that's great >> you went to school in syracuse >> i've been in a storm of this nature, and i will tell you this, if they have to shut down major highways and airports and move the buffalo bills, there is a major economic impact because of the snow. how's that for bringing you the business bottom line >> the business of snow. >> thanks for watching >> thanks for watching "power lunch. closing bell starts right now. stocks struggling for direction in a choppy session on wall street. the major averages are all pacing for losses on the week. this is the make or break hour for your money welcome to "closing bell." i'm mike santoli in for sara eisen. today, we'll talk to the ceo of barrick gold, fresh off the company's investor day, about his outlook for gold prices, which have seen some resilience of late. get you situated with how the markets have been acting yes, a down week, modestly so for the s&p 500, came after big gains leading up to it from

mid-october after that cpi report, we did have a rally that peaked around 15%. pulled back kind of modestly since then under this 4,000 level, not really decisively breaking higher but hovering above those levels the bond market castings a shadow over equities, the implied message of an inverted treasury yield curve this has been the case for a few months here you have -- oh, we don't have the s&p two ten-year curve, pretty steeply inverted this has tended to happen in advance of a recession here you have it going back to the mid '80s this is 1989 the year 2000 in here, '06, '07, so it has happened but it's usually been farther in advance of when, in fact, the recession has officially hit, but it's still something that abilities a acts as a little bit of a something on the shoulder of equity investors that maybe they should not get too over optimistic about the economic

outlook for next year. we'll talk more about that, but it has been a week packed with fed commentary today we heard from boston fed president susan comes on cnbc. steve liesman started by asking if she could see a way to avoid recession while beating inflation. >> i do see a pathway in which we're able to do that without needing to increase unemployment more than some modest amount, and i'm not going to put numbers on that. at the same time, i'm very realistic. there are a lot of risks there are no certainties here. >> let's bring in bob michael, jpmorgan asset management head of global fixed income strategy to talk about all that bob, good to see you thanks for coming in >> good to see you, mike >> i guess, what's your expectation about exactly how much farther the fed will have to go, raising short rates, i guess at what pace, and then how's the economy respond? >> well, it sounds to us like the fed is a couple meetings away from calling a truce on the

market and us beleaguered bond investors. so, we think they're going to do a 50 in december, then a 25 in february by then, inflation and growth should both be coolingoff pretty dramatically. we expect the fed funds rate at 4.5 to 4.75%, inflation to be below that at the core rate and that will allow them to pause and assess the catch-up effects of everything they've done so far. >> that implies you think they're going to take this pause short of their ultimate assumed target for where fed funds would have to go to. >> and notice i didn't say they're going to pivot i don't think they're going to stop and then start cutting rates. i think they're going to stop. they've always raised the fed funds rate above inflation every single time they've hiked rates, so once they get to that point, that allows them to catch their breath and as they said, watch the cumulative and lagged phoenix effects and we're starting to see the impact of that

they're biting the real economy and it looks as though they're biting into inflation. >> they're biting into the economy, i guess, how deeply do you think it's actually going to hit? >> i think they're telling us we're going to have a recession. i love susan collins she sounds very aspirational to me about a soft landing. i guess it's a possibility one in a hundred but they're telling us businesses and households are going to experience pain the remedy for high inflation is very painful central bank tightening that almost always causes a recession. so, we're going to have one. i think based on the amount of inflation that we've had, we're not going to get away with a shallow recession. i think we're going to get away with something a little bit deeper than that >> should note, susan collins did characterize it as just one scenario she was certainly not saying it's her base case that we get to a soft landing, but fair point, does not seem to be the fed's primary objective, in fact, to achieve a soft landing at this point. declining inflation, stable fed

