neither themselves, their family, their spouses, et cetera and it can only go to a nonprofit, not a for-profit entity >> very interesting. you always have all the info and i fully important the one that studies ticks thank you for all your reporting. and that does it for "the exchange." "power lunch" begins right now welcome to "power lunch. here is what is ahead. stocks are bouncing back today after yesterday's big decline. what everyone wants to know is will santa bring a rally to wall street next week we'll dig into the where the markets are now and where they are headed in the new year and car trouble, big declines for the automakers so far in december and so is the economic reality possibility of a recession slamming the brakes on what was once a dream market for the auto

industry but first, why don't you check out the markets. >> and hi, everybody because the nasdaq is -- well, here is the one week changes nasdaq is in the red today and the red for the week down 2.3% look at the s&p though, the dow there hanging on to gains today and the dow could be up half a percent for the week so nothing too crazy, but we are seeing at least a little bit of a more positive feel speaking of more positive feel, let's look at energy as oil gets back near $80 a barrel energy is the best performing sector today by far. and look at the year to date changes, apa up 5%, hess up 90% this year. and solar jenergy is taking a hit, all lower and we'll have more on that group coming up. but first bob pisani has more on the markets. >> here is what is important you see those energy stocks?

those were the three big mover on the s&p, all are energy stocks today biggest movers but more importantly, bank stocks are rallying a little bit this week. remember this awful month of december they had? goldman sachs financial conference was a disaster, we had new lows in comerica for example. but this week they are stabilizing. banks and in, are doing better these are the super regional banks and they are stabilized after an awful three week this is december. big cap tech also stabilizing today. of course the big story yesterday, micron oiis a bellwether for general tech demand and innvidia not bouncing. but semiconductor stocks are on a down trend for the s&p, kind of flattish, down maybe half a% for percentr the week, but december is normally an up month

maybe we'll get it in the next couple of days of course this is the start of the santa claus rally, last five day of the old year, first two of the new year, average gain is 1.3% and here is the point about this, i like this indicator because it actually works. 80% of the time we're up in the next seven trading days. that is pretty good, statistically unusual. but 20% of the time it doesn't work where we're down, january tends to be a down month kd and the s&p tends to be underperforming the rest of the year >> and so as stocks look for some footing, what is ahead for the market and as rates keep rising, does the fed risk doing too much both of our guests feel the market is still too risky. one says hide out in safe places and the other says focus on quality. let's explore both perspectives.

ron, i'll begin with you the possibility of a recession, rising interest rating and spottiness in earnings doesn't sound like a recipe for putting all your chips in to the market at this point. >> yeah, and the policy risks whether here or in china or other parts of the word, eld, ee and uk, are ever present so the forecast for 2023 is cloudy can with a chance of meatheads. somebody will make a mistake and keep us on our toes. all the inflation we saw this morning is still coming down but the fed is insistent on raising rates. we had five months of positive inflation moves directionally and as you saw this morning, that pce deflator was also actually softer than had been

anticipated. so i think that it will still be rough for several months going forward. >> megan, i don't know if you would say that it would be rough, but you do say that it is too early to lean into equitys but you say focus on quality what does quality mean >> yeah, thanks for having me. and i do think that while it might be too late to sell, i think that it is also too late to really be aggressive and buy into this. i think the next couple of weeks or even months could be a little bit choppy and so don't necessarily add to equity exposure, but we're looking to up fwrgrade our equiy exposure we like quality. what is quality? it is high profitability, it is earnings stability, it is low leverage and interestingly what has really worked this year has been value. and if you look at the correlation between quality and profitability and value, it

tends to be negatively correlated so we think that we'll see a bit of a rotation into the start of the year and so it has to be more correlated with technology and growth stocks. >> ron, what are your thoughts about the fed pivot here how is this all going to play out? >> i don't know, kelly they are telling us it won't happen, right? they are telling us not only that they will raise rates three more times but they will hold rates in 2023 around 5%. and i guess irrespective of whether we make progress on inflation, they will view that as transitory and keep rates high and i know they talked about this yesterday on "squawk box. as much as others believe the fed, they will at some juncture be forced to pivot

