>> jason >> qualcomm, as it continues to d diversify, stay long qualcomm. >> weiss, last word. >> short tlt >> that dose it. "the exchange" is jon fortt is coming up next ♪ thanks, frank. i am jon fortt in for kelly evans. here is what is ahead on "the exchange". stocks are ending the wild week with losses, with the nasdaq tumbling 2.5% the jobs report not helping the markets. 210,000 jobs added in november, not nearly as many as expected why are jobs taking so long to come back? we will look at what jobs could look like in the future in the metaverse. plus, we will get the latest on the omicron variant and the stocks getting hit by it, travel, leisure, especially the casinos among the worst performers for more on the day's big

movers, to dom chu >> this will feel different than it did, jon, a week ago on black friday during the big sell-off on a half day of trading that day we were talking about the dow down 800, 900 points different story today. we are focused extremely on technology and media stocks and the biggest ones out there within the nasdaq 100. it is the reason the nasdaq composite is trying to hold the 15,000 level right now, down 370 points that's nearly 2.5% declines. meanwhile, it is about half that amount of a loss for the s&p 500, 4520 the last trade there only half a percent losses for the dow industrial a very, very different feel on this friday sell-off versus a week ago on black friday very nasdaq focused. speaking of that nasdaq, i mentioned the nasdaq 100, the biggest stocks there the reason why a lot of traders are paying attention to this trade right now is because the invesco qqq trust is down about two and one-thirds percent

more importantly, at the levels here we are hovering around the 50-day moving average or 50-day average price on a rolling basis for this particular index and index etf. it is a level that is seen as possibl possibly significant by some traders out there. then just to kind of put some notion to the idea it is not all a broad-based sell-off, individual stock stories do still matter in this market. two different earnings reports and two different moves. look at docusign, down about 40%. the worst performing nasdaq stock. nasdaq 100 stock by a wide margin meanwhile, marvell technology is up 18% on the heels of better earnings on that side of thing jon, it is a market of stocks overall, but also a stock market watch the indexes and the individual movers. i'll send back to you. >> dom, thanks we will do that. meanwhile, yields are on the move today, too. let's get to rick santelli at the cme with more on that. rick >> yes, jon. a very strange day in the fixed

income and treasury markets. if you look at some of the data points today, and let's start out with the ism for service sector at 69.1 as you see on the chart, the highest since record keeping because the series began in 1997 that's a good thing. we also know that the business survey steve was talking about was very powerful with jobs today. that's where we derived the 4.2 unemployment rate, the lowest since covid hit. the other way to formulate the jobs report is the household survey or the business survey and the business survey was jobs light. there was a split decision even though there were positive internals. you see how the intraday tens look the minute the equity markets opened at 9:30 eastern, that's when rates started to move down. rates were actually moving up a bit. they didn't seem to have a huge problem with the jobs report it was the equity message they didn't like, and the equity message is most likely more

covid omicron related. if you look at a two day of tens, the minute we traded under yesterday's 1.4 low yield, more flight to quality came in and it made the situation more aggressive on the buying, pushing yields down. if you open the chart to one week, that friday when we learned about omicron variant, you could basically see we have been deteriorating, up in fries, down in yield ever since, and really summarize how much the yield curve has flattened, how much selling is in the shortened of the market, tens to twos as you see on the one-week chart are flattened 21 basis points should they close where they're currently trading. jon, back to you >> part of that reacting to reactions, rick. thanks i think we will talk some more about that this show usually tech slides when rates rise, but both are falling in today's sell-off what is going on here? why the disconnect joining me joanne feeney, partner and portfolio at advisers cap pal management and

