ago and i like the upside here >> good stuff. janua shannon? >> electronic arts we're coming into the holiday shopping season. we have new consoles and people are spending more time at their pcs. great tailwinds for this business >> steph, you got a quick name >> john deere. >> have a great weekend, everybody. that does it for us. "the exchange" is now. >> thank you, scott. hi, everybody. welcome to "the exchange" on this friday. markets are rallying in the face of bad news on the covid front places everywhere from chicago to detroit to connecticut and new york are rolling back reopenings we look at the economic ripple effect plus, home prices are still rising in every corner of the country for the first time in four decade. is the market getting too hot? we'll explore that and behind the door dash, the discount store decade and employees getting recharge days. that's all coming up this hour but let's begin with the markets, as always dom chu has more for us.

dom? >> kelly, this week has been that big tug-of-war about companies, sectors, industries on the reopening side of things versus the lockdown side of things overall, we have seen markets doing much better for those industries that have a tilt toward the reopening of the economy this week. but for right now, the dow industrials showing that positivity up about 1%, 300-point gains there. the s&p, 31.75 the lifl n let's explore that nasdaq underperformance a little bit. it's not just today. so far this week, the two best-perform sectors in the s&p 500 have been energy, you can see there, up 16%, and financials two value-oriented sectors leading the way higher meanwhile, technology and retail consumer discretionary are the real laggards. you can see there's some big underperformance from both technology and retail. the reasons why, megacap technology like apple, microsoft, also retail like

amazon, underperforming. and if you're looking for a stock of the day, there is just one s&p 500 company that is making a new record high today we'll put a little gold star there. that is comcast, the parent company of this network and others this is up 54% over that time span since march year-to-date, it's only up 9%. still, some news about comcast ventures their venture capital arm getting folded back into the business it will focus on strategic initiatives that benefit comcast. we'll see if that news carries comcast even further, but right now our parent company doing pretty well, kelly back over to you >> we'll take it dom, thank you very much, sir. dom chu. we've now seen nine straight days of 100,000 plus covid infections as cases continue to rise, there is renewed focus on testing and accuracy elon musk tweeting last night, quote, something extremely bogus is going on. was tested for covid four times today, two tests came back negative, two came back positive, same machine, same test, same nurse, rapid antigen

test from bd musk is a longtime covid skeptic, of course, perhaps not the best example to use, but his tweet does point to a problem many have experienced, inaccurate test results which could jeopardy our able to control this pandemic. and with more on that, we bring in meg terrell for us. >> this is causing quite a stir in the covid testing community today, i can tell you. what i am hearing is that musk's experience is not typical and is not how you are supposed to use these tests. first of all, there are a lot of unknowns these antigen tests and specifically the one that he is probably talking about is designed to be used within five days of symptom onset. he noted that he has had cold symptoms for a few days, but there are a lot of things we don't know about the circumstances under which he was tested but let's take a look at the kinds of tests that are available out there on the market, because i know a lot of people have questions about what they could be getting. and really, when you're thinking about testing for current infection, those are the

molecular pcr tests, those are really considered the gold standard, because they're very accurate and then there are antigen tests, which are often things like, you hear elon musk talking about there. antibody tests are a different animal they test for past infection, so not current infection. and now, the molecular pcr test, those you can get by nasal swab or saliva, if you're doing a spit test, that's the same thing, just the way you're collecting the sample. you can do home collection of those molecular pcr tests and send them off to a lab to be done we don't yet have any tests that can be completed in the home the results typically take long for pcr tests. there are a few that can give you really quick results, less than 30 minutes. antigen tests are often very fast, less than 30 minutes and here's the big question everybody has, accuracy. now, the fda notes that pcr tests are highly accurate and don't require another test antigen tests sometimes can require another test, particularly if you get a

negative result, but you have symptoms then they say you should follow up with a pcr test i talked with michael mena at harvard, really an expert on rapid testing and he said musk was doing this in a way that hechhe wasn't supposed to you don't retest with the same test over and over again, if you get a negative, but you think you might have covid, you should retest with another test, even a rapid test would give you better results than this. definitely sowing some confusion there about testing. >> but it's almost like he has the luxury of proving how wrong these tests can be but to their fairness, they did come out and respond to this and said they're aware of the tweet by elon musk and reaching out to learn more they said why the scientific community agrees no dyiiagnosti test is perfect, they stand behind the quality of their test this is happening in the real world all the time and it's driving people crazy i have a neighbor, after halloween, whose kid's friend

