i think that should be a good catalyst. >> steve >> i'm short tlt which is a 20-year bond rates are only going one direction from here. >> all right, joe? >> mid teams, valuation, abbvie, going higher >> good stuff, guys. the dow is up better than 700 points "the exchange" picks it up right there. there you go >> thank you very much, scott. hi, everybody. i'm kelly evans. here's what's ahead this hour. the powell pivot the dow jumping and the nasdaq trailing again is volatility here to stay into year end we'll look at the shakeout and how best to position plus, putting a price on carbon bob dudley says it's necessary, but how will energy companies cope with that and where does he see oil prices going from here we'll ask him live in just a few minutes. you may know him as dead

pool, or the green lantern actor ryan reynolds is also working to change advertising. he joins us live today with the disconnect he sees in the industry and how his new venture hopes to disrupt the space mr. chu has our markets. >> yes, the markets right now, kelly, are in the green. much more so than we've seen as of late. the dow industrials up 700 points we're up roughly 62 points for the s&p 500. that represents session highs right now. we'll call it 63 points, up two is the lows of the session predominantly higher for the subs& 500. we'll talk a little bit more about what is driving the nasdaq composite action bitcoin, specifically, the reason why, it's a very modest move 48,955 the reason why it's important, because depending on which measure you look at for bitcoin,

it's traded on a number of different exchanges. the level you want to watch is $48,800. that represents a big moving average that we might be trying to bounce off of right here. keep eye on bitcoin prices is it a risk asset a haven asset? we'll find out if we see more of a risk trade happening in the markets overall. speaking of, what we are seeing is an economically sensitive-driven market right now. the top-performing stocks within the s&p 500 include travel and leisure names, 10% gains for los angeles sands. advanced micro and annvidia dow 5% is there a rotation? we don't want to use that word too lightly. are people moving away from some

of the safety names and moving more towards reopening trades as more importantly traders look at and beyond the threat of omicron. back over to you. >> exactly may also be driving stocks to session highs. thank you so much. we have this rally today with investors sort of nervous about the powell pivot at the same time. here with some advice, mark smith, portfolio manager at wells fargo advicers welcome to both of you some thoughts? >> we should be excited with markets up over 700. there's a lot to be excited about. going into the holiday season, historically great for the markets. malls are packed and we were able to short those supply chains by 24-hour around the clock service at the ports the u.s. consumer is strong because they billed us out

before this is the first holiday season in two years that they're able to go out and see their loved ones and fill comfortable about that and i think a lot of them are going to buy and make up for past years very confident about the markets and i think you're seeing that today. >> yeah, and you've been saying that, mark, for some time. michael, let me turn to you. where does this leave the fed? we have many indications that they're seeing the world that mark is describing and going, maybe it's time to hasten the taper. 1.39%. are you in the camp that it any thinks it's going higher >> there's a lot to unpack there, kelly but, no, yes, i think the answer is yes powell's comments last week were pretty earth-shattering, if you will, going -- changing that definition that, you know, using the word transitory.

no surprise to us. we never believed it was transitory we believe some of it is, but not all of it. inflation is probably going to settle at 3 or 4% when everything settles down. you're seeing a macro move one reason we saw a lot of volatility last week and why we are seeing what dom noted earlier, a move to cyclicals at the expense of the high-flying types of stocks. whether this is sustainable or not, who knows seeing these rotations on and off for the last couple of years. it would be indicative of a higher rate environment and more of an economic growth story. >> is this the end of the omicron scare, mark? let's show again what's happening here this afternoon. since 12:00 p.m., the dow is levitating at the same time of the ten year we're up at 142. >> yeah, i think that folks are tired of the variants and

they're showing that by not really caring about what's being reported on omicron. that's a lot of reasons for that because the vaccines are in a lot of folks hands if you have a lot of different medicines out there to fix possible issues that come out with a variant and so i think that, yeah, you're definitely seeing that folks are moving off on this but, what remains to be seen is how quickly powell is going to react to inflation and i think that's the big unknown. if he's going to be aggressive and going in and raising rates, i think we have a lot less to be worried about. but the markets may not be ready for it that's where we're getting a lot of volatility, this back and forth over the markets in the last few months. give us your best advice into your end. mark, i'll start with you. >> yeah, because you can't really control what's going on in washington, you've got to go with companies who can weather the storm. those are companies that have

