, and i've been saying for a couple of weeks that's exactly whey -- why you need to be worried. you need one headline to knock it out, and yesterday was that headline. the economy was a little bit leaned right on future rate cuts, and they stamped their feet. the algos right away go into hysteria, and the market is down 1,000 points. charles: the street was already at two rate cuts -- >> right. what are you doing? so i just think, i just think, quite honestly, it was a little bit overdone. to ed's point, right, valuations were stretc

let's bring in kenny polcari. great to see you, kenny. what about this santa the value wily?t come and gone? -- santa rally? has it come and gone? >> i've been saying it for a couple of weeks, i think santa's already come. look at the performance ott s&p and the dow and the nasdaq and the russell, it's been really spectacular. i'm not necessarily surprised we see this churning right here. i think this is where we're going to end, so i think santa the's already been here. i'm sitting right here in florida with you. [laughter] ashley: he's putting his feet up on the beach with. [laughter] you say investors have to be patient. we get the sense that the fed will not be as accommodative as we thought it would. so being patient is not always easy, is it? there's a ton the of money sill on the sidelines. >> no, it's not always easy, but that doesn't mean you should do it just because you peel like you've got money to put to work or you're fomo, right, you're force a decision. you should at the moment put your money in government money market fund earning 4.25 the or 4.55 because tha

david: kenny polcari, happy new year. >> happy new year, thanks for having me. david: and blocking biden from selling off more border wall, and the biden team saying no problem. is it too little, too late? it's your money. and a shocking number of americans say their new year's resolutions is not to make new year's resolutions. kat is here. how about you. mylowe's rewards is here. join for free today to unlock member perks from the palm of your hand. with every purchase, all members earn point toward mylowes's money. get free gifts to bring home, member deals to get more projects done and free standard shipping. start earning for free with mylowe's rewards today. >> the courts have ordered him to stop and you know, it's disgusting that they're going to take that border wall, like you said, we paid top dollar for and selling it for pennies on the dollar and now we've got to re-buy it? ridiculous. it's insulting, wait four years until we take control to sell a big piece of that border. david: and tom homan's reaction, and blocking the order, and homan says he's go

kenny polcari on the phone to talk about it. going to ask you the same question i asked lou, what are you telling your clients today. >> i'm telling them to sit back and relax. i'm surprised receipt of pullback in the market. i feel like is a lot of algorithmic rhythm and one-hit levels and then suddenly have to sell more and they go on. it's not necessarily portfolio managers x driven. all the more reason to sit back. >> we are just starting your audio is break it up but i did hear what you were saying the natural part of the market thank you so much. in the pasture car insurance has risen 21% across the u.s. the hikes are expected to continue after the new year. max gorden joins us. how much are drivers expected to pay in the new year. >> auto insurance prices have been rising by a whole lot over the past couple of years since 2021. auto insurance has risen by more than 50%. here at waterworks collision center in los angeles the co-owners says that some drivers are willing to pay out of pocket rather than deal with auto insura

we will ask kenny polcari. rate cut not off the table? >> i don't think they should be.they have 've gone too far too fast, pay attention to the new administration. i don't think they should cut rates in front of that, to see what happens. i actually think tomorrow, when we hear jay powell, i expect them to lean more hawkish than dovish. neil: that might be you keep year arrows in the quiver. there is going to be some in the market upset if we don't ca cut. whatever your views on the subject how the markets react to that. >> you get the people who stamp their feet when they don't get what they want, making ridiculous decisions, selling the market until they get what they want. the market is extended, if jay powell leans hawkish you will see the market pullback and i would love to see the market pullback. it's gone in a straight line up since the election it hasn't had a chance to digest and breathe. do i think it is a disaster? not at all. i think most investors appreciate the fact that he's taking a step back because ppi was hotter than expected. pce harder than expecte

is down 1% to kickoff the final hour of trade let's get right to the floor show are two traders kenny polcari, let the reindeer games begin. where is peter tuckman, could not get in front of the camera. >> it is you, take it away give me a sense of what the first trading day what the first trading day has to say weather weekend see gains to november the s&p in the dow best month of the year. >> it was a great month i'm not complaining, i do think we are tough i don't think today suggest that we will keep marching higher into the end of the year. we could certainly if they hit us with a great headline that the market loves i don't think it's causing all kinds of banks quite honestly most investors assume that the terror conversation will given leverage and allow him to have these conversations i don't think the market is expecting we will get the crazy tariffs all over the place. it does respect the fact that is having the conversations and putting it out there that countries are responding to it. that is the positive side of it because i don't see them take it over. one way or the other out-o

it's friday, so kenny polcari joins maine ken first i think all of -- joins me.st i think all of this is worrying to investors on the expectation of tax cuts. now they're in some doubt. do you have the same analysis as me? if. >> yeah, you know, i think there's some nervous ifness over the tax cuts, whether they're going to happen or not happen. yes, the market rallied, i think, on a bunch of things, the tax cuts are certainly one of them. but fit looks like the tax cuts are not going to end up being what the market thought, sure, it's going to cause the market to reprice itself. i'm not going there yet. i think that the tax cuts are come. might be -- will come. i think they'll succeed. stuart: so you think this selling at the moment is a bit overbrown? >> so, new york look, i think the selling is not necessarily overblown. i think we got really stretched. i think this was, you know, right after the election everyone went in, the momentum guys took stocks in bitcoin and everything you could think of to new heights i think on too much you foryam so actually having

right now joining me is kenny polcari and jpmorgan's chief market strategist for the america, gabriela santos. okay, kenny -- [laughter] this is, i think the market's trying the send a message here. >> i think the market's absolutely trying to send a message, one actually that i'm welcoming, right? i think it's overdone. i think the market got ahead of itself. the 25 basis points was expected, but i think his language for next year leaned more hawkish, which is why they're stamping their feet. because he said two cuts in '25, and they're all screaming for more, and they didn't get it. now they're going to stamp their feet. i actually as a wealth manager and long-term investor, i love this. i don't -- this is not a crash here. the dow's down 1.7%. it's not the end of the world, right? it's up 27% year the date or 22%, so i'm not at all worried about this. in fact, i've been writing in my note the short-term trend line is 5900 which we're probably going to hit if this keeps going like this in another half an hour which actually would be good. liz: look at these dow losers, gabriela, gold