we appreciate your time today and good luck for the rest of the year. >> thank you. >> nice to be here with you today. >> i think i'll be back tomorrow. >> not bad here. thank you for watching "power lunch.." >> "closing bell" starts right now. ♪ welcome to "closing bell." i'm wilfred frost at the new york stock exchange. the major indexes back. >> welcome back. >> good to be back. >> i'm sara eisen. welcome, everybody look at what's driving the action investors are weighing the risks and unknowns with omicron, the newest covid variant the pfizer's ceo is confident the treatment pill will be effective against the strain president biden said lockdowns are off the table. tech is led by gains by the chip stocks and tesla twitter is in focus at jack

dorsey said he is stepping down. the social media company more on that ahead. a big show coming up as always speaking with fda veen advisory committee member dr. levy and president biden expected to speak this hour about the supply chain following a meeting with the ceos of etsy and kroger and more and speaking with the ceo of the mattel in that meeting. we have seen the early parts of the meeting already. let's focus on the big stories this hour. mike santoli tracking the market comeback meg tirrell with the omicron mike, what are you seeing? felt like things would bounce. >> yeah. there's a chance with the sell off hard in reaction to the variant news possibly

overestimated. today probably an i would call respectable bounce it is something to quibble with. getting back two thirds of what was loss on friday clearing the first hurdle of the 4630-ish area. the prior low before friday. we basically are within 3% of the all-time highs we did have a little bit of a stall in that zone so have to watch it very narrow. large cap growth stocks doing the work today take a look at what's happened to the inflation reflation trade in the last couple of sessions it's taken the edge off. the infl is an etf that tracks

beneficiaries. it is fallen apart that's the russell 2000 small cap. really suffering so you have to watch it. this is a little bit more of a shift. also on that score credit conditions little bit of deterioration. big selloff friday though no real bonds were trading. people trading the etf. not a critical level but certainly rhymes with the idea of more risk aversion filtering boo the system. >> peloton is down almost 5% and zoom video giving back the gains of friday. was the analyst take over the weekend, basically that the economic impact is limited that's what we have seen with variants >> probably limited.

diminishing with the waves and as the president said lockdowns are pretty much not in play at the moment and the friday price action was the sold out stocks that have been obliterated, the pandemic beneficiaries bounces with a video game al go rythymic effect. >> thank you see you again shortly. bouncing back on the s&p 500 turn to the virus. ceos of moderna and pfizer joining cnbc today talking about steps to take to study the new variant. meg tir tirrell has the details >> they sprung into action last week looking at the variant and the danger to pose to the protection of the vaccine. including how well the booster protect and assessing whether to

pivot to new vaccine constructs. here's what they told us about how quickly to do that if needed. >> i don't know if it will be equally effective against the omicron but i don't think -- i would be very surprised. if it is low enough within 95 days basically we will have a new one. >> to get a new vaccine made and actually approved by the regulators how quick can you kick up manufacturing and when do you switch >> the companies expect within two weeks to get that data about how well the vaccines hold up. mean while want to draw your attention to fallout to the travel bans. a key scientist in south africa who flagged this rick to the world tweeting just now that he went a big part of the day

talking to companies because they worry to run out of the chemicals to do this research as airplanes are not flying to south africa he said it would be evil if we can't answer the questions that the world needs about omicron because of the travel ban. guys >> it was good to hear from the ceos about how long to take to get a vaccine that can address the new variant but we know that it's much easier for government to put in place restrictions to remove them. what do you think it takes about information on the new variant for the governments the u.s. included to re-relax the travel restrictions on places like south africa >> it is a really good question. some have pointed out there is now a lot of spread or spread to countries that don't have travel bans here to the united states and yet haven't been cases

detected in cases around south africa with travel bans. if this becomes more widespread and thought that the travel restrictions aren't doing very much anymore and a time to lift this, otherwise it is not necessarily clear or if it starts to spread here and hopes it slows the spread down but it's probably here and haven't found it yet. >> thank you. twitter after dorsey the surprise news and what it means for investors and the stock. you are watching "closing bell."

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to receive $1000 off your kohler walk-in bath. and right now we're offering no payments for 18 months. twitter announcing today that jack dorsey will step down at ceo effective immediately the chief tech officer will replace dorsey the shares are down 2% lets's bring in the managing director at truist great to see you as always my first question is, how surprised are you by this? >> not surprised thank you for having me on elliott management which took an investment or made investment in the company almost two years ago and became board members already asked for it they were not too keen on having dorsey be ceo. two publicly traded companies and the performance since then,

last two years, is okay. stock is up but trailed the peers, facebook or snap or alphabet or trade desk not totally surprised. looking back at the performance inside i would say it's a worst performer in the coverage universe considering for eight years nobody made money other than employees and facebook's eight times back or trade desk at 50 time, et cetera. so it's the -- the performance called for it. >> is that the right choice? >> that's a $64,000 question we don't know. this new ceo is not a known entity to the street typically certainly had access to the cfo and the ceo but as a cto typically didn't really get a lot of air time

with investors or with sell ciders so he has anything to prove and hiding somebody from the inside tells you management and the board trying to keep continuity it's interesting see if that's what's needed or not. >> what is the problem with twitter? it is odd. we use it constantly we see politicians and everyone who's an influencer in the word use it why do they have a problem with engagement and user growth and monetization >> you said it it is about user growth. when it went public everybody looked at facebook as the company to emulate and facebook today is sitting at 3 billion users across the portfolio of companies and this is less than

200 million users worldwide. so that's on the users and engagement on the engagement side, by the way, looking at third party data the average user spends a few minutes on the platform. and that speaks to the product that speaks to the level of engagement the products warrant and just tells you up until now the company has failed to come up with that silver bullet product that gets people so excited as to engage with it more than just those two or three minutes in the day on the train checking the news and advertisers respond to that. >> so that raidsing the question how much does changing the ceo make a difference?

