you're outside, you're distanced. but traveling to and staying at resorts is making some people stay away. olympic champ bode miller will be here to talk about that his investments. and a whole lot more "power lunch" starts right now all right. thank you, kelly and i'll say this. if you bring the powder, they will come. well, we're bring the power. lunch. and happy almost new year, everybody. and, well, 2020 certainly has been so hard for so many in so many different ways. the stock market is not one of them the rally that began months ago rolls on again today markets are higher

dow up 112 points. trying to get close to some of those intraday highs that were set all the way back on yesterday. let's go down to bob pisani for a look at what is moving stocks today. bob, welcome >> hello, brian. good to see you. 3-1 advancing to declining stocks brian's right. market keeps just rolling on low volatility, though only about a 10-point trading range in the s&p that's to be expected along with the low volume on a day like today. a little bit of cracks, though don't like faang much today. but who could blame them when you're dealing with apple, up 80% on the year, and amazon's up 80% amazon's up 40%. i guess you're entitled to a down day or so but overall, this is bucking the trend for the market here. i'll tell you something that worries me, is the valuation levels that we're seeing up there. so caterpillar got a big upgrade today from bear. they thought the global markets would be improving in 2021, that should lift demand that's nice. but folks, we know that. the stock price is reflecting

that information it's up 22% this year. it's been straight up since march. it's the sixth best performer in the dow jones industrial average. the reason it's the sixth best performer is we're anticipating the markets are going to be a lot better in 2021 so these kinds of late calls are a little bit worrisome when you have the kind of multiples these companies, these industrials have been trading at we talked about this in the last hour with kelly. i've been covering these industrials for 20 years i don't remember the last time honeywell traded at 26 times forward 2021 estimates it hasn't been 20 years, i don't think. caterpillar, maybe a few months ago it was a little higher, but not in many years have you seen multiples, industrials trade at multiples in the mid 20s ingersol-rand, norfolk southern, these are pricey numbers overall. so this is a sign to me of a little bit of exuberance the bulls say oh, bob, we're going to have an amazing reopening next year, yes, this exuberance and that's what it is. that's what these p/e ratios

are. they're indications of exuberance really. but when you get record stock prices combined with record etf influence, december's record etf inflows, they're throwing money at parts of the stock market, huge margin debt levels, historic high, high investor optimism and sentiment levels, well, you know, the market better reflect -- is reflecting a big, big turnout, kelly, in 2021 but i'm wondering if -- are we entering some kind of new paradigm overall that the reopening's going to be so titanic that suddenly we're going to have multiples that we have not seen in decades that's i think a question for the market but it is pricing in everything baird already said for caterpillar as well as the rest of the market. kelly? >> exactly bob thanks so much we appreciate it bob pisani those $600 stimulus checks are starting to go out today, according to treasury secretary steven mnuchin but increasing those checks to $2,000 was blocked in the senate will it come next year ylan mui is here with the

latest ylan >> well, kelly, house speaker nancy pelosi dodged that very question during her press conference this morning. she would not commit to trying again to increase the stimulus checks to $2,000 once there's a new session of congress and once joe biden was in the white house. instead she said that democrats are not letting up the pressure on senate republicans to hold a vote this week >> it would have bipartisan support in the senate if mitch mcconnell would only allow it to come to the floor. instead of being an obstruction to those checks going to the american people. >> reporter: now, to be fair, mcconnell is trying to hold a vote on those checks but with two major strings attached the bigger checks would be tied to repealing section 230 liability protections for tech companies as well as a bipartisan commission on election security. both of those are total non-starters for democrats so guys, we are apparently in a stalemate once more, though it could still take a few more days

