with the price there. don't forget, the 40th annual jp morgan health care conference kicks off on monday ceo jamie dimon will join us in an interview monday on "the exchange" around 1 p.m. eastern. that's it for "the exchange" today. i am staying put, and "power lunch" starts right now. ty in. >> welcome, everybody. kelly, we will see new just a s.e.c. i am tyler mathisen. just ahead, will main street fair better than wall street this year. will the real economy win out? and how do you invest in this new environment. choppy flight path flights canceled for 12 days in a row. airline analysts say there is a recovery on the way and one name could be a big winner. the ceo of too simple has a solution, long haul trucks,

kelly, with no drivers >> i think we are heading that way at some point. maybe not this year. thank you, tyler hi, everybody. here's how markets are fairing dow is hanging on to a 100poin gain ending the week much the way it has started. the s&p 500 down 9 points. the nasdaq down 116. and look at the yield on the ten-year, hitting 1.8% one of the biggest jumps we have seen to start the year in like two decades. one of the biggest basis point moves ever to start the year it is lifting financials, the big banks and the regionals, some of them adding 2% today. we begin this hour with jobs in america the unemployment dropped to 3. 9% last month, underscoring the tight labor market wage growth, 4.7% over the past year that is feeding in to fears of inflation, which brings us to the fed, and its expected quicker pace of tightening, and

why our next guest says the central bank could be on the verge of making some mistakes. ron insanaa. also with us to discuss how to invest in this environment, mike al fehr with high towered eed a advisers he is also a good golfer the well business. these guys have got it going on. all right. look, the jobs number might have disappointed in terms of the aggregate number of jobs added but you can't dispute that now we are back in terms of unemployment at levels seen, ron, not since before the pandemic. >> tyler, we are seeing for the second month in a row a wide divergence between the household survey we saw more than 600,000 jobs created in that survey plig the

unemployment rate down to 3.9% and the payroll survey which i think is becoming reliable recent reports suggest that fewer and fewer companies are responding to the survey of those that are, fewer than 50% are turning their reports in on time. so it is skewing the non-farm payroll data and it keeps getting revised upwards. i think the labor market -- i wouldn't say on fire but it is quite strong and individuals are at a record pace starting their own companies and businesses as well i think it was a stronger report than initially read. >> and yet, ron, you are worried about the possibility of a correction in stocks in 2022. >> yeah. >> why >> i don't think the fed needs to go as fast as everyone suggests i think inflation is going to come down as supply chain disruptions ease i don't think that we are in a runaway inflation situation. i am in the minority in that group. and i think that the federal reserve could really take its time and not overdo by not only

unwinding qe but raising rates and shrinking the balance sheet all this year. i think a more measured approach would be appropriate given that we don't know how omicron shakes out entirely and, again, i think the supply chain issues normalize rather dramatically this year and take some of the heat off inflation >> on the point you just made about the fed not needing to be a hurry, aren't the dynamics different, the unemployment rate is at 3.9% wages are growing 5% on the year it doesn't feel like there is an environment where they are moving cautiously but an environment that they still need to catch up to. >> i mean, i don't know. i see inflation coming down, not going up and i don't think -- >> even if it does >> even if it does, i don't know that they are that far behind the curve. we had 3.5% uninflation before the pandemic

absent supplies disruptions we had very little inflation. and there is history that things normalize rather quickly after a pandemic which is something the feds should consider. >> mike, ron is concerned about the fed moving too far, too fast, perhaps pressured by politics to do so. you are not in that camp you don't believe there is as great a lickly hood -- obviously it is always out there as a possibility. but you do say that the place to be is with stocks that are rather more defensively positions. in other words they have very strong balance sheets which is going to help them in a rising interest rate, they have steady growth, and real profit, number two. and there three they have valuations that are not extended >> you know, tyler, i think probably -- i might have made a typoin my notes today. the likelihood -- i do agree with ron there is a likelihood that the