>> hiringing the cto to be the ceo tells you everything you need to know it is all about the technology and the product and unless and instead of hiring or trying to get the cmo to move up or the cfo this is the right move again, the new ceo still has a lot to prove they could go and hire a big hitter from outside but i think that would have kind of potentially destabilize the platform short term. i don't know may have been the right choice for the business longer term but we don't know. they reiterated the numbers for 2021 and 2023. that implies less acceleration in monthly users and interesting to see whether we see that

inflection that's needed to make the numbers and only then will we say whether this appointment was the right one or not. >> the stock reaction today is fascinating. david broke the news earlier and the gut reaction to sell and then the reaction to the announcement is higher and down 2% was there hope for an outsider, for fresh blood here what are you talking to investors about? >> yeah. the stock up almost 10% up one point. the news leaked but not the replacement and when the news of an insider came out in the company's press release that got people to go the other way and tells you that the street overall hoping for an outsider

to come in and assume this leadership role. now, the issue is i think it is interesting to see whether somebody from the inside institutes the top changes that are required to make here because the thing is around for a long time. the performance has been suboptimal to say the least. so they can't just continue on the same trajectory. they need doctor mattic change to the way the products are come -- you know, the speed with which the products come out and maybe the nature of the product. >> yeah. you mentioned the comps. thank you for joining us good to have you. >> thank you. we've got 43 minutes before the bell the comeback continue just the dow up about 321

the s&p up 1.6%. nasdaq up 2.15%. technology leading still to come on this show, the ceo of mattel will join us following the meeting with president biden on supply chain. plus we'll talk with the bio tech analyst about omicron variant and the treatmts tbeeno on your radar, those stocks. but the birds. they're back. yes, i hear them. uh-oh. why are these birds so angry?! at least geico makes bundling our home and car insurance easy. we save a lot. i'm going...i'm going. aaaahh! hurry, hurry! i know, i know! for bundling made easy, go to geico.com.

a claimed designer passing away on sunday after a private battle with cancer he founded the cult streetwear label off white and collaborator with nike and mercedes, ikea why he was at the intersection of the culture and the consumer for a few years. hard to think of a comparison. in 2018 i talked to him about the collection with serena

williams and nike and the queen line listen >> pushing fashion outside the boundaries of the paris runways or the new york fashion week runways to tennis centers like this or the local grocery store all day long and being comfortable and being in a style of the times is my goal as a fashion designer >> in a statement nike said he was a creative force who shared a passion for challenging the status quo, pushing forward a new vision while inspirings mull pl generations along the way he designed album covers for kanye west and had many followers in the nba including lebron james he was 41. very sad passing but if there's a takeaway from the tributes from the world and industry it was justhow much he accomplished in his very short, too short, life.

he really touched so many people. >> tragic and snuck up on people all of a sudden. >> dealt with it privately. >> may he rest in peace. it is time for a cnbc news up with rahel solomon. >> here's what's happening a the this hour. opening statements at the maxwell sex trafficking trial. prosecutors say she was an exploiter. she denies the charges. the congressional panel preparing another contempt vote. a former defense attorney with former president trump showed up to depositions this month and refused to answer questions. also considering charges against mark ma does. the pots delaying fines on

containers on the docks. postponing until next monday while the volume backed up in the port decreased the speed of their clearing slowed. wilf, back to you. >> thank you. after the break, the ceo of mattel with president biden and other industry ceos to talk supply chain issues will join us the 10-year bond around $1.53. we'll be right back.

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welcome back shares of moderna seeing a boost today on the back of the omicron variant news the company's making covid treatments are also a key area of opportunity for investors here to discuss is alethea young. big picture question is, is seeing another variant a spike up and get so much attention a reminder how long we'll be living with covid and how much demand is for all treatments and vaccine? >> exactly that's the point we have said before we think that the covid virus probably will be more like the flu. could have seasonality and exist many years to come and a business opportunity for

companies to keep innovating with science and infectious diseases. >> when you see some suggest that the part of the reason for seeing the variant appear is because the west, the developed world is hoarding vaccine is that a fair criticism? >> probably some legitimacy to it definitely there's a broad distribution of vaccine around the world but where there are vaccines available you see the incidents of cases i think it's more that the virus is mutating often and because we are not at herd immunity this is inevitable a lot of medicines are able to move faster. move and shape with this virus finally. >> moderna up another 11.6%.

do you think that it's justified on the idea to come up with a new shot to tailor to the new varnts >> yeah. across the board both the treatments and the vaccine players moved up i think it's fair. i don't think the market appreciated fully that this is an unfortunately evergreen business people want to think that covid is going away tomorrow but it is like the flu like i said and will deal with this and innovating and the market starting to appreciate this could be around and needed for years upon years in a significant way to boost probably every six months or so. >> friday saw a selloff across the board. is any noncovid related picks that soldoff on friday that presented a good buying opportunity? >> i always like platform

companies so companies that have technologies that are novel and new. one is anilum. and i think it's pulled back with the market but what opportunity lies ahead i think this is the next large cap bio tech companies out there >> do you cover adagio >> i don't unfortunately. >> they say that they have antibodies, treatment that so far what they can tell from omicron is doesn't escape it you cover the other antibody treatment companies. what do you think are the prospects with new variants? >> i cover regeneron and that for me is up today and not surprised because this is good support of why a prophylactic

market is needed people who are immuno compromised you should be treating yourself. this is why. people who are compromised need to seek a preventive treatment if we are fighting with that that market is significant. >> shouldn't we be there >> we should it wasn't approved and had to run a study. we forget like there wasn't a vaccine this time last year. a lot of these studies come out over 2021 and the reality is this is something to be a continuous thing to struggle with i think people will start to realize they may need to make sure they're safe and protected if you have cancer or ms.

