bitcoin dropping off as a percentage of revenue. robinhood saying less interest in alternate coins was a big reason for that. square and robinhood saying they are not planning to add any new coins to drive coat. scott dorsey saying he is staying with bitcoin coinbase, the largest crypt exchange reporting next week their bread and of the butter is crypto trading 95% of their total net revenue they have been looking to expand and diversify into other areas of crypto with an nft marketplace, perhaps. >> yes, they have. that does it for "the exchange," everybody. "power lunch" begins right now

kelly, thank you very much welcome, everybody, to a busy "power lunch." i'll tyler mathisen. it has been a week of outsized moves for a number of stocks we are talking moves of 50, 70%, 90%. how big of a roll is the options market playing in these wild gains? and where could the action be coming from next. plus, the great resignation. we've got an inside look at what areas are seeing this quitting phenomenon playing out, and what it means for the future of the jobs markets. and the call heard round the world, and wall street former fda commissioner dr. scott gottlieb says we are entering the final phase of the pandemic we will look at what it could mean for your investments. >> hi, everybody two hours left in trading day. stocks are in the green. the nasdaq has climbed back into positive territory it dipped negative just an hour or so ago. the s&p 500 above 4700 for the first time today now eight points below that. the nasdaq crossing above 16,000

for the first time the dow adding 137 points. all this optimism is being driven by positive news on pfizer's covid-19 oral treatment. pfizer shares up 8%. its rivals are seeking merck, which has a similar treatment down almost 9% moderna down 8%. now, will markets continue going to all-time highs? some stocks are making unusually outsized moves sometimes catalysts are there. but the spikes are unprecedented. avis up 70% this week, spiking 100% after results bed bath and beyond pacing for 50% this week after a partnership with kroger and nvidia and tesla also up double digits this week with such volatile moves how much is increased options activities playing into the

price action are they telling us anything about where the spikes could be coming next. joining me now, chris murphy of susquehanna. have things changed in options land. >> you nailed it huge spikes in the stock prices for the stocks you named we are also seeing a huge spike in implied volatility levels for those stocks and a huge spike in call volume. that is the classic meme, slash, message board stock we have been talking about for a while. teslais up a ton implied volatility doubled over the last two weeks nvidia, up 50% yesterday similar moves ine bed bath and beyond we typically see model tilt moving in when a stock moves higher but not this week. the question is how much of this is driven by the call volume we are thinking the call volume overstates the impact and you really want to look at the change in open interest, which

is a different thing to follow certainly has a psychological impact momentum-chasing trade, seeing a huge spike in call volume as a signaling device talked about on twitter, the media, the algos might be looking at it. >> are stocks chasing options? or are options chasing stock >> great question. i think a lot of the times the options volume is chasing the big moves in the stock let's look at avis and bed bath and beyond this week positive catalyst, positive news leads to a lot of short covering, less liquidity and a big move in the stock, which is followed by a big amount of call volume ticking with avis, on tuesday a big spike in the stock 30,000 calls trade, a lot of questions about, you know, that's way more calls that we

typically see in avis rental car. the next day, only 6,000 what that is telling you is most of those calls from opened and closed in the same day that's going to mute the impact. >> where should we be looking next, chris n terms of the impact from these trades >> one thing i am going to be looking for is -- so i talked about how implied volatility has spiked with the stocks, and also how the momentum-based trading has been the -- a big driver of a lot of these different trades. now you are going to want to look for implied volatility starting to pull back. smaller kind of realized volatility, smaller moves in those stocks that's going to be a sign to you that momentum is waning, and you are going to see that momentum-based trading start to look for other areas car, bed bath and beyond those might be a little bit quicker. tesla has obviously been around for a long time, with the news

and the call volume and things like that, so probably expect that to hang around a little bit longer chris, thank for walking us through. chris murphy. the jobs report beating estimates by nearly 100,000. the unemployment rate also dipping to 4.6%. this as our next guest is out with new data on what we have been calling the great resignation. the sectors showing the highest number of job transition, they include higher education, as you see there, hospital and health care, and info tech and services some similar sectors are also seeing the highest demand for workers, hospital and health care that's leading the way followed by retail staffing, rec recruiting, restaurants. here with more on his findings, even sohn. of the recruiter.com good to see you. ceo there.