>> what would force them >> i think if the recession gep gets too deep. a couple of the areas where their policy is irrelevant is in the labor market because we're short people period, end of store and housing market is still short supply they have already created a recession in housing we've never not had a recession when we've been down nine months in a row so i think if the pain gets deep enough, they will be forced to change and inflation is running in the direction that they want and annualizing at about 2.3%. and so that is core pce by the way which is what they look at most closely >> so if you hold that view, how can you possibly think that the stock market will do anything but basically head lower from here >> and i think that the risk is sideways to lower. my view is just camp out in six month t-bills until you get the opportunity to back up the

tr truck. i think that we're on the same page because i don't see a bull market startinguntil the fed pivots or until you and kelly hartung show up at a game on tv again. >> you did go? >> i did >> in the -- in the rain and in the pouring cold rain. megan, football talk aside, let's talk about where you saw quality, where you find it, and i was curious that you mentioned technology because i was thinking earlier this week about micron and how the semis have been hurt and if you want earning stability, earnings growth, i go, boy, micron got globbered. >> yeah, and there is different parts of technology. semiconductors tend to be most

cyclical, they will probably tend to see a bit of more pain but i expect them to bounce first on the other side of this. i think that we're looking at other parts of technology. you think of pavement yment pros and as well as cloud, we still like the profile for cloud certainly earnings have come down but if you look at the earnings for some of the companies versus other more circumstancely sickl the market, they are much more favorable. and you talk about the equity market but we have overweight to fixed income specifically in mutual bonds. i'd watch those in 2023. they had the largest outflows ever in 2022 and supply/demand fundamentals look more favorable into next year so i think that we'll see a nice

bounce in that part of the market >> and it has been such a tough year and a band d year for stocks an bonds. >> and not even for commodities either and new jersey triple bobdsnds yielding 8%. and so that is an interesting place to be. >> megan, ron, have a great holiday weekend. we'll see you in the new year. >> thank you now to meta, agreeing to pay nearly three quarters of a billion dollars to settle charges. remember cambridge an litalyticl debottle >> yeah, that $725 million fine was the result of a class action privacy lawsuit claiming meta handed over user data to cambridge analytical

and they had access to 87 million users data but let's go on a roller coaster ride meta up 24% last year, down 65% this year. and alphabet ended up last year 67%, down 39% so far this year and that is on pace for its worst since '08. apple also on pace for its worst. down 25% so far this year. and you guys get the idea. so what happened well, unique apple struggling to meet iphone demand due to covid lockdowns in china, and meta investors souring on the metaverse experiment, and amazon overbuilding warehouse capacity and overhiring during the pandemic and yet some of the big tech names that analysts see as bright spots in what could be a really dark 2023 for the market. meta, amazon and alphabet named from baird as top picks.

and several analysts naming microsoft as their top pick next year meanwhile there is hope buried in all the bad news. fearing this will give new startups a chance to rise. >> and so maybe seven years from now. >> yeah. there is a lot of -- we heard megan say that if you pick the right pocket in technology, it may be a year for it if you have steady earnings and -- >> and that is microsoft microsoft has their customers locked up, they are growing, they see i.t. spend as maybe moderating a little bit, but still people need their cloud spending and so fort they are facing the foreign exchange head winds. so bright spots in there for sure remember when you couldn't find a car if you needed to find one? that would be me and if you did, you'd be lucky

to pay only the sticker price. well, times have changed we'll talk about the road blocks for auto stocks. and if recession fears have you wanting to cling to safety, and ditchvidend check, we'll lok at a group that you could find both that is health care reits, ventas paying 4% year and outperforming the market "power lunch" is right back. ♪ ♪ a cyber-attack can grind everything to a halt.

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look at these names. tesla, ford, gm and car max all down and as interest rates keep rising, afford ability is also becoming a major issue the average monthly payment for a new car hit a record high in november at $762 and here to lay out the road ahead for the auto industry is our executive analyst at cox automotive michelle, how bad will it get next year for the auto industry? >> i think that it will be a bit better the auto industry has been in sort of a recession for the last few years largely based on supply we had the chip shortage that stopped production and then caused inventory shortages we are seeing that improve but it is improving at a time that we're having the economic

headwinds. so it will be marginally better next year, but still not what we were used to a few years ago. >> and you make a good point it was as if they were making it rain because prices were up, but the actual amount of cars sold was down so even the good times weren't necessarily that good. and if we're coming to the flip side of that now where we pulled forward demand, prices are now falling, maybe they have excess even directory what happens then >> and what we're seeing is people paying cash to notpay the interest rates but certainly afford ability is one of the top issues next year. it has been an issue and it just keeps getting more challenging especially for,you know, norma buyers, people that might not have perfect credit. a lot of them have taken themselves out of the market all together because the math doesn't work so there is a smaller pool of

