i will tell you morgan stanley is doing terrific.finished up nearly 12%. one of the best performers. morgan stanley delivered a big revenue beat and big earnings beat. investment banking and sales and trading saw a 47% revenue growth. equity revenue up 51%. fixed income revenue increased 35%. your eyes glaze over. these are extraordinary. higher asset levels. the cumulative impact. the smallest segment, investment management, up 12.2%. the catalyst was higher assets under management. higher market levels. the stock market went up. morgan stanley had strong expense control. that's down from 84% a year ago. that number hurt when that was reported. this is expenses divided by revenue. lower is better. all told, the numbers allowed morgan stanley to earn $2.22 per share. wall street was looking for $1.7. these are incredible. the investment banks are at a golden age. trump hasn't even been sworn in. once his regulators take over, the sky is the limit for these guys. let me give you other high lights. client assets reached $7.9 trillion a

e*trade from morgan stanley.lex 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. ♪♪ >> usually bull markets are not sustainable and less financial markets and banks are doing well, and they seem to be doing very well. >> the results speak to the ability to earn into your valuation. >> you will find robust trading results for all of the big banks. >> it will be a great year to be an investment bank because it will increase volatility in bonds and equities. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: live from new york city, good morning, good morning. equity futures up i .25% on the s&p 500. -- up by .25 percent on the s&p 500. the banks are doing well. we had a eat. let's see if morgan stanley can complete the sweep at 7:30. mastec 100 up .40%. after we get those numbers from morgan stanley, we look ahead to r

david: i feeldavid: pretty good about bank of america and morgan stanley tomorrow. ng retrievers. what we have seen so far as you mentioned, strong trading and investment banking was up almost 50% year-over-year for jp morgan. you know, i also say jp morgan is fairly asset sensitive so the expectations that the fed won't cut rates quite as much as we originally thought this year, that created a lift and i expect -- that was the same for wells fargo. we think that is a good readthrough for bank of america but may be so when we get to the super regional banks. vonnie: south of the major banks, it is looking good for the more regional banks. it might not be looking so good. what about consolidation for some of those banks? might that be on the client? david: -- on the cards? david: we are seeing a report right now that is so strong. we are a little bit less optimistic for the super regionals. you know, because they have a lot of hedge performance. we may not see the same and they are most likely the buyers. so we would actually skip down to the smaller banks that will p

look, the ones that are up today are the best companies, morgan stanley, goldman sachs, j.p. morgan and those are the ones that benefit the most and then you have kkr and blackstone that will benefit. i think you top of the stay long that because every lawyer i know and every banker i know are super busy. as long as rates don't come up, as kim pointed out earlier, you will see more transactions. >> agree? >> we like the banks and they're in strong uptrends. the thing to watch is you are trading at 1.5 times price to book for the bank industry, this was the peak evaluation in 201818 and 2020. do they feel, like you have an inflexion in earnings growth that makes those valuations look less stretched. >> isn't that probable? i mean, if you want to throw into that, too, an easier environment to lend into? banks have been hamstrung by the lending standards. they haven't been able to return as much cash to shareholders as i'm sure they wanted to, get the shackles off. they're saying let banks act like banks and the cost to borrow was so high in '23 and '24 compared to 2020 and 2021.

matt hornbach is morgan stanley's global head of macro strategy. american express released fourth-quarter earnings this morning with guidance in line but share is dropping on higher expenses. and a newly report on so-called cash poor americans giving us insight into the cost of borrowing. rodney williams of sold-out funds joins us to break down what he has been looking at. this is bloomberg. this is bloomberg. ving with diabetes, i'll tell you the same thing i tell my patients. getting on dexcom g7 is one of the easiest ways to take better control of your diabetes and help protect yourself from the long-term health problems it can cause. this small wearable... replaces fingersticks, lowers a1c, and it's covered by medicare. not managing your diabetes really affects... your health for the future. the older you get, the more complications you're gonna see. i knew i couldn't ignore my diabetes anymore because it was causing my eyesight to go bad. before the dexcom g7, doctor's appointments were not something i looked forward to. for my patients, getti