pricing power these banks have shown time and time again they can make money in almost any environment, especially with tech coming after this so hard they've been able to outperform. you're seeing the infrastructure deal of a trillion dollars, industrials and materials, great place to be to capitalize on that free-flowing money. there are some, i think, home runs over the next year or two because of what is certain where i wouldn't be putting money in is anything that has a lot of uncertainty let's stick with what we know rather than what we can't control. >> michael >> on the bond side, short duration, high quality bond sheets gold, silver on the equity side, those that have pricing power, those who can control input costs and, you know, the industry sectors that would be the energies, the materials, the transports, the

manufacturings, the financial services >> and we're showing some names, like chevron you have a side mention of china here at a time when there's more pressure on the country than ever over the olympics, why do you think from an investment point of view people should actually be taking a look right now? >> clients are calling every day about what's going on in china i talked about it all last night. the huge earth-shattering things that the chairman is doing over there. all the major chinese stocks down 50, 60, 70% year to date and these are companies that have customers based in the 20 to 30 million people range that is, i think, really good from a geopolitical risk perspective because there's so much demand but really bad because you can't control what the chairman is going to do.

that's the opportunity that me and my clients are seeing knowing that long term, they think it's going to pay out. >> michael, i don't know if you want to echo that. but you think this sell-off could be a buying opportunity. it's a quick rotation if you go back to thanksgiving with omicron and now the market is looking like they're trying to recover all of that lost ground. >> if you continue to see the rotation and sell-offs of some of the higher growth names, at some point they become more attractive, less rich. and there's some great companies in there and so they might be buying opportunities as you mentioned, the markets, you don't have much opportunity to even consider that stuff when you've got moves like today. longer term, it's something to keep watching. >> would you be in there when we show the names like zoom down 50-plus percent. you get a cloudflare in that group. is there anything in that space that you say, you know -- you'd

move against the market basically and look at this being a buying opportunity >> i think generally speaking, every company is individual. but i think generally speaking we would be waiting to see more reasonable entry points. there's a lot of great long-term businesses there that have just been selling at way too high a price. and so to the extent they come down, they become more attractive on a long-term basis. i would sort of wait around, do your research and as you see some opportunities, take advantage of them. the other thing to note, though, is if the interest rate rise is real and it's going to happen, those are the type of stocks that generally do get hit and it's a longer-term issue for them to come back. there's an argument that interest rates should go up. interest rate volatility should go up. inflation is a real risk let's face it, 1.4 10 year is not sustainable when you're talking about inflation that was analyzed around 6% something has got to give.

as a result, i think you want to hedge your betts in terms of strategy being in a bunch of different places from an asset diversification standpoint to sort of have multiple avenues to property and also protect downside you have some things that aren't sustainable going on here. >> something has got to give we all feel that way it's a question of which way it goes. >> great to talk to you. >> thanks. now to energy where oil prices are jumping today nat gas prices continue their race in slide. they're gathering in houston for the world petroleum congress brian sullivan is there with us and is joined by bob dudley in an exchange exclusive. >> first time at this event has been in the united states since 1987 hard to believe. more than 30 years bob dudley, now ceo of the oil

and gas climate initiative this is an industry with an existential crisis meaning will this industry -- not this conference -- will the industry be around in 30 years? will oil be around by 2050 >> brian, there's no question of that we need to produce cleaner oil, cleaner natural gas. but the industry will be around. it's a massive industry. invested in big, big capital projects and developing many, many technologies, many of which will be incredibly important, if not essential, for the climate change cleaner energy transition we're going to go through. think about it, brian, by 2050, there will be 2 billion more people on the planet and, of course, with that, we're going to need all forms of energy. we will need oil plastics come from energy, 20% of the electric vehicle is plastics you think about our cell phones and the plastics in those sorts of things, clothes, even medical

