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lingers politicians are joining consumers in pushing companies to cut prices. we will get the view from the board room further ahead. plus, signs of life in new york city real estate. office demand finally improving in manhattan and around the country. talk to douglas ellman's noble black how the luxury space is holding up. a sharp rally in the markets. gathering steam after the bad 30-year auction. go figure. better jobs claims dow up 637 points, nasdaq up threely 3%. another step clawing back losses from earlier in the week, and eli lilly, keep mover blowing past expectations hiking its outlook of sales of its blockbuster diabetes drug surge. more on that ahead. >> and under armour sharply higher on top and bottom line beat. warner brothers discovery going the other way sinking on a miss. bumble plummeting on guidance

subpoe. shares down. and jf frog dropping double digits worse than expected results down 30%. more on the movers further ahead. all righty. we start today with the comeback rally. weekly jobless claims data giving a bit of a positive sign for the labor market. bring in eva autos, coo and chief adjustment strategist. earlier this week a tremendous amount of concern over maybe three things. one was the job numbers that came out last friday. two was warren buffett selling half his stake in apple. three was the unwinding of what's called the carry trade in japan. those things now seem to be sort of rearview mirror-ish as the market stabilizes? >> hopefully. i'm optimistic. we think an overreaction and with it especially yesterday with a weak treasury sales, we say this today it's being reversed. we had good news today.

jobless claims came in better than expected. that supports our thesis we have been maintaining for a long time now that we're not heading into a recession. we believe unemployment is going to remain low, lower than historical average, and we need to remember, we have 4.4 million baby boomers that are eligible to retire and that will help maintain unemployment low in the near future and in the next year, too. >> talk a little bit, to push back a tad there. we've seen today eli lilly coming out blowing things away. we know why. they've got a blockbuster suite of products. but earlier this week, and over the past couple of weeks we've begun to see more and more companies getting tentative, warning, guiding downwards, or guiding to the low earned of ranges. does that concern you? because in the end, the stock market is a pricing mechanism for the stream of future profits. if those profits aren't going to be what was anticipated, neither

will stock prices be. >> i agree. it's definitely not going to be the best earnings season that we've had. we do have a 77% earnings beat rate, which is consistent with historical rates, but what's different, as you mentioned. the profit speed. companies are beating an average by 4% rate whereas historically that's been 8%. this is half what we used to see in the past, historical average in the last fish ve years. it's a concern. we did see some companies perform well like exact sciences and doordash and had extreme bad examples like airbnb. so it's a stock market and play of, to look specifically at the fundamentals of the company, companies, and see which are using, for example, a.i. and are able to deal with the situation. >> and apple, arista, places to look. tell us about those, if there's any others? >> these are our favorite right

now, and i know a.i. is so much of a q1 play, but specifically looking at their fundamentals, these companies are extraordinary. very unusual. in both cases we have companies using a.i. to cut their costs, widen their margins, which is very unusual and in the case about plumping a company that has increased its gross margin by 10%, cut its sgna by 10%, widened ebitda by 20% while at the same time they're growing revenues by 44%. this is so extraordinary. there are no companies other than nvidia showing such great momentum and they're maintaining their sector dominance. no matter the market conditions. >> scott klemm, a brown brothers heritage joins us. welcome. explain to this layman what the hell the carry trade is, why it matters and what's been happening with it, and why? >> it has sort of an ominous overtone.

does it? simple. borrowing and investing in different currencies and arbitraging and return opportunities. carry trade at present takes advantage of the fact borrowing in yen is very cheap. has been very cheap. the dollar has strengthened against the yen and, of course, dollar assets like the ones we've been talking about up to the recent market stumble has done quite well. three ways to win in the carry trade but also three ways to lose. we've been reminded the past five or six trading sessions all trends can go in the opposite direction as well. >> in other words, interest rates in japan can go up. the yen can strengthen. and so forth. that would work against the, sort of easy money that's been made in the carry trade? right? >> that's right. that's right, tyler. easy money rarely stays that way for long, although the carry trade has been effective going all the way back to beginning of 2023. but then the bank of japan raised interest rates last week, of course. our own central bank is talking about cutting interest rates.

