dana told us this week to expect consumer spending slowdowns into the new year. >> the consumer is moderating. you are seeing a slowdown in terms of the pace of sales and what they are spending on. they are spinning on essentials and on value. it's going to be a more promotional holiday season in 2023 than last year but the word

you mentioned earlier, execution, that is what's making the difference now in terms of the retailers. >> all right. if it's all about execution, let's bring in john edwards, who covers retail and joins us now. we have only got the ceo and the chair for about three months but investors willing to give credit for the execution he can do that he can get done in the next three months. >> there seems to be some optimism about what he's done so far. they are a brand that's doing well, old navy, which is the biggest part of the business. it's bigger than the gap label. old maybe did turn around its same-store sales and managed to see an increase for the first time in a while so people are excited about the and they are excited about some of the

changed plans that richard nixon has in place there that they think will pay off. >> i imagine if gap had a high end label, that would be doing well, because i see, at macy's for example, they have sales down 6.7%, but bloomingdale's did fairly well and the macy's value brand -- i cannot run ever what it was called, they did well. so the high end consumer is still spending money. everywhere else people are moving down. >> you definitely see that with old navy and with ross stores, dress for less, and people are flocking there. >> t.j. maxx. >> exactly. and target doing fairly well and of course walmart. on the high end, gap, they have some work to do on banana republic. sales were down significantly

there. >> higher end. >> they are actually trying to move that even higher than it is and bring in high end furniture there. we will see how that goes but that's a little bit of a turnaround story. but yeah, it's that bifurcated market. >> i imagine ralph laurent will do well with the purple label, maybe not as well in the mainstream. >> that could absolutely be the case. >> from lounges to loungewear, that continues to be a disaster. sales continue to decline. is this a gap problem or if you are a lululemon shareholder should you be worried? >> it does look like it's more of a gap problem and nixon has been forthright about it. he says it needs a pretty much -- he says it pretty much needs a full reset. they will have to figure out some different direction to go with that because they are getting pretty much destroyed by

lululemon at this point and it's going to need a revamp. matt: one of the things i keep hearing is the consumer is waiting for discounts, but when i see all these earnings reports for target, walmart, etc., inventory has been managed to down, so what kind of discounting are we going to see? john: i think we're going to see more discounting going to the holiday -- going into the holiday period because walmart is concerned about the resilience of the consumer. they do still think people's willingness to keep spending is waning so it's going to be a promotional holiday season. again, as dana was saying, we will have to look at execution and see who is able to keep that inventory moving, with some discounts, but not bringing them down so far that it bites into the margins. matt: good stuff. thanks for joining us.

john edwards covers retail for us. entering bear market territory for oil and we today see. the details next. this is bloomberg. ♪ get help reaching your goals with j.p. morgan wealth plan, a digital money coach in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach.

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matt: this is liver markets. i am matt miller. we are talking about a close eye on oil. it's heading for a fourth weekly loss after sinking into a bear market, a development that poses a headache for opec-plus leaders set to review production targets next month. julia joins us now. this has been an amazing market

to watch because after hamas attacked israel and a hot war started in the middle east a lot of people expected oil to get up to the triple digits again and it has not happened. julia: absolutely paired the geopolitical risk premium was priced into the market and just never materialized. because the conflict remained contained in did not spread to other countries, specifically iran, that is why the geopolitical risk premium has decreased, but opec is not content with this happening and also because there is this new narrative that demand has decreased substantially and there is a lot of supply and abs, the saudi arabian energy minister, has said that's a misinterpretation of the numbers. and so, going into this meeting, the oil markets are feeling nervous. that's why you see this friday rally, because they are nervous

saudi arabia may implement more cuts and that could cause prices to skyrocket. amber: it recently has not paid to bet against opec and the resolve saudi has even though every time we asked, to further will they cut, i mean, how much patience does saudi arabia have to wear these cuts almost exclusively on their shoulders? julia: that is the problem. they have been wearing the cuts on their shoulders. it's going to be difficult, especially as we are now seeing close to the bottom, so there really is no way to say if they will cut or not, but it's on the table, and i think just the fact that it is on the table is making traders nervous, which is why we see that rally in toebbe to today -- in w t i today. matt: when will we get the details and when will it move markets? julia: on sunday, that's what we will see monday morning. obviously, in march,

short-sellers should not be betting against the oil market and opec and so a similar warning or frame came in november and that's what we're are seeing this positioning in the meeting. market selling is what we have been hearing from traders. amber: thank you so much, julia. speaking of commodity prices and the energy markets, i want to take a quick look at jet fuel prices going into the holiday season. they are trending back down to their pre-pandemic trajectory. that brings us to our stock of the hour. shares of expedia are jumping higher today, one of the best performing stocks on the s&p, on an upgrade from mark mahaney's evercore, citing revenue growth that he believes will accelerate in 2024. we have a senior research analyst joining us for some perspective.

