>> thank you for that. mr. weiss? >> bunge it was down about 8% today based on some proposed legislation by the biden administration i don't know that that will pass number one, and number two, it's still a good value >> thanks, everybody "the exchange" is now. >> hi, everybody i'm brian in once again for kelly, here's what's coming up on the exchange. markets are lower again today. investors debating the path of the economy ahead of tomorrow's big monthly jobs number. we'll get a full preview and we'll hear from one investor who says no matter what happens with the economy, you should always bet on growth we'll get some names but if the economy has you concerned about stocks, crypto is down, bonds are boring, maybe invest in things like high-end handbags and sneakers.

we'll take a look at that part of the market as part of our alternative investing series with robert frank. hundreds of thousands of dollars worth of merchandise right on s set. i'll steal some. you don't want to miss it. now to the man who has some precious kicks -- what are they called >> i've got some kicks, these are blue swuede shoes yes, i do see the fancy nikes that cost way more than my car at this point. anyway, i'm sure brian will have more on that in a moment markets are down, as brian points out, let's be honest. the bulls will take this as a win. we had hundred-plus point gains yesterday in the s&p 500 and down three today maybe not a surprise given a massive run-up the dow industrials down half a percent. i'll mention the s&p the reason why it's important, we were up 20 points at the high and down 30 points at the lows to give you an idea of the trading range so far today so just about flat on the session. one level to watch, though, is 4,048 for the s&p 500. that happens to be the 200-day

average price of the index on a rolling basis. it's a level that some traders look at for a possible indication of sentiment in the market and trend, so watch that. the nasdaq composite, just about three points to the upside flat on the session, 11,471. i'll show you a list of stocks and i'll tell you what they have in common. check this out, travelers, progressive, wr berkeley, everest re, and chubb. they're all in the s&p 500, they all happen to be insurance-related companies and all happened to be at one point today at record highs. so i get to draw five gold stars next to these names. that insurance industry has been on fire as of late at one point today, these five insurance companies in the s&p all hit record highs in trading. and a retail roundup, a lot of that stuff still coming through in earnings right now. designer brands, the shoe company behind dsw, dollar general on the value side of things, all lower because of outlook cuts

or disappointing outlook five below continues to see that in the holiday quarter five below is up designer brands down big i'll send things back over to you, as i keep on staring at those handbags and shoes over there in the distance. >> take one of those million-dollar handbags, go to five below and fill it up with mike and ikes. >> i don't think i can, because right now they all have white gloves handling all of these things >> don't give away too much of the -- >> they literally are touching shoes with white gloves. i like touch -- anyway so is today's action proof that investors may have jumped the gun on the idea that j. powell is ready to take his foot off the gas? joining us now is kim forest, it

was so interesting, yesterday, kim. i get these trader notes at night, it was the beige book, not j. powell that actually moved the markets. either way, what's your macro take an how we're setting up heading into, dare i say, 2023 >> i can't believe believe we're here, but here we are. >> i think the fed believes that things are slowing down. that metrics are a little bit overweight in housing. and that's the takeaway from powell's speech or the q&a afterwards and all of that is really comforting, because if you listen to his headline, it's all about, let's, you know, make sure that we get this inflation under control by raising lrates. and i think that makes investors nervous. whether you're a professional investor or retail are they going to just kill the economy? and i think the answer is "no,"

although, it's pretty clear we're going to slow down here, but how much and for how long >> sure. we'll probably slow down amazon is saying we're slowing, although i would say to amazon, people are tired of buying stuff and they have to go places and see friends and family again i think maybe they've just shifted their spending either way, only question for our viewers is, has the market already predicted, slash, discounted some kind of slowdown for next year? and if so, by how much >> it looks like that, doesn't it although, today's pmi sort of points to a slowdown in, you know, the areas that had been holding up like, like your john deeres and that sort of thing. so we'll see i think it's cautious to look further ahead than 12 months that's essentially what we're doing is saying, what do the next 12 months look like and i care a little bit, but i care more about three to five

