i want to shout out to jpmorgan. i think it has a nice run at the year round >> yjimmy. >> boeing. >> mitt sue bushi financial. >> be. -- ge >> you guys have a great thanksgiving josh, you, as well i'll see you on "closing bell. "the exchange" is now. ♪ ♪ thank you, scott welcome to "the exchange." i'm kelly evans. 24 hours ago it looked like sam altman was going to microsoft. now maybe not. we have the latest and why a mass migration of open ai workers to microsoft could become a legal headache for the tech giant is the market rally running on fumes or not? we'll tell you what our analyst says, and how you can take advantage of the upside. and should corporate

pensions make a comeback our guest says yes it's good for workers and corporate budgets. he'll join us later on to make his case before that, let's hit the markets with dom chu we have a selloff pattern again. >> but we're here session highs if that's anything the bulls want to hang their hat on. the s&p 500 down about seven points right now at the highs of the session, we were down six points so, again, down 22 at the lows so that gives you an idea of the range. it's been down, but tilttiltdina little higher. dow off 58 points. the nasdaq off 2/3 of 1%, 14,197, the last trade there one place to watch is crude oil prices we're seeing a near term rebound, although in a medium term or down trend crude prices off one half of 1%,

$77.49 the orange line is that 200-day moving average on a rolling basis. we're still below that level right now. remember, we were bound by about $ed 5 on the higher range, $72 level on the low so towards the lower end of this trading range that we have seen for crude. so we'll see if that sticks around the retail focus is for the earnings season right now. we have a couple of names that are to the down stooid lowe's, off 3% best buy, down about one half of 1% both companies mixed reports revenues comine iing in a littl worse. dick's sporting goods, up 3.5% they raised its forecast they see some of the better trends from back-to-school season carrying through in a holiday shopping so very mixed pictures stop me if you heard this before

for retail for the american consumer >> dom, thank you very much. microsoft's ceo was live on cnbc last night to address the open ai drama he said the company's governance needs to come no matter where sam altman ends up >> it is very clear that something has to change around the governance and if that -- you know, we have dialogue with the board on that and we'll walk through that as time involves. the most important thing for me, for customers to know is that today we have all the cape b-- capability >> as they hire open ai workers en masse, will they run into legal problems as a result let's ask our next guests. steve, let me start with you with the latest updates and kind of big picture thoughts. >> here's the situation we are in

as of last night/this morning, sam altman is kind of this monkey in the middle in between openai and microsoft where is he going to end up? is it going to be running the subsidiary at microsoft and bring over all these opena irvegs employees who are threatening to leave or come back into the fold at openai and run that company and things are back to the way they were thursday unclear right now, bloomberg just put out a report saying that emmitt sheer, the interim ceo named late sunday night, i'm losing track of the timeline, late sunday night, and he's now telling people he needs to see evidence of why sam altman was fired in order to stay interim ceo. at the same time, when he was first hird,ed, he posted on x ta everything is okay it's a giant mess. i was talking to board governance experts that's the point in the reporting right now, it's all

about the board governance, wha this funky organization means. i was talking to one professor who was telling me, it's going to come down to what the board thinks sam altman did that led to hiss firing whatever that is, then we can figure out how to move forward from there but this is all being worked out in realtime and being roeported out in realtime. who knows who the ceo will be tomorrow let alone tonight >> let me bring in our next guest. what do you think is going to happen here? >> oh, man you guys are so right. things seem to be changing by the minute you know, if i had to call it, i think sam will be back at openai, likely by tomorrow night. i think all the signals are pointing that way. you know, when you see the statements that microsoft has put out, when you see what

emmitt is saying and hear that he's in active dialogue with the board, i think he's coming back. >> he thinks he's coming back. >> i have a question for you, steve. i though menlo is a rival, founded by some openai defectors, let's call it there was a report that came out saying that there was an idea that the board said let's bring you guys in and merge these two companies together do you know anything about that? >> i have seen that report, as well i do not know any specifics on that, you know we're very excited about entropic as a stand alone company. part of what we have seen here is just the importance of trust and safety, and really the core founding principles behind an tropic is a model that hallucinates less, having humans in the loop.

