doing so especially at these companies that they don't typically see insider buying >> i think it's a really interesting point which is how frequent is the buying and this guy stepping out of nowhere and that is up 3.5% and probably on the data we appreciate it ben, thank you very much >> we do that almost every friday and urg did the blackout periods on worldwide exchange at 5:00 a.m. eastern. that does it for "the exchange." "power lunch" starts right now ♪ ♪ >> welcome to "power lunch." i'm contessa brewer in for kelly evans today. is inflation about to collapse that's the call from a longtime market watcher to tell us why he thinks that is the warning of permanent price hikes and why it's wrong signs of a bottom. there are three things investors need to look at to see if the market downtrend is ready to reverse and we'll tell you what they are and what it means for

your investments and first to tyler and a check on the markets. hi, ty >> contessa, thank you very much take a look at the dow industrials up 1.19% as you see right there. the s&p and the nasdaq is the big gainer help me look over there behind contessa 2.03% and there it is right in front of me and that's amazing. all 11 s&p 500 sectors and they are higher led by communication services and energy and information technology, you should see contessa trying to sneak in here. big techs seeing strong gains and meta up 4% and netflix, microsoft, alphabet gaining 2% and we'll talk about some of those stocks a little bit later and what they're doing to cut costs. shares of roblox rising this afternoon after it announced plans to test an ad format by the end of the year. two hawkish statements this afternoon from a pair of fed officials. governor christopher waller says there's no evidence that

inflation is moving meaningfully and persistently toward the fed's 2% target and he sees another significant rate hike in september. in a separate speech, kansas city president esther george says the economic constraints pushing inflation are likely to be with us for some time and that the case for continued balance sheet reduction and rate hikes remains clear, but our next guest says the fed needs to chill, man sooner rather than later in a new cnbc op ed. he makes his case, you know, ron insana, senior analyst for cnbc and senior adviser for schroeder's north america, he has more titles than king charles. ron insana, good to have you with us. >> thank you >> you think inflation is peaking and about to cool dramatically why do you say that and how do you filter what esther george and waller say to the contrary >> one, i think there's an extraordinary popular delusion,

tyler, that we have entrenched inflation. if you look at every metric at the moment and it's possible next week we will see a negative cpi print given the bilge drop that we've seen in goes lean prices over the last 87 days and rentses might be the only area that might continue to go up and we're seeing the peak in inflation as far as i'm concerned and you know, listen, we've talked about this a lot and i've been saying it for quite some time and i do think the calls of inflation staying and the fed needing to keep rates well above 4% or 5% as the supply chain is normalizing very rapidly with shipping rates coming down and lag times and deliveries falling, a variety of areas even including residential real estate falling sharply. i think this is a wild misread on the type of environment that we find ourselves today. >> i'm reading through an op ed on cnbc and the gasoline prices are down for 87 days in a row

quoting information coming to us from aaa, that commodity prices are sliding here that the prices paid component of the most recent ism manufacturing report dropped so you're saying that don't you think that these fed vice chair are looking at this same information? what are you seeing that they're not seeing well, i don't think that they're taking into account that this is effectively real world data, they've said in the process of raising interest rates that they've wanted to see real data, not just indicators for expectations of inflation falling and we're getting very hard data, when you look at the charts of shipping costs from china, we have fallen precipitously almost back to pre-pandemic levels and the same with lag times and inventories of accumulated retail goods are building auto production, vehicle production is back to pre-pandemic levels and the supply chain is writing itself

and the labor markets and the physical ability of housing even though it's in a recession we're seeing the recessionary pressures that the fed is saying is entrenched is being ameliorated, and i think they're misreading the tea leaves and they're ignoring hard data amid expectations that somehow the consumer believes this inflation to be permanently entrenched like the '70s and '80s yent see evidence of that. >> you are also pointing to what's happening in china about being a global, recessionary risk here's my question if you look at what happened in the united states and other countries coming out of pandemic lockdowns there was an explosion in pent-up demand. if you see china loosening the zero covid infections policy or getting past it -- >> not likely. >> -- or getting past it, what then happens to inflation around the world? >> well, look, their property

