in the most decimated tech stocks, that looks like like a bear market rally. >> bill, we appreciate your time looking at the nasdaq, back above 11,000 thank you for watching "power lunch." "closing bell" starts right now. stocks reversing earlier losses this afternoon, getting a big boost during fed chair powell's speech, where he signaled smaller rate hikes ahead. this is a make or break hour for your money coming from the cfo council summit in washington, d.c. quite a rally, up more than 400 points, the s&p 500 up 2%. the nasdaq is zooming, up 3%, some of the hardest-hit parts of the market all year long, like technology, are leading.

we have the ark innovation fund, up 5% right now. take a look at the action following fed chair powell's speech you can see where yields move lower, buying of bonds on that signal of lower interest rate hikes ahead, after we started the day with higher yields coming up on the show this hour, businessman and investor glenn hutchins, who introduced chair powell at today's speech at the brookings institution. we'll get his biggest takeaways. plus the chief financial officer is here from chevron he'll join us with oil -- the stock is up 50% on the year. mike santoli is here to break down this news is this just about positioning if you listen to what the fed chair said, it wasn't anything groundbreaking

but then said there's more work to do on inflation. >> yeah, sara, there's no doubt that the market was pretty clinched up, going into these remarks. the overall message was very consistent with what he said on november 2nd, but i think he declined to take the opportunity to up the ante that much more, and appear that much more hawkish as the market has actually appreciated, as financial conditions have eased. i think there was essentially a blow that didn't come, and the market is reacting to that now, where does it take us interestingly right back to last friday's high. two days where the market backed off, and we've been talking about this show kind of sideways choppy phase since we got that pop a couple weeks ago it sort of kept that cpi-related rally intact, so it's been a more or less wait and see. this time it definitely waited

up to about 40 or so, 40, 30s, in that area it's coming at an interesting spot that's the trendline for the entire year. you could overshoot that and see if it holds from this point on you have some positive seasonal factors. a lot of talk with powell about the job market, the job openings factor, and the possibility that the tightening campaign could bring openings down. this is part of today's jolts report this is the quit rate. the percentage of all people in the labor force, employed that quit, down about 2.6%. as you can see, it's off sharply, but still well above pre-pandemic levels. it still shows a very tight and healthy labor market, going in the right direction. this is the balance he faces right now, where things are softening up, but still showing

relatively strength out there. this is at cleaner number, perhaps. >> talk about the mixed signals weaker chicago manufacturing, weaker adb jobs, eye specially in manufacturing and yesterday, gdp revises higher and that continues to trend up it really is a mixed picture, but also somewhat consistent with the goods part of the economy cool off that's the nuance you have to have

here are the words that brought the stock market into a late-day rally listen. >>monetary policy affectssh with uncertain legs. as we approach the level of restrachbt the time for moderating the pace may come is not the december meeting. glen hutchins introduced -- glen, clearly the market likes the sound of mott race when it comes to interest rate hikes >> we really have to have, on

fiscal monetary policy i think mike santoli got it -- but i would say, in addition to the moderation point it doesn't sees in reason to doubt in december, but moderate the pace, but also that it might have to stay higher at those levels for longer i think which focused on the labor markets is really another important takeamp.

which constricts demand for labor. he talked about how high the job openings -- how low the size of the labor force is so it's clearly the place where the fed is looking to find a path to moderate inflation he did say my operating assumption is i think we have to expect some degree of a recession. but he had some degree by managing -- by getting job openings down. into a place that was softish.

doesn't it present a risk that they're going to overdo it >> the other thing, he did say that it -- and part of moderating is -- to see what effect these rates have. he also said at the end he was skeptical about models, and he and hi colleagues were more feel their way i don't think they're going to let the pure -- that i

thought was a good message as well and had that very much on their minds. i thought it was very positive. >> when do you think they're going to pause >> i don't -- all i know is what he said. what he said was, as soon as december i'm wonder when they'll have to stop altogether, because there's too much damage, or inflation has come down stampally. >> i'm not an expert fed watcher, but it sounded like it was one they would sit with for a while as they watched the effect >> absolutely.