so i think they will be a key player in the ecosystem going forward, especially based on how they're set up >> what does it tell you that the board -- even if this might even approach an tropic about this what does that tell you? >> it tells a lot about how spot-on the entropic approach is and how much chaos is going on in this situation. i think the board was really to make this right in some respects, and going to a recognized leader in the space like antropic, and if this was true, it was something that made sense for them to do >> steve, why do you think the most likely outcome is that sam altman ends up back at openai? >> i just think it's very difficult to imagine openai

within microsoft, and you guys alluded to this, with hey, is this going to be a legal hassle? it's much better for microsoft to be partners with openai and allow openai to execute at the pace they execute outside of the microsoft umbrella once you bring that sort of research and that sort of pace into a multitrillion dollar company like microsoft, you're just not going to have the same level of execution so i think microsoft probably wants sam back at openai all the employees want him back. you know, frankly most of silicon valley is in sam's camp and seems to want him back, as well so i think there's a lot of horses that are pushing that way right now, and it's just the most sensible outcome. >> one more to push this, and hopefully to that point that's what is happening is people trying to figure that out, but shouldn't there be, sleteve slon

some governance changes so that openai is two companies or it becomes a for profit with shareholder fiduciaries opposed to the structure now i wonder if that's part of the negotiation here >> absolutely. you know, you have seen that there's kind of mediators. i heard brett taylor's name thrown around. i totally agree, that there has to be some changes clearly, there was misalignment here and we haven't even heard from the board, so per emmitt's point, we don't know what happened here. but ultimately, there was a lot of misalignment. this was some unnecessary complexity in the structure, and in order for, you know, sam to come back and for openai to go forward, there has to be some changes there. >> i think we should talk about the other side of this let's operate for a minute and do a thought experiment if

altman doesn't return and becomes an employee at microsoft and ceo of this group. brings over a couple hundred or all of these 700 people. what does that mean? we're seeing now kevin scott today, the cto of microsoft, basically putting out an open call on x saying, hey, if you're an openai employee, saying don't worry, we'll give you full compensation i've never seen anything like this to be openly poached, and does that create anti-trust scrutiny >> we also saw salesforce yesterday. so maybe in a traditional sense, yes, there would be problems with this. but if the entire company is up for grabs now, it's a different story. >> i also just keep going back to how aggressive this current ftc and doj have been about these issues even though it's not traditional acquiring a company, if it does

come this way, the majority of the company becomes by default absorbed into microsoft. you can better believe there will be some kind of poking around or investigations i wouldn't be surprised to see that >> steve sloan, do you think any permanent value damage has happened if we assume that they can put openai back together, put humpty dumpty back together on the wall, would the value be diminished or would it blo over and go back to business as usual? >> i think they will have taken a temporary hit here talking to other companies and other people in the ecosystem, everyone is very concerned if you have core workloads on openai, you're starting to reach out and think about, you know, hey, are there other alternatives where i can in the very least have a backup plan. so it's unclear, you know, 6, 12 months from now if things

stabilize. i think in the short to medium term it's gotten a lot of companies thinking about what are the other alternatives, can i at least project myself as this chaos continues >> thank you both. really appreciate it we'll see where it goes from here we're just two weeks away from cnbc's work summit, the promise and peril of ai. we'll hear how ai will transform the future of work scan that qr code to register, or go to the website markets are turning lower today with the nasdaq leading. they're still on pace for their best month since january, the nasdaq is. my next guest says the technicals point to continued strength from her. jeff crumpleton joins me now jeff, good to see you. a lot has been made of the breadth of the rekremcent rally

what does it say to you? >> we have a lot to be thankful for going into thanksgiving and this holiday going back into october, the opposite mood was developing as we hit all these geopolitical events going on, people were worried about not being able to name a speaker of the house, and folks were nervous about rising ten-year yields, as we were. and a lot of the purely economic factors, i think, have moved in a good direction yields have backed off significantly, which is a really big deal that's the biggest risk that we were concerned about, rising yields and as a result, the technicals has come into the market, you've seen the percentage of stocks trading above the ten-day moving -- or 50-day moving average move from 10% to 70% and somewhere around 20% on 200-day moving average, now about 50%

plus and we just had a really nice rally. it's broadened you've gotten value outperforming growth, equal weight outperforming the market cap weight stocks really moving in a nice direction. and so is that a real sign that, you know, we're out of the woods? probably not, but it's something you need to see that could signal that. we certainly have maintained positive s&p 500 price levels going through mid next year. so it's a good sign for us >> you often do a lot of stock specific things. where is the biggest valuation opportunities for the run you are anticipating >> so, you know, we felt, you know, if you go back in that 2007 to kind of, you know, 2020, '21 period where we get zero