>> is there enough production of these monoclonal antibodies? do you feel like the focus of the administration is so squarely on the vaccines that the treatments have taken a backseat and the time when we need them they're now being rationed again. >> the good things is some orals have filed for approval and easier to make than the on the bodies but i do think that the companies themselves for sure have put a lot of effort and capital of their own investment to produce as fast and effective as possible. they make sure that they try to make it as available as possible they exceeded expectations that i have seen on normal drug development with novel medicines available that are not pills and spent their dime and dollar to try to do this and hopefully the

government continues to invest as well. >> good to see you thank you. >> take care. here's where we stand. nicely higher. up about 300 points on the dow 1.5% on the s&p. president biden meeting with retail industry leaders to talk about the supply chain we'll speak with the ceo of mattel and head of stockx will tell us how the company fared in the thanksgiving holiday and if supply chain issues impact his business, as well. you alright? [ding] 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,

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. 23 minutes left of trading quick check on a slew of wall street firms with coverage on the stock. a mixed bag. neutral rating with concerns of growth potential a buy on the stock from piper. jim cramer talk about allbirds today. you can sign up at cnbc.com or point your phone to the qr code. allbirds mostly bullish chen tear and the idea is there is that you're growing fast and see the continuous growth and the differentiation on sustainable companies talk about sustainable but using sustainable materials does put them in a sort of

unique consumer position even if the stock did well on the ipo day. >> i think that speaks to consumer loyalty they have a core and able to grow it. but the bullish notes, it's years until profitability. you get some excited trading at the outset that will happen with others and then gives way to a realty oatly may be the best example. >> ran into other issues. >> the issues were flagged from day one. this is a much more how do you get your head around the valuation. >> it is not totally reinventing a sector like some ipos are right. >> that's right. they probably have a little bit of a defensible franchise as the 0 ridge rater of this shoe. >> it's sold at full price in

retail unique the first earnings report is this week. act 20 minutes left. up 300 points on the dow 2% on the nasdaq oil gets a pop retailers with an upgrade and twitter gets a ceo market zone is next. watch or listen to us live on the go with the cnbc app i promise - as an independent advisor - to put the financial well-being of you

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analyst of new travel restrictions and the impact on the stocks dr. levy will give us his take on how concerned to be about the omicron variant. we'll talk about holiday shopping and the supply chain with the ceo of stockx and a look at the bounce back happening for bitcoin. but first, we have got just about 16 minutes to go in the trading day and we are in the "closing bell" market zone mike santoli is here today we have odyssey capital as viders jason snipe back. we'll kick it out with the market nasdaq outperforming tech stocks rally. up about what? 2% or so why tech in the lead today, mike >> we are going back to the playbook to some degree that you want to buy the big stable companies that were down a good deal from the highs. you can come in and buy microsoft down 5% today or

alphabet down 5% from the highs and not worry about the pace of economic reacceleration. you swing back to the possibility that growth sees a hiccup not sure there's high conviction seems like those are the easiest big index names in these situations to make a bet that taking a trillion dollars off u.s. cap is an easy way to put that trade into place. >> did it flush it out >> it was too brief. three and a half hours of trading. there's concentration in the etfs a threat that seechls toothless is a friend of a bull market because they reload and buy a dip.

now on watch for was it really only the new variant getting people concerned was the market tired internally. you have to wait and see. >> jason, have you been buying on the dip of friday >> yeah. i did. i added to the kre position, financials given the information thinly -- thin volume day, bad 0 vid -- covid news a recipe to pull back there's exposure to the financials and mega cap tech and the playbook as mike described hasn't changed much. folks look at short duration assets companies that are spinning off a ton of free cash flow and an opportunity to get in so we did

on friday. >> mike, seasonal factors are supportive. >> they are. that's in place. if you look back when the market is up this much it's never not had gains in the final two months that's a psychological cushion maybe people want to chase it higher look i complain about how the market is actually kind of narrowed today. i can remember many times on day one of a rebound with that complaint and then it firmed up from there. >> interesting russell in the red despite the nasdaq 2% plus gain oil making a rebound pippa stevens has a look. >> that's right. it was the worst day u.s. crude

in more than a year and a half the rally did lose steam over today's session. wti up 2.5% after trading up 7%. energy stocks holding the gains. oil field services companies up more than 2% and exploration and production names also moving higher natural gas going the opposite direction. settling down more than 11% following forecasts for warmer than expected winter temperatures back to you. >> thank you jason, what is you take on the energy names >> yeah. obviously energy is -- if oil is down 13% on friday that trade is overdone there's opportunity. for us very small part of the s&p.