years out. and that's where i have always been investing, although that short-term tells me, should i be more of a seller or a buyer if the market's going up or down. >> tell me about a company like an in-tap, network appliance >> sure, yeah, this sounds kind of weird they had a pretty good quarterly report this week, but they also talked down spending, so that kind of goes into the calculus here for the short-term, but let me ask you this, brian. are we creating more data or less data? i would say more, and we need to store it somewhere that's why we like net app and we like it for the long hall, so for three to five years out. you'll probably be better and more of a player than we are n

now. >> i saw some other things amd, intel, it doesn't sound like you're in love with them. it's sort of a strong like >> yeah. i think they have, again, we're looking three to five years out. semi-conductors, especially those that have fabs, which is the place where semis are actually built, they are spending money now for the foreseeable future, which is what intel is doing. and maybe some day, they will make chips for their archrival amd. and that's kind of where i kind of like them and i do know this, technology has always delivered on chips, and chips are going to win in the long run so that's why i like them. >> that's it kim forest, boca capital partners kim, always a pleasure to have you on we'll see you again, i'm sure. thank you very much. >> see ya. >> by the way, be sure to check out a special edition of the tick it's at 3:00 p.m. eastern today on your second screen.

mr. dominic chu and our team of traders will shou what they actually doing, how they're doing it it's all about realtime trades, realtime access, real money on the line it's real good that is dom chu and the tick, not the animated cartoon about the fake superhero, but this show sign up at cnbc.com/pro talks today. all right. so with fed chair powell's speech behind us, the market shifts focus to the jobs number, which could determine the pace of rate hikes. at the latest jobs data from recruiter.com could give us some clues on tomorrow's data it's recruiter index dropped sharply, while hiring costs continue to soar, rising to $32 billion, just to hire people, year-to-date they're also seeing a rotation in the hiring, with medical and health care overtaking architecture and engineering as the most in-demand jobs. joining us now with more is evan sohn, he's the chairman and ceo of recruiter.com welcome back, evan so we try to summarize it. you can do it better than we

can. what are the macro job trends that you're seeing now >> so, brian, thanks for having me back. always a pleasure to be here look, we're seeing recruiters go where the jobs are and we saw, as you just said, health care really spiked this past month a high of 22% of the recruiters reported that health care was really their number one industry segment. you know, health care typically is less affected by a recession. it's harder to recruit for, because they're mostly in-person related. and i think the candidate sentiment for health care jobs are also improving we've partnered with top resume, has a candidate index. and while optimism is low for job seekers looking for jobs, it's the lowest it's been since they started this, the health care candidates are actually 13% higher you can see the candidate sentiment for health care jobs

higher, and then the recruiters focused on those jobs, as well so somebody out there watching is thinking about changing jobs, changing careers you know what those friends are saying, i changed companies, i've got the same job and making 15 to 20% more is that slowing down, or are people still getting big jumps in pay by changing companies >> interestingly enough, the recruiter index report, about 50% of the reported that salaries stayed the same so tl there is a reason to leave a job for more money i think what you're also seeing is a little bit of a slowup in terms of people leaving. we're hearing this anecdotally we're seeing people left two jobs, three jobs in the past year, maybe they'll be a little bit more reluctant when you looked at the jolt

turms, what you saw last month in september '22 over '21, there were 7% fewer quitting and 7% fewer hiring when you look at the october numbers, it was 3% less quitting than october '21 we're certainly seeing that discrepancy there, maybe with all the layoffs that we're seeing and recruiters are getting laid off 8% more than all other job types. that was with our partnership with that reported that information. >> it was just a headline that crossed on my screen here literally moments ago that wells fargo has laid off a couple hundred more people in its mortgage division. i've got to imagine that the real estate side of everything right now has got to be spectacularly weak >> so we -- in our index, we included some of the industries of who's next, really, in the overall layoffs. and certainly, tech and software represent now with the reported

numbers, about 25% of the layoffs. but second to there, and quickly upcoming is really the real estate section and that's leasing and real estate are quickly coming up in terms of the next industry for layoffs. >> evan sohn, recruiter.com, always great insight really appreciate it and the jobs number tomorrow thank you so much. >> coming up, beijing may be relaxing some of its zero-covid policy, but will that satisfy protesters john rutledge is next with his take plus, the head of spain's gas grid operator is here with his view on europe's energy crisis next year. what can be done to prevent a worst disaster this winter is beyond we'll find out with the ceo of ene enegas of spain, next.