based on 44% higher revenue while morgan stanley generated 25% more. equities division up 51% in the quarter. and i just got off the phone with morgan stanley's cfo who told me that a key driver within the equities division came from clients re-risking their portfolios which increases their prime brokerage balances and that there has been a meaningful shift in terms of equity activity. rate cuts earnings growth and sentiment, she says the firm has the highest pipeline from the advisory side over the last several years. later this afternoon, we will drill into some of these trends with others for an inclusive interview from the firms had orders. city reported earnings yesterday and that stock soared. >> they did all right. there are some other earnings to talk about. we will mention those right now . let's get a final check on the markets and in reference to united healthcare, futures, we will take a look at those with the dow jones down 126 points but in large part due to united healthcare which is a dow component and at this point, it is 5.19 down from

so, morgan stanley makes sense. you mentioned bank of america quickly.tes are going higher, actually bac doesn't win to that. and the recent level it traded up to are highs that we last saw in the fall of 2021. >> yeah, i do think this makes the case for the pure play investment banks. the advisory and trading fees. i would expect, given we're expecting deregulation, i would expect follow through from some of the regionals and the price action was a bit concerning. >> up next, final trades. when i have customers come in i recommend prevagen. number one, because it's effective. does not require a prescription. and i've been taking it quite a while myself and i know it works. and i love it when the customers come back in and tell me, "david, that really works so good for me." makes my day. prevagen. at stores everywhere without a prescription. your shipping manager left to "find themself." leaving you lost. you need to hire. i need indeed. indeed you do. sponsored jobs on indeed are two and a half times faster to first hire. visit indeed.com/hire >>> final

e*trade from morgan stanley. power e*trade's 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. ♪♪ let's say you're deep in a show or a game or the game. e*trade from morgan stanley. on a train, at home, at work. okay, maybe not at work. point is at xfinity. we're constantly engineering new ways to get the entertainment you love to you faster and easier than ever. that's what i do. is that love island? >>> welcome back. the rally and recent crash in quantum computing stocks has brought this once esoteric technology into mainstream investing conversations. kate rooney with more on what a quantum computer actually is. tell us, kate. >> yeah, so we're here behind the scenes at siquantum, one of the venture backed companies in silicon valley building high powered computers investors expect to be the next transformational technology. and this is r

morgan stanley earnings are out.eryl with the numbers. >> investment banking again a strong double beat for morgan stanley, the company coming in 222 on earnings per share, street was looking for $1.70. this is well above a 100% profit jump year over year for this bank. it was the wealth management business. fees for the bank jumping 25%. 7.336 7.36 billion coming in one wealth management business, the core of morgan stanley's business, equities trading, fixed income trading, both strong numbers, 7.9 trillion in assets. provision for credit losses, 115 million, the market recovery, we're waiting on the forecast, that may come up in the call. at this point another strong bank earnings report to send over to you. maria: and we've seen deals start to pick up at the end of last year but the expectation is that that's going to continue throughout '25 which of course is also a positive for these stocks. morgan stanley shares up almost 2%. thanks, cheryl. los angeles firefighters making more progress to contain the flames a

e*trade from morgan stanley.er e*trade's 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. ♪♪ caroline: the tiktok decision from the supreme court today, standing by the law. the latest from trump saying the tiktok decision will come in the not-too-distant future from him saying he needs time to review the situation. he's been promising to solve it. mandeep singh joins us. if i'm oracle, apple or google what do i do in this situation on the 19th? mandeep: given the liabilities of keeping the app, you are going to shut it down. the app will go down. the question is what will president trump do day one? the tech executives at his inauguration will find a way to migrate tiktok data to competing platforms, youtube or meta. everyone is scared. they will lose their business because their followers and content will go away. if you migrate that data

