the dow. the s&p is also not really taking it on the chin as much as the dow, but down a bit. the nasdaq diverging and it's actually up ten-year still below 160. that will do it. it started out as a friday and ending on a friday, which i'm happy about. make sure you join us next week. >> have a good weekend >> good friday morning i'm here with david faber. cramer is finishing up his week at one market in san francisco austria is facing a covid wave, and announces a fresh nationwide lockdown. germany will not rule out one of its own. that's the biggest one-day drop

since march of last week >> plus ford continues to target tesla, the auto maker, looking to significantly boost its ev production by 2023 >> retailers like macy's williams sonoma are moving lower. what do we make of austria and they will not say a lockdown is not coming, either. it's silly these are outlier countries, because there's been no vaccine mandate. it's easy to create a mandate. it's like, book. the whole country is almost

vaccinated. that's why you're seeing a correlation, and why the pfizer news today on the fda is so important today, david. >> yeah, you continue to wonder at what point will -- it will always be with us, unfortunately, but obviously there's boosters out there, but what we have talked about these antivirals will be available potential quite soon they submitted the ua, so you do wonder will they scares go away,

in the sense of yesterday, covitt will be something that never is going away fully, but something we're dealing with and dealing with effectively, of course, for years to come, and therefore not going to react this way granted when hospitalizations are up, these countries do field a need to act. >> these are countries with freedom of action. tells me that these are short-term in the end the central government wins why? the central government said, this is it, we're done no more of this. our country is in the middle we went with a federal system where the states had more power

than anyone believe, but you can put an end to covid as a life-threatening flu and make it into a horrible flu that's very infectious, but not if you have people that have the boother dr. gottlieb has said, get the booster, and i think he felt there was a strange you've already had two, so a third is fine, but our government didn't say that know what's happened in some of our states, i'm not buying it one bit. what an opportunity, carl, because of austria and, i don't notice, some provinces in germany that are resistant, as they've been since the country was created. >> it's a good point between the boosters and

antiviral it is, as david points out. so what do you buy do go into materials, travel what's on sale today that looks interesting? >> i think travel is good, retail is great. the american consumer is amazingly strong, it's just a fantastic opportunity. i think you pounce on it so you pound some today, some next week. remember, costco had no problem with margins, whatsoever you can make fun of me all superintendent, i'm going back to boeings

after three upgrades, i'm confident something happens. >> yet you haven't sold it >> he doesn't know how to quit. >> i don't know how to quit you. >> i'm not a quitter i know i feel like the detroit lions, but i'm not quitting. last name bloom better had a peek on how the max is turning out to be a huge success story >> i think dalles lune is getting much more engaged and involved there was an amazing lawsuit against boeing, and talked about how weak calhoun was i find that boeing has gotten its act together when it gets back in, it will go much to 50, and boeing will do

an equity offering this has been the scenario i have traced out for three months so far it's -- the one i've gotten right, you must most fascinated by, have you seen what ford is doing i mean, this is incredible we have two fords doing well bill ford with the sierra space, which is a anti-china defense play, and then -- 6.7 going away. >> and why not, right? no, you're absolutely right to point to it. >> this and apple are all bad for the current evs, i'm quoting adam jonas for that. >> it's not worth quite as much, and the balance sheet that you're pointing to, forewill

potential -- increase in production to 600,000. 600,000. you have told us so many times in very color much terms i wonder if he's gotten his attention. let's not forget what gm is doing. i don't know if you're in line to get the hummer. it does everything it's kind of a spacecraft. so i think gm is doing quite well, too. the difference here is jim farley, i think he's going to have to figure out how to get this valuation with ev and david talks about it's bigger than ford it's bigger than ford. farley has had the it's bigger than ford. he's done with that. he's taking no prisoners

it was bill ford who was talking about the long-term big model for autonomous it's going to be a subscription modding, where you will use a car briefly, which had not have a pedal or steering while. that's jonas' point today, too, if this works out long term, that's not good for the ev makers as we know them, and then you throw in a katy talking about the service -- remember, apple was never first. indicate makes the great case, remember blackberry? all these pioneers will have arrows in their back, and that

somebody that knows more is jensen huang. >> here we go. >> what? what >> nobody is going to be in a car, because they'll all by in his omniverse, where you can travel however you want, wherever you want, and you don't have to leave your home. that works out well. >> remember it's omniverse. >> i said omniverse. >> i wanted to be sure, i thought you went meta on me. >> no, i did not. >> the problem is your avatar may be smarter than you are. i want to find out whether your avatar is necessarily smarter than you are, or can you program it it to being a little dumber than you are so you're not embarrassed by your avatar? >> carl was talking about autonomous fleets of cars, you'll have a subscription hood plan is for a subscription, there's what i read.

$1,000 a year for your avatar? >> look, if you're mcdonald's, already and wake them up, you say, how many people can replace with avatars we have not seen yet an avatar who can make fries, but i do believe that's one of the things i'm going to discuss when i'm out there with jensen. his avatars could be versed in shakespeare, but also flip burgers. >> i don't understand what you're talking about. >> avatars -- >> what are you -- all right wait a second. >> your point is you can't eat digital fries. >> i don't think so, but he seems to be indicating otherwise. >> no, what i'm saying -- >> you talk about somebody making burgers and fries. >> because he talks directly -- in it's unbelievable keynote

replacing people, 4 million people left the workforce. he is jay powell's best friend or maybe lael brainard. >> how does a digital avatar make french fries that i can eat at mcdonald's. >> the avatar takes orders >> see, i'm going to nvidia, and i want to find out where the av avatar, what stumps the avatar say the avatar is on "jeopardy." i think that college students could be crushed watson would be ridiculed -- do you use watson when you do your fantasy lineup >> no, i haven't used watson i am trying to understand it and i look forward to what may i said up be the most important