to the point they'rer they're getting hammered for not -- for basically detroits what is a healthy jobs market >> as i've said before there's a huge amount of job openings, but i've said -- >> the housing market is get destroyed a bit here >> that was the point, but they're up 10.6% over the year, though down over the last three months. >> fair. >> the goods -- inflationis coming out of the goods economy. which you would expect light

housing. that's part of i think the what the markets expect the question is can we moderate rate increases being a i said before, my operating assumption that is we probably have to expect a mild recession as we get inflation out of the economy the sources of inflation like labor markets, but also deglobalization, decarbonization are ones the fed does not have direct tools to go after so the only think they can do is reduce demand it a very sledgehammer kind of way so it feels do me -- that's been my operating assumption. that's not a forecast, and the scenarios for worse times because of the great spike, we're entering into a more serious recession, he seemed to be mindful of that i doubt they'll make that mistake, and getting into a

softish landing. i just like the fact they're focused how they can accomplish that, and that one of the paths they should be talking about today to get there was to moderate rate increases in the near term and watch the economy in the short term to make sure they don't overdo it. >> you're not alone. you like it, the market likes it >> what about your own business. as one who just raised another if you said how damaged the ecosystem and your believe is jay got a question about what innovation in the start-up economic, and among entrepreneurs in general helped to moderate the effect, and of

course that's one of the things that happened. but regardless of what happens with fed policy or crypt owe collapse, there continues to be a lot of inovain and during that period of time period, as i pointed out, apple and -- so if you stop vitting, you would have missed the two great it's investments of all time amazon, google and netflix were just getting started so there continues to be during

these pertains of market collapse and economic volatility, a entrepreneurial economy that continues to invest, continuing to build companies, continues to create new products and services, and i continue to invest in them >> glenn hutchins, agreed to talk to you today. >> by the way, don't miss the interview. same sam bankman-fried will join mea colleague later this afternoon >> for the alzheimer's therapy they brace down results. we are in session highs right now.

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check on the shares of biogen and eisai they're up based on the results of the alzheimer drug. it showed a moderate slowdown, but also serious side effects of brain bleeding and swelling for some patients.

i spoke with the ceo back in september when they announced high level results of the study. ivan is back with us again now it's great to have you everyone is waiting for the peer-reviewed data does it show anything materially different from what we thought in september, which caused a lot of optimism. >> thank you for having me again, sara. as you mentioned, the detailed data published, as well as presentations yesterday at the congress here in san francisco showed all the additional analyses beyond what was presented in -- in september, specifically the positive clinical efficacy data, the positive underlying biomarker results, the positive impact on

delaying disease progression the positive impact on health-related quality of life, and the positive impact on -- balanced with well characterized and well tolerated safety protocol that's what you see yesterday. well, i want to ask about the side effects, including the deaths, ivan it does look like there were several deaths in the 18-month study, including two patients who did receive the treatment. were they drug related >> thank you for the question. in the core study of this late-stage phase 3 trial, over 18 months of treatment duration, we saw 13 deaths in total. however, seven of the deaths were in the placebo group, six of the deaths were in the treatment group.

that is the first fact second fact, we looked at the number of death cases with concurrent brain cerebral make roe hemorrhage the rate of death was 0.1%, both in the placebo group and in the -- the treatment group the fact you mentioned two cases, both cases have complex conditions with multiple risk factors, including the use of antico anticoagulants, as you heard yesterday, indeed it's very difficult to attribute these deaths to the treatment. >> i get i'm wondering, including some of the side effects, will doctors ultimately, do you worry, be reluctant to use this treatment? especially in patients that are on blood thinners, for instance,

more vulnerable to bleeding. >> yeah, this was one of the important discussions yesterday at this medical congress we actually showed that for individuals on anticoagulants, in this trial, they do benefit in terms of cognition and function so this will be an important conversation between the family and their physicians about the benefit/risk of using it we believe the risk profile exists and is acceptable in this population, but it comes down to individual conversations, and should the family decides to move forward as soon as this is approved by the fda going forward, strong educational efforts and monitoring efforts will be required, and we are

happy to do. thank you. >> so you're clearly seeking approval, ivan we talked to some of the analysts about this, and they were wondering about your relationship specifically right now with biogen, which i believe is sponsoring this how tight is that relationship are you going to market together further studies? what are the next steps. >> at this point this is being reviewed no accelerated approval, with action date on january 6th. once we have that accelerated approval, within days, we would immediately file for full traditional approval in this late-stage phase 3 trial data to the fda. we are grateful for all the

support from biogen. we have a very strong shared goal to serve the ails hum alzheimer's communities. >> in partnership with biogen, that will continue, just to confirm. >> we are partners, as i mentioned. yes. >> thanks for clarifying ivan, appreciate it. >> of course >> we'll keep an eye on this drug as we look at the markets here, 35 minutes left of trading. we continue to make new highs on the s&p 500, this hour up 2.5% hewlett-packard, no shortage of winners. we're going to end of month of november very strong up next, liz young joins us with her take, why she says the market is still signal ago recession. we'll be right back. on a comprehensive wealth plan