interest rates being a portfolio manager and an active strategy, are kind of a dinosaur, or you begin to worry about that. we think that there are opportunities, both in the growth sphere and in the value sphere so we have a barbell, in a way, that we see attractive non-mega eight valuation within technology and consumer discretionary and those growth names. we also find them in the cyclicals as we have a capital spending boom going on so we're doing a little bit of both more in industrial, cap equipment oriented so go-go growth in consumer and tech >> that's pretty much a synopsis of the economy right now are you worried about the retail mines we seem to be hitting as we move through this earnings season >> again, i think writ goes back

to active management, know what you own and be selective when you look within consumer, it is the experience so i would highlight before going to retail, i would do things like bookings, but within retail, there are stocks like deckers for example, a shoe company, uggs, and hoakas. you're just seeing strong uptake so it depends upon the product, your merchandising capability, and where you're at. so there's some areas to avoid, but there certainly doesn't mean the consumer is dead you could do very well whether they're experienced and i think the goods category if you are positioned well. >> we'll leave it there for there. jeff, thank you for your time today. appreciate it. >> sure. coming up, higher rates are taking a toll on clean energy

this year. our next guest is in the eye of the store, but hiss company's shares have rallied, even as other clean energy stocks have plunged. we'll look at why, next. and could corporate pensions with the answer to america's retirement crisis? our guest says we may be seeing a pension renaissance. we'll see if he's right about that "the exchange" is back after this trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more -

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welcome back shares of hassi are up this year the mid rising rates and fears about the broader economy, and these are all down double digits, enphase by 40% what does this say about the state of the industry, and is solar investable right now my next guest joins me is jeffrey lipstein do you think markets are overly punishing this space, or is it deservedly so? >> i think it's overly

punishing. i think the energy transition is a long-term mega trend and these are short-term head winds. the interest rates are causing significant challenges for the way these companies are viewed but they are essentially able to pass on these higher interest rate costs through higher prices of the energy and it remains come pepetitives with the alternatives, so most of these companies will do quite well >> explain what it means that your company invests in renewable energy assets, but not the underlying companies themselves, what is the purpose of that? what does that mean? >> so we're a climate positive investor at the project level. we invest in contracted cash flows. so as examples on solar projects, we will parter in with our sponsors to provide a slice of capital that fundamentally

allows the project to be built and the energy is sold to the off taker on the project on the distributor side, our clients are selling roof top solar and entering into leases with homeowners. we are providing financing for those leases so we're clatollateralized whic gives us a predictable business model. >> morgan stanley says you shouldn't be lumped together with these other businesses, saying in many casesed 0% of these costs are fixed upon the contract signing could that go if rates continue to do what they are doing, could those contracted cash flows not materialize? >> that's highly unlikely. our off takers are -- first of all, they're contracted, so they're obligated to pay second of all, they're

innocented to play, because the projects are attaining energy at a lower cost so as an example, we're seeing very strong demand from data centers that are being build as a result of all the data required for ai. that's just increasing clean energy demand across the board >> that seems like a massive source let me ask you, and it's interesting to think about how maybe you're one of the rare players that's c could benefit lower solar prices do you think low prices is ultimately good for the consumeer? >> adoption occurs when the price is level and all -- renewables are indeed the lowest cost source of energy going forward. and that will increase adoption, increase the number of projects

being constructed, and that will allow our business to continue to grow, as well >> shares down 18% year to date. again, holding up better than a lot of the other names thank you for joining us today >> thank you, kelly. with jim cramer tonight. higher rates are also hitting the housing market today's existing home sales showing the slowest pace of sales in more than a decade. diana? >> some good news is on the 30-year fixed, we're down to 7.33% today as rates have been dropped, the lowest since the end of september but the damage was done in october. sales of homes dropped more than expected to a 13-year low, falling 4% from september and down 15% year over year. these are sales that represent

contracts signed in september, which is when rates took off, going from 7% on the 30-year fixed to over 8% in october. supply edged up 1.8% from september, still down 5.7% from october of last year to just 1.15 million units at the current pace, that's a 3.6 month supply and a little more than half of what is considered a balanced mavkt between buyer and seller tight supply is keeping pressure under prizes, but the median sale price, $391,800, up 3.4% year over year, and an all-time high price for october multiple offers are still occurring on mid-priced homes, while price concessions are rising on the higher end that's because there's way for more sale on the higher end. >> that's true diana, thank you still to come, microsoft's meteoric rise. the shares are on track for a fifth straight of gains.