week of incredible interviews. maybe i eat get some answers he invended the helicopter he's talking about 2040 as if it's tomorrow, and we don't do that he has managed to basically put himself in a time capsing that goes forward. >> remember, it's zuck versus

zook >> he runs that company known formerly as facebook. >> nike is on fire here, even though the last quarter was not good, and footlocker was not special. >> i was going to say, the supply chain issues from footlocker, gjim, from ross. >> i happen to like dickerson very much. that call basically said, listen, we left 300 million on the table because of supply chain, and in the last few weeks it got worse what it got worse, what, like last thursday the granularity is frightening it made my feel like they'll make it so micron will do better because there's a shortage of capital equipment. the amac was a bummer versus palo alto. >> all better in the metaverse

french fries all you want. unlimited french fries in the omniverse. >> that's not what i want. >> yeah. take a look at the futures we'll get to more of the calls today. the earnings prints, house voting on hr-5376 after that long speech from mccarthy last night, and more on pharma as we look at the fda boosters back in a moment 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 built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv! manage my customer list? can do. will do. high thryv! post on social media? hash-tag high thryv my friend!

get a free demo at thryv.com. so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go!

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we are one week after from black friday helped in part by macy's gain, 21%. you talked to gennette. >> yes i think this is a reversed engineered amazon. david, stay focused. you may want to dispute it macy's has a brick-and-mortar stores maybe they won't be closed, some could be used for web service. they want to curate third-party companies. david, i'm talking about a macy's web services, and you can separate and macy's omnichannel

from brick-and-mortar, and what is the price of the stock? so it's obviously available to other companies, wrap omnichannel is specific to macy's, but you put them together >> i was shocked at exactly, exactly how willing jeff gennette was willing to say on "mad money" that this is definitely a possibility i see people buying the stock back -- >> it's the omnichannel behavior of the customer. that customer is going to be respected at all costs so, you know, the board, myself, you know, our advisers, we look at this all the time with the value that the market is putting on e-commerce, we

needed to take another look, so bring in partners, a great third party, they're going to pressure test this, work through our analysis we don't have any conclusions, but we'll be transparent with the market about where those findings take us. >> could he be more leaning toward what i call the macy's web services model, david? what does that mean? >> they are very well known for advising on restructuring opportunities, but certainly they would be -- they're certainly a firm you would have taking a look at this. it doesn't mean they're going to do it. it's possible they'll saying there is benefits for staying together, aren't there >> there are jeff is realizing he sees amazon and realizes that amazon is

vulnerable, that if you can have a company like macy's, which is a great national brand name, doing so well on omnichannel, why not open it up to everybody, and make it so that amazon is -- look, we go to amazon, and you hit up something, you have five adds for five things you don't need, and voila, there it is da david, aren't you embarrassed. >> you do have to look carefully. those are oftentimes sponsored you need to look through it. yeah, that's true. >> i think it's all, all basically the realization be jeff gennette that amazon has junked ed -- amazon has made

the public doesn't like it as much when it comes to retail. >> interesting not an amazon killer, but one that could maybe coexist, swim alongside? >> you have to spend a fortune to go up against mazon, and macy's doesn't have the money to compete, but they might have it to compete in one niche market. futures have come off the early morning lows, s&p back in the green. we're back in a moment so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go!

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some of your premarket gainers on the ndx intuit will be up 13%. futures are bouncing back as the german foreign minister, according to reports, is ruling out a national lockdown. opening bell in just about five minutes.

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>> announcer: the opening bell is brought to you by - all right. let's got to the last mad dash of the week. you can't get enough of ford, which, by the way, has a bigger market cap han lucid >> and they're retiring notes, but it's a trojan horse. what i really need to talk about is rivian. the stake that ford has in rivian is a trojan horse they're not friends with rivian. farley is not friends with

anybody -- we make with "squawk on the street", but we're getting -- we've had a tremendous destruction over the last few days, with the exception of intuit, and it's happening in a sector. when you have a company with low debt, that can take its rivian stake, you have to wonder, david, do you want to just hang there as if it's no problem? you have the largest -- second largest -- wants to sell david, you can't just -- can you stay in rivian and be oblivious to that? >> you say they want to sell do you know that for a fact? >> yes. >> is there a plan to monetize it >> we don't know that, but yes, i know they want to sell they are not colleagues. they are opponents >> okay. okay it's a lot of money. >> that's great insight. that is big. no one knows that. i'm just saying.

whatever >> let's get to the opening bell here the big board, it's a beauty company coty selling its investor day a bitcoin mining company celebrating its recent ipo jim, bitcoin, 57k, getting awfully close to a bear market interestingly robinhood, whose fortunes have been closely tie to do crypto, gets a catalyst of sell call over at deutsche today. >> i thought that was unbelievable talk about beating a dead horse. yeah, their business has shifted radically to bitcoin as high as the sierra space system that atlantic is backing. what is shocking to me is the people who own crypto, they never acknowledge it's even going down when it goes down

i think to them, down is up. [ laughter ] >> i thought for the mad dash, you probably would want to do workday. >> you can't wait until the end of the show to do that do it now. >> you're right. >> we thought the stock would ultimately be up today i'm reiterating that i think it can be flat. they had the strongest quarter they've had in the last three years, but people don't know what they're doing, and they're selling the stock. when they realize it was the strongest quarter in the last three years, they'll come to their senses i think that was the biggest problem, david we've had a lot of company upgrading in the quarter there's a chip shortage, for heaven's sake. how is your stock down in a chip

shortage i do think that tech that's down is very interesting. i like tech that's down, and i like intuit, that's not tech that's an avatar for everybody >> again, as provening -- what is that? >> it's the dhow 200 billion club, big deal you've got -- the only company that bridges b to b, and b to c. but not intuit intuit -- i use it at every single aspect of my life well, it doesn't make dinner

credit karma, david. inch i hope the booth gives us a 20-year chart there that is double the performance of either the s&p or the qqqs. i find their products are uniformly simple to use. >> i may look into that. there's an endorsement of long-term investing, right there.

