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tyler mathisen. fun flation friday, folks. live events back in a big way in '23. taylor swift or beyonce attending a football game visiting an amusement park we were out there doing it, folks. all that dmeend led to higher operations, a/k/a, fundflation. a look at the live entertainment industry to see whether these trends hold or this spending could be the first thing people cut back on if the economy take as bit of a dip. morgan? >> also got some big stories to cover throughout the show. starting with this morning's jobs report. 150,000 jobs created. fewer than expected. the unemployment rate jumped to 3.9%. highest in nearly two years. jury reaching a quick verdict in the sam bankman-fried trial as well kwecting on all counts. could get up to 115 years in prison. sentencing won't be until late march. apple reporting results. revenue nearly $90 billion.

half that from the iphone. here's the concern. revenue fell for the fourth straight quarter and the company says revenue in the current quarter, key, holiday season quarter, similar to last year. less than the street is expe expecting. apple shares down 1% despite lackluster results, markets having best week of the year. quite the rally, dominic chu. joining us with more. break it down. >> as you point out, strong gains talking about right now. look at a week-to-date basis on this friday, the one-week change for the dow jones industrial is 5.25%. in one week. again, near the best of the year if not "the" best of the year on pace for that. s&p 500 better than that. up 6% on a one-week basis and nasdaq composite up nearly 7%. just how strong it's been in today's gains on the heels of that softer than expected jobs report really pro telling this

last leg of the rally so far this week. keep in mind, with that interest rates, key part of that story. remember, cycle highs just back about nine or so days ago, october 23rd, the benchmark ten-year treasury note yield was 5.02% at the highs. we got all the way down to 4.48 at one point today. settling around 4.55%. you can see, that move lower there precipitous in nature, see if that provides more of a tailwind for valuations. speaking of valuations two parts of the market to keep a close eye on with regard to that risk aversion trade moving on, off, anything else. look at the regional banking etf. interest rates have fallen and a little more giddyap in peek wanting to take risk. see here, tick higher rudgely 13 to 14% just in one week for regional back etf. indicative, tyler, morgan, risk trade on there again. arc in0 e vags etf.

maybe awhile since talking about this. up 5.5% today. a move higher in one week, tyler, morgan, roughly 19% gain in five days. a lot of movement here, guys. send things back to you. >> of course, some that rate reprieve you talk about what it means for growth stocks like you find in some of those arc funds, dom. also some names held in arc have really good earnings. better than expected earnings this week. you saw big pops there, too. talked about real estate. start with small caps russell 2000 over the last days. other hard-hit areas like real estate. the fact these are some of the parts of the market that are being bid so strongly now, what does it say about the quality of this rally? >> it says it's still very interest-rate driven. right? talking about real estate markets and small cap stocks it's about interest rates and economic conditions. for small cap, tend to thrive

and outperform where the bigger global economy, macro economy is going better. more signs of that positivity small caps outperform. real estate. very much valuation driven. bid up more real estate prices lower interest rates go. looking for a propellant here, curious part will be whether or not this is a positioning effect. how many people were so negative on u.s. government bonds going into the quarterly refunding announcement earlier this week showing signs perhaps we don't need to borrow as much in certain types securities versus others. if interest rates find a way to stabilize at least at levels currently seeing now, you might see a little more positivity in some of those interest rates sensitive sectors. real estate one to watch. of course, that's going to be a big one. >> dom, thank you for that good summary of the week in the markets. turn now to fundflation with the analyst among the first to write in detail about the phenomena, naming key stocks to

benefit. early as september, live entertainment currently the brightest star in broader media and entertainment universe. joining us, senior u.s. media and entertainment analyst at bank of america. welcome back. good to have you with us. we thank you. >> thank you for having me. >> absolutely couldn't agree more. this has been the year of the experience whether beyonce or taylor or whomever. are prices getting so high, speaking to a person who tried to go to a drake concert and the prices were above $1,200 so she went to toronto where price was a mere $750. are prices getting so high that people are going to be sort of cut out of the market? >> prices are a function of demand. demand is really strong. people want experiences. and we're seeing more artists go on the road and you're seeing it, like, on a global basis. it's u.s. or anglo artists on the road in the u.s., europe,

