final trade? >> visa. visa. >> viacom cvs. >> cme group. >> give you lam research, scott >> thanks for watching good stuff "the exchange" starts now. thank you, scott hi, everybody. a strong session for the reopening trades today and another tough session for tech stocks breaking a three-day winning streak, i'm kelly evans. ahead this hour, three stocks to buy in this environment and how much more pain ahead for the tech trades. nasdaq selling off this afternoon. plus, great resignation. are people leaving the work force or actually starting companies of their own data points towards the latter

talk what it means for the jobs and for growth toys, rental cars and online dating news and trades on each of those stories. first, to dom chu with more on the nasdaq sell-off. >> session lows just thereabouts now. you can see behind me what it tells you about the s&p 500 over all, the trend everywhere else, best performer and tech and decisionary worst performers reason why look at the nasdaq trade down 1.5% now, dow jones industrial's outperforming, biggest nasdaq stocks driving decline look at investo qqq. on an train day basis, saw it peak in beginning. slow and stead you down to where we are now just about session low look for reasons why that big technology trade, consumer discretionary biggest stocks within the s&p

also in the nasdaq apple down 1.5%. microsoft down nearly 3% alphabet down 1% amazon 2%. tesla, big driver to the down side down 4.5% noting, kelly, at current levels, if microsoft closed here it would be lowest close since october 26th to give you an idea of the mega cap trade a big focus. back to you. >> certainly is. wow. dom, thank you. my next guest says financials are the place to put your money this year and generally off to a good start. not all names winners. shares down yesterday after revenues disappointed. which financials are in best position for this environment? joining me, a president and chief investment officer of his company. great to see you again hear some of your favorite stocks >> sure. it's clear, kelly, we're in a rising rate environment. whether we get two rate hikes next year, three, four, even more, as jamie dimon recently

suggested. rates will be rising the economy will continue to expand historically, financials perform well in rising rate environments when the economy continues to expand however, what we particular like, kelly, isn't just large money center bank but rather smaller cap regional bank, community banks and mortgages and insinstitutions. three on the screen in banking opportunities. those verizon bancorp, washington trust bancorp and dandy springs bancorp nap focus on the first, horizon, a feel for the investment opportunity we see horizon has a mark cap about $1 billion. yield abouts 2.8% growing dividend over the last five, six years clip of 15% and a pe just 10.7 interest potential, growth potential to rising rate environment and low multiple

we think that's attractive. >> yep detail on horizon washington trust and the other games mentioned. what would you do? results in the morning from biggest banks. what would you do with them? why might not not have quite as much up side >> larger money center banks have upside as well. additional upside potential we see with the smaller cap regional banks from the m & a perspective. see it picking up towards latter part of 2021 we think that trend around consolidation of regional bank space continues and also we know banking is basically becoming a technology game. those banks that can adapt to the changing customer preferences for the way that they bank and the fintech movement are the ones best able to adapt and survive we think that comes from the regional banks more so than it does the big money center banks. >> a final question on this. how much was pulled forward into

2021 or to what do you attribute such strong performance last year what do banks have to do to be able to keep that type of rally going? >> yeah. i think what we see, almost mirroring activity we've seen in the bond market. right? so far this year, ten-year moved up around 24 basis points. on top of a move of about 59 boyce points last year total move, call it 83 basis points, kelly. suggestingal bond market is already pricing in between three and four rate hikes this year. a a result, financials in position to withstand and weather rate hikes the earnings reports, forecasting yet another record 20%-plus earnings growth rate for the s&p 500 during the fourth quarter of 2021, we think financials will shine once again. again, looking forward in 2022, a regional banks offering more

upside potential than the big money center bavnks. interesting. thanks for your time good to have you a news alert out of the bond market now yesterday was the ten-year today the 30-year up for auction top of the hour. rick santelli has results. how did it go? >> similar to yesterday's ten year slightly below average, the grade i gave it. demand 1:00 eastern, c minus, charlie minus, mostly a pricing issue, meaning where the auction was yield-wise and where the end result was had a difference, higher yield lower price one issue mark hovering around 2.072. yield at the dutch auction, 2.075. so tailed a bit and all metrics, well, basically near or slightly below average of ten auctions. i think the real key here is the 30 year has been a problem child over the last several auctions so last several have been ds,