for this to play out on capitol hill before we get a final resolution back over to you >> ylan, is it possible that a lower amount is palatable, or is it that this particular method is just something that people have a hard time getting on board with versus more targeted relief >> reporter: yeah, there's a policy issue here and a procedural question. on a policy issue could they be happy, both sides be happy with something less than $2,000 possibly is there enough time for the house to create a new bill, for the senate to vote on it and all of that to happen before this session of congress ends not at all and because of the way that republicans are packaging this together, there's really not any number of the stimulus checks that democrats would accept if it's going to be paired with those two other provisions >> all right ylan, thank you. ylan mui to d.c., brian >> so if the new congress does agree to send more money next year, and it likely will in some

form, the real question then becomes will it have the desired effect in boosting the economy or mostly just go into savings or even stock trading accounts let us bring this steve liesman now for this side of the story hi, steve. rp. >> yeah, good afternoon, brian economists just like politicians are split on whether $2,000 checks are needed and how much good they'll do. in effect, they're debating why 2k this would be the biggest stimulus check in u.s. history here's the down side that i hear from the people i talk to. there's the deficit impact that you cannot forget, spending 500 or 600 billion dollars it's going to go to some folks who don't need it because they're working so a lot is going to be savings so you have diminishing returns. john riding of breanne capital says, "it probably means a lot more savings and a big hole in the budget i don't think it means that much in the way of actual aggregate demand." he points out that americans really can't push up their goods purchases much more than they already have he'd prefer to see bigger checks to the unemployed or extending unemployment benefits beyond

march. now, there is an upside to this. the deficits, well, they may not matter, at least not right now when we're in the hole the way we are it helps those who have fallen through the cracks and maybe can't get unemployment insurance. and it also could speed up the recovery austan goolsbee tells me, "targeting lower income people and at-risk groups like the unemployed would be better, but compared with not doing anything a scattershot is better than no shot." the debate comes down to this. if you really think the deficit is a problem, you need to worry about how the money is spent and target what money you have if you don't, well, you might as well send bigger checks because it could do some good and won't do a lot of harm, brian. >> couple questions here, steve. sounds like people are all over the place. do we have an aggregate idea of how much sort of bang for the buck the american economy might get from a $2,000 check and does it matter how and when it's delivered? like a one-time $2,000 check

$400, $500 increments? by may >> so i'll take the first question first here, brian, which is most of the people on either side of this thing put the marginal propensity to consume at about 50 cents. so basically, you put out 1 1/2% of gdp you're going to have about, i don't know, half a percentage point or 3/46 a percentage point actually spent in the economy so it's not that big in terms of the margin because a lot of it we saw in the $1200 check get saved. and there's a lot of interesting, brian, economic or behavioral economic research about how these things work. let me ask you a question. if i sent you 10 bucks a month, would you spend it more for ten weeks or if i sent you a $100 check? there's this idea from richard thaler from the university of chicago, it's current accounting, future -- current income, future income, and whether or not you would treat, for example, the $2,000 check, brian, as an asset so a lot of behavioral economics involved in how you do this kind

of stimulus. >> well, of course now with these microloans popping up everywhere you can even buy airline tickets now in increments maybe thaler's thinking might have to be adjusted. i get your point it's not when i would spend it but certainly what i might spend it on. you know, a couple of sat oeshis, if i had the 100 or the 10 bucks i'd probably just buy some coffee. steve, thank you >> exactly >> i did not miss the why 2k >> we have different accounts in our head for money i'll give you a very quick example. i know we've got torun you wouldn't buy that $60 sweater, though, that your wife bought you for christmas she took it from the same account that you both have but it's different money so this money you get a freebie from the government of 2000. do you run out and spend it? do you put it in the bank? all that said, it's very different for families that have an out of work person and don't have work. they're the ones living hand to mouth right now. they need that money for sure.