policy, growth slowing down sounds like a pretty friendly environment for bond investors >> it's about time, isn't it for the first time in over a decade, the bond market looks appealing again, and i would say that we're swamped with clients from our wealth management platforms, from our institutional platforms, putting money into bonds again, sometimes -- some for the first time in over a decade, and looking to put money in. so, it should be a good bond market, and when you look at a general bond fund, at the end of last year, they were yielding just below 2%. now, they're yielding just below 5% that's a big change. >> it absolutely is. and you don't have to take a whole lot of -- there's certainly a novelty effect among investors who got used to not being paid for being conservative and you can actually get a decent, at least, cash nominal yield for not taking too much. >> it's been my 40-year career, so it's a little bit more than a novelty being in the bond market, but i get the point. >> i think for a generation of

investors, it feels that way >> without question. i look around our floor, and there's a whole generation of people that have 14 years of experience, that are in their mid-30s, but they've never seen this before. they started after the financial crisis >> so, where, within the bond market, looks to make the most sense to focus on? >> i think sequencing it, you've got to go to high-quality bonds. you've got to buy investment-grade corporates. you've got to buy general bond fund you've got to buy securitized credit take that 4.7% yield that will probably fall a lot when we head into recession. i think it's a little early to buy high-yield high-yield generally peaks in yields during the middle of a recession. we think there's another several hundred basis points higher that could go in yield. the other place, very attractive right now, municipal bonds that's one area that, at the end of last year, again, we were looking at yields of just over 1% now, they're just over 3%. so, you're picking up another 200 basis points there

>> is it your assumption, given that outlook, that the ten-year yield has peaked at this point and that's why we're seeing it having come in already >> i think so. and when i think about our fed forecast, 4.5%, 4.75%, maybe they go to 5%. i think the ten-year has already seen the peak at somewhere around 4 3/8 so i think it will hold there for a while >> and you know, how far down does inflation get, i guess, is the other question, because real yields, that calculation has implications for value and risk assets as well >> well, it's something that we're following very closely, and we hear the fed wants to get back to their 2% inflation target we're watching core inflation, and when you look at the last cpi print, the core print, you can't look at the trailing 12 months because that gives you the wrong picture. you can't look at the one-month. that's the wrong picture so, we're looking at three-month annualized on a rolling basis. we'd like to see that come down

towards 4% if it starts to get below 3%, then i think the fed will have paused for a long time, and then they could start thinking about when they need to cut rates. >> they're in the zone, i guess, of their target. and where's that running right now, that three-month average? >> nowhere near there. it's about 5.7%. >> well, it could change quickly given some of the numbers we're going up against coming into next year. >> hopefully it does >> bob, thank you. up next, we're digging in on the gold miners. we'll talk to the ceo of barrick gold about today's investor day and his outlook for prices in this uncertain mark. you're watching "closing bell" on cnbc.

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copper and gold brucer barrick producer barrick gold is ringing the bell today the company is projected to see strong growth over the next decade gold prices are outperforming the s&p this year and have been on the upwswing in the last mont or so. mark bristow, thank you for being here the message to investors in general today in terms of what your expectations are for gold prices and how you're able to capitalize on it >> it's a special day for us, michael, because we did the big merger back in 2019, and we're back here to engage with our shareholders it's all about saying, we said we would do something, and we delivered that over the last just under four years and what we've done is we've built a real

foundation for the future, and as you point out, gold is doing pretty well in an environment where the dollar's interest rates are higher than normal >> that is true, yes i mean, real yields have been up that sometimes creates pressure on gold. do you expect it to stay in this zone i know you have to build in some su assumptions. >> we allocate our capital at $1,300 long-term, so -- >> per ounce >> per ounce and so that's how we allocate our capital. remember, it's a cyclical business it's going to go up, it's going to go down, not necessarily in that order one thing we can assure investors is that we make money throughout the cycle >> you would be profitable, then, at $1,300? >> yes >> i see and part of, you know, in the big picture way, looking at your company, you're converting gold and copper into, obviously, cash that you then distribute out to shareholders, and you do it in a pretty structured way in terms of the dividends and buybacks.