syringes of course, oil will be around. >> and that's the thing about this industry that i don't think a lot of people understand it's not some love of the hydrocarbon or fossil fuel it's the reality of the petro chemical business or carbon fiber. the f-35 fighter, carbon fiber is made of petroleum wind turbines have petroleum not just transportation fuel, that is necessary. how does the industry deal with that tell that story succinctly and smartly but also make sure they're not contributing to warming the planet. >> there's no doubt that demand will go down renewables will expand but they're not going to be enough to actually drive the economy. in fact, i don't think you can

even hit the goals of the paris accords without natural agas an new technologies those are going to have to be part of this and the oil and gas industry and the companies -- and they will transition into being massive energy companies their products are going to be needed >> the activists will say, this is the industry talking its book, pretending to care, right, using all the right buzz words green, clean, climate, renewable. but they're the problem and they shouldn't be involved. >> well, i just -- >> that's the criticism. >> i worked and chaired the oil and gas climate initiative the 12 biggest oil and gas energy companies in the world who come together to work on the energy transition. not only setting targets and driving each other to do that, but also creating -- starting out with a billion dollar fund, investing in companies that are methane detection technologies all around the world

there will be nowhere to hide with natural gas leakages. that will -- >> you're confident that's going to happen. >> absolutely. absolutely the technology is moving very fast we're be able to look -- i predict out ten years, you'll be able to go to a website and see where all the natural gas leakages would be, whether it's agriculture industry or oil and gas. that's going to change for sure. >> you're going to have censors on cattle? that's a different topic. >> not a diversification. >> can the oil and gas industry be part of the solution? >> absolutely. it has to be and it knows it's part of the issue today and it's got to produce cleaner energy natural gas, i keep coming back to if you can contain it, make sure it doesn't leak, it's very efficient in burning we can't get to where we need to be in terms of the energy transition without natural gas displacing coal. >> we're having a bit of an energy crisis in uk, where you lived, where they're having to buy it on the spot market and

there's risk of blackouts and people won't be able to afford power. dan yurgen who is here, smart guy, fascinating article in "the atlantic" which i urge everybody to read. he talked about coal coal was invented in 1709. but it took almost 200 years before coal supplanted wood as the primary source of power, heat and light that the transition was far slower we're in the middle of a transition do you think it will be slower >> it took 100 yrs for oil to displace the coal as the next wave and natural gas coming in and nuclear was a great hope and i didn't happen. there are benefits to nuclear power -- >> talking about -- >> but the population of the planet, which has gone straight up, actually, almost matching the production of oil and gas going up, gdp rates and population tracked up about 100

years ago, all around the same line so we know we're going to have population we know there are new energy sources that are coming to displace it. solar and wind are making big inroads in this. but it's just the size and scale of the energy complex of the world. i think it's the most misunderstood thing. >> bob dudley, thank you very much we got to go to a panel, by the way. let's get out of here. kelly, i think that's part of the story a lot of people don't get. in the united states, we're a wealthy nation we can sort of create our own destiny in places like nigeria that are heated by wood and chopped down by members of the family who use the wood to heat the home with. these are people that are impoverished i think the theme of this conference is the global aspect. we need to remember that there's 9 billion people in the world within a couple of years that are going to need opportunities as well. i think that's the theme so

far -- >> absolutely. brian, great stuff all day so far. a quick programming note, brian will speak with baker hughes tomorrow on "power lunch" as your coverage continues you don't want to miss that. still ahead on "the exchange," biotech stocks have been tanking this year and down 9% since thanksgiving. leading to big losses for some billionaire hedge funds. we'll tell you who is hurting the most and what it will take to stop the bleeding plus ryan reynolds on why tv is still the king of advertising. their words. not mine and we're going to talk classic cars what's the future for old-school automobiles. we're back in a minute

welcome back, everybody. some dramatic intraday moves have bond yields climbing. you can see where liftoff happened 90 minutes ago and it's taking the stocks to new intraday highs let's check in with rick santelli what are you hearing, rick >> today, the big story early was, what's wrong with the treasury complex what's wrong with boons? nothing was moving much and the equity markets around the globe