got covid. so they said, okay, we're going to get our kid tested and make sure she gets tested with a pcr test no one else even knew what she was talking about. they took their kid up for whatever test was available, the test providers were telling all the parents, yeah, it's 99% accurate, and my friend's sitting there telling people, no, it's not like, you're either getting wrong information or -- you know, she's saying, please, can somebody come out and explain more clearly, some public official, right? anthony fauci, somebody, and just say, listen, you really need to get this confirmed with the best test out there. even the points guy this morning on quack a"squawk alley," meg, d when he travels, he feels more comfortable internationally because they tend to use the pcr test more reliable than the u.s. nee this feels like a huge, huge public education problem >> it certainly is we need to talk about this more. and these tests need to be used in the right way they have a role in helping us with this pandemic and we need to use every tool that we have

but we need to use them correctly. and so that's -- you know, that's sort of the situation here retesting himself four times with the same test was not going to help him very much. >> understood. hopefully, i don't know if we can roll out more of the pcr tests, i don't know if there's a way to make it go more quickly, i know that's a big hang up. thanks for talking with us about this today, meg. meanwhile, the new economic fallout with new restrictions across the country paired with people's caution as cases spread, it's starting to add up. steve liesman joins us now with a tally. steve? >> just early days, kelly, as cases surge across the nation, the u.s. economy is going to struggle to bridge when a vaccine is widely available. john williams telling the "financial times" this morning, quote, the very large rise in covid cases puts a question mark on the ability of the economy to weather this period. kelly mentioned a bunch of the things we're watching. some new government lockdowns, some advisories, some are

actually laws. consumers voluntarily stwaying away businesses pushed over the edge and millions about to lose jobless benefits and facing evictions and there is no new relief on the way. new on "squawk box," restauranteur cameron mitchell said it's deja vu all over again for him and his 36 restaurants >> our sales are beginning to drop we got up to about 70, 73% of last year's sales in september and october, as cases have grown and the states have started to slide and it's getting worse, yesterday, i think the u.s. reporting over 150,000 cases so, i feel like we're right back at the beginning, almost and i feel like we're going to be shut down >> chase credit card spending data has declined steadily over the past several days. now down 6.6% from a year earlier. goldman sachs in a note saying the pace of recovery will get

worse before it gets better. but added, quote, there will be growth in the spring, a quote from the famous movie "being there," and they're sticking with their forecast for 5.3% growth next year >> all right, steve, thank you, sir. steve liesman. and we turn to markets, which are, after the discussions we've just had, you would think would be flekti inreflecting soi concern about the economy and covid, but no, we're higher today. and names like carnival, simon property and phillips 66 are among. the top performers in the s&p right now with gains of about 7% each how can this be? let's bring in brad mcmillen, the chief investment officer of the commonwealth financial network, and barry knapp is managing partner and director of research at ironside's macro economics. barry, give me -- explain this to me. is it just the vaccine, we're looking through this i'm really surprised at the market's resiliency here >> there are two things going on here -- >> sorry, brad -- brad, one

second, everybody. brad, let me turn to you and please answer the same question. >> there are two things going on here, as i was seeing. first is, we're seeing the economy continuing to improve. yeah, we're seeing spending data pull back a little bit, but when can look at job growth, that's held up even as the pandemic has gotten worse but when you look at layoffs, they've gone down even as the pandemic has gotten worse. from a very fundamental perspective, the economy is adapting and companies are adapting too, when you look at earnings, they're coming in better than expected yeah, the pandemic is getting worse, but we're getting better at living with it. we can continue to grow the economy, even if the pandemic gets worse >> right, so, brad, i totally take your point. listen, even the job openings data, the latest that we have, very, very good. but it's with a lag. everything that you're describing is describing the situation, at least as of two, three, four weeks ago. you know, steve just gave us

