the nasdaq was the outperformer. the fed is poised to slow down a little bit on the pace of rate hikes. you had yields lower the ten-year below 3.7 the s&p up more than 15% since its bear market low set october 134th. that does it for "overtime." "fast money" begins right now. right now on "fast," the countdown to christmas and black friday retail on a big run this quarter. will the consumer saddled with a stocking full of credit card deck are sidelined and shares of deere soaring. up 180% since the start of the pandemic and later fresh covid troubles in china violent protests at a major apple plant as tensions rise over harsh covid restriction what impact could this have on the stock and other companies leveraginged to china?

we start off with a pre-holiday bump for markets the latest federal minutes , th nasdaq up a percent, the dow the highest close since april. treasury yields and the dollar both dropping and gold made a move higher. as we head into the all important holiday season where do we go from here we are below to 3.7 on the ten-year yield, tim. >> the question on long term yields are we at a place where we have some sense of the fed peaking and where you can push out the duration curve i think the most important thing for the market today were the dollar continuing to trend lower. the dollar was trending lower before we get that fed announcement i think this is a fed ound a wat say 50 is not so bad in december and the dynamics around wait and thing they are still debating, they knew what they were going to do and it really does feel like a little bit more data

depend en. the s&p is a 15.5% move off the cpi october 13 low remember we had a 19% move from june to august so this market is giving you trading opportunities. we are right up near the 200 day. draw that down trend line the beginning of the year and it looks like we are just about there. this is a market based upon these seasonals and positioning. does it take it out? i don't know certainly the tailwinds here are there especially with the fed in a different place. >> yields 3.7% for most of the session seems to have is given permission to the higher multiple names to go higher, semiconductors, et cetera. do you think that's right? >> i think there is so much desire to get back into those names, those have been winners for people and they want to have that rekindle, that story, that excitement i think what should be driving these businesses long term is just regular fundamentals. and for some of them their fortunes look wonderful and some

look pretty challenged i think the market structures of these businesses is the most important thing to keep in mind and i think having a little less exposure to the consumer is something that's really important. >> yeah, guy, what did you make of the action today? >> ahead of thanksgiving it's interesting. one point today we were negative but it's not surprising that we're here we thought we'd test sort of the 200 day moving average i think that comes around 4065 or so in the s&p still in the significant down trend since november this a mirror image of what we saw in june into, i guess, june into august, i guess and this is playing out right before our eyes. i'll say this. a vix at 20.5 to me, that's the warning signal it's not a vix at 34 the vix at 34 is when you are seizing the opportunity. but a vix at 20.5 to me says we're slowly topping out and 75 approaching 80 basis points probably on their way to 1%

inverted does not to me flash the green light for stocks. >> happy going into the holiday, by the way almost like you gave him a gobble-gobble. >> i'm happy as can be. >> i mean, there is so many things to be happy about. >> yes i'll share tinside baseball. our floor director had a couple of people come in my ear and agobble-gobble, guy, have a great turkey day on hump day to co tee me up before the show. >> it worked it worked hike a charm. >> it worked. >> every year. it's interesting we are so fixated on what the terminal rate is we got, you know, a better clue as to where that could be, 5%, which is what the markets are pricing in at this point, but how long we stay at that rate seems to be the next question to ask that not many people are asking

>> no one is talking about quantitative tightening, the balance sheet runoff, no one is talking about that's 25 basis points right there so they are tightening more than anyone even knows that they are tightening but i think going into the year-end performance performance chase. you are going to see people trip over themselves. so julie talked about fundamentals on these companies, on the high flyers throw that out the window. we are not talking about performance until january 1. there is nobody that even thinks about performance right now. think about how bad every fund's performance is this unless you are weighted to energy so you have to make up a lot of grounds. you want to chase and window dress right up until year end. >> so what does that mean? what is the artificial bid in the market for stuff >> 400. >> okay.

