conversations. it will be interesting to see if gary gensler or any other regulators take action. we will see if there is ripple effects going forward. >> it is as much about what's decided here as how those other authorities interpret it absolutely kate, thanks for your reporting. we appreciate it kate rooney and the latest on the robinhood front. that does it for "the exchange." don't about anywhere "power lunch" begins right now ♪ >> what a busy we can it has been welcome to the ends of the week, and pu"power lunch," here'sways ahead on this turbulent day. bulls versus bears volatility back on wall street, but the market is sending mixed messages which signal matters host? how can you trade sit in how can you make money or increase your safety plus the crypto crackdown. we have been talking about it all day, china declares crypto

illegal. the ceo of the exchange ftx, you see their logo on major league baseball's umpires and revving up solid automotive making one of the biggest deals in motive history. the company's president here to talk strategy in the sizzling hot car market. >> they are not the drive in but you could take your car there. >> markets moving down we have seen 100 points up and down as we mentioned, crypto getting hit hard on the china crackdown. bitcoin and ether on pace for their worst week since may more just ahead. at the moment, bitcoin is just under $42,000, down 6% and energy taking the lead for the second day with the sector the best performer in the market right now. the spyder xle up. range resources rallying as

well the stock of the day is nike it is still down more than 6%. the worst performer on the dow and s&p after cutting guidance citing supply chain issues and shipping delays. there is more to this story as well it is a microcosm of the entire u.s. economy investors are wrapping up a volatile week that saw the bull rally contested. who is in control? bob pisani breaks it done for us >> hello kelly, what a week. the bulls are confused the bears are confused we have had tremendous volatility and not a lot of movement ultimately. that's what makes everybody a bit crazy. there is very good reason for people to be concerned if the bears had any week of this year to make an argument why we should finally get that long-awaited 5 to 10% correction, my heavens, this was it look at the issues the market has had to deal with first off the supply chain problems that kelly was just talking about there. then this confusion in washington with the continuing resolution and the debt ceiling

confusion. we have got all this confusion over boosters and who should get what and what we should be doing. we have got the china ripple effects going on with evergrande, the crypto crackdown going on this is a lot to digest. i thinkcaly had a very good point with nike. this is a major big global company talking about supply chain problems out there they had to lower their guidance we heard this with fedex this week production short ans in vietnam and china. yes, we are going to be working through that but it is taking longer than everybody thought. nike is down about 6% today. yet we have seen tremendous volatility without a lot of movement do you know the dow jones industrial average has moved 1,300 points this week, from its low on monday to its high? and yet we are essentially unchanged from where the close was last friday. that is remarkable volatility. and everybody's head is spinning at this point. i think what's going on here, kelly, is they are -- the market is choosing to believe the glass half full narrative for the moment the glass half full narrative is

that powell has got things under control. inflation will not be as serious as people are concerned about. rates are not going up for a very long period he keeps telling us all that and the global economy is slowly improving. you can see that kelly brought up oil stocks. there are very few new highs that are out there right now but there are a whole bunch of oil stocks that are at new highs. conco, cabbot, one oak they are believing in glass half full at the moment but there are reasons to have worries about the market this and with these markets. >> the market is sending mixed signals, and how which ones should investors pay attention to let's bring in ron insanaa, also a senior adviser to shieder he is a mark la sheeny and janney

montgomery scott how do you get a pulse of the market that then informs what you should do, if anything, with your money >> i think not much right now, tyler, to answer the latter of your latter question normally i look at all three markets in concert, equities, interest rates, and commodities. and they are not all necessarily sending a unified signal as you will like them to. it is true that stocks moved up and recovered off their lows of the week and we had a nominal 5% correction rates are up on the taper talk but some commodities are under pressure like copper and other base metals which tells us we don't have a synchronized global recovery under way right now we have got to step back and send a clearer signal, a better message, if you will, than we are getting right now. i don't think it is a universally clear signal at the moment as we have gotten during other periods. >> mark, react to what ron just said i sort of think he's nailed it there isn't enough clarity to