fed makes an error here. particularly i think if they kind of go too fast. the fed has gone from sort of a meow to a roar in their approach to monetary policy it seems to have happened in about three weeks that to me is what markets are reacting to a deliberate data dependent approach makes sense to me but, yes, through this sort of tumultuous environment own good balance sheets and own things that have good earnings and moat this is no time to be out on the thin branches of investing at all, particularly when you have this many unknowns working all at once. i am not going to mention johnson & johnson, tyler i am not going to go there i'm not going to do it but you know, i mean, you look at an apple with a great blaelt. it is a little more expensive but the fundamentals are terrific or you get to fedex where the stock is 12 times earnings, 1.7 dividend and

earnings growth. can i own these companies through the roiling seas or the fair winds i mean, they are my kind of companies. i think ron is right they could overstep, and fed mistakes could be a problem here. >> vigorous agreement. not hardly disagreement on the possibility of a fed policy error. where might -- how concerned are you michael with the rise in bond yields be that has been really quite stunning over these past five or six days? >> it has been stunning. i think many surprised by it i am going to get more concerned -- it sounds silly, but if it gets up toward that 2% range. but we have really been dependent on low rates so much of the government's own forecasts are dependent upon low rates. that's a monkey wrench that could get thrown into the entire system that could scare the fed more. i hope that the fed is data

dependent and deliberate jay powell is that kind of guy, by the way but the interest rates affect lots of things, cambridge analytic particularly the tech stocks we have seen that nasdaq sector, even again today, the nookd underperforming the dow. those value stocks i think still make more sense for aier like 2022. >> gentlemen, good to see you in the new year ron insanaa, michael fehr. appreciate you. it has been a choppy season for the airlines worker shortages leading to mass cancellations. for 12 straight days, more than 1,000 flights have been canceled but you wouldn't know it by looking at the stocks. della, united, american, and others, have been posting solid gains in the past month. what's with the discrepancy? joining us now, bernstein vice president and senior analyst david vernon welcome. are the airlines getting ahead of themselves? >> thanks, kelly getting ahead of themselves or pricing through the turbulence i think what the market is starting to look at is the possibility that we are moving from pandemic to entestimonyic

if that's right, the resiliency of travel demand means these stocks can start to really work. so the market is looking through near-term disruption to what a better 2023 and 2024 could look like. >> i am reminded by hindenburg's sell call on royal caribbean more debt, fewer travelers wouldn't the same apply to the airlines for a while >> it could in the short-term. but when you are looking a the stock price from 2019 versus today what miss is the everall revaluation of risk assets that happened because of a liquidity that pushed into the system. eb ebitda, whatever it is across every sector is higher it is hard to do that with the larcenies right now because we are not in a position where we are making a ton of money. if we can get there, getting out

of pandemic into entestimonyic is the key if they can get there they are going to produce cash again. they have been making chains to the business that's going to result in better cost performance post the crisis. >> you mentioned liquidity and how supportive that has been but that's the one factor that's turning the other direction this year. >> true. >> could that put downward pressure on multiples? >> for the overall market, it will but i think on a relative basis, as that's happening if you are starting to think about where you are going to take your money out of things like tech or stock that appreciated a lot, where are you going to go into look for cyclical markets where demand hasn't recovered. where you are going to be looking at some point are the airlines institutional investment has been low during the crisis because we can't say with certainty that the next wave is the last wave. if we do get to that point, the money will start to flow there, because if you look out at '23

and '24 normalized earnings they are not trading at high multiples. >> if i am reading my notes correctly, it looks like your ranked preference is for delta, then american, and ual then luv, or southwest why are you not as high on southwest as a lot of your peers are? >> southwest has been a favorite of a lot of analysts coming through the crisis domestically sewer focus they are going to recover first. what we found is coming out of the crisis, southwest has had to adjust their network strategy quite a bit. instead of being very, very deep in a small number of markets that are large, think chicago to las vegas, you are running a high capacity bus in those markets. you can make a lot of money on that they are having to spread the network a little bit that tension between network depth and the breadth that they are putting into the system now is requiring them to make some changes in the way they run their operation. they are having to staff and