i can see them moving higher here and not a part of the market to spend much time in but there's an unside in the short run. >> especially in energy with the bigger hits. there's a lot to be determined and how policymakers respond some are panicking. >> fewer flights at least a little bit of a pushback on demand to surge back what i think is more notable is gasoline futures have given upmost of the multi-month gain that's the tangible place where the energy rally was kind of bumping up against u.s. growth and inflation worries. >> the question to come up linked to crude is dollar strength and a surprise that the length hasn't derailed equities

more broadly or more risk assets than it has. oil is down quarter to date. but it had had a great run. >> it had. it is a relationship that does wax and wane looking at dollar versus equities, thinking about why we rally in the dollar it was growth differentials tighten policy on the fed before other central banks do it feeds into the idea that as a home for capital the u.s. performing better in materials at the growth metrics. >> 1.53 for the 10-year yield. still hanging near the lows. that was causing the portfolio changes. where do you see that going? how does it impact stocks? >> i think for me relating to

the 10-year my concern if i look at the broader market is inflation and fed. the fed being behind the curve i think this news with the variant might slow taper the street talking about accelerated taper so that can be concerning from an investor, the bar bell strategy is most important and i think short duration assets that are spinning off good free cash flow with qualtd balance sheets are the names to be on both sides of the coin and how to play it thusz far. >> the thanksgiving shopping weekend was a mixed bag. courtney >> hi, sara. there's a day left in the five-day shopping stretch and in-store shopping was pretty

strong online little less so. retail sales grew more than 14%. with in-store spending up 16.5% from last year according to mastercard spending pulse. digital spending they say up 5%. up 29% from 2019 again, across all payment forms but adobe data differs on line it says for the first time e-commerce spending on thafrl day and black friday failed to grow year o year flat on thanksgiving day and down 1% on black friday. in-store sales grew friday and then down 21% compared to 2019 separately citi is upgrading burlington and tjx

it says that's where off price thrives. >> so how do we read the numbers coming in on the holiday it is hard to compare it to another pandemic year which was last year. net positive that more people are back in the store or is spending down? >> yes it is so interesting because there's noise in the numbers you make a good point. comparing it to last year. still in a pandemic. but last year we didn't have vaccines and had a bigger push online and hafrd to say if a flat to down 1% online digital number is disappointing because it was so strong last year and good to see the growth return to the stores down last year and down from 2019 and then throw in the curveball of the early spending, particularly online. adobe estimates that $99 billion spent between november 1 and

november 28 online that's up more than 13% from last year. some could be pulled forward it is a complicated way to answer the question. i don't think we really know but a lot of analysis notes seem to be relative positive about the weekend despite the mixed details if that makes sense. >> thank you. >> thank you. >> how are you positioned in the consumer space >> yeah. it was an interesting only stats and data of a few days courtney makes great points in terms of shopping earlier than last year and obviously had one opportunity to buy and that was online last year and now you can move around with the vaccine we like walmart and target they have scaleability target has a great execution story this year. but i think that there's

opportunity in the names i think we have to get past the supply chain issues but a lot of them have procurement abilit and scaleability >> gap is at a new 52. week low today best buy down 3% though it is a mixed bag in terms of retail. >> specialty is a mine field this season. i think the numbers are fuzzy. we don't know how much was pulled ahead the other piece is a binge on goods buying people buying stuff. i don't know how that filters into the fourth quarter. everyone bullish on the spending story says it will retate to services not exactly what happens on holiday shopping season and

difficult to draw conclusions. >> costco is at a record high. it is a mob scene. >> it's an astonishing place volatile day for twitter shares of announcing that the ceo will step up effective immediately. the chief technology officer agrawal will take over shares of twitter down about 2%. almost 3% now at the lows of the day. mike, got a great jump premarket on the news of -- as it was crossing initially really lost that steam quite significantly. >> it did. not the smoothest of management transitions from a found every to a successor given david breaking the story maybe gave the impression it was hurried in some sense but i

don't go anyone is necessarily selling the stock because the wrong person was chosen but not sure what the fix. >> hurried pers in terms of the short term notice of the announce but this is in the works we are told for a yeo the attention is elsewhere for a while. >> we are not sure what three things to do to get the margins to where it should be and doesn't appear if the non-facebook digital ad plays have a lot to feed on because the big two dominate so much. >> makes you wonder what took so long and how it came to this point. had activist pressure in there with elliott and the ceo of square and twitter, square outperformed for a long time

there's been sket schism from years ago. >> sure. arguably square is hit harder times with the stock the growth is good who knows if that seems like maybe you have more to be done on that side of things, too. it's a good question nobody's happy with the arrangement and dorsey is a bit of a bitcoin maximalist and seems like the attention in that direction and not compatible with twitter. >> that's the two-minute mark to go here in the trading day dow's doing well the market joe all is doing well except for the russell what are you seeing? >> big cap index is doing well nasdaq 100 doing extremely well. inte internally mixed equal weighted s&p up about 1% not as if it's a handful of stocks up but net-net selling

going on underneath. growth over value clearly. this is the pure growth over pure value portfolios within the s&p 500. that's a one day more than 2 percentage spread. volatility index down a lot because it was a very exaggerated climb on friday in the vix. it is now down 6 points today creating a good looking spike on the chart. that ultimately tends to be bullish if that continues to recede and not coinciding with the absolute low point of a choppy phase. >> just under one minute to go and nicely high iracross the board. a little bit off the session highs we held for most of the a afternoon. as we mentioned the russell in the red by 9 basis points and

the major average to miss out on the bounce all 11 senior citizen or thes are higher technology leads the charge. financials at the bottom everything in the green today. a little bit of a bounce on the dollar at the close we are higher by 1.3% on the s&p. 0.6% on the dow. 1.8% on the nasdaq still best day for the s&p in six weeks welcome back to "closing bell. i'm sara eisen with wilfred frost and mike santoli coming up this hour, the ceo of mattel at the white house. we'll get the first take on how does riupgss are impacting the holiday season jason snipe is with us