>> good to see you thank you so much. >> so, is the great resignation receding at all in the sense that you have got blockbuster job numbers. in other words, people are taking jobs but i guess you would say that they are also still leaving them >> yeah. so -- yeah, it's a great question and the answer really is that -- and we partnered -- the answer is that there is still this major backfill we are excited about the 551,000 jobs added last month. but if you look at where we were a year ago, a year ago, october 2020, we actually added $638,000 joks there were more jobs added last year, with no vaccine, no covid pill, mask mandates everywhere, than we have now you have to wonder what is happening? from our perspective it is this backfill number. we started reporting four months

ago that it was 40% relative to the new jobs that our recruiter index was seeing two months ago, 44%. last month it was 50/50, from backfill to new jobs this monday it was 53% so 5 % of the jobs that our recruiters reported on werological from backfill. we partnered with revilio labs to provide the slide you saw at the beginning of this segment to see where they are actually leaving. >> let me see if i understand what you mean by backfill. that seems to suggest to me that you think the job market isn't as healthy as the big headline number would suggest i assume you mean backfill are positions that have been cut during the recession and have now been refilled or what? explain? >> if i am trying to hire ten

people for the company and two people quit, i have got to backfill those roles backfill is an open role that already existed. when someone leaves, resigns from a company that's what we call a backfill role, as opposed to a new job, a grand new job. >> so if so many of the jobs being registered are backfilled, then that suggests, doesn't it, that, a, you have got two things going on at ones you have got people leaving. if it is 50% now, you are backfilling -- half of those jobs are people who have left and others may be new jobs, right? it is not as good a number as i think. >> it is not as good a number as we would want to see let's make that a better statement. the leisure and hospitality sector which led the way last month with 164,000 jobs, if you

looked at the data from our great resignation tracker, that wasn't on there in terms of people leaving those jobs. so those are great, that's are new jobs really being added. we believe that's the key that that's really the key to getting the work force back, the leisure, hospitality, the in-person jobs if you look at the numbers last year, in october 2020, 271,000 jobs were added in the leisure and hospitality sector that's 60% from last year that were done lost month in that sector we have to figure out how did we unblock this, how do we make it faster to actually bring on these people that weren't working -- these weren't positions, they weren't backfill how did we get these jobs filled faster. >> do you have something faither. >> how different is the jobs market today than it was even just a couple months ago, the

filing from the labor department itself says there is fewer people teleworking, fewer people employed because of the pandemic, that sort of thing. >> let's look at what our recruiters are saying. they actually reported that the work loads are the highest that they have been in month. they are really at very, very high levels. we saw a huge jump in in-person roles, again looking at those hospitality roles that are in person that went from 31% to 42% in terms of those overall growth numbers. then we also saw that the number of applicants per job were also increasing so that's a really great sign, the sentiment was up people want to get back to work. and we have to attribute some of that rehiring back to the end of stimulus or other sort of head winds that were ito getting in the way of going back to the work force. >> let me ask you one quick question, quick answer, please the people who are leaving their jobs, are they leaving because of pay or leaving because of lifestyle choice

very fast. >> i would say lifestyle more than compensation. >> all right evan sohn, thanks. now, still coming up the pfizer breakthrough. a big moment in the battle against covid as the company stops its trial for the covid-19 pill early, not because it failed, but because the benefits were so clear. we will look at what it means for the pharma space as pfizer rallies and its competitors sink. plus a world of opportunity. are investors missing out on big against by focusing too much on local and not enough on global we will explain. alright, here we go, miller in motion. wha — wait, wait, is that a... baby on the field?? it looks like it, craig. and the defensive linemen are playing peek-a-boo. i've never seen anything like that before. harris now appears to be burping the baby. that's a great moment right there. the ref going to the rule book here. what, wait a minute! harris is off to the races!