that data from chase and i'm not saying this has to be some sort of cataclysmic halt in economic activity, but it's obvious that the trend is slowing and i'm asking why the market isn't at least repricing that with a decline of something in the range of three or five or whatever the number is, 7% >> because the market's looking through the short-term we know that the virus is getting worse. and that's, actually, we're going to be living with this for the next six months. but the question is, when we talk about a slow down, when we talk about a lockdown, people are thinking, what happened at the start? and it's not going to be like that this time we're not going to see a national lockdown. we're seeing local longdockdown. they're more nuanced pop people are pulling back, but not coming home and not coming back again, like we saw earlier on this is going to be a headwind but looking through that, things still look pretty bright >> what happens, brad, if new york city schools come out and say next week that they're sending the kids home? >> that would be bad

but we've seen that before and does that mean that restaurants that are operating, you know, that are now doing takeout and they're doing some -- does that mean they're going to go back to zero i don't think so it's not, is it going to be a headwind it is going to be a headwind, but we're already seeing that. the market sees how things are getting worse. and the market has decided, rightly or wrongly, that we're going to get through this. and by the way, you're saying, should the market be reacting? i would argue that it has reacted and it's told us what it thinks >> yeah, no, that's fair and we obviously have seen a rotation at least earlier this week into the -- i'm sorry, back into the stay-at-home trades it's just ironic that we're seeing a reversal of that reversal today brad, we'll leave it there thank you, sir brad mcmillen. take a quick break coming up here on the exchange, there is one area of the market where supply is low, yields are

high, and lower for longer could lead to even more demand what it is, next and the latest figure shows housing prices up in every part of the quarter last country. is housing overheating one analyst says no and he'll explain. we're back in a couple i have an idea for a trade. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪ othey help us with achievable gsteps along the way... so we can spend a bit now,

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welcome back to the exchange investors have been piling into muni bonds even as defaults were on the rise. the i-shares international etf has rallied almost back to where it was pre-pandemic, and high-end muni funds have swelled to nearly 10% in size. are all of these investors heading for some major losses, especially places like as chicago advise lockdowns again joining me now is terry spath. teri, it's good to see you and i suspect what you're going to say is it matters which kinds of muni bonds you hold, but for people who were in the high-yield parts of this markets or exposure to people like chicago and illinois, are they headed for big trouble here? >> i do think that it's extremely important when we say, get involved with muni bonds and the muni bond asset class that were very clear, that that means an actively managed mutual fund. because there are pockets that

are absolutely, as you pointed out, problematic and i should have said hello and good -- happy friday to you, kelly. it's always nice to see you. but when it does come to munis, we think it's very important to be widely diversified, which means through a mutual fund and also to avoid those pockets. it's not like one thing, one economic issue impacts the entire muni bond market. it's very specific as to what works and what doesn't so it's extremely important to have a fund that can manage that for an investor. >> sure. it's interesting to me that the results of the election were taken as such a big positive for the muni market. i understand, obviously, if there's higher taxes, it makes muni bonds attractive. but teri, what do you think the odds are and what is is market pricing in with regards to aid to state and local governments >> well, i do think it was something that was pressuring the muni bond market, if there was not aid coming to help the

municipalities, it could be problematic, but bigger picture, taxes are not going down they're not -- they weren't going to go down under any administration interest rates were not going up they weren't going to go down under any administration so those two big issues are things that for us have been positives for this asset class, regardless of who won the election because muni bonds can survive in both of those quite well taxes are not going down, interest rates are not going up, makes sense to omuni bonds for a portion of your portfolio. i just wanted to ask you sort of on the last point here, because looking through your notes, it's interesting that a lot of folks are in better fiscal shape than we would imagine is that sustainable? >> we think that it is

i think though apocalyptic budget shortfalls are not happening. they are happening in a few areas, but i think municipalities have been pretty gooded a reeling in their expenses a little bit and their reverence. the other thing that you pointed out is that the muni bond market is very technically driven a lot of people buy their munis and stick them away. you don't see the volume in this type of asset class you might expect so for that reason, the supply and demands, the way they play off of each other is very important for this asset class and there's really big demand for muni bonds and not enough supply coming in the pipeline. so you've got that going on with this asset class, also so one more positive for munis even though it can be a very boring asset class for a lot of people, it can be a terrific place to make a nice 5% yield in your portfolio right now, after adjusting for taxes.