people who will be able to afford new vehicles. >> if that is true, michelle, then you have to wonder where these stocks are headed. so they have got a couple challenges the like of ford and gm are trying to spend billions to reinvent themselves as electric car marks while at the same time potentially seeing auto price deflation. should we look at it from the stock point of view or is this more of a consumer story where the consumer xwont overextended and their expose some you are to some of these auto prices, they could end up under water on these vehicles they are underwater i guess the vehicles leave the lomt,t, but i don't know if we talk about repossessions and that kind of thing. >> we are seeing repossessions and delinquencies increase a bit, but we're still not back to high levels. that is less of a concern for us i think that it is -- i don't comment on stocks, i'm not a

financial analyst. but you're right, the automakers are aggressively moving into electrification. and at the same time, they got to keep the sales up and revenue coming in because that is what is funding their move into electrification. >> will we see the return of incentives to buyers >> good question i think we will, but it will vary we're seeing more inventory buildup from the domestic automakers and we're still seeing shortages from companies like toyota, kia, subaru, honda in particular. so it is not the same thing across the board but i think that probably if you are in the market for a full size pickup truck next year and inventory keeps building as we've been seeing, there will be some incentives there. >> let's talk a little bit about tesla. are they trying -- i don't know whether you know this as you say

you're not a stock analyst but are they feeling pressure to meet sales forecasts and get cars out the do dhe door fast, u know >> it seems like that. this week tesla announced discounting. and there has been a lot of question about is demand weakening. they certainly are being challenged yes, they are the dominant player by a long shot. but they100% of the market and now everybody else is getting into the game. so we're seeing other companies introduce new evs and every little bit of that nibbles away at tesla's share >> and some of those cars recently are really nicely styled i mean, they are really good looking some of those evs. i'm thinking of the kia and hyundai as well.

>> and by ev standards, a little less expensive but evs in general are quite expensive and that is one of the impediments to ev adoption but we will see more affordable ones at least that is what we're promised >> as that toyota executive was saying, maybe they are not for everybody. michelle, we appreciate you joining us and ahead on "power lunch," youtube paying north of $2 billion for the sunday ticket, the nfl package, but does the deal fall a few yards short of being totally worth it, we'll check the scoreboard plus a three stocking lunch, our trader will tell you which stocks are naughty or nice a christmas edition of three stock lunch coming up. ♪ ♪

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if you wanted to hold my hand... and your digital transfo[ gasps ]s helping all you had to do is ask. i am down to my last life. when you only have one life... that's what makes it special. go get 'em tiger. time for you're etf tracker. we're looking at clean thrg because they are seeing outflows of about $57 million raising interest rates often threat growth names of course.

and recession fears is a lot of the different issues let's see how it is playing out with some specific funds big one is invesco solar, t.a.n., that is down about 4.5%. even bigger losses for clean energy fund. . and here is what is happening. even the deep south is not getting spared from this week's chilling winter storm. in atlanta, there is no snow, but heavy winds are knocking trees down at least one percenting through the roof of a home many others have hit power lines knocking out power to tens of thousands of people from texas to main. and nearly a million and a half homes and businesses right now have lost power.

in chicago it is feeling like 30 to 40 below zero gusts are whipping up the chicago river and making roads and airplane run ways treacherous. over 700 flights have been canceled flying in and out of chicago airports and across the country nearly 4500 flights have now been scrubbed and russian authorities are restoring a theater in mariupol. a local official accuses russia of trying to destroy evidence of war crimes that allegedly killed 4 hundreds of civilians. and up next, reit between the line, get it housing, commercial and others struggling amid recession fears and hybrid workplace, but health care reits could be a

recession-proof dividends play we'll explore.

and let's get you caught up on the markets, stock, bond

respe, the whole thing. and let's begin with a check on stocks the dow is holding on to gains, energy and industrials are leading that index hire by about a quarter of a%. the nasdaq however is turning low over the day just a little bit. and down 2% this week. and it has as you know been a bit of a volatile week to put it mildly rick is tracking the bonds in chicago. a chilly chicago >> yeah, oh, boy, it is chilly i was worried my hand was going to stick on the doorknob this morning. in chicago and across the country the bond market association recommended early close. so the bond market closed at 1:00 eastern but that doesn't dispense the notion of how aggressive a week it is that been. ten year closed under 3.75 respect. and so that is a big week. it looks like a one month high