d-minuses. in a way, a bit of improvement but goes a long way to demonstrate investors seem to be staying away from selling aggressively in treasuries the last several sessions. yields moved down. despite hot year over year cpi and toad's ppi but not stepping up and being aggressive coming to buying at the treasury auction. one more thing we want to point out. dollar index continues to be on the soft side. i would continue to monitor that from the vantage point that the european currency might be under a bit more demand because many investors worldwide are getting instructions from analysts that once omicron travels around, it's traveling around quickly, may be better opportunities to invest in some of the european markets. kelly, back to you. >> emerging markets, too, off to a strong start love that weaker dollar. quick point on rates what should we watch for catalysts? cpi out of the way

still top tier macro data the most important thing to figure if we see the yield rise again >> bring up a good point i would say keep it simple really, until the next employment report. i think you could see rates drift. granted, they may not drift far but if i had to pick a direction, i think drift a bit lower. >> all right rickster, thank you. appreciate it. meantime, the white house is responding to the latest surge in covid cases deploying military personnel to six states the hardest hit states the president vying to buy more tests and free quality masks for an americans are there signs the omicron variant could be peaking we have more. >> reporter: kelly, might be signs in specific areas of the country. certainly signs overall growth in cases is slowing. look at the total seven-day average, at 780,000 daily cases. hospitalizations exceeding last year's peak around 145,000 people currently hospitalized

with covid deaths increasing as well. now up to 1,800 per day. look regionally, you are starting to see signs of peaking in the northeast and in particular talking with mike osterholm university of minnesota who thinks cities like boston, new york city, d.c., already peaking. seeing that in data. midwest and west coast behind. look at new york city in particular compare the curve done in its graph with london and the province in africa, epicenter of all of it. the blue line new york city and covid cases now with omicron 5% below where the peak was seeing potentially a peak here at least talked with the doctor how quickly he expects to see these cases coming down after the peak here's what he said. >> it's happening exactly as we said it was going to happen. you know now say we got another three, four weeks, this is going to

happen and get better. lots better. >> reporter: and, of course, we got news late yesterday on the vaccine front for parents of kids under 5 still waiting moderna expecting to have results kids down to age 2 in march. looking good, file with the fda. march-april time frame for moderna and pfizer at this point. back to you. >> still a wait. i wish you could tell me when we're all going to decide omicron peaked i take your point the way it's moving across country. we are still kind of the early barometer here in the northeast. >> reporter: it does appear that way. yeah this has been the way the pandemic's been in the u.s. whole time moved regionally and different in different areas over the next three to five weeks, the doctor thinks this is going to subside. >> all right certainly hope meg, thank you so much appreciate it. meg tirrell reporting today. coming up, the great resignation. new business creation to blame for the mass exodus in the

workforce. my next guest says, yes. and what's driving the real estate market? what's driving it? think millennial and crypto. joining us exclusively ahead weren'ty with an interview. and higher in first major private ec equity in eight years. 77 cents above the last mark right now. we're back in a moment >> announcer: this is "the exchange" on cnbc.

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welcome back to "the exchange." workers quitting jobs in record numbers during the great resignation. the key question, where are they going? one answer could be a surge in new businesses my next guest says more than 5 million new companies were created last year with business formation running 50% above pre-covid levels bull beish for the economy. and a strategist is joining us approaching it from a market point of view. what does it tell you? >> that the economy is probably better than the public figures say and more productive. people are quitting jobs launching their own companies at a record pace. >> what about the boomerang effect of people who go start a company, realize it's a hassle and want to come back into the

workforce? >> that could happen, but i doubt it look at the economic history, after pandemics and i've studied a paper national bureau of economic research looking it's a the last three pandemics gawk back 700 years the economy changes dramatically in the 10 and 20 years after not a one or two-year thing but a decade or two-decade shift and people are making more money leaving their job and setting up their own shop don't have to share revenue with bosses above them or shareholder. they are the shareholders. great for wages. traditionally what happens comes out of a pandemic. real wages go up the economy gets better. because productivity goes up much more productive running a small firm than a large one. don't have to sit in boring stat it meetings on zoom or deal with the human resources bure rock ka beer rock crazy.