latin america. but then we're seeing latin-american artists and korean, you know, k-pop artists and now african artists are k becoming more popular. and yes, prices are up dramatically, that's a function of demand and then offshoots to concerts, merchandise. people spend a lot of money on that. there are other ways to bring money into the system as well. sponsorship, for example. >> morgan out buying a lot of that taylor swift merchandise. >> yeah. seeing it at the theater. >> seeing it at the theater. yeah. so let me ask you this, jessica. is there a tenderness if the economy begins to slow? and how much might that tenderness take some of the air out of the balloons of some of the stocks you follow? >> well, of course there's exposure to the economy. we also follow disney and comcast, owns universal parks.

when there's a resergs consumer spending pulls back obviously. a recession. different about what's going on now's it's not just the post-covid, like, comeback. it's a global phenomenon. seeing, the economy pulls back here, there may be other areas of the world that are stronger, and across the world. biggest concert last year actually was bad bunny who was -- >> really? >> spanish-speaking artist. >> wow. >> the biggest tour. this year obviously it's taylor swift. you mention add few, beyonce and drake, usuals, but u2 is on the road. pink on the road. to your point. at some point you would think consumers would pull back for now. '23 a phenomenal year and '24 looks strong as well. >> a beneficiary saw it with results last night and speaking with the ceo later in the our. putting that name aside, from an

investor standpoint. if you want to capitalize on this now, what do you buy? what looks compelling? >> well, you know, i know beyond a little later, livenation in all parts of the business. other companies benefit in smaller conveys. most money goes to a livenation or the artists themselves. other beneficiaries would be the record companies like a warner music group, or the dsps like spot and digital service providers like spotify. then you have the talent agencies. endeavor or some of them are private c ea and uta and then you know, other companies that have some shows like iheart. sirius what have live shows as well. they participate obviously a smaller scale than a live nation or the artist. >> what about a venue operator? are they winners and beneficiaries here like an msg

owns the garden and the formham. biggest concert site i think in the country? >> absolutely. msg and also their sister company sphere are huge beneficiaries. the risk in that is there's an up-front cost. of course, they've passed that on. once you're past that, it's filling the venue. huge beneficiaries. huge. they've got the food and the, you know, beverages, and ticketing. so they obviously will -- it's extremely profitable, the business. the fact events have gone up. >> talk about funflation and prices high as they are a function of demand. how much of this is still tied to that it so-called revenge travel, revenge experience that consumers are looking for coming out of the pandemic? at what point dot we find a new state of normal and if that means eventually lower prices, is this still going to be beneficial for the companies? >> of course. so at some point you would think, that's right.

post-covid recovery will level out, but what we're seeing are more artists, because of social media, because of tiktok or even spotify, a global service and, of course, youtube and apple, et cetera, artists are reaching farther and then, then new artists are having a more of a global reach. then you see these artist tie-ups like elton john with other artists. bringing in new artists. prices across the board, but demand is just like -- yes. there are established artists touring but then new artists that are becoming the -- famous filling venues faster because of the reach of 10esh8 social medi new platforms. >> thanks for joining us. next stop, amusement parks. reporting increase in attendance in recent earnings report. for more on the merger and potential threat of an economic

slowdown bring in covering six flags and uses this merger to be positive. start there. this tie-up. why you like it and why we're seeing it now. >> yeah. for a further note put out yesterday on the news, we do like it, because from the perspective of six flags and we do only have formal coverage on six flags rather than cedar fare. a company that struggled, really to define value proposition, stabilize operating model over the past five, six years through three different management teams, stock quite volatile. really a challenge for them to get the business on the right track. despite what we believe are some very good assets, and a very solid albeit mature business. i think that's the industrial logic or institutional logic for putting the companies together. historically cedar fare had a

stable management team. people in place for a while and solid executors. putting those together and building scale and a mature, solid business does make sense. finally with the math and we touched on that in our note yesterday morning as well. that there are some arguments if it works out the way they've laid it out for considerable upsides, six flag shares. >> sounds like a company specific or, company-specific dynamics to this deal and why it works. how much does it speak to and reflect upon the macro economic environment in the state of the consumer? >> interesting question, morgan. i think potentially one of the answers if i'm to surmise some of the thoughts, looking at it again from six flags' perspective where they struggled to stabilize the business. you know, staring down the potential of a recession would only make it harder to achieve