market, contessa is imploding. we are seeing some serious and potential systemic risk in chinese property values in the government and bank guarantees of property developments that have been pre-sold and are not necessarily going to come to fruition they have outright deflation and the volume of global trade has fallen rather precipitously as the fed and other central banks have already tightened and i don't think china is in a position to export inflation any time soon nor is europe which is facing the dual threat of an energy crisis and a deepening recession simultaneously i don't see where exported inflation will come from, particularly with the there are as strong as it is with in and of itself may create the type of problem overseas i think all of the signs are pointing in the direction of falling rather than rising inflation and we'll get more and more data on that over the next couple of months. >> just quickly to pick up on contessa's point, if china does come back, and i don't mean set

aside the property market issues that we have over there, but you would expect to see if china comes back strongly, an increase in demand for petroleum and other fossil fuels, that would be number one and that would expect the chinese consumer come back, and you would expect to see, wouldn't you, a ramping up of factory output that would have a deflationary expect as we bring more supplies of product into the marketplace so it could go either way. there could be countervailing influences as china is a wild card >> europe is a wild card we're still the bad house in a bad neighborhood, but i don't see china or europe exporting inflation any time soon. if anything, they are both in a weird and strange way probably exporting more deflation than inflation over time. >> all right >> weird and strange we'll leave it there ron insana, thanks, man. have a great weekend. >> you, too.

>> if ron's right, if inflation is collapsing, there are two other signs investors need to look for in determining whether the market is bottoming, crescent capital, finding partner and cio. it's great to see you today, jack so inflation is one that you're looking at i'm interested in your thoughts bouncing off of what ron had to say about whether inflation is collapsing, but what are the other signs that you're looking for? sure, bottom line for me is the u.s. dollar, the dollar's been strong on anticipated fed tightening, particularly against other central banks and so once we get to a point where perhaps we see light at the end of the tunnel of fed tightening, whatever that may be, 4%, whatever that number is, then we would expect to see the dollar roll over. one of the ways that i can confirm that the dollar is trending lower is to see the dollar's 50-day moving average cross below its 200-day moving

average and right now that's just given its strength that could be several weeks away at a minimum. the other is credit spreads. the yield premium, lenders require to extend credit to lower quality borrowers. this broke down in late january and early february and one of the reasons why we took an additional measure out of equity risk and moved into gold and that still stayed in a risk off position now i will say banks are starting to tighten their lending standards and so that's tending to move an argument away from easier credit, but if we could see those yield premiums come down, that would also be another indicated that, okay, maybe we're moving back to a risk on environment. >> ron made his case inflation is collapsing. do you agree with it or not agree with it? i know you sent us a chart where

you showed various commodities that would tend to argue against what ron said, but basic question, do you agree with what insana said or disagree? >> in general, i do. i do believe that inflation is trending lower i do believe it peaked in june and will, you know, head back slowly toward the fed's target the problem, tyler, is it's a monthly indicator and the market is minute-to-minute and so it's going to take several months for us to say, indeed, inflation is trending lower and consistently lower and right now expectations are inflation not hitting the fed's target until something like 2026. so it's a very slow erosion of inflation right now. >> you're looking at one of the charts there i do buy gasoline. i don't typically buy lean hogs, but if i did i'd be grateful that they're not as expensive,

contessa, as they were >> i do think if you look at this and the heating oil, we're heading into winter and that's one of the biggest contributors to inflation along with natural gas, corn and wheat at this point which affects food prices, think, those are the things that have consumers on guard and matter to their spending jack, i'm just wondering, when you're looking for these signs that the equities market has bottomed, are you taking risks now on equities? are you still trying to play a defensive posture here with high quality companies and dividends? >> right so we're still defensive generally, we're underweight equities and our growth portfolio which would normally a risk on market would be 100% allocated to equity risk right now we have 20% out of the market some non-correlated which you call hedge funds and another 10%