mike, take us through the comeback do a big selloff on wall street on friday. came back today but still parts that did not. >> i think lack of worrisome news of the virus the premise of what happened today. also this idea that the investors are going to give leeway to the economy, to the markets as we get each of the new variants, the new threats. much lower chance of lockdown and dichltd to jump to a specific economic conclusion and so you got a 3% pullback a real big spike in hedging and people worried about downside. you cleared the first hurdle on the s&p. finis finished above the prior low for the month. doesn't matter if they culling the portfolio realizing if we

have a volatile moment with this period of uncertainty about the variant do i have too much exposure to equities >> let's dive in to the airline index briefly. closing neefr the flat line after a 6% decline on friday sheila coaglou join us were you expecting a bigger bounce today >> thank you for having me it is tough because 8% decline on friday was essentially half the decline of delta which is 20% and the tsa numbers moved down 9% so the volatile reaction was essentially a one-day move, half of what we saw for delta and expecting a bit of a bounce and i think people are getting exhausted of the variant it took 225 days for both the

alpha and delta viariant to peak and impacted share prices and not air traffic. >> are you and other airline executives encouraged by the nature of the restrictions mainly just south africa and other southern countries or disappointed how quickly they were put in place? >> it is disappointing in q3, to put it in context, international traffic is 45% of airline revenues an average with the major carriers in the u.s. transatlantic travel or overall international about 35% of 2019 levels in q3 that stat expected to be 65% by the end of q4 and an area of

pickup is transatlantic. so as those get put in place we are seeing that in uk. that could cut the numbers quite drastically as that's the biggest improvement in addition to the recovery. transflakt is improving in that corridor and europe and this might hamper that with restrictions put back in place. >> it is hard to pick stocks within the group do you go for the domestic players like a southwest to leisure travel which is what's working or look ahead to the international restrictions being lifted even with the new threats, the new variants. >> we cover 40 stocks with airline and i will tell you the landscape is tough across the board. on the airline sector everybody is rotating dmes cli because

it's improved. so you would be exposed to stocks like southwest and then also delta as a quality name that hasn't over promised on the transatlantic recovery united talked about being above 2019 levels. of course this leaves the aero space manufacturers in limbo because you might be a pullback as the case counts continue and variants for several months and doesn't help the recovery. >> delta the top pick. sheila, thank you for joining us jason, what is your top pick, best trade idea right now? >> i like salesforce here with 20 consecutive quarters of

beats. five quarters of above 20% revenue growth i expect the same tomorrow in the report it should be a great quarter i like the software name here. salesforce is a name for us. >> got it. thank you. good to have you >> thank you. president biden meeting with the number of major retail ceos to address supply chain issues among those present at the meeting is mattel chairman and ceo. he joins us now from the white house. >> hello, sara. >> tell us the takeaways from the meeting. >> the president showed interest with the administration to support major business, the pri sector and the product on the shels for the christmas holiday. >> the ceo of walmart we haeard

on video call suggested that things are improving on the port side of things do you see it that way. >> we see improvement. we put product on the shelf. we are working with the partners to have the right product in the right amount at the right time to supply the demand in the market there is tremendous demand, very strong interest in toy product and confident to have product for choirn in the holiday season. >> what incremental announcements did the president and the administration have for you today that made you think that there's a game changer coming >> this is for the president to make the comments but i can tell you that there's real support, real partnership from the

administration with the private sector to alleviate congestion in the ports and making there's products available in the holiday season. >> have you seen any shortages on any of the products >> we are working hard to make sure to meet the demand. we may not meet all of it but making sure to cater for the demand that shows strength with the demand across multiple categories >> that's very encouraging to hear given the scale of headlines that we have been talking about but what about on the pricing front? are you feeling a lot of pressure are you pushing prices up? do you expect it to continue into next year >> the inflationary pressures we

have we think about pricing and put consumer in mind to find a balance between value and quality for the consumer. >> what about demand you had said after earnings earlier in the month that it was strong and holiday shopping started earlier than expected. what do you see from thanksgiving weekend >> the toy industry is showing very strong demand the last two years are record years for the industry the u.s. toy industry grew last year and 17% year to date through october. so there is very strong demand it is driven by families, children, parents that put play at the front of mind and engage with great product and quality brands this we expect to continue through the holiday season and be part of a happy period for

children alm over the u.s. and the world. >> what is the new hot toy for this holiday period? >> we are proud of the offering. barbie dream house is always a winner. >> yes. >> a new product to offer this year and expect it to be a great sellout product. >> barr by dream house was hot in the '80s. >> still hot for me. >> i guess things don't change. >> barbie continues to grow and show strength in multiple categories it is really great to see such a strong brand engaging with ex consumers on so many levels. hot wheels is showing momentum from consumers with demand for the holidays american goirl is thriving and fischer price relevant as ever as a partner to parents.

>> when you took over a few years ago the focus and the background was on capitalizing on the ip and trying to make movies and media off the franchises and changed with covid. where are you in that strategy how much of a growth driver will it be? >> mattel grows one of the st strong's catalogs in the world and have a opportunity to expand we have 13 movies in development. eight television shows that we will release this year with 13 more in production and many more in development we see interest in the brands and the franchises and exciting opportunities to extend and engage consumers in other

verticals and genres. >> thank you for joining us. >> thank you so much. >> from the white house. second hour of "closing bell," up next, the ceo of stockx on whether global supply chain disruptions hurt his business they have affected sneak everies. fda vaccine advisory committee member dr. levy on the threat of the omicron variant and whether treatments should be used for widely to ghfit it we'll be back in two minutes [energetic music throughout] what's strong with me? i know when i'm ready to run. what's strong with me? i can find strength in a rest day.