cnbc commentator mike santoli. joanne, start with you how different is this from what we have seen both earlier in the week and what we saw on friday >> well, you know, we have a couple of things going on at the same time here today, and i think most of it on the equity side is related to omicron fears. two things happened. number one, we still don't have information on how severe illness this particular variant causes and how effective the vaccines will be what we seem to be learning now is that it is much more contagious, and so that widens the degree of uncertainty about the consequences of omicron. because if it is more severe in terms of illness, that makes things a lot worse while we might not expect a lot of lockdowns, it will drive people to stay home voluntarily. on the other side, if it is more mild and spreads more quickly, that actually would be a good thing. i think what we're seeing is folks take some risk off the table, and that's driving both the bond prices up and it is driving particularly riskie equities down but it is not happening everywhere in tech tech is feeling the brunt of it

but notice there are solid tech names out there still, like broadcom for example, qualcomm holding up well. you have to pick and choose where you want to be exposed for your clients at this point >> mike, interesting to me we are still seeing strong reactions to the upside, the positive dom mentioned marvell technology, for example. we saw snowflake yesterday, i believe it was, as well. sometimes when you get this negative sentiment, even the good news is reacted to as if it is not that good, but not necessarily the case here. what does it mean, if anything >> no, you are right, jon. i mean what it does mean is that probably there's a higher threshold for investors to be pleased by upside surprises, but, yeah, they still do get traction out there i think what i'm seeing here is less in the nasdaq, a response to something macro as it is a rolling kind of valuation adjustment and loss of faith in some very, very highly valued, presumed secular winners of the future you still have docusign, you

still have zoom. you have seen a lot of the names that basically didn't do anything wrong, it is just that they were so heavily valued,ha such high momentum several months ago you had this long process of just kind of giving up the faith in that area. that's why it is also independent from what treasury yields are doing yes, it has seemed at times this year on a day-to-day basis the incremental dollar when everybody was concerned about economic growth would grow towards defensive growth tech and into bonds and bring yields down, and that therefore seemed as if it was the yields causing the tech to go up. it was really just much more the way the rotations were orchestrated right now i don't really think you where seeing that. nobody quite believes we are going back into lockdown mode, that the pandemic favorites all of a sudden will burst back into favor. it is a little more uncertainty about when you want to bet on an economic kind of reacceleratio relative to, you know, what we've been seeing. so i think it is also about if you have been concentrated in these names that are imploding right now, you probably also own some facebook, you probably also

own some apple everything kind of gets sold because you are in protection mode >> joanne, remember reddit remember the time when it was all or at least it seemed like it was all about momentum and fundamentals weren't necessarily a thing? i keep hearing how much retail trading is in this market, how much margin, how much options activity it seems like if you got new retail, you've got people who aren't used to things falling that much. so given that, what do you do strategically as an investor here >> right you know, this is the first time some of these retail investors have seen serious risks in the market and pull backs, and, you know, one thing that we advise our clients, you know, and they do get worried at times like this is to remember their goals, right, staying long term and, in fact, it can be an advantage right now because if the retailers are panicking, some of the really good secular growth stories are coming on not just a sale but a major sale, you know, potentially once in a

year kind of sale. so the important thing is to look at the real economic progress that we're making the jobs report was a little bit mixed, but really the important thing is to look at that million jobs added from a household survey the other one, the business survey, was a net number, right, and it is really reflective i think of the quits being so high it is hard for employers to catch up, to add people net with all of the quits they're having. so the real economy is still chugging along in recovery even if omicron proves to be more problematic, we are in a much better place in march of 2020 with the degree of vaccination we have out there even if it proves less effective. for the investors, this is a time to make sure to be exposed to good, solid secular growth, have some defensive positions and still stick with some of the reopening plays because reopening will continue, even if it is a little bumpy over the next three to section months >> mike, i believe cnbc's leslie picker was tell using a few days