the reason "the office" was such a hit. nbc took it away from netflix to put it on their streaming app, peacock. that resonates with a lot of people. >> absolutely. i was going to trace it back to "office space" kicking off the whole frustration movement but, again, i think the point here is that you think maybe this isn't captured in the labor department one jobs report after another with misses on the payroll side at least >> the payroll data, what most people in this business look at, comes from the bureau of labor statistics under the labor department the new business formation data comes from the kren is depacensus department under the commerce department. they're silos. they contend not to talk to each other and harder to access the new business data. everyone looking at payrolls on their screens, new business data doesn't appear there you have to dig for it a historic change. you said, 50% more than going into the pandemic. 5 million new company as year.

we're 4 million down in employment from the peak of 153 million before the pandemic. that's likely where a lot of these jobs have gone. >> talk about the markets and where this leads you you've been consistently bullish on stocks throughout the rebound. where are you on stocks overall and what would you say to people about the value versus tech trade? >> in another credit-led equity bull market like the last one that lasted 11 years going into the pandemic this is partly why the reason why the bond market hasn't freaked out. because they know productivity is better than public's numbers, economy stronger than public's numbers. published numbers, gdp a high, payrolls aren't. doing more with less meaning the credit market is flooding companies with all the money they want for stock buybacks hit a record retail investors hit a record, but flattened. institutional investors bearish and big sellers since mid-half of 2021. result is we're in a long-term bull market with more volatility this year than we saw last year.

get little dips in the stock market like we saw when the fed was more aggressive last week. but credit market didn't miss a beat credit investors bought over $120 million new corporate bonds in eight trading sessions this year and buying more today that a lot of that money goes into buybacks. yeah final question on the retail front. you have been tracing retail flows, how much they're a part of this rebound. is it possible, i don't know how -- curious based on corr kr your census thing, that boom is over jer because jobs are more demanding now? we have reopening -- what do you expect in terms of retail participation in markets this year >> going to stay strong, but not much growth. auction line tripled from what it was decade prior to the pandemic now it's flattened out at a higher level still a source of strength but not as growing as rapidly. i don't think it could be a source of weakness i don't think these people are

going away but now led by the credit market. buybacks at a record driving stock prices higher with more volatility sdriven by institutions. >> thank you all-encompassing chat. brian reynolds, his own company. more than 4.5 million workers quit jocks in november and resignation rate increased across businesses large and small. if you recently left your employer or planning to, we have a key question and information you need what can you do about health insurance? sharon >> reporter: major question, kelly. if you quit your job generally you have three options to continue your health care coverage you could keep your job-based insurance policy through cobra typically available up to 18 months by federal law after leaving your employer. buy an affordable care act plan through pubic exchange on the marketplace at health care pov gov or switch to your partner or

spouse's plan, if available. >> it's a three-prong decision, aca or cobra, and it's important to not only weigh the cost of the premiums but the cost of the deductibles and co-pays, and your underlying health condition. >> reporter: with cobra, usually you can keep the same producer but have to pay more maybe the full cost of coverage. aetna chief medical officer says consider this when evaluating marketplace plans. >> you want access to the three ds doctors, drugs and diagnostics leverage these exchanges to look at those high-quality plans, alignment with your providers, in an area that is affordable for you and your family. >> reporter: now if you're still on the fence what coverage to choose, time is running out. the last day to enroll in or change an aca plan, this

saturday >> what happens if you miss that date >> if you miss the january 15th deadline, you or anyone in your household loses coverage and done so in the last 60 days or expect to do so next 60 days you may qualify for a special enrollment period to enroll in or change health plans go mhealthcare.gov for more information. >> to read more about this go to invest in you, cnbc.com/investinyou. coming up, banks off to a roaring start this year. look at wells fargo. up 18% could earnings tomorrow change that momentum? we discuss. plus, "top guns," "minions" giving this stock a nice boost the name, ahead.