>> and also, i think the key is that we -- we invest in national assets mining by its very nature is you're mining a country's assets, so you know, shareholders are important, but equally, the other stakeholders like our host countries, in fact, i often say to the shareholders, our host countries are more important stakeholders because they are the real drivers of our ability to deliver the value that benefits the shareholders >> and so, i mean, that would obviously be necessary to be treating those stakeholders well and to have good relationships there. what about total production capacity and adding capacity in various parts of the world >> we are, today, we shared with the market that we are -- we've brought copper into our portfolio, so we are growing our copper business. we have six of the top 12 gold deposits in the world, so we've

got very high-quality assets in the form of gold, and we've certainly pointed to equally significant copper assets that we're now growing. and so, on a -- what we call a gold equivalent basis, if you look at it, dollars per ounce, i mean, ounces equivalent, we will grow to about 6.5 million ounces a year >> interesting the latest little bump in gold prices, i mean, who knows specifically what's involved, but the decline, the collapse in cryptocurrencies, i mean, arguably, is playing a role there. how do you view that i mean, digital gold has been one way of people describing what bitcoin is or the kind of purpose it might serve as an investment asset >> you know, gold is always through time been a safe store of wealth. and so, it's a currency that you can't create politicians can't print it and so, in times of stress or

insecurity, gold always outperforms the other commodities, particularly the currencies and of course, the u.s. dollar and gold are countercyclical when the dollar is strong, gold usually is weaker. it's interesting, today, you've got a strong dollar and a good gold price so, i think it really signals the complexity of the multiple classes, polyclassist situation we are in as a globe and the global economy >> right certainly don't lack for sources of uncertainty that might be helping the gold price as well you say you'd be profitable when you invest capital at the assumption of $1,300 per ounce, but costs have to have been going up what's been the impact there >> today, we announced the lifting of our base gold price we use an input class price, so we adjust our long-term goal price relative to the input cost, and we see a long-term

impact, negative impact, on costs of around 9%, and so we used to allocate at $1,200 we now allocate at $1,300, and that's the reason. >> and is the overall industry in about that same position or not? >> no, we would -- i would probably suggest that the industry's break even is more like $1,500 goal >> okay. there you go so, you have that advantage. well, mark, it was great to catch up with you. >> always a great pleasure, and thank you for having us. >> all right appreciate it. let's check on the markets here as we approach the close. you have the dow actually popping a little bit, up about 131. s&p 500, up 0.25%. the nasdaq, still lagging, down marginally the russell 2000 up 0.4% in the wake of the epic ftx collapse, should regulators just let crypto burn? that's the argument in a new piece in the "financial times" saying regulation would make crypto less safe

we'll talk to one of the authors of that story next check out shares of carvana, hitting the brakes again today, laying off 8% of its staff carvana, down almost 7% da f 97% in the last year we'll be right back.

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what's wall street buzzing about? taylor swift again we told you yesterday about how ticketmaster went down in flames as taylor swift fans rushed the website for tickets to her eras tour this afternoon, "the new york times" out with a report saying justice department officials have opened an antitrust investigation into ticketmaster, which is owned by livenation now, that stock, livenation, falling on the news. however, sources told the "times" their investigation started before the botched taylor swift sale. they're looking into whether the company holds a monopoly in the industry according to one of the stories, nbc news has reached out to representatives for livenation

but has not heard back yet meantime, taylor swift is apologizing to her fans for the disaster she posted her frustrations on instagram today, saying, "i'm not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand, and we were assured they could." all right, two million tickets sold but not without difficulty, apparently we are awaiting the sentencing of theranos founder elizabeth holmes who was kconvicted on fou counts of defrauding investors scott is outside the courthouse with details >> as we've been reporting, there's a huge gulf between what the government wants elizabeth holmes sentenced to -- they want 15 years -- and what holmes is saying she should get no prison time at all. narrowing that gulf is proving to be an enormously complicated task we're two hours into this now. the government says that she should get that stiff sentence because of her role as the leader of the fraud because of the size of the loss and because