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welcome back there was the close for the nasdaq up 1.9% nasdaq 100 up more than 2% tech comfortably best performing sector the s&p 500 up 1.3%. black friday online spending this year fell from the 2020

levels for what he's seeing let's bring in the ceo of stockx scott cutler welcome back, scott. good to have you what are you seeing on this cyber monday >> we have seen the volumes, records of the last three days lapping record volumes of last year driven by this next generation of consumer that wants in demand products from the boast brands r around the world. >> no slowdown for you from last year >> no. i think as we think about the supply chain disruptions that are impacting the rest of the industry we are different in the sense of 150,000 products in the catalog represented and sold by sellers from 200 countries and territories around the world and have this product ready to ship. a majority of the products that

are sold on stockx are released two months ago, two years ago and not in the port, not on the shelf of a brand or retailer any way and offer consumers access to the limited in demand or high demand products that they want although they get access to them tofd we activate this through a global network of authentication centers to match buyers and sellers. >> it's raidssing an interestin question is the vast majority of the resales of shipping within the same country even if perhaps someone was initially drawn to a product from overseas? >> one of the biggest invest notice a platform is servicing customers around the world and last year we increased the capacity of the network by opening up the authentication

centers in far away places such as australia, korea, hong kong, toronto and we have been able to do that and unlock the supply released by brands into the markets and then ideally connect that supply with a buyer in that local market so therefore not reliant on carriers to deliver products to customers in a port somewhere. >> so you're not also relintd on the actual sneaker companies like nike experiencing the splu chain issues and warned about it last quarter that does not affect you >> well, what is interesting is again if you looked at the nike business specific classics are still in demand today. nike air force low was a hot

product last year. it again is a number one product this year. number three product is another colorway, a classic black and white nike dunk low released here in 2021 and then the number two product was the sony playstation 5 which is a top product in 2020 that's remained a top product in 2021 because of all the supply chain shortages and the product that continues to be released now a year after it was introduced into the market so even some of the brabnds with delay we see high demand today. >> what are the tips for shoppers going into the holiday period i guess other than just move quickly. >> i think everybody said start early. that is something we have seen

if you are a buyer trying to find a great product employ a mix of in store, online and leveraging secondary markets to get access to the gifts that the excuse me wants and then consider gifts that keep on giving there's a lot of gifts that have the opportunity to increase in value over time. we did a survey that 70% of americans would like to receive a big ticket item for the holidays but of those 40% want a limited release sneaker, apparel, accessories or collectibles as the item to demand and so that's maybe something else that you might put on the list for this year. >> that's interesting. wanted to ask you about travis scott because the collaboration with nike highly coveted and pushed back a release after the

tragedy of astroworld. have you seen an impact on the sales, the appeal? >> yeah. we haven't seen any significant move in travis scott related product just as a brand, the collaboration with nike, cactus jack is owned brand itself as well as the collaborations with other brands still in hot demand this year as we have seen in prior years. >> scott cutler, thank you for joining us. >> thank you. bitcoin and other cryptocurrencies staging a comeback whether it's sustainable plus dr. levy on the potential threat of covid omicron variant and how much protection vaccines and anti-viral treatments may provide.

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some news just crossing.

meta just announcing going to postpone the ticker symbol change it was set to change from fb to mvrs on december 1 it will be changed in the first quarter of 2022. maybe they're trying to steal meta off the etf that has it or a simple delay. >> already changed the name of the company and the focus. >> the company formerly known as. >> correctly cryptocurrencies making a big come bs back today kate >> bitcoin rebounded to $58,000 today wiping out the black friday losses and trading back to where it was on thanksgiving. this is good news for the investors looking for a bottom bitcoin seems to have found support here the $54,000 level ether, xrp trading higher today.

they were caught up in the fears around the new covid variant on friday analysts tell me friday was a reaction to the macro news and investors reassess risk of the variant. some are buying more bitcoin last week. guys >> also wanted to ask you about square today you cover the company. with the news that jack dorsey won't be ceo of the twitter what does it mean for square? >> i have been talking to insiders and investors say this is a good thing with more focus to spend more time at square but he is really not involved with the day-to-day they say he is around for the high level decisions and almost never gets involved epa saying it is good for square and

doesn't at all involve himself in the day-to-day business and leaves to the head of tech he is hands off and say he is spending more time on bitcoin and still the twitter profile picture is hsh tag with point on the profile and said if he were at either he would spend all time focused on bitcoin and he said at a conference back in june that if bitcoin required for some reason the full attention he would leave both companies and i asked them officially is he sticking around they said he is ceo and probably not that much more time than now at square. >> kate, good stuff. thank you. up next dr. levy whether current vaccines will be effective against the omicron

variant. why the market volatility could lead to a december to remember for the bulls. check out intuit down 2%. we'll be right back.