inform either a strong bull stance or really a strong bear stance right here. >> tyler, i'm afraid i can't disagree with you or ron about same thing we have kind of straddled the sector biases that we had earlier in the year, which was very pro-cyclical, pro reflation and tempered our theus qulachl from some of the cyclical sectors into more defensive growth sectors in anticipation of what was a confusing time there was a lot of cross currents in the market relative to the lost momentum and economic activity. heightened concerns that inflation is higher and sticky at levels than what the fed is deeming to be transitory we are approaching a federal reserve decision that we knew was coming but nonetheless still remains unsettled as to what the pace of the taper is going to look like. and we are going to be facing fiscal issues, infrastructure, the $3.5 trillion spending man

and the debt dealing it is a confluence of factors where we said let's play small ball until we have more conviction frankly, the last three days have been encouraging since cyclicals have reasserted some sense of leadership all be it embryonic at this nature. >> you like emerson electric and xot. energy has been a hot sector much of the year ron, let's turn to china f we might. it has been a place of real folk thus week, first with the news on the debt saddled real estate company, number one. and number two, on today's news in a the country is going to ban activities in not just the mining of, but activities in cryptocurrencies what's going on there? >> clearly, china does not want a competitor to the yuan or the -- whichever of the two you want to characterize as their

sovereign currency i think increasingly tyler as i wrote earlier today i think a lot of countries may ultimately adopt this view. el salvador notwithstanding. they have taken a hit since adopting bitcoin as a sovereign currency it is down in the first day of trading there. here at home, gensler made sharp comments, janet yellen less so but still cautious on crypto i think at the end of the day china may be the first to ban cryptocurrencies but may not be the last to do so. in the constitution section eight says congress shall have the power to coin money and regulate the value thereof so that's where this is all going to go as gary gensler the head of the sec indicated. bitcoin and other digital currencies, not blockchain, the

underlying platform, are still -- >> bitcoin is not treated as currency in the u.s. >> correct. >> it is classified as property. the extent to which it is a competing currency it would be better if it was treated as a currency. the main reason people don't use pay with crypto options, one, because they have been a good store of value but it doesn't make a lot of sense in common usage. isn't that categorization the biggest status quo factor for cryptos. >> can it be a digital asset that people use? sure will it supplant the dollar as a reserve currency or even a sovereign currency in my mind, absolutely not i think that nation states are completely unwilling to give that power away. i am not saying it will go away this the form it currently exists i am just saying that it is going to become a viable currentsy for transactions for the reasons you described, kelly, not to mention the daily

volatility i mean, who could stomach going out to purchases thing with the volatility we have seen in bitcoin and some others. >> mark, chime in with a final thought here, either on china, on crypto, and where it heads from here, or any topic that comes to mind except for the new york yankees. >> sure, tyler actually, as relates to china, obviously there, has been a lot of news and ink been spilled on the evergrande situation and its respective default but i get a lot of questions as relates to what's it mean for the u.s.-based investors at least to the extent that they have their assets domeciled here mostly in the u.s. and not exposed to evergrande directly the long and short of it is very little we don't expect to see contagion here really in terms of a spillover effect here in the united states. first of all, our financial institutions have de minimus exposure to any lending capacity

into the property development companies in china secondly, i think in terms of it being an indictment of the real estate industry at large, it is far from that. i think the u.s. housing market, which has obviously been on a tear of its own is still well supported by the fact that lending activities are not like what we saw leading up to the great financial crisis in '07 and '08. in addition to that, it has been an important contributor to obviously the lift in household net worth that was just reported today to have reached once again a new all-time high. i think investors are looking more actually like president xi said is housing is a place to live not necessarily for purposes of speculation. and therefore, i think that there is mutually scuffle outcomes relative to the prospects of every grand's tee mice and what is likely to take place as a consequence here in the united states. >> he said, she said mark, ron, thank you >> thank you still ahead on "power lunch," the crypto carnage

china's crackdown rippling through the sector and we have the ceo of crypto exchange ftx here to tell us what he thinks could happen next. plus, the company's president on strategy as inventory hits record lows. as we go to break, stocks hitting 52-week highs. force, could be ott oil anga d dold leading the way flexshares are carefully constructed. to go beyond ordinary etfs.

