Using New Outlook on Windows for personal email, calendar, and contact management
Hi. I'm Brian and I'll try to help.
You're using the wrong port number. The correct port for IMAP incoming connections is 993 with SSL/TLS encryption enabled. Also, you must enable IMAP access by logging into https://outlook.live.com/mail/0/options/mail/forwarding. This article explains the settings: https://support.microsoft.com/office/d088b986-291d-42b8-9564-9c414e2aa040. You really should allow eM Client to configure the account for you. See https://www.emclient.com/webdocumentation/en/9.2/eMClient/Content/Accounts/Create%20New%20Account.htm
Note that this last web site is not a MIcrosoft web site, but it appears to contain accurate information and no unwanted apps. It may use cookies and trackers, though, so be aware.