ago that short interest was at relative historic lows lately. boy, i wonder if that's changing right now. have you noticed anything about short activity in these markets and do you expect it to do anything different from here given what we've seen? what historically has happened or what are you seeing so far? >> yes, there was absolutely a very low short base in terms of outright positioning in the underlying stocks. now, that's basically very much in sync with what you were saying before, high-margin debt levels and generally low cash levels that's what a bull market engenders. that's kind of the way you adjust to prices going up, 25% in the s&p, with nothing but a 5% pull back so it is understandable. i don't know that i have seen a lot of people getting super aggressive, newly on the short side, except in certain areas. a lot of new ipos really are greeted by heavy short interest from the gate. you know why it worked. you look at sweet green

recently, you look at any of the consumer-oriented ipos, all have had a tough time out of the gate because you get a little over excitement from the jump so i do see it happening it wouldn't surprise me, look, if this turns into something more than another 5% pullback, then you are going to see people reload on the short side i don't know that it happens in december because i think what i'm more seeing in the action is people just taking bets down on both sides of things in fact, some neglected old-tech stocks you might notice today, jon, are actually up >> yeah. >> because nobody had been betting heavily on ibm, for example. >> yeah, i see ibm kind of leading the dow right now with microsoft on the downside. i don't know how often we have seen that. joanne, i also notice gamestop and amc down more than 7% at the moment the vix has been quite active. what do you make of that >> yeah, well, the vix is really telling us that the uncertainty has widened considerably and investors are right to take a little bit of risk off the table, you know, if they're

worried about short-term returns. also, it has been a strong year for the market pull back a little bit is what they're thinking but one thing to remember is when you look at today, right, the semiconductor stocks, a lot of them are actually doing relatively well, and i think that, again, points to the real economy. semiconductors have been in shortage they're starting to catch up but they have a long way to go, which means that the growth in these companies is going to run ahead of long-term trends for a long longer and it is a good place to go and sit with a broadcom with a 2.6% yield, an ibm, you know, practically double that, when you are pulling risk out of the market you go to these kind of names where you really have a lot of confidence that the growth is going to continue, plus you get a little bit of income which helps buffer you from the volatility >> are the fundamentals back are the laws of physics back maybe a little we'll see. joanne feeney, mike santoli, thank you. tunk to the omicron variant, according to a report out ireland is planning to impose

new covid-19 restrictions on the hospitality industry and home visits due to stark advice from health officials this as the u.s. reports the number of vaccinations in the u.n. climbed to the highest single-day total in the last six months our meg tyrrell is here with more >> hey, jon. this has more to do with delta than omicron ireland looking at a dramatic spike in cases which are very most likely driven by delta, as are so many of the spikes we are seeing across europe here in the united states, perhaps the fears of omicron driving people to get vaccinated and boosted in larger numbers. we are seeing a lot more kids getting their first shots in the 5 to 11 age group. today we had six additional cases of omicron confirmed in merced nebraska there was one traveler who returned from nigeria and it seems may have spread the variant to five household members, and only one of those six people was vaccinated.

none of them are in the hospital, but the cases across the country accumulating now, multiple states reporting them including five in new york last night. governor kathy hochul saying they do not plan any kind of lockdowns as a result. here is what she said. >> we're not having shutdowns, we are not changing our protocols. we are continuing where we are with making sure we work in concert together and encourage people to get tested, get tested often, get the vaccination >> and that's the message from federal health officials as well jon, i also want to point out some data that came out in "the lancet" in a commentary piece from epidemiologists in south africa showing how quickly omicron cases are accumulating you can see the white line there is the new fourth wave, and you can see how much more quickly it is going vertical. the case doubling time is 1.2 days for omicron that compares with 1.5 days for delta and 1.7 days for beta, the previous variant

there's just concern about how quickly this is spreading there, even as we still have so many more questions about the characteristics of this variant, jon. >> meg, speaking of the questions, how far away, is there any sense yet, are we from either domestic or international numbers getting a sense of whether we need new vaccines or the relative effectiveness of existing vaccines on lessening the effects of omicron >> yeah, dr. fauci talked about this today in the white house covid response briefing, suggesting it could be about a week, maybe slightly longer until we get the lab data showing how well at least the antibodies from people who are vaccinated neutralize omicron. then he said it could be another week or so until we get some real-world efficacy data, kind of looking at how well the vaccines are holding up. so really over the next few weeks we will get a clearer picture of this and then we'll see what they decide to do in terms of whether they need to change the vaccines. >> meg, thank you. certainly the world needs clarity and the market could use it, too. coming up, we have more on