in gold. so what we are doing is within our equity positions we want high quality companies that pay a strong and consistent dividend and then once we start to see evidence that the dollar's rolling over and we're moving back to a risk, my sense is any new buys that we're going to make in the equity market will likely be in foreign markets the yen, for example, is remarkably cheap i've never seen the yen this cheap relative to the u.s. dollar of course, cheap markets can get cheaper, but this is an area where i suspect when the tide ultimately turns on risk taking and the dollar rolls over, i believe foreign markets will lead the way higher. >> and you like one of the companies that's a dow laggard today and mcdonald's, tell me what you like about mcdonald's >> sure. just very basic story, very

high-quality company paying a 2.1 dividend yield and here's the thing, contessa, it's been growing at dividend at 8% annualized so if you're looking for solid income that will likely stay ahead of inflation and you believe inflation's going to drop below 8%, mcdonald's is probably a decent bet for keeping your head down and keeping a nice, quarterly dividend >> jack, great to see you today. thank you so much for your insight. >> thank you >> all righty. coming up, google, netflix and snap are just some of the major tech companies that are cutting costs earlier, is it a line of the slowing economy that the firms are getting back to their inventive roots and with crude on pace for its straight weekly decline, which oil stock is the best buy chevron versus exxon in a knockdown, drag-out discussion

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welcome back to "power lunch," everybody. cost-cuts are coming to silicon valley google unveiled plans to cut down on employee trips among other things netflix trying to pull back on content and non-content related spending including limiting corporate swag. >> no! >> the reid hasting bobblehead dolls are out and snap is in a range of areas, it says and plans to shut down projects. is this just the start alex cantor and the founder of big technology and a lot of these big technologies are doing well today and one day makes just one day why are these companies making these moves now? is it because interest rates are higher and they have to focus more on their knitting >> absolutely. the market no longer has tolerance for the runaway spending and the slimmer margins that these companies have by giving the perks sorry, contessa, by printing the

swag and making those bobblehead dolls. right now we're in an economy that's all about profit and that means the company will focus businesses that are printing cash and they have much leslieway to work on those businesses that maybe somewhere down the line may end up nettinging if for investors. that's why you see google saying we'll focus our moneymaking businesses you know that selfie drone we didn't need that. and the bobblehead dolls and we'll focus content and this is a big moment for the companies. >> even on content you had netflix saying we will pull back or hold steady what we're investing in content creation in movies and television series not only that, but they're going to look again at what they're spending on crowd computing and their well-known partnership with amazon. could this have trickle down effects for other tech companies? >> absolutely. a lot of the tech companies that we're talking about are

platforms and they're companies that other companies build their businesses off of. the example that you get with netflix is perfect and the cloud computing spent and the same with snap, and it has cloud computing spend. if it draws those down, and companies like google and companies like amazon and this is what we're seeing as the tip of the iceberg companies all of the way down in the economy are looking at places to cut. that being said, cloud is a fundamental, basic part of the digital economy and it's not going away, but it could start growing a little bit slower than it was >> these -- you seem to be saying, alex, that these are the moves of mature managements making wise decisions in light of economic changes and changes in the monetary landscape and so forth. if they turn out to be correct, how soon will you expect to see these moves start to show up in higher stock prices and higher profits? >> well, look, tyler

i think these companies have been a beneficiary of the macro environment and now they're getting hit by the macro environment. there's only so much they can control in these moments and you look at the last few years when they were up 39%, 48% in 2020, 27% a year and when it comes to the stock price they ride these waves and now they're being hit harder because the interest rates are going up and that ultimately is going to hit a tech company more often. i don't think that they can flip the business overnight i don't think they can go from being long term spenders to shorts term focused immediately. we look at these things in three, four, five-year increments and i do expect it will be a tough ride for these companies for the next while for sure. >> they're not necessarily being short term focused here. they're really being long term focused. in other words, they're cutting out the discretionary spend in favor of the return to innovation and a return to what