>> during that pertain tens of thousands of times >> how about -- >> yeah, look at apple maybe not today, but apple, how many times have people traded apple? >> i think that's helpful. obviously there you look at apple. oy gets it's gone pretty darn well there how about a 20-year of nokia. >> how about a five-year of intel verse amd? >> you're a big meanie in. >> now you're okay, now that

you've met with gelsinger? >> i'm not that cheap of a date. you can't do that. >> all right look at that. >> >> he gave me an award. >> it was for thinking thinking big >> okay, i like it >> guys, we want to go back to retail we talked about macy's far-fetched is a name, because of this potential deal, but far fetch itself, i don't know if you've seen it, it's been crushed, just getting crushed this morning we hadbush says, what did we learn? trend -- it means the last six weeks of the quarter must have

been slowing dramatically, specifically if they're running in line with guidance at the time the trend suggested that it slowed to only up 15% from late in the quarter to what had been up 30% assist i said very recently, though they didn't speak to it at all on the conference call. >> no, this is another one of those, it came public. >> i put it in the floss tsam ad jetsam category. david, there's no flywheel >> okay. >> you have to a flywheel. scale, total addressable market and go to. >> that's what i have learned out here

i used those terms last night in a bar. people thought i was a genius. >> they were like, really? i'll buy that. inch all i have in my head now is will ferrell saying i need more fly wheel. >> christopher walken -- >> were you drinking last night? >> i had a cocktail with someone from twitter, and i learned a great deal, including the restaurants i loved in 1978 i should not go back to. this is great. my information is 40 years old it doesn't hold up. >> you said yesterday what was going on with twitter shares we're basically back to the week they went public i cannot believe this company cannot rise to the -- can we

have an overlay of twitter versus snap? obviously tiktok -- it's going to be great for twitter, but it's now become a disliked stock. where is the benioff period? the benioff -- remember salesforce was going to buy -- >> yes, i do, very well. chilled my relationship with for some period of time. >> it's good you mentioned that. >> you're the one who mentioned it bit danc-- bytedance and tiktok starting to get aggressive now, yesterday the people who

rang the bell, coty, i think they slagged everybody remember, this is run by the person regarded i think as the king of consumer packaged goods stock, because of him. >> we've been watching activision yesterday with microsoft and xbox saying -- sort of questioning the relationship there, at least saying, whoa, we're not particularly happy with what happened there. >> wow >> sonny the day before that, i guess examines their ties, 10% of employees asking for bobby kotick's resignation, sake we think investors should expect a ceo change interesting that the board

immediately came to kotick's defense, and it does beg the question if he's able to maintain here. the board seemed to aligned with their ceo. would love to hear from kotick have known him for a long time would love to see more sense but right now, they're not communicating. >> by the way, we can't go much longer without mentioning jpmorgan. >> what as austria done? i look at the situation with jpmorgan and thinking it's a buying opportunity >> though we mentioned during the break the german foreign

minister essentially rules out a national lockdown of their own we did see at least futures come back a bit on that news. nasdaq a record high as well, microsoft once again is on a tear yields come down and people rush into tech. >> yes, they go to adobe, which isn't talked enough about. i find it over and over and over again, even before microsoft, of course they have no supply chain issues, no issues. i don't know why the stock doesn't get respect that i expect it to get i don't understand that. >> well, we have -- and we've all pointed to obviously incredible performance guys, something we haven't talked a bit about is spacs. it kind of points to things that are still going on, what was

still one of the biggest trends earlier in the year, rather than later -- >> uh-oh. >> you can't resist that don't know if you noticed, there were four termations this deals, double what we saw in october. automatic terminating their deals, talking about market conditions, inflation, and we spent a lot of time talking about the performance overall of spacs, those that have yet to announce deals and those that have closed, including pay safe last week, which i noticed had a three in front of it ever so briefly. there's a look at the spac deal. you know, that's the deal index. once a deal is announced, you can see where it stands right flow, below par. >> talked to greg mcfay about it yesterday also liberty announced their spac early this year. it's not an easy environment in

which to get a deal done he says it has been changing a bit from the speculative froth that sort of characterized this market earlier in the year take a listen. >> it is a competitive market. we went from a highly speculative period, where somebody would make a bit 40% higher to a market where it's very difficult to get things done i think seller are having to adjust their expectations, but ultimately i think that playing to our advantage. >> next week, jim, i think we have five spac deals for the 19th alone, today and/or into next week. it is still a market and a significant one. >> i was with one for dinner the other day, what are you up to? he said, i have a spac i said, really he said, yeah, a big spac. when and you have company with a road show, people would know you as being involved with a company. it wouldn't be like, hey, i have

a spac, pass the salt. it was never like that we've got a lot of companies, yeah, items on a menu for heaven's saying. >> right. >> i've been wondering when the price wars were going to end whether it comes to the gambling stocks. >> interesting still one of the great spac deals. >> right >> yeah. >> meantime, right now in the house, they have the votes to pass the president's $1.7 trillion build back better act let's get to ylan mui in washington >> that's right, carl. democrats are finally passing the signature social spending package through the house, almost straight down party lines. you can see lawmakers, democrats cheering and clapping as those final votes were cast. the final vote tally is 220 to 209. every republican voted against it, almost every democrat voted

for it the only hold out was jared golden of maine. he was unhappy about the increase in the -- but overall democrats were able to overcome concerns by moderates about the size of the package once the cbo score came out yesterday now, house speaker nancy pelosi did say the bill is fully paid for. it will not increase inflation of course, republicans do not agree with that ceasement. the bill now heads over to the senate where majority leader chuck schumer says he hopes to pass it by christmas however, we know that senators manchin and sinema have concerns so a victory today in the house as this bill -- the final tally is 220-209 passing through the house, but we still have an uphill climb in the senate, and no votes to spare in that chamber. guys >> i wonder what you make of the cbo score yesterday.