the market sell-off including some beat-down names to buy and what role the jobs report is playing in the market action today. speaking of jobs we will look at the growing metaverse economy, including its expansion into real estate sales. and as we head to break, take a look at the 30-year year old. it has fallen below 1.7% for first time since january 6th of this year. "the exchange" will be right back this is "the exchange" on cnbc

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the xfinity black friday sales event. click, call or visit a store today. well, what a wild week for stocks started with a big black friday drop and the dow shedding nearly 1,000 points that day on worries about the new omicron covid variant. then it rebounded monday, fell again tuesday and wednesday when chair powell said he i considering a faster taper and the cdc confirmed the first omicron case in the u.s. yesterday the market shrugged off everything, and right now the dow is down about 100 points, but it is the nasdaq lagging. where do we go from here how does today's disappointing jobs report factor into it joining me are sandy, the co-portfolio manager of the valero balance fund and michelle meyer, b of a. welcome to both of you michelle, first of all reality

check on the jobs report not as bad as it looked? >> it wasn't i mean the headline was obviously a disappointment coming in well below expectations, but look at the details of the report. we have an unemployment rate at 4.2% that occurred despite the fact that the workforce actually increased. so what that tells us is that people entered the labor market and they were able to find jobs while the people who are sitting there unemployed were also able to find jobs that's actually a very encouraging dynamic in the labor market which shows it is still one that there's plenty of job opportunities, wages are still on the rise, and we expect that trend to continue for sometime now. >> sandy villary, you say if things keep dropping you are going to buy i wonder because you think omicron possibly, you know, temporary, but what about sentiment? what about valuation might there be a valuation reset, even if things aren't as bad as they look

>> yeah, i mean it is interesting because what the omicron variant rippling through, what does it do to inflation? what does it mean for the fed? possibly it could dampen the economy and maybe the fed, you know, while they're expected to possibly raise, you know, 25 basis points twice by the end of 2022, maybe it gets pushed back a little bit they've done a marvelous job of sort of decoupling the taper with raising rates so i'm trying to find opportunities and, frankly, we have a couple of small mid cap stocks that are hitting sort of, you know, valuations that are quite appealing. i want to be more on the reopening play than trying to play defense at this particular moment >> michelle, any thoughts on what safety means at this point in this market rick santelli was just telling us, you know, what yields are doing. bonds have been weird up to this point. it looked like people were looking for safety in apple a couple of days ago before they weren't, so what is safe >> well, i think this is an economy and a market that is heavily influenced by the path

of covid we have learned that time and again. it is still a pandemic economy, which means to sandy's point people are trying to sort out did you look towards the reopening of the economy and see how that translates the equity performance or do you start to think about maybe on the services side the economy is going to have a bit of a hit if the variant actually does have a big increase in cases. to me i think what we have to continuously remind ourselves is that we are so very much influenced when we are thinking about the market by the path of the pandemic >> sandy, we were talking earlier about people reacting to reactions. i am noticing bitcoin is down over 3%. i mentioned earlier a couple of the headline meme stocks are down considerably. how much do you have to factor in people moving money from one thing to cover someplace else when you are thinking about what the action is in this market >> i think that's very important. in fact, you could look at some

of the big holders of a lot of the larger tech stocks and, you know, whether it is ark or whatever, and if they are going to get redemptions or have to do some things and they have to find the money somewhere that can cause the market to, you know, further roll over a little bit so, you know, you look at the s&p 500 and it has, what, 30% are in a handful of stocks that are so widely owned because so many people own index funds these days that it gets a little frightening when you, you know, see the concentration in literally a handful of the big faang stocks, et cetera. i do think about that. >> what do you do with that, michelle, if you are an investor at home and we've been talking all year about that increasing concentration, not just of tech but of particularly big tech names in the s&p you've got perhaps some bargains in growth tech depending on how you look at it now, but a lot of the larger tech names have held up quite well. is it a risk if this market runs into real trouble?