the fallout from the openai shakeup could have big implicationed. and the tax man cometh for your paypay accounts or does he? that's next here on "the exchange." move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. you can't buy great conversations

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welcome back to "the exchange." we do have breaking news on a major crypto company binance the ceo is pleading guilty to federal charges. we are getting unsealed court documents in that criminal case. they released the plea agreement that calls for the resignation of the ceo and pro-hibhibits fr

any present or future involvement in managing binance. it also forbids him from talking about it this is someone who has been very vocal on twitter and social media. binance faces three criminal charges. tay talk about violating sanctions here, starting as early as 2017. they talk about a defendant, which is binance willfully violating the bank sanctions, facilitating billions in crypto transactions without implementing any oversight the defendant says that he will not work with the company or speak about it through any future attorneys, agents or other people authorized to speak about it he is in court, guys, in

seattle, washington. we are waiting what comes out of that, but, again, he's pleading guilty the biggest crypto exchange in the world. richard tang will be the interim ceo at this point. that's the latest there. >> kate, thank you very much for bringing that to us. if you are curious about bit coyne, down 1.5% and the irs today may have have a lot of americans breathing a sigh of relief robert frank has the details robert >> kelly, millions of americans giving thanks to the irs this week, because that's the -- the agency will delay a rule on income received over paypal, venmo and other payment services so the $600 rule required third party payment platforms to send those 1099 forms to anyone with income of more thad $600 a year.

if you had more $600 a year, you could owe taxes. the irs will delay that rule until 2024 tax year, and the threshold will go to $5,000, rathder than $600. it's going phase in that $600 rule over time, that's what they say. the irs saying confusion over the rule required the delay. but it's come under fierce attack from accountants and payment platforms. many lawmakers were saying the irs were going to go after teenagers who mow lawns or sell their coach on ebay. all taxable income has to be reported to the irs with more than 80 million people using payment apps and the gig economy has grown big. the irs says it doesn't have estimates on how much revenue it will lose by delaying this but this will be a lot of relief

for people that at least it was supposed into apply to any income this year that you received over those payment apps over $600. >> so it's being delayed until when and what does that mean for people who might have had income above that fresh hold, what are they going to do >> it will be delayed until 2024 so this year's income is fine. next year's income in will apply to but the new threshold will be $5,000, and they say they will phase in that $600 so any income next year over $5,000 on these payment apps, that is truly income, not baying your baby sitter, that kind of thing, will be subject to these 1099 forms >> all the people who are tracking this, they're like, that was all for nothing >> never mind. >> we applaud you for your

diffdij lance never the last robert, thank you. now to tyler mathisen for the cnbc news update >> this is going to change my relationship with my yoga teacher and how i pay her by the way. u.s. officials said the military has launched a retaliatory attack on militants in iraq last night. militants attacked a u.s. base with missiles. officials said the overnight self-defense targeted the people allegedly responsible for the attack and killed several fighters > production will be slowed of another diabetes drug as people use the drug to lose weight, even though it's not approved to treat obesity. shortages are expected throughout 2024. walmart is opening what it calls mini post offices as it

tries to ship out its products faster in a bid to exceed with other online retailers like amazon the retailer announced today it would open 40 partial stations by the end of the year with many up and running for the busy holiday season kelly, back to you >> tyler, thank you very much. coming up, the case for corporate pensions yes, corporate pensions. higher interest rates may provide an opportunity for plans to make a big comeback we'll tell you how likely it is after the break.

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welcome back to "the exchange." labor unrest hitting everyone from auto workers to actors and now even bankers are pushing to unionize "the wall street journal" reporting workers at two wells fargo branches will hold elections to decide whether to organize it's been a rarity for that industry this just days after the uaw settled with the three automakers that union also asked to bring back corporate pensions. the request didn't make it into the agreements, but my next guest is saying he's seeing a pension renaissance and wouldn't be see it come back. joining me now is the executive director of the national institute on retirement security great to have you here welcome. >> yeah, thanks for having me. it's really been interesting times in the retirement industry i can't remember a time where we heard so much conversation about a pension renaissance. i really think there's a few factors behind this. first of all, we see that a lot