stocks have stumbled. the dollar has weakened a little bit against the yen. so just a healthy reminder those trends can go in two different directions. >> glad you were able to join us. a little technical issue. ava autos thank you as well. returning to the bond market where we have seen big moves. treasury yields seeing ten year going back above 4%. especially after that auction i mentioned last hour. rick santelli is in chicago with more. rick what can you tell us? >> well, let's start chronologically, shall we? this morning when i brought out the numbers 249,000 for last week's initial claims moved to 250, but doesn't matter. in either case those were one-year highs. haven't been at those levels since august of '23. so to see the big 17,000 drop really had an impact on the markets. look at the charts. there's 2s, 10s, 30s. doesn't natter short long or short majorities.

move chronologically through the clock, kelly is absolutely right. yesterday d-plus ten-year auction. today a d 30-year auction and something in common besides lousy demand. three basis point tails. tails mean that basically one issue market, pricing mechanism, demonstrates that there wasn't an intensity to the bitters that were coming in for those maturities being offered. now, look at a chart going back to jobs, jobs, jobs friday. what's interesting is you look at those three maturities once again. getting back in that range. jumped right back into where we left off after that big drop and, of course when you add in monday, the following day, lows on that chart, we'd have really done nothing but move higher in yields. interesting ing thing, talking t it all day on cnbc. the dow against the ten year for one month. they correlate indirectly until very recently. basically, in the -- phrasing of

equity traders, good news is good news at this point. bad news is bad news. so good about it? to see jobless claims move lower demonstrated the lazier market might not be as weak at last friday. stocks cheered and flight to safety reversal in certain ways with interest rates higher could be considered a good thing. kelly, back to you. >> all right, rick, thank you. rick santelli. coming up, another earnings mover on our radar. the cloud and security firm krib per ark up 8%. talk earnings, cyber and a.i. with the company the ceo next. don't go anywhere.

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lunch." shares of cyberark jumping 8.5% after the company beat earnings and revenue estimates second quarter. to break it down and give his take on the cybersecurity space, ceo, high profile quarter for cybersecurity, matt. welcome. >> thanks for having me. >> what's been the fallout for your company from everything that happened with, who is it? who's the big -- >> cloud strieck. >> right. cloudflare. cloud cloudstrike. >> what we saw with crowdstrike, moff of an i.t. outage than a cyberattack or cyber incident but certainly mimicked what a severe cyberattack could look like, and it helped i think acclimate the public how risky the current environment is. with the interconnectness of all of our technology when it goes down it can really have an

impact in our industries across the region, across the whole world. so for us it's really brought back a focus within the industry, within organizations. what can we do together to prevent these type of incidents from happening, whether i.t. out amp and how do we become more resilient or more likely, if it were an actual cyber attack how do we as organizations help each other prepare to come back and make sure we're successful. >> to your clients ever be susceptible to an issue you would have happen to them or are your systems structured differently? >> we take pains to make sure that our quality is strong nap o. our ashlbility to rollout updat and we are all learning making sure we're not the cause of something like thknisis in the future and we all come together to make sure we can keep our

i.t. systems up and running. >> let's ask a broad question, matt, if i might. i guess it goes something like this -- in cybersecurity are the good byes beating the bad guys, number one. and how are good guys and bad guys using artificial intelligence to gain an edge? >> so i think it depends on the data to be honest there, tyler. i think the good guys are doing everything they can and they're thwarting a lot of attacks. the bad guys are innovating and trying to figure out ways around those attacks. we see the threat landscape continue to elevate. we see bad actors and cybercriminals going after health care. recent health care breaches. areas ransomware seems to work. people have to pay or do something because loss of life is on the table. we see kind of this elevation of attacks happening, and we on the good side are trying our best to keep up with it. the way we keep up with it is by making sure that we have core

security controls in place that we're focused and an assumed breach mind-set given that environment and then ultimately that we're using technology to make sure that we're more able to spot and respond, identify and respond to the threats that are out there. but what you see out there, tyler, bad actors using technology like a.i. to make their attacks more effective, and also to make them more pervasive, able to go after more targets and you don't actually have to have a better hit rate if you're going after more targets on the end. >> point of attacking health care is, hits really close to home. my son works for a mental health and recovery drug and alcohol recovery program. small company in south florida. two saturdays ago ransomware attacked and completely cut off. you can well imagine, there is a lot of very sensitive personal data in those files there.