that. and going through potential merger, which will take time and lay out synergies and merging the businesses, during a recession, you know, may be an opportune time to take that opportunity. and that's the way we see it, but again, they have, six flags has not spoken to us specifically or any of us about the deal. so we're making our own assumptions on that, morgan. >> interesting. you point out. seems to me every time i look up six flags is having, being sold, it's got a new management company. there has not been much stact th st st stability. who's controlling this? cedar fair? >> a great question. you're better off not boog a covering analyst with that much change. >> right. >> just makes all the much harder. answer to your question, tyler, is that the cedar fair

management team will run the business and control 51% of the merch entity as proposed right now. the current ceo at six flags would be executive chairman. so not a day-to-day execution role, and that is in our view a compelling, positive here as well. >> do you have a favorite choice in this universe that you fop? follow? >> again, we only cover six flags and not cedar fair. as you are probably aware we also cover quite a bit in regional gaming, we cover sports betting, hotels, and it feels to me right now almost all of them have reported earnings since monday morning, and look what i would say and what we have said many times over sir that the sports betting category, which is a business in the united states and still growing globally does not require a view on the macro economy. which is one of the incredible confusions about my coverage

today. our coverage today, and frankly all the consumer groups across this. for sports betting to work you don't need a view on the economy. that's why we favored it. >> all right. interesting answer. thank you, david. appreciate it. and coming up, continuing our coverage of funflation with the ceo of livenation. that company got a boost from taylor swift and others this summer, and how can they keep it up? especially if the economy goes a little soft. first, a huge debate in san francisco about driverless cars. deirdre bosa decided to see for herself. she's going to ride in a robotaxi. it was all going well -- until it wasn'--t that's next on "power lunch."

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welcome back, everybody. self-driving cars are now a reality any san francisco but not come without issues. for today's "tech check" deirdre bosa looks at the battle over autonomous vehicles in the city by the bay. deirdre? >> reporter: the promise and chaos on display on san francisco streets a few months. i went for a ride-along to see for myself and talked to execs from across the industry. it was definitely in the back seat of a cruise ride i had the most dramatic experience. ♪

>> reporter: we just went around a car with its emergency lights on. did it smoothly, but now -- ooh. now behind a car trying to park. he got out. oh, my gosh. and he -- i don't really know. ah. so -- this guy just kicked the car, and now we're calling support this is stressful. oh, my gosh. oh. he just spat on the car. those were the most stressful few moments i've had in a car in recent memory. as the number of driverless cars on the road increased so, too, did the problems. >> there have been 75-plus incidents and so to me it's like playing russian roulette. we're the last line of defense for most people. seconds matter. if it takes us a minute to go

around the block because a vehicle is in the way that puts people in the building more at risk. puts that building more at risk and puts my firefighters more at risk. >> hot line for first responders. one of the things built in response to feedback. police and fire department can call a number. quickly we can locate a vehicle in the way. every collision reported both at state and federal level. >> showing you footage of first responders when appropriate. got to be carefully controlled in order to maintain privacy of customers. >> reporter: we tried out waymo. cruise had more robotaxis on city streets, waymo testing longer. both companies logged more than 1 million driverlessmiles, they say. >> interesting. took the opportunity to squeeze through a pretty narrow space and did so fine. actually, better than drivers around us. i got to say. one word to describe this ride. unremarkable. didn't get honked at once. one incident thought maybe we cut someone off.

uncertain. but really smooth. >> so the robotaxi nothing compared to the incident that led to the suspension of all of rts operations. a few weeks ago after our ride a cruise rolled over a pedestrian struck by another car at a hit-and-run and dragged her 20 feet. that's raised a lot of questions about future of this industry. on the flip side, if they can get it right and waymo, you saw, feels a lot further ahead here, there is a promise of safer and less congested roads. check out the whole piece on cnbc's youtube channel and cnbc.com. big thanks to producers andrew evers and laura bachelor put it together and acted as stunt drivers in part of the shoot. >> really fascinating to watch your test drive of this, deirdre. i was curious. you mentioned cruise and what's happened with their licences. i was curious about what the demand picture is looking like in a city like san francisco? speaking with one person who's daughter apparently is part of a