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welcome back to "the exchange." the protests that have rocked china over its harsh and seem to be failing zero-covid policy may have forced the government's hand a little bit. announcements overnight indicate that the country might be moving towards relaxating -- relaxing some restrictions including partial reopens of restaurants

but haven't we kind of heard all of this talk before, only to see president xi drop an iron fist down once again. let's bring in john rutledge, chief investment strategist, a cnbc contributor i don't know i would like to believe this is real, john but you wonder, is this a short-term gift from the communist party, only to see them flip back to the harsh restrictions once everybody kind of calms down and goes home. >> brian, they're trying to manage a very difficult situation. we had riots last week and somewhere between 20 and 50 different cities and almost 100 university campuses in china it was a total mess. zero covid has been identified with xi jinping personally, so it's his baby. so he can't let it go.

we've had others come out, saying, this bug is not as bad as we thought. they'll do whatever they have to do to be in control. every meeting that i've ever had with a chinese senior official has the word stability in every paragraph of the conversation. >> you're very good at taking their language they don't use random words, every word they say, like the federal reserve, every woert matters. it's specifically chosen for a specific reason. you're good at interrupting that, sort of xi speak, if you will how do you read this between the lines? are they really softening? >> they have to. they have to you know, the chinese dream was to get prosperity, and they were willing to give up some freedom to do it and they're not willing to do that anymore, because they're seeing the prosperity go out the window with zero covid it's very, very important to understand in chinese industry the role of the cultural

revolution 1966 to 1976 during that time, universities were shut and people were sent to the farm, educated people, to be re-educated >> including xi's father, who was then paraded around, humiliated xi was basically sent to a work camp and was reportedly repeatedly beaten, only to come back as like sort of the super communist. and that's how he rose to power. i think we're not looking enough at his bgtackground, to understd that this is a guy whoe ehad an extremely bizarre and probably extremely traumatizing child and young adulthood. >> absolutely. and remember, he was brought into this position by the former mayor of shanghai and then later president of china he's responsible for almost all of what we now know as the

opening of china after he came in and he came in shortly after the tiananmen square mess, and he really opened up china he was responsible for all the good things that happened during hu jintao's term and that stuff all went away when xi jinping came in. xi jinping has effectively divorced his shanghai gang and taken over as an individual. he had an anti-corruption campaign run by the former governor of beijing, who basically wiped out the opposition he's the only guy in the room at the moment and it's very difficult for him to let go of zero covid you'll see the underlings talking about it >> how does this play out? one year from now, john, one year from now, is china look like pretty much the rest of the world, which is pretty much, you know, 55% back to normal or are

we doing it 12 months from now >> this year, 400 million people in china have been locked down that's more than the u.s. population and in shanghai, it was for more than two months at one go. i don't think we see that again, but the chinese are only vaccinated with local vaccines no mrna vaccines they're underboosted and old people are underboosted. and so you're going to see more covid outbreaks. and the question is, how willing are they to let them happen. we had a disaster in hong kong earlier in the year when covid did break out, but then they vaccinated the heck out of everybody. you're going to see a vaccine campaign in china, but it's still going to be using their local vaccines so, i'm skeptical about the result >> john rutledge, cnbc contributor, it's really just amazing. and sad to see what's happening over there now

john, thank you. >> good to ywork with you, brian >> a senate hearing against ftx kicking off today. but with all of the big money donations, is there really any chance of a fair and tough open hearing? ylan mui will be along to look at that. first, the final sblinstallmentf our series looking at america's broken immigration system. steve liesman is here with some possible solutions, next through the pandemic, innovation refunds could qualify it for a payroll tax refund of up to $26,000 per employee. all it takes is eight minutes to find out. then work with highly qualified professionals to fill out your forms and submit the application. go to innovationrefunds.com to learn more. hi, my name is tony cooper. and if you have both medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plan you choose, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all of these plans include a healthy options allowance. depending