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welcome back to "power lunch. i'm dominic chu. we want to bring you a check on the crypto industry. lots of red with bitcoin, ethereum, litecoin, all of them firmly in negative territory following the moves from the chinese government, the pboc saying all crypto-related activities are quote, unquote, illegal. that's having an impact on u.s. based companies involved with crypto and trading and wallets and investing. wallet and square many of them trading downward on the heels of that news. >> china's crypto crackdown is something that directly impacts our next guest let's bring in sam bankman freed ceo of the crypto exchange, ftx. welcome back >> thanks for having me. >> how surprised were you, if you were surprised at all, at

what china did how does it affect you >> not super shocked this. isn't the first time that we have seen a similar announcement coming out of china. i think that the reporting on it has often exaggerated a little bit what the context of it was i think the main trust was saying look there are existing regulations. some crypto and many crypto activities may be illegal under those regulation rather than being a blanket statement that is definitive about all of cryptocurrency but we have also seen similar statements coming out many times, even many times this year from china i think it has impact, but it's not a totally new thing. >> it doesn't -- you are painting a pretty nuanced approach to what the chinese said: the people's bank said services matching order trading token trading or derivatives is prohibited overseas exchanges providing

service in mainland china also illegal. it doesn't seem like it has much room for interpretation or wiggle >> i think many of the translations going around about this don't do justice to the original text which i think did have more nuance than the sentence you just read which was not the original chinese text. >> it was not. >> i think the original text had more nuance. that said, i do think this is a signal of another crackdown in china on parts of the crypto citi we have seen some in the mining industry in particular and ondom stick exchanges. i would not be surprised to see a further crackdown on for instance peer-to-peer transactions that involved the yuan trading against cryptocurrency that would be my first guess as to the first place they would be looking at with this but we will have to see. >> do you know how much crypto activity is going on in china today versus six months or a

year ago >> it is still a lot i think it is a healthy 25% of the industry or something like that. >> wow. >> i think it is down a little bit from year ago. i think the high water mark -- the high water mark may have been 2017 prior to the original fiat cryptocurrency ban in china. but i think we have seen some decreases over the last year as well, some shifts towards the west in the crypto industry over the last year. we have seen a combination of a tenuous crackdown in china combined with increasing interest in the crypto industry from institutions in the west. >> if i'm remembering correctly, your company's origins were in hong kong. are you there now? or have you re-based somewhere else if so, why >> i am not there. i am not there anymore we are now headquartered in the bahamas. i think there are two chief reasons for it the first is that, you know, ftx is now registered under the dare act in the bahamas, the first

really comprehensive regulatory regimes for crypto anywhere in the world. we also want to be in a place where there is free travel in and out. it is extremely for us to be able to have business meetings we have been happy with in a and happy with the talent we have found in the bahamas we are now headquartered there that's where i am going to be based and where we are growing out quite a bit. >> sam, do you agree with those who say that maybe the clouds are darkening in the u.s. regards crypto regulation? i don't know what might be coming down the pike but what's your sense of things i am sure you must have a decent presence as it regards involving the thinking of lawmakers and different agencies. >> yeah. >> what's your latest thinking on this? >> it's -- well, it is complicated but i think that's not an unreasonable claim to make i think on some fronts we have actually seen some progress. i think obviously we are excited about the work we hope to do with the cftc through aftec u.s.