they say about $367 billion in new deficits, but others argue it doesn't account for better i.r.s. enforcement, even larry summers say treasury is being too conservative in the amount of money that may be recovered if you reform the irs. >> this is a problem we would have once called a known known democrats were brace fog that discrepancy for weeks. they've done a lot of outreach to try to explain why cbo was unable to include really any of the enforcement money in their score, but also had a lower estimate than the white house would have for how much that increase irs enforcement would raise. it seems like they got that message through to the moderate democrats. we'll see if it's enough to convince people like joe manchin in the other chamber this bill will not add to inflation. that's been one of the hi major concerns. >> meanwhile, manchin asking for

more chats with brainard and powell that's getting interesting, along with the president getting a routine colonoscopy today. a busy day in washington hey, bob. >> happy friday. the dow is down 200, passage of that bill in the house not moving the markets, but travel is moving the markets. if you look at the time sectors, you can see a divergence here. those are travel related, weak moving down on the ten-year yield. tech is holding up all week. if you look at the divergence, tech is holding up, consumer discretionary holding up, bank and energy, travel stuff not this is why the s&p is up this week, but the equal-weight s&p is down is%, because a lot more stocks are moving down it's the big-temperature cap stocks travel is the issue here the data that mattered most, the peak travel optimism was november 8th, remember what

happened on november 8th that was the day the u.s. allowed foreign visitors to come in lufthansa has gotten killed this week, it's down 11%. put up the next full screen. it's been essentially a slow descent, since this marriott, delta, united, american all steadily down. peak travel optimism was around the u.s. allowing in international visitors, and then a dose of realism. same thing with oil essentially. oil is a proxy essentially for global travel. it peaked out right around november 8th it was, what, $84? now it's about $75, $76. and the exact same thing with energy stocks. again, november 8th, roughly around there was the time when

oil stocks peaked recently these are not dramatic declines, but high beta games. they all have descended since then finally, just want to make a note of a couple things, this is a monthly options expiration day. it's become a big event this year we have seen tremendous trading in 2021 around meme stocks, around the reddit crowd. we usually talk about quarterly expirations, but monthly and weekly options have seen tremendous growth in the last 7, 8, 9, 10 months. stocks with lie open interest, ones you would think of, the teslas, the apple also, the fords that are out there you said to keep an eye out on smaller companies, carl, where

there's been a lot of interest moves around in the last few months it's hard to say whether it will affect the underlying stocks at the close, but definitely more interesting on these monthly and weekly options expirations people have plead money this year, so far it's been a tremendous trade this year. >> as we go to break, time for the bond report. yields down pretty much across the board. two-year got down to 44 basis points inched up just a bit out of the headlines out of sdwrurmany. germany. but definitely taking.

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 built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv! manage my customer list? can do. will do. high thryv! post on social media? hash-tag high thryv my friend! get a free demo at thryv.com.

time for jim and stop trading. >> i have william sonoma on tonight. the stock is down nine i thought quarter was magnificent. this is one of the great reopening trades one of the great hybrid trades they are doing over your house your house can be your office, you go to west elm and more than 70% of their business is online. not hurt that badly from supply constraints. >> jim, i'd love to get your take on the house passing this bill this was a big one, the debt ceiling will remain another one later on this year, we think >> all of these are going to give you the great speed bumps you need to buy because the american consumer is the driving force, the most liquid i've ever seen why housing stocks go up

we don't talk about them enough. these are things accessible to people metta is accessible to people and invidia has become part of the lexicon and that's why i can't wait to make the pilgrimage to invidia right after the show is over >> you going to get some fries >> no, they're going to put me in a room with you guys and it won't be you and you won't be a wise guy, david. >> wise guy? really wise guy i'm going to be smarter? >> i'm going to program you to shop with me >> thalt's something that could only happen in the metta verse can you take home what you buy no >> who pulled from the metta verse? >> you >> about the only place i am going to be the host of

"jeopardy. oh, man, jim, again, i said it but i can't say it enough. you pointed this out many times. one of the most important people there is when it comes to technology overall and this important development we spent a lot of time talking about and will continue to just one of so many guests you have tonight >> palo alto's incredibly strong chip has done a remarkable job with esg i try to google everything. for i take about 87% of what he says i don't understand because he's so far ahead of me different. >> we can't wait to have you back at the desk >> can't wait to see you guys. thank you. good time. you know i don't like to sleep tuesday nights >> out at -- by the way, reminder as always, you can get

in on the new cnbc investing club with jim, use the qr code on your screen holding on to 4700 and the vix back below 18. competition beat us again.

how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. so, you want evs, you have come systto the right place.orld. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go!

♪ good friday morning. welcome to another hour of "squawk on the street. morgan brennan has the morning off. got a fresh high on the nasdaq but overall, a little bit of risk off, as austria does a new lockdown on covid waves. we're watching d.c. as the house passes the build back better bill >> and we're 30 minutes into trading. here are three names we're keeping an eye on. we'll start with footlocker. down 12%, despite what was a beat on a both top and bottom line, they warned they expect global supply chain constraints. and the high-end retail

platform, giving a weaker than adjusted earnings guidance it did seem to get particularly weaker as it went on and you can see shares are down and down almost 40% year to date. finally, one name up this morning, shares reaching a new record high just after that company topped earnings forecast s we did know back and look at a 20-year as well. that was something to behold in terms of shareholders who have hung on. don't want to miss the ceo who will join "tech check" in the next hour. and austria set to enter its fourth national lockdown becoming the first european country to impose measures like that this fall announcing that covid vaccination will become mandatory beginning february 1 meanwhile, the fda authorized both pfizer and covid booster

shots for all adults today it's easy to walk in here and get a little nervous given what's going on in europe but we have a head start on boosters. and antivirals, we hope, will make a difference, if the wave comes our way. >> as soon as december they could be available interesting to see the move in moderna, which had not performed particularly well in recent weeks and months also news potentially on germany. there was concern that would a lockdown there, obviously a far larger country with a far larger, more important economy >> looks like the prime minister knocked down that idea meanwhile, broader markets let's bring in charles schwab, chief investment strategist.