>> well, look, i'm obviously thinking about it from an economics perspective given that i'm an economist, not a market strategist >> yes >> but i would say, look, when you think about the path of the cycle, you want to consider how wealth effects are playing a role this has been a year where performance has been extraordinary, right we have seen a high amount of wealth accumulation both from a financial market and from the housing market so there's this feedback loop where the gains in the equity market have led consumers to feel more confident, more willing and more able to spend, but they are increasingly reliant on that as well, not only for their purchasing power but also for their sentiment so we are very, very focused on the path of the stock market because it will feedback into the economy, especially given how elevated valuations are right now. >> yes, you have to give me the bones mccoy there. i'm an economist, not a market strategist finally, sandy, you like a

couple of names, or at least one in hospitality how do you expect -- i'm talking about caesars here how do you expect those stocks to recover that are being hit so hard in what michelle points out is still a covid economy >> yeah, that's right. i mean caesars is down 25% in the month, so this is kind of opening up an opportunity in my mind to buy some tom reid has been an unbelievable ceo, not only -- in fact, my team was in las vegas monday/tuesday it is very crowded things look to be okay, but i think that's the type of name i want to buy when they have i-gaming and basically, you know, gaming on your app, being able to online gamble. they just spent $4 billion acquiring william hill, the fourth largest sports book operator i think there's a lot of opportunities. they're doing great things from a company specific standpoint and i want to be more in those type of reopening plays than, again, the stay-at-home plays.

i'm interested in caesars here >> i like the optimism thank you, sandyvilleere and michelle mire. still ahead, fast food names holding up despite concerns about the new covid variant, but some of last year's pandemic winners aren't doing so hot. peloton is on pace for the sixth straight week of losses, down 8% since monday more than 70% off its january high but deutsche bank initiated coverage with a buy today, saying the hybrid work model extends to fitness as covid fears subside. the analyst sees 76% upside from here walgreen's popping in the last few minutes as that company explores a sale of uk pharmacy chain boots. llgu's according to our coeaes at sky news "the exchange" will be right back

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welcome back to "the exchange." major indices all lower right now but mounting a bit of a comeback the nasdaq seeing its worst three day start to december since 2002 when it finished the month down 10% let's check the sectors for the week utilities hanging on to the smallest of gains while consumer discretionary and communication services are the biggest laggards here are some of the movers this hour china's internet etf kweb is down more than 6% and on pace for its worst week since inception in 2013. sticking with china, shares of dd plunging after the chinese ride hailing giant announced plans to delist from the new york stock exchange and prepare for a separate listing instead in hong kong those shares down by more than half since the june ipo. fintech and payment names feeling the pain as well, all

lower today, now off between 40% and 50% from recent highs. now to rahel solomon for a cnbc news update. rahel. >> hi, jorn. here is what is happening at this hour. a michigan prosecutor says that a drawing of someone getting shot and the words "help me" was found on the desk of the accused shooter at oxford high school. his parents were called to the school because of the drawing and told to get their son into counseling he is charged with opening fire and killing four students at his high school. his parents have been charged with four counts of involuntary manslaughter the portland trail blazers fired team president and manager after an investigation into workplace misconduct details have not been released olshey has been the general manager since 2012 nebraska health officials reporting six cases of omicron including one person who recently traveled to nigeria and likely exposed the other five.