>> yeah. tyler, i think it's both. right? it's the extraction of information that we're afraid of, but more importantly, it's the ceasing of operation. >> yeah. >> again, bring it back to the -- >> paralysis. complete paralysis. >> complete paralysis where you can't deliver care. you see hospitals being shut down. and you really want to avoid these situations. the only way to do that is to make sure that you have the controls in place so that if the bad actors get in they can't expansively take over the entire environment and shut down an organization like you just saw. >> matt, not to get into the boring eps and revenue stuff, but what do you expect and i of going into the back half of the year now? >> so we're really excited by our results. you see it in the market's reaction today. we grew a.r. by 35%, and beat on ought mel trtrics.

the back half a strong second half as well. what we offer to the market is this technology called identity security. really, it's the ability to be able to secure the human credentials that you or i use add r as well as machine credentials and machine identities that more and more applications use, and ultimately, that's where the bad actors are trying to get to. we feel like there's a robust market for our solutions and software. and we look forward to actually strong performance for the rest of the year. >> very good. thanks for joining us today. appreciate going over all of this. matt cohen, thanks for your time. >> thank you, ceo of cyberark. the dow jumped 722 points as the rally regains some steam thanks in part to a weaker japanese yen versus the dollar. as the so-called carry trade we've been talking about a moment ago unwinds further. we dive into that. yes, we will. oh, boy, we'll dive into that. the market navigator segment. remember, hear us on our podcast. be sure to follow and live to "power lunch" wherever you go.

i mean wherever you go. we'll be right back.

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welcome back to "power lunch" with stocks near session highs and according to jp morgueble the yen carry trade wreaked havoc with markets this week is already about three quarters unwound. while it's mostly over it's not completely over. are we far enough out of the woods? dom chu with us with the market navigator. >> look at reasons why it's so important. what if the japanese yen was giving us the investors overall this kind of signal about whether it's all clear to run head-long right back into where we ran into before. mega cap growth, magnificent seven large cap trade. we've got todd gordon, founder of new age wealth advisers he thinks just that. previously he was in the middle of that 2008 yen carry trade calamity. todd, looking at the vanguard growth etf. what exactly are you seeing about this etf and the yen that

gives you an idea for how to play it and how to position it? >> hey, guys. how ya doing? dom, shout-out to you. i know you have an fx back gro ground as well. i think a big august thin summer swoon. i don't think this is the start of something catastrophic. i think it's a buying opportunity. i rushed back from vacation this week to make sure, i saw nikkei down 12%. thought, uh-oh. what are we doing? things have stabilized. i like individual growth names, vug if you want to play it, pullback into the old 2021 high up trend moving average about 340. i think growth is stable here, dom. >> vangourd growth looking at and an interesting chart back from 2008 to kind of 2024 to give us perspective on just how much, kelly that carry trade severity was then. >> wow. >> right.

right. you know, people are saying the yen carry online is similar to that in '08. look at severity. like you sewedaid, it's not eve close. a bloodbath back then spurred by the housing crisis. this is a thin summer. more of a reaction to, i would say, a july-august push through the 4% in yields causing rotation in small and midst. pe and then the yen carry online was a result, i think, more so of domestic interest rates, but, again, this is much smaller in scale compared to what we saw in '08. >> todd, makes me comfortable about the comparison i don't think of '08 as a yen carry trade i think of the financial global crisis. going hand in hand? a macro trouble lurking or tend to reprice at the same time? >> you're so -- yeah. you're so right. interest thing. because it was housing crisis originally in the u.s. spread

everywhere. highly leveraged mortgage instruments traded everywhere, but so many macro traders werec investing overseas. australia, bonds, china on the other end of their development. more of a reaction to the cause, which was housing, right? in this case, kelly, a much smaller scale. i really think some, some force kind of pushed the market through 4% u.s. yields. the yield differential you can make was narrow and said, oh, take the tradeoff. so i don't think it's the cause. i think it's the symptom, and it creates buying opportunities i think of growth stocks which i think the a.i. story is very strong. interest rates below 4%. yield curve coming out inversion. nvidia coming up. looks scary for a moment but it's august, it's thin. creating buying opportunity. it if i'm wrong we'll adjust but i don't think so. >> todd, thanks.

a point on this thing, kel. >> sure. >> mentioned my fx background. many traders used yen and cad yen, aussie yen, euro yen as a risk for appetite. one of those navigators you want to watch. >> and a good proxy, about sklutely. the next leg of this. thanks. view from the c suite. talking about the latest executive survey including whether or not they see u.s. recession on the horizon. "power lunch" is back after this.