patients were affected the defense says that it's not that simple. the company still had value when it went under, and that she was acquitted on counts of lying to patients it will be up to the judge to sort all that out. the next step is he's going to come up with a calculation under the federal sentencing guidelines of what she should get, but those guidelines are advisory, so then he'll come up with something else. federal probation department has recommended nine years whatever the case, it's almost certain that elizabeth holmes will appeal. she is in court. she is listening intently, and she is very clearly with child, as has been speculated for quite a bit. the judge has made some sort oblique references to that, making accommodations for her. she'll be able to sit if she decides to address the court whether that's going to play a role in the ultimate sentence remains to be seen mike >> so, scott, the sentencing guidelines, i suppose it's not purely scientific based on the counts and the conviction, but where does it seem to be

tracking at this point would it go in the zone of what the probation department might be suggesting? >> it's really hard to say, because this judge has been very good at holding his cards close to the vest, but under the sentencing guidelines, if you take the government's case for this, she would be basically off the charts it's 20 years per count. she was convicted on four counts and because of the size of the fraud, which the government says is in excess of half a billion dollars, she would be subject to some substantial time. but again, the defense is saying that that's not the case the loss is not that simple to calculate, and again, they point out that she was acquitted of the charges of lying to patients, but the government says that's irrelevant because patients were harmed nonetheless. and so, we'll see what the judge has to say his rulings throughout this trial have been split in a lot of ways. remember, she was, as we said, acquitted of the patient charges, and some of that has to do with the evidence that he allowed into the trial but at the same time, he denied her multiple motions for new

trial, just in the last couple of months, and so we'll see what he ultimately comes up with, but there's a lot of talk here about what kind of a message this needs to send to silicon valley and the whole culture here where oftentimes hype and hope tend to take precedence over substance >> yeah, it's absolutely fair, and of course, it's coming at a time when there's already been kind of a comeuppance to a lot of venture capitalists and founders because of how the markets have behaved right here. is the defense essentially saying, look, the investors, they took their risks, mistakes were made, and this is the -- this is how venture capital goes or are they obviously conceding the nature of the counts she was convicted on >> well, that's exactly what they're saying, making the point, though, there was not venture capital investment, per se, in this. this was investment funds, and the prosecution always said that was part of the fraud, that she was not going for sophisticated investors that might understand

healthcare but they do say that these were sophisticated investors. they understood the risks. and they claim that there still is value left in the company, which, of course, the government disputes vehemently. >> yeah. for sure and of course, we know that, you know, the walgreens and such were also thinking that there was some value there, perhaps, at some point, scott well, we'll be back to you as soon as we have some news on the sentence thank you very much. scott cohn our next guest says regulators should "let crypto burn" in the wake of ftx's collapse he'll explain why when "closing bell" returns.

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if the fallout from the collapse of ftx is hitting rival coinbase bank of america downgraded the rating from buy to neutral the bank also slashed its price target to $50 down from $77. the stock is down 7% today analysts at b of a said they're confident coinbase is not another ftx but cited new headwinds, including broader fallout from ftx's collapse and a lack of regulatory clarity, but our next guest is warning the feds don't regulate this industry he says, let crypto burn, arguing regulating the industry gives legitimacy -- gives it legitimacy that does it not

deserve. joining me now is brandeis international business school professor steve. he served as executive vice president of research at the bank of new york it's great to have you here. lay out the logic as you do in your ft piece about why regulators should resist the urge to set rules for this area. >> i think it's very simple. it would convey legitimacy on the system i don't think that the system is doing anything to support the real economy, and by providing a seal of approval to that activity, what they're going to end up doing is taking some responsibility for it and people are going to hold -- then hold the government responsible, and there will be calls for public bailouts the next time this inevitably happens so, my view is that, allow it to implode under the pressure of unsafe business practices and