a lot of moving pieces obviously, the covid element d.c., as this bill gets back the senate now does include a lot of things like a minimum corporate tax and a stock buyback surcharge. what do you think we need to focus on now >> none of those things are too surprising to the markets. we can't forget about covid. obviously, what's going on in austria is a bit of a surprise to see what's going on in lockdown this might be something we continue to see over the course of the winter. and while europe has a lower thresh old of restrictions, the u.s. could be more vulnerable over a full winter, due the lower vaccination rate >> so, that's the -- the dark view, jeff, is that a wave of covid would impede consumer mobility and consumer spengding.

meantime, you could have continued bottle necks in supply chain and that would give a whiff of stagflation if we got there, would that be a viable dip or not? >> i think it would be a viable dip. as we look to next year, we're likely to see some of the shortages become gluts even last year, with things like disposable gloves. we say disposable glove stocks sore and then come back down we know this is a common thing that happens i think that surge would be temporary and likely a viable fit. >> what is on your shopping list at this point? are yields to a point you look at financials? is covid moving in a direction you look to travel and leisure? where's your priority list >> i love to say financials make sense on a steepening yield

curve and higher long-term interest rates and that may still be the case longer term but in the near term, we have this uncertainty around, not only the leadership but membership this is like stacking the supreme court. that's like half a generation and president biden has a chance to sthak if we had so many open governorships. i think if he started, it would be slated in other progressive nominees and that might mean habond that might steepen the yield curve. but the potential to bank regulation may keep financial stocks from participating in what may be a normal environment for them >> that's a lot to behold. you gave us potential outcomes

or things to think about if biden does remake the fed in a more progressesive way do you think that's likely >> i think with five nominees, the chair, vice chair and three open governorships i think it would be surprise figure he didn't take the opportunity to move more progressive members into the fed. yellenival far better view and i point out a parallel in europe it was expected to harold a switch to more progressive attitude said. i thing this is an important longer term shift we have to keep aware of as we look at the fed membership, not just leadership >> and finally, speaking of rates, took a look at 10-year yield rates.

minus 46, which they argue is a level usually associated with wars, panics and it's led, in their view, to a period of froth in crypto and certain names in equities do you go that far >> there are plenty of potential bubble candidates at the same rapid pace we're seeing some of the other assets if you take a look at europe as their balance sheet rose and more money entered into the sigsm. that's not where you saw spacs, it's here in the u.s. where there's even less money being allocated in central europe or japan. i'm not a believer in that as the big fuel for the bubble. >> always good to get your take. have a good weekend.

>> lelt turn back to the fda and authorization of the pfizer and covid covid booster shots for all u.s. adults meg. >> hey, david. so, of course, extending the eligibility for both moderna and pfizer booster shots to everybody over 18, at least six months out from their second dose this after at least 15 states and a couple major cities essentially already did this the fda and cdc playing catch up to those states, as we're seeing cases rise in the colder seetzen. the cdc's advisors is scheduled to meet from 12:00 to 3:00 to discuss this and essentially giving the last step before the cdc director opens up these boosters to a broader population of people. this as they've criticized the messaging around boosters so

far. they say even people eligible and at high risk don't think they're eligible and haven't gotten booster doses that's why we only see about a third of seniors getting their boosters and says a majority of people in their nursing homes have not gotten their shots the hope is this will clarify everything and instill a greater sense of partnership and purchasing 10 million shares of -- i guess we're calling it pax >> we are. the pfizer drug is essentially the biggest purchase agreement the u.s. government has made so far in one foul swoop. that will be at the beginning of 2022 and that's on top of merks so, be very interesting to see

the recommendations for the drugs and how they start to get used >> on that note, they are a bit different. the pfizer drug requires you take another antiviral with it as well. whereas the merck is gist that antiviral. >> exactly the pfizer is given with a drug that allows it to break down more slowly. that could have drug-drug interactions hiv doctors are very familiar with it and that will be something folks will need to manage with the pfizer molecule. and has some questions about safety and we'll hear from the fda about the company and short duration and this will be interesting to see how the regulators look at them. >> that's certainly important, no doubt meg, thank you >> let get a look at the road map as we go to break, including

the chamber of commerce. we're going to hear from the head of the chamber, suzanne clark, about why she has to go to war >> and president biden expected to make his decision before thanksgiving >> and we'll check in with the port of l.a. on how they're dealing with the ongoing supply chain back log aranwhile, both oil and the 10 ye below the 50-day moving average.

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president biden is expected to announce who is his decision for fed chair before thanksgiving good morning, steve. >> yeah, and david, late-breaking news on this two democratic senators have now just come out against fed chair jay powell because of climate change this highlights the highly political and uncertain nature of president biden's fed choice. senator jeff merkley tweeting that climate chaos is a threat to our community we need a fed chair that recognizes the need for climate action and that person is not jerome powell. meanwhile, senator joe manchin, the critical democratic swing vote, who yesterday said he was looking, quote, favorably, on the reappointment of fed chair

powell, today wants a follow-up meeting with the other likely candidate. this morning on "squawk box. former dallas fed says he thinks they want braynard, but the white house needs to count votes. >> jay has a lot of friends on both sides of the aisle. they know him, they worked with him for a long time. for it's easier to go the powell route but they're going to try, in the white house too, go the braynard route. that's why it's taking so long it's a nose count. >> it's worth noting they joined the network of supervisor and banks to fine angs climate risk. it would open up a fourth seat to be filled on a fed board where he's the only democrat and a fed chair likely to be tougher

on bank regulation and more progressive on climate change. most see only modest differences. >> right something our viewers are very focussed on. help me on the climate change thing. you gave me two examples where powell has been addressing or trying to address on a global basis things that can be done to mitigate it. what behind this criticism that he hasn't done enough? >> well, you know, it's hard to think about powell going further in the current political environment. remember when he joined this group, he got a lot of blowback from republicans and they say look, climate change is not in the fed's mandate. i guess the idea being that braynard has spoken more definitively about the need to assess banks for the risk of climate change with the loans they hold and who they lend to that's a big thing as well, david.