got them the scales they had >> that's right. i think when a company gets bloated as all these companies have, you look at snap which added 60% more snap count since 2021 and you look at google that si sindar pachai, and we need to become more efficient. 20% more efficient and that sounds good to me. that does take time and if you approach thissa an investor, do you have the patience and a lot of people don't have patience right now and understandably so, to see these push forward and it will net you profits immediately. i think ultimately it's good for these companies long term, and ultimately investors will have to make their mind up on which way they go. >> alex, thanks, man have a great weekend, alex

cantorwitz >> the heightened volatility we will trade the leaders in today's three stock lunch. plus crypto prices moving higher today and sam bankman fried making a big bet and bitcoin up almost 10% and we'll have more on that when "power lunch" returns. the market at session highs and you can see that's up 2% and you've also got the s&p up a percent and a half and the nasdaq composite up more than 2% now. oil heading toward the highs of oil heading toward the highs of the day and let's show you that. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions

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>> all right welcome back, everybody, to "power lurch," time for the etf tracker for this week and today we focus on energy, $1.1 billion of net outflows in the week, prices for oil and natural gas both falling this week and europe and russia this week remain on the brink of an energy price war and there are record

temperatures in california, other parts of the u.s., although that heat wave is expected to come to an end, mercifully if you look at the performance of individual etfs and the xle and that's the big energy sector spdr, that one is pretty much flat for the week, but if you get specific on natural gas. the united states natural gas fund is down 10% and the 2x leveraged fund boyled, and that comes from track insight more information is available on the ft wilshire etf hub. let's go to brian sullivan is there a show you haven't done today? cnbc news update >> and i'll be doing "crypto night in america" tonight. calling donald trump's

racketeering allegations against hillary clinton, a florida is dismissing a 200-page lawsuit. what the suit lacks in substance seems to substitute with length, hyperbole and the settling of scores and grievances. president biden is in ohio where he is participating for the ground breaking of a new intel semiconductor plant and it aims on reducing the relying a on semiconductors from other nation , vice president harris spoke with astronauts on the intern international space station, and she expects to meet with them this afternoon there is your news update. >> we'll be watching you tonight at 6:00. >> ahead on "power lunch," the big oil bet and a top energy analyst will make a tough call between chevron and exxon plus the car market divide.

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all right. folks, 90 minutes left in the trading day and we want to get you caught up on stocks, bonds, commodities and the best way to play big oil and let's start with bob pisani and heading into new highs and how's it looking from where you sit? let's get to bob pisani in a minute, and the ecb hiked rates bice 75 basis points and we heard he supports another significant increase in interest rates. let's take a look at oil now, closing with a nearly 4% gain on the day from the commodities flat on the week and what wasn't flat this week, clean energy

names and pippa stephens has the standouts. pippa? >> hey, contessa, it was a big week for energy as europe's crisis drives interest in the space with clean energy stocks outperforming. power prices are surging around the world, sparking interest in alternatives and the invesco solar fund down slightly today and still up 8% on the week. names like sunpower, max onsolar, sunova and solar edge up 16% in the last few days and these come as california's greatest struggle and positive developments from the climate bill also playing a part here. a new report with the u.s. solar industry nearly tripling over the next five years, growing 40% more than prior forecasts thanks to the ira hydrogen, wind, uranium and lithium stocks also gaining this week with the albemarle and

piedmont up double digits. >> tesla is creating a lithium refinery to the texas comptroller's office energy ministers met today in brussels for emergency talks on how to protect consumers european commission president ursula von derleyen with fosel fuel profits president putin said if a price cap is implemented russia will halt all fuel deliveries >> from clean energy to big oil, exxon up 57% this year and chevron gaining 35%, but with crowd, $40 off its high, which company is better positioned to keep those gains going let's bring in sam margoland, managing director at wolf research good to see you, this is a game