were starting to get a bit of attraction all of a sudden we're playing catch-up if you look at ten-year note yields, wednesday, thursday, that 140 level was crucial as a bottom now that we've moved through it to the upside, we're starting to bring in more selling and that delayed selling could get a whole lot more aggressive. we see all maturities finding the sellers. we see that newasset class of cryptos earlier today was exactly the opposite it was sending over buyers they've had a rough time the last several sessions. but at this point, i would consider 140 a good pivot for ten year and i'm not sure if this is driven by less aggressive tendencies to feel nervousness regarding the new variant. no matter how you slice it, there's serious pent-up demand here and we have supplies starting tomorrow with 3s, 10s and 30s. this move could get some sell legs you could see a 155 yield

quickly. >> do you think this is omicron, powell, the fact that they cleared out a lot of the shorts now? maybe they'll all now come back in >> i think a lot of the moves we've been seeing are more related to trying to get a gps with insufficient scientific information on the variant but right now, it certainly seems as though the new catch phrase is maybe more contagious, but maybe not as serious that seems to be grabbing hold of traders not so much the traders that are coming in now, but those that thought the other way earlier either in the early session of last week that are getting out shorts getting out of the equity markets and, of course, some of those flight to safety trades reversing. >> this goes without saying. we've seen so much volatility in the ten year lately. we're up six basis points on the day. that almost feels normal never would have been that way in the past. thank you. >> buckle up if we start to get much about 150 on this session, you're

going to see a whole lot more action. >> for sure. rick, thank you. we appreciate it we'll check back in a couple of minutes. the dow is up more than 15% this year, but biotech has an underperformer in 2021 the xpi is down 22% right now and it's trading right now near it's 52-week low some of the bigger names have removed the volatility in the biotech space. all of these losses, slamming the hedge funds that made big bets on the sector joining me is author of the new book "a shot to save the world." welcome. this is a pfizer and m moderna-related underperformance. >> right those biotech companies stepped up they saved us. saved lives and yet people are selling biotech shares they're getting crushed. hedge funds are spending the

week chasing rumors about people closing down there was some irony there >> there is. it's not a laughing matter for hedge funds who are facing losses tell us what kind of losses and the impact that's happening across the markets. >> these are big name hedge funds. some of the best and brightest are down 30, 40% and some of their funds, there's one fund another firm had that's closing down as i said, the rumors about others it's just about how expensive some of these stocks have got. the stock market anticipates good things and biotech shares have done nicely they anticipated the heroic efforts by some of these companies like moderna and novavax. those stocks are still up a lot. there's expectation there's therapies coming out but there's been too much ipo of smaller companies flooding the biotech world with extra supply

and a lot of sort of generalist investors are heading for the exits. >> that's exactly -- we spoke with gerald holts not long ago and he said the same thing, there's a ton of supply, a lot of different companies, a lot of people think there's so much fund-raising happening when these companies are still private as well. the hedge funds are specialized. for instance, they focus on smaller biotech companies. what are they supposed to do that's their mandate are they hoping that 2022 turns the page. >> i think they could be faulted, not them specifically, some of the hedge funds could be faulted for their shorting some of them have shorted things like the s&p 500 as opposed to specific biotech shares. that has hurt them so they argue while we're in a really remarkable era for biotech, we're seeing it with the vaccines with some of the therapeutics that are coming, now is not the time to sell.

the argument is, yeah, these companies may be attractive, but these stocks are still relatively expensive on a historical basis. >> it hasn't been a great year for investment returns could you zoom out and put this in context for us. are these the best of times or worst of times for biotech companies themselves a lot of capital raising, a lot of companies ipo'ing could be seen as a positive from everything that's happened with the efforts to fight covid is it better than it appears if you look at the investment returns? >> i think it is so we need to acknowledge that these vaccines are modern science's greatest historic achievement. and i do think that regulators and others may be see them in a different light. we all kind of in the media too used to be very critical of big pharma, middle pharma, little pharma, and we need to acknowledge and have some

gratitude how they stepped up. t we're in an era of development, innovation, applying mrna to all kinds of new approaches. new vaccines are coming. there could be new targets like cancer and malaria and ms, all kinds of reason to be optimistic maybe the shares are down, but there's a lot of reason for confidence and hope about the future >> another example where sort of a positive fundamental story doesn't always translate to good returns. greg, thanks for your reporting and thanks for joining us. >> great seeing you, kelly still ahead, shares of rivian are climbing today, but still down 40% from their recent high we'll tell you what wall street is saying about the stock as ten firminiaveovags itti cere and you're not going to find a lot of sells stay with us every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like ones that re-opened!