>> they do and let's hope that whatever scattershot it is they're the ones that get it they will spend it that marginal dollar will be spent at least 100%, i'm sure. steve liesman, thank you, buddy. appreciate it. good stuff all right. so the economy of course is one thing. the stock market is another one entirely but it does appear that investors are bidding up stocks now on the idea that the second half of next year in 2022 could be the roaring 20s all over again. everybody. and we mean everybody seems bullish. but have we gotten a bit ahead of our collective selves steven dover is head of equities at franklin templeton and a new face to "power lunch." and ryan dietrich is chief market strategist at lpl financial. ryan, i'm going to start with you because you always bring the heat with these great stats, some of which i admit i have lifted for the rbi on worldwide exchange this is the one you put out today. we have been up 10% in november and december on the s&p five times since world war ii

and in january we have gone up five times i 100% success rate. the past no predictor of the future, but do you see those kind of gains making it 6 for 6? >> well, sully, first off, thanks for having me back. but we do. and the other part to that, what happens the full next year higher again five out of five times s&p up almost 18% on average i love what bob mentioned before we came on, just some of the froth. i came on with you guys april, may, june, july. we were bullish. not too many people were now everybody's bullish. so that can -- maybe january, which has been a really weak month the past 20 years, maybe you have a little bit of a pullback or so but i'll tell you, all these different things that are happening, the economy opening up, all the fiscal stimulus, all the monetary stimulus, yes, we would still be a buyer of dips and this historically strong -- s&p's up 14% the past two

months that's the best end of year rally we've ever seen. history says a strong end of year rally usually means the next year's pretty good and it's not something weerg going to bet against here >> steven, welcome to "power lunch" and cnbc, by the way. so history is on our side. the bull case easy to make 4.5 trillion sitting around in cash out there hundreds of billions flowing into equities domestically and emerging markets every single month according to epfr. but the fact that everybody seems so bullish and we're really counting on a second half of the year boom, is there a reason to pause a bit here or is it put the foot on the gas >> i think there's a reason to be slightly cautious while we're positive on equities your comments before about getting the stimulus check, what would you do with it, well, i think a lot of people would take it and trade with it because it's free money and they can take a lot of risk there are clearly some areas of the market that are very risky and have done very well. so there are opportunities in the market we think to broaden

the investment i think probably one of the biggest issues which was just mentioned is a lot of cash on the sideline and everybody is concerned about missing out. and so any dip would probably have a flow of money right into it so i think it's hard to see the market having a big correction in the short term. >> yeah, ryan. there's reason to be concerned -- you've been doing this a long time steven we all have. that when everybody's on one side of that proverbial shift you've got to look to the risk you can't just assume there's no risk because goldman and everybody else are raising their price targets on the s&p 500 if you had to lay out the one or two risks to all that great historical data, the risk to the market, what would the top one or two risks be? elevated multiples the virus sticking around? some kind of war >> it has to be what's happening -- >> ryan, you first and steven, follow up. ryan, go ahead >> let's hope it's not a war

multiples clearly are stretched. and just overall sentiment like we said. record flows everybody's bullish. money coming in. that is whatnot we saw back in march and april. we're not seeing a major, major market correction at all after a 65% rally honestly a 10% correction sometime in the first quarter might be perfectly normal and honestly healthy. >> go ahead, steven. the risks. >> i can see a risk or a pullback in the market in the first or second quarter. the number one risk of course is the covid virus. it is vaccinations that cure the disease, not vaccines. so if we see a slowdown in vaccinations and it looks like we are going to see an increase in deaths and disease over the course of at least this first quarter, that's the big risk the second big rhys sak is all about the consumer will the consumer come back and help especially in the united states those are the two risks that i

see. >> stephen dover, ryan dietrich, gentlemen, both thank you very much happy new year to you. we'll see you soon we'll see you in 2021, i guess thank you. >> new beginning thank you. >> thankfully. >> before we turn the page on 2020, it's been a huge year for ipos snowflake was up 150% since going public paln-tier up 250% from its debut three months ago these are two of the 67 ipos that have doubled in 2020. it's also been a bill year for bill ackman. his fund up 67% thanks to a big bet he made to hedge against the pandemic's impact. mi uonpothose stories and more congp "wer lunch" after this quick break i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love.