thanks for being with us. let's start with there's concerns and anxiety that revenge travel is going to return -- is going to back off. how do you think that progresses and is that a key test of that thesis? >> so thank you for having me. we like expedia. i have a buy rating on them. talking about travel, some of that has occurred already. it occurred last year. the u.s. was the first market to rebound, followed by europe, and now it's happening in asia. if you think forward from there and how the demand for travel will materialize, there are some factors i think the company can benefit from, the looking at the travel market, it's one sector

where we see the consumer with strong intent to travel. if you look at the commentary, they are not seeing anything. specific to expedia, they have something that can help them grow. they have also re-architectured their tech staff, which will help drive their bookings. amber: we are projecting some big growth but as we head into a possible slowdown how do these companies tend to perform. i mean, will they benefit from people looking for bargains on these websites? naved: i came back from a travel conference.

it's one of the topics people have been asking. as far as travel demand goes, if you look at the appetite from the consumer, we might see the consumer pullback. when it comes to travel, i think it's still high. maybe if you are more sensitive to pricing and want more selection or variety, you may not be looking for that anymore. again, a marketplace is the perfect place to be. what we saw in the last two

recessions, 2008 and 2000-to this one -- and 2000-2001, we saw that. i think we are now at a point where online is bigger versus back in 2008 and at the same time there is for the room -- there is further room. matt: i don't think you cover airbnb currently. i know you have covered them in the past. the concern for them, aside from supply restrictions they face with some new regulations, is a hot war in the middle east and in europe. is that going to bether tourisml companies in 2024? naved: yeah.

i look at all the companies in the travel space. in terms of the commentary so far, the one that is in the middle east and in ukraine that has been going on for more than a year, if they are contained, there's probably less of a risk. from what we have seen, it's

only been around a month or so. so far, it seems like the demand is holding up. in fact, the online travel agencies basically said there was increased volatility early on in october and returned to normal demand trends as that came to an end. so fingers crossed. it seems like it is steady. matt: naved i want to ask about used cars. you have a buy on car gurus, cars.com and a neutral untrue car. do you expect prices to bounce back up? >> that is one thing we monitor closely. prices have been coming down over the course of the year if you look at the trendlines. it's volatile sometimes.

week to week, you could see fluctuations, but it's been trending down. if the strike in detroit lasted longer, there may have been a scenario where pricing in the use market could have started to go up again, but, you know, i do not expect that to happen. a strike is kind about the table. i expect to used car prices will continue to ease into the year end and a seasonal trend here. amber: naved, thank you for that perspective. that is naved con joining us from b riley securities. we will take a break. when we come back, elon musk under fire from advertisers for his response on x to antisemitic posts.

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matt: this is bloomberg markets. elon musk is coming under fire this week over the past few days. he's promoted white nationalist content on his x platform. wednesday night, hand doors an antisemitic conspiracy that he endorsed an anti-semitic conspirator -- wednesday night, he endorsed an anti-semitic conspiracy. shareholders are condemning his views. let's bring in caroline hyde. she covers elon musk on her program every day at noon. first, on the advertisers, i thought he had brought in a ceo to take care of this kind of behavior so they could attract advertisers and we now see some

of them pulling out. caroline: his job only becomes more complex and difficult. some have called on them to fire elon musk whether or not that's even feasible. someone put a post on next saying we have been clear about our efforts to combat anti-semitism and discrimination and says there's no place for it anywhere in the world. matt: the owner of the company did caroline: she is not going on to say -- elon musk says he's pro-free speech and against anti-semitism in any of its variations. however, sometimes actions speak louder than words, and indeed for ibm actions speak louder. than words the european commission, it's nevertheless these statements. we have heard from investors. ross gerber very much a bowl on tesla but is saying my investors want me to pull out of tesla.

indeed, we have one impact investor join the show earlier, who said she is appalled by what he's saying and brings up irrelevant point. she said what about the talent at these companies? what we see a reaction from those stakeholders, employees who don't want to be working at a company that is ultimately doing incredible things like making climate focused and friendly cars and putting rockets into space, for example? amber: there's always this fear, especially when it comes to tesla, that whatever musk is doing will put people off buying the cars. that is why the stock sold off yesterday but today is in recovery mode -- in recovery mode, but with the magnitude of these endorsements, do you think this time is different, that what muska is doing is just a bridge too far? caroline: precisely what we have asked everyone on our program and when you speak to opinion writers he says this time it does feel different. this time it does not feel like the teflon will still be there and it can wash off the same way

we have seen it time and time again. this is not the first time that we have seen elon musk be controversial with posts, actions, meetings, and nevertheless the stock is up more than 80% for tesla over the course of 2023. people have not minded investing in the company despite some of the controversial actions of its leadership. i will add the investors we're hearing from are not the big ticket holders. the biggest holder must be elon musk himself. i'm wondering whether we will see bigger institutions as we are starting to hear advertisers on the platform. matt: good having you. thanks for joining us. you can catch caroline hyde on bloomberg technology every day on bloomberg at noon and there are probably podcasts and newsletters and a million other things. by the way, there's a special emergency episode of bloomberg's new podcast

elon inc. today. i highly recommend it. it talks about this controversy and more. check it out. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

>> a new day or a false dawn? i'm romaine bostick. >> i'm katie greifeld. we are kicking off the closing bell. you see where we stand with two hours to go. small gains on the s&p, .2%, big tech up .1%, shaping up to be a quiet end to the week.

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