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surprise initiative forcing moscow to call up more troops. amazon's multibillion dollar investment in anthropic drawing scrutiny from the british beginning a phase one investigation whether that investment and partnership could arm competition in the uk. amazon responding saying the collaboration does not raise any competition concerns. and false or misleading posts by elon musk of the upcoming election generated 1.2 billion views on social media according to the nonprofit center for countering digital hate. researchers said identifying 50 debunk claims from musk that spread and did not include a community note to correct them. musk has yet to comment on that report. kelly, back to you. >> all right. kate, thank you very much. turning now to the election, which is sure to have a huge impact on the direction of the economy. former president trump's two-point lead over kamala harris is the same over president biden. cnbc's latest economic survey

found out plenty of uncertainty around the outcome in november. steve liesman is here. >> what makes polling so interesting. latest survey shows remarkable stability. look at head-to-head competition on to the line between former president trump and vbs harris vice president harris. big changes underneath. alternately could affect the outcome and explain by former president trump is looking for debates now. head-to-head was plus two for trump in the july survey. harris a slight lead, consolidated bases's two-point lead for trump with the 3% margin of error. what's happened. big changes on the next one. asked people, are you satisfied with your nominee? now, for biden, just 33%. look at this for harris. 81% of democrats now are satisfied with the nominee. but there's an offsetting

change, because the republican satisfaction with their nominee, i.e., president trump, went up as well. 80-81. both bringing gangs to the knife fight here when it comes to politics here. biggest improvements for harris, young people, women. suburban and white voters as well. now, look here at -- that's the slide we just did there. going on to the next slide here. how about the approval ratings. you can see. biden, minus 15 in our survey here. harris improved by ten points then look at the offset for trump here. improving again by about seven points here. six points to minus nine. about even as we go into this. so big changes, but offsetting changes when it comes to this. looking at who is voting for or against. look here. in january, 31% were voting for the democratic nominee -- sorry. democratic nominee, that was biden. 62% voting for biden, more

against trump. that's changed a bit for harris. 54% are now voting for harris but you can see relative to trump over here. there's scope for harris too improve and have more people be into her candidacy versus voting for her as a vote against trump. this is a snapshot in time. the race is early yet between harris and trump. big question becomes how much more can harris make harris enthusiastic about her candidacy rather than opposing trump. question for trump can he break through numbers seen in the past. both sides are going to need more help to get to the white house, because they can't do it necessarily when there's that two-point advantage. >> seems voters who are favorably inclined to former president trump are really solidifying behind him. they really like what he stands for. >> true. it has been true and more true now. the big story, though, solidification, is that a word?

underneath vice president harris. >> all right. steve liesman, thank you very much. >> my pleasure. >> another steve. while the election is a key focus the recent market volatility is grabs the attention of investors and kornt e corporate executives. conference board out with a quarterly survey. confidence declined slightly third quarter. here to discuss results and other corporate stories, president and ceo of the conference board and a cnbc contributor. steve, welcome. good to have e with us. give up top lines on the ceo survey. they seem reasonably positive. ceos do, but maybe not as positive as they were a quarter or so ago. >> well, ceos generally are in neutral, tyler. it's the same thing as consumers right now. they're waiting for inflation rates to come down. they're waiting for the fed rates to come down. so the ceo confidence index is done on 0 to 100. 100 perfect. sitting at 52.

marginally positive. people are saying, hey, things look pretty good, but they're still waiting here. and this is a huge change from a year ago. a year ago people were predicting that we were going to have a big recession, and that is no longer the case. that has diminished now. you have still a few people, and depends on the industry, but for the most part ceos are not predicting a recession here. a big change. so you look at what's happening in the marketplace. you've got inflation rates coming down. you've got wages still kind of going up. you've got ceos hoarding their labor. not huge layoffs. and the market's still pretty, you know, pretty good here. a few points from an all-time high. this is what a soft landing looks like, tyler. >> interesting. ceos assessment of current business conditions. that is what they've seen today is worse than six months ago, but their expectations are the short-term outlook improved, 32%

expect economic conditions to improve over the next six months, up from 30% in the second quarter. so you see them looking forward in a more positive way than they assessed the current landscape? >> yeah. exactly right. tied directly to their expectations that the fed will reduce interest rates, discount rates, between 25 and 50 basis points between now and end of the year. that means borrowing costs come down. consumers will be able to borrow. sales should pick up. there's optimism in these numbers all tied to the fed. >> i guess the sort of -- as you say, all tide to the fed. if the fed doesn't cut is this out the window? >> yeah, it is. because then we're -- we're going to be stuck in neutral longer and you've got the status quo. nobody's saying that the fed is not going to cut. they think they're going to start here. now, you know, the fed is under a lot of pressure from both