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welcome back, everyone quick check on markets you see nasdaq down almost 200 points off session lows. the dow positive by 73 points. s&p down by half a percent now ford, gm and tesla all top picks, deutsche bank for 2022. ford up again, a little less than 4% now. highest level since july 2001. gm hired tesla and negative by 4% ford best performing auto stock in 2021 outpacing gm and tesla again. tesla only up half percent so far this year. legacy names also outperforming in the payment stays

look at mastercard and visa versus paypal, block/square and affirm, green and red rest of the names mentioned. aferrelfirm down 5%. and quick programming next, "power lunch." rahel solomon with a cnbc news updays. happening this hour, prince andrew stripped of many honors the queen has taken back all military affiliations. prince andrew no longer referred to as his royal highness and in any official capacity. buckingham palace saying the prince will defend himself as a private citizen against a sexual abuse lawsuit. and responding to calls from the republican national committee for candidates who avoid the traditional election debate the commission says it deals directly with candidates who qualify for debates and that its plans for 2024 base onds fairness and neutrality.

arizona senator kristen senma will now support voting legislation moving forward her opposition dooms the election reform push, unless republicans vote for it. on the news tonight, white house minority leader kevin mccarthy says we will not be interviewed by the january 6th panel. that's tonight at 7:00 eastern. and 2021 was the sixth hottest year on record that researchers say it wasn't far behind ultra hot 2016 and 2020 the last eight years hottest years since the late 1800s kelly, back to you. >> lovely. thank you very much. still ahead, banks on deck, not toying around. the hertz reverse and dating stocks all ofhe tde tseras in "rapid fire," next. with inn ovation thu customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective.

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welcome back, over catch you up on a couple calls should be on your radar. time for "rapid fire." breaking it sas pisani and courtney reagan

first story, banks getting hotter up 10% starting the yearafter 50% run last year and tomorrow earnings season with citi, wells and jpm reporting before the bell and another saying fixed income trading cut in half amid challenging market conditions. does that set the tone for other banks? bob, what do you think >> no, it does not tell you why we're talking about trading activity only a half dozen banks that do trading activity most banks, super regionals don't have trading debt. loan growth, trending higher, better not just corporate loan growth, doing better, even credit card growth a little stronger recently that's a very good sign. interest income has been trending higher. okay get the yield curve a little higher agree on that. overall, the trend is moving in the right direction. finally the reserve releases are lower. watch that, but redit's very

good right now for most banks, outside of the trading activity, don't worry about that most banks are fine. when was the last time you saw the back etf, kve, new high day before earnings start? usually start selling off, not today. new highs. >> true. do you like it when you see names or sectors run up into earnings >> depends bob makes great points that especially the banks focused on what the loan growth is happening. especially banks with obviously large retail commercial books. biggest thing i'm looking at i think other areas is really that from a long-term perspective, impact players, what are they doing. i have proportion of banks i like when looking at asset allocation a bit smaller. focused on fintechs. big banks efficiency of the rebound of the economy and interest rates rising continuing to rise, that momentum continues. still keeping that exposure,

kelly. >> courtney's favorite banks, whichever are based in ohio. >> always. of course, kelly anything based in ohio ohio against the world seen the t-shirts? i've got a couple of them. >> and the rest looking for strong regionals mattel upgrade to buy. shares up 4% but i say only, only up 20% over the past year and can expand profit margins with rising costs. mattel has licensing rights for upcoming films like the new "jurassic park" mignons," "top gun" among others. rival hasbro up only 3%. significant underperformance there. >> yeah. a lot going on with both of these companies. if we focus on mattel, mats what end game partners focusing on upping price target saying they see the opportunity for net