crew and reserve differently than they did before that's going to take a little bit of a while for them to grow into we think that southwest is in the middle of reinventing itself a little bit during this recovery we would prefer something like a delta where they are executing a pretty well worn playbook, the share count hasn't been diluted bas of the issuance of new egtsz or convertible debt. and the brand premium they have is going to allow them to recover quickly here if we are moving out of the pandemic. >> to button it up, am i understanding it correctly, that your concern about southwest is they don't have enough of the high traffic routes, chicago to las vegas, and they might have too many of the lesser traffic routes, let's say baltimore to nbd? >> more discrete more like baltimore to fort myers or sarasota. if you look at where southwest flies today. they serve more cities today than they did in 2019. what is happening -- they also

do a lot of business travel. oakland to burbank when i lived in california that was a popular route. those flights aren't there the demand isn't there so they are shifting to where the traffic might be that's going to put tension in their business they have to adjust operations and get their pricing right. i think they will do it over the long term but i would rather be with a guy hitting the ball right down the fairway on a course they have played before. >> fort myer sounds good today we have six inches of snow here. david vernon, appreciate it. coming up, driverless big rigs may be on the open roads before you know it too simple completed a test run. but it is stock has been driving downhill its ceo is here to talk about the future of transportation. plus, kimco seeing higher foot traffic, and lease occupancy rates. the ceo will join us to talk about spending, the consumer, and his view of the recovery in

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welcome back, everybody. rising interest rates becoming a reality for home buyers. the 30-year fixed rate mortgage hitting a key level of 3.5%. diana olick has more >> yeah, we haven't seen that number since april of 2020, right at the start of the pandemic when bond yields spiked briefly, and then rates came

crashing down setting more than a dozen record lows later that year now, in just the past month we saw the rate shoot up about 40 basis points but the true spike was this week when the federal reserve made it clear it would start offloading mortgage backed bonds from its balance sheet sooner than expected we are up 25 basis points from new year's eve all this according to mortgage news daily now, its coo matthew graham just told me he expects to see 3.6% by monday. what does that mean for buyers on the median priced home with 20% down, the monthly payment is now about $100 per month more than it was a year ago for those putting less down it is $120 more red fin put out a report this morning saying half of the buyers they surveyed said they would feel more urgency if rates crossed 3.5% real estate agents said they are already seeing the urgency in buyer demand. a shortage of truck drivers

is a chronic problem for the economy, especially this year. according to the american trucking association, the industry is short more than 80,000 drivers now a historic high. one company, too simple s working on a possible solution they successfully sent a semi truck on an 80 mile trip between tucson and phoenix without a driver on board. but their stock is down 62% from their 52-week high here to talk about too simple, their ceo. give us details. i should point out your truck is not an ev, right >> it is not an ev our first generation is an ice engine truck this is what we see right now for long haul application in terms of class as. what went down -- this is the

first of multiple runs, was an 80-mile trip, hub to hub, on surface streets, highways, without any humans on board, without human remote control and without traffic interventions. we did have plenty of safety precautions. for instance we had unmarked -- we worked closely with the arizona dps. we had unmarked police vehicles follow about half a mile behind just in case the truck had to come to a stop and we had a survey vehicle about six miles up ahead to be sure there is no things out of the ordinary this is a big milestone for not only us but also the industry. >> now that you have completed this trip successfully, would you be able to start doing more and more of this do the authorities basically only let you get a test run under these very special conditions what happens next? >> we worked very closely with arizona usdot, dps, we believe

that we will be able to continue to do more runs, different routes, under different conditions really taking a step back, you opened with the supply chain, and there is other segments, labor shortage -- we live in a on demand economy. as consumers, we want our goods delivered to us today that trend is not slowing down. trucking is what moves 80% of the goods in the united states and many places around the world. there is 2.3 million class a trucks in the u.s. the industry is one of the weakest links right now because of the driver shortage, and the increasing safety and environmental costs. the pandemic brought this front and center tu simple, by developing the first tu scale fully autonomous solution we can play a big role in helping the supply chain become more resilient and efficient.