unsound business practices and the fact that it really just doesn't create any real economic value or use >> are you confident, given how the traditional financial markets and the banking system have behaved through this, really, boom and bust in crypto, that there are not risks of some kind, of linkages or chain reactions that could come of it? >> it's hard to see them at this point. i mean, the banks themselves don't seem -- banks, per se, which those are the institutions we worry about the most -- don't seem to have exposure to this, and so far as we can tell, there have been a number of surveys done and supervisors do have information about this banks are now either holding crypto nor are they making loans that are collateralized by crypto so, i mean, keep in mind that the crypto system has -- the whole ecosystem has fallen in apparent market capitalization from about $3 trillion a year

ago to something closer to $800 billion today, and if we take out the rise in stablecoins, which are actually backed by assets in the real economy, things like bonds and bank accounts and the like, that's what's backing, say, usd coin issued by circle, then the decline has not been two-thirds but probably closer to three quarters so, you see this huge decline, and absolutely, you know, it's been a yawn elsewhere. my view of this is, it's an awful lot like a big video game so far it's kind of isolated, and the worst thing that could happen would be that we would allow it to become connected to banks, and one of the things that regulation would do is it would allow banks and other regulated financial intermediaries to get involved in this system, and that really worries me >> i mean, yeah, i get that it seems like it's sort of a completely off to the side type of thing, you say a big video

game or maybe some kind of, you know, betting market that didn't necessarily attach itself to economic activity. on the other hand, there's a $2 trillion loss from the peak you're going to have people in the public and other regulators and politicians who are, you know, going to say, we need to do something about this. you have companies still taking deposits from the public, putting their names on -- their brand names on stadiums and advertising, so, you know, i think we did actually speak to house financial services chair maxine waters about this, and it seems as if there's going to be some movement in congress, at least. let's listen to what she had to say. >> he was in support of regulations, which is very interesting, because he never showed any attempts to deny that regulations were needed. as a matter of fact, he supported, along with other crypto companies, and that's what we were moving towards. >> "he" there is referring to sam bankman-fried, so perhaps it

feeds into what you're saying that a founder in this area actually wanted to have some kind of boundaries >> well, i would commend the -- i would suggest that all of your viewers read the filing from the bankruptcy administrator yesterday about bankman-fried's business practices my guess is that he is going to end up not in very good shape. so, he may have wanted regulation at some level, but my guess is that he wouldn't have been able to meet the requirements in fact, i would say that, you know, if you were to force that industry to meet all the regulatory requirements and compliance requirements that exist in the traditional financial system, and create a strong, rigorous regulatory system, then i would be for it, and i don't think that the -- i don't think that the -- that that system would actually sur survive. instead, what i'm more worried about is that there's going to be the creation of a regulate lite system and that lite system

will allow existing traditional financial intermediaries and the like basically to transit into this lighter system, and so i think that there's a -- i think there's a real concern there now, you're absolutely right to worry about things like fraud and consumer protection, but that, i think, is something that we already have the tools to do. >> yes, under general anti-fraud provisions and other business, i suppose, that might be the case. steve, it's a very interesting position appreciate you articulating it for us here. thank you. >> thanks for having me. all right. take a look at where we stand in the markets right now. the dow is now up 165. s&p 500 has tacked on about 0.33%, still hovering below that 4,000 mark nasdaq, just about flat, and the russell 2000 ahead by 0.5% on the day. oil having a rough week, falling more than 11%. coming up, an energy expert tells us whether a comeback is

in the cards for crude and you can listen to "closing bell" on the go by following the "closing bell" podcast on your favorite podcast app. we'll be right back. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market.

let's check out today's stealth mover. ambarella, and the chip maker stock really accelerating here tire maker continental, which also makes other auto technologies, announcing it will use the company's chips in its autonomous driving system. a move wells fargo is calling a significant endorsement of ambarella. investors have been sparking a rally in ambarella recently, shares now on pace for their