>> yeah, and that's music to people's ears with rates where they are and given some of the risks, as well, that we've gone through. teri, thanks so much teri spath with sierra mutual funds. coming up, as covid cases do rise across the country, do shortages of things like toilet paper come back again? we'll look at whether retailers and suppliers are better positioned to help stockpiling now if it happens. plus, opening the door door dash gives investors an inside look at its financials as he files to go public. we've got the figures you need to know and the lowdown on its interesting share structure. uu can always watch or listen tos on the go live on the cnn app. use it all the time. back in a couple at fidelity, you'll work with an advisor

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welcome back to "the exchange." markets are just off their highs. dow session high was 383 a 1% gain for the s&p, up 36 to 35.73. the nasdaq up two-thirds of a president today. really fascinating session for the market, i think. a lot of the reopening trades were leading the way in terms of the sectors, all 11 are in the green and energy, industrials, and real estate are your leaders there energy springing back nearly 3.5% in terms of some of the individual movers, shares of cisco are higher after beating on the top and bottom line

work-from-home trends continuing to boost demand for the company's products shares of data analytics higher on an earnings and revenue beat as well. this was their first earnings report since going public in september. they also raised their 2020 revenue forecast after signing 15 new contracts in the third quarter. the shares are up 7% and we close with bitcoin hitting a fresh high today again, the highest level since january of 2018. bitcoin has more than doubled this year. it's over 16,200 and now let's goat et to sue her for our cnbc news update >> hello, everybody. here's what's happening at this hour house speaker nancy pelosi had a concise answer when she was asked if democrats would have to compromise more after seeing their house majority shrink in last week's elections. >> no, not at all. we have a president of the united states, remember, we've got to have the opportunity to have bill signed into law. >> charles coke, the billionaire industrialist who has spent a lot of money supporting

conservative causes tells "the washington post" that he congratulates joe biden and kamala harris and wants to look for common ground on as many issues as possible he says he regrets his group's past partisanship on behalf of republicans. and new york city's mayor says parents should be ready for schools to go to all-remote learning as soon as monday, as the positivity rate for covid tests approaches 3%, the level that would trigger school closures the biggest school district in the country. kelly, you're up to date i'll see you next hour back to you. >> exactly sue, we appreciate it. sue herrera. with covid cases rising, consumers are already starting to stock up on some groceries and household basics again the question is, are stores and manufacturers better prepared this time if we're facing a redux of what we saw last time sara eisen joins me with a closer look at all of that hello? >> hi, kelly >> short answer is, yes, they are better prepared. and we are seeing stockups those rise in cases and restrictions means people are

out, stockpiling, again. just look at the numbers over the last few weeks, toilet paper sales up 23% from last year. paper towels, up 27% frozen foods up 19 but it isn't at the levels that we saw last spring those were extremely high levels but it's worth watching. suppliers are better prepared this time. listen to general mills. >> we've had 45 additional manufacturing lines to support our business and i would say that we've added probably 25 to 30% incremental capacity in platforms that are really tight. >> in fact, that company says, after the initial loading up of the pantry back in march and april, demand has stayed pretty strong since 15 to 20% higher than usual across the portfolio smucker's says pb&j sales are also up big, and they feel confident they can deal with another surge, having worked to increase inventory, following those supply chain constraints the first time around. how about tyson foods? one of the biggest meat

producers. it says it's already spent hundreds of millions of dollars on safety precautions like testing. they even created a chief medical officer position in preparation for another wave remember, it was at the center of those meat shortages earlier this year, as they were forced to close plants, as cases spread inside and even had a death. what's the bottom line here? suppliers have had time to prepare, and they've learned some important lessons there is a big difference, though, between now and the first wave, though, and this is worth watching covid hot spots are more widespread around the country, and they do threaten the nation's victories general mills, for instance has its two biggest plants in iowa and tennessee. in the heart of america's bread basket, and these are places that are seeing very high infection rates this time around so far, general mills and others have been able to keep the plants open, but the question is, for how long they're really, kelly, trying to encourage their workers to stay home if they're feeling sick they are seeing right levels of