on the futures side but we have seen negative news coming on senate banking, the ftc and treasury i don't think that it is yet clear where that's going the lead exactly i think frankly everyone involved is trying to figure out the details of that. and i still think there is quite a bit of a room for a productive compromise there which might establish sort of oversight regimes and transparency requirements for stable coins and exchanges in the crypto ecosystem while allowing the industry to flourish but i do think that we have seen a lot of negative noises coming out of washington. and that there is a chance that that results in some fairly -- fairly onerous regulations >> thank you very much, sam, it's good to see thank you for your explanations. sam bankman fried. that crypto collapse is something our next guest warned

could happen the regulation and volatility have been front and center for crypto critics ish war pass at of cornell university is author of the new book "the future of money, how the digital revolution is transforming currencies and finance" for anybody who wants a basic explanation about crypto, def aye, these perot coals class actions, this book is exceptional. it covers all of that ground seems you are not taking a position, you are trying to be part of the educational move, i think. is there anything you feel strongly about, having written in a that needs sort of immediate regulation. >> thank you for saying that, kelly b my book. i think what china is doing is certainly an extreme version of what we might see around the world. the technology underlying bitcoin is certainly a marvel. i think it is going to provide a

lot of interesting new financial innovations that help to democratize finance, directly connect savers and borrowers, give easy access to digital payments but the cryptocurrency world, exemplified by bitcoin, there are serious issues environmental issues associated with the process on which processes are validated, the mining process and it is not worked well as a medium of he can change. it has unstable value, in addition it is cumbersome to use. expensive to use, it is not able to process a large hvolume of transactions bitcoin has become speculative assets i think the concern is this could leave some naive retail investors could come in at the back underof the party and get burned the other concern is about new cryptocurrencies, stable coins, that try to get around the

unstable value problem of cryptocurrencies such as bitcoin. you know, facebook plans to issue its own cryptocurrency backed up by stores of fiat currencies but that creates another concern which has been a big issue in washington, that stable coins essentially are going to be like money market mutual funds. they are supposed to be backed up by reserves of liquid securities as we saw in the global financial crisis of 2009, 2008, those lick kid securities can easily turn i will ligi will -- liquid. >> what would you say to the viewer who would like to know what is the key takeaway from our book what is the real underlying message of it? >> one of the key changes that's coming is that the dollar bill we have in our billfold those aren't going to be with us much

longer i think digital payments in one form or the other with beginning to sweep across the world. there are many advanced economies such as sweden where cash is not used anymore likewise, in many emerging market countries including china, india, digital payments are the wave of the future but the question is, who is going to be providing those payment services is it just going to be the private sector is it just going to be some new technologies that build on bitcoin's block chain technology or will it be central banks themselves that by digitizing their currencies make a very low cost digital payment system available to everybody no central bank that's planning to issue a central bank digital currency is talking about removing or eliminating cash entirely, but i think the reality is that as consumers and businesses get used to the convenience of digital payments, as they become more efficient, lower cost, the chances that cash will last much more i think are quite small.

>> let's turn back to crypto, which you think might be asking for regulation you are concerned about the impact on small investors and that kinds of thing. but you know, you could argue that high priced sneakers are also a speculative asset that people enjoy participating in. what would make this -- it seems we hear the argument on the one hand that bitcoin has no purpose and on the other hand that it needs to be outlawed so if it doesn't work and has no purpose, then what's the danger in it? if it does work and does have a purpose, is that purpose necessarily antagonistic with the prevailing financial system? >> that's a very good question, kelly, because bitcoin is not working as a great medium of he can change, so it does not have major intrinsic value but people seem to value it and the value largely seems to be built built on its scarcity. ultimately there are going to be at most 21 million bitcoins. about 8.5 million have been

mined so far the notion that something is scarce is likely to preserve its value, like gold compared to something like fiat currencies which can be printed at will by central banks seems like a good notion but when somethingbecomes an asset because of its scarcity is a proposition that's difficult to stomach i think there are other concerns, and not just financial stability concerns about this. if investors choose to go invest with eyed wide open and invest in bitcoin what role does the government have? nothing. but the government has the responsibility of making sure there are no nefarious activities, that you don't have market manipulation by the cryptocurrencies and that you don't have them being used for illicit activities within borders or in terms of cross-border finance i think the government is going to have a role in policing the broader aspects of what