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welcome back, everybody. pfizer popping on news that its covid-19 pill cuts the risk of hospitalization or death by nearly 90% it is the second anti-viral pill behind merck's to show effectiveness in treating coronavirus. pfizer jumping on the news while its competitors are sinking. what does it mean for stocks we will start with pfizer and we are joined by louise chen of cantor fitzgerald. pfizer has revenued of about $51 billion. this is certainly a billion dollar a year drug, isn't it how much is it going to boost their revenues, louise my estimate could be tens of millions of dollars. especially since their data looks better than mercks it was better than people anticipated, being at 89% versus roughly 50% reduction in hospitalization and death from merck's product. definitely has big sales

potential. >> they are taking the information to the fda and then after that to the cdc. quickly, when could the earliest administration this drug begin >> it could be sooner than we anticipate there is an advisory meeting on november 30th for merck's pill i assume pfizer's will be tacked onto that given what we have seen today but there is no reason they have to wait for that advisory committee for the fda to approve that that happened with antibodies. there was no ad combefore the antibodies were approved because the safety and efficacy was so very clean. >> could this supplant the vaccine? where does this leave you for 2022 >> i think 2022 is going to be a robust year in terms of vaccine sales. but this definitely adds a lot of upside. we will see tens of billions of dollars from their covid-19 franchise which i think people didn't fully expect.

2022 for vaccine sales, i think a lot of that is this the bag because their already have contracts doses. they could make up to 4 billion doses. i think 2022 will still be good. i don't expect it to fully impact vaccines. i think if you want to get a vaccine, you are still going to get it if you don't want to get it, you are not going to get it. but what it does help is to really stamp out this virus. for those who don't want a vaccine, who can't get it depending on what part of the world you are in. >> i got my booster shot this morning, if you gave me the choice of taking a vaccine or a course of medicines i would always choose the inoculation ahead of choosing a course of medicines. that's just me implicit in kelly's question is what is the effect on the

vaccine business of a company like moderna which is more -- which does not have the full portfolio of drugs and medicine that is a pfizer or a merck or a j&j has >> i think this definitely, at least for pfizer puts them in the top with respect to the covid-19 prchz they have got best in class. that's my opinion. you look at their vaccine, they have the most data they are the only one in the near term for children and adolescents. the others are not deemed safe for those parts of our population there are more trials to be had but this was the highest bar that fiz her to meet, the high risk patients. the other two trials are lower bars and could show better efficacy than 89%. >> louise, thank you very much hopeful news there, louise chen with cantor fitzgerald. further ahead on the show, after staying out of the u.s.

amid the pandemic r overseas buyers finally returning to the real estate market we will take a deep dive when "power lunch" returns.

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hi, everyone i'm sue sue. here's your cnbc news update at this hour. at washington's national cathedral today a funeral service for colin powell the four-star general who became the nation's first black secretary of state in attendance, hillary clinton bill clinton did not attend due to medical concerns. george w. bush, and also condoleezza rice, and barack and mishl obama attended as well powell's son called him a great lion with a big heart. and former secretary of state madeline allbright called him the ultimate team player, one of the most decent people any of us will ever meet. under pressure from the union representing its faculty the university of florida reversed a controversial decision it will now allow three of its professors to testify and you

can buy a mona lisa. but it isn't that mona lisa. a very good copy of leonardo da vinci's master piece is being auctioned in france. it is more than 400 years old. it is so good the person who made it probably had access to the original it is expected to bring in up to $230,000 looks pretty good to me, doesn't it it looks just like it. >> sure does nft that sucker, right. >> exactly yes. that's exactly right, ty. >> she's still smiling there there she is sue, it has been great having you around this week >> it has been great see you soon, guys. lets he look at the markets. they are higher. they are off session highs the nasdaq briefly turned negative but it is back this the green by 20 points the s&p at 4696, looking to get