they think he would be more progressive. but it's in the context of republicans don't see a need for this and powell has said and many other central bankers said the central bank is not going to be the head or in charge of what climate change policy is so, it's a very tough issue for central bankers. >> steve, fascinating. as the waiting game continues, we're going to watch with your help as we go to break, take a look at thebiggest laggards we're back in a couple of minutes. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

so, you want evs, you have come to the right place.

is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go! well, gas prices have hovered at the highest level they have in years and look into whether big oil companies are fuelling the spike. they own highway rest stops across 44 u.s. states. john, good to have you

let's start off on the big questions about supply chain and inflation and your own earnings call back on november 2nd, you called out those challenges. do they remain and will they remain in 2022 >> they will remain, they do remain now and i think we'll see them through next year we're fortunate we're two years into a transformation as travel centers. you saw what we did in the third quarter, and we beat to consensus. second quarter was a strong, if not stronger we're going to see these things persist, i think but we're doing a pretty good job and have a lot of momentum >> tell me about gasoline prices it does appear things may be moderating or in the futures market, in the futures market, it looks like things are going down a bit.

>> on the actual retail price on the consumer for the gasoline side, i think the is moderating and hopefully that persists. >> we talk an awful lot about ev here and i know that's got to be part of your future business plan maybe ait's part of your current business plan as well. what's that going to look like to have enough charging stations to supply the demand for the trucks and vehicles as well. >> we've been along the highways so, mostly big vehicles. range anxiety is the question of the day for ev you will see, in middecade, places like california, the proliferation and acceleration of the proliferation of ev passenger main cars. and what we are planning and preparing to build out is an infrastructure through a new business we're calling eta and

on the truck side, there's a little more time and a lot of big infrastructure kinds of problems and challenges that will persist for a while at least until the 2030s but you're going to see it happen on the car side for sure, with respect to ev and so, we're building out a plan and frankly, pretty excited about it >> that's interesting. there was news in the last week or so about patentsbeing filed that would eventually allow you to charge an ev in about the same amount of time it takes to fill a gas tank. i wonder if you think that's in the realm of the possible. >> we follow this very, very carefully. there's so much news there's so much out there. it's a little tricky to figure out the signal with the noise because there is so much that certainly could play out. the bigger question is can our national, nationwide infrastructure, the grid,

eevrlen supplemented by renewables, support the demand we have a massive increase in demand we expect to support cars and eventually trucks. i think it's going to take a bit of time toanc answer a lot of questions, including that rapid charging >> there's a lot of discussion at the white house and how they're eyeing the difference between oil and retail gasoline, asking to take a look. higher than what would be explained ordinarily by crude oil. says getting a 10% discount might be worth the president's efforts. >> i know there's been question about gouging. i haven't seen anything of that. what we're doing a decent job n the increase in cost we're

passing along and we're driving down our own costs, we can pass the relative savings to consumers. but that's a question worth asking and may be out there. s finally too, come back to ev, when you talk about a long-term plan and spend time talking about it, tell me what the main things you're trying to understand are how do we replace current gasoline stations with ev charging or do we expand? give me more sense and our viewers more sense of the variables you're trying to take in >> we're fortunate our sites average 24 acres along the highways we, therefore, we have the ability to allow various forms of energy to coexist from diesel, gasoline, and electric for us, the coordination of the various sources energy are not as much of a concern because

they can coexist on our large sites. that's one variable we don't have to worry too much about the big question is where do we invest capitol dollars on our site we don't want to get too much ahead of the market and not be good stewards of our precious dollars. on the other hand, we need to be prepared to embrace changes coming we focus a lot energy on them and make sure we get the timing and geography right over the next several years >> it's going to be a key thing, of course, as we continue to watch this rollout, so to speak. appreciate your time >> thank you, guys appreciate it as well. as we go to break, let's go to our etf spotlight bug, top three holdings include z scaler and palo alto new all-time high on this quarterly beat

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welcome back i'm rahel solomon and here's your cnbc update at this hour. in the last hour, the house passed the democrat's build back better bill, getting approved without a single republican vote voting was delayed last night by minority leader, kevin mccarthy, who gave a record eight and a half hour speech criticizing the bill and they say there are no more migrants along the belarus

border saying it is dangerously cold. a rare copy of the constitution selling for a record priegs of $43.2 million a group of crypto investors were beat out by an unidentified private bidder and sky watchers got a rare treat last night a partial lunar eclipse that was visible across much of the world. you have to go back to the year 1440 for a partial lunar eclipse that lasted longer i'm sad i missed it, carl. back to you. we got a week until black friday retailers are rushing to bring items to shelves ahead of the holiday season we're joined by the executive director it is always good to talk to you. happy friday thanks for being with us >> good to see you >> a lot of attention to an interview you gave a few days ago.