wait list to be able to have access to some of these autonomous rides especially as night because of the safety factor not having to interact with a human driver. from that standpoint. how are citizens and residents actually responding to this? >> right. it's been in service since august, but many, many people have to be on a wait list. a lot of people i know are actually off the wait list and using them often. i was on the wait list until this shoot. it seems there's high demand, but, again, regulators are trying to find the right balance between having a certain number of rides on the road and balancing the safety of it, and more, you know, a more wise rollout. more of a balanced rollout. cruise now not able to operate without the driver slowing down. you bring up a good point, morgan. think about putting young kids in an uber or lyft you don't know who the driver is. this solves that problem, but you have to balance that with

the danger they might pose on the roads to pedestrians. >> deirdre, sure the moment the guy got out of the car and confronted you was unsettling. i love how settling for him came back getting ready to yell at the driver, and there was no driver! no driver! >> that is what i remember most. his face when he got out and approached the vehicle, and saw that there was no driver then his eyes immediately went to me. and i was completely helpless. i think i put up my arms. i don't know what to do. i can't move the car or do anything. you saw the wheel move. the car didn't move. >> your car made contact with his? >> it did make contact with his. he wanted to back up and we just wouldn't move. but i have to say, when thinn that cruise ride honked at at least five times. so -- a lot of close calls. this was, i should say, through the tenderloin district, one of the most if not the most difficult area to navigate in the city. >> it did, the car did come in contact seems with his foot at

the very least. deirdre, thank you. thank you for your courage. thank you for what you do for cnbc and our viewers! >> love to. important lessons learned. i will say as an end note. cruise wild. waymo an indication that some of these are ready for primetime. uneventful, therefore, boring and probably ready for the road. >> deirdre bosa, thank you. eve win prices for travel and events high, demand hasn't slowed down yet. at least in the case of expedia. we'll explain why that name is surging. up almost 18% w,no when "power lunch" returns.

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general institutions established themselves. >> also gives us talent access and market access. >> we have access to the private sector to the public sector to the policymakers. have you met them yet? [ gasp ] [ screams ] welcome back to "power lunch," everybody. markets rallying again today. see it there. dow up 263. this morning's goldilocks jobs report, a little more credence to the idea the fed might be done argument. a look at the bond market. rick santelli is in chicago for us. hi, rick. >> hi. color is green this week whether prices of treasuries, which have been moving higher, which pushes

yields down and you talked about all the green in the three major stock indices. look at a two year and ten year on one chart today we could clearly see the jobs report pushed yields down. even though one day treasuries 20s and 30s led the week, the two-year caught up quick. look at the week, well, twos and tens on the week, tens down in the neighborhood of 30 basis points, but on the day, short end is winning right now twos down close to 16 basis points. tens down about 11. but when you look at the comp from history, short end definitely has been a little less reticent on down side and more stable actually, but look at this two year. it's on pace for a three-month low yield close. tens on pace for a little over one-month low yield close and maybe the most untalked about story of the week, because interest rates have had such big

ranges, because stocks have been shooting to the moon in terms of its direction the dollar index. from low to high over three days from the fed meeting to now. it's had a range close to two cents. to the down side. nearly 2% drop since wednesday and it's on pace for the lowest close in nearly eight weeks. morgan, tyler, back to you. >> rick, totally amazing. i just want to dig a little deeper here in terms of moves seeing in the treasury market with yields. removal treasury refunding overhang taken away in the middle of the week. you had softer macro data. a more dovish, powell, potentially, based how markets responded, takeaway there's. a less hawkish view, jay, policy tweak. a perfect storm of dynamics pushing yields lower or something else? >> yes. i think it is a perfect storm, but to be quite frank, i think

if you're working for the treasury department you're more apt to sap thy the main reason policies going on, tweaked a little bit. as a trader i tell you the failure on monday, the 23rd of october, by one shot up over 5%, if you blinked you missed it. that failure brought the tena crowd in. yes, an alternative called long dated treasuries. how much longer it lasts is anybody's guess. right now looks like when you have such a round number at 5%, a high, very important, and today virtually 4.5% the low. might have outlined the extreme range for the next several-plus weeks. >> love trader talk from rick santelli. thanks for bringing it. over to leslie picker for a cnbc update. >> morgan, leslie picker. cnbc news update. supreme court hearing arguments wengary trump era ban on stocks