>> between 15 -- >> yeah, i think you are going to see a face -- and you know what, tim? remember all the things that we learned about never short a dull tape, volumes light, it drifts up higher. i think you're right warning signs are the vix. there is going to be a day of reckoning when we start worrying about earnings we are not going to worry about that until q1. people are behind the eight ball they have to chase and they have to chase beta. so you are going to see them rip the market higher. >> i said this a few times and i know this is a -- as a fund manager, the down trends are scary but the up trends are sometimes scarier. if you have been overly defense, in cash, god forbid, that's usually when managers are fired. i want to point out that last night we spent a lot of time talking about retail, excited to hear walmart, former ceo, simon on we talked about credit and the

savings rate and there is a -- there may be a chart out there that i threw up which basically shows we are at a complete divergence now there was a time out crisis, everybody was cashed up, the government was giving you money, people were actually deents on kreft. we are at record highs on cons consumer credit. going into a period where i think joblessness goes higher, going into a period where i actually think there can be pressure downwarden to wages even though that's not something we are wishing for people especially around the holidays you you. >> the term in consumer is about to happen, i guess for now, guy, they are still spending there is only a month left i mean, hopefully, they keep their jobs the next month. but, you know, the sight line for consumers at this point is all right. they have already seen a big rise in interest rates they have got their jobs they have got their wage increases. >> no. listen, 100%

everything you said makes sense. i am trying to read the tea leaves consumer debt reaching $5 trillion with a t, credit card debt north of a trillion, all these things for the first time in an environment where rates have been moving higher. that's not a particularly healthy brew of things we see the market seems to be discounting a lot. by the way, a fed slowing down or being data dependent is different than a fed that's lowering rates i think we are light years way from that. you have a hawk i can fed trying to quell and knock down inflation which if they indicate they are stopping will come back and bite them in the rear end. >> all right with under 32 days until christmas the countdown is on. some retailers are seeing signs of cracks in the consumer. best buy telling investors the

promotional backdrop is more intense than last year dollar tree, fighting inflation is forcing middle and lower income consumers to forcus on necessary items. borderline desperate right now, bill simons the former walmart u.s. ceo bill, always good to see you. >> how are you happy thanksgiving. >> happy thanksgiving to you some of the other sort of little data points from the likes of a best buy and a nord stram and all these retailers that reported recently consumers are using savings, usincreasing credit, decreasing use of debit. they are taking on debt in order to spend as someone who has been in this industry for a long time when do you see pull back in spending to where that really hurts retailers? >> i think it's started. one of the key metrics everybody what is to look at is employment and employment in general and as long as that remains high relatively high and it has i think we will be okay for a while. you are seeing consumers be more and more cautious and demanding

more and more value and more and more deals and buying on deals so it's going to be interesting, the black friday into the holiday season retailers who put it out at deep, deep discounts have a chance if you didn't, it's going to be tough. >> i feel like the promotional activity has started really early. like not just the 10% off or free shipping or 20% off i'm talking about 40% off even before black friday. if i am a consumer i hear 40% off and i think i wait three weeks and it's going to be 60% off before christmas is that what retailers are thinking as well, that we are willing to cult, cut, cut because we want to get consumers into our doors as opposed to our competitors? >> i listen to the news, right supply chains backed up. i'm, you know, walmart and

target had inventories that were unconscionable they are down slightly but relatively high where they should be. so they have had deals for days as they call it, really deals for months amazon did an extra prime day to try to move product out none that have is really working. i think savvy consumers are waiting for deals. the deeper the deal, the better the chance the better the deal, the worse the margin i think that will the retailers' struggle into the end of the quarter, the end of the year. >> how are you thinking about the mix of what's out there? it feels like consumers are interested in more need-based products that is implications for retailer margins, too. how does that play into this >> you are exactly right i think people are buying needs. during the holiday season they buy waunts but wants on deal. you ask me walmart or target i think right now walmart

because of the food they got the extra trip and the extra volume coming from the food so they have a better chance to sell their general merchandise than, say, target does that's going to be the challenge. how is that mix going to play out and can they mix the lower margin food business with what's typically higher margin broad lines general merchandise. but if you have to sell it on deal, the food margin starts looking good it's going to be really challenging. >> i'd like topress deeper on the food this is tim. thanks for joining us. if you look at walmart's third quarter comps up 8.2%. over 6% of that was basically inflation related. if i look at some of the inputs on food inflation, wheat costs are back to are they were pre-ukraine invasion, other inputs coming down is that something we should be concerned -- i'm long walmart. this has been a great run. is that something that has been a strength could it be a relative context year over year becoming more