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welcome back, everybody. let's get a quick check on markets. fresh session highs right here the dow is up 755 points ever since midday, we've seen a lift in the ten year and equities the s&p is up 1.5% the nasdaq is up more than 1% for its part as well here's what's powering the dow, american expense, visa opening up numbers you have norwegian, united airlines norwegian is up 12% right now. and shares of rivian are on pace to snap a four-day losing streak after getting a slew of bullish initiations. the shares are up just shy of 7% right now and closed below the opening price of 106 on friday we're at almost 112 today.

goldman the most bearish, $94 price target they're suggesting 10% downside. j.p. morgan rating it a neutral. and adam jonas giving a 147 target, calling rivian the only one that can challenge tesla he's bullish on tesla right now. bofa is the biggest bull on the street they see a 60% rally from here, thanks to rivian's key customer which is amazon. now a cnbc news update. >> let's go through what's happening at this hour right now. the white house announcing moments ago the united states will hold a diplomatic boycott of the winter olympic games in beijing due to china's human rights record. no government officials will travel to the games, but u.s. athletes are allowed to compete and will have the white house's full support meanwhile, a former

high-ranking national guard official is accusing the pentagon of lying about its response to the january 6th attacks on capitol hill. a pentagon watchdog report is filled inaccuracies in an attempt to protect an army official also at the capitol, flags are flying at half-staff in honor of bob dole who died yesterday at the age of 98 president biden is ordering the flags fly athalf-staff through sunset on thursday he served the country for nearly 36 years on the news, more about his storied career tonight at 7:00 p.m. eastern time and kentucky derby winner medina spirit has died after a heart attack the horse failed drug testing after winning the derby in may kentucky race officials are

considering whether to disqualify the horse for illegal steroid use. kelly? >> sad end to a sad chapter. thank you very much. coming up, it's a tale of two tech stocks. what ibm and snowflake can tell us about the sector and the stocks poised to outperform. stay with us what's strong with me? i know when i'm ready for a rest day. so i can be ready for anything... tomorrow. find out what's strong with you

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welcome back, everybody. we've been seeing some choppy behavior in tech stocks with new software names soaring while older companies lag. snowflake and ibm. jon fortt joins me now with more on that. >> they switch around sometimes, kelly. and it's one of those days snowflake and ibm both have market caps around $100 billion at the moment. both are trying to sell stories grounded in enterprise software and the cloud but investors are looking at them differently. snowflake is a growth name it's negative for the month, still well below where it traded in september octa and then you have ibm struggling

with top-line growth for a long time as smaller units thrive but other legacy units have been declining. it's turnaround story isn't quite baked yet. and you can put intel in a similar category all of that, i think, is an interesting set up for a couple of enterprise software names reporting tonight. coopa has lost all of its gains. >> and there's both high pe stocks as well. >> coopa, cost management, which is interesting, you think people need that. i'm going to be eager to see how they're growth is doing. >> snowflake up 110% in revenue is just something else >> yeah. wow. jon, thank you so much let's dig deeper into tech now on the surface, it hasn't been

too dramatic but there's some individual names that have been seeing a much deeper decline like meta. snap dropping 43% and fiver down we have managing director and head of management research at oppenheimer. >> that's a name where classic covid beneficiary, right, they serviced freelance sellers to go find customers and, you know, the perfect job to kind of do if you're working from home at one point, that stock was trading at over 25 times forward sales. now it's 12. so the question is, where is the bottom another way to think about it, this is a company that has 4 million customers. if you look at who the good representation of small business is, look, the go daddies, the

wixs and squarespaces. there's something like 40 million paying customers there right now, for example, that's a stock that we think should be bought on the weakness. >> so you actually see the best opportunity in fiver and roku right now, is that right >> if you're putting their mid cap, not large cap, within our universe right now, yes, you know, we're looking at companies that when they were at highs, you had to really kind of price in the most optimistic outlook so for roku, you had to start to give them credit for what they could do internationally unlike in the u.s. where they really did benefit from a first mover advantage and have a dominant position and we should get an update this week, but they may not be successful internationally, right we don't know. when the stock is at the highs, you needed to assume that.