cryptocurrencies might entail even if they say it is investor protection with greater education and so on. >> the fact that digital money as you say is going to be part of this equation no matter what, the break is great at breaking that all down. thank you for joining us today we appreciate despite thank you. the dow on pace to snap a three-week losing streak thanks in large part to salesforce. that stock is up 9% this week al alone. there you see it dave and buster's ticker in play but the stock is on a serious roll, up 15% this week what is driving the gains today. that and more of today's movers are coming up after the break.

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welcome back i'm raheel solomon pacific gas and electric is facing criminal manslaughter charges after four people died last year in a northern california wildfire. investigators say the fire near the city of redding was caused by the company's aging

equipment. the u.s. is resolving criminal charges against a top executive of china's huawei technologies the case has increased tensions between the countries. he has been fighting extradition. on a new deal she will be allowed to return to china. brassily is not ready to retire he will seek re-election to his eighth term representing iowa. to the untrained eye perhaps these baguettes all look alike perhaps. but they are all competing entries in a contest judges will be judging to see how the baguette is baked, its taste, and it is bubble pattern, apparently even its crumbs >> i would like to be a judge in that contest

that sounds pretty good to me. pretty, pretty god. >> pretty, pretty good, tyler. >> thank you very much. let's look at how the markets are close og an volatile week they are closing with the opposite of volatility industrials, basically flat. s&p, essentially flat. one is down, one hundredth of a percent. one is up one hundredl 00th. >> ahead, toilet paper limits are back at costco this time it is not a hoarding problem. it is a supply one. inventory of cars is a third of what it was two yearsgo a what sonic automotive is doing to make sure they have cars to sell to tyler. back in a moment

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oil closing for the day as energy i believe is the best performing secretary neuro the market again today pippa stevens as more at the commodity desk. >> it is the pest sector because oil is ending in the green the last month as declines appear to be in the rearview mirror wti is at the highest in two months brent, the highest since october

of 2018 and inches towards $80 the contracts finishing today up 1.1% and wti at 73.97 for a gain of .9% that is the fifth straight week of gains ubs saying today that brent could hit 80 by the ends of september, just a few days away as inventory continues to fall but they say it could be short-lived unless a colder than expected winter prompts investors to swap oil for gas. one of the largest deals every in automotive retail sonic buying dealerships this week dealers are facing shortages of inventory. sonic has less than 10,000 new and used vehicles in its system. er inially two years ago they had over 30,000. the shortage is driving up car

prices, prices are averaging 4$,000 per vehicle it has helped sonic. with us, jeff dike, the president of sonic automotive. let's begin with the transaction earlier this week, which sounds like it will excredits your footprint. we had on earl heseberg with group one auto motive. he had done that day a similar deal where are multibrand, multistate dealerships combining the way they are today what's the every us the here >> thanks, tyler who knows? i think at the ends of the day the tax situation maybe next year is getting some of the dealers to look at ways of exiting the business rick ford and i go back two decades. we have been friends for long time test principle at rfj and the deal that we did their business snaps in nicely we run our businesses very

similarly. it was a great opportunity for us as an organization. we spend spent the last years cleaning up our balance sheets now we are in the position to drive the business. >> it's interesting that the first thing you said was the possibility of higher taxes next year and that that may be driving some of this consolidation. >> certainly, it is a conversation that comes up we are looking at multiple tell transactions rights now, multiple deals i think there are more deals going none the industry today than have been in the history of our industry, especially if you have conversations with the manufacturers. and i think that is certainly part of it you know, single point owners are trying to figure out what they are going to do with their business there are good stepping off points here. so it was a great opportunity for us to be able to put this deal together with rick ford and his team and it's going to be fantastic for our company. it throws other wretches by 30 -- on the franchise side, it