of that tabloid, which would you rather would you rather exxon or would you rather chevron >> yeah. it's tough i think a lot of the differences between the two have been known to the markets for some time so it's hard to find new information. exxon has outperformed chevron and i think there's a pretty good case, and chevron should have better utilization on the lng business in the second half of the year which right now is really important because europe needs a lot of gas to replace russia, and secondly, because chevron has less debt, i think that more likely to raise the dividends next year by a greater amount and the investors with dividend growth and my favorite chevron. so it's really close if i'm wrong i wouldn't be surprised, but i think there's a pretty good case for chevron to close the gap for the rest of the year >> which of these two companies

benefits more from the provisions in the inflation reduction at act which had precious little to do with the reducing inflation and it had to do with the climate and which would stand to benefit more? >> there are three asset classes that both of these companies care about that were main beneficiaries of the ira hydrogen, carbon capture and biofuels and so both companies are going to make pretty significant investments in all three. i would say chevron is a little further along in biofuels because they made an acquisition earlier this year so it's more immediate gratification, but huge support in those three areas which those are the three sort of integrated oil companies focus areas in terms of low carbon energy. >> talk to me about buybacks and where you expect to see those go among chevron and exxonmobil >> the advantage is that neither one of those companies is going

to determine the buyback on any forward oil price outlook. they both increased their buybacks because they made more money than expected in the first half of the year and they were able to buy down debt and they were in a position to buyback stock in almost any commodity environment. because chevron has less debt and the buyback is more resilient than commodity volatility and both companies will easily hit their buyback targets for this year and next irrespective of the oil. >> sam, when we're looking at the global picture facing energy markets right now, how crucial is what happens this winter in europe >> it's pretty critical. europe's entering winter with natural gas inventories at a decent level they're not at critical levels and it doesn't look like they'll run out of gas this winter and with russia shutting off the northeast pipeline and it's getting tighter and if winter is

significantly colder than average and it will be pretty powerful and natural gas in europe determines the cost for other energy commodities, too because the gas is tight and you have to replace it with oil and it's a huge factor for the outlook and it's a major swing factor, but it does look like gas prices are going to be steady, if not, like, make a massive spike in the winter. >> is that what you expect possibly a massive spike >> well, no. it will depend on the weather, and i have a hard enough time forecasting commodity prices. >> yeah. >> but i think that europe will be able to get through a winter without running out of gas based on the history of the pace of inventory trends that have happened in years prior. you might be able to avoid a massive spike. >> that is good news. >> sam, thank you very much for bringing us your perspective appreciate that. >> thank you very much >> you got it. up next, a luxe redux.

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>> welcome back, everybody, to "power lunch." we want to take a check on the markets with stocks at session highs right now and for that, let's go back to bob pisani. bob? >> hello, tyler, trying to snap a three-week losing streak and we're up 3.7% for the week the lowest print was right at the open on tuesday. we were below 3900 at one point and basically it's been a slow climb up ever since then one thing helping lower china inflation data this morning, and that helped all of the european and asian markets on top of that we had some decent tech earnings today. so we had docusign, zscaler came in and that gave a nice lift to the speculative stocks that are out there, and speculative tech stocks and block, zoom video and tw tw twilio and the kathie woods

stocks they were all basically straight down for two or three weeks as oil kind of collapsed, but oil's been a little bit stronger the last day or so so halliburton, shaychlumbergera come back. metals are doing very well right now so freeport was way down there and the one point that was $4 and that was 31 or 32 and that's a nice run for freeport for the week and don't kid yourself, if you want to look at the leaderboard and all of the sectors are up today and in terms of the high list, and utilities, sempra, american electric, constellation and all have a nice run with the new high list. we're ending a week on the bullish tilt i call it a bullish tilt and the fact that they have the stock market and the dollar index down three days in a row and that's starting to look toppy and that could help two-year yields are looking toppy, as well and the vix was 22 to 27 this week, and out of 22 and up a little bit and