the headline, at least, was that the number of containers sitting on docks had declined by about a third. can you go into that and whether it's been sustained. >> and it has. since we announced a penalty scheme on october 25th, we've seen all import containers decline by about a third and the aging containers are now down 40% those have been sitting here nine days and longer >> so, what made that happen >> we've tried everything from diplomacy to collaboration, meetings at the white house three times a week meeting with the president, myself directly. but it was a number of levers we continued to pull and the work of port envoy and bringing all the supply chain stakeholders together but when the rubber hit the road, looking at this penalty and trying to get the cargo

segmented were really the developing facts we had to put thorn ground this cargo sitting here that is not needed right now it may have been a little late for seasonal products or early for spring we needed to start speeding the prod tookt market that needed to make it for the holidays, as well as parts and components for american factories >> so, tell me how that effects the coming weeks and months. i've seen some work done this week that says you can't count on real eleaf until, say, chinese new year, which, thankfully, comes earlier than usual next year. >> that's right and your reporting on the quarterly numbers very encouraging inventory is moving through the domestic supply chain. and santelli reporting -- and a little bit of a ramp up before

the first week of february in the early lunar new year second quarter, retailers are telling me they'll focus on replenishment of inventory to build the pipeline domestically. and then we'll probably pived into a more traditional peek season >> i can remember, obviously, you've done a number of interviews with us the "60 minutes" piece it's a while ago but i remember it seems when you were asked can't you go 24/7 and the truckers it felt like people were pointing fingers at each other is that still the case is there still an issue with the truckers has that helped solve some of the issue? >> i'm encouraged by the way everyone is pulling together we work 19 hours a day and with the surge, we've been working

early, crossing lunch times, as well as the transition to the evening gates starting at 6:00 we've had very few takers. warehouses work traditionally during the day and for truckers, 50% of our appointedments continue to go unused every day and 50% unused on the weekends. we have to get this orchestra of supply chain stakeholders on a similar calendar and that's going to take time >> if i'm putting together an analysis that we've hit peek supply chain obviously we've got the news from you on containers what's the most reassuring thing you could argue, given this has taken the entire psyche by storm? >> i think it's the fact we do have product in the pipeline and

on fulfillment centers and our port optimizer, where these bottle necks are in the supply chain, we're starting to see around corners so, we can anticipate what needs to be done before we start seeing stresses on the supply chain once again we can see upwards of forty days upstream before cargo gets to los angeles and that's a better planning horizon for staffing and machinery to get the cargo flowing. the cal endar of events is going to be crucial. >> and finally we did get an infrastructure bill passed not the one that passed this morning but the one that's going to direct funds to ports what are the plans what would you do and what will you do with the additional funds coming your way in l.a.? >> we're very encouraged we've got about a half a billion dollars of projects that are shovel ready

this federal money accelerates the work we're already doing we have what we need keep us going. now we need the federal level and state level to really move forward with thez projects, repurposing land, removing bottle necks and grade separation >> yep white house has argued that next year will be the first time we've spent more on infrastructure than china in about 20 years we look forward to seeing some of those projects come to fruition >> thank you it has been a rough week for the crypto, suffering what has been the worst weekly performance in at least a few months don. >> yes, sir, david we're watching what has happened since record highs bitcoin -- probably the most

important of all of them because of the sleer size of it. the next biggest is etherium down one half of 1%. i'm going to cycle it back to bitcoin. sgaevl,802, down half a percent. what we've seen is a roughly -- we'll call it 16% drop from those particular levels. according to market cap, that translates into market value come off bitcoin since the record highs just to give you context around the boost. etherium has been a huge out performer over bitcoin over the last year plus it's actually up on the day. 32-17 you're seeing. and rit not that mausd but such a huge gainer.

and by the way, that 13% dip translates to roughly $74/75 billion of market cap, wiped out of the etherium complex. for some of the other moves tied to bitcoin and etheefrium, you look at the grey scale bit coin trust, one of the exchange traded problems. and the strategy etf, newly minted, down coming up after the break, the chamber of commerce pushing back against the sec's lena khan we're going to talk to suzanne clark in just a moment dow down 230 although, s&p still above 3700 stay with us to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know.

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this morning the u.s. chamber of commerce sending numerous letters to the sec, saying it pose as grave threat and adding they're making a dratical departure from their mission under lina khan. we should mention we have reach out for comment and waiting for a response good to have you >> good morning. so, you're coming out guns blazing. what set this off? >> this community feels the stc is waging a war against us and it's time to fight back. you start with the executive order in july that suggested our economy was too stagnant, that we're anticompetitive. that's not the america i live in, not the economy you cover every day and we hear from ceos all the time that at the actions

against competition are having a chilling effect on activities. >> it's not the first time she's gotten tough condemnation. facebook tried to have her recused from some cases. are you asking her to step aside, to not weigh in on certain issues or something else >> look, this isn't personal this is about an independent agency being clear on their rules, clear on their process and understanding what the rules of the road are. are they actually an independent agency when you were covering a few minutes ago, that's not how the ftc is posed to be setting their agenda understand the rules of the road, who's independent, who's voting is it really true a former commissioner is voting, even though he's no longer at the agency rying to understand the process and reign in an over zealous

regulator. >> yes we haven't got comment from the ftc. they just ramped up efforts to clamp down on corporate crime and somehow linking the two. >> ridiculous business owners are great pillars of their community when they say we want to understand the rules of the road, the agency responding that they're criminals is ridiculous. 1800 companies that received letters, public naming and shaming and saying you haven't done anything wrong but i'm putting you on notice that if you do, we may skip due process and go straight to the penalty stage. that is not how you treat ethical, normal business behavior from 1800 companies >> and so, from a practical

level and to track where this might go, do you end up in court? the letters themselves obviously we're having you on, we're going to talk about them they're not unimportant. but where do you see this going? or is there, in your mind, a potential for a compromise with lina khan and the ftc. >> look we're not afraid of litigation but we're ready to do it we've litigated against over zealous regulators before. if we have to do that to understand what the playing field is, then so be it. >> meanwhile, we have that to watch and build back better going through the house. you've been unhappy with the construction of that bill for a while now. you have a statement saying it would hurt american business explain where you think it falls short? >> the bring back bad inflation

bill, it falls short in a massive amount of government spending you cover inflation a lot and you think about the fact that thanksgiving turkey is going to cost the average american $5 more than last year. imagine what it's going to cost next year. we are in unprecedented times. inflation is at a 31-year high this has to be killed in the senate and we'll do everything we can to get that done. >> i guess others might say look at larry somers, who has been utilized as a hawk on inflation for very good reasons but has said this particular bill isn't going to do much to move the inflation needle >> that's not what our economists are telling us and what a lot of economists are saying at this point, what are we looking at $150 billion in direct payments

and transfer payments and government spending. there's no economist in the world that doesn't think that drives inflation >> does that mean they don't support action on climate and health care and prescription drug prices and prekindergarten and so many of the things part of this and seemingly from the point of the democrats, would benefit the broad swath of american society >> i love that question. because the opposite is true american businesses, american communities, american families care deeply about all the issues you just mentioned and it's why they should go through a normal legislative process where there's debate and bipartisan agreement on some of the biggest challenges the country is facing this is not what you ram through on a partisan basis without research and debate and input of all the effected parties >> i don't mean to belabor this.