is going to do wonders for us, adding $3.3 billion the our mix is fantastic opens up more states for us, adds more brands in. we will continue to grow the franchise side of our business we have several more deals in the works. there are a lot of sellers out there looking for companies like ours that have plan the capital and the ability the take over. >> incentives are good, prices are good you have got a sweet moment sell if you are a dealership owner. there are economies of scale that you would realize let's talk about this margin on sales today which i understand is maybe as high across the board as it has ever been because there is so little inventory and so many people need to buy, people who lost cars in floods, people who have old aging cars on the road so talk to me about that, and about margins. >> it is the supply and demand rule, right? that's what we learned early on in economics at the end of the day, we started out the month of

september with a 10.9 day supply of inventory typically we have a 60 day supply on the ground that's going to push margins up. margins are historically high right now on new and preowned vehicles we are facing that across all kinds of goods and certainly in the automobile sector. >> one more final question i have a friend who is in the business who told me some time ago that when people come in and they say we are not discounting, you have to pay sticker, sometimes you have to pay more if it is an in demand car, they look at me like this is un-american, crazy, this is not how the business works do you worry about alienating customers? >> i don't think so. i think the prokt that's coming out today, selling the vehicle closer to msrp -- where we should have been all along when you have 60, 70, 80 day supply that's too much i don't think you will see dealerships going back to

precovid levels of insender to they were having to discount too much certainly, new car prices are up due to the supply and demand issue. i expect that to continue. the supplies are not going to get any better certainly this year and it should and i think will continue on into the summer of next year. >> jeff, thank you investment. congratulations on the transaction. good luck going forward. jeff dike, sonic automotive. the cleanup is still under way after theth flooding and damage from hurricane ida. for the insurance industry that means making payments to individuals and businesses up next we will talk to an insurance ceo about what it's all going to cost. stay with us on "power lunch." ♪

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named storm of the season in what is shaping up to be the most active storm season ever. as a result. the cost for insurers are steep and growing. the top five have all occurred since 2005 ida may crack the top five how will the industry deal with the rising costs could it lead to higher prices, consolidation? what should we expect. january hand over represents an insurance group impacted by ida. we could talk to you approximate cyber, the hardening market and other thing. could you explain what the impact has been on your customers? >> yes, thank you, kelly you know, we are in the business to take care of people when bad things happen. clearly, when a hurricane which turns into a massive rainstorm in the northeast, i would put that in the column of bad things

happening to a number of people all at the same time our industry and our company is hard at work with tons of adjustors out there inside of homes, inside of business, helping them deal with those damages and repair those damages. frankly, get them back to work and back in their houses it is really really important work our folks do it quite well. >> one of the questions, especially in new jersey after the storm tame through and there were a couple tornados and all sorts of things that shouldn't normally happen. is people wondering what insurance carriers would do about their exposures in states where they typically haven't had to worry about those kinds of events are they priced properly do they have to pull back on coverage what do you think the ramifications will be if we continue to see storms like this in parts of the country that typically haven't experienced them >> right it's spot on, because we are seeing changing weather patterns in particular, what you are seeing is a number of events that tend to be more

flood-driven or rain-driven. and that really is particularly challenging for the claimants, for the people that are affected by that. it's a messy, messy claim scenario but also for insurers to look back at their models which tend to be a little bit more driven by wind events and convection storms the industry, and certainly our company are working hard to look back at their models, at their portfolio management and their pricing and make surer in evolving when we do that well we can continue to grow and prostar the and be there for the customers i think we can definitely evolve and get through this, but we are seeing pretty suu substantial changes in the weather. >> i have two questions. i will make the first one quick. do you have pricing power? what is that pricing power going to look like for the client or customer who has to pay higher