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broken legal immigration system and we're going to look ahead at some solutions steve liesman has more >> on u.s. highway 101 in the heart of silicon valley, and in new york city's time square, billboards recently beckoned workers to canada. they harped on well-known problems in america's legal immigration system that make critical workers wait months for visas to enter the u.s., if they can get them at all. despite growing competition for talent from abroad and pleas from u.s. businesses to help solve a critical worker shortage that is especially acute in tech and health care, the u.s. political system is gridlocked on immigration reform. >> the united states is effectively discouraging potential health care workers from trying to come to and work in the united states that needs to change what we need are system-wide reforms that incentivize and welcome immigrants into our health care workforce. >> reporter: senator cornyn from texas even sponsored a bill last

year to ease the visa process for health care workers. but he highlighted recently why illegal immigration stymies solutions on the legal side. >> it's hard for us to make progress on areas, even where there's consensus on the topic of immigration, while the border is on fire >> reporter: the battle over immigration reform is hamstrung over the fight over securing borders, pathways to citizenship for undocumented immigrants and concern that temporary visa workers invite companies to exploit foreigners and displace or underpay american workers and yet economists and immigration experts say that solving the nation's legal immigration problem can help reduce inflation, ease that worker shortage and maintain america's technological lead among the fixes these experts say are desperately needed, an increase in the quotas for h1b visas for specialized workers. the annual quota of 85,000 was set in 2004, and hasn't been changed since. a special carveout for badly

needed health care workers, both to enter the u.s. or when they're already here, a relaxation or a change in licensing requirements so they can work in their trained field. a path to citizenship for foreign students who obtain advanced degrees in the u.s., so the nation can retain the talent it trains. protections for u.s. and foreign workers for abuses of the visa program. >> another issue with the h1b that i've written extensively about is the way the wage rules are set up, which allows workers to underpay workers by tens of thousands of dollars a year. >> reporter: but the quotas need to be increased. many warn if the u.s. doesn't find a way to bring in many of the world's best talent, other countries like canada will ottaway just announced that it will boost its immigrant quota by 100,000 to half a million before he was famous, a young albert einstein would have just a one in six chance of being admitted to the u.s. he might more easily end up in canada >> immigrants accounted for 38%

of nobel prizes awarded to americans since 2000 in chemistry, medicine, and physics. 45% of fortune 500 companies are founded by immigrants and their children, including 20% directly founded by immigrants. what we're talking about, brian, is not necessarily nobels and companies founded today or tomorrow, but five, ten years from now if we don't have that flow of immigrants, we may not have that flow of invention. >> you know, einstein gets all of the attention, as he should, but somewhere, there was some u.s. immigration official back in the day who decided that we needed more wild-haired patent clerks in america. >> no. it's interesting you're saying this i looked into this a little bit. i'm not exactly sure -- >> he wasn't a patent clerk at that time. >> if einstein was einstein, he was famous, we have a way to get him in it's an o1 visa pretty much for famous people. but my point is if he was a young albert einstein, a patent

clerk with a crazy idea in his ahead, one in six chances of getting in under those circumstances. >> he got in because he was famous already but the younger einstein would have been living in like winnipeg, manitoba >> if a company identified him as a candidate they wanted to bring to this country, you know, that's who would come in through h1b, and about 500,000 business applications, 85,000 awarded that number, brian, has not changed since 2004 and not only that, but it's the same damn -- darned, dashed lottery that you do for medical care workers, high-tech workers, and anybody else who comes in with a specialized degree. >> speaking of dams. >> darns >> no, no, actual dams, egypt's got a big one, ethiopia, they have this problem. i bring this up because i was in egypt a number of years ago, and

