Disney's Strategic Positioning - Disney's alignment with the NFL is a significant win for ESPN, securing a long-term partnership with a key IP in US media [3] - ESPN is well-positioned with the launch of its DTC platform, marking a pivot towards direct-to-consumer offerings for its TV assets [4] - Hulu will be integrated into Disney Plus, consolidating the streaming video product [5] Key Growth Drivers - DTC and parks are highlighted as the key drivers for Disney's future earnings potential [7] - Strong performance and stability in parks are expected to continue, presenting an upside opportunity despite competitive pressures [7][8] - Investors are anticipated to be excited about Disney's pivot to streaming and the potential upside to margins from the consolidated app [8][9] Financial Outlook - Disney increased its guidance to the upper end of the range for the year after a strong third quarter in the domestic parks business [11] - Upside potential in the DTC story is crucial, requiring investor confidence in the longer-term margin outlook [12] - The collective performance of all Disney assets, including the studio, is expected to drive the stock price higher [12]

Bond Market & Treasury Auction Analysis - Treasury's 10-year note auction took place [1] - Yields are dipping potentially due to headlines about the phone call and Fed's Cook being dovish [2] - Auction wasn't terrific [3] Market Trends & Indicators - Two times traded four and a quarter around 11:40 Eastern and 1 Eastern [3] - 30s minus 10 spread (the knob) is a favorite in Chicago [3] - The 30s minus 10 spread is almost triple what it was at the end of last year, rising from 20 to almost 60, implying a steeper curve and stubbornly high long rates [4]

streaming on CNBC plus. >> Welcome back to The Exchange. Bitcoin higher by about a percent while Ethereum is up more than two.That could be a good sign for stocks. That's according to my next guest who says Bitcoin is now a leading indicator. Joining me now is Tom Lee, head of research at Fundstrat and a CNBC contributor.So good to have you here on set. Welcome. >> Great to see you Morgan.>> Let's start right there. Bitcoin as a leading indicator. What's it indicating now.>> Well Bitcoin has been one month ...

Apple having its best day since May 12th. But my next guest says while this is a big move, shares are still rangebound with resistance between 215 and 216 per share. Joining me now is Katie Stockton, managing partner at Fair Lead Strategies and a CNBC contributor.And Katie, it's great to have you on. And let's start right there. A big move. Everybody's watching this big move today.And unfortunately, it is not a breakout on the chart. We do still have that resistance between about 215 and 216 and it's a pret ...

Trade Policy & Tariffs - The U S president imposed an extra 25% tariff on India over its purchase of Russian oil [1] - Tariffs are viewed as a universal problem solver by the president, which is unusual in US trade policy [2] - Imposing a broad 25% tariff on India is strange, especially if the issue is solely about oil imports from Russia [2] - The president's use of tariffs to solve personal or economic problems creates uncertainty [3] - Tariffs are considered self-harm because they hurt American consumers and producers [5][6] Sanctions vs Tariffs - Sanctions require consistency and allied cooperation, which may not align with the president's go-it-alone attitude [4] - Sanctions differ from tariffs as they are not an exercise in self-harm [5][6] International Relations & Trade Deals - Switzerland may need to promote the president for the Nobel Peace Prize to secure a trade deal [6][7] - Countries are living in permanent uncertainty, as trade surpluses or deficits may not protect them from the president's internal political reasons [7]

Earnings Season & Market Performance - S&P 500 盈利报告显示，每股收益超出预期，增长优于平均水平 [1] - 销售额增长超过 5%，盈利增长约 85% 表明市场存在积极的运营杠杆 [3] - 大型科技公司盈利增长 27%，净利润率提高近 200 个基点，超出预期 12 个百分点 [4] - 预计明年盈利增长将加速近 9% [7] Market Outlook & Strategy - 短期内市场可能出现波动，但总体前景良好 [2] - 建议关注大型科技公司和金融板块，其他板块需谨慎 [4] - 普遍预期认为，除金融、大型科技和房地产外，大多数行业的盈利表现都低于长期平均水平 [4] - 预计到 2025 年 S&P 500 的价格目标为 6050 点，但目前已超过该目标，达到 6341 点，上限为 6600 点 [5] - 政策不确定性、关税风险和地缘政治风险达到顶峰后，预计明年经济增长将放缓但优于今年，消费将改善但弱于长期平均水平，通胀将朝着正确的方向发展但仍高于美联储目标 [6]

Now we'll hear from Liz. I learned my lesson. Liz, final trade is what.It's financials. Okay, so I talked about the recession that never was. We've got economic resiliency.I think financials can benefit if we get those rate cuts. Valuations are not as bad as some other parts of the market and you need something to diversify that growth overweight. All right, there was another positive call on that group today.As a matter of fact, Steve Weiss, do tell your final trade. Uber like why not. I mean it's going to ...

I'm going to go down the list for you and show you why perhaps the fundamentals will be more at play than maybe they've been recently. It was a momentum driven market by large regard. I mentioned the buybacks.No one does more than Apple. It's the secret sauce according to CNBC Pro. I urge you to go take a look at that article as well.You can see it for yourself. The other thing is there's a lot of cash that needs to be deployed. Bank of America today.Cash levels are high and so will the need to allocate. Ca ...

So, let's talk about Malcolm's moves. I said he had a couple and they're both sells. Number one, Iron Mountain.Why sell. >> Yeah. So, if you're a dividend investor, this is still a great stock for you to own.But for me, I sold that when I had a earnings just on the expectation that I looked at what happened with the big banks when they reported. I looked at what happened with big tech when they reported great solid earnings numbers and the market still responded by selling their shares down. And so, I expec ...

So, Malcolm, you have a new buy. Um, maybe it plays right into what you're talking about about sticking with tech names. Chips have been a question mark, not so much in the last few days.>> Um, some haven't traded all that well of late. Um, you bought ASML. >> You want to take me uh inside that trade and why you decided to add that name, which is only up 1.5% over the past 3 months.And if you compare that to some of the other names that are up a tremendous amount, I mean, it lags so dramatically, it's not e ...