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stocks are surging, we're at session highs as we speak following chair powell's remarks, where he signaled smaller hikes as soon as the december meeting joining me is liz young. you still think we'll see new lows in this market. you're not convinced >> i don't know that we'll see new lows, but another low. i also want to preface this by saying this is something we should terribly fear the economy is out of balance, and fed chair powell has pointed that out over and over again he's been clear about the facti still out of balance, and they won't be comfortable until it gets back into balance a couple reasons why i think we'll see another type of low i

don't think it's nuts coincidence we started to hear commentary from chair powell that he's mindful of the risk and he's practices risk management, looking ahead to where the risks might be, right around the time where the near-term forward spread inverted again that's what the fed watches very closely. we've been invert ed at the 2s but the near-term forward spread, and it did invert again, very small, but it still inverted i think that's something that changed the way they're managing risk >> yet again, i think it comes down to this whole soft landing yes and what you think is ahead it appears that the fed will keep going under the inflation comes down to much lower levels.

what do you think is priced in on that front, liz >> i think the rally today is very clearly a fed rally it's a rally based on the idea that the fed may end up being easier than what we thought or worst-case scenario had been, but we can't have it both ways we can't get an easier fed with an economy that stays exactly as strong as it is right now. i think that's what the market is today pricing in, that the economy will stay as strong as it is today and that the fed will be able to come off this very hawkish stance. the only thing to bring them off that stance is if demand does in fact relax to a point that inflation cools, if the job market also relax to say a point that makes them more comfortable. if that happens, the fed slows down, but those two things will affect gdp growth, consumer spending, corporate earnings

i still think there's weakness to come, but what jay powell did today was basically reduce the risk they would put us into a catastrophic recession he reduced the risk that they were going to create a fed-induced catastrophic recession. >> sometimes just helps to hear him say it thank you. liz euryoung. >> thank you. reversing weeks losses, wt cryoing back over 80 we've talk to the cfo from chevron. we'll be right back.

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oil prices bouncing back above $80 a barrel today they had dipped into the 70s this week, after more covid cases in china prompted wide-ranging lockdown. joining us is the cfo of

chevron. part of our cfo council. it's good to have you. >> thanks for having me, sara, an up day for oil prices. >> the two big questions is can the fed engineer a soft landing, and china. the will we see disruptions on future products, so we are preparing for prices that are higher or lower next year. >> what's happening on the demand side we believe it would pass at some point in time again, that's a key question

but, again, if we look at the economic activity, those are the two keep, the desalesman side is probably clear our permian is at record production so we're certainly doing or part, but as you know, it's a global market. >> torrez a report it should be shipped from wednesday waila isn't september. >> we expect to bring crude, modest increases over time, but really it's too early for me to

give you specific guidance i think a lot of americans are worried if it's worth the risk this is really u.s. government policy we're focused on delivers. >> you're the top performing sector so far this year. i don't have to tell you, this sector was -- how much the world was moving how much confidence have you gained back?

more that double that by earnings so we talk about -- our return on capital is over 20% we're the country's second-largest producer. we issued a methane report, so i think we're doing a lot to convince investors that we can sustained higher returns >> i think it's deliver quarter in, wore out a lot of the attention from investors is driven by the commodity prices that means we generate more cash flow. >> thank you for coming on

take a look at where we stand in the market lower years, weaker dollar coming up, rare comments from andy jassy at today's conference here's what he had to say about sports rights earlier today. >> sports is such a unique asset. if you look every year at the most watched programs, sports often occupies 75% of those spots. they drive live engagement and prime subscription, so i you this you'll see -- coming up, you'll hear his take on the macro environment and how consumer spending trends are impacting amazon "closing bell" is ba ia mentckn

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after the break, rare insight from three key leaders what andy jassy, reed hastings and mark zuckerberg said today, when we take you inside the market zone, up 570 points on the dow, aoslmt 4% higher on the nasdaq we'll be right back.

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♪ there's a big rally mere the nasdaq is now up almost 4% we're going out with a bang for november, up 5% for the month for the s&p. >> clearly people were well edge hadded going into powell's speech it is the last day of the month. there's an upside test here. this is -- are we going to sell

this rally or not. it crossed above the average it didn't do that in august. still firm, uplies economy at a time whether maybe you can make the case that the fed is downshifting, so taking it together, tactically i think people felt they had to grab at it only two loser, everyone else is higher ned chair powell said today smaller interest rate increases could come much sooner than expected listen. >> if you're waiting for actual evidence that inflation is coming down, it's very difficult not to overtighten, if that's all your doing we have a risk manage balance to strike we think it's a good way to balance the risks. >> well, the market took those comments as a positive, after a

rush of more hawkish fed-speak that we've heard the beige book also out this afternoon, showing economic activity flat to slightly herer. steve liesman is here to break it all down. we were trying to figure out if he said anything that different to spark so much enthusiasm. >> i was kind of with you on that the market has moved seriously, you have to take it seriously. i think what mike said, how the market was positioned, may have been a factor, maybe what they heard is this is as bad as it gets we came in a p-rate of 505, now, about down 12 basis points the idea that this is as bad as it gets -- 494 right now, maybe the tops have been put in on the two-year and ten-year.