sales growth just from those licensed products associateds with the moech movies you mentid basically for them to hit above the mark projecting and also relaunch brands. like fisher-price, thomas, mega. american girl. at least on sustainable up trend. yes, definitely inflationa ary pressures. could hurt them by 350 basis points higher shipping costs, et c cetera they feel that's already priced in and a level appropriate with the stock. seeing this, the stocks at level we haven't seen since about october for mattel a lot going on here as the company works really to sort of mobilize intellectual property and these brands into sort of whole communities of what's going on around the movies themselves. >> yeah. wait for the metaverse. >> you know deland better

brobr growth where would you be a buyer >> mattel versus hasbro. courtney mentioned, inflationary pressures are big. first line, talking how they've increased amount of ecommerce sales at point of sales in totality a big thing here i think other areas, still like ecommerce trade. still seeing others consumer discretion hit hard. i think those will rebound mattel here has done a great job. licensing play is important. seeing a lot of other content providers not just product and toy providers but netflix, moving to that licensing play. i think a bigger area here as consumers are still in a very strong position as of right now. i do think that's a good play here, kelly. >> great all right. loving it. load it up fill your boots. get to hertz now despite people mania pulling it out of bankruptcy, shoares down 25%. oppenheimer is bullish

initiating shares with a price ka target improved cost structure and new-found discipline as catalysts for a rally. rental cars in huge demand during height of covid people wanted to avoid public transit, bob moving to places cars are needed should we expect the trend to persist or not >> well, with acknowledgement that everybody wants to go out this is a recovery play to a certain extent rime not so sure about this. i was a -- i rented car from hertz for decades. my go-to car company there was a major problem, though they were expensive compared to everybody else i eventually moved on to enterprise, and found them just as competent as hertz was but cheaper. i don't know why maybe i'm paying too much getting the wrong cars but that's what i saw. i applaud them for getting out

of bankruptcy and getting their expense structure down, but this is even -- this is as competitive as this industry is and a very difficult business to operate in with very high overhead costs i'd be very, very cautious at this time. >> the buzz they looked for with the tom brady ads last year and the tesla fleet announcement, but now it seems like investors are saying, okay got to show me something more than that. >> exactly the prices went up so much now getting into an area to understand if this is the price you want to pay for a stock that did just come out of bruankrupt. good in cost reduction $5 million in reductions closed low margin sites investors have to look at valuation here and why i stayed out of the stock pap move towards more use in sharing obviously and rebound plays, but i'm looking at the cost and don't think it makes sense at this point. >> all right shares getting a mild bump on

that news today up about 0.1 of 1% match and bumble in the red last year as the pandemic cringed demand goldman an piper assuming coverage matched with bullish ratings today. both dropped optimistic for online dating in a post-covid world setting a broad portfolio of apps including tinder less love for timbre initiating bumbl blbumble. match in the red rallying earlier bumble up about 1% without developing into everybody's dating life, bob, your thoughts on the stock >> tempted to say swipe left you know, what you want to do here is, seems to be obvious surprised when i looked at this. penetration rate seems very low. surprised. you think the whole world, interested in dating would find

these, between them own 50% of the business pretty obvious to do seems like there's a lot of room to grow here i look at this comment from goldman. sounds creepy to me. the lines between social and friend discovery and dating are blurring, we see a path for inkment's monetization opportunities in the year ahead. this is a little creepy. the lines are blurry between friending people and dating them and we're going to find a way to moosh it all together and turn it into, what? >> showed up to new neighborhoods and towns. just want friends. my town has, like, a new neighbors' group, but basically these platforms could be more than just dating i think that's what goldman is trying to say. >> right absolutely i think there are. right? other specialized apps just for that why not? if match has data, matching pe people, location based and certain likes why not just be friends, too i don't know maybe an opportunities for that. >> can you imagine trying to

tell my husband. no, promise, just trying to be friends. why is this on your phone? >> that exactly is right doing this bumble one that started a social club, trying to start a social club in new york i would swipe right, that is on match and swipe left on bubble. it's the growth. very competitive space especially talking about how shorts the time span that people spend on these apps. look at what bumble did. growing on that side not as much on the other platform i think that's an area of concern. why the stock has been hit so hard add massive conglomerate owns a lot of platforms is one popular. i believe. why i would leave for it but it's a tough area. >> absolutely well said. leave it there guys, thank you all. up next, rising rates and luxury how will the high end hold um this year?