and bund yields had a huge week as well. they are hovering at 11 year high yields which means that the spread between our tens and the bunds in europe has gotten much closer together. you see on that chart, that is a two week chart, it has been a huge move, it has moved in to 134, it was hovering at 170 just nine sessions ago which means if it is below 132, another couple basis points, that would be the most narrow, the closest it has been in 26 months. you want to watch that trade and the dollar, the dollar is down 8.5% from september 27th high close. and at 114 and change. but still up 9% year to date tyler, back to you and happy hollidays, happy hanukkah, merry christmas. >> and stay warm, my friend. and let's check on energy

futures. it is cold, so you need energy oil almost 3% higher up towards $80 a barrel. up 7% this week right around 80 a barrel but look at the move in net gas down more than 20% this week, there you see it week to date. the worst week in nearly nine years. traders are looking past this weekend's bad weather and ahead to warmer weather that is 12k3ek9ed next week and into january. please, please, please warmer weather. and as a result of high inflation and rising interest rates, reits have been hit hard this year, but their luck could be turning around as we head into the new year. and our next guest says reits are defensive in a recessionary environment particularly in the health care says so joining us is jonathan peterson when i think of officer building or shopping center reits, they are not exactly what i'd want to

be holding right now in a more fragile economy. but health care, you have to go to the doctor no matter what the aging population is seeing more people go into assisted living type reits and so forth this is where you see the sweet spot >> yeah, i think that is right i think it is an interesting cross roads. interest rates have risen, that is felt by the reits sector overall. you look at how cap rates have potentially moved, the ten year up about 150 basis points since the spring you put that as your denominator on real estate value, take the net operating, divide it by the cap rate, you increase that 150 basis points and, you know, the value of real estate is down about 25%, 30% year to date. we think that is basically priced in to the reits sector because that is about how much they are down so far this year so i think when we flip the page to next year, we start to be concerned about the macro

environment. before i get to health care, i think that there is a few things to focus on like i think three types of real estate one, those with strong structural demand tail winds like data centers, cell towers, others like long duration leases, and then those that are more tied to defensive property types like health care, life sciences portfolios. those tend to hold up a lot better in down turns like you said, people still go to the doctor. doesn't really matter which jay powell is doing. but within the health care sector, because there are a few different sub types of properties -- >> let's look at a couple names if we might. and take me to a sub type and give me a name and why you -- make the case for it >> absolutely. one sub sector that we like a lot is private based senior living facilities. think of these as like the homes that people choose to live in, they pay out of their own

pocket ventas we like better versus well tower they are benefitting from the post pandemic recovery we think no matter what happens that will continue into next year and then another property type that we like is medical office buildings. and so it is not hospitals but a lot of these are adjacent to hospitals. and any kind of benefit from those trends and i'll say it again, you still go to the doctor when you are in a recession. so health care realty, ticker hr, that is a name that we like a lot. the company has been under pressure with interest rates rising and they merged with one of the largest peers which put a little weight on valuation. but we think that they have the best portfolio of medical office buildings, mostly adjacent to hospitals which is where you have pricing power and a 7.6% dividend yield >> 7.6%, that is amazing and so these are buildings that

would be owned by reits. when i think of medical office buildings, i think of doctors banding together and -- or big medical practices owning those buildings. but a lot are owned by reits >> yeah, so a combination before reits will own then, sometimes the health system will lease the space so they can use it as overflow space for outpatient services but think about the surgeon, you will go to their office, you will get a consultation, and when you have your knee surgery or hip surgery, you will go to the hospital and that physician, that surgeon, wants to have its doctor space right next door to the hospital so it is kind of a seamless move back and forth so that is where you get that pricing power, location matters a lot as it does with a lot of things in real estate. >> anywhere you wouldn't want to have exposure, john? >> yeah, i think that within the reits space i'd be avoiding things like office space, malls, you know, just generally retail.

there are structural headwinds work from home creates -- certainly creates headwinds. they are hard to get in front of valuations are chief cheap, but they lack a catalyst >> but health care has the reits stuff. another pun for you. john, thank you very much. >> thanks for having me. up next, a dream tickets or a nightmare? youtube paying $2 billion a year for the nfl sunday ticket. will it turn out to be money well spent plus not a very merry christmas for the supply chain why this year's troubles could ntuent2023

ho ho ho! not again... oh no...