parties. it's an election year. they're looking -- there's political pressure, but there's also good signs and they're saying that they're going to move. i think that ceos are taking them at their word. >> talk for a second, stephen, what are companying going to do about increased calls to cut prices? >> look, you know, it's an election year and you have to take it with a grain of salt. politicians should not be calling for a state directed economy. okay? should not, shouldn't be telling companies to lower prices. what they should talk about is their policies they will champion in order to make business conditions better that will allow inflation rates to come down. companies aren't out there charging you serious rates. their fees, their courts are going up. cost of labor is going up, and companies are having to pass some of that on to consumers, and the politicians here need to adjust to that. >> we do, we say it's all talk, but it's talk until everyone's talking about it.

and they feel like they have to do -- how do we typically handle -- listen, it's not just politicians are calling for this. a lot of companies are finding they have to do this because consumers are balking what they're charging. feels it's coming from both sides. >> that's the market and got to let the market work. what we're all about. and companies will cut their margins and they'll take profit declines if they need to. they're trying to work the backup. our ceos tell us they're doing everything they were, back up through the supply chain making sure costs can come down. look, take it all with a grain of salt because of the election season. >> if you look back a couple of years or maybe even less than a couple of years ago, steve, ceos would have said that one of their main concerns was the inability to find qualified workers. is that still the same, at the same level of concern as it was a year, 18 months, 24 months ago? >> it's not. that's a big thing we're hearing in our survey as well, tyler.

there's a big skills shortage. now, there are still short amag particularly in the trades but the job market eased and we're hearing that. wage increases are not as tough as they were. people are staying in their positions longer. it's not this happy feet, we saw during covid, where everybody was changing jobs. so that seems to be solidifying which is i think, helping to -- to buoy the ceo confidence level. >> stephen, appreciate your time today. we'll be in touch soon. conference board. coming up, tale of two weight-loss drugmakers. ozempic maker novo nordisk following disappointing rates yesterday and then a blockbuster report. we discuss those weight-loss wars when we return.

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welcome back to "power lunch." as markets continue a rally dow up 700. just off that right now. nasdaq up 2.7%. what are the many names on the rise eli lilly crushing earnings estimates hiking guidance and diabetes is drugs sour. joining us, not like the stock was undervalued going into this, evan. welcome. >> thank you for having me. the stock under pressure during july because of competitive data and broader market online. this was a much-needed relief and as you know, novo the results yesterday were great and fantastic to see lilly knock it out of the park with today's print. >> what gives with novo? what's the difference? why did that report come across and a selloff and this one, shares were rallying? >> i think the bifurcation between the two names is lilly is getting a handle on supply.

they've invested, you know, ten-plus billion dollars in really, you know, making sure they can supply the market with seppbound and mounjaro. all available on the website, getting out of shortage. whereas wegovy missed results by 14%. half due to one-time kind of price adjustment, but the other half due to a supply issue. right? demand's there. if they can't supply it they won't receive the revenue. that's been -- sorry? what were you going to say? >> i was going to asking what do you see at the ceiling for zepbound and ma ounjaro? >> estimates for zapbound, this franchise, for lilly, $70-plus billion end of the decade. high numbers for novo as well. but if we see more supply kind of easing with lilly, they

could, we could see a market share shift for the lilly products. >> and then where do we go now? do people try to snuff out pfizer's oral one the next big one and heard people say pull in your horns on these drugs what they can do if we reach more of a consumer slowdown? the next round who might be a stock to benefit or stick with tech with what's working? >> stick with lilly and novo because they're working and have a huge moat in the market. a clear challenge, marketability, even for stalwarts, have data and a pipe line of products beyond wegovy, zepbound and mounjaro. remember, lilly has oral data coming next year and poised to take share in that space. though i still love lilly and novo when it comes to obesity. not that there's not other names

to play. pfizer under value. steady eddy quarter after the turbulent year. see what there's. again, lilly is becoming the g.o.a.t. in the obesity. >> that's a great line. let's talk -- a little bit about the -- the potential of these drugs to be helpful in other areas, like cardiovascular health? maybe even alzheimer's? >> for sure. >> how do you factor that in there? >> i mean, these are all related diseases. so if you have cardiovascular disease and you can benefit from zepbound you probably are overweight and getting that benefit there. what it does is shows how it's not just aesthetic. you're looking at other organ systems that could be under pressure because of someone's weight or other cardiometabolic health. also things like sleep apnea. lilly presented that, fantastic.