of people aren't on track in individual savings in terms of 401(k)s being prepared for reti retirement some of it is attracting and retaining workers and a strong workforce has been challenging >> let me apologize to up the corporate executives screaming at the screen right now, saying we spent 20 years from cleaning up our balance sheets. how many times have we heard, it's a pension company with an airline attached so now, even the ones who have these plans are off loading them to insurance companies if we were to bring the pension back, and if it is good for workers and maybe even cost effective for companies, and if it is good for america, what would it look like in version 2.0 that might be different from what we experienced over the past several decades >> yeah. i think, you know, you wouldn't judge today's automobiles by

looking at something that was built in 1950. so when you look at the pensions and how they have evolved, and how we manage pensions, there's a lot of material changes. you know, you can look at examples south dakota and wisconsin both have statewide retirement systems that have had very level costs over time. so you can see how did they do that ibm, a large global technology firm, went back to offering a defined benefit pension. and they are doing it more less a cash balance and from what i've read, it looks like risk was certainly considered in how they designed the plan again, they're pooling a lot of risks like longevity risks and they're going to provide benefits in terms of life income, which is really user friendly for the worker. >> the reason i wanted to talk to you about this so much, it feels like there's two problems cropping up at the same time the one problem is, we're

potentially facing an entitlement crisis that has everybody unnerved about the deficit. the other problem is quite simply, the need for people to save for retirement and whether 401(k)s are working in that. so annuities, you're well aware. now people are offering annuities in retirement plans. could we just have black rock offer an annuity product and give people the sense that they have that more certain income stream in retirement, again, without going the traditional corporate route. >> so i think the different issues you mentioned with the graying of america, we're seeing more retires relative to young people, and we keep moving in that direction so having good retirement systems is really important, and it's important for our kids and grand kids that we go into retirement ready to be self-sufficient.

so pensions do have a big economic efficiency advantage. what we found is it costs about twice as much to provide the same income stream in a defined contribution plan as you can do in a pension because of professionals a set management, asset allocation and longevity risk pooling so those factors, by pulling everybody together, you have a more efficient system. it's not really a 401(k) itself that's creating the inefficient sis, it's 4/5thth come from post retirement when you need to figure out how to spend down, you have to be a little more conservative in investing and how long you expect to live. and you mentioned that also, you know, we're seeing the defined contribution industry, more interested in oftfering life income in their products i see this in the pension and

401(k) worlds have been converging so pensions have these great features, and the contribution is trying to solve to make them more user friendly >> quick final question. the reason we're talking about this is because of high rates. suddenly corporate pension plans are overfunded the last figure was 103% if rates stay high, this might be the only silver line of that whole situation. but what happen it is the 10-year or 30 go back down to what we saw in the 2010s, and this map to me wouldn't look so good >> it's unfortunate. pension funds are funded more on a market rate, so their rate moves up and down and causes more volatility. but what we see here is an opportunity to actually change your investment strategy and take risk out. so when rates go high, this could present opportunities for

pension plans to take risks off the table without taying a lot more so all savers are impacted by bond yields, pension plans are no different >> dan, this might be the wind in your sails. i want people to tweet me, bring me your hot takes. we'll keep it going. could be an interesting turn of events here as people bring back these offerings. thanks for joining us today. >> thank you still to come, it's been a bumpy ride for microsoft shares since sam altman was ousted. is microsoft at risk to losing customers to ai rivals that's next. ♪ ♪ ♪

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welcome back what could be a blow to microsoft, customers of openai are considering switching to competitors. diedra has more on the tech check. what are you hearing >> kelly, it was interesting that the ceo came on our air last night with few answers but

he reassured customers, because this all comes back to the cloud generative ai takes enormous amounts of compute power this is the edge in cloud computing among the big three. now, openai has cited more than 90% of fortune 500 companies use its services, which operates in the microsoft azure cloud system so since friday, amazon and google have been on the offensive, making the case that at the very least, secondary cloud providers should be considered if your company that is working on mission critical ai applications or would like to in the future. that could threaten microsoft's core now, here is where the cloud computing landscape stands right now. microsoft is number two, and it want toss get closer to aws and widen that gap between itself