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goals. >> we need to start vaccinating 3 million people a day

bill ackman's blockbuster year ipo overdrive heading into 2021. too many good stories to pick today so we're doing them all today with leslie picker who is here to help us break these all down leslie, let's start with bill ackman quite a two-year run pershing square showing some monster returns, this year up 67%. last year as well. what do we know? >> so bill ackman is actually on pace to notch returns of nearly 70% this year. it's among the best-performing hedge funds of 2020. that's following his gains of 67% in 2019. what exactly drove those gains it was largely his extreme bearishness earlier in the year. >> hell is coming. okay and i felt -- i've never had

this experience before in my life the closest i had was the financial crisis where i'm saying things are -- bad stuff's coming >> so that was from an interview in mid mar and that sentiment urged ackman to put on a hedge a few weeks before that interview through credit default swap index markets. subsequently he unwound those hedges for a $2.6 billion profit which he then plowed back into equities his portfolio includes some companies that have been impacted by the shutdown including restaurant brands and hilton but others like chiptdlee, starbucks, adulan technologies and lowe's have outperformed this year. ackman's comments over the last two years does follow several years of losses, guys. >> well, again, when you look at that chart and you can see how the patience to stick it out through some really lean times can all of a sudden lead to these bumper crops and that kind of leads us into the next thing today, leslie everybody's talking about which is that after the rise of the quant funds and the success that they've had in recent years

human-led hedge funds are beating computer-driven quantd strategies this year do we know why >> this is one of the most fascinating stories i think of 2020 hedge fund reporting because my entire time as a hedge fund reporter it has really been all about these quant funds. people have been putting so much money into them. they are now the behemoths of the industry but what happens is the way a lot of these funds operate is they create these regression models based on historical data. they'll look at the historical data and they'll say based on history this is how this specific asset performs and therefore they'll model their trading algorithms accordingly well, no one was really predicting a once in a century pandemic for the year. it's very difficult to model a market for what it did back in 1918 and try and replicate that for 2020 there are so many different asset classes, so many different types of companies just thinking about all of the technology that has been a huge outperformer this year. and so that is one of the main reasons why the computers have

stumbled and the stock pickers have done well because they were the ones that really took a step back and said okay, if everyone's working from home technology could benefit, i'm doing? analysis here, i know the fed is easing, so let's put some money and lever it up to technology. >> that's fascinating, about how we just didn't quite have the right kind of metrics to use for the quant funds this year. interesting. lastly, we should mention what it was for ipos is this year an amazing year with 60 stocks that began trading and nearly doubled year to date we're talking everyone from lemonade to palantir and airbnb. definitely didn't need to make a profit to make a splash. it was the rise of the spaks too. >> they definitely have no profit they have no revenue they have no operate companies inside of them not to mention when you look at by sector technology companies the vast majority of those, about 80% did not post a profit.

this is according to university of florida data biotech, only 5% were profitable that went public other sectors even less than half a percent of those -- i'm sorry, half of those were unprofitable this year going public and so by and large when you talk to investors and you talk to advisers the main focus for a successful ipo was number one, what's your story. how did you perform during the pandemic were you resilient were you able to show you could still grow despite all of the various headwinds and were you able to grow at scale? are you big enough that people feel comfortable getting behind your story >> right all those things will go in for you and maybe bill ackman's backing as well adds up to a successful year. leslie, thanks so much leslie picker. brian? >> does anyone call it bill spakman yet? is that a thing? if not it should be a thing and i'm going to patent it chips ahoy

semiconductor stocks surging this year. you may have already doubled your money so what do you do now with aims like and or nvidia we're going to hit it. also on deck 20 states set to raise their minimum wage next year how much of a much-needed boost will this give the families and local economies? or will it just speed up the huge push to replace people with machines a panel of experts discusses and debates. next