back above 4700. oil jumping more than 3% today after opec plus decided not to -- that's a grade of gasoline -- did epoke -- i will take the plus. decided not to boost yut put this week. let's go to rick santelli, he's tracking the action, you know where, the cme rick >>. >> that tyler. you know, we had some big data today. one of the areas i paid attention is year over year average hourly earnings up 4.9 it is hard to grasp exactly how strong that is let's look at a chart that goes back to 2006 prior to covid, 3.7, you see on the far left, that was considered super high because it was the high when you add in covid on right you can see we got volatile, shot up to 8%. 4.9 is a biggie. labor force participation

remained at 64.6 this is the opposite story this chart goes back to 1970 we haven't been at this level since the mid '70s that represents about 4 million people the difference between the 63 handle and the 61.6 we have post covid, we have got to find these people and put them back to work finally if we look at the two-day of tens down eight on the day, down ten on the week. i will tell you why. it is not because of the economy. those were good numbers. service sector was good. it is post fed looks like we are on pace for the lowest yield close in tens in six weeks kelly, back to you. >> amazing price action today, rick, thank you so much. lets he look at the etf flows over the past week the semiconductor seeing huge flows. buns you a $222 million in inflows. the socksy has attracted new

assets this year what drove the action? chip shortage, strong guidance by qualcomm on the 5g movement and an earnings beat by apple suppliers on semi. both etfs up 10% all this data comes from our partners at track insight. for more head to the ft wilshire etf hub. up next, dr. scott gottlieb telling cnbc when it comes to the end of the pandemic, it's in sight. >> i think the bottom line is the end of the pandemic as least as relates to the united states is in sight given all the tools we have to combat this disease. >> what does it mean for your investments? it could mean no more indoor biking, no more ordering food, and a lot more treeing. we will break down the action next

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let's go several of the sectors now, beginning with the major airlines, perhaps one of the hardest hit during the shutdown of course they got lots of federal dollars to help. surging today as the u.s. plans to lift restrictions on foreign travelers coming into the country that happens, i believe, on monday. phil lebeau taking a look at the airline names. phil >> tyler, it does happen on monday that's one reason why you see the airline stocks having a heck of a move today. we will so you the four that have exposure to transatlantic routes all up anywhere between 4 and 8% today. the travel rebound has three components to it you talk about the europeans coming back in, the vully vaccinated, even the unvaccinated if they have got a test within 24 hours of leaving that is negative

they are coming in starting on monday european travelers beginning on monday flights are booked completely packed over the next month and a half the u.s. reopening trade here. and corporate bookings are increase when you look at carriers that don't have transatlantic exposure, but are primarily domestic travel, they are up as well today this is a relief rally for the airlines one negative note out there, look at jet fuel prices. it continues to be a concern not enough to keep investors away from the airline stocks today but certainly something the airlines will be watching closely. >> i pookd sobooked travel for holidays today the prices are so high because they are so full now you have got foreigners coming in. are americans going out? >> they have been going out. and they are increasingly going out as the pandemic has eased in europe what's changed, and what will

change over the next couple of months is that we are now allowing fully vaccinated and as i mentioned even some unvaccinated europeans will be able to come in here huge game changer for those airlines with transatlantic routes. >> phil lebeau reporting. casinos are also higher today some of the groups soaring more than 6% the likes of caesar's climbing over 1,000% from pandemic lows contessa brewer has more >> what a difference a day makes. casinos rebounding from broad losses yesterday, kelly. ceos have been down right bullish on their earnings calls about the sustainability of the pent up demand they are seeing on the las vegas strip, both caesar's and mgm resorts broke quarterly records in a key profitability metric, that was in spite of no international travel and convention and group business being suppressed. what we have heard from caesar's is conference bookings for phu