the actual infrastructure bill, you did support, passed with very partisan support and you didn't seem to complain then >> because we had the input, the debates. because for 20 years the american business community had been working with lawmakers and thought leaders and economists and experts to get it done there was a lot of participation in that process. >> obviously it's far from done. appreciate the guidance on both that and the ftc letter. appreciate it. >> thank you happy friday steve liesman is back. steve. >> yeah, david fed gvovernor coming out with some of the most hawkish statements he favors a quicker taper and quicker rate hike.

he says a faster taper could accelerate other steps by the fed. essentially he means faster rate hikes and favor as gradual reduction in the balance sheet one of the few fed officials to talk about what happened to the $8.5 trillion balance sheet. he says inflation is affecting expectations of monetary policy and he's concerned about the rise in inflation expectations says the committee could slow down or speed up the pace of the taper. he is new. we don't know if he's speaking but i will say there have been hawkish comments recently from other fed officials. charley evans says this yesterday, he could see 2022 for the rate hike in the summer. boston saying it's possible in the summer too and john williams, i reported 24 hours ago about this time

yesterday, says he sees inflation as more broad based. >> there's been a lot of fed speak. an interview with the head of intuit binatheopf e uregs t t oth think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪ tv: mount everest, the tallest mountain on the face of the earth. keep dreaming. [coins clinking in jar] ♪ you can get it if you really want it, by jimmy cliff ♪ ♪

[suitcase closing] [gusts of wind] [gusts of wind] [ding]

as we go to break, take a look at roblox 24% in about a week as nike announces their contribution to the metaverse and the virtual world. earlier the week morgan stanley went to a 150 with bold case 230. we're back in a minute

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offices may still be largely empty and plenty of billionaires have upped and moved to florida but the power lunch is returning to manhattan or so says our robert frank who has that story for us robert >> well, david, as you mentioned less than a third of new york city office workers are back in the office, but the power lunch is back in full swing. the dining rooms of the elite like michael's, the grill all filling up again prime reservations at 12:30 are now harder to get along with those prime tables but the pandemic has brought some changes hybrid workweeks means tables are packed on wednesdays but

emptier on mondays and fridays the groups are smaller, more tables per two rather than three or four. many executives still prefer to be outdoors rather than indoors and managers say more power lunchers are actually drinking again. so, there's that there are fewer restaurants in total to choose from new york city lost about 2,000 of its 27,000 restaurants during the pandemic and the young elite are creating some new alternatives like zero bond, that's where new york mayor eric adams celebrated his victory. but the biggest challenge right now is staff for these restaurants. new york restaurants and bars still over 100,000 employees short of what they need. that's according to the restaurant association many top restaurants not opening for lunch quite yet simply because they can't find staff. right after this, i will be heading over to be live this afternoon from one of the premier power lunch hot spots, of course, on "power lunch" in

the 2:00 hour. guys >> as is fitting, robert enjoy that stick around right now because we want to pair the power lunch with a power wine. wine spectator magazine is out with its wine of the year and joining us with the exclusive reveal is senior editor james molworth we had you in the past and always like to see the bottle in person, this time we have to do it remotely. what did you guys decide >> we did pick a wine this year and we are doing it remote and coming to you from our office in napa, i'm in the cellar. as you know we've done this before, it takes us a full year to get to this point and this year our editors tasted over 12,000 wines and we're now widdling that down to the top 100 based on score and based on the price of the wine and based on the number of cases made and then, of course, the x-factor come is the story behind the wine i think we have a great wine this year that has all of those combinations and factors

together which is something very exciting >> do you want to actually tell us what is behind curtain number one there? >> i do want to tell you little glare because we wrapped it in pure gold and this year we have selected the 2018 napa valley this is a napa valley blend and christian is an absolute legend. he has a 50-year career which started in bordeaux and and in the early 1980s he came over to california and bought into the historic napa vineyard and by 1995 he was the seole owner and this wine hits a new level at 97 points front line pricing is $269 a bottle and 4,000 cases made and the exciting thing about this wine it comes from a dry vineyard and everybody knows how

difficult it is to get water in california these days and to dry farm which means no irrigation is a very difficult choice to make you have to make it early on in your process of making wine. he did that back in the '80s and it's paying dividends today with this >> james, it's robert frank. when you look at the wine market, especially the high end of the wine market right now it's just bonkers. southerby's just sold a bottle in paris for $400,000 that works out to $2,000 per ounce. a lot of this is driven by online bidders and younger collectors coming into the market how do you see online changing the market is it growing the market or bringing in new buy snrz. >> that's a good question. not sure if these are new buyers and i wouldn't say it's canbleizing because a lot of those wines that are in the option market were already released if not recently then they're buying older bag v

vintages this is a wine that moves around the world and gets widdled down bit by bit always world class wine coming out and they release new wines every year the supply gets replenished. you know, it's kind of like the art world or some of these things i think there is cash in the marketplace that is being thrown around and it's understandable >> right james, thank you for the reveal. robert, enjoy your power lunch i'm only a few hours away from pouring some wine myself that will do it for us on "squawk on the street. "techcheck" starts right now. good friday morning. welcome to "techcheck. i'm carl quintanilla big question this morning, is it time to ring the register? new words of