e*trade from morgan stanley.er e*trade's 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. ♪♪ >>> all right. i don't have to say it. i think the animation says it all. time for our market navigator brought to you by charles schwab. you're dominic chu. >> i am. and you are brian sullivan. >> hi. >> that was kelly evans over there. anyway, the health care sector starting off 2025 with smaller gains but on a relative basis outperforming. it's got a long way to go to make for a tough 2024 with jpmorgan's health care conference wrapping up this week, our next guest is taking a look at the sector and has thoughts where it's headed and which names may be in for a healthier return this year. >> no. >> i did it. i went there. joining us now, mr. sullivan, is carter worth, the founder and ceo of worth charting. it was the worst performing, single wors

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morgan stanley up 1.5%. pnc, regional bank, up .75%. we get earnings today from the names before the opening bell. >>> apple losing the crown from the biggest smartphone seller. that is the largest annual sales decline ever. that includes the 25% drop in the fourth quarter. apple dropping behind vivo and huawei. shares of apple up .75%. we will continue to watch the stock throughout the hour and day to see if there is any reaction to that report. >>> coming up on "worldwide exchange," from super micro to adi, aann end to one of the most notorious short sellers here on wall street. we'll be right back after this. ...or know what i like to eat, which is not that. what's up, my brother? oh, hey, bud! we really needed this rain. right? [car splashing rain water] agentforce helps restaurants prevent dining disasters. paddle on over! it's what ai was meant to be. we got you, brother. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the s&p 500 with spy. ge

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today, we hear from bank of america and morgan stanley.et's digest all of this with our next guest. david grumman at citi. >> good to be here. >> i would first like to look at what is happening here. we are witnessing another change of narrative for the u.s. equities. guide us what is your take at the moment. do you believe this is the narrative that will dominate the rest of the year or, perhaps, is the volatility going to be the main story really? >> i think it's tricky especially with rates. this has been a big story now and the truth is it really matters what's driving rates in terms of what knock-ons are for equities. the growth outlook is optimistic. that is okay for equities. equity with a big move in rates before it is a real problem. it is about inflation worries that equities start to get jittery. we get a news story where inflation is surprising to the down side, you can see equities take that very positively. >> investors were very keen to get a little bit of positive news, really. talk to us about how you are looking at europe

jpmorgan, morgan stanley making new highs. this is positive, but it's not enough of a catalyst to lift the rest of the market with it. then you talk about the semiconductor stocks. taiwan semi made new highs, but it's starting to fade a little bit. the other names had been beaten up. they're starting to rally a bit off of lower levels so we're goa getting a slight rally, but we're not getting nvidia leading us, broadcom taking us much higher. there's this lack of momentum, and we're in this limbo period waiting for trump tax, tariffs to see what that will do with the market, see what doge can do, plus the fed meeting at the end of the month. they have us in this wait and see kind of mentality. great news from the financials, solid news from some of the semiconductors but not enough to really get us back on that upward trend. liz: not even the fed funds futures right now show a pause, peter. 97 chance that the fed will do nothing -- 97% -- in the next meeting a couple weeks from now. and i look at, say, for example, the retail

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tomorrow we hear from bank of america and morgan stanley.nto a huge data point in about 20 minutes time. coming up, we will catch up with peter tear and david kelley on why he thinks inflation will slowly tick lower, expecting the fed to stay on hold all year. we begin this hour with stocks 30, investors in waiting -- awaiting cpi. what if markets reacted so poorly to payrolls because no one believed the data, but everyone believe that the fed will need to react to the data, for the fed is forced to rely on official data, but the data isn't reflective of reality? does that lead to policy mistakes? peter joins us now for more. i love this quote over the weekend. i shared it with the audience as we kicked off the training week. are you suggesting the number we got on friday overstate reality to mark -- overstate reality? >> i do think so. only four out of 75 were over 200 jobs, so they missed by a lot. so either we believe the official data is so much better, for the official data might be wrong and the trend for the last two years has been th