outpaced 2019. and of course international travel is resuming as phil just told us. what is restraining caesar's at this point the ceo wasn't blaming delta infections it is the shortage of guest room attendants forcing a cap on occupancy mid week regional casinos, similar story. bally's and boyd's and churchill downs broke records during the third quarter. there was attendance from hurricanes in the south, fires in the west. penn reported a decline in older players and dragged down its bottom line. up today we will see whether a pill for covid helps people refined that gaming pent up demand they may have lost during the pandemic. >> how much more catch up, if we

want to call it that, do the casinos think we can experience here are we already close in some areas? >> they are over it. almost to a t, they are experiencing much higher business margins, much higher visitation, much higher spend in dining and gaming than in 2019 so they have surpassed what was their normal before the pandemic started. >> amazing contessa, thanks contessa brewer. retail having a strong comeback this year brick and mortar actually fighting back against the digital disruptors even the mall operators. while brands were able to switch on line, the mall operating names, they struggled. but they are climbing today. courtney reagan is on it, digging into those stocks. >> hi ty shopping centers are among the first retail subsector to report their quarterly results this week they are painting a rosie rebound, and a hopeful holiday season to come

today's pfizer news pushing those shares up even further kimco gaining 6.5% this week traffic up 5% from 2019. occupancy increased to over 94%. face roy up 24% in a week, with traffic up 95% from 2019 the mall operator reports retail sales are exceeding levels with double digit gains compared to 209. it also says retail demand is at a level not seen hins 2019 tanger up 30% in a week. its retail sales increased 13% compared to 2019 hitting all-time high sales per square foot. that's after losing tenants that made up about 1 million square feet during the pandemic simon property group shares up 2.5%, nearly 16% this week that one is widely regarded as the top mall operator. it said this week that mall

traffic is still reaching prepandemic levels and its retail sales are up 11% from 2019 43% from 2020. that's really without much of that international tourism coming back, which is particularly important to a lot of those outlet center that simon owns. >> these numbers -- the weekly gains in the stocks are as high, and people are going back the malls. it has got to be a phenomenon here, not just a pent up demand, a phrase we use a lot. i think it is the social -- people want to get out. >> yes. >> they want to go touch the merch. >> i was just going to say, that exactly. sort of low hanging fruit for a place to go, a place to gather, right, something that's not on line on line shopping can be sort of eye numbing at some point. you want to see and touch and feel the fabric. we know particularly younger shoppers really still like the in-store experience. >> yeah. i don't miss malls but i guess a lot of people do i like to shop i really do.

>> you do like to shop, ty. >> you know i do i do >> i do. i know. >> have a good weekend. not everyone is celebrating good news today. stay-at-home stocks which reaped the benefits of the shutdown, the online shop something everything else court thee was describing they are getting hit hard this is the cherry on top of the problems they have been experiencing this year kristina partsinevelos is covering those for us. >> covid hasn't let up, these stay-at-home stocks have the newsiest of the pack, peloton. we had an eps miss, revenue miss, it slashed its annual revenue per share list cut subscribers and profit margins. in august the company hurt privatability by dropping bike prices by $400 the company warned it is about short-term pain in order to gain market share in the long term. we are getting off the bikes getting off the coach.

shares of cocue doesn't over 4% on an earnings beat but hardware fell flat. and remember you hoarded some soup shares of campbell's down 4% on the month, down 15% year to date while many want the hybrid work model to say shares of zoom are falling. down over 7% today alone switching gears, we have got health care company teledock that has plunged this year, down almost 30% despite posting a record number of telehealth visits in q3 lastly, shares of online education firm chegg they plunged after the company raised concerns about the health of its business. earnings showed students who focused on education during the pandemic are heading back to the

lucrative job market is this we are looking for them in the labor force participation trying to determine whether anyone who moved to the sidelines comes back in. maybe this has not been the start of the trend but an acceleration of it the stay-at-home winners are being take tony the wood shed. >> some would say not justified for certain companies like roku because a lot of investors were focusing on the hardware sales when everything else was doing well teledock, we saw the strongest number of appointments through their q3 there are some pockets of opportunity. and zoom as well this fact they are launching ads on their free zoom platform just within the past two days there is hunting to be going on. >> well said kristina partsinevelos. we have hit some names here. up next, with the pandemic possibly waning now, with some new drugs to combat it, we will look for global opportunities, when "power lunch" returns