absenteeism, but have to make sure that the plants themselves do not become spread sources of infections so far, so good on that front. and the grocery limits are back, kroger, stop and shop are back, two rolls of toilet paper, two rolls of paper towels. but kroger says it's a proactive move they're not seeing any shortages. >> it's fascinating, we chucked the paper towels and went to cloth ones back in the spring. it's a lot more laundry. no comment on the toilet paper >> very environmentally friendly, though good job >> yep, i know, i'm an ecowarrior over here we have some breaking news out of washington. let's get right to eamon javers with those details what's going on? >> reporter: that's right. transition officials working for president-elect biden just gave a briefing for reporters, laying out what his schedule is going to be over the coming days they talked a little bit about a stimulus proposal. i asked them if the president-elect is supporting a stimulus between now and january 20th, when he'll be inaugurated. they said, he does expect to be talking to democrats and

republicans on capitol hill about that, but when i pressed them for numbers in terms of just how big of a stimulus is the president-elect going to be pushing for up on capitol hill, they deflected that question said they're not prepared to read out any details on what he's saying just now theygsa to begin the formal process of ascertaining there's been a winner they say although biden is familiar and can make his way around the situation room in the white house, he does need up to the minute intelligence information in order to begin to make some decisions about how to handle the presidency next week. they said he's going to take the weekend off here, a couple of days off they say he's earned some downtime but the next week they'll be back at it and expect some personnel announcements to come at that point but no news expected from the biden transition over the weekend. kelly, i can tell you, over at the white house, president trump's team has just announced that he is going to be appearing in the rose garden this afternoon at 4:00 p.m. they're building that as an update on operation warp speed

on the coronavirus vaccine efforts. and related pharmaceutical efforts. we can expect that he'll talk about that unclear now whether he'll take any questions from the reporters who will be gathered for that or whether he will offer any kind of formal concession so we'll watch for that at 4:00 p.m. at the white house today, kelly. back over to you >> yeah, first time we'll really see him other than on veterans day. eamon, thank you very much, with all the news out of d.c. at this hour coming up, disney's battle with california continues. is the discount store decade here to stay and are recharge days to your office? plus, a look at new normal in the sports world and its cancellations. "the exchange" iba ia cole up s ckn

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for your free information kit i'm proud to be a part of aag. i trust 'em. i think you can too. call now! welcome back let's catch you up on a few stories that should be on your radar. joining me are julia boorstin, dom chu, and deirdre bosa. we begin with a flurry of big-name ipos that appear to be coming before year-end door dash will list shares under the ticker dash. the delivery company reported nearly $2 billion in revenue for

the first nine months of the year that's more than triple what it made in the same time last year. deirdre, i love the little factoid about where tony got his name from, but what do you think the most salient point for investors from this filing is? >> well, kelly, i think you're right, a lot of folks are saying that it got this pandemic boost, but there are comps, right this is different when uber and lyft went public and we didn't really have anything to compare it to. you can compare door dash's financials to uber's and to grubhub. and i think what was so remarkable about this s1 is that this is a company that is growing extremely quickly. revenue has, what, tripled this year from the same time last year that's pandemic induced. but it's also really been cutting its losses it was actually profitable in the second quarter that's not something that many people expected from a food delivery company when it is so competitive. and just the way that tony chuy has managed to increase door dash's market share. it raises a lot of questions i

think about what uber is doing with its pivot to food delivery and why it is just so unprofitable >> yeah, yeah, and in case anyone missed it earlier, he named himself after tony danza, which i find adorable. dom, what would you say about investors? they're going to have door dash to weigh, probably airbnb, cnbc reported yesterday, coming there's a few of these kind of big banner ipos, but if you look at the performance of the one -- remember when uber was going to be the $100 billion ipo. for years, there was all of this hype and it was kind of a dog aft for a while after listing. what do you think about door dash >> you're getting the preeminent player in this food delivery space. that graphic tells you that story. this is the dominant player with regard to what's happening in a fairly competitive market for food delivery. with door dash, if you take a look at the ipo acceptability right now, the interesting part is, this is the iron-hot phase if you don't go public now, you