it tells you perhaps -- i'm sorry to have to hedge all of this, that the worst restraint is already there it's not going to get worse, but i don't think the fed is downshifting i think they're taking the potential off a top or higher rate. >> but it seems like there's still two big questions. one, how much damage will that do to the economy? >> excellent point. >> we adopt know, because the variable lags. and then for how long those rates need to stay restrictive, or in that very high space, because we don't know how fast inflation will come down i've heard a lot of investors say tell me my bogey here, and i can start to make decisions, but if the bogey keeping changeses, you have no way to figure that in they can at least start to plan and figure out what the investment proposition and the thesis is. >> it does hinge on inflation coming down.

>> it does to make sure you don't walk away with the wrong impression, but powell said, we still have a long way to go you take it from that, there still may be another 100 basis points of tightening to come the question is whether or not the two-year already anticipate that and will not go higher, because it's already factored in the 100. >> maybe it feels better if it comes in smaller doses. >> good point. >> steve liesman, thank you. andy jassy warned of a more uncertain economy, with signs that the consumer is growing cautious he sat done at the summit earlier today. >> it's very clear that they're spending, but being careful by trying to stretch their dollar we spend a lot of time with millions of deal available for black friday and cybermonday, the turkey five, people call it. people care a lot about getting

a bargain right now. >> a little more caution there than the number these put out this morning incomes are high, prices are up, so that accounts for some of the overall aggregate strength, and i do think also, he's echoing what a lot of big retailers are saying. avm williams z seem cements like the main factor rather than a retail stock specifically, so it's not until case it's -- at any given

moment. >> but interesting etsy is up 9.5%. the tech rebound overall is notable. and what he failed to realize, while remaining ad free, here's what he said on that >> what i failed to understand is there's a lot of tv advertising that now couldn't find the viewers is the advertisers are desperate to connected tv solutions we didn't have to steal away the advertising revenue. in fact, it was pouring into connected tv if the inventory is there.

>> i thought it was so interesting, where he said basically netflix was so successful, the rise of streaming was so suck -- successful, that's why now they have to provide advertising, because -- the it did phenomenally well, a huge per-screen average, andrew asked if he thought they left money on the table. he said, yes, a lot. i think there's a question of whether he'll stay committed to the idea of really prioritizing growth

so he changed his mind on the advertising business we'll see if he changes his mind on this one. julia, i was wondering what you thought if it seemed like he was backing away we're a only only-metaverse university, something that investors should know, but notable to hear from him. >> there was a clear message he says he does it's a ten-year plan, but did sayshe talked

about platforms are real ly. >> but saying, by the way, we'll have it down the road. >> mike you know who likes the, some of these big winners, 7.6%, quite a rebound. adding to gains for the month. before we came into today, wondering how you read the comeback, whether it's positioning, whether it's something meaningful, potential

outlook that could make these companies longer-term buys >> i think in terms of the out, yet, obviously lower yields have -- so there's that effect, too. there's a massive order to buy at the close from very heavy at the end of the month the big index names are feeling that as well, if this careerly was a bit of a whiplash effect as people backed off risk, but for two days being forced to a degree back in >> all contributing the most what are you seeing in the internals now? >> very strong, sara there's a chance of a 90% upside

volume day >> look at the intraday of the u.s. dollar index, just fell far as the powell speech a q&a, clearly people taking it as a net dovish message. >> mike, thank you as we head into the close, the dow is up 650 points or so we took another leg higher here. as mike said, almost 9 on% up side hard to spot a loser look at the s&p 500, says up more than almost 3% right now,

it just adds to the gains to the month. we're up now 5.3% for the month of november on this final closing day of the month the nasdaq is a big winner today, up 4.3% on the month now, higher by 4% there's the close at the highs of the day after the fed chair signals smaller rate hikes ahead. that's it for "closing bell. now we sent it to "overtime" with scott wapner. sara, thank you very much. they're lighting the tree here today. that's why there is a big crowd. the market was lit, that's for sure welcome into "overtime." two big earnings reports >> so will they reports a turn the tide, all of the analysis, and we'r