on the news tonight u.s. vaccine help for africa and covid travel restrictions coming for flights into the u.s that's tonight at 7:00 eastern jon, back to you >> rahel, thank you. now coming up, help wanted in the metaverse we will take a closer look at the digital economy and the jobs that may help build it the co-founder and coo of the metaverse platform is next look at some of the best performers on the s&p. look, green, viacom, cvs is the leader, up about 4%. walgreens boots, dollar general, nucor and eastman chemical round out the top five ck wl rhtnge"ilbeig ba

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♪ let's get a check on cryptocurrencies they're having a volatile week alongside the markets. the two biggest coins, bitcoin and ethereum, selling off 2% and 4% today, while solano, one of the best-performing cryptos down about 7%, but all three higher for the week with bitcoin hanging on to the slightest of gains. the drop in cryptos not stifling

sentiment for the universe just last week metaverse platform santd box raked in $85 million in sales of virtual real estate and other nft-linked assets according to reports. is this virtual economy for real joining me now is the co-founder and chief operating officer of the sandbox, sebastien borget. sebastien, i'm a metaverse skeptic in a way not all of the underlying trends, but way some of them are put together part of what i'm wondering today and you can help me to understand is how are the economies inside of the metaverse going to be affected by the real economy outside of it, right? so if you have shortages or inflation or even a tanking market outside, whether it is in bitcoin or stocks, how much is that going to affect metaverse economies? do we know yet >> we certainly do, and we've seen at sandbox, as you so hear,

a large growth of the sale, but beyond that large growth and development of the ecosystem of people who are flowing to become new digital, new builders, new house designers, new land game designers, and that's new jobs that came out of the economy, people losing their job into the real world and now turning with virtual land they're building new set of skills through the different creation tools, which are still at our -- becoming accessible quite fabulously since this tool does not require any strong skill, just being a 3d artist. you can create games, experience shows, art galleries, museums, programming. it is quite interesting. >> very interesting. let's take real estate, for example though a lot of real estate in the real world is based on scarcity, right? part of the reason why it is so

expensive to buy a house in silicon valley is it is right up against the water and, you know, commute times to work. how does scarcity work in a metaverse where at least in theory you could either create more land or just create a whole different world with the same home and the same trees? >> well, just like you describe, we are using blockchain as a technology for pleasure that enables to establish a trust system and digital scarcity. we established there will be only 166 foreign lands and more in the sandbox and that's the basis of trust that creates digital scarcity then from them location becomes a key factor in control land as both brands, ips, the riches are coming but also essentially new communities, content being born in the crypto space. >> okay. so in a sense then are the quality of the technology of the

underlying metaverse platform combined with maybe the existence and engagement of celebrities or other people who you want to virtually interact with are those effectively the scarcity in metaverse real estate and perhaps metaverse presence what is going to create the value over time? >> well, the value is really driven by location first, scarcity, of course, but more essentially by the content that will be produced by those builders, et cetera. like what we are looking for in the metaverse is new kind of more reach, more social, more immersive experience that can help us to get closer, and sandbox universe is offering a place with more brands, a lot of users are rating content as it will be built 99% by users, by people, a place that is fun. it is doable in a much, much faster way than in the physical

world. like you can bring things that are beyond imagination within a matter of days or weeks, which we accelerate the landscape of what is here >> to what degree are we going to need to have sub metaverses, like roblox for example is largely for kids in a way you don't want everybody in the space where your kids are going to be. you want just kids in there or people vetted in some way, and certainly other communities of adults might be looking for a las vegas metaverse experience with very different needs. do those need to be entirely different environments and do they need to be judged as such >> i think that's definitely the idea around the meta virs. it is a place where a lot of different audiences and culture, needs will kpoes you can find that, of course, in different worlds you just transfer their asset or identity, but in sandbox with 166, 164 lands as you won't buy

with your other, you won't export, a place that is venue, a gallery, museum, a game, a social hub, all of that within walking distance of your other top. maybe with roblox, i would say it is how the value generated through the contribution of users who are building the land or engaging with it. essentially it goes entirely back into community, entirely back to the users. >> yeah, we'll see how those network effects play out certainly very interesting a little bit of gamification, stuff from video game, stuff from real estate, lots of different places sebastien, thank you >> thank you, jon. coming up, stocks and bonds falling in tandem today as investors digest a disappointing jobs report. how should you be positioned ahead of monday's trade? hexcngat nt. "t ehae" will be right back