difficult? >> i think you have to look at real numbers the overall, you know, benchmark numbers for food inflation have been in the lower teens and, you know, walmart's only reporting 6% inflation, food inflation that gives you an idea of the power that they have to keep prices low and manage prices granted they are giving up margin to do that, but they are building market share and that has been the play at walmart for a long, long time. you know, use a difficult time to represent the consumer and take care of the customer. hold book a little bit, build market share and that market share sticks the economy sort of turns around that has been what they are to go and, you know, hopefully, it will work for them. >> bill, in our continuing game of would you rather, walmart or target, you know, the last time you mentioned you made that switch, you made that switch well because target even though it worked out half a billion dollars in inventory it had 1.5 as of the end of the latest quarter which seems like an

unfathomable amount of stuff still waiting to be sold as we go deep into the holiday season and that inventory is sitting there and slowly worked down as we speak, does it get harder for target due to the prospects for turning that situation around look worse? should we assume that's just a write down >> ryan cornell has a really good team. he is a terrific retailer. i have confidence they will figure it out. imagine what a billion and a half dollars worth of merchandise looks like, how many trucks, how many container ships is looking like just sitting there. i think as we get into the selling season here towards the end of the year is very, very aggressive pricing from target they indicated that in their release when they lowered their projection for the fourth quarter. this is their chance to get rid of -- move the inventory and i think they will be fraef in price and it will hurt their margin but it's the right thing. >> bill, great to speak with you.

happy thanksgiving. >> happy thanksgiving. >> gobble-gobble and we like to say. wo bill simon what's the trade here? >> target's like buy a lego set, get this patio furniture for free [ laughter ] >> that's what it's going to come down to it's not fair, but it happens to be true. target's basically got back half of the move from 180 to 165 the trade will dollar gen, end of earnings i believe december 1, all-time high late last week, do dollar gen works really well in this environment. >> all right coming up, a "fast" first. chart of the week on a wednesday. that's right we'll drill into a name on our radar because today is our friday we'll reveal that next financials on fire the past month. should you bank on these names n for more profits much more when "fast money" returns.

back to "fast money. we're off tomorrow for gobble-gobble day. we're off friday so we thought we'd bring you a very special edition of chart of

the week take a look at the oih, down 2% since money. the surge over 40% in october but has a been flat this month, up a percent guy, on the call today you said energy is reaching a point of no return what do you mean by that >> yeah, really, i know tim knows what i mean. first and foremost, you know, steve's had a great call on the underlying commodity as well tim has been on top of the equities the reason i brought oah to the desk here is because we've basically gotten to levels we saw in may/june and we are stalling out while crude oil is now going into contango and these products are under pressure if these stocks which have proved themselves considerably well during the demise of the commodity, now they have to prove themselves the point of no return comes from both the xle and the oih. the oih absolutely needs to close between 320 the next year.

otherwise, this double top will be in place. the bulls have done a great job. now they really have to prove themselves. >> steve >> yeah, everything is rolled over the only thing that's going to stop oil from crude west texas intermediate is going to be the refilling of the spr so president biden has said that he wants to replenish that around $70 we're right here so that -- if you are in a market, melissa and you know you are stopped out gets the government to be a buyer, you are probably going to be buying that commodity ahead of the government knowing that you could turn around,k sell it to him. or her so i think that -- i have that $65 a barrel target. i am going to stay with that i think we probably cut through 70 really quickly and then pop right back up above it >> the levels on oil i don't care as much about as an

investor in schlumberger because it is peaking towards the profitability of 2016. 22% of the oih, it's a significant dynamic. you have drilled but incompleted wells at, like, historic lows. you have dynamics in terms of international rig count growing and growing. the dynamics around the supply side of oil won't change quick trivia question. point of no return, a band from the mid-western part -- named after a state. >> you know i don't know this. >> kansas. >> oh, kansas! [ laughter ] >> wow. >> you get an extra pumpkin pie for dessert. >> i'm so pleased with myself. here's what's coming up next. >> big banks seeing big profits. should you cash in on the financials here? that's next. plus, covid chaos in china

violent protests breaking out at fox come, the world's biggest apple iphone pact ifry those details ahead. you are watching "fast money" live from the nasdaq market site in times square. we are back right after this