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making it happen. and at genesys, we're proud to help them help you everyday. breaking news on fed chair jay powell steve? >> sara, thank you fed chair jay powell will say that the recent rise in covid cases and the variant pose downside risk both to economic growth and to employment he'll also say the new variant increases uncertainty about inflation and a comment that sounds hawkish relative to new virus and concerns says greater

concerns about the virus could reduce people's willingness to work in person and slow progress in the labor market and intensify supply chain disruptions. could be potentially more inflationary and said the fed will use the tools to support the labor market and prevent higher inflation from becoming entrenched inflation he says is running well above the goal and the inflation will linger well into next year. among the factors labor slack is diminishing and wages are rising at a brisk pace. supply and demand imbalances he said contributed to the price increases and he does expect inflation to move down significantly over the next year on the economy powell's going to say the gdp appears on track to grow 5% this year and labor market continued to improve epa

still ground to cover. wilf >> thank you we look forward to the testimony tomorrow the next meeting is middle of december >> yes they have a couple weeks to sort of get more data on the varpt but i thought he would be more circumspect and the idea that a lot of economists said over the weekend perhaps the fed would not go to a faster taper in december the idea he sees a new variant after potentially inflationary maybe changes that calculus right now. >> thank you time now for a news update with shepard smith. >> thank you here's what's happening, iran nuclear talks resume today the european union diplomat chairing the talk said he feels positive and said that they can do important things for a week

the united states is not at the table. instead a delegation staying at a nearby hotel taking briefings. jury selection in the case in just sy smollett he pleaded not guilty to charges. amazon workers in alabama get to vote again on unionizing. in april they voted against but an official called for a revote. no comment today from amazon tonight, two big trials to cover. maxwell's trial begins and holmes is back on the stand in her own defense on the news right after cramer 7:00 eastern

cnbc back to you. >> thank you so much president biden saying earlier that the administration won't issue new lockdowns and doesn't anticipate new travel reinstructions due to the omicron variant at this point. the cdc changed boosters saying all adults 18 and odlder should get them joining us is dr. ofer levy. doctor, great to see you as always thank you for joining us and my very astute co-anchor remarked that you last time you joined us thought that that should be the guidance in the first place. >> that's right. thank you for that hello, sara. we have a concerning situation we have soo enthe headlines.

a new variant. we'll find out as dr. fauci says how effective the vaccines are against it and makes sense to double down on recommendations that those who are eligible immunize and those to be boosted boost up because a higher antibody level may help. >> doctor, what would you say to people that say we have been moving way faster in light of what data we have with this disease over the last couple of years thantraditionally whethe th that's emergency use authorizations or whatever else? we are waiting for the data on this and we have fairly unprecedented mandates and guidance out there for vaccines already. is this giving ammunition to the anti-vaxxers to say that things have gone crazily too far? >> well, you know, we are in a

pattern where agonizing decisions have to be made day by day. sometimes we are criticized not moving fast enough we have had those interviews and out of caution postponing a uniform booster recommendation for everybody but as more saferty data is coming in and as we see coronavirus cases rising and now new variants i agree with the guidance today. it is the prudent thing to do given the situation going into the winter months which are bad for respiratory viruses. >> it is great news that the ceos were on this morning saying that they can and are starting to work on new vaccines. that was always part of the plan 30, 60 days. is that the new normal, a booster every two to three months >> that is difficult to sustain.

an advantage of the technology is once we have a sequence we can turn around a vaccine quickly and what they are highlighting so that's good but as you highlight we could end up in a game of whack-a-mole with another variant. how can we work on the durability of the immunity is there a role for molecules that boost an immune response? there's a lot of science to be done up ahead. >> this is not related to the previous one but is it possible a variant is positive if it's not particularly potent >> you can have a scenario where a less virulent and less dangerous if you will variant

outcompetes severe ones. that can happen in biology but right now with omicron the jury's out we know it's spreading we know that it's reported in africa and in europe and other regions of the world and we know that the spike protein which is what we target with the vaccines is highly mutated. it is of concern but i agree with president biden. we don't want to panic but take prudent action and the actions are being taken. >> do we give up on the idea of herd immunity? >> i'm a vaccinationologist. it's challenging to reach herd immunity i don't believe that we easily reach there with other respiratory technologies but should be a goal and of course it is a public communications goal you can design the boast veen

but you might not reach herd immunity i don't know we get there any time soon and a winter to try to keep things as open as possible and still in the coming two weeks get more information and impact public policy this winter in a big way. >> a factor which you mentioned already for the vaccines is whether or not to be able to have some -- that prolong in terms of effectiveness. >> durability. >> sorry what about the likelihood, are you optimistic of a vaccine that will cover all possible future variants will we always have to react >> yeah. we have learned in science never to say never

it is a tough nut to crack there's work under way maybe somewhat different concept but there is work ongoing by a northbound of centers including our own. there are groups racing on that. it's all hands on deck and we are going to have to stay in the fight. >> are there finite number of mutations that covid can undergo or infinity >> it is not infinity. each amino acid is encoded and many, many changes to be introduced so this is the challenge in front of us the mran technology can be

deployed rapidly and may have a vaccine to target multiple spikes with multiple different flavors of mrna in the vaccine moderna, pfizer and others are working on this and let's see what the next two weeks brings in understanding the current vaccines and that will be an important piece of the puzzle but nobody's sitting on the hands the vaccine, the entire vaccine enterprise is focused on this. >> you guys will be busy at the fda advisory panel thank you for joining us. >> always a pleasure take care. after the break, will twitter ceo shakeup give the stock new life and then later the dow on pace to post losses for november. that could lead to a demr ecbe

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twitter finishing the session at the session lows. the ceo will be stepping down. let's get to mike taking a closer look at twitter compared to the peers and not a com comparison mr. dorsey will look at. >> he may not. this is the market caps of

twitter as well as some of the social media peers non dpominant strain the post ipo peak in market cap just under $40 billion for twitter where it is right now. almost a round trip from 2013. we have snap and spotify coming public in the mix as well and then pinterest the real takeaway and how little this pool of market value is relative to alphabet and facebook or meta they are really fighting it out on the junior varsity level. look at valuation of the same companies on an enterprise value to revenue basis forward revenue. a lot are not consistently profitable twitter with two profitable years, 2018 and 2019 twitter valued modestly. spotify cheaper with that big

revenue base not profitable and the market doesn't necessarily think it's consistently profitable and meta is a slightly higher enterprise value to revenue multiple than twitter though it's on a massive scale doesn't have the room of growth to eat up the pie, guys. >> interesting thank you. coming up, trading the turbulence a top strategist breaks down the sectors to benefit from a reknewed covid uncertainty this wednesday i'll be hosting a live pro talks find out more at c cnbc.com/pro/talk just all of her faith names. more "closing bell" after the break.