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missing out an a world of opportunity around the globe look at indexes like the czech republic, saudi arabia, argentina and austria, all outperforming the nasdaq 100 even with this index sitting at a record high. here is richard bernstein. the ceo of richard bernstein advisors good to see you. why do you think people need to be paying attention to what's going on in these global markets? >> kelly, i think, look, we are -- as a firm we are either famous or infamous in terms of thinking there is a broad range of asset bubbles going on right now. what bubbles tend to do is make investors myopic, thinking there is only a small universe of opportunities. we have been telling our investors there are plenty of things going on around the world. people are ignoring them the graphic that you showed there are any number of

different cups, size categories and things like that that people are ignoring. >> ironic that you might say the nasdaq might number a bubble but saudi arabia looks great contextualize some of these countries where you are saying, hey, this is a fundamental opportunity here and not something that -- when i look at it, i think maybe it is a global liquidity bubble. >> i don't want to lead people to believe we have positions in saudi arabia we don't that's a generic statement that there are so many things outperforming. but where we do have positions and plenty of weight in our portfolio is in things like small cap and mid cap companies in developed markets around the world. they have been performing very well and it is very fundamentally based. a lot of people have talked about how europe and parts of asia are cheaping than the united states. but what very few talked about is the fundamentals are improving there, too if you can get cheap assets where fundamentals are improving

historically that's been a pretty good combination. >> let's talk a little bit about where the bubbles are right now, where you see them, and what usually happens when people invest in a bubble. >> so, tyler, i think the bubbles are all over the place when you have pro football players endorsing cryptocurrencies and mayors endorsing cryptocurrencies bubbles -- people use the word bubble too often but bubbles pervade society. they go outside the financial market and i think in a lot of cases right now we are seeing that pretty clearly, that bubbles are pervading society. so what happens? i think one has to step back and take -- differentiate between the bubble and the investment opportunity and the economic story. so let me give you an example. if you go back to the tech bubble in '99 and 2,000. there were lots of promises made how the internet and cellular

communications were going to change the economy. in the next decade, they did they completely revamped the economy. but if you invested in nasdaq in december of '99 a full four months before the bubble peaked, you didn't break even for 14 years. i'm going to get there aren't too many people investing in cryptocurrencies or in technology and up ovation and disruption today who are saying, i will break even in 14 years, that's all good. that's not what they are thinking they are caught up in the stories, not in the valuation of the assets. >> rich, where would you have people invest then whether it is in the u.s. or other. boil it down what do you think are the top five best opportunities right now? >> kelly, i would put at the top of that list -- i am kinds of alone in this country. i think commodities are very attractive if you look at just where any number of investors are investing, pensions, endowments, foundations, family offices, everybody, are they allocating

more to venture capital or commodities. clearly, venture capital i think if you are looking for longer term returns it is not to follow everybody else, it's to look where capital is scarce i think when you start looking at commodities, you think about the supply disruptions and everything else that's going on there is a fantastic long term investment opportunity in the supply side infrastructure. >> where else? >> look, outside the united states if you are looking at commodity related emerging markets i think there is opportunities. i mentioned small cap and mid cap in develops markets i think there is opportunity even in non-u.s. high yield bonds. now, there have been some issues there, first to admit that but i still think if you look at default rates, you look at spreads, a lot of different things, high yield outside the united states are atransactive relative to high yield here. a few i would suggest people look at. >> i see the theme, commodities.