>> sir, how will one of these autonomous vehicles, a truck or a car, know when for example, construction has changed -- made for a lane shift, number one as i come to work every day there is an exit ramp that i get on one of the main thoroughfares to sometimes it is open many days it's shut. you never know whether you are going to get lucky or not. the truck -- how would the truck know that that exit is shut today and open tomorrow? or that the lane change is this way tonight, and that way tomorrow morning >> it's a great question first of all, i would love to invite you out to tucson, arizona, where our trucks are based. >> i will be there monday! >> please do any time 24 hours a day we have encountered these problems all the time. we have to overcome them in order to have a fully driveless operations over 80

miles. what's modern to know here is we are not only building autonomous trucks, we are building an autonomous freight network multiple trucks, multiple terminals, automated system, automated lanes that give us information about road conditions it is not just what's on the truck but also what's around it that helps solve the problems you just talked about. >> can you make a final comment on the stock price which if we look at it as a proxy for investor enthusiasm about your technology it has fallen substantially. what do you make of it >> it is very hard to predict the short-term stock movements if you think about the significance of this event, to us, to a a zero to one milestone in the industry. i think there is a lot of parallels that we can draw to electrification for electric vehicles five years ago or three years ago there was a lot of questions

about if, when, and can, can you make a vehicle cheap enough that consumers with a on the to buy today we have a similar set of problems or questions around automation, autonomous driving and those are the right questions. i think being able to demonstrate the significance of this goes a long way to solve that >> yeah. >> long term, the market is efficient and we will continue to make progress and i think our stock price will reflect that. >> a truly important even for society to watch what you were able to do and to witness more and more of these test going on on the roadways. chang lu thank four your time. tu simple. further ahead on the program, the jobs numbers disappointing again. employers struggling to fill positions. workers seem to be holding all the cards. how much longer will this last

we will breaking down with the former new orleans mayor marc morial, when "power lunch" returns.

welcome back

i'm sara eisen, here's your cnbc news uptate at this hour travel in the seattle area difficult today due to flooding from heavy rain and melting snow a. 20-mile stretch of interstate 5 is closed. some motorists had to be rescued from submerged cars. a flood watch is issued through tomorrow for much of washington state. after 3:40, oral arguments at the supreme court ended about 45 minutes ago. the court's conservative majority appeared to have serious doubts that the biden administration has the authority to require private employers to enforce a covid vaccine requirement. the justices also are considering a separate mandate for many health care workers it didn't appear to generate quite as much skepticism. at oregon state university this morning, a section of the stadium was imploded it's part of a $153 million renovation project that includes a new welcome center and health clinic

imploded stadium section will also be replaced in time for the 2023 football season back to you guys. >> whoa. >> look at that video. >> that's crazy. sara, great to see you on this side of 3:00. >> you too, tyler. >> we will see you about half an hour's time. welcome back, everybody, to "power lunch." time now for a look at our etf tracker, a sector that saw big outflows this week, disruptive technology we know that big tech fell on fears of interest rate rises, but those smaller, more speculative names fell even more look at disruptive technologys, off 9 million. large part, selloffs due to valuations, which are often based on hopes for future earnings the lessening of omicron fierce taking money out of those names, moving it into stocks like airlines and other reopening names, energy shares as well the direction mrna -- etf -- a

biotech focused fund down -- where is mrna? mrna there it is. she's down 7.2% for the week down almost 13 that's mrna. true shares technology, down 12%. and vannic digital transformation down about 13%. a.i. and deep learning etf, its holdings include some of the software names we talked about this week, like data dog and crowd strike, and vaneck, investigators digital transformation etf this one focused on crypto its top holding include coinbase, micro strategy, rye roe yot and marathon the data come from our partners at the financial times and its wilshire etf hub mrna. >> how can i not think of that every time i see mrna now.