all right. welcome back well, bitcoin now up exactly 300% in the past 12 months because of that move right there. look at that bitcoin is up $1881 and earlier moments ago it broke above 29,000 for the first time ever you might be able to find it at 29 on certain exchanges. remember, there are a couple, they might have slight pricing discrepancie discrepancies. either way, bitcoin moments ago breaking above 29,000. you've got very limited supply a lot of demand. bitcoin. 29k. from cryptos to the chipsos. semiconductors, that is. because something a little unusual has happened lately. the smh semiconductor etf is up about 4% in december but the red hot names like amd

and nvidia are actually flat to even slightly down is this the sign of a larger change in leadership for the group on the way trading nation team, gina sanchez and lido advisers, and j.c. o'hara of mkm partners. gina, good to see you. i'll begin with you. i'm not going to make too much of it. nvidia down like 1%. but the fact that it's not rallying with the rest of the group the last couple of weeks as much, do you think that is a change in leadership it's a stock that's made a lot of people very, very rich at least on paper this year >> i wouldn't read too much into this pullback. i think it's a pullback. remember, nvidia's up over 120%. amd is up 100% these are massive gains for the year and the fundamental outlook for these companies are incredible and quite frankly what's driving the smh really is taiwan semiconductor. and taiwan semiconductor has just been taking the cake from intel.

i think the best comment i heard was that intel has been suffering tragically comic missteps and has definitely been giving away a lot of revenue to the rest of the industry and taiwan semiconductor has been there to benefit from that as the other single largest boundary in the world. so that's really what's driving it but the fundamentals crypto currency mining is still strong online gaming is still strong. you look at data center and data storage, big part of nvidia's world, the fundamentals are great. but i think a lot of this is already priced in. the entire semiconductor space has had a multiple expansion that has been extraordinary. >> yeah. and j.c., would you be a buyer on nvidia or and on any weakness or more weakness, and are you a buyer or recommending intel? to gina's point, total disaster stock this year. i say that because it's down 19% when the rest of the group has effectively doubled. >> hey, brian. i think this is a market where

you want to own leadership that's the only way for you to outperform a benchmark we look back at 2020, we have an s&p 500 that's up 15%. best-performing sector was technology, plus 30% within technology we find semiconductors as you said, smh up over 50% when we look at the 19 semiconductor names within the s&p, we find leadership in nvidia and amd both names basically were doubled this year. now, in the short term they might become victims of their own success. and i say that because if you're an institution and you own these names and these names doubled in size, come the end of the year you need to rebalance. you need to resize but this gives us an opportunity to buy a pullback within leadership we want to own this leadership and when they're rejiggering and resizing, there's some short-term selling pressure and i think that will last for a few more days, a few more weeks, but i'm looking at being able to buy leadership at a discounted price. so yes, i'm looking to buy the pullback in nvidia and amd, and

for intel i'm staying away if laggards we want to own leadership in a bull market. >> no love for intel down 18% this year. j.c. o'hara, gina sanchez, trading nation thank you both happy new year we'll see new 2021 of course for more trading nation go to our website, tradingnation.cnbc.com follow us on twitte twitter @tradingnation i don't think trading nation's on tiktok yet, kelly, but it's probably just a matter of time >> well, we didn't know if tiktok was going to be around. i guess they can do it now ahead on "power lunch" restaurant traffic and sales are dipping to miss out on the usual holiday boost. we'll break down the latest numbers that tell you about that next plus, waging war it's one of the oldest debates in our economy raising the minimum wage hikes expected across half of the country on jan 1 some argue struggling businesses can't afford it right now. others say employees need it now more than ever stay with us >> announcer: and now the latest from tradingnation.cnbc.com and