welcome back to "fast money. the financials serving up big gains. blackrock, morgan stanley, goldman and j.p. among the leaders. so can the banks and brokers keep it going? tim, you think so. >> i do. it's interesting if you look at banks on the charts they are the first to get through the 200 day. if you look from the june low, i think they have outperformed the s&p something like 17%

so at a time when there was more stress in the markets you had a period where actually banks i think ironically, because we were so concerned about credit concerns, i think that the numbers that we got in this quarter, third quarter numbers, reinforced the fact we got a fresh look in terms of core businesses and even without the mortgage strength and investment banking strength, a money center bank in this environment is minting money. >> julie >> yeah, no, i think from a fundamental perspective you are seeing really positive attributes outside of mortgage mortgage i think is becoming pretty challenging and i think if you look at like you look at the ac's october results in terms of, you know, charge ops, he everything is creeping higher in terms of the credit quality getting more difficult i think they are well prepared i think they have done a great job transmitting this information. i think jamie dimon, we owe him a lot for his ability to explain where we are in the market and where he thinks we are going but i think generally speaking, they are well positioned to

withstand this we know after the results of the fdic they are in good shape. >> the yield curve, guy, it's not working in banks favor and karen has walked through many, many times why that doesn't matter the yield curve doesn't necessarily matter that much when it comes to banks' earnings but for a long time it traded along with the yield curve >>, unfortunately, the brilliant kay fine is not with us this evening. so you are stuck with me. >> i will say you know who doesn't give a monkey's patute goldman sachs. when if you look at fixed income and commodities, they have crushed it i think they will continue in in environment. we talked about this when it was around 280 book value, ridiculously cheap that's why it's now approaching its all-time high in the summer of 2021 and i think it's probably going to get there. comes in around 415. this is a fantastic environment for goldman sachs and they are

finally being rewarded for what goes on in fik. >> do the financials have to continue their outperforms >> the yield curve is inverted the most since, what, 1982 i think that was the stat. so it's over 80 basis points so to your point, the market hasn't really cared about the yield curve and if that yield curve improves, these names are going to fly higher. so i think you are okay in the financials. >> i was selling some upside calls in money center banks because they had a great run in january i think we will wake up and focus on credit. coming up, violent protests in china at the world's biggest iphone factory. plus, shares of silver gate rg soaring today the options for a look at what's behind this massive movie.

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. welcome back to "fast money. another check on markets stocks higher as the fed minutes of smaller rate hikes ahead, the dow up 95, the s&p 23. meantime, crude oil closing more than 3% lower as the g7 looks to cap russian oil prices above where it is trading. gasoline inventories in the u.s. growing by more than analysts expected meantime, protests at foxconn's iphone plant in china could be taking a bite out of apple's production plans the unrest in the city of zhengzhou two weeks after apple warned of production delays due to china's zero covid policy eunice is there with the latest. >> apple supplier foxconn said that as of tonight the operations at that facility in central china are normal this after videos emerged online obtained by ap but not verified by nbc of people describing themselves as foxconn workers slashing with authorities in has

m hazmat suits shouting give us our pay. they say they are working for weeks longer than agreed upon in isolated covid conditions to receive pay and bonus. they fear virus spread at the plant. foxconn says it's communicating with workers and the government to avoid a recurrence and is offering workers comp' compensan china's covid outbreak appears to be going national zhengzhou is in lockdown until next tuesday and conducting mass testing. chongqing is in effective longdown chengdu, which emerged from a lockdown in november, is mass testing. shanghai canceled an event shenzhen testing this after beijing and areas around the capital have become near ghost towns and export hub guangzhou has imposed heavier

controls. >> thank you. >> there is a lot to unpack there in terms of the covid lockdowns taking another, you know, beating on china's economy and then also the impact specifically on apple because the workers' allegations of not getting their bonus, not being paid, that's not a good look for apple, steve >> yeah, it's not. and when you look at the performance for apple year to date it's down 15% there is not a whole lot of reason with these headlines to make you want to buy the stock it's a long-term hold. i have owned it what seems like forever. i think better days will be ahead. you think they will figure out how to work around china for production and also it's not -- let's not forget they are not innovators, but they are perfecters of what is out there. it's been a long time since we have actually seen apple come out with something exciting, whether it's artificial