we will see what morgan stanley comes up with. >> the being so superstrong that the deregulation via certainly we want to keep a focus on the strength of the consumer. obviously that is one of the big things as we talk about whether or not the trump tax cut gets extended might take if it's not done by mid july or before back-to-school season kicks in you will see consumer pullback quite a bit. maria: here is does shaving and the risks to the bolus dollar view in the company between the trump and fed could appear sooner than expected given upside risk to inflation and inflation has been an issue is not where the fed wants it to be. deutsche bank is worried about that in the account deficits in our view the single most important variable in determining trump policy suc success, they are struggling as far as the debt ceiling which is going to happen at some point. >> we are seeing the push and pull on the debt ceiling in the house and the senate and if there is any uncertainty with what trump wants to do and his nominees, will they be able to get into the house and the senate and will t

jp morgan, citigroup, wells fargo and morgan stanley.ank of america also had big debt sales totaling $25 billion. overall issuance pushed to over $46 billion. another notable sale for the week was citadel. it sold $1 billion over two parts to fund a payout to its owners. we end with u.s. leverage loans as that area stays red hot to start 2025. volume around $50 billion with monday seeing the most launches on record. the bulk of activity is mainly from repricings. when it comes to credit, morgan stanley lays out the drivers for current investor appetite. >> this is a credit market i think a lot of investors would describe as a good yield and a bedspread. yields are quite high and nominal. relative history on the corporate indices. spreads are low. i think a lot of buyers of credit at the moment are more yield driven. sonali: joining us now, the global head of credit strategy at bnp paribas and the portfolio manager at brandywine global. the economic data this week was good. when you think about what we saw in terms of cpi and even in term

at morgan stanley, old school hard work meets bold new thinking.apped possibilities and relentlessly work with you to make them real. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the s&p 500 with spy. getting there starts here. 's since we are looking at the laggards on the india. we have an interesting second day of the high-profile downgrades. palo utla gets a couple. and it will get to the downgrade of amd. adobe is in there. merck as well. we'll talk about those names and some upgrades on the opening bell in four minutes. welcome back to the man dashed to the opening bell. amd will be down. >> hs -- hbc is not my favorite. they are saying listen, we have a weaker roadmap. they cannot catch up to nvidia. they do believe they will miss the numbers. this is one where, it was not unexpected. the stock does not look like the others. for let's get the opening bell on the big board. crypto currency platform, exodus is celebrating getting on the nasdaq. avenue c

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>> morgan stanley. when they report on the 16th, it's going to surprise on the fee growth. could be 70% for equity capital markets. >> see you on closing bell. >>> we were all just checking the charts on the ten-year. thank you. welcome to "the exchange." here is what's ahead. zuckerberg almost fought musk in a cage match. now he is taking a page from his playbook. meta eliminating fact checkers. it's the latest step away from the left and toward a more trump-friendly future in big tech. details and a look at the bigger battle that may be brewing. >>> there's been a lot of apple news. a lot has been bad. that comment courtesy of craig moffett. a rare downgrade to sell the stock. he makes his case just ahead. >>> morgan stanley called cyber arc a beneficiary of the treasury act. the ceo joins us with how they are hoping the footprint will expand with a new administration. >>> let's check on the numbers. >> the reason why you and i and everybody talking about the ten-year is because it's the highest level since open is one of the reasons why you see markets under pressure rig

morgan stanley. >>> welcome back to "worldwide exchange."act talks with the union representing 40,000 union workers on the east and west coast are due to start today. the longshoreman association arguing the threat to u.s. jobs. the two sides do not reach a deal by next wednesday, workers could go on strike and cnbc learned a secret meeting with the members of the association and the united states maritime alliance was held on sunday to try to find common ground on automation. for more, let's bring in neil bradley at the u.s. chamber of commerce. neil, good morning. >> good morning. great to be with you. >> neil, i don't know if you saw the developments with the quote/unquote secret talks. the dispute is automation and semi automation at the ports. do you have a view? >> it is needed. we are talking about basic technology. the basic technology we need to efficiently and safely operate a modern port. you know, we pride ourselves in the united states of having the best infrastructure and best businesses in the world, but we don't have a single