moving to the down side and the s&p at 3900 to 4100 level, tyler, up 3.7% for the week ending on a high note. back to you. >> bob, thank you very much. have a great weekend the luxury car market having a massive comeback wealthy americans are snapping up lambeaus, bentlies and more hi, robert. >> this is another sign of the growing consumer split between the affluent and everyone else and look at the share of cars that are considered luxury brands that hit 17%. that's up from 14% pre-covid sales of super premium cars, that's your lamborghinis and bentleys and that's up 36% over the past five years. lamborghini, bentley, rolls royce, ferrari, all reporting record years with no signs left of sales the big reason for all of this is simple wealth creation. the u.s. added 3 million more

millionaires during the pandemic and it's close to 17 million of them and the supply of cars was better at the high end since the car companies and supplier, they give priority to the most profitable models when it comes to chips and other components and then you have the suvs, they've been the big driver at the top and most of the lamborghinis sold today are suvs or the udis model. aston martin showing their growth from the suvs to include more women and families. the rolls royce is the biggest of the suvs and that starts at $350,000 even ferrari expected to launch its first suv next week at over $300,000 it's called the purosangue and that's italian >>. [ speaking non-english ]

>> two things, one, maybe people are buying luxury suvs, i don't know, robert, because they can't get a toyota highlander. maybe they just can't get the high-end models, and whatever i'll just throw more money on it and get a lambeau. why would you want to spend all of that money on a car that essentially looks the same as a $55,000 model that everyone else is driving. >> on the first point about the highlander, you are absolutely right. there is availability at the top end compared to the mass market and the price differential between the high end mass market and true luxury. that has shrunk as the regular car prices have gone up and so that jump into luxury is not only easier, but it's a shorter company and as to whether it's the same car as a -- you should drive the bentley bantega and the uros and any of these suvs and these are amazing cars

are they $100,000 better maybe not, but there is a difference in the amenities, the materials and certainly in lamborghini's case the ride, so people feel it's worth it. i am willing to test drive it if you will lend me your car over the weekend. >> i will do that. >> thanks, robert. >> pills, profiles and picks tim seymour will trade teehr of this week's top movers ♪♪

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time for today's three-stock lunch and we take a look at the week's biggest winners regeneron up 26% after posting positive trial results and up 13% despite being one of the worst performers in the s&p 500 so far this year, but it's had a nice week, and finally caesar's entertainment, 12% gains this week as football season kicks off, so has betting. how should you trade the week's winners? for that we welcome tim seymour, cio at seymour asset management and a cnbc contributor it's been a while, tim good to see you, sir

why tonight woe start with regeneron. what are your views? >> this news this week is massive. is it a gamechanger? i'm not sure and it's a positive and the question is for how much longer do they extend pricing on this high dosage drug that clearly data shows doctors and patients will want, but you've revalued the stock 23%, effectively 30% from when this news started to percolate in is that worth $30 billion in the valuation, which is more or less what we did to regeneron, which already i think had gotten pretty good news their oncology story, their pipeline looks better. this is a good run a lot has been priced into this. in biotech i think you have other places to be, so i would be a seller here. >> next up, tim, you have match group. what do you like about it? >> well, contessa, i tell you what, i would swipe right. let's be clear, i'm not bread crumbing on this one i think it's a case where really

the long-term growth story here is 13 to 15% over the next five years. they are the largest leader in the online dating. we all are aware the size of this addressable market. i just think the tinder reorg has had the market concerned the covid comps and pull forward is why this stock has struggled. obviously it's massively struggled. this stock has pulled back 60% off its 52-week highs. never a reason to buy. if you look at a 26 times multiple with that kind of growth on 23 numbers, again, for the leader in the space with the space having a secular tailwind, that to me is actually very interesting, good support for the stock at these levels. i like it. >> worth a bet on match. how about a bet on caesars >> well, it's with great irony that i think the digital side of their business and the tv commercial that's every other commercial out there seems like it's caesars or draftkings or

one of the other ones is what's holding the stock back the digital loss less than expected in fact what was once a reason to get very excited and their acquisition last year of william hill properties was a big catalyst for the stock but really at its core, this is a company that's executing and generating free cash flow and probably most importantly for the investor community also paying down debt so i think an unassuming valuation around 9.5 times 23 ebitda has had a major pullback. i think the stock is very interesting. the digital is bonus i think they have the largest loyalty group out there with 60 million or so strong, so like caesars a lot here i think the run is just beginning. >> the market has had a nice week we began our program today talking about inflation and whether it has peaked and may be turning down or collapsing to borrow nsana's word. where are you on those two things, the market and

