e*trade from morgan stanley >>> we are now in the "closing bell" market zone.his month. plus courtney reagan on the sell off in consumer discretionary sector. and bob pisani breaks down the crucial moments of the trading day. diana, obviously been a 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

e*trade from morgan stanley it all started with a small business idea.s a pillow with a speaker in it! that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up. the next level network for small business. ♪♪ i sold a pillow! >>> our next guest, bullish stocks in 2025. we kid, of course. it is true. you are up irma bull. unapologetically so. >> that is correct. if you look at the market since world war ii, if you stayed in the market you would have been wrong 14% of the time. >> why do you think this will continue? >> we had the most widely anticipated recession that did not happen. it kind of made sense to a lot of people that it should happen because interest rates came up so much. i think the outlook remains pretty optimistic for the economy. it's already made a significant come back. it will grow 2 1/2 to 3% w

. >> morgan stanley is a little more expensive at 18 times. i like the combination of wealth management and investment banking. you have wells fargo. they have an asset cap catalyst coming up and stock trades at 1. four times the book value. the truest financials in terms of 4% dividend yield and they have a turnaround source. i think you can pick yourspots. back to the point of pick your stocks. does not necessarily have to be financial services in general. >> is there a fed risk at this point? or the markets kind of coming to grips with that we are not getting as many cuts as we thought? nor will we get them as quickly as we figure. does it matter? >> it matters to a certain degree. not as much as it did pre- election. but i think that what we are likely to see, the risk rerun now is if there is a resurgence in inflation that the fed puts a halt to easing or hikes. i think it is very unlikely. but that is really the fed risk for 2025. >> you just said it is very unlikely. and in the chance of the fed pausing, i get it. the chance of the fed

e*trade from morgan stanley >>> welcome back.are watching any football over the next couple days here is something to keep in mind. the games could also offer a framework on how to manage your po rt folio. my next guest is here to tell us about navigating the market in 2025. n nfl. offense, eric in. >> let's talk about offense in the investment thematic. that's through private markets. the funny thing is 90% of the economy is private companies and yet all of our investing comes from public investing. there's a huge opportunity of migrating some of the money through the private markets because apollo and others have made it easy for advisers to do that. so you are talking about some of the smartest investors in the world. strong returns this year, and you are getting it at a discount. kkr is 9% off the highs. that will help the revenue just love the businesses. they are super smart and you are getting in a discount. >> sometimes defense wins championships. >> absolutely. absolutely. doesn't seem like a lot of defense these days in

and morgan stanley will ell us where share wills go from here. in the meantime, the scorecard looks like this. mostly red day-to-day as you see some big give back for recent high fliers. we're watching those, of course. sector wise, materials and energy are leading after more stimulus news from china. elsewhere, mostly red, too. it takes us to our talk of the tape. s&p events loom large. fed meeting. got some inflation reports over the next couple of days. dan greenhouse is with us live at post nine. welcome back. feel pretty good about where we are? >> it's hard not to. it's a good year for most sectors. it's a good year for most capsizes. a good year for most asset classes. i don't know why you wouldn't feel good. >> there in lies one of the issues. they say everybody now is too positive. on the doorstep of euphoria and it's knocking pretty hard. are we there? close? >> listen, i don't think we're on the doorstep of euphoria, but my view for the better part of a year, let's just acknowledge things are going well. economy's holding up. worries a

and i was privileged at morgan stanley bottom. i kept motivating and most and it was a terrific start where they they indulge me in as much as they allow me to do something different every five years or so. but one of the things i did at a very young and arguably, well, not arguably certainly was the highlight of my career, they let me in. 1994 set up morgan stanley's investment banking business, india, which is very cool. so, you know, but, you know, kind of with hindsight, we were probably about 30 years ahead of my time. but but but from a personal experience perspective, it was it was great. you have a great board story on that one. the words are a board member story or somebody you were taking around in -- cheney. yeah. yeah. you got to say that. you have to tell that quite well. i mean, it's not that much of a story, but it was interesting experience. i mean, i to -- cheney had joined morgan stanley's board and john mack, who was president of the time his and an email saying, do you have a useful mr. cheney? and i said, well