violates law. maky semiautomatic weapons fire like machine guns this after las vegas using a bump stock kills 58 people. justices will hear arguments early next year. royal caribbean taking israel off its 2024 international cruise schedule because of the war according to reuters, which says the miami-based cruise line is modifying itineraries through at least next october. norwegian announced making similar changes. directv is told to change some of its ads featuring kansas city chiefs standout travis kelce after nfl blasted them poor being deceptive. all directv gives customer access to all games. this season youtube has the rights to the subjected package. directv would make the changes. still a kansas city chiefs fan over here. hasn't changed in my view. >> leslie picker, thank you. ahead on "power lunch," sam

bankman-fried facing a sentence up to 115 years after being und guilty of fraud. those details, coming up next. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcias, love working with you. because the advice we give is personalized, hey, john reese, jr. how's your father doing? to help reach your goals with confidence. my sister has told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. (birds chirping) go. and go and go and go. ( ♪ ♪ ) but what if you... stop? you work hard, it's time for a bank that'll work hard for you. everbank brings security and a guarantee

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crypto fraud trial is over. verdict is in. sam bankman-fried convicted on all seven counts. so what happens next? let's bring in kate rooney. i guess some thought he was the wizard of crypto. he is the wizard of oz. >> that's right. sam bankman-fried not over yet. faces another indictment over campaign finance violations. last night found guilty what the u.s. attorney calls one of the biggest financial frauds in american history. verdict coming almost exactly a year after his crypto company filed for bankruptcy. bankman-fried convicted across the board on seven counts of fraud and conspiracy on lenders, investors and customers. an emotional scene in that courtroom last night. bankman-fried's father, head in his hands, verdict read. his mother crying. the defendant staring straight ahead, though. bankman-fried in all of this. the jury came back with a verdict in around four hours actually including their dinner break. very fast verdict there in their

month-long case. the prosecution called ftx a pyramid of deceit with bankman-fried knowingly stealing customer money saying he maintains innocence and will continue to vigorously fight charges against him. no official word on appeal yet. he will remain at the detention center until sentencing in late march and facing campaign violations in march, earlier in march, he spent about $100 million on political donations in the 2022 midterms. a chance prosecutors might drop that after last night's verdict but we'll see, tyler and morgan. >> all right. kate rooney. great reporting. thank you for bringing it to us. for many, many months now. coming up, our funflation special continues. we speak to the ceo of livenation. "power lunch" will be right back.

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shares of live nation up by 4% reporting earnings above street expectations. the backs of concerts like taylor swift r"race and sports across america: conversations" and beyonce's tour, higher ticket prices and demand. with us is julia boorstin. >> live in beverly hills coming all of a massive year for concert going so far. two huge years for live nation. ticket sales so far 140 million tickets sold from 120 million in all last year. my question is the success of the last two quarters. how much of your beats both in terms of top and bottom line come down to big tours like taylor swift and bejohnse? >> incredible year. our business is very spread from kind of top to bottom, and across 40 countries. so any one artist is only about

1% of our business. it's not really like the movie business where you have big blockbusters. it's diverse. spread across amp theaters, clubs, theaters, stadiums. our business ongoing all the time is a diverse portfolio across a global port follow yo also. >> a lot of talk about pent-up demand from the pandemic and the idea some big artists, yes, mention beyonce and taylor swift again, can get people out and to spend a lot of money on these tickets. what is going to happen in the fourth quarter and next year? you don't give official guidance, but kwhwhat is your expectation for q4? >> on pace for a record year. 140 million, last year 120 million. a record year. a lot of debate is pent-up post-covid or is this a structural new beginning? we really look at all the data. jessica did a great job earlier, i heard. we believe this is a cultural,