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retko. indexes have picked up into the close of the week. still pacing for a down week but the s&p now up about 0.5%. barb, your thoughts in general here on the market feel position because there's two ways, i think, to characterize what's been happening one is up just another bear market rally, we've seen a couple of these double-digit rebounds when the market oversold and they have always failed before getting too far. on the other hand, people say, bear markets have a knack for bottoming in october, year-end strength after midterm elections, earnings perhaps not as bad as feared either one of those cases make more sense to you? >> yeah, i know. i think, you know, the reflex, of course, because of all the p ptsd from this year is to think this is another bear market rally and it may well be people are saying, is this a repeat of the summer where we were up for two months and had good returns just to return back to the lows again? i think there's a big difference now, though. we've had a lot more economic data points and obviously the

cpi number and the ppi number that came in the last week excited this most recent rally because what you're seeing is wholesale prices, consumer prices rolling over, the consumer is weakening. we're seeing that in the savings rate, which is now below trend at 3%. you're seeing a big increase in credit being used, and of course, let's not ignore the impact of everybody seeing their stock and bond portfolios and their crypto, and that tends to be a lot of younger people, you know, involved as well so, things are weakening, and i think that the question here for the market is, we've got the cpi, ppi and a pce number coming up in early december what's that going to be? earnings are now done so we know what's going on there. so, i'm really -- i think the market will tread water here i don't think we see a return to the bear market lows until we look at the first quarter and have the company commentary on what's going on. fourth quarter should still be okay we're already into almost late november, and what they see then, because there is going to be much more of a bite

it's that lagged effect we're talking about in terms of the fed hikes. >> yeah, there absolutely is a lot of focus on that january reporting season and might be when companies kind of turn their sights to what's to come for the next year and maybe have to reguide investors you know, one of the themes, though, aside from just the overall index down trend, has been that the average stock has outperformed the big cap indexes, and you've seen some resilience in certain pockets of the market it would seem almost to reward a stock-by-stock approach more than in prior years have have you found that to be the case, that it's easier to find ideas that are worth acting on and where? >> well, i don't think it's easier, but i think that is exactly the approach, and you have done a great job pointing out in the equal weighted s&p what the real performance is obviously, the tech, the big tech, has gotten killed for the reasons we know very well, overcrowded valuation, et cetera. but i think, you know, there are still pockets where you look in, and that's also when things get crushed. like you had meta a few weeks ago, but you look in healthcare.

you know, there's a good defensive play where things are not wildly expensive, because right now, that is a problem where do you look? value stocks are up. utilities are up staples are up, and they're great, and you should hold them for now but probably not a lot of upside from here. so, i think if stock picking is it right now, you've got to look, but you can find them. but i don't think it's by sector at this moment >> yeah. fair enough. definitely a change from the, you know, five stocks running the whole s&p as we had going into the highs of last year. let's take a peek at energy. oil ending the week deep in the red. wti crude falling to its lowest level since september. now just above $80 a barrel. that's after a 10% drop this week we'll bring in sankey research lead analyst paul sankey to handicap it from here. paul, a lot of talk out there that there are ongoing supply concerns the strategic petroleum reserve is eventually going to stop running off, and you know, is

the price weakness just about demand concerns, or how do you actually read the recent market action >> late november, we loved the set-up we're so bullish we've got a target for $120 brand by driving season next year, so that's going to be may 2023 and you know, late november, with the weak oil price, it's a massive buy here we think it's going to rip higher, and you know, that's going to be a problem for a lot of other sectors but it's what your previous guest was saying >> what turns from here to make it that much of a clear buy to you in late november >> we have a huge month coming up in december we've got the opec meeting on sunday, december 4th, and then we have the russian crude embargo that's going to kick in on december 5stth so there's gon to be a huge beginning to december, and of course in new york, it's cold already.