intelligence or virtual reality. the cars has been put to the side but i think we are probably going to see some sort of tailwinds coming through apple everyone's counselling it out right now and i don't think they should. >> i agree i don't think they need to do anything innovative here we have pushed back on it for a while. if you think where the pro max and where they have been received on the phones, i mean, we have lead times of 43 days or something last i was looking even if china slows down a lib -- by the way, that's one of the reasons i think some of the headlines out of foxconn are scarier as it relates to that relationship and what apple may need to do to diversify from foxconn. in china less about more delays on phones and what it means for apple because eventually right now they are going to buy the phones i agree with steve i don't want to own this company either i own in a few accounts but passively. i think in terms of trading apple you are going to get a better shot. right now eight or nine terms to the s&p valuations i think it's expensive.

>> gene munster is on the fast line tonight always good to speak with you. >> hi, melissa. >> as i understand it, zhengzhou produces 80% of the iphone 14 and 85% of the pro i am wondering if you this will impact holiday sales or has all that stuff been made >> it hasn't been made right now if you order an iphone it will push just after the holiday. what we've seen less about today and the friction today, the protests today, more about what's happened the past month lead times have gone from three to four weeks to five to six weeks. and those are in part because of some of the shutdowns. when you boil it down, it's probably going to be just about a percent and a half, maybe 2% negative impact on apple's december quarter of course, to tim's point, and i think steve's as well, those

recoup these in the march quarter, that pain of december ultimately, it's the gain of march, but that gives some perspective about what this means. those are two very important products and they are difficult to get right now and what's going on with china production isn't helping matters. >> i understand this whole notion you order the phone or belief you will order the phone anyway, so the sales will be gone, you know, just later they are just sales, not denied, but sales delayed. does the change in economic environment change that calculus at all i mean, if things are deteriorating, consumers get a little bit more concerned about their spending wherewithal, you know, to some of those sales go away, do you think >> my answer today -- if you asked me the day before apple reported their september quarter. if you asked me then, yeah, you have to assume we are going to see some impact. there will be online some impact but what we saw in september was remarkable

they had a massive comp, 47% growth comp on iphone and they grew 4%. that tells me that people are still gravitating to these products and i think that no company -- every company won't be impacted, despite their high priced products, i think they will do well i will point this out. for those who actually still go to stores, which is a small group of people, and those who go to malls, which probably is a smaller group of people, go to the mall go to the apple store. i suspect that a large percentage of the people in the mall will be in the apple store over the weekend and i think that's testimony to these products are still eventually the fabric of how people live their lives today. yes, there will be bumps in the road that is one thing i learned more in the last couple of months >> gene, what are we going to expect something coming out of apple, whether it's artificial intelligence or vr no one's talking about the car

any more when can we expect something exciting i feel as if they are way behind the eight ball on this >> well, steve, we just came out with holiday buying guide. part of that we put predictions about products that we expect next year, just to have some fun with it. one is mixed reality glasses we think they will show. mark irmen talked about this done great reporting on it i agree with his reporting i think we are going to see that headset. i think it's going to be for developers only. high priced. i think it will be an example of people saying apple is innovating here. i think that is an exciting piece. and so i think that they are going to flex their muscle a little bit on innovation next year doesn't hit the income statement probably for a few more years. they are not going away on this augmented reality scene despite all the metaverse's issues. >> all right between, thank you. >> thank you. >> happy turkey day. >> gobble-gobble.

>> i know. moose next guy, what's the tradn apple here >> what gene says is, unfortunately, true. there will be millions of people tomorrow and thanksgiving and half will be sitting around looking at their stupid apple phones which is, you know, that to me is not particularly speak volumes about the fabric of the united states. and i guess humanity at large w that said, i think tim is right. i think there will be better opportunities to buy the stock, earnings from 144 to 138 up to 158 back to 138 and i think we are in the middle of the range i think you wait for a better entry point here. >> is it a value stock >> no. i mean, it's hard to argue this is a value stock given that the growth is pretty challenging and it's a high priced product i agree that, look, if we can't buy the product today, you probably will buy it next quarter. i wonder about that. i wonder about people who are

like, hey, you have an iphone 12, i am going to upgrade to a 14 as a christmas present, they don't have it. i don't think you buy them that 14 in march, right and i think a lot of the challenge with apple is that they haven't had a lot of innovation so you don't have a ton of reason up grade your phones. in an economic recession, people aren't going to be buying $1,000 phones sorry, it's not gonnen maybe we will spend less time on our phones and guy will finally be cheerful. >> it's going to take a lot. >> careful. coming up, the ftx fallout developments in the saga sparking a heated debate over crypto regulation. details ahead. plus, shares of tier seeing green. hitting an all-time high today the tractor trade, that's next ♪♪ for skin as alive as you are... don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin. gold bond. champion your skin.