at this point, if they're just kind of a second or third player internationally, that's just fine we think you can make money in the stock. >> it's a good explanation of how it works let me ask you finally before we go here about your mega cap pick which is meta or facebook. why is that and speaking of catalysts, what are the positive catalysts for them name? >> i think most people realize the concerns about supply chain were not as bad as thought and so that probably means the overall macro advertising environment will be, you know, probably in line or better than we expect in the fourth quarter. there were a number of forecasts that came out today at a competitor conference and will be reported over the next 24 hours. that would be point number one point number two, all of this focus on targeting customers, facebook still -- or meta, still

sits on the best set of data and their advertisers know what to do with it while other companies are building data sets, facebook, meta, still has the best first-party data lastly, i will leave you with, we're looking for them to spend $11 billion next year on kind of meta and, you know, all -- ar, vr, et cetera, if you don't penalize them for that investment, in other words, don't give them credit, don't penalize them, the stock is trading at about 11 times forward ebita which is kind of at the low end and you've got, meanwhile, google even adjusting for some of their underperforming assets, more at like 15 1/2. you have the stock at one of the widest valuation gaps versus alphabet and we think that, you know, alphabet will go back to losing share once kind of the economy is fully reopened.

>> very interesting. so many different levers there jason, thanks so much. we appreciate it picks across midsize, large cap. advertisers have had to deal with the sea change thanks to the digitization of everything ryan reynolds, we'll speak to the actor next on "the exchange."

welcome back, everyone streaming and digitally targeted ads have forced companies to think outside the box. one company is working to streamline that process, mountain is announcing creative as a subscription today. mountain creates tv ads and distributes them for clients they acquired the advertising arm of ryan reynolds' maximum effort production company and joining me now to talk about this, mark douglas and ryan reynolds welcome to both of you

are those red air pods we need to know all the cool stuff you're into. >> this is a bit more of an accident i couldn't find -- >> i didn't know if it was nail polish >> no. >> i have to confess, i did not know about all of the work that you've done in advertising can you summarize how that's brought you to partner with mark douglas. >> i have a company called maximum effort and we sort of were born of the dead pool era where necessary was the mother of invention we loved telling stories we were creatives and story tellers and, you know, merging with mountain was sort of exactly -- they sort of facilitated exactly the kind of relationship and impact we want to have in this space. so it's been this incredible marriage that we're lucky to be a part of. >> explain the future of this technology creative as a service sounds

awesome but also like a big undertaking, maybe an expensive one that could be hard to pull off. and tell me why you think tv is still king what do you mean by that >> well, creative and media have been separate. it's a daunting challenge for most advertisers, especially emerging advertisers, but also bigger ones to find a media agency to distribute the ads but also to find a creative agency it's expensive we're bringing those two together part of the reason why is we think creative, the actual message, the commercial you deliver to the consumer should be entertaining, exciting and you should be able to refresh that regularly so that's what we're doing with creative as a subscription. >> how, mark, has the pandemic changed advertising or accelerated some of the changes that were coming >> well, obviously, a lot of people have been home watching a lot of television. but even before that, i mean, a

lot of people refer this as kind of the golden age of tv because there's so much great content out there. and so that's created a lot of consumers at home and this gets paid for by companies who want to basically reach those consumers. and so it's been great seeing all of this viewership and that creates this tremendous opportunity, especially in streaming, which is what we're focused onto basically deliver a better ad experience for the consumer and also for the companies trying to reach those consumers. it's been absolutely fantastic. >> ryan, i'm reading here, other than -- you're going to stay on as the chief creative officer here you've got aviation, mint mobile, that's a lot tell the cnbc audience where we should continue to sort of watch you put investment dollars to work and what's been the most lucrative so far that you've been involved with >> well, you know, the latter