inflation? >> look, i think the labor inflation is still something that stays with us obviously the fed won't come out and say they're targeting the labor market clearly we need to see the unemployment rate go higher. the market is going to like the ability to rally into a what i think will be a light cpi print next week. clearly gas prices have come down clearly you have some headlines that should be appealing and in fact i think that the market with the fed going on silence until this week, no fed rhetoric into that meeting either, so good news on inflation. >> tim, great to see you tim seymour, thanks. >> thank you, tyler. up next, office friction people are returning to the office but some reports say workplace culture may have gotten worse since the pandemic. are we just rude to each other not me and tyler. >> no, no. >> no, no. >> we'll be right back power e*trade's award-winning trading app

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a huge kickoff for the nfl, big win for the buffalo bills against the defending super bowl champs action l.a. rams. who else are the big winners sports betting operators you have geo comply which verifies location. they say activity surged 77% over last year fanduel, the nation's leader, tells me it cleared 2.5 million bets on the game last night. that's 176% higher than last

year's nfl opener. and bet mgm tells me they saw a 20% increase in handle consider this, professional football is america's favorite sport to bet on. we expect to see a big increase in action from the summer. and the first half of this year, commercial casinos already saw a 64% increase in sports betting revenue over the same time last year they're starting to restrain their spend on promotional and marketing expenses, so you're going to see those ads now that it's football season again you just may not see them everywhere all the time. >> but boy, they have been everywhere all the time. >> yes. >> so you would have to say that the expansion of sports betting has really taken off those ads must be working or you wouldn't see this kind of growth. >> and because they're all trying to elbow each other out and grab the market share, it's one reason they do that because promotions matter. the research shows that sports betters are not a very loyal

group. they will follow the promotions. >> and the end game winners here, there is going to be a shakeout here. >> there is. a lot of skaulconsolidation is already happening. i'm watching to see what happens on the november ballot in california sports betting is up for a vote there. whether the tribes get it and commercial operators get it. that will all matter to how the industry shakes out next year. let's take a look at a question that we just mentioned a moment ago have americans gotten less polite since the covid-19 pandemic started a new report suggests the workplace is getting ruder, highlighting fewer handshakes, short notice quitting, people ghosting potential clients and employers and just waiting longer to reply to emails. abrupt quitting clearly a symptom of the great resignation. hiring managers pointing out job candidates skip cover letters whenever possible. seldom follow up with thank you notes, oh e, my, and can't be

counted on even to show up if they are hired i work with a charitable agency in northern new jersey and we have had that happen to us when we've extended offers. the day comes and the people just don't show up or they work a day and they're gone. >> that is rude. but somebody not shaking your hand, it could be because we all got scared of germs. not following up with a thank you note, we all send texts now. to me it sounds like etiquette queens complaining. >> i do often write thank you notes but more often i use email. it's faster. and just as sincere. i promise, it is just as sincere. tonight "crypto night in america, " anthony scaramucci. that is on cnbc, don't miss that and of course shep smith's program follows at 7:00 with the latest coverage of the change in

royalty across the pond. >> and we have watched the markets now. we've got 11 sectors positive for the day, so the dow jones industrial average, the s&p, the nasdaq all up, ending the week on an up note. >> thanks for watching "power lunch. >> "closing bell" starts right about now. thank you, contessa and tyler. yes, we've got a strong rally to finish the week. we are just about at the highs of the day the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand in the market, up more than 400 points on the dow. it's broad, 11 sectors all green. the worst performing sector is utilities and that is up almost three-quarters of 1% we've got the nasdaq composite up 2% on the week now. the nasdaq comp is up 4%, the s&p 500 is almost up 4%. we're breaking the three-week losing streak. take a look at the best performing sectors right