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welcome back to "fast money. deere topping the tape, shares jump 5%. the company reported better than expected results on the top and bottom lines a strong outlook for 2023 setting new infrastructure projects on the horizon. tim, you own it. >> i do. >> like a little lawnmower kind

of deere. >> easy, easy. i call it a tractor. some may call it a lawnmower nothing runs like a deere in my house when i'm -- and i'm a big fan. although they say if you listen to the competitors, there is deteriorating demand in smaller tractors and actually i think those are trends as opposed to real tractor land and that macro is extraordinary the biggest issue for the stock which, by the way, outperformed t s&p by 120% since july of '21. i am not bottom picking like the low on covid if you did that, it's 140. if comes down to multiple in the 15 times not sure. >> yeah. it also depends on whether or not farmers feel rich enough to spend on things and part of that is crop prices if we see inflation come down, crop prices can go lower the ukraine russia dynamic could keep proses higher steve, i don't know.

>> yeah, i think crop prices are coming down. a lot of this is sort of the same way with walmart where it was food inflation so as tim said, this is farm equipment inflation. and you also had a parch shortage but we are looking at all-time highs in deere i would be a seller, not a buyer here there is one thing infrastructure deal. so i should say this infrastructure spending is going to benefit cat and deere cat has been a laggard in the group. you might have a little room to make up in cat but i want be a buyer of either woun too aggressively at these levels. >> guy >> the thought of tim with his tractor with like a piece of straw in his mouth and a cut-off t-shirt is too good. he should send a picture it's fantastic that being said, tim said -- but look where the stock traded up to in march. look where we closed today traded three times normal volume

i think today is the opportunity to particular that some money off the table and get a better entry point. great company, reasonable valuation, i think it exhausted itself today. coming up, new developments in the ftx saga. who is getting involved? more on that when "fast money" returns.

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stay tuned at the top of the hour for a cnbc special, taking stock. we are diving into the state of the consumer this holiday season and what investors should expect as we get ready to close out the volatile year. 6:00 p.m. eastern only on cnbc. meantime, shares of silvergate soaring on news that block one founder brendan bloomer took a 9% stake in the crypto focused bank. he is the largest shareholder. brian joins us with the action. >> they are betting god things are ahead. and we saw -- i could start to -- they were trading two and a half times normal average daily volume and the most interesting trade to me was the december 40 calls. they traded for about 35 cents over a pan of two hours, 1,000 of those traded, and that is a

significant upside play to this stock. i think the reason why you are seeing these call buyers come in, when you get a little bit of good news, short interest has been building. certainly a short squeeze could be on. maybe this is something that short a million shares and wants to protect their upside with the call or maybe something playing for a significant pop to the upside silvergate, this stock was a perfect proxy for bitcoin, traded lock step with it and broke lower with the ftx news and they said that 10% of their accounts were at ftx but that can be a one-time charge so folks, this stock could trade back up. get back lock in step with the price of bitcoin and maybe there is a pop to the upside that's what some of the call buyers are playing to the upside. >> thanks. a new development on the ftx collapse the head of the commodity features trading commission will self testify next week. terry duffey joined us to detail his meeting with sam bankman-fried in march, he told

sbf, you are an absolute fraud >> so right away my suspicioning were up. why is there so much pressure coming for this application? when i met with him i knew right away i said this is a joke. he wanted to list all asset classes, mine, intercontinental exchanges and everybody else's under his model which would have been, as i said, a biblical disaster >> duffey previously spoke about ftx in front of congress back in may and in that hearing there a contentious series of exchanges with california representative ro khanna a. >> i am not a crypto expert. >> you have opinions about crypto. >> i do, i have opinions about an application not cryptocurrency capital is -- capital is not the same as margin, congressman. >> sir, i want you to after this submit something that is accurate, recognizing you are giving testimony to the united states congress, you don't know much about cryptocurrencies, you