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stocks largely selling off today, capping a wild week for the markets. while the nasdaq is today's biggest decliner, the dow is on pace for its fourth straight weekly loss. for the first time since september 2020 but traders are finding opportunities in the wreckage. joining me with where she is finding opportunities is gina sanchez, ceo and a cnbc contributor. gina, where do you see the opportunities? >> given we have so much to unpack from everything we have learned this week, but i think the biggest thing we will face is the fact that the pandemic is going to have a long tail to it. it is going to continue to have surprises like omicron, and we're actually betting in fisher and abbott labs because we think testing will be the mode that gets us from fears about whatever the new variants are to

eventual solutions >> okay. what has you more kind of concerned as an overall gauge of what happens next, the jobs report or what we heard or didn't hear from the fed >> so, you know, i think that the jobs report -- i think the jobs report will be the most scrutinized report that we will see in a long time its top number wasn't that great, but when you look into the jobs report it actually signals an economy that is still -- that is still recovering if anything, it reflects the fact that there are actually a lot of jobs open and the disappointing number was because companies couldn't find people to fill those jobs that's kind of an interesting point. but that means that wages will be growing, inflation is growing, and you get the story from the fed that they're going to begin tapering with the intention of hiking rates by 2022 i think that's going to take a lot of froth off the market, and the biggest concern that we have is that the growthier parts of

the market are just very, very highly priced. if we see monetary support start to wane in 2022, support for these crazy multiples will also wane >> at what point, and maybe it is certainly different stock by stock, but does valuation coming down and fundamentals still being good cross and you start to get really great values perhaps in names that are growing at a pretty good clip but were just valued at a ridiculous multiple? >> well, so you are talking about the process of growing into your -- growing into your multiple >> or maybe falling into, stock wise, a value situation, yeah. >> right so you can get that in both directions, certainly. but i think that it will be a while before we have the falling into sudden value. if anything, most -- the market from the beginning of the pandemic was really counting on companies growing into their multiples, that all of this would be temporary, we would

eventually see this unlocked demand come into the market, and we have seen some of that. i think one thing we learned this week is that consumers and households are not spending down the massive savings that they have amassed during the pandemic, and that's a little worrisome because it means that we may not grow into some of the multiples and we will have to see some of them come down >> what if we start to see mna on the back of some of these multiples coming down? is that something that investors should pay attention to as a signal or perhaps just ignore because who knows where all of this bottoms out >> well, right now i think that there are just too many dynamics at play. i think mna would be a consolidation signal and would send a signal to the market, but, if anything, there are still big parts of the market that are quite healthy and trends that were in place before the pandemic that are still going to be continuing you know, you look, for example,

at what is selling off you have huge parts of the tech market selling off right now, but that is probably the most optimistic story that's out there. that isn't going away. >> yeah. >> so i think that you have to look at this on a stock-by-stock basis. >> i guess i was partly wondering if mna could signal a bottom at some point because, hey, if the folks at the corporate level doing some research are buying because they see value, maybe others should as well, but you think no? >> i think that mna is -- you're right, it could certainly signal that, but you also have this sort of mass amount of spac issuance that may actually signal other things. so, you know, i worry a little that the excess money that we threw -- the support we threw at the pandemic, which was obviously very badly needed, at this point is just froth in the market that needs to be taken out and some of the valuations are not going to be justified. >> yeah. well, certainly lots of froth out there for sure gina sanchez, chanitka global.

thank you. >> thank you coming up next, shares of draftkings have been cut just about in half over the past three months, hitting a 52-week low. after its ceo fires back at atort seller jim chanos. th's not the only gaming stock falling today. that's next. we will be right back.