may not get another chance to really do it with markets near record highs at these levels with door dash compared to all the other ipos we've seen this year, it makes sense that these companies are trying to get to market as quickly as they can, because the environment is still very robust for people and their appetites to get into these types of ipos and the big-name ones for sure. door dash, probably a good time to get out there next year, maybe not as much >> that ipo performance this year, 70%. that's astonishing wow. let's move along so we can get everything in here talk about disney's battle versus california. the ceo, as you've probably heard, telling analysts on their earnings call last night that he's, quote, extremely disappointed in california's guidelines that have kept disneyland shut during this pandemic he cited other parks that have operated with limited capacity, including disney world in florida, the parks business has gotten crushed during covid, research down 62% year on year in the fourth quarter. the stock also down about 5% this year, julia and kind of struggling to hold

on to its gains today. >> yeah, well, what i think is really interesting here is that that parks division actually did less bad than anticipated. and disney's ceo, bob chapec says that demand has been strong and they're seeing very strong bookings for the cruise ships next year. so his point he says demand is there, consumers want to come back, and he cites the fact that they have had very good safety protocols in fol and have been able to operate first at 25% capacity and then at 35% capacity and he believes that they should be able to operate at limited capacity, as well as california. of course, california regulators disagree, especially as we have a spike in cases here. but i think this is going to be a clash between disney and the state of california that we continue to see for a while. disney really believes that they should be able to open up that park >> yeah, deirdre, it was interesting to hear tom rogers

this morning, he was on squawk box talking about -- look, the disney plus numbers are phenomenal, but he said he was a little underwhelmed by hulu's performance, thinks that that hasn't gotten the attention it deserves, but thinks that it should be doing better what do you think of that? >> there's so many different facets of disney it's kind of this recovery play on one hand when the economy reopens and eventually recovers, you've got parks and entertainment. and you've got disney plus, hulu, perhaps, more of a weaker spot, but disney plus, does it more than make up for it 73 million subscribers and i said this earlier, kelly, one real hit original content in ""the mandalorian," and they have been able to put up those kind of numbers. it has that incredible library to fall back on and that has made itch such a contender in this space and some analysts on wall street this morning calling the stock a perfect edge you've got that recovery play and the digital transformation play >> that's true but, you know, it's struggling to hold on to those earlier

gains. it's still up 1.5%, but i'm just saying, i'm watching this one into the close next, bank of america is calling it the discount store decade their top picks as we talk a little retail are target, walmart, and b.j.'s wholesale. they're citing three factors kind of driving this whole decade of the discount store surging u.s. home sales, so more people moving and buying stuff for their house.closures, including jcpenney, and the big box store's huge store footprints giving them advantage in the same-day shipping wars. it's interesting, do we even use the term "discount." they are discount, but they seem like they're so much more than that price has always been the differentiator, but these are just premiere retail options out there. you know what i'm saying >> it is we used to call them big box stores, as well. but there's really only a couple of big box ones. you're talking about the costcos of the world that sell in bulk

we have now lumped companies like target and walmart and everybody else that doesn't necessarily sell big boxes, just things at a discount as a discount retailer. it's an evolution that has been in place for a while and this is one of those trends that covid has certainly accelerated. that notion that those three tailwinds you just mentioned will be in place for a while, i totally agree with if you look at my neighborhood where i live and others around metro areas where people have moved out, yes, they are buying more things in bulk, because they have the room to do so. and if you buy in those types of formats, you are saving on consumer staples, items that you will spend on in any way, no matter what. many don't have perishable-type shelf lives. you can buy laundry detergent and keep it for a few weeks, a few months, or a few years sometimes. this is something we should watch and i really feel that sales trends in this kind of a market are here to stay. >> yeah, totally and we didn't even talk some costco, which is everybody's favorite but i want everyone's take on this next one. we'll move along some companies are making mental