question i would say -- really everything that we have right now is engineered towards a mountain mountain we feel is inevitable i honestly wouldn't normally be that bold. but when you look at the tech that mark has built and personally coded, by the way, you look at that, the trajectory to connected tv, there's going to be one company that emerges like google did with search, facebook did with social, and i know it's mountain in this space. and it's superexciting everything right now is going towards that i'm still taking care of my other businesses, mint mobile and aviation gen i'm on a sabbatical from shooting films right now so i can focus on all of these things in a more 9:00 to 5:00 context which has been a privilege and luxury for me to explore. >> thank you very much for joining us today it's the been fun. mark douglas and ryan reynolds, the chief creative officer you worry about crypto and web three -- are we going to have a ryan reynolds token, any time

soon >> i worry about everything pretty much. you can guarantee that you can name a subject and i'm worried about it >> we'll send you some good podcasts we'll get you caught up to speed. expect to see you doing so much more it's very exciting times thank you, again, both for your time for your time today we appreciate having it. >> thank you again. >> mark douglas and ryan reynolds on "the exchange." till ahead we will look at the movers of the day and what spurred the recent uplift. plus the classic car boom goes public we will dig into that next

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quick check on the markets, everybody. all three major averages climbing dow leading the way, up 2%, up 76 so far at the high. the s&p 500 up 175%, the nasdaq lagging slightly but still up more than 1% the cruiselines leading the markets, moderna is the biggest laggard, shedding 16% today. coming up, shares of classic car insurer hagerty popping if their trading debut friday up again today we will speak with the ceo about that next. annual enrollment is here, it's time for a plan that gives you more

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welcome back collector car insurance company hagerty started trading on the new york stock exchange friday after being public via spac. shares are higher. and joining us is the ceo, mckeel haggererty along with cnbc's robert frank. >> i am joined by mckeel hagerty and a $25 million car behind me. mckeel, congratulations on the listing, the share price today a. lot of people think the classic car insurance business is a smog segment, just a few wealthy collectors how big is the market? how many cars do you insure now? what is the total addressable market over time >> thank you for having me it is a big day for hagerty, and for the car world. this is a bigger world this, automotive enthusiast space, the fun cars to drive. we have been pulling together

statistics about the addressable market it is 43 million vehicles in north america alone that are registered and owned for the urps of cles your driving, fun driving, that kind of thing. our average value of over $30,000 is over $1.4 trillion worth of value that's an interesting thing. you know, people who love cars, they really know -- they have no boundaries when it comes to how much time and money they will spend on them. that's what makes this different. it is not a regular car, not from getting from point a to point b. it is a cool, big market. >> this is a passionate audience i don't understand insurance, how are you expanding to become -- you have created this fly wheel within the classic car world. how are you expanding? in media, or what other areas can you grow >> we started in insurance we can grow there. we started a membership subscription model four years ago that includes a heavy media presence we have a magazine with over 700,000 circulation.

youtube channel, 178 million subscribers. we started acquiring event companies wince the last couple of years we own concourse and del gantz around the country and have a bunch of events and experiences. we have been building out clubhouse models think kinds of warehouse with a soho house clubhouse feel for car peep we are kind of building out this ecosystem around the car world while we may start with insurance it really starts and finishes with the love of the automobile. >> when we talked 13, 14 years ago we were worried the classic car buyer was getting too old and they were going to age out what are you seeing from new collectors. >> what is hot right now in the classic car world that the young collectors are buying? >> good news there, this is the first year where over 50% of our new clients, new members were born post 1965 that means they are gen xors. >> considered young. >> gen xors and millennials,

contrary to popular belief, gen xors do like cars, they have to be able to afford them we are seeing new cars coming in and being brought and enjoyed as classic cars '80s and '90s cars, vintage off-road vehicles. >> broncos broncos are the new ferrari. this is the car that won the 1966 lemans. it is a $25 million car. these cars are going up in value every year. >> robert, thank for bringing that to us that does it for "the exchange," everybody. "power lunch" begins right now kelly, thank you very much, and welcome back to you. we will see you in just a minute welcome, everybody else, to "power lunch," a rally on wall street arc big one stocks gaining altitude this afternoon. we are kmeeshl free for next half hour to discuss whether the move higher can last, the sudden spike in