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e*trade ® from morgan stanley.izza oven, e*trade ® arissa's hair salon wants to expand their space, and steve's t-shirt shop wants to bring on more help. with the comcast business 5-year price lock guarantee, they can think more about possibilities for their business and not the cost of their internet. it's five years of gig-speeds and advanced security. all from the company with 99.9% network reliability. get the 5-year price lock guarantee, now back for a limited time. powering five years of savings. powering possibilities™. >>> welcome back to "worldwide exchange." here are the stories we are following this morning. the ft reporting the european commission is reassessing probes into meta and alphabet. they are asking the trump administration to intervene in overzealous regulations. >>> the japan 40-year yield rising to the highest level since 2007 on expectations the bank of japan will raise rates. >>> and robinhood securities violations over the two dealers violated more than ten securities laws provisions. >>>

e-trade from morgan stanley with powerful, easy to use tools, power etrade makes complex trading easier react to fast moving markets with dynamic charting and a futures ladder that lets you now for your free legal consultation. again, that's one 800 712 3800. >> ben thinks he's playing a game, but he has no idea. >> it's all a prank on him. boy, do i hope we're all friends after this. >> the joe schmo show premieres january 21st on tbs. >> president elect donald trump making an emergency appeal to the supreme court, trying to pause his sentencing on friday in the new york hush money case. judge juan merchan has signaled that trump will face no legal penalties after he was convicted last may on 34 counts of falsifying business records. cnn chief legal affairs correspondent paula reid is following the story for us. all right, paula, what is trump arguing here in his appeal? so he wants the supreme court to step in and block friday's sentencing. >> he argues, quote, this court should enter an immediate stay of further proceedings in the new york trial court to prevent grave injustice and h

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morgan stanley eps expected to increase 99% year over year. what's the catalyst for the big upside moves when it comes to profit? >> yeah, so, it really is investment banking and trading and rebounding off more one or two years as interest rates are really high during the 11 rate hikes we had in that hiking cycle. as we et off that, the earnings are good. for morgan stanley, in particular, they get half of the revenue from wealth management. as we know, you know, they basically get a fixed percentage of a lot of people's overall assets under management. as those rise, their fees rise, frank. >> we have seen a big jump in financials after the election. a lot of what brian moynihan was talking about with the regulatory environment. how much is baked in for the friendly regulatory environment? some of the gains have eased back. >> there's room to run. those gains have pulled back because of what's happened in the bond market. that moderated enthusiasm for the big banks. i'll be very clear. there are three or four different key regulatory bodies y

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morgan stanley. mom, look what i got.) the best way to make family memories in the caribbean is at a place founded by a family from the caribbean. jonathan: that was a great party last night. that is all i can say. lisa: hear you,. jonathan: where have i been? lisa: you have been partying, you have been ice-skating, you've been measuring the snow. jonathan: is that what i do in my spare time? have we done any market checks? down .1% on the s&p. under surveillance this morning, apparently, taking risk. >> i think it is a good but not amazing time to be taking risk. when you take into account what is already happened to risk premiums, you have to say it cannot be great. you could have a great year for the u.s. economy, you can have companies returning money to shareholders and it not being an amazing time to be an investor. jonathan: just had a great conversation about this downstairs in the world economic forum. i know you followed a little bit . it was interesting when we got into u.s. exceptionalism and katie making the