expands the market. important there, medicare currently doesn't pay for obesity medications but will pay for a cardiovascular or sleep apnea drug opening the door to access zepbound and ozempic? >> thank you. appreciate your time. and signs of improvement emerging over in the real estate sector namely with office demand. bring in diana olick with more. what do we know? >> kelly, several reports point to improvement and potential bottom in office demand. manhattan office buildings in june average visitation rate of 77% of 2019 levels. highest monthly total since the real estate board of new york began tracking this early last year. visits up from 72% of those levels one year ago. class a-plus buildings saw a 91% visitation rate. also highest since tracking began. and some b & c buildings lows with access to transit also

registered improved visitation. a national picture. in q2, first quarter posted positive net absorption since 2022 total amount of office space leased minus amount of space vacated during a specific period. leasing activity improved year over year and space offered for sublease declined to 4.2% of total inventory from 4.7% a year earlier. manhattan leasing was actually the third strongest in the nation just behind atlanta and d.c. finally, the bts office demand index. what's that? measures amount of new square footage requested by employers each month. rose 17% year over year q2 and now seeing annual growth one full year and experts say if you have a year of growth behind you you can now say office demand reached a bottom last year. guys, back to you. >> a lot of numbers there. what do they say explains why demand askman

-- manhattan the way it is? >> pulling people back into the office in1sisting they return three days a week. economy improving and some vacant buildings transitioned into something else. done stories transitioning them into apartment buildings. less supplies vacancy come back a bit. >> diana, thank you very much. diana olick. turn to another slice of the real estate market nap would be luxury residences. according to redfin luxury home sales flat in the second quarter of this year while non-luxury home sales fell 3.4% to lowest level in a decade. this is because high-end buyers tend to be less dependent on the direction of mortgage rates inclined more to pay cash. bring in an agent with more than $3 billion worth of individual

sales. welcome. good to shave you with us. >> thanks for having me. >> what do you see in the spoke markets in terms of price action and transactions? new york, hamptons, miami? >> we're seeing very busy in the segment especially in the hamptons and miami. new york has been busy. we had a good end to the spring. it is always slow for us in the summer, but we are seeing a busier june, july and early he august than we saw last year. i think all of the indications are we will have a good third quarter but especially fourth quarter once some things are settled. >> some things are settled, namely the election maybe? >> the election, yeah, chiefly. miller samuels did a study going back to the '90s and every year for basically the last 35 -- every election year, excuse me. there's a bunch of pent-up demand and people kind of sit on the sidelines. they seem to be waiting until the election is settled. it doesn't really matter who wins the election, but once that is settled people come back into

the market. then i think this year with what's going on with rates, we're going to see, you know, especially kind of an energized dose of that happening. >> i thought some of the areas in florida like palm beaches were slowing down a little bit. maybe you can walk me through that. more broadly, is florida still benefitting from tax flight out of new york, new jersey, maybe even california? >> yeah, i think it does. i think that's something that the blue states, keeping politics out of it, but they've got to figure that out. i think new york is going to be somewhat -- new york real estate is going to be somewhat immune to that in the sense that the wealthy are still going to want to have properties here, but a lot of people are definitely going to ether ither the low or no-income tax states. outside of the luxury markets a lot of those people have to sell their homes when they move. again, i think manhattan is going to be a little less directly affected by that. then answering your questions about palm beach in florida,

palm beach is still -- we're at the time of year they're always slow, but their market is holding up very well. they're expecting the rate cut even though the buyers are not rate sensitive, to help choose that market. miami is still doing well, particularly single-family waterfront and large penthouses. you know, the kind of the run-of-the-mill new development has slowed somewhat, but it is not like it is dead. it is not that it is going down and not doing what it has been doing for the last few years. >> noble, i'm curious. i forget which ceo said it a year or so ago and he said fridays are dead forever and mondays are touch and go or something to that effect. >> right. >> we're talking a lot about this as if it is five days in or zero, but what do we know about kind of the hybrid work, the idea that people still may not be going in on fridays and that sort of thing? i think every for new york if you kind of zoom out, there's still questions about the economy and some of the small businesses and the transit system that are nowhere near where they used to be. >> i think that's right. i mean i think certainly we've benefited from the fact people