>> malls and retail were hit hard throughout the pandemic, but kimco seems to be making a comeback jumping 63% over the past year will omicron hurt the coryreve the ceo weighs in next

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all right, folks, 90 minutes left in the trading day. we want to get you caught up on the markets, stocks, bonds, commodities. they are going to let me walk the wall one more time because i did it so well last time let's begin with bob pisani and a market check hi, bob. >> hello there, tyler. so we are having problems figuring out what the inflation level is, but the good news is the economy is still strong and the market is reflecting that. look at energy this week we have had double digit gains in most of the big energy stocks oil is over $80. we have new high on exxon, a new high on conoco double digit gains on most of these. bank, new highs. financials right now, bank of america, wells fargo, zion pnc bark shire hathaway. regional banks like pnc also at

new highs. the higher rates are chipping away at tech stocks. apple is only down 3%. if you look at mega cap tech microsoft is down 5 or 6% for the week it's not that bad although that's a lot compared to what we have seen recently the real tech wreck is in those cathie wood style stocks the shopifys, the blocks, the twilios, the zillows those are down double digits, most down 10%, 12% 14 drz and shopify down 18% finally, i want to mention gamestop they say they are going to enter the nft market well, maybe. it closed at $130 yesterday. opened up $30, around $160 it's just about back to where it closed yesterday at 130. and the volume is huge five times normal. it might have been an important

announcement but people are basically selling into that. we will see how it closes, if it goes back up it was $121 on the last day or so let's look at the treasuries right now. we have real action in yields. the ten-year yield at the highest level since january of 2020 two years ago extending its incredible 2022 run. 1.76%, pressing in on 1.8% the ten-year ended 2021 just above 1.5. this is one the biggest first week moves in yields ever to start a year so bear that in mind as the interest rate talk gets more hype let's go to commodities now. oil closing for the day and the week a week that saw big gains there. pippa stevens is at the commodity desk pippa? >> at this letter, a big week for oil, but ending here on a whimper rather than a bang u.s. oil hit a high of $80.47 earlier in the session, which is notable since it was highest

since november 17th before the omicron variant took hold. but it drifted lower following the jobs report and now it is down .5% at $79.07 brent crude down .1% at $81.91 those contracts still up for the week in part thanks to supply concerns amid the unrest in razak stan the country produces roughly 1.6 million barrels a day of oil energy stocks, though, have started the year with a bang the group is a top performer today, up more than 1%, and up 10% on the week. this of course tyler builds on last year's nearly 50% again. >> who would have thunk? energy the leader last year. now to a retail reit that's on a role shares of kimmo up as lease occupancy rates. the ceo joins us now

kimco owns more than 50 500 u.s. shopping centers welcome. and congratulations on the performance. what i know about your business is that you have outdoor shopping centers often anchored by grocery stores. that is a lure of foot traffic people are cooking in more, not eating out as much is that one of the reasons why you have been able to keep occupancy up and rents up? >> that's exactly right, tyler we benefitted from three different things, really, in the past year. first and foremost, the sub serbianization, kimco owns grocery anchored properties this the first string suburb, we are among the top 20 in major metro pollan tan markets that helped us as we have property in the first ring secondly, work from home a lot of people still work from home we have a snow day here, so i am working from home today.

people are shopping in their grocery store, eating at home, cooking more often and the third takeaway is the store is being used as a logistics hub. distribution fulfillment it is all about convenience and optionality right now for the consumers. that's what the grocery anchored shopping center is affording the consumer they are able to elect how they want to shop, buy on line, curbside pick up, you name it. seems like that's the playbook people are following today traffic our december was higher in 2021 than it was in 2019. >> connor, it'scaly here what are you going to do -- it'scaly here. what are you going to do about interest rates it could dampen the stock or pose a challenge to investment opportunities. >> it is something we are watching closely we are fortunate at kimco. we have reinnocencing opportunities that have higher rates burning off that we can refinance at lower coupons which

helps our earnings growth for 2022 we are watching it closely it's not something we can control. real estate is typically used as an inflation hedge at kimco we are fortunate that your anchor leases are 50% below market when you get the market-to-market opportunity -- particularly when the lease expires is when you get that optionality. that's why i think we have nice earnings growth going forward. >> what are your three largest customers? which stores or chains, number one. and number two, take us through comparative numbers on occupancy today versus the peak in 2019. >> our top three largest anchor tenants really to be tj max, home depot, and then albertsons. when you think of a greshry anchored shopping center we typically with an albertsons safeway, publix, trader joe's or whole foods in the northeast