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welcome back to "power lunch. i'm leslie picker. here's your cnbc covid update at this hour. as the united states passed 340,000 covid confirmed deaths washington may be tightening international restrictions as it tries to slow the spread of the diseases new more infectious strain first identified in the uk reuters reports government officials had a long call with u.s. airline executives today talking about expanding the current requirement that passengers arriving from the uk get a negative covid test within three days of departure. the cdc says today it's looking for a harmonized approach to international travel testing ireland's prime minister said the new strain is spreading

faster than even the most pessimistic forecasts. as he closed all non-essential retail stores and tightened other restrictions and in a video briefing today colorado's governor says the first person in the u.s. known to be infected with the new strain is a national guardsman who had been helping a nursing home deal with an outbreak and a second guardsman may also have it >> our public health officials are working diligently to identify anyone else who may have been exposed and any other potential cases, to test them, to see if there's a chain of transmission with regard to the variant. and as i said, this is unlikely to be the first person with the variant here in the united states >> pretty scary stuff, brian i'll send it back over to you. >> yeah, it is leslie picker, thank you very much the holidays are usually a boom time for restaurants, dinners, holiday parties, big parties but obviously this year has been about as far away from usual as

we can get with vaccines on the way in? states like new jersey keeping some indoor dining open, what are the latest numbers kate rogers now joining us with a look at that kate >> reporter: hey, brian, well, you said it. december is typically a very busy month for bars and restaurants but not the case this year for the week ended december 20th both weekly traffic and sales numbers saw their worst results since mid june according to black box intelligence sales dropping by 16.9%. traffic down 20.9% year on year. those are mostly chain restaurants counted in that data and with covid cases spiking around the country, varying restrictions in place, and weather getting cooler, things likely won't turn around anytime soon full service concepts continue to struggle more than limited and fast food concepts, and older diners above age 65, they're staying home in larger numbers and avoiding dining in the national restaurant association says 110,000 locations are now closed either temporarily or permanently 10,000 of those closures have

happened within the last three months alone the most recent pandemic aid package of course welcome news 37% of restaurants surveyed earlier in the month said they didn't think it was likely they'd be in business by june without additional aid all that being said, it remains to be seen how many small businesses, bars and restaurants take that additional aid and continue to survive, guys, in these very challenging circumstances. kelly, back over to you. >> yeah. no, that's very eye-opening about how bad the traffic numbers are getting again. kate, thank you. while restaurants struggle for survivor as covid crushes sales, many are now also facing higher labor costs. the minimum wage will increase in 20 states this friday, and five more states will hike theirs later this year in total seven are on a phased path to a $15 minimum wage you can see the timeline there joining me to discuss the merits is steve brishuto and lily roberts is director of economic mobility at the center for american progress. welcome to you both. steve, should this be something that's put on hiatus until the

pandemic is over >> the problem with these kind of programs is that they're intentioned well and they're designed with the idea that they're going to somehow or another minimize income distribution problems within the economy. the reality is they tend not to work as they've been expected to or they've been advertised to. i don't think putting them on hiatus would make any sense. it's too hard politically to get it done. but expecting any kind of major shift in the distribution of income or tax revenue generated by increased employment, increased wages is just not something that's going to be validated in the data. >> lily, i know a lot of the proponents of minimum wage, and i know you're among them, say that there's no evidence that it hurts workers. i guess a different way to ask the question, though, is do we need it federally or state by state mandated, especially at a time when a lot of companies, the biggest employers in this country have taken the lead in

raising their wages? walmart, amazon, others come to mind you know, is it unfair to smaller players to make them compete against the bigger pocketed guys? >> i would say that one thing we've learned from this pandemic experience is that putting money in the hands of low income people keeps the consumer economy afloat better than anything one of the things that minimum wage does really well is it drives spending up and consumer spending one of the biggest categories of consumer spending that it drives is actually restaurant spending. getting people to change their spending habits when they get a raise and one of the components of that is out of home eating spending and nationally i think it's really important to focus on a minimum wage we can continue to let states and cities, you know, chip away at this, but it's expensive to live everywhere. there are differences in cost of living that's for sure. the real estate market is different in different parts of the country. but oftentimes you have to