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major averages closing in the green today rebounding after steep selling on renewed covid fears on friday. joining us is sam stovell. welcome. any portfolio changes to make at this point with the renewed covid fears we face? >> hello, sara good to that yalk to you

the areas that are defensive in nature do the best in times of uncertainty so consumer staples, health care, utilities are the ones to be reverted back into the red tomorrow to do well but the faith is the economy is going to be migh end up doing well. so our belief is that for the longer term you probably should stick with some of the growthier areas. >> what does it mean for december everyone is expecting a big rally because of seasonal factors. is it true consensus >> no, not really. everyone can look at history if you go back to world war ii december is second best month only to april. what's interesting is like a diver on a springboard if you have a down november it tends to

lead to an even bitter december. instead of getting a 1% gain if you have a positive november in december, then you end up getting almost three times that amount than if you had a negative november leading into december and at the same time the batting average or frequency of an advance went from 71% up to 88%. so obviously not a guarantee, but it is sort of an interesting phenomena that down november then leads to a very good december >> sam, do you feel, we've had a lot of shakeups over the last few months although they've been small but very brief, i guess. do you feel your clients have positioned resignificantly in recent months, or is everyone still stretched in terms of overly, fully invested >> i think investors are heavily invested where else are they likely to go also they're reminded about how

quickly themarket does quickly recover from meaningful declines i mean, it only took us two weeks to recover from the pull back that we experienced from early september to early october. and obviously the five months it took to back to break even from the 34% bare market still resonates with investors to say more somtimes than not i'm bett off buying than i am bailing >> how much do you think the fed policy and commentary around a faster taper will influence the market i'm asking because we just got the release of fed chair jerome powell's testimony tomorrow. says it could prolong the supply chain disruption, but overall to me it sounds kind of dovish, like he's not going to be in a hurry to faster taper with the new uncertainty around the covid variant. what do you think? >> i was listening to steve before my shot, and yeah, the

thought being he was sounding more hawkish i guess the thought is if the supply chain disruptions are what really is causing all of this inflation push, then, yeah, if we have much more of that, then that could be a concern but leading up to the thanksgiving holiday, most of the headlines were saying that the supply chain disruptions were loosening, that grip was loosening. so i would tend to stick with the loosening grip over the coming period and take advantage of whatever weakness we might experience as investors, sort of jockey for position as to whether they should be aggressive or defensive. >> any sectors you outright recommend your clients to avoid? >> well, for our clients are more long-term oriented meaning over the coming 12-month period. so our feeling is you are better off avoiding many of the defensive areas for the longer term our feeling is consumer staples, utilities are not really areas that you want to be especially

in the seasonally favorable period november through april. come the second quarter, third quarter of 2022, mid-term election period is normally very challenging for investors and are typically the only two back-to-back down quarters of the 16-quarter presidential cycle. so i would say up until at least the november -- i mean the april time frame should investors continue to feel pretty aggressive >> good to see you thanks for joining us. up next, hollywood is hoping the new spiderman movie can crush the box office but last night advance ticket sales fothr e film crashed the web. details when "closing bell" returns.

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spiderman normally known there slinging webs but last night crashed the web. advance ticket sale demand was so strong for the film which opens december 16th when they went on sale at midnight fans were hit with dreaded error messages like this one at amc's site they were awarding a limited amount of spiderman nfts to ticket buyers and that prompted

him to apologize the wait times but also celebrate the highest ever ticket sale traffic analysts say the huge interest in the movie could make it the first 911 to break the $100 million opening weekend mark since the pandemic began and, mike, if that is achieved temporary crashes will be very quickly overlooked by adam aaron and other executives in the weeks ahead. >> no doubt about it i guess a net positive sign. also a sign there's sort of a deep if narrow core of people who really have this overlap between nfts, the meme stock trading and sony marvel, the spiderman movies but the stock was down today >> 2%. >> when is the popcorn concert >> i don't know the date exactly. i wish i knew.

>> i went to amc yesterday, saw a movie. >> which one >> i saw the gen "x" paul thomas anderson movie, and it was jammed but i think manhattan oversamples for film nerd, guys of my age. it's at $19 billion market value. >> the popcorn is early 2022, our producer >> good to know. i'll be all over that. so we got a rebound on better news on omicron, the vaccine mack milwau mack makers are on top of it what else are you looking to give us more direction >> it's interesting. what it has done is dampened a bit of the inflation furor if you look at the ind ications in the market, hold back on that it's taken the edge off of the things we were most worried

about. i wonder if we're back in a nasdaq rephase and until further notice maybe that's the mode we're in for a little while but you wanted to see the volatility index calm down further, i think, before we can say we're done >> nice bounce back today, but it was an easy day we'll see if it continues for the rest of the week >> thank you so much for watching "fast money" starts right now. overlooking new york city's times square this is "fast money. hit the road, jack jack dorsey stepping down as ceo of twitter plus the chart master says beware of the bounce carter worth laying out the next key levels for the market. and later a small world with big opportunity. disney shares touching their lowest levels of theea