and dwogoogle there's still plenty of businesses moving to the cloud, and generative ai has become this edge, and microsoft getting the jump on that earlier this year, seen as the leader they cannot lose that poll position >> how serious a risk is it right now? it's only been a couple of days. there's not a clear competitor, or maybe there is, to quickly jump to. >> it's hard to say. i mean, what he said last night is that they are going to continue to innovate and be leaders in generative ai, whether sam altman and others are within microsoft orr whether they continue to work with openai you can argue that more integration with sam altman and openai could raise the reputational and execution risks for microsoft, because openai has operated as a research lab so some of the hallucinating aspects or ugly side of chatgbt, you can chok that up and say

this is openai, a research lab that is more firmly integrated with microsoft they take on some of that reputational risk. >> diedra, thank you we'll see what happens next. still ahead, with 22% short interest, is nordstrom poised for a squeeze? nvidia has only missed once on the bottom there are zero sell ratings on deere. we'll have the action, the story and the trade in earnings exchange next. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days.

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welcome back after huge earnings movers today, what could the next 24 hours bring? let's look ahead to nordstrom, nvidia and deere here with our tradesis kkm financials founder and ceo and cnbc contributor jeff, welcome. we'll start with nordstrom it's up 32% from just last monday still down 8% on the year. ubs has a harsh warning. pricing is not better with

promotions doubling at nordstrom rack from this time last year. the only grace is sudden shift back to dressy clothes and brick and mortar shopping. would you be a buyer here? >> oh my goodness, after that lead-in, the answer is no. i agree with ubs it's in contrast right, last week we talked about gap, not the higher end retailer and saw 30% move on gap. here, i don't want to own it if you look at a chart, year to date, one year, three year, five years, ten years horrible chart to own if you think about what the opportunity is here, i don't think you see a flier here this is a $2.5 billion market cap. not an opportunity for a pop in my opinion one of the things cited in the last earnings report was theft they talked about shoplifting, historical highs how do they control that being a brick and mortar store at the higher end i don't know how they resolve that i think there's more pain in

this chart to come. >> not going near it down to 3% see what the earnings tonight say. the big kahuna after the bell, of course nvidia just hit an all-time high yesterday even after that period of weakness. shook it off, went back over 500. we're about a percent below that up 241% since january. b of a is bullish on their new ai chip technology but thinks nvidia could have losses due to restrictions in china. they ask a similar question that you do, where are we in the ai hype psycycle, jeff? >> it's a great question right now, an all-time high after yesterday's close, valuation of $1.25 trillion, sounds so expensive. the end of the day, if you own this up here like i do, it's very hard to sell. think valuation, march of 2022,

it was trading at 4 pe of 87 times. the stock price was only 250 so right now, yes, it sounds rich at 40 times forward earnings but it's not. so there is more room to run i want to be more considerate on how i express a view going in this earnings season because of the volatility we're expecting about 7.5% move. that's what the auctions market is telling us. but what i think you can do to really profit if it goes up or down, remember, last quarter we saw 25% pop on this behemoth, own a straddle, a put and call at the same strike price and same expiration. if the market moves more than 7.5%, you will profit from this. think from a sports betting perspective, kelly, i'm betting on the over here. >> okay. and i think i follow you i do let's talk about deere we want to mention this one, hit an all-time high back in july.

high rates might limit financing but the usga expects strong soy bean and corn season i'm curious what you would do. >> for all the farmers here in the midwest i have to support deere. i do want to own deere it's a buying opportunity. it is offered at a discount 11.5 last five years on average traded close to 17 or 18 times forward earnings but if you think of this industrial name, it has outperformed the s&p 500 on any metric you look at i want to be an owner of deere. >> i'm still curious long term with nvidia and all the announcements people made about new technology and open ai could be a threat but maybe not this quarter. jeff, it will be a fun 24 hours. thank you as always for joining us that does it for "the exchange." we get the fed minutes next on "power lunch." tyler isetng gti ready, and i'll see you on the other side of this break

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♪ and welcome, everybody, to "power lunch." alongside kelly evans, i'm tyler mathison we're about to get the fed minutes from the latest meeting. before we do that, market check. the dow is down 68 points. and meantime, let's go -- there you see the s&p 500 off just a little bit let's go to steve liesman now with the fed minutes. >> minutes to the federal reserve last meeting show that the committee believed that further tightening would be appropriate if progress towards inflation was insufficient it's a bit of a more dovish take on the reasons why the fed might hike again all judged it critical for policy to be kept, quote, sufficiently restrictive and remain restrictive for some time the committee was seen in a position to proceed carefully, so no big hurry on the part of the committee to do anything because policy was seen as restrictive already.