that's the heartbeat of the shopping center. then we have a merchandising mix that enhances the traffic flow throughout the day your favorite coffee place, your favorite bagel place in the morning. groceries typically are the heartbeat because they drive trips to the center, usually three to five times a week then you have the treasure hunter, tj max and home goods. people love to go in and see what they have on special offer. and home improvement obviously has been doing well as well. that's the merchandising mix that we have alongside small shops that enhance the local feel of the shopping center. you don't want everything to be cookie cutter. you want it to connect with your local community. you want it to have that sense of community when you come to the shopping center. typically, that's what we try to do is find that special sauce, someone that's local in the community. we have seen a rebound in occupancy. in 2021 we saw occupancy pick up quarter-over-quarter what is fascinating to think

about in 2021. 7,900 new stores opened in 2021. only 4,600 closed. that's a dramatic shift. >> how close is your occupancy, quickly, to the peak occupancy >> we still have about 2700 basis points to know, but momentum is building we signed a lot of leases over the five year average in the past year. we have got close to $50 million of noi coming on line in 2022 that's not signed but not yet cash flowing nice visibility into our growth. >> just 2% lower than it was at the peak connor, great the see you. happy new year. >> great to see you. come up, sports betting kickoff. new york approving mobile sports betting for some major operators. we will tell you what it means fothstksfftener e oc aecd xt

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shares of draftkings are down more than 0% from their 52-week high, but they are up 4.5% today as the company has

the chance to gain lots of new customers literally overnight. contessa brewer has more. >> today gamblers can only bet on sports in new york at sports books upstate. tomorrow that changes. at 9:00 a.m., four companies have the green light to launch their mobile sports betting apps caesar's draftkings, fanduel, and rush street interactive will have the first go at it. the tiling is great news for these operators. because they got approval ahead of the nfl playoffs, ahead of the college football championship games the entire state expect half a billion in tax revenue by 2025 why not? it is charging one of the highest tax rates in the nation. it is early adopting neighbor to the west, new jersey, has a 13% tax rate it could be a blow to new jersey's tax revenue because current low more than 20% of new jersey's mobile betting comes

from new yorkers who cross bridges or tunnels to wager on sports industry analysts think new york could soon surpass new jersey's handle and reach $1 billion in annual sports betting revenue. i asked fanduel's ceo amy howe whether that could cannibalize her business in new jersey. >> i think the fact that you have that many new york betters that have been engaging in new jersey is just -- to me that's a stein that the new york consumer has been anxiously awaiting this we are excited because we have the number one position in those northeast markets. we have been in new jersey and pennsylvania for a few years and we have been the leader for a long time. now, to have those two states, connecticut came on line last year, and we have established a leading position now with new york, we are going to have a really great presence in all of the northeast. really excited >> ten pro sports teams, six major leagues, new york is one of the big sports destinations around the world and now the

most populous state to launch mobile sports gambling >> i did not realize that was tomorrow morning contessa thank you so much. up next, america's labor shortage sparking a massive debate over wages. companies can't find workers but workers say they are underpaid. al while ceos and executives like tim cook and ruth barrat receive massive paychecks. we will discuss it all, next thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever.

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welcome back to "power lunch. today's jobs report, some people say light on a troubling trend of people leaving the workforce but a record 25 states are raising the minimum wage this year with many exceeding $15 an hour if not this year on the path to that will that stop lower wage workers from leaving jobs? mark morial is president and ceo of the national urban league i guess, mayor, welcome first thing. >> happy new year. >> happy new year to you, sir. people say the total number of jobs added less than half of what some economists expected