health days mandatory now, that's according to the "wall street journal." they're calling them recharge days, an excuse to close the office so employees can rest and unwind now, the idea hasn't gained a ton of traction yet, but a recent survey in the harvard business review found a that 67% of workers reported having higher stress levels during the pandemic i think you were here for our discussion, was it yesterday about the work from home tax explain to me how on the one hand work from home can be such a luxury it needs to be taxed, and on the other hand, it's such a burden that we now have to impose mandatory days off? >> so i was not part of the rapid fire yesterday that discussed the work-from-home tax, but i was tweeting about it incessantly yesterday, because there was so much feedback, i was getting, mostly negative about a proposal from deutsche bank's analysts about putting a work-from-home tax in place. like many of us, we have households that are in different stages of their work lives right now. my wife has been working from home for this entire pandemic

pic pic i have been commuting to an office every day since march 30th year on cnbc. my wife is actually very jealous of me that i get to go to an office every day she would much rather be doing that kind of thing it resonates with me, kelly, this idea of covid fatigue, especially for people who are working from home. >> what do you think, julia? >> julia and i feel you. i can see gloudi iyou nodding t, julia. >> deirdre and i are both working from home with small children, as well. that's a separate thing. and when you are working from home, there's no official end to your workday there's no sense that i've left the office, had a commute to sort of demarcate the end of the work day and i think that is a huge problem for people who are working from home. and i think there's this question of whether or not people are afraid they're going to be penalized if they take a mental health day. penalized if they take day off i think there's this sense that it's sort of all hands on deck and there's this study that shows that if people are, you know, are forced to take a day off, if it's a company-wide

holiday and they're not electing to take it off, people will be more likely to do it but this idea that 55% of people feared they would be punished if they took a dmaimental health d. >> deirdre, my problem is, if we take a day off, i don't have anything to do at least over the summer, we could go look at waterfalls or something. but where do you go now? especially with as bad as covid is bundle up and go for a walk in the drizzle and 40-degree temperatures outside >> it's true, but you would haven't to put on all of this makeup that would be one benefit. the only thing i would say is, probably for most of us, you need to close the markets if we want a true day off. i don't know about you, but when i know that stocks are trading and i know that the market is open, i can't really relax, which is maybe only my problem but if we could just call it a market holiday, a mandatory one. >> i'll go talk to my bosses right now about taking some days off, by the way. >> we have to get a new fridge that's my next day off and they are expensive that's another story

thank you guys, today. dominic chu, julia boorstin, an deirdre bowsen and why investors can breathe easy and the names to ayitus st wh we're back after a quick break

welcome back to "the exchange." it's no secret that home prices are on the rise as the pandemic drives massive demand. third quarter single home prices were up 12% from a year earlier, and most interesting, they're up in all of the 181 markets tracked by the national association of realtors. first time we've seen that in decades. but any next guest says investoinvestor s don't need to worry about a housing bubble for now, let's bring in steven kim, the senior managing director and head of housing research at evercopperrp. isi. do you see signs of frost out there? >> i certainly see signs that housing prices are rising very

rapidly and i know that's caused a lot of concern for some of the bears out there who are thinking this has gone too far, too fast, but no, i actually don't think so i think, quite the contrary. we're in the early stages of a monumental rise in home prices and we think it's going to be tremendous for the builders, particularly for their margins and thing we're pretty much on the early end of this. >> wow wait, so let's talk about this for a second you think we're on the early end of a monumental rise in home prices people will already starting to get a little bit of sticker shock. >> well, sure, i think there's a little bit of a fundamental misunderstanding about what's going on for example, i feel thfielded af e-mailses fr es from clients the saying that builders have pushed prices too much, without recognizing the fact that builders are actually price takers the price of homes is set by the existing home.

and the reason why prices are going up is because demand is good, sure, but the real thing is that supply is incredibly constrained. you have never seen a level of tightness in the existing home market in homes for sale as you see today. and when there's a shortage, nothing sells like a shortage and home prices go up. meanwhile, on the new side, the builders have construction constraints, labor constraints and land constraints and things like that. when you have good demand and incredibly tight supply, home prices go up >> all right so let's get tactical, steven, and talk about your favorite picks here and how much upside they have. >> you know, the interesting thing is, when you're in periods like this, major inflection points in the cycle and when you have -- when you're at the early stage of a big ramp in price and margins, you're going to make money in all the builders. as a result, we have adjusted our ratings to reflect that. we have a buy on every builder that we cover. our return potentials generally

range from about 35% to 70%. our top pick right now would be pulte homes. but frankly, i don't think you're going to be unhappy with the returns you get from any of the builders, the public builders that we cover right now. >> and it's just amazing after the run-up that we've seen this year, you think there's still that much room to grow but i think those comments give some context around why. steven, thanks for joining us. steven kim on the builders still ahead, between canceled games and postponed concerts, a lot of fans have been left without their favorite live events. seat keep has launched new tools to get them safely back into the seats. we'll talk to the ceo about that next ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.