have returned to office, at least, you know, three days a week, four days a week, in some cases five days, but certainly it is not five days in general as you say. for a lot of people it is three or four at the most. i think it seems to have done enough that from our standpoint it has brought new york back. it is still a place that people want to be. when you look at the culture and the shows and the restaurants and all of that, there's still no place that competes with new york. so the office sector and midtown being busy, i mean just try to get across town. it is impossible these days. walk on any sidewalk and the restaurants are packed. try to get a reservation at 7:30, you can't do it. we are seeing we are in the right place and certainly going in the right direction with that. we need more of that, but i think we're certainly well off of the bottoms of where it was and certainly not nearly where people feared or projected it would be. >> in new york city particularly, what are the hot neighborhoods? is it still the ones we know about, williamsburg and brooklyn, dumbo, maybe downtown tribeca, or is it more broad

than that? >> you want to come work with me because you got it? you got the answer. so you know everything. you don't need to hear it. that's right. >> tell me. go, go. >> it is downtown. in manhattan downtown is still doing very well, so that is certainly going to be the west village, tribeca, soho and brooklyn, it is prime brooklyn. so brooklyn heights, williamsburg. that said, you know, prime upper east side, if it is the product that people are wanting, then those are moving very well. the armani building is sold out. they only had ten units. they didn't have a model. they didn't have anything to show and their prices, you know, going up to $8,000 a foot, and they sold all of the apartments. it is a great location. it is great name and a great product. so it is not necessarily just the location. it is still a matter of product. it also goes back into people still absolutely don't want to do work. so if something is in need of renovation, if something is dated buyers are kind of passing on that. >> yeah, i didn't get to that idea of companies like armani

and others branding residences. >> yes. >> it is very interesting. we will do that on our next visit with you, noble black. thank you. >> sure. thanks for having me. >> appreciate it. at we head to break it is the tale of two bench stocks. shares of celsius are higher despite a downgrade to under performance, up 1.4%. the banks noting a slow down in bev ranches. monster is down 11% and missed revenue estimates in three of the last four quarters. we will highlight more merovs of the day after a quick break. ♪ ♪ power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy to-use tools make complex trading less complicated.

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tony, its gone. no. how am i going to do this? welcome to the mdy mid-cap cup, presented by state street global advisors. today's challenge is to play 9 holes without the middle of your bag. how does that sound? that sounds terrible. ♪♪ ♪♪ ♪♪ ♪♪

♪♪ [inner monologue] in this gig... you get comfortable being uncomfortable. ♪♪ the enemy is always adapting... deepfake: hey handsome. ♪♪ [inner monologue] ...always iterating. ♪♪ time for today's power check grab back of stock stories you need to know about. let's begin with the overall markets. the dow rallying along with the other three major indexes we follow. the industrials up 1 2/3s

percent. nasdaq pressing in on a 3% game. >> small track participating as well. next the restaurants reporting lackluster sales. papa john's down 3.5% citing a more value conscious consumer. bk and arby's missing estimates. wendy's and starbuckes disappointing sales as well. >> under armour beating on top and bottom line. sales higher there. sales fell in north america but better than feared. >> up 19% but still talking $7. warner brothers discovery. oh, boy, taking a big hit missing on revenue, reporting a $9.1 billion write down on its tv networks, these shares below 7 bucks on 9% slide. >> a big challenge there at warner brothers. data at bumble issuing seriously weak guidance signaling sluggish discretionary spending on dating

apps. the stock is down 31% today alone. that would be a fumble by bumble. >> a lot of people asking if the dating apps are officially over. >> my sister said she sometimes using task rabbit. you get guys to help move furniture, but they're burly and good with -- you know. >> thanks for watching "power lunch." ever everybody. >> "closing bell" starts right now. >> i'm scott wapner live from post nine at the new york stock exchange. the make or break hour begins with the rally back and whether you are believe in it. we will ask our experts. another strong day for stocks. show you the score ward with 60 minutes to go in regulation. sharply high across the board, call it the highs of the day. relief from the labor markets today is the reason why. jobless claims came in lighter than expected and that eased some concerns about the state of the u.s. economy. yields moving higher today. the ten-year is back at 4%. all of that suggestive of some kind of relief. there it is. 3.99.