but some people are sitting the dance out and among those who are looking for a job you've got the unemployment rate to basically where it was pre-pandemic that doesn't sound like a bad report to me. >> ty, it is so important because we discuss these reports every month as we have been doing so for years to look at every report in the context of a trend. this report represents about a half a million jobs created on average for the last year. and it also brings us to almost 18 to 19 million jobs added since the pandemic began now we're not back to pre-pandemic levels another 4 million jobs to get us to that point. but it is so true that working moms, younger workers, low wage workers have found other things

to do or have been unable because of child care and transportation barriers to get back in the workforce an increase in the minimum wage, investments as the president proposed in the child tax credit and expansion of early childhood and child care i think would in fact help many workers to return to the workforce but you are right. when the unemployment rate is trending to where it is it's a little bit disingenuous to call this a bad report. but it also is important to understand the continuing challenges that the economy faces. but half a million jobs a month and 18.8 million jobs created in the last year means that this recovery have been much faster than the postgreat recession recovery just we have to look at

a long-term context to understand it and think about the future. >> while there are persistent unequalities you have to acknowledge that wage growth is pretty good over the past year economic growth is pretty good and higher wages bring people off the sidelines. let's discuss about what was discussed today at the supreme court. the biden administration's call for vaccine mandates for businesses above a certain size. is that going to be -- and apparently some of the justices seem skeptical that the federal government had the power to do that are those mandates constructive for small business >> what i'm skeptical is that the supreme court should substitute judgment for the

experts, the health experts who have utilized the authority delegated to them by the congress to make an independent judgment on these vaccine mandates if you are a business owner and you believe that you have a responsibility to keep the workplace safe for customers and therefore requiring the employees to be vabccinated is the way to go the hand is stronger with the government mandate so i think the mandate is an important measure so set forth a basic standard people talk about the rightses of unvaccinated. how about the rights of those of us vaccinated? the right to basically going to the grocery store orb a place of business to know that it is as safe as it can be. this is a balancing act but i

don't think that the supreme court should function as a super legislature or as a super health care panel and substitute the judgment for the judgment of experts who created this rule and now seeking to do it to keep the country safe. >> i will have to hold the question for next time we appreciate you. >> see you next time. >> happy new year, mar you. >> seem to you. after the break, a look at the parts of the market that came roaring back to life this ek power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools, and interactive charts to give you an edge, 24/7 support when you need it the most. plus, zero-dollar commissions for online u.s. listed stocks. [ding] get e*trade and start trading today. never settle with power e*trade. it has powerful, easy-to-use tools

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and wait for back and forth e-mail, or a call to be rescheduled for the third time. orrr... you could use slack. and work faster with everyone you work with, together in one place. slack. where the future works. we have talked this week about the break down in tech stocks but what about the parts of the market showing strength dom chu is flexing that for us. >> we'll finish in the red this week but while the big losses have been driven by the souring sent. in big comp tech there's stellar performance in the so-called value cyclical parts of the trade. energy, financials, industrials. they continue a trend from last year where the beaten up names posted some of the biggest gains and happening again in 2022. oil and gas stocks, big gains

this week. hess and exxonmobil from the oil major side of things rising rates helping traditional lenders, regional banks and others and it's been a nice week of performance for industrial stocks. heavy equipment companies like deere maybe at the expense of apple and still a continuation of something that worked for the s&p last year, guys. >> so i wonder, dom, if people then have to place the bets on what has been working or think about what might be working next. >> it was a real tug of war between the growth and value side of things looking at the etf tracking the growth trade would you believe it if i told you as of this moment the ticker etf tracking the growth side of the market

iwf are posting almost identical returns over a 12-month period without the effective dividends? so it's been seesawed back and forth. both bets might work. >> dom, thank you. kelly, a week down in january. see how the january indicator works out. thank you for watching "power lunch. "closing bell" starts right now. ♪ happy friday welcome to "closing bell." i'm sara eisen we are closing out a wild first week of 2022 with more red than green on the screen. nasdaq pacing for a 4% drop on the week but the dow is higher heading boo the final hour of trade. >> good afternoon. i'm wilfred frost. have a look at what's driving the action today a mixed report from the jobs number missed estimates but the unemployment rate fell to 3.9% treasury yields popped