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this is the new nissan. ♪ ♪ welcome back to the "the exchange." inherit $70 trillion. high-end market. talk about that and other real estate, and great to have you. welcome. >> thank you thanks for having me on. >> is it normal for this age cohort to are exerting ins influence in the luxury real estate market? >> honestly, kelly, waiting for them to enter the market for some time now. in your 30-year range in terms of age, that's the prime buying

time really as you mentioned, backed by this, you know, this transfer of wealth that taking place. so their parents, grandparents, relatives, in some cases, helping them make these purchases. waiting for this, and i think the covid that, we experienced in 2020, is starting to drive their interest more in residential real estate. >> how would you describe -- >> becoming less about renting property. >> sure. how would you describe their buying interests compared with previous generations do they generally want the same thing or something different >> somewhat different. they're looking for properties that are rich with amenities, whether that's pools, community areas. outside, you know, opportunities. so they're looking for different things they're also more socially conscious about the environment.

so they are looking for more sustainable properties than earlier generations. >> interesting, millennials, thinking the virus majority of 2022 sales in north america. talk about the other trends you're seeing really jump out at you next year. what's going to drive the luxury market >> our report, the 2022 luxury outlook report focuses on the hybrid work model. in 2020, we really went to more of a remote working environment, but now we think it's going to be more hybrid, and what i mean by that is that people are going to look for properties that, you know, afford them the outside opportunities, that they looked for in 2020 but need to be near the communities where they work. they're going to be commuter distances that they can commute. that's more of the hybrid model. that's what we're starting to see more of in terms of a luxur

buyer. >> proximity to work remaining important looking to go back to the office what parts of country are you generally seeing is strongest right now? >> florida and texas and california are very strong. you know, florida clearly with the no-income tax state is really drawing people. same for texas california, even though many californians are buying outside of california, just the beauty of california, the climate, is also attracting people so really by and large those are the three states colorado is also very strong about 30,000 millennials moved to colorado in 2021. >> wow my sister's been out there a couple years now so i totally get it. curious if crypto is having an impact showing up in the luxury market?

>> starting to, kelly. you know, and we think that's a trend that we're going to see more of this year particularly so -- and it seems that sellers are starting to consider taking crypto as payment for their property so, we have some examples of that and, you know, so we're excited about that we think that's going to be, you know a new form of payment for luxury real estate. >> yeah. the driver of wealth you know and some new buyers coming in as well thanks for your time today appreciate it. >> thank you, kelly. >> phillip white with sotheby's national realty. still ahead, tech going higher what's driving action? that's next. show and tell, show you the chart and tell you the story delta shares climbing today after beating revenues reaffirming guidance carrier expecting a strong spring and summer.

ceo addressing outlook for business travel on "squawk box" earlier today. >> talking to our big corporate accounts as well as others in the field, we've looked at this inside of a 60 to 90 day pause, let's call it. business travel probably takes longer to recover than consumer travel international might be a touch longer than atbuth, t not too, too far out. i think spring for international quite well particularly across work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us.

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already, but really taking a big leg lower in the past hour or so let's get to mike santoli for some explanation on all of this action today, mike >> the rule this year has been rallies in the big nasdaq stocks as we saw yesterday get sold it seems to be part of this violent rotation that the market is undergoing for a few weeks now. this is the nasdaq 100 you see the big run off the fall we are back to early november levels, basically the same as early september levels from september to january of the year before, we also have had same big peak and the sideways period where the nasdaq 100 didn't do a lot of good.