this time bank of america, morgan stanley and pnc financial. i expect these to be good. pnc will probably be the best. it's a cult bank stock. the biggest health insurer, unitedhealth group reports. it was in the news after its executive was murdered. they have strong earnings. they got good news from medicare this evening. they are no longer dealing with the post-covid hangover. i suspect unh will have an excellent quarter. what can i say? these stocks probably are going to work. the close, results from one of my favorite companies, jb hunt. i see this as a barometer business. it breaks down the strong and weak parts of the economy line by line by line. look at the positive reaction to delta this morning. keep in mind when you get strong earnings like from delta, they can indeed transcend the market's negative gravitational pull. finished up 9%. on friday, i'm watching for slb. that's we see rising oil prices. that's not enough to turn around the fortunes. it has been down in the dumps for a year and four months. i think the company might give us a more positive forecas

we start with morgan stanley upgrading its rating to on logitech to a hold. bank says the company's long term revenue growth expectations. they moved closer in line with their forecast. piper sandler downgrading its rating on boston beer now to neutral. piper cites the diminished outlook on hard mountain dew and slower than expected sales growth on twisted tea and loop capital, raising its price target on supermicro from $35 to $40. loup says supermicro remains an important company in an important space with special catalyst and fundamentals. all right. coming up here on worldwide exchange, the media and telecom giant, our next guest says will provide investors some stability despite stumbling out of the gate to start this new year. we're going to reveal our mystery chart coming up after the break. and on squawk box, after worldwide exchange conversations with the ceos of morgan stanley, blackrock, honeywell and liberty global from the world economic forum in davos, worldwide exchange, we're back right after this. >> nothing stands still. not technology, not

umgc supported me and allowed me to achieve my goals. [ music ] (grunting) at morgan stanley, old school ) partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. >>> after spending our first couple days in san francisco focused on the jp morgan healthcare conference, we took a trip for the ai summit. i had a chance to speak with the chairman of sysco along with the evp and chief product officer. look at this launch. we are at the ai summit. i'm chilled. you are talking about a lot of companies, even after all the hacks, that are unready. how is that possible? >> thanks for being here today. we are excited. we have a great agenda of the who is who in the ai industry. we have over 100 customers. we kept it intimate. probably 40% of the fortune 100 are here. we are excited about it. this is actually a big announcement in the space. we think the advent of ai will exacerbate the cybersecurity issues.

at morgan stanley, old school hard work meets bold new thinking.o help you see untapped possibilities and relentlessly work with you to make them real. gearing up to offload debt from elon musk's acquisition of x, formerly twitter. of course, while the world's wealthiest man throws around his political weight. our steve covac joins us now to break it all down. steve. good morning. >> hey good. morning frank. >> it's been a kind of. >> mix of politics and. >> business with elon musk over the weekend. >> let me start. >> with the. >> business side of things first. >> this came out on. >> friday in. >> a. wall street. >> journal story saying that some of the big bank backers like bank. >> of america. >> barclays, morgan stanley. >> they're all. >> thinking about offloading. >> their debt that. >> they've taken on when. >> they originally. >> backed elon musk's. takeover of twitter two and a half. >> years or so. >> ago, they're thinking of offloading all that. >> billions in. >> debt at about 90 or $0.95. >> on the dollar. >> to other investors who ar

e*trade from morgan stanley minimums. >> all right, it's closing. bell market zone.kets commentator mike santoli here to break down the crucial moments of this trading day. plus some eye losses in the energy space to say the least. pippa stevens is going to tell us the stocks that are down the most. and seema mody on two bright spots. yes. bright spots in tech today. you heard me correct. there aren't many though in tech. no, make it a day. >> some software. i mean, what you can say is that it was a rotation more than a liquidation. so if you're going to have a day when you have an absolute washout, trade in semis in the ai hardware trade, where you have one of the strongest themes and most closely held to investors hearts in the market, get completely pulverized. you could have had everybody just say risk off were out, or it could have gone elsewhere. and what you did see is rotation people maintaining exposures, more stocks up than down. i mean, some of it was very mechanical, meaning reaching for the most neglected under owned themes. campbell's soup is up 2.5% to