premiums >> tyler,s sthis is a competit business i would say when there are big events or when there is changes in property loss patterns, prices can reflect that. but there's a pretty competitive industry that surrounds us that doesn't allow any one company to simply try to key rupe losses for an event like this overnight or to do something in an outlandish way. >> you have ledly beautifully to question number two, there are a lot of competitors in this business some of them are giants, of scale. a lot are smaller. why hasn't there been more consolidation in this industry or am i missing something that's been taking place oall along an i have not noticed it? >> there is a fair amount of consolidation that's happened over the last two decades. i have been part of that, this company has done some

consolidating. over the next ten years, scale will be increasingly important for certain aspecs of our business but agility and ability to adapt and change will be equally as important. the playing field is playing out. i think you will see winners, big, medium, and small we are a medium-sized company that plans to be one of those winners. >> fascinating jack, thank you for joining us we hope to check back in soon. we appreciate your time today. >> thank you very much. >> jack roche of the handover group. >> we looked like we had the same jacket on. >> but does he have the same shoes. i doubt that up next, we are going around the world to see how rising food costs are affecting people in india, turkey, argentina. stay with us the best things america makes

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welcome back food prices is seeing a jump it's having a crippling effect in countries

seema mody is here with the details. seema? >> we spoke to families in the world and what we found is that they are responding to higher food prices in different ways. multinationals, big food companies look for growth and in new delhi told the family doesn't go to the store opting for local brands in istanbul, citizens are looking for alternative sources of protein. >> what you see is definitely people going, for example, meat to lower priced protein products like chicken. >> a number of multinationals referencing the soaring cost of food rbc's nick moody said some have pricing and cost savings like general mills and kellogg and says if consumers overseas prioritize local brands over

western brands that could push more companies with high exposure to the markets to become more inquisitive over time and a strategy they used in the past >> it is a good point that they could lose some share in the meantime and i wonder how much worse it could if we see the energy prices spiking and dealing with that input. >> especially in europe. the soaring gas prices prompting the uk to turn on fertilizer plants. it is a trickle down effect on the food and agriculture space over time seeing the supply chain effects brewing in the different parts of the economy. >> the increases have another reason maybe not to fall on the near term. we appreciate it thank you. up next, a policy change at costco to make sure essentials are on shelves

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toilet paper limits are back at costco. dom chu is here with the toilet paper beat. >> it is a supply and demand dynamic always it is a mix of both. but this time it is another reason why here.

degen deja vu all over again disappearing off shelves like last year seemingly starting with toy let paper hoarding at places like costco and reimposed the limits to make sure the items stay the on the shelves for customers more consistently dealing with supply chain challenges this time instead of a surge in demand every business is continuing to fuel the crimp supply chains with the challenges by covid limiting manufacturing capacity, shipping bandwidth as a case in point here, costco is taking a drastic step it said it is placing a large product order earler in the cycle and chartered three

container ships. renting the massive cargo ships to move stuff from the asia to u.s. and canada and can carry 800 to 1,000 of those large containers that see you on the highway. >> first chickens and now containers. >> may i be so graphic i don't remember chinese toilet paper being very good. >> i don't know that it's all toilet paper and more the idea of patio furniture, backs or basketball hoops anything like that. >> i found it notable that the things they have a limit on seem tock pandemic supplies again and hitting so many things why would it still be the core items? >> they said this time it is not a demand driven.

people went and bought toilet paper. i wanted to see if it was. lo and behold toilet paper about ten bags left there and bottled water running low. >> the people hoard the bottled water. >> they had my chicken salad. >> good supply right there. >> dom, thank you. >> whitefish salad is great. >> everything there is great. >> salmon. >> "closing bell" starts right now. we are going to costco. >> welcome to "closing bell," everyone i'm wilfred frost at new york stock exchange the major averages trading in a tighter range to finish a volatile week but the move in the treasury market getting attention. yields higher again. >> i'm courtney reagan in for sara eisen treasury yields are popping again together with the 10-year up to