you're going to get the demand pressure as well so, all those things are fundamental belief that saudi wa wants $100 oil makes us bullish. right here, oil and oil stocks are a buy. >> so, has the crude price just been repressed by, you know, china growth concerns? i mean, for a while, the very strong dollar seemed to be a bit of an overhang, although that's w weakened up a little bit, or do you feel as though the supply issues have not yet come to bear >> no, you're on it. china's obviously been a problem. that always drives oil but they're going to come out of that, and you know, as you say, the dollar is -- it's actually incredible if you think about how strong indian oil demand is with the oil price at all-time high in rupee. you're dead "on thon the money k about the dollar, but demand is

still very strong, and it's late november one of the key points, it's kind of mickey mouse, but it's late november what happens next? it's going to be winter. >> yeah. no, for sure and just real quickly, you said oil stocks also buy. they have really outperformed crude itself does that not already build in that positive picture? >> you know, we had said short service for two years, and now we love service, slb, we're halliburton, we're neighbors we're buying oil leverage here, because i think our belief is the market's going to recognize we have an oil supply problem, and they're going to buy service. and it's actually unusual -- it hasn't -- originally, you know, when i was saying on cnbc, in 2020, buy exxon, short apple, the argument was basically, thescos are going to be, you know, in great shape over the next three to five years that worked out, but what the next phase is, is the market

realization that we're short oil and we need oil. and to us, that's an oil service trade. >> all right well, paul, we'll see. we'll check in with you soon, see how it goes once we get beyond late november appreciate it, paul sankey busy end to a jam-packed week of retail earnings, williams sonoma beating estimates, but gross margins were weaker than expected and the company saying it will not update guidance through next year because of macro uncertainty. better news for others gap swinging to a quarterly profit, while a strong holiday forecast lifted ross stores. foot locker reporting better-than-expected results th thanks to an increase in same-store sales earlier on "squawk box," ceo mary dillon highlighting growth. >> there's an opportunity for us to be bigger online than we are today. we have about 16% today, sales online >> melissa repko joins us now, and melissa, next week, we get

another batch of retail results. what have we learned so far about the state of the consumer? what are the themes we've pulled out of this week's report? >> hi, mike. one of the things we're hearing from all retailers is that shoppers are being more thoughtful about how they're spending, and they're really eager for deals. it's a very different environment than the past two years when people were spending very freely, they didn't have other things competing for their time and attention and wallets, and with inflation kicking in, people are being a little bit more strategic, holding back when they want to buy, they want to see it on sale, and so that's really influencing their decisions. >> and you know, a lot of these companies that we're highlighting bouncing today in their share price, they were in not a great situation in the set-up so in other words, they have been trying to either shrink store bases or try to rationalize inventory, so in a sense, there's a lot of kind of chain store turn around plays in motion as we get these quarterly results. >> exactly it's important to remember that gap's been through a really

rough time, and it's had a ton of vinventory, and so people wer looking for progress in its turn around story, the reason why it surprised to the upside in part is because the expectations were so low they're looking for a ceo at the moment there's a lot of concern about their direction if they're on trend, if they have too much stuff piling up in the back room, so seeing that they're making some progress means that shares are going up higher similarly, in some ways, foot locker is also changing its strategic direction. nike has been pulling back from wholesale, and so investors wanted to see some signs that they were faring well, even as nike makes that change that it was pairing up with other brands and so far, it's shown signs of that with new balance and with crocs. it's also gotten a new powerhouse ceo, mary dillon, who you just showed, and she came in with experience from ulta, where she had a great track record of growth, so investors see an upside to that too >> looking brighter, at least. melissa, thank you

barb, have you been able to read between the lines of some of these retail reports, either what it means for the consumers into next year or if any of these stocks look like opportunities? >> well, it is interesting there was a real bifurcation i mean, if you look at target versus walmart, i mean, walmart has the grocery segment, and a lot of people are shopping because of food prices so high target has other issues. they had inventory management execution and plus the macro concerns for their consumer so, i think it really goes by segment, and also, the execution issues you know, gap, for interest -- for instance, is a very interesting report there, but as she mentioned, there is no ceo they're not giving forward guidance they also drew down their cash that if you get rid of the building they sold, it would be negative cash. so -- and they've got a lot of discounting to do, so it's hard to know. i mean, you know, particularly going into this macroenvironment, if they're really going to be able to sustain this turn around so, that one is -- >> a lot of these --