e*trade from morgan stanley.ading less complicated. custom scans can help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. ♪♪ ♪ ♪ ♪ ♪ ♪ >>> the nasdaq hitting a record high to start the week. apple, google, tesla, broadcom all leading the charge. our next guest expects even more upside ahead saying investors should prepare for one of the most powerful bull markets in history in the years ahead. let's bring in chris hyzy of bank of america private bank. good to see you. do tell more, please. >> our thesis is not just next year and next year is a launchpad, scott for what we call the asset light era. simply put companies are becoming more asset light. less leveraged and less labor intensive and less fixed asset heavy, so higher multiples makes sense. less credit sensitive, more cash and the asset light companies have the cash to buy the asset heavy things like power generation. it's almost the perfect marriage, scott, w

he is with morgan stanley. we welcome all of you across the nation. if you are working, computing, apple card play, sirius xm, bloomberg television worldwide, youtube, all of our distribution on youtube. subscribe to bloomberg podcasts. it is the only way to observe lisa mateo. it is a constructive episode, to say the least. last week, you and i read it free cash flow and a shareholder yield epic. it was iconic then. how do you study free cash flow in this great bull market? andrew: i hear a lot of people, and shows like this and talk about how you have to have expansion beyond the mag seven and how it is dangerous these stocks are very high weight in the s&p. i certainly agree with that. if i look at what has worked from a factor standpoint, companies buying back stocks, in general outperformed. that is the big boys. your question about cash flow, i say, what companies generate a lot of cash flow? some of the best are these really big companies. i think one of the most consensus trades for next year is the market is going to expand beyond the mag sev

e*trade from morgan stanley it all started with a small business idea.pillow with a speaker in it! that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up. the next level network for small business. ♪♪ i sold a pillow! since 2019, john deere has invested more than $2 billion in our american factories. today, we're nearly 30,000 u.s. employees strong. in more than 60 u.s. based facilities, across 16 states, we couldn't be more proud to play our part in supporting americans who work the land and build a better tomorrow. ♪♪ nothing runs like a deere™. to go further, you need to be ready for what's down the road. as energy demand continues to rise, we're harnessing breakthrough innovations to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible o

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e*trade from morgan stanley >>> welcome back to "worldwide exchange." on the smart home efforts in the year. we have steve kovach with more. >> reporter: frank, good morning. apple is making another move at the smart home after the last six years. apple supports smart appliances right now, but it is a side show after home pod for voice control and iphone apps that control stuff in your home. apple well take another crack at the smart home market is due to grow again next year. according to the research firm idc in september, it is expecting 0 million smart home devices next year. apple is going to play a part in that according to bloomberg reports, it will start with a smart home hub. it sounds like an ipad with stripped down features. you stick it to your wall and it let's you control the appliances. apple is working, according to the report, on the new version of the home pod for voice controls. analysts at tf international securities, scoops what apple is working on. he says apple is working on a smart camera to compete with google and ring brand. ap

morgan stanley. >>> welcome back to "worldwide exchange." attention to commodities and top performers in that space is not energy or metals, but cocoa and coffee. pippa stevens has more on the record can roll on in 2025. >> reporter: good morning, frank. when you think about commodities, cocoa, coffee and orange juice, aren't the first things that an come to mind. the three are the top performing commodities this year by a long shot. cocoa is pacing for the best year on record. coffee up 70% around an all-time high and orange juice is tracking for the best year since 2009. cocoa and coffee both require very specific growing conditions and crops have been hit hard. steve waterridge told me unless there is a big improvement in cocoa supply from ghana and ivory coast, we have a big issue, one he said the market is now just realizing. when it comes to coffee, brazil is on the cusp of the fifth consecutive poor crop thanks to climate change. harvest in brazil is impacting orange juice. for the time being, companies have managed the surge through

e*trade ® from morgan stanley. >>> we're back on the bell.e sell of a minority stake in the philadelphia eagles. mike is here so discuss. good to see you. so this was an evaluation of 8.3. and it was just in september where you had them at 7. what happened? your pencil needs to be sharper. what is going on. >> one, i don't know what i'm talking about, and number two, the values of nfl teams are rising like crazy. there were three other deals today. >> for $1.3 billion in a couple of months. >> i was too low. >> that is what i'm saying. we've gone up that much in a couple of months. >> not just there. but the dolphins alone, they had a sale today, just the team,p$.7 billion. that is like $600 million more than i had. the bills, $5.8 billion minority stake. the raiders, $6.5 billion. the railroad went for the limited discount, this shows how hot the nfl is. if you were jeff lurie, look at how happy you are. you bought the team in 1996. $185,000,008,300,000,000. >> how do we judge whether this environment is too frothy or not? i'm not suggesting

