New data and uncertainty over tomorrows opec meeting. Well be leave in vienna with the latest porsche is unveiling a new model today. Ceo will be joining us in a first on cnbc interview coming up but while the dow and s p started off the session with alltime highs yet again, the nasdaq has been falling all day and Companies Like netflix, apple, amazon, theyre seeing big declines bertha combs has the news. So are the big tech cap stocks, investors calling it the great rotation today theyre taking profits on names that have run up so fast look at autodesk thats a case in point today, trading at alltime highs yesterday, tumbling on an earnings missed also announcing a 13 work force layoff, thats sending some jitters as well in tech. The biggest source of pain though overall is the sector now the Semiconductor Index has been leading the charge to alltime highs here at the nasdaq the index closing at a record high led by micron and invidia, both doubled this year invidia today seeing a challenge on the tape falling below the average now in correction, down about 10 from its alltime high marvel getting hit despite a beat and raise on its earnings yesterday. Small cap makers like photo mask maker surging after better than expected sales and profits and networking names like juniper among those bucking the trend today. This is tax dolling, the tax bill small cap firms paid an effective tax rate of about 32 during the Third Quarter while s p 500 paid about 24 so you could see, they could likely get a much bigger bang for the buck on the bottom line in 2018 if that tax bill passes, kelly. All right thank you. Lets goat oet to our closi bell exchange. Tom looiden, steve grasso over at post nine and cnbcs own bob pasani mr. Rick, welcome one and all on steve, let me begin with you here theres been a lot of divergence the combination about tax bill and the point, the high effective tax Rate Companies are definitely outperforming, they were definitely outperforming yesterday, then in conjunction, these are the companies that have the highest Short Interest that is out there. And then when you look at its either tax policy or the laggered issue so we look at a lot of retail named that are basically have been decimated over the last couple of months and no one wanted to touch them, now you have a couple of reasons why there could be a tail wind then you had analytics saying that after thanksgiving these retail names should be sold off and theyre not going to rally into christmas or year end, that was based on last year, and last year from a point of reference where all of these things were high fliers, a lot more high flying than this year. Off confluence of events that are creating an atmosphere or an environment where you can buy them, at least for the last couple of days. And bob, retailers are very strong today theyre among the gainers that are helping to push the blue chips. Whens the last time you saw retailers actually 52 week highs . Gap today, we have michael kors as well, i agree with steve, i think its refreshing that the market leadership semiconductors, i mean, come on, Applied Materials is up what, 60 this year . Microns up 100 retailers traditionally lag right after thanksgiving, but theyve been sold off so much, its refreshing to see them up a few days in a row. And other groups lagging, airlines havent done well this year theyre all moving to the upside as well. That is that reason the market keeps holding up you get rotation, you sell off the market leadership and the laggards start moving forward. Where are you seeing the flows . And what do you think about the overall valuation of the markets here well, valuations in the u. S. Are lofty for sure, kelly, but traditionally, investors in the u. S. Are underallocated overseas when you look at general flows, specific to etfs, were going to break through 600 billion this year, crushing last years record of 380 billion. And the key thing is, equity fund flows have been greater overseas than they were last year so thats a good thing from a valuation standpoint i think, as investors are seeing pullbacks around the world today, make sure you take advantage of those especially in great valuation markets like emerging markets and, rick, pretty good revision of the gdp this morning, 3. 3 , the ten year yields up a bit today, dollar is lower whats getting your attention here well, everything you just mentioned, as a matter of fact, lets dig down a little deeper so we saw 3. 3 our second look out q3 gdp so back to back, you have to go all the way back to q2 and q3 of 2014 which was 4. 6 and 5. 2 respectively it, to get a better pairing. So these are good numbers. And not only that, when we look at whats going on with Interest Rates, you had a little bit hotter inflation in germany, and then we had janet yellen early this morning, 8 00 eastern, what she said regarding the u. S. Economy all happened around the same time. Rates pop, close to two and a half week high yield close, at 237 and tens, same said for boons and sovereigns, although in the uk, they seem to be more prone to be buying the sovereigns than they are the stock market, but theres no doubt about the currency, whether you have a two day of the pound dollar, two day of the pound verse euro, two day of the yen. Its flying. And the dollar index only down label the because only 11. 