i must have been approached by i don't know how many tens of people, everywhere you go, they find out you're american, they want to come here. these people that are college educated or close to it, they are hungry, they are smart and they're like, we keep applying, we keep applying and multiply that by country after country. i know we've got a lot of problems, but the amount of people who cant to come here says we must be doing something okay >> well, here's the thing -- >> don't get me an eagle and a hot dog. >> i actually first started -- i first started working on this article because the fed and others brought it up as a real reason for the shortfall in the labor market, why wages were going up, the shortfall in immigration. i have a friend who workers as a major research facility, who runs a lab there he said that recently, when it comes to europeans, he's not getting the applications anymore. in the last several years, there's been this change in attitude among some foreigners that because of a variety of reasons, including attitudes of americans, gun violence, and by

the way, europeans and canadians doing more to keep their own talent, that the supply of some of those folks at a certain level is not there anymore they are not coming to the states anymore or wanting to come >> that is fascinating and you mentioned in your first piece, the covid hangover from all of the process issues. so we'll see but their energy crisis gets worse the next couple of years, we might see some renewed visas. >> there's still modest shortage of people who canwant to come >> my favorite dam is hoover, but the grand cooley is a second solid. >> i'm in favor of removing those dams in america. >> because you're a fisherman. let's get a cnbc news update with tyler mathisen. >> fascinating conversation, fellows. here's your cnbc news update at this hour. russian forces continue to make forces to make gains in the east and south of ukraine russian military pounded ker

sohn, cutting off power there, and the donetsk region in the east the pentagon is sending six advanced surface-to-air missile systems as kyiv officials continue to ask for more and higher tech military support closing arguments underway in the trump organization's tax fraud trial. the company used of scheme to compensate top executives off the books and avoid tax payments the company's former chief financial officer allen weisselberg terrified against the trump organization after he pleaded guilty to evading taxes. the jury set to begin deliberations monday and new estimates project that long covid could cost about $9,000 a year in individual medical care costs a harvard economist said his estimate is based on prior research into the costs associated with chronic fatigue, one of the symptoms of long covid, by the way. experts say costs can be even higher, depending on the severity of the illness. back to you. >> tyler, thank you very much.

still ahead, let's talk about oil. price of oil going up again, up almost 2% right now. this as we're getting reports that the european union may be closer finally making a deal on an exact price cap for russian oil, right around $60 for brent crude. but would that even work to cut off russia's revenue plus, one country in europe may have gotten it right in their energy crisis. and that is spain. but the real worry is for next year so can europe make it? the ceo of spain's pendegas is here to talk about that next but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business. ♪ ♪

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let's talk oil and gas the next few days or week will be very interesting. first opec plus meets on sunday, virtually. while no change in output is expected, don't be surprised if they make some sort of move. on monday, the wildly anticipated sanctions on russian oil kick in. these would try to prevent any russian oil from preventing europe remember, some is still coming in, mostly via trading firms and there's also the issue of a price cap on oil today reports that the eu may have decided, but has to vote on a $60 a barrel brent crude price cap. that is below the official

crisis of brent right now, but kind of in line with the currently discounted price that russia is already selling its oil for. but it's not just about oil. what about natural gas price caps are being talked about right now. thanks to quick action and a lucky bout of very mild weather in october, the real worry is what happens next year, when nearly zero russian gas flows to revill europe storage. this year, more than half the storage now was done with russian gas. but one country has seemed to fare better. that is spain, thanks to a combination of smart thinking, added supplies, and a big push in renewables, spain has come out better than pretty much any other country in europe. but that mean they are in the clear. the ceo of pendergast, mr.

gonzalo, thank you very much for joining us is the europe's energy crisis over? >> hello, brian. thank you very much for inviting me to share these conversations with you it's a pleasure. no, definitely, the crisis in europe is not over but it's true that we are initiating the winter season in better conditions than expected. all of our underground storage facilities are full. it's true the beginning of the winter has been very mild. and we can face with confidence this coming winter, although definitely, the situation is challenging. next winter will be especially challenge. and stosk, we are also paying a price because of the very high cost of gas. but generally speaking, europe has reacted very effectively to

this big challenge of stopping europe being reliant on russian gas and we see the future with more optimism than a few months ago. >> which is good news, mr. gonzalo. when i look at the math, i've been studying this for weeks, when i look at the numbers, call it 160 billion cubic meters of russian gas gone even with increased imports, a bunch of american liquefied natural gas, algerian, azerbaijani, norway flows, i still see a huge gap in gas demand or gas supply that i don't -- how is that going to be filled do you see the same gap. >> so far, this year, europe has