are opining on cryptocurrencies, and then you are giving false statements to the congress that you aren't even -- that you weren't even knowing that you are submitting you write ftx, quote, has no capital requirements for participants that's just false. >> sir, i will be happy to read my testimony back to you if you would like but if you want to make this into a court of law, participat >> you can't give false statements to the united states congress. >> i am well aware, sir. i have testified in front of this committee over 50 times. >> we asked duffey about that argument and he said he would be open to debate the representative any time. >> a guy that didn't have the courage to show up but he had to come on zoom, ro khanna out of california, telling me i didn't know what i because talking about. i don't think he has a clue what he is talking about. i am prepared to debate him at any time >> we invited representative ro

khanna to join us. they said he can join us next month. we infighted the ftc chairman to come on the show i tweeted this we chose to play that exchange to show the audience exactly, you know, what the degree of reprimand was because looking back on this it is amazing that a congressman would have discounted the chairman so much and so readily, guy. >> yeah. i am going to be careful before thanksgiving and choose my words properly here. but it was rude and you have to wonder where did that come from? where was the vitriol coming from? in retrospect, he was a bit of a soothsayer because everything that he said was going to happen, happened and the fact that the congressperson doesn't have time to join us or see you next month, i mean, that's just to me -- i'll say it -- it's

cowardly, to be honest with you, given the amount of vitriol he threw at terry then. this is the same terry duffey that called bs on john core sfwlien years before that. so clearly the man knows of what he speaks and should not be discounted his testimony i'm sure was a sworn testimony and he is not a liar no reason to lie nor would he do it in front of congress. >> not only that the exchange is bringing could bring to digital asset, this is where the cme will play a major role this is what they do they provide risk management, provide a framework, provide accountability, provide rules and i think that's -- the exchange we watched with ro khanna there were two different languages being spoken especially when a guy who does this for a living was being asked to opine on what risks are whether you don't have this kind of a framework and that's what cme could do. >> yeah. steve? >> yeah, i think it's, you know,

maybe i'll choose my words less wisely than guy. there was a lot of money spread around washington and it sounds like people bought into this idea because they had a tremendous amount of donations sprinkled their way. and congress is always pointing their gun at practitioners i'll take a practitioner and i'll take someone like terry any day of the week over a congressman. >> yeah. easy until they have to hold hearings about what went wrong, right, then all of a sudden things change julie, it's amazing -- you know, i talked to a former fed president earlier today on the closing bell and i asked him about this notion of free money contributing to things like ftx and he said absolutely free money leads to mal-investment are we seeing that here? when the tide goes out, will we see other sorts of frauds or bad

investments surface? >> yeah, i mean, i'll choose my words least wisely of all because i have to get ready for thanksgiving and that takes time to prepare for sure i think as embarrassing as this has become, even from a regulatory standpoint, i think the group that has egg on their face more than anyone is the venture community that kind of blindly backed all of these businesses with so few parameters we are talking about scales and numbers and customers, you know, in a regulatory environment, particularly on the banking side, that's pretty covered up so i think that's the venture community is going to look bad going forward. >> all right up next, final trades.

- oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. time for the final trade on this hump day eve of gobble-gobble day. turkey day guy? >> happy thanksgiving, everyone. lockheed martin. >> steve >> seasonality trade, unh. a great month for it happy thanksgiving. >> julie beal?

>> infrastructure trade. bentley systems. >> tim >> we told you about banks with a big run. i had facing a little bit, selling upside calls in january in citigroup. >> happy turkey day, everybody thank you fo this is the start of what could be a very big holiday season. >> more on the retail landscape heading into the holiday season. >> some fear might be a humbug holiday. >> our expectation is they're going to shop especially beginning this weekend in record numbers. >> what we're seeing is a very mixed break drop. >> a few retailers are doing better but most of them are struggling. >> i don't think retail will look great by the end of the year ♪ ♪ happy thanksgiving eve, everybody. welcomecnbc special "taking stock. i'm brian sullivan jim is off tonight