9 of the dollar index reflects the value of the pound wow steve, how does this leave us set up now then do you think if you look at whats leading today, kelly, youre watching that powell trade extent, financials leading so and flattening of the yield curve is compensated by lack of regulation or newed regulation i do think thats going to be overextended if that lasts anymore thanl the next day or so so i would revert back to large cap tech, retail seems to be hanging in there its been as i said before, its been crushed, thus far this year i think you could stay in that retail trade i think twlost questions for the markets right now, kelly and bill, number one, short term question, how much more premium is there in the market for the tax cut . Assuming it goes forward 2 , 3 , we dont know. Theres still definite potential premium short term longer term, 2018 and how much more Global Expansion are we really going to get and how much more is that going to push up global earnings which are right now at a record and whats the right multiple for that . I know you have to go, opec big one tomorrow weve watched that other laggard in energy. Its hard to get the sea legs back with energy lets see if they can do the same thing that retail has done. Oil is going down today keep an eye on that. Thank you guys, see you all later. Appreciate your thoughts on market action. Media stocks moving higher today. Industry leaders from viacom, thats here in manhattan julia is there and shae has a look with the top moments so far, julia kelly, thats right, so many heavy hitters today at the Business Insider conference as media stocks rally on the heels of top mna deals, disney being interested in fox, optimism about tax reform which would boost many of their bottom lines. Just spoke with discovery ceo, he thinks maybe a consolidation is inevitable, while discovery is getting the scale is needs with its acquisition of scripts, he said its possible that discovery could sell to a distributor, one that needs content to differentiate its services earlier today, 21st century fox chairman murdoch was on stage here at this conference. Hedodged questions about merge talks, but he did address pressure for scale this is causing adebate around scale in the media. And, you know, when i look at scale, weve been saying i sat on stages like it over the last couple of years, absolutely there are subscale businesses in media today. Which will be the losers Going Forward in a Digital World here at this conference, i just spoke with ceo bob backish, he deflected questions about viacom needs to merge with cbs to compete with growing rivals take a listen. We might do a small acquisition here or there, for example, one of the last things i did in international was acquire the number one broadcaster in argentina we closed o than deal in i think november of last year. That was a fantastic deal for us so we will look for things that are incremental to our strategy and can accelerate it, but again, i feel very good about the assets we own. Backish told me he was surprised by the department of justices lawsuit to block the acquisition of time warner this is one theyre going to be watching very closely to get a sense of what other media deals could be approved. Back over to you i was just going to say, julia, did david just put discoverfully play there discovery there in play with those remarks. He was cagey. I was pushing him. I asked about the fact that they have this pending scripts merger, is that going to be enough and he talked about how he thinks vertical acquisitions makes sense, the pipes need the content to distinguish their services i said hey, what about having one of those pipes, those Distribution Companies buy discovery. Its possible. It sounds like the door is open, but nothing happening right now. Lets face it, everything is in play right now. Dont you think . Yes everything. It seems like. Content and distribution. With all of those discovery assets, remember that these are all part of the john malone universe he has a piece of discovery, also lions gate, he has liberty interactive, liberty global, there are all of these different john malone companies and asked if he would roll them altogether, hes always about the taxadvantaged play, the taxadvantaged deals so have to keep an eye on what he has up his sleeve always, always. Thank you, julia see you ater heading to the close here, weve got 49 minutes left in the trading session and if youre just joining us. Interesting divergence in the market today nasdaq is down still ahead, shares of chipotle moving higher today on news that the company is searching far brand new ceo. The stock down about 20 year to date will a change at the top help turn things around up next, out to the west coast for a look inside the techpacked l. A. Auto show well hear from porsche north americas ceo about how the Company Plans to use ar to shape up the auto world and we to want hear from you. Share your thoughts with us twitter, facebook, over email, youre watching cnbc, first in business worldwide us. Its what this country is made of. But right now, our bond is fraying. How do we get back to us . The y fills the gaps. And bridges our divides. Donate to your local y today. Because where theres a y, theres an us. Steve is in vienna with the latest on that, hi steve reporter hi kelly, quite an amazing day actually taking myself to different places i managed to speak to four different ministers today. Quite frankly, i dont think were going to get the affirmative statement tomorrow that many many oil bulls in the market thought we were going to get a week ago i think we are going to get a ninemonth extension to 1. 8 Million Barrels a day, i think thats going to come with a big caveat as well lets listen into an interview about two hours ago with a former opec president who is the oil minister to hear what he had to say about what deal he thought was best Going Forward theres only one option, even if you do take it reporter for the full nine months, we do have a review process at the end of the First Quarter or indeed at six month stage. Six month stage somewhere in the middle of the year reporter and the problem with that for the market is, if you have the review at the six month stage, ie, in the middle of the year when were due for the next scheduled opec meeting, what that means in reality is we have the first three months of the year which is part of the current deal, then we have a continuation until the middle of the year, and then it could all fall apart that could be it the review could say yep, weve done our job, the market is stabilized, were happy with the price level and i dont think thats enough necessarily for some of the bulls in the market who have got positions based on a ninemonth extension the key person here is the russians and mr. Novak, and i listened to what he had to say, all be it in russian, but i got the transcript right here. The market is not yet balanced it requires a continuation