behavioral change with consumers especially from the bottom up. we see that across the globe that 19-year-old, that 14-year-old on tiktok that understands drake dropped a single and wants to see that artist. it's a behave you'lioral chang seeing. demand the next decade we believe will bester strong. put together global streaming spotify, global social, connection the artists have. bad bun has 100 million followers. medium himself. looking at all the factors saying this is an industry that's going to grow for a long time. >> throwing around the term "funflation." prices going up and concern about economic uncertainty. what if we don't have the a soft landing? are you concerned consumers won't want to pay so much for tickets anymore and what does that mean for the business? >> listen, we got to do a better job p.r.-wise. this is a business still a very

affordable entry. consumers rank concerts at the top, top social event they want to go to. 70% one of their greatest memories in life. still only $35 to get into a concert. always the p.r. around the top ticket. a very affordable event still versus sports, versus going to disneyland or going out for dinner. overall, still a very affordable event, consumers can get in at any price point. yes, very top end scarcity comes into play, top artists at the very top. look at beyonce ticket at $400 for the front row, lakers, $25,000 courtside. 80 of those a year. still a very affordable business and we look at secondary 10 billion, 12 billion dollar industry showing scarcity of those tickets still has a lot of pricing power left. >> morgan, you want to jump in here? >> yes. julia, thank you. michael, great to have you on

the show. talking about the structural, behavioral change consumers looking for live events. talking generations growing up digital natnatives. does that mean opportunities for a live nation to offer things differently? think about things differently or create new revenue streams in terms of the way trohese consums will continue to act moving forward? >> i think again, first point is the most relevant. i have three young boys who live on all social medias, discover bands i don't even know where they've heard of them through youtube and tiktok. we think digital is the greatest marketing discovery tool that helped live music in general. overall that appetite. the other part that is really great about it is, 70% of fans go to shows that have to have that instagram moment. a real fomo reality where going to a live show especially in this digital world is that escape, that social outing where

you get to come together and share that moment. so we're looking at lots of live streaming. ways to share concerts. loyalty programs. a lot cooking on how we can do more and more with consumers on a digital platform for sure. >> certainly seen instagramable moment really drive a lot of attention to things like sphere and a whole other conversation. i want to make sure to ask you about the department of justice. there have been a number of reports recently about the doj's investigation into live nation and different practices. also talk about legislation, regulatory push really impacting the way the ticketing industry and concert industry works. what can you tell us right now about the latest in the doj investigation and what it might mean for your business? >> yeah. i would say, listen, in today's world being a market leader means you've got to get better at regulation and government relations. we've got a big year and see most of the legislation in the pipe, we like it. like the bod acts, any

legislation that's going to help the consume gert an on-sale ticket easier than today and we need help on that front. we need bod acts and scalper regulations. biggest pain point for customer opinions the doj front, from what we auunderstand mid-seasonn the investigation. not the breakup that others would fear. at some point we'll sit down with them, tell us what they think practices are and we'll adjust or fight and we don't think it's going to be something that affects are overall business and we're confident in our business model and its means. >> so much more to discuss but out of time. michael, hope we can have you back on after further, after other earnings, also to talk about this doj situation as it evolves. thank you so much for having us here today. michael rapino, ceo of live nation. guys, send it back to you. >> thank you very much, both of you. appreciate it. coming up, speaking of ticket sales.

how will sporting events hold up in a slower environment, if that's what's ahead for us? we speak to the nfl executive next. and a list of women. transforming business. deadline two weeks from today november 17th. submit your innovation or nomination, excuse me, scanning the qr code on the screen or going to cnbc.com/ changemakers. (sfx: stone wheel crafting)

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235 last year to 377 this year. so, if there is an economic slowdown, will people cut back on going to games? i doubt it. here to discuss that and much more, jeff miller, nfl's executive vice president of communications and public affairs. prices are moving up. i think that's a healthy sign for you. on the secondary market, my

numbers indicate 435 2023 versus 358 last year. this is a healthy sign for you and your business, isn't it? >> first, thanks for having me. it's been a great season thus far. and when it comes to tickets, we've seen season ticket renewals at an all-time high. last week we sold more seats than we have in any one week since 2010. fans are coming to the stadiums. ratings are up. all of that is because the games have been great. we've seen about 70% of all of our games decided by one score in the fourth quarter. so, we see a lot of drama, a lot of really good competition and, of course, a great game of football brings a lot of viewers. >> i was in one of those seats, soggy though it was at giants stadium on sunday. it was a very the close game, very competitive game. let's talk about your initiatives in europe. i think the nba has been brilliant at how they have played the international card. they have attracted a lot of international players. you have a big game this weekend