compensate for that by buying a car or spending more on gas. and what it sort of shakes out to is there are a lot of parts of this country that are very expensive and there's no part of this country in which 7.25 is a way to make a living >> right although 7.25, again, in many states now we're talking about the minimum wage going up to double that. so that's the federal minimum. but only i think in georgia and one other state is it below that number steve, what would your response be to all of that? >> well, again, as i said, it's all very good intentioned. there is no data that proves that it really drives anything from a consumer standpoint there really isn't much data that shows it does anything in terms of income distribution it's a well-intentioned program that doesn't have the intended result that it wants this is the point i've made before it doesn't really deal with income redistribution issues it doesn't really generate additional tax revenue because it doesn't really generate increased employment because companies in a world of excess supply can't raise prices.

and if you can't raise prices and you're in a position of having to pay higher real estate taxes, which a lot of these small businesses are having to face -- pay, a higher cost of income and insurance costs for their employees, they're faced with a problem i'm being squeezed on my costs, i can't raise the price side, i've got to squeeze, either i go out of business or i wind you up finding? way of circumventing the problem by paying fewer workers. and that's the thing that's happening. just take a look at your average mcdonald's in this country now five years ago you walked up there were three or four counter people waiting to take your order. you walk in now there's one counter person and four computer kiosks right there several jobs -- it's just going to continue the process. all it's going to do is accelerate the process of substituting capital for labor >> steve, one of the arguments the proponents of minimum wage use in order to make the case for needing a higher wage is saying technology is replacing

jobs and that's why we need to pay people more. so what would you say for all of the things that you think this doesn't check off in terms of societal goals is there a better method than the minimum wage to achieve those goals? >> yeah, the problem is we have to do things that are industrial policy related you know, getting people into minimum wage jobs is not the way to solve income distribution problems it's getting people up the chain of the labor market into more intensive product where they're contributing more to the dollar line, to the marginal value. their marginal value is contributing more so they can get paid more. it's a bit more of an industrial policies program we need to bring manufacturing jobs back. we've got a very, very good opportunity to do this here with bringing back essential product, production into this country and i'd rather see people spend money on that than do it on a minimum wage >> a final word to you, lily, in

response to that >> yeah, i would say that the way to get people into better jobs and up the economic ladder is to start them at 15 i mean, we know that businesses actually, when they're paying people more they see less churn in the labor market. they're having to spend less on training and hiring because people stay longer and i would argue that having to work 20 hours at 15 and better than work 30 hours at 7.25 you're making more money and you've got time to take care of your family or maybe take a college course, something that's going to help you move up the economic ladder. >> right unless you account for maybe the other person who's not working beside them as a result of that. thank you both joining us today to talk about the merits of the minimum wage hike and the minimum wage in general. lily roberts and steve ricchiutto, we appreciate it very much. brian, over to you >> thanks. up next and on a much lighter note, skiing legend bode miller will be here he's got a new app to help make all you winter warriors better

skiers and have some fun doing it as well and as we line up for that lift on, that let's go to break we've got some of the best tech stocks this year tesla up 700% this year. etsy, everyone's buying masks, up 300 nvidia paypal big bitcoin play there and look at even lbrands amazing. victoria's secret more than doubling there as well those stocks making folks a lot of money bitcoin, broke above 29,000 earlier today. we're back in two minutes. (♪ )

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welcome back to "power lunch. rick santelli here live at hqcme. you know, there's what, 22 sessions so far in the month of december consider this. we're currently at 92 basis points in a 10-year, down a couple on the day. the entire month's closes have been within 3 1/2 basis points of .93 that's how much we're coiling. you see that two-week chart, you can see it there if we start at the end of november you can really see how flat the market's gone and we're consolidating at levels that are basically the highest yield closes going back to covid we'll call it march and we'll call it about 10 months.

but it isn't that that traders are watching most closely. it's foreign exchange. and as we've been talking about all day, whether it's trade balance issues, but those are all related to covid, or just the notion of the dollar and the notion it's a reserve currency, it is getting impacted in a negative way look at the three sessions this week alone we're down another half a percent and if you open the chart to april of 2018 you can see whether it's the euro or the pound we're at extremes against all the major currencies and not in a positive dollar fashion kelly, back to you >> thank you very much, rick rick santelli. after the break we'll sit down with olympic gold medalist bode miller to talk everything from skiing to what he's been investing and doing amid the pandemic don't go anywhere. there's a whole lot more "power lunch" right after this.