of common actions i also spoke twice today and i said look, are you happy at 60 a barrel happy at 60, possibly more, weve got to see whats going on on the other side and by that he categorically meant in my interpretation, we have to watch that shale is doing because they are very, very worried that they are giving open season to the rig count going up and shell importing more and more oil into key markets such as china. And thats what theyre very worried about because quite frankly, kelly and bill, only a couple of years ago, the u. S. Was selling nothing, nothing into china and now it is selling a significant amount, top ten producer now, in fact in december, were seeing something as high as 376,000 barrels expected to go into the Chinese Market its going do very, very interesting to see what happens next i think tomorrow were going to get this ninemonth extension, but i think its going to come with a caveat, the markets will be disappointed with it. Thats just my call having spoke to four or five of these guys today. Back to you kelly, back to you, bill thats why you are where you are, steve, thank you for that comprehensive report see you later, friend. Always energetic there in vienna. One of the biggest auto shows of the year is kicking off in los angeles this week and thats where, of course, we find our phil lebow whos joined first on cnbc by the ceo porsche of north america, phil thank you, bill thank you very much for joining us a big day for porsche out here in los angeles youre showing four new models here for you guys, this is really a key show, is it not . Absolutely. And north america, thats our most important show of the year. This is why we show full premiers here in los angeles, the 718 boxer, the 911 t, you see that in the back, but one big new car that we havent shown here, north america yet is the hybrid with 680 horsepower when you look at southern california, basically the fifth largest market for porsche worldwide, california is, not just southern california, the folks who come in here, are they porsche enthusiasts or are they folks who are saying i want a different driving experience well, principally speaking porsche in california is a love affair i think its very emotionally driven i think people that come here to see porsches on the show, we deliver new stuff. I think california is also the original of lots of disruptions when we talk about e mobility, when we talk about google and apple and facebook so its also a country where people look for the edge. And another one much those companies that started out here, tesla is widely viewed as one of your chief competitors does tesla take buyers away from porsche or have you lost buyers to tesla as people say i want to go with a model s or a particular porsche model we have lots of respect for tesla, and im sure, some porsche customers that in terms of connectivity, digital stuff in the car and electric, battery electric vehicles didnt find a car they wanted with porsche so they bought somewhere else now the good news is youve got mission e. Something that we might be able to attract them back. Mission e, comes out in 2019. Cant give us details, but youve seen it in development, is it everything you thought it would be so far . As youre building it . No, obviously, dont expect me to be completely objective, but ive seen the car, ive driven the car, the car is, as we speak, being driven around in hot and cold countries it exceeds my expectations and especially when you actually drive the car to the limit and beyond so actually our core competence are now combined with Battery Electric Vehicle Technology will produce something that im really excited about the man who runs porsche north america, when we talks about mission e, he lights up because they believe that yeah, a lot of people talk about tesla out here, but they believe mission e will change that equation come 2019 back to you. We shall see. Phil, thank you very much. Phil lebow there we have news alert on coin base sima, whats going on . Coin base, the Largest Bitcoin Exchange is experiencing an outage that is affecting some users. Coin base telling cnbc overnight coin base experienced alltime high traffic while some users may have suffered from slower performance, much of the site was uneffected, were continuing to monitor, but it should be fully resolved in the next couple of hours. Keep in mind, those customers that were affected at this point cannot sell or trade bitcoin were waiting to see when this problem will be fully resolved in the meantime, look at bitcoin, it is lower by 60. Surging above 11,000 earlier today. Back to you. Wasnt fidelity having issues too with the wallet today . I dont know if theres anything going on maybe its just simply the crush of demand. Exactly it brings up the question about whether theyre ready to especially when glichs like this are becoming more evident. Throw some more server power at it. Sima, thank you. We have to compete with the big coin miners. Less than 40 minutes to go dow is up 85 points. The nasdaq down by more than that amount. Down almost 100 points right now. Meanwhile the s p is down three and the russell is up four very mixed day. Chipotle shares have seen less than healthy returns in recent years amid of foodbourn illness. Now the company searching for a new ceo to turn things around. Later, snapchat ceo penned a rare oped today took a swipe at his main competitor facebook saying social media has fueled fake news and encouraged what he called a mindless scramble for friends. Well dig into the note and the apps new redesign by the way, still ahead. [vo] progress is an unstoppable force. The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. Sometimes they just drop in. Always obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. I mwell, what are youe to take care odoing tomorrow 10am . Staff meeting. Noon . Eating. 3 45 . Uh, compliance training. 6 30 . Sams baseball practice. 8 30 . Tai chi. Yeah, so sounds relaxing. Alright, 9 53 . I usually make their lunches then, and i have a little vegan so wow, you are busy. Wouldnt it be great if you had investments that worked as hard as you do . Yeah. In