lost something like 70 billion cubic meters of gas, 70 bcm of g gas. i have imported from different s, especially from the u.s. the u.s. is now the first the supplier of lng of europe and also of spain. and we have increased our imports of pipeline gas mainly from norway in algeria, to total amount of a little bit more than six bcms so we have replaced most of the russian gas that has not been imported any now and we have reviewed the consumption, substituting fuels and with initiatives for saving an efficiency. so so far, we have done pretty well although i said it's true,

paying a price the next year, if china starts importing as usual, so far, because of the lockdowns of covid zero policy, the market has been less tight than it could be when china comes back but so far, we have shown that there are possibilities for replacing russian gas. i think that the geopolitical message is very relevant europe is determined to stop being dependent on russian gas in other suppliers, such as the u.s. are helping us. and face successfully this big challenge. >> okay, so that's good news and spain, i think, you guys have done better than anybody else you've got a combination of renewables growth, wind, solar, lng, more lng import terminals than any country in europe i think you're going to be fine. do you think germany -- is germany going to be okay

>> okay, spain has, you know, we are insular, mainly. we are far away from the pipelines bringing us from russia, for instance and we were traditionally very important on algerian gas. and it came a moment in which there was a decision made to diversify our suppliers and we built the most robust infrastructure now in spain, we have six regasification lng plants. that means 33% of other regasification capacity in europe so this has proven very important, because now we can import lng from 18 different consultation and especially from the u.s. 29% of the gas we have imported as lng this year has come from

the u.s. germany is not in such a position, but we are trying to offer our solidarity to germany. for instance, we are reloading many smaller vessels in our regasification plants to supply gas to other european countries, among them, germany. and german has moved very quick to put in place five fsrus, floating regasifycation units. these will be operating within the next 24 months so germany will be able to import lng from different sources as well. so they are not so comfortable as we are but i'm sure that they are going to come out of this challenge successfully, as well. >> let's hope. arturo, doing their part by the way, good luck to spain in about 18 minutes in the world cup. german kneaneeds the win, but t

need you to win, as well good luck, mr. gonzalo speaking of this, folks. we'll be live in europe most of next week. the eu sanctions on oil are expected to kick in on monday. also a possible price cap, as well so can europe get through next year we'll actually do the math for you, talk about more of what we just did and the role of u.s. lng and the companies behind it. the marshal plan for energy, if you will also talk renewables should be a good time. up next, it's not just disney with a c-suite shocker shares of that company falling on a ceo departure, unexpected we'll tell you who it is, coming up and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision.

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the company announced that breath taylor coming in. still ahead, searching for an alternative investment, well, you are looking at hundreds of thousands, or millions of dollars in shoes and handbags. robert frank is up next with some just really cool ufstf. we're back right after this. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future.

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if you are looking for a truly alternative investment, but one that you can actually touch, but i don't think that you can actually wear, how about handbags or sneakers collectible handbag prices up 16% in the past year, almost doubled in the past decade, and credit suisse, believe it or not, says that they're the least volatile asset class of any asset class. so is it time to buy berkens instead of bonds joining us now is head of christie's luxury department along with robert frank. apparently, those are my size? how much >> they're estimated at -- >> $200,000 to $300,000. they're size 13, 13 1/2.

that's what he wore. the entire luxury space has really exploded since the pandemic, driven by a lot of young collectors around the world who are just entering this for the first time when you talk about these handbags, whether it's the $2,000 to $5,000 or the $300,000 handbags, whether $2,000 to $3,000 or $200,000 level who are buyers now >> in the handbag category buyers are diverse clients of all ages, all genders all demographics from around the world. handbag department bidders and buyers from over 50 countries participating in sales recently more millennial buyers than ever before 43% millennial buyers purchasing in a sale. >> maybe this is just steer oh t stereotyping, mostly women >> majority female buyers in the category actually the only category at

christies with this majority. >> investment. give me a break. a handbag, buy it at a store, it's a luxury item what makes it an investment and why has it continued to go up in price for these bags over the past decade? now have a decade's worth of data on these sales. >> absolutely. investments because they hold their value. a piece where if you purchase it, take very good care of it, store it poprop perry can sell for what you sold it to or perhaps more and if you choose not to sell it, go give it to t next generation. >> anyone can't just go a store and buy one. you go in ask for a birkin bag, probably can't get one is that part of what drives sand also tell us about this bag here >> sorry i -- i thought i heard you say this handbag was $300,000? >> $200,000 to $300,000.