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all right. the sant a claus rally is continuing look at the russell.

small caps had their best quarter ever, up 1%. by the way, speaking of best ever, earlier today, bitcoin crossing back above 29,000 on the coin base exchange another record high for the crypto we're back right after this.

welcome back let's have a little fun to wrap

up the show and welcome in bode miller all-around brave guy and now also a technology entrepreneur out with a new app as well i saw you going down birds of prey having gone down it myself, i was terrified i know how steep it is. before we get to the app, you're probably dialed into resorts weird year this year what are you hearing about demand at the resorts this year? some people say could be a great year because it's something you can do and feel relatively safe doing. >> yeah. i think it's going to be a test of what protocols they put in place, honestly. i'm a technology guy anyway, and it's going to be the real effective use of technology. they need track and trace capabilities there's going to be some resistance to that the companies that do it well, i think that's why vail is maebyb

doing well of the they're big. they have resources. i was at a resort that has had more i think we're in that dangerous zone where cases are spiking, we have to get through it the resorts that apply technology, manage it well and sort of keep it as fun and as exciting, they have a chance to do really well this year. >> yeah. i'm not throwing vail under the bus. i was renewing my pass with the optimism we'll go. it was a multi-day wait to get ahold of somebody. it seemed like they had a lot of demand all right. so, let's talk about this new app. because there are other apps that try to help you be a better skier. what's school about this one, and just poking around with it, if i do that yard sale on birds of prey -- maybe not that one -- it will animate my fall as well.

what is skio offering the casual skier that others don't? >> as you said there's a lot of good apps out there. it's been a fast evolution but in our case what we offer now is not terribly differentiated from other apps out there. gps, distance travel, the ability to connect with your friends and find people on the mountain, monitor kids, stuff like that. the avatar you're speaking of is taking all that data we collect from your phone and also the highest degree of this is with the sensors that go on it's nonintrusive, different from other companies as well it's easy to click on. then you capture all this information and you reverse engineer that back into a digitized version of yourself. so again it's like having -- when it's really ready, which i don't presume will be until next fall where it will be kind of a ready player one quality, computer generated graphic

your avatar will look like you can take a picture and customize all your gear. and the movement pattern algorithm will be much cleaner, will really represent everything i think it's like having a drone following you 100% of the time when you're skiing so not just for improving, but for posting on social media and stuff like that. i think it's got a lot of potential in that side and we have that road map already ahead of us. we just aren't quite there yet but, yeah, it's been exciting. i tried to do in '05 the technology wasn't anywhere near we spent a bunch of time and energy when i was racing i needed objective data. the lack of objective data in skiing is really troublesome we've seen it in golf with launch angles and spin rates of golf clubs of the everything from testing and, you know, to reviewing ski equipment, to safety measures, to resort management, we think there's an application for this across the entire industry. >> we'll download it, hopefully

use it on the mountain as well sounds very cool, especially watching those hopefully harmless falls bode miller, appreciate you coming on cnbc best to you and your family. happy new year thank you very much. >> absolutely. thank you guys good stuff, brian. >> not quite like bryce or -- >> virginia doesn't really have the ski slopes see you next time. thanks for watching "power lunch. "closing bell" starts right now. kelly and brian thank you. welcome to "closing bell." i'm wilfred frost with sara isen final days of the year it is off the highs of the session today. let's have a look at what's driving the action uk approving astrazeneca's vaccine for emergency use. that's helping