>> commodities >> richard bernstein, great to see you. a big week for chip stocks vanx, semi, etf. maybe that's one of the bubble bernstein is talking about 11% up this week and nvidia should buy trading nation will discuss that next power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools, and interactive charts to give you an edge, 24/7 support when you need it the most. plus, zero-dollar commissions for online u.s. listed stocks. [ding] get e*trade and start trading today. never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade [ding] and start trading today. i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software

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you know what that music means. it is time for trading nation. breakout for semi stocks smh etf, 9% higher this week qualcomm's results and bets on the meta verse helping to lift the chipmaker area nvidia adding $140 billion in market value just since monday let's discuss with the trading nation team. craig johnson and john pathitis. what do you think about the group? is there plenty of tailwind behind it?

>> you have two issues going on. the top down macro where higher correlation to rising interest rates in growth stocks selling off. i think that a will continue wih covid news and the fed signaling to raise rates before the end of '22. looking at the bottom up fundamentals the themes are strong 5g, artificial intelligence, the meta verse, cryptocurrency there's so much end market demand where the capital is flowing to where these guys sit in the cat bird seat for. >> craig, they show me the charts i assume you can explain them to me what are they telling me >> absolutely they show you the picture of how

strong the fundamentals are and breaking out to new highs. smh chart is the midpoint of the lock term upward trending channel. as a person who likes charts this makes sense and then drilling down into one stock right now we own nvidia on a great run. too strong for me to step back and buy it but look at broadcom. looks like it's had a good entry opponent and should be bought for those looking to add exposure to the holdings. >> quick answers if possible it's not a simple answer is this a sector that you should buy the sector or individual names in it? >> i would buy individual names. >> john? >> yeah. i would buy a smattering of guys

with different nuances so i would buy a basket of them. >> thank you for your insights today. for more head to the website or follow us. is the real estate market about to have christmas in november we'll explain what overseas buyers could mean in a moment. >> and now the latest from trading nation.cnbc.com and a word from our sponsor.

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matching your job description. visit indeed.com/hire welcome back the real estate market in the u.s. could be more cut throat as foreign buyers eye major cities. robert frank is at a condo building in manhattan. >> reporter: if you look at the cities like new york, moiami and los angeles overseasbuyers are an important source of demand. the pandemic changed all of that looking at sales to overseas buyers they fell by more than

half since 2018, due to the travel restrictions and because before that the chinese buyers had stopped buying or tailed off why this time it's europeans, probably germany and uk among the largest. in florida it is fueled by the brazilians and los angeles brokers say the main demand from the wealthy in the middle east >> we're expecting a flood of buyers across all markets in the u.s., and the international buyer will be coming east to west and west to east. >> reporter: now the big question's whether there's enough supply at the right price for the foreign buyers they like new development and they like large spaces but in new york the big penthouse and the big spaces see bidding wars. this apartment is in midtown in a brand new high-rise building,

2700 square feet three bedrooms, three baths, price tag $9.7 million brokers say given the interest they get from overseas they're likely to get at or near that price. guys >> wow so is canada the new china >> reporter: yeah. tyler, it is interesting for years china is by far the largest buyer in the u.s. by a multiple of two or three right before the pandemic because of the fall off from china and the growth in canada the canadians buying in arizona and florida, canada is tied for first. we'll see what happens now the europeans are back and whether they buy and whether this florida there's much left to buy. >> i want to do a segment with robert through the manhattan skyline telling which buildings are what these days. i don't recognize anything anymore.

you could name them all. >> reporter: this one you can see the chrysler building. but to the right we have five giant towers sen central park brand new and just appeared why it is a brand new skyline and the overseas buyers love these views. >> looks gorgeous. have a great weekend put a hold on that one for me. thank you for watching "power lunch." >> "closing bell"ing starts now. welcome to "closing bell." i'm wilfred frost at the new york stock exchange. the s&p up for the seventh straight session. >> happy friday. i'm sara eisen we start with promising results from pfizer for the covid anti-viral prompting this response earlier. >> i think the bottom line is the end of the end of the pandemic relating to the united states is in sight given the tools to comba