in frankfurt. miami is playing -- i forget. kansas city. miami and the chiefs. two of the most high-profile, attractive teams going. how is the international initiative going? what is the ultimate sort of endgame for you? is it a team in frankfurt or london or both? >> well, right now it's a major strategic priority for us to become more and more of a global sport. we've been playing games in london for about the last number of years and selling them out regularly and very quickly. we started games in germany last year, playing two. we'll repeat that again this year. as you mentioned, with one game in frankfurt on sunday and the pats and colts the following week. what's remarkable is the demand. we've had between about 4.5 million people looking for tickets for those games in incredibly short order. it's a great atmosphere. about 18% of -- sorry, about 18 million people in germany identified at nfl fans. we're looking to bring the best product to our fans across the

globe increasingly. >> on the topic of the chiefs, i'll ask the question, has there been a taylor swift impact? have you thought about that? have you quantified it? >> i did notice the sales of travis kelce jerseys increased 400% after she went to a game. we'll take that as a plus. fans in the stadiums have been incredibly high throughout the year. we believe it's because it's a great game and we bring great value to our fans. but if fans are interested for any number of reasons, including taylor swift attending the games and they're new to football for the first time, they're welcomed in. i think once they're in the game, they'll stay with it. >> we had a big media move, 34 moving from youtube to directv. how did the audiences compare? >> they've been great. youtube has been a terrific partner.

both they and amazon for our thursday night package where you saw the games last night have really driven audiences up and younger. and that's part of what we need to do because we need to find our fans where they are. our incumbent broadcaster, cbs, fox, nbc have done a great job. most of our fans still find the games that way, but increasingly younger fans, more demographics are interested in streaming and being able to watch games mobile. we need to be where they are. the youtube relationship is off to a great start. the amazon games are going gang busters. we're excited about both of those new avenues for the league as well. >> i want to ask about a topic that's been getting a lot of attention lately. that's nfl officiating. whether you think there's actually a problem there, and if there is, what the solutions could be? >> well, i don't think a year goes by where people aren't concerned about certain calls, especially if they go against their own team. it's an incredibly difficult profession and one i think our

officials do a terrific job at. we'll always look to get better. we've used new technologies and replay and added different protocols in our games to make sure we can get as many calls as we can correct. our officials do a great job of that. but is that ever going to stop somebody seeing something on television a little bit differently? maybe based on who they're rooroot ing for than what our officials see in the stadium? it's always been a point of conversation. >> jeff miller, thanks for your time today. jeff miller with the national football league. we will get a final check on the markets, which are in rally mode. that's next. plus, join me on "closing bell overtime" at 4:00 p.m. eastern, glenn kelman, that stock is up 25% after earnings. we'll talk about that and the t mnte,art. housing mke inheeaim we'll be right back.

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let's look at the markets for today and week-to-date. there you see the kind of move we've had. this is either the best or second best week of the year. the dow industrials up 5, 6 for the s&p and almost 7 for the nasdaq. how about the russell, as morgan points out. >> the russell is up 8%. i will confirm it, it is the best week if we hang onto these gains for the year for all the major averages. it's the best week for the s&p 500 since june of 2022. every sector is in the green for the week as well. of course, we've seen this as

yields have fallen. >> yields have come down. >> macro data, including the jobs report is softer. >> came in --s it a goldilocks jobs report. it's been great to have you with us today and this week. hope you made some money. thanks for watching "power lunch." "closing bell" starts right now. welcome to "closing bell." i am brian sullivan in for scott from post 9 at the new york stock exchange. this make or break hour, we'll try to make it, with stocks on track for their best week of the year. you're welcome, america. the dow, the s&p and nasdaq all on track to close the week up more than 3%. small caps doing even better for once. and just a few minutes we'll speak with morgan stanley's chris toomey. he runs one of the highest ranked wealth advisory teams in all the land. he'll tell you what he is telling his high net worth clients right now. that's ahead. we begin with our "talk of the tape." we got a jobs report, we got