e*trade ® from morgan stanley. >>> we are now in the closing bell market zone. moves today. diana olick is breaking down those gains. plus, john ransom from raymond james on why unitedhealth just posted what he called a winning ugly quarter, and frank holland is looking forward to jb hunt reporting in overtime. diana, obviously chasing the rate moves but talk to us about some of the moves in the real estate sector. >> real estate is having a good day. shocker, it's all about interest rates both on the commercial and residential side. first, the home builders are reacting to falling mortgage rates. the average on the 30-year fixed down 15 basis points since tuesday. lenar and dr horton both higher, and kb was off a little bit but it may be because it shot up so high earlier this week. now, to commercial and the s&p real estate sector which is the second best performer on the day. again, interest rates, the ten-year is down six basis points today to the lowest since january 6th. two of the best performing rets today are american tower corp and crown castle, each o

e*trade from morgan stanley.-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. ♪♪ >>> the market zone is sponsored by e-trade from morgan stanley. >>> we're in the closing bell market zone. cnbc markets commentator mike santelli to break down the crucial moments. tesla under pressure after a downgrade at b of a. and digging into the big moves in crypto as well. michael, we'll start with you on a pretty ugly day. >> yeah, this market has been unable to settle down, to lock into gear and take advantage of seasonal tailwinds, new january money. the source of the pressure, we're talking about coming from yields, and also just apprehension as to what the yields are telling us, and whether it's really going to force a test of what the real economy can handle. i think that's the self-reinforcing anxiety here. very weak breadth over the course of the day. s

morgan stanley, blackstone. things like that. companies do well other than the top ten. doesn't mean you can't own them. >> thanks. "closing bell" starts now. >>> and welcome to "closing bell." i'm scott wapner live from post nine at the new york stock exchange. a big day from big tech. a.i. trade taking center stage again. certainly helping the nasdaq today outperform other major averages. fueling the s&p 500 today. heading towards a new record close. watching that closely over this final stretch. 6090 the old one. above it now. see what we do over the last 59 1/2 minutes, and russell 2000 down one half percent. not participating. netflix, big wenner after its blowout earnings. hitting a new record high. >>> take us to our "talk of the tape." ask experts where stocks are likely to go. with us, our panel. cnbc contributors. welcome. s&p 500 this year. 10%. i guess take that. why just that? >> look, valuation is a pressure point. right? valuations are not an end-all, be-all but difficult to get a lot of multiple expansion out of this market going forward. doesn't mean mul

you got -- the gold standard of transition is morgan stanley.ike that. >>> shares of gm and ford higher today on hopes the automakers may be spared from massive tariffs in the new administration. "the washington post" reporting that president-elect trump was considering narrowing the scope of the proposed levies, though trump did deny that report. megan cassella has more. >> that's right, melissa. the report said that trump's team is focusing only on imports deemed critical to national or economic security. the idea here is that tariffs would focus on specific sectors that trump wants to bring back to the u.s. "the post" listed the defense industrial supply chain, critical medical supplies and energy production. now, people in touch with the transition team told me today that trump's commerce and treasury teams have been interested in this type of narrower approach, and that lawyers see this as on firmer legal ground than the universe altar riffs, because there's precedent here. trump could use the same law that he used in his first term to impo

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ceo and chairman, transform morgan stanley.st said, i'm done. >> i mean, we just talked about the great results, though. and i mean, i assume when you walked in, you scared, were you thinking, oh, i can, i can, i can make these numbers jump by 50% like that's possible. >> well, i think i think some self-awareness would be, you know, you should be a little scared every day. oh my gosh. there go your notes for the next set. >> of i don't know. now i don't know what to ask you. >> now we're going to see. no, i also think dan and andy saperstein. i mean, people talk about collegiality and there are lots of memos around that. but we're friends. we deeply care about each other, and that's what's made this partnership work. and the vibe at morgan stanley's, you know, our history, right? you've you've written a little about that. the reality is that we have some humility because very rare as a financial institution that gets to the brink and comes back. so in our good days and our good moments, we don't forget that when we're hosting d

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