>>absolutely. >> why >> tremendous rarities in all categories at christis handbag collectors are coming to us looking for pieces that haven't been produced made in limited quantities, nowhere else can you find them. bidder, top bidders frarnom aro the world. this is a himalayan kelly 35 diamond goldwear, over 9 karats of diamonds. this sold at christies achieves over $500,000. >> half million nor a bag. lastly, the economy now in stocks, very uncertain environment where you would think sales are things like $200

you to $300,000 handbags would slow down, people take a pause what are you seeing right now? luxury week coming up next week in new york. what is the buying, bidding feeling like right now and where is it coming from? >> this year we found that sales robust, healthy in each one. sales actually higher than the previous years last year had 97% sell through and this year 98%. introduced new sale sites in milan, paris and shanghai and production for the first time a

reflection, category, sold single-owner collections by category very healthy. >> no slowdown >> we have not seen a slowdown in terms of luxury sales. >> and you got white gloves on i know i can't touch it. if somebody were to buy this handbag and they will, $300,000, $400,000, use it or, how many buyers store it away for the next generation and versus, like, walk down park avenue because they can >> very good question and we have a diverse collector -- >> how -- using it making a statement how rich you are. >> absolutely. well, it's wearable jewelry because comparables in hardware keep them in boxes, and storage, and think of of it as a luxury car, how we've elevated the category. >> michael jordan have the same size feet and half size off

each how much >> $200,000 to. >> $300,000. >> oh. never mind rachel, thank you very much. appreciate that. robert frank, always fascinating stuff, and half size off. still ahead, yesterday's conversation with sam bankman trying to reassure users and service still in good shape. >> i'm deeply sorry about what happened serious -- you know, the long and short of wt hahappened, and start by saying -- just to make it sincere, look at the u.s. platform and international platform u.s. platform, u.s. regulated with american users, and by and all, all the data. >> would be good news for users, if it's true, but to whom did bankman-fried donate to get that in place that story, up next. and i'm goiu

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healthcare. right down to more cnbc with a look at the ftx senate hearings about to begin. >> reporter: brine, now that they're on capitol hill lawmakers trying to distance themselves from donations taken from him during their campaigns. seven members of that senate

committee held today's hearing accepted campaign contributions from him including chairwoman of the committee debbie stabenow. $1,500 in direct contributions and $20,800 to her victory fund. ranking republican john bozeman also got $5,800 and both said giving the money to charity. five other committee members also got campaign contributions. the republican saying he's going to return the money to whatever reimbursement fund is set up by the court. two democratic senators tina smith and kirsten gillibrand will give the money away to nonprofits defendantic senator cory booker would not respond to questions until i finally caught up with him after today's hearing and he told me he's going to give the money away, too. democratic senator dick durbin said members of congress should be more careful. >> the cryptocurrency people are active politically trying to achieve a political end here it is their right as citizens of this country to do that, but it

really calls on us to make sure that whatever we do is credible under the circumstances. >> reporter: now, brian, bankman-fried defended his own donations saying they're not political. he was all about pandemic prevention back to you. >> nice. thank you very much. look forward to more coverage. "power lunch" starts right now. fascinating stuff on crypto. gets curiouser and curiouser welcome to "power lunch," everybody. along with contessa brewer, i'm tyler mathisen great to have you with us. ahead on a busy thursday, conflicting messages dow trading 20% off rts yearly low and bond marketing signaling recession. who's got it right stock market bond market? we'll discuss that plus, rolling the dice vecci properties marking one of the largest u.s. casino deals this year, rea