morgan stanley. >>> we're down to the closing bell market zone.ator mike santoli to break down the crucial moments of the traying day. a day in which we could see the first ever close above 45,000 for the dow and along with the s&p and the nasdaq. >> just enough and just enough large stocks to get us there. the don't market rules are in effect. we have this upward drift and pretty low volumes but that means there is zero selling pressure. nobody wants to stay in the way of a market that has the seasonal and fundamental ant technical tail winds. i'm watching all of the hot pockets of the market as i have been for sometime. robinhood ripping and things every day there are three or four racier software stocks that scream higher. put call ratios are very low. not as low as 2021. but any way, you have this market that is trending in the direction of everyone is going to be celebrating at the same time. and they could see no downside. but i don't think, we're at a hazardous point in that process just yet. >> i'm looking at salesforce today, up 11%. i'm

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morgan stanley what is he saying about nvidia. >> they say they're approaching a key turning point.ey said that they get really bullish on nvidia when they feel like mixed data point in the near-term but they see strong fundamentals in the long run. they think that's where they are demand for interim and super bullish on the company to maintain a buy with $166 price target on nvidia. >> very good. i wanted to mention this joe biden launched a new probe into china's chip industry. what do we know about the investigation. >> it's nobody's launching a new investigation basically to see if there is a trade issue going on with chinese made chips these are chips that go into washing machines, autos, telecom basically he wants to put a 50% tariff that goes in january 1. the new trade investigation, he says trample takeover but it might make it easier to launch new tariffs on the chips if they find out that there has been a trade issue and that investigation. ashley: got it. have to talk about piquant had a rough week. first losing week since the election. >> what happen as of yesterday, th

e*trade from morgan stanley >>> we are in the "closing bell" market zone.o watch from costco's numbers and broa broadcom. market not so great. what's your take? >> the market is getting to a point where it's going to have to prove that this is just a routine consolidation and majority of stocks settling back every day this month. it is getting to be just a little bit more of an anxious churn. we are barely off the highs in the s&p 500. today was a day when we didn't have enough of the big guys really pulling higher. you do have another negative. so i think this market has wanted to push the hard questions into the new year. we will circle back after the holidays. let's not get in the way of it. that could happen. you are supposed to have a stutter step in the first half of december. i think you have to be aware, it's a very bullish setup. everybody has been repeating why it's a bullish setup. everybody knows it. it wasn't like the market was in desperate skeptical condition before we got this. >> tell us about costco. >> wall street is expecting earnings pe

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e*trade ® from morgan stanley. >>> welcome back to "worldwide exchange." futures. all three indices down fractionally. s&p moving lowest on the percentage basis. shares of apple as it moves to the $4 trillion market cap. shares pulling back a bit in the pre-market. down .50%. ticking closer and closer to $4 trillion. again, we will continue to watch that throughout the day. >>> coming up on "worldwide exchange," we have the one word that every investor has to hear today and the stock pick every investor need to know. >>> making the case for nippon steel for u.s. steel. we talk to one on why he and calol leaders are backing the plan. we'll be right back. don't go anywhere. - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist as to what i might actually wear. - yes. - oh. that's a commitment. [glass knocked] hey bud! whaddaya think? you know, people can see you out here. ha ha ha ha, yeah, yeah, right, right, ha ha. love you, too. agentforce helps retailers prevent fashion fails. it's what ai was meant to be. ♪♪ at

e*trade from morgan stanley. easy-to-use tools make complex trading less complicated. custom scans can help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. ♪♪ >>> we are now in the closing bell market zone. taking down a crypto stocks today, plus steve kovach on apple nearing that milestone, and breaking down the crucial final minutes of the day. let's start in the crypto space. a pretty hot run. >> sara, crypto under pressure . trading is down 3% on the day and 12% off its record so we are seeing a trend the past few days shorting bitcoin in the future market, buying up the prices alongside a slowdown in buying activity across the u.s. trading market with the premium turning negative according to data from crypto. coinbase, of course, going down and under pressure for the ay and on pace to end the week lower. sara, it was only earlier this the first time and more recently its record above $108,000 so i think traders