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welcome back shares of draft kings are higher, the stock up about 5%. the number of unique players up more than 60% to oaf a milliver in the third quarter with cases spiking being we're s seeing more and more cancellations of games eric chemi is here >> reporter: that's right. we're seeing fresh wave of facilities closing and games being cancelled across the

nation today the nfl cleveland brown's closing their building after a player tested positive baker mayfield earlier this week and ben roethlisberger were both placed on the covid-19 reserve list the league reported 15 new cases with players and 41 with personnel for the first week of testing in november, the highest number for all of the nfl all season in college sports, the ivy league cancelling its entire winter sports schedule, which includes basketball. the ivy league was ahead of the curve last month, they were the first conference to cancel their men's and women's basketball tournaments. at least five fastball matchups getting postponed or cancelled from tomorrow's schedule clue c -- including the big alabama versus isu matchup and even the knicks, the nba is hoping to start a new season next month but next month seems very far away at this point. college football's leaders are

even discussing delaying their national championship playoff games set for january 1st. kelly, back to you >> wow eric, thank you very much. all those cancellations aren't stopping teams from making plans for a post-pandemic world with their fans the ticketing platform seatgeek is adding the cleveland cavaliers and their arenas to its roster of partnerships. nfl with already are wellicome being fanswh fans when the nba suspended its season in march, that was the most important moment, the country realizing this pandemic was going to change life as we knew it and we saw the market the next day fall 1,000 or 2,000 points if there's no super bowl, that's

a dim prospect they would ever do anything to interfere with that, but i think we have to watch sports to tell us what the next phase looks like during this kind of third wave we're experiencing, don't you? >> yeah, i think it's right on it speaks to how, you know, deeply interwoven sports are in society and in american life and also i think speaks to just a huge amount of pent-up demand, people to get out of their homes and get back to doing what's normal whether that's sooner or later, i think we'll see a huge overabundance of demand going to events, making up for some of the lost revenues seen this year >> yeah. tell me how seat geek is trying to get people back in the seats now in a safe way as possible. >> yeah. so we're incredibly focused on allowing people to go back but most critically doing that safely we built a product called seat geek adapt, it has pod seating,

enforcing social distancing, timed entry so no everyone is showing up at the same time, and you're not handing over physical cash you look at live events in the u.s. as events that started to return with fans, there have been no known outbreaks, meaningful spreading events due to covid for the most part the industry is doing this very safely. >> and tell me where you're still seeing demand. what are people still buying and where are they still showing up and trying to live kind of a pandemic -- a safe pandemic experience >> we're selling still a decent number of college football and nfl tickets, particularly in some southern states, texas, florida, tennessee, georgia. we're also seeing a ton of demand for events later in 2021. so, for example, harry stiles is

our top selling performer many days, yet his tour does not start until the middle of next year that speaks to the anticipation, the looking forward post-covid when people get back out there >> yeah. i think like you said, there's a sense of, well, if i book it for later next year, hopefully i'll be fine and it gives people something to look forward to i can totally understand that and hope it's the case jack, thanks for joining us today. that does it for "the exchange" this hour. stick around for "power lunch. y 'll talk about why the wealthy mabe able to get vaccines earlier than most. plan. you'll have access to tax-smart investing strategies, and with brokerage accounts online trades are commission free. personalized advice. unmatched value. at fidelity, you can have both. hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with

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welcome to "power lunch. i'm kelly evans. dom chu will join me in a moment we're up 1% today. and what more shutdowns can do for the economic recovery. one top analyst says despite rising risks, restaurants will be resilient