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see if you can save by switching today. comcast business. powering possibilities. welcome back casino stocks lower today, getting hit hard over the last month. contessa brewer joins me now with what's behind that. >> john, good to see you sports betting stocks are getting punished today let's show the chart of penn's stock. it was down 8% -- i have to be hobbs, i need my glasses penn is down 5% draft kings is down by more than that let's look at the same stocks over the last month. down 20 to 40%

a couple more names slammed over the last month bally's. which has invested heavily in sports, roy mooral sports networks trying to make a name for itself scientific games, a games maker. and begun ann. the overall move out of rfgier stocks to value is hurting the growth names in gaming hold rates have been challenging this fall. the nfl favorites have won they have covered their spread the persistent questions for the group is how much money they are throwing around to acquire customers. tyler mathisen with the save >> do you need help. >> these are reading glasses -- if only i had something to read. i need my distance glasses. >> i can't help then. >> what a gentleman.

this week, the head of the american gaming association told me, though, look you are seeing major investment in marketing not only to win new customers. but, john know the illegal market is still bigger than the legal one. you have got to lure them in, how, by making sure there are legal options. >> draft kings is down 10% at the moment -- >> thank you for telling me. >> it wasn't even there. but i looked it up for you 10% at the moment. pressure from chain owes >> he said yesterday he has a short position in draftkings in large part because of its marketing spend, it was unsustainable, it would lose money. when we looked it was the third quarter, always the weakest season to be judging you don't have football until september. i redid the numbers. if you look al at it on an

annualized rate you might come up with $330 million jason roberts says the math is all off. we are not at 30 types the revenue, he told me this morning, on "squawk box," we are less than that what is he talking about. >> perhaps an to an for somebody. with omicron creep beginning, dining stocks could be worse in dembceer there are some surprising bright spots. we will look at that next. your record label is taking off.

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losses so far for the month of november the sector has been hard hit and more associated with the sit down experience and less with dallas/fort worthry and takeaway red robin, blooming brands and rinker all down. now the big pandemic winners like chipotle, wing stop and papa john's also down 1.5 to 7% for the month. this despite knowing how operate in a pandemic setting. domino's was the outlier, seeing gains last month the fast-food brands, mngds, yum brands international all having a much better time it begs the question whether people are shying away from delivery apps in favor of hitting the drivethrough instead. the worst perform, brinker, the parent of chili's, gone a casual dining name that people are shying away from.

>> is there a piece that people may be missing about how well some of the companies have adjusted to the pandemic and how good a playbook they might have for whatever scenario happens over the winter. >> domino's doesn't work with any of the aggregators either. they do it all in house. they do well in 2020 and 2021. they know how to operate in restrictive requirements they did a lot with digital takeaway and delivery. they have a news user experience that's simple and easy. >> sit-down wise, who is the most well adjusted >> it is hard. we have seen players like brinkers dock a virtual brand. i think it is going to be a long time before we see indoor sit down come back in a big way. but that's after it was hit hard before the pandemic, before we knew what covid was. completely new operating environment.

i think they have done well to pift could be an opportunity to get in while they are battered and hammered stocks. >> spicy chicken still hot chicken in general. >> of course when is it not the chicken war is gone going, john, forever and ever. >> with that, appropriately, that will do it for "the exchange." "power lunch," perhaps with some spicy chicken, starts right now. ♪ "power lunch," featuring spicy chicken, begins right now. i'm tyler mathisen courtney reagan is right over there, she will joan us in just a second a selloff on wall street a busy end to a busy week. technology tachgs, the nagds on pace for its worst daily performance since september, volatility elevated. our market expert on where to find safety in this disturb leapt storm. and a big miss, the economy created far fewer jobs last month than expected. but wage