but morgan stanley slapped it within underweight rating.20 price target gib the companies recent sales trends it is tough to blame morgan stanley for being negative business has not been that good. so here is how i see it. it is an intriguing story. i love the core brand. i've worked two suits this week that were zegna and i feel good about the strategic plan if you believe they could get their act together and-t be more like the large diversified fashion houses then would thwould be a great time to buy the stock. it is still a favorite but i'm not a believer at least not completely. we just don't know how this strategy will play out in the intermediate future and the analysts don't know either so let me give you a bottom line on a complex story if they could hit the consensus numbers, the tock is a buy but i don't follow the industry well enough to confidently tell you that they could pull it off. i say it is a speculative buy at best if you believe in a turn around, this is the time to get in before it happens. but given there is no evide

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e*trade ® from morgan stanley. >>> "closing bell," mike santoli will break it down.courtney reagan starts us off. >> investors looking back the weaker than expected third quarter. focusing on expectations and the early read from the fourth quarter. accelerating into december from november. expecting market share gains for the quarter. the retailer raising its total demand. rh plans to fully exit china as a manufacturing source by the end of the second quarter. any potential tariffs should not have a negative impact. four firms increasing price targets for rh after the results. shares are up 14% today. 49% year to date. outperforming the xrt, xry. >> thank you for that. i did this to you again. we have a minute left. >> it's a similar story to what it's been a few days. 1% off the highs. we haven't been below 6000 since before thanksgiving. that's fine. without the buying panic in broadcom it might be a different story. we have more stocks down than up for the tenth straight session. the market needed to reset. we have treasury yields probing above or right around 4.4

e*trade ® from morgan stanley. >>> the market zone is sponsored by etrade from morgan stanley. >> weto break down the crucial moments and steve kovach has what is behin the drop in uber and lyft an locking into lu lu lemon steve, tell us about uber an lyft >> it starts with waymo becaus it is going to miami and that is sending the shares of uber and lyft lower waymo will start offering ride in miami with human supervisor next year and then launch th automous services next your. they already operate in sa francisco and los angeles and couple of other places uber is also a waymo partner and they will offer rides in austi and atlanta next your year still uber and lyft off 10% on that news. back to you. >> okay. how about lu lu lemon? >> this one this time around the focus for investors will b around the ability or lack there of to stand up against competitors. they both seem to be gaining grounds. they are private companies but they are still growing year over year they have been decelerating each quarter for over a year now. while some of that may be from the growing competition, some

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morgan stanley has actually said that you're one of the biggest winners from a trump election win. donald trump is bringing into his administration. i mean, the likes of doge, the department of government efficiency led by elon musk. i mean, how do you see that for your business? i think its strong for our business. generally speaking, efficiency and making the government run more smoothly, i'm a huge believer in that, and i think that it could not only save costs — and the costs have been increasing tremendously — but it's notjust the costs, it's reducing the friction to the us being the market leader in new innovative industries — crypto, we mentioned, but also ai. and ultimately it's going to be the combination of cutting costs, but also putting in place policies that make america the best place to do business which ultimately will drive gdp growth. and i think we can do both in this country, i don't think we have to pick one or the other. you've had a phenomenal year and quite a big turnaround, but it hasn't all been smooth sailing. so talk to me about robinhood's comeback and

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morgan stanley moving from 82 to $102. barclays, 118. wells fargo going from 110 to $130.n pure storage piper sandler moving to or weight. says the stock has what it calls pure opportunity ahead with further upside. >>> also, raising price target for daiwa on nvidia 125 to 160. >>> coming up on "worldwide exchange," we have the one word that every investor has to hear today and the stock pick that every investor needs to know. >>> plus the holiday gifts potentially coming at a higher cost. new details when how credit card companies may be putting a bigger squeeze on consumers. we'll have the details right after this break. stay with us. >>> welcome back to "worldwide exchange." holiday shopping season starting off with a bang. record-breaking numbers for black friday and cyber monday with many shoppers likely putting their purchases on credit cards. but, those deals, they may have come at a higher cost. cnbc's banking and payments reporter joins me now with why. right now, hue, those rates, they're at record levels. where are they going from here? >> they're staying high.