look at this picture of the rotation energy sectors against the semiconductors semis are one of the strongest groups within tech but still giving ground. look at the aggressive move in energy the marginal dollar is flowing from stable stocks into cyclical ones when does it stop? that's unclear it is perhaps a measure of how overowned some of the big tech names have been. on year to date basis the equal weighted s&p 500 is outperforming, flat for the year the regular s&p down 1.5%. why? mostly because nasdaq 100 type stocks which are a big percentage of the s&p are dragging it down in whole, kelly, the market is kind of holding steady but it is at the headline level suffering from the fact that money continues to pour out of the big winners the last couple of years. >> these things feed on themselves because everyone gets scared about the performance

they are seeing and pulls more money out. i am curious any analogies you would draw first quarter of last year we saw a similar move and in the summer things mean reverted. >> absolutely. we have seen three of these waves, they have kind of corresponded with the covid wave it is a pendulum it is not clear to me that the ceiling on banks and energy stocks is all that high from here we have to see how the earnings go through i think the analogy -- it is a mini version of what happened in 2000 where a lot of the junky post ipo stocks and more aggressive stuff really got pounded down then it reached its way to the upper levels of the s&p and the nasdaq but mostly concentrated in tech. this year we weren't as expensive and overdone nearly as we were at the 200 peak. but nearly that kinds of reckoning that's under way. >> an interesting historical comparison thank you mike santoli.

up next, sticking with the metaverse, real estate, and how is ositcrsing into real life already. we are back in a moment with more matching your job description. visit indeed.com/hire

welcome back nft sales topping $4 billion in the last month according to new data, and companies like nike are eager to cash in it is not just sales of virtual art that have investors' attention. virtual experiences, like going to a sports game with your friends in the metaverse is the next frontier of technology, says my next guest roger kickerman joins us roger, crypto lost momentum lately and tech is struggling. what is happening in the nft world? how are valuations holding up? >> kelly, great to talk to you again. the nft market is holding up well right now in the first 13 days the year 2022 we are looking at $3 billion worth of trading volume, quite a lot.

some of it speculative but again holding up. >> i think it's sort of an interesting early test game the way that board apes versus crypto punks are using their ap and their communities as investors start look at web 3 and how that's going to look this is different. board apes, it is community based. you get access if you hold some of the artwork to a lot more with the crypto punk, not much what is that doing to valuation. >> the big topic of the past month in the nft space has been when will board apes flip crypto punks, when will they become more valuable? the board apes is the newer school of these avatar profile picture products they have leaned into the community. they are passing cco, creative comments basically saying, there is no copyright here, you take

it, do what you want to do it. if you want a start a brewery, slap a board april on your can if you want to create a cartoon brand, you can do that we have seen the latter. >> that feels to be more in keeping with the web 3 point and purpose and etiology it is funny roger at a time when everybody explains the metaforce by saying, yeah, you can wear your nike jersey in the m metaverse, but board apes is letting you take your avatar >> they have over $300 million in primary and secondary growth income. >> tell me more about this a

arfkt. >> they have been willedly innovative three areas, the number one, they came in as a shoe company they were obsessed with shoes. they brought shoes in with a top artist, fell oeshs, happy birthday the nfts that you received and purchased unlocked shoes that were sent to your door number two, they created clone x their expression of a profile picture project. they teemed up with a world we nouned artist, takashi, mar cammi. and they are leaning into gallery real estate with another company called signer. >> gallery if the metaverse. >> imagine you owned a gallery you could put sculptures on the

wall this the room and you could invite friends in, imagine strapping on a vr head society and hosting a party for your friends with a lot of art. >> i can imagine it in the meta verse and in the real world and i can imagine how they are all colliding. roger dickerman of artifacts that does it for "the exchange," everybody. join us in our metaverse it's "power lunch. it starts right now. is it real, or is it metaverse? welcome, everybody, to "power lunch. we are tracking the decline in the nasdaq plus we have a trio of power players this hour. first up, the kbw ceo. we will talk about the coming wave of bank earnings, one of the hottest sectors on wall street but there is one emerging issue hanging over the group we will explore that and tell you how the profit. the master card ceo's compan