>> yeah. >> yeah. i was going to say, a lot of these companies certainly still playing defense to say the least. let's get to grindr. lgbtq dating app grindr going public today via spac. up more than 200%. it was even higher earlier merging with a blank check company, tiga acquisition, in a relatively small float which accounts for some of that huge move, about 98% of the spac holders redeemed their stake when they voted to approve the deal therefore, did not maintain ownership and create new shares in the resulting company here. we asked grindr's ceo about that on "squawk on the street" today. >> we actually told everybody throughout the process that we didn't really need cash. grindr makes money every month it's a very profitable business because our users love our business we spend virtually no money on marketing, so our margins are very strong, and our gloet is very strong, so we think we have everything we need to do the work for the long-term and grow this company >> yeah, and just to emphasize, an extremely tiny publicly

traded float as a result from this company, maybe half a million shares, so that huge price move you saw is really about the liquidity in large part grindr going public, though, in a tough environment for its peers. fellow dating apps bumble and match, both of those stocks down sharply this year. barb, i don't know if you look at bumble and match and just in general the consumer internet, for lack of a better way to phrase it, has really struggled. was it just about the way the valuation started out the year >> i think so. you know, and also because we had the post-pandemic pull-through, and so you've seen usage drop off whether it's you've seen that in gaming, internet, now the -- so it all comes down to valuation and who's gaining share. whether it's the bumble, you know, or match, and so because it's very competitive area, and continually finding new apps and going after a new target market or the younger people are making it easier to use

but i think it starts with valuation. it was based on pass usage >> yeah. and now, we sit here, the market up about 0.33% on the s&p 500. do you think the growth areas where i know you've spent some time, you know, looking for things to do, has already taken its medicine here? or would you stay away from some of the either mega cap growth or the emerging growth areas? >> well, you know, mike, two weeks ago, i would have said, this is the cherry-picking time. like meta, we've talked about. amazon, all these names, a lot of them are very interesting longer run, but after such a big run, i think you have to take a little bit of a pause here and just wait. again, i don't see a big downside at the moment but i think we're going to see, you know, you could wait until we get into december as we start to look forward and see more economic numbers coming in so, because some of these are still economically sensitive, and what you saw with the big run here was really when yields came down based on that cpi and ppi number

and of course, if interest rates come down, the big tech names will do well that's that terminal value issue for them >> yeah. absolutely i mean, and we both know the growth and the inflation debates are not going to be settled any time all that soon, so we're going to probably be in this environment for a little while barbara doran, great to talk to you. thanks a lot >> thank you >> have a good weekend as we head into the close, about a minute left, the s&p 500 trending higher about 0.4%. the dow up 176 russell 2000 up half a percent the s&p on track for a loss of 0.75%. that game after significant gains leading into the week. you had the treasury yields have just oscillated below their highs. that's been helping out. the two-year, about 4.5%, but the ten-year, at 3.81%, up slightly today but not troo dramatically the volatility index has backed off down at 23

we have a holiday shortened week coming up next week with thanksgiving on thursday that is often an occasion for the market to calm down a little bit, but it is worth remembering, black friday last year was when we got news of the new omicron strain, very volatile day, very tough day for the market and it actually set the market up for a tough stretch to go from there that does it now for "closing bell." "overtime" with scott wapner is next >> welcome, everybody, to this friday edition of "overtime. i'm scott wapner you just heard the bells in just a little bit, i'll speak to ed yardeni on where this market is heading in the weeks ahead and whether he is sticking with his call. plus, casey and alex are back for the latest on the twitter turmoil. by the way, elizabeth holmes, the verdict we are told out in san jose at that federal courthouse is imminent, and we are going to take you there live once, in fact, tha