you think about ben sears model with morgan stanley.at walmart risks going too far in that direction? >> i don't think it is a risk. the bigger question, do we see a future where 10 years from now jamie dimon is dethroned as the king of wall street? absolutely not, that is not going to happen. walmart does want to diversify. it has talked about the idea that when it comes to financial services, it has been punching below its weight. it is a market that exists for them. why would they not want to tap into it? they have to execute well, that there is a very clear and apparent opportunity for them right now. sonali: so the work is being led by a former golden partner. a lot of interesting former golden partners in the wd of fintech. omar ishmael, what is he doing? >> 2021 when goldman sachs was doing its own foray into online banking, the time when walmart hired, it was an audacious poaching because we were going to the heart of goldman sachs and saying yes, you have these two people who will -- who will build your consumer banking effort

morgan stanley. old school grit.hi, ni, san, shi... (1,2,3,4 . . ) ruri never thought she would live out her dream. then one day, she did. you were made to chase your passions. we were made to put them in a package. . >>> i got one more trick to teach you tonight. one more method to my madness. this time i want to talk to you about selling. how do you know when to sell off stock? you ask me about that all of the time? how do you get out so you are not the last person around stuck cleaning up the mess. this is the question that needs to be answer. there is lot of money to be made with hot stocks with a lot of momentum. you need to know when there is time to leave the table. there are always nah sayers, sooner than later all of them are wrong. the collapse usually occurs later rather than sooner. all the negative talking heads that kept you out of the momentum stocks, actually cost you a great opportunity to make money. people shy away because they don't know where they are going to stop. they don't know if they are go

morgan stanley goes from the lowest target to the highest target. remember last week, blackrock talking about these mega forces and pointing to a.i. once again. they said to folks go further overweight, u.s. stocks, because a.i. theme is starting to broaden out. this is last week. well, this morning another major firm has jumped on that bandwagon. oppenheimer went all the way in. they raised the ante. they've got the highest target on the street of 7100. what's more amazing, earnings per share growth, 274, that's not too bad, $275,000, that's not bad. former pe ratio of 25.8. most firms would be saying sell. maybe there's a new paradigm. now they're saying it's okay because it's a watershed moment for the market and for our society. so it's really amazing the new found optimism. could lift the markets significantly higher from here and again, almost everyone is on board. oppenheimer at 7100. but the thing is, though, you've got to be more than just -- you can't just buy the market. you've got to pick stocks. last week, here's a notable thing. there

as jim caron of morgan stanley suggested, it could be a positive for the u.s. economy.to inflation. nobody knows that either. use the analogy he loves to use, you are in a dark room and the room just got darker slowly. lisa: and dennis lockhart said yesterday in a conversation, don't screw it up. that is the feeling of the federal reserve. next year, how can they even model that? what models to they follow. how do you get forward guidance? what we do with that? jonathan: kevin walsh does it for you. sonia, it is good to see you. up next, nouriel rabini and kathy jones of charles schwab. the second hour of bloomberg surveillance is up next. ♪ ♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪ ♪ ♪ >> the u.s. economy still has significant advantages versus the rest of the world. >> the fed is correcting normalized rates. >> higher rates is not good for bond prices. >> i don't think the fed is in a position to cut for with the market is priced for. >> we think the fed will cut in december but next year's cuts are in jeopardy. >> this is "bloomberg

e*trade from morgan stanley (♪♪) (♪♪) what took you so long? the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com >>> welcome back to "power lunch." time now for three stock lunch. we are trading some big earnings moving and here is president of nation's index, first up oracle, sliding about 7% after missing the top and bottom lines but the share is still on pace for best year since 1999, 25 years ago, scott, what do you do with it? >> oracle is a sell. they missed on the top and bottom line so down about 8% today. spent much of the day as the worst performer in the s&p. but it is up 67% year-to-date. so it is time to take some profits. oracle is a second tier a.i. name, they're great in the data space base but they were slow to the cloud and that is going to slow them down in a.i. and there are better pure

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and morgan stanley will ell us where share wills go from here.d looks like this. mostly red day-to-day as you see some big give back for recent high fliers.