for the gifts you won't forget. happy holidays from mercedes-benz. see your mercedes-benz dealer today for exceptional offers. sgloo . the nfl and google announcing the deal for nfl ticket and what is google getting direct tv paid $1.6 billion annually and estimated to have about 1.5 million subscriberses. base price around $80 a month. and now google is paying $2

million for the rights, likely to be offered as a stand alone as well as existing to the youtube package that starts at $65. it is not yet announced how much the add on or stand alone will kors so who wins? my next guest says the consumer not so much. and let's bring in sean mcnulty. great to have you, welcome back. >> great to be here. thanks again >> so you ran some great math that basically said that at $2.5 billion a year what the nfl wanted, youtube would have to charge like $800 per season to break even so no matter how you slice it, they will lose money unless according to some analysts that they add about $1.6 million new youtube tv subscribers so that is kind of the trade off that they are hoping to make there. lose a little on the front end, bring in new subscribers and make it up that way. >> but you don't even have to have the youtube tv bundle you can be a cord cutter and

still subscribe through youtube prime tintime channels. and the nfl had a virtual conference yesterday and said that youtube has the premie to price it however they want and so it has traditionally been a big ticket item, but no reason that they couldn't maybe think what if we did 100, or 150, but we get that many more in the door to make up for it so what is the price, are they going to revolutionize what sunday ticket is for the consumer and clearly what is the appetite for out of market games. remember you have sunday night football, monday night football, thursday nirt footbaght footbalh are not included

and so not a comprehensive fix >> that is what stuck out to me. i did not know that this, but sunday ticket doesn't clue sunday night, monday night, thursday and it doesn't include like last weekend nfl networktripl header and so that is not in here so i don't get that. and then the other thing is, if i really want to know what is going on all around the league, i've got the red zone that i can watch. i guess that requires a cable subscription and owned by the nfl i was trying to watch a random seattle/las vegas game out of market, you know >> and if you are a seattle fan who lives in kansas city, you know, your guess is as good as mine >> but you won't make 2 billion

off of those guys and women. >> exactly and this is going through youtube, so presumably you are getting a younger demographic. the promise with streaming, it is one price for everything. and when a younger dem fwrask shows up and sees what you are seeing, they are like you want to charge me how much for this so hard to see how the math really pays out other than a loss leader to just get in business with the nfl and then also grow their youtube primetime channel's business and as you said initially maybe add some youtube tv bundle subscribers. but that doesn't have a huge margin and only going down that business is declining as we all know, so it is really hard to see how this makes out other than it is a loss leader and google has a lot of money and a lot of people have been saying that >> what is the bigger picture

here so far we've reported on escalating prices, paid for these packages by basically big tech players alec sherman was on with us and said that legacy tv could be going away in five to seven years and the nba deal could be the last big one for sports rights and then we could see the pool of players dwindle to just a few names. and prices start to come down. what is your sense of the significance of these deals and whether that trend is likely >> yeah, who has the biggest pockets. the nba as you say is coming off their deal probably be set this year, early 2024 that begins in to the 2025-26 season. and everything else is set nfl set through the '30s, so this is the last big one that is out there. and the nba is always trad traditionally focused on a

younger demographic. so you could see them making a bigger play, a bigger splash in this digital world which would be as you say the players won't be cbs or other elements you will have amazon will be attractive, they have invested a lot in the sports rights espn plus could be a big move for iger to make at disney to give that service of real ownable franchise whether that is just a monday night or wednesday night franchise, whatever it might be but it is going to be -- or apple tv who certainly was in the lead for this sunday ticket deal for many months seemingly just passed on it. so they have a sports, you know, bag of money lying around that they could probably invest in the nba and send them a nice check. so you are right, these digital tech companies will probably lead the way in sports and the nba is really i would say probably going to be the one league that will make a bigger leap into this terrain >> just don't mess with her any

johnson, barkley -- >> that is all i care about. >> and they renewed those guys too. >> and your friend ryan fitzpatrick. >> yeah, we're besties. >> you have similar sweaters >> sean, thanks so much. merry christmas. and trading day before christmas eve and all through the markets not a ticker was stirring except for these. we have stocks hung by the chimney with care with hopes our w arer will get us picks for the neye >> and your friend ryan chimney with care with hopes our ♪

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it is time for today's three stock lunch, only this time it here with three giftsjf hung by the chimney is santa, david wagner, capital portfolio. you need a santa hat.e1e you wore your nascar gear. >> i know ifá did.

i told my trainer i should wear one. he told me not to. i told you, brad. >> for our first gift, you brought us a pair of let's call them socks maybe not exciting and fun, but■ practical, you can always use e■ it, tell us about the stock. why does it fill that bill, david? >> chem ed is a fairly unknown and under the radar company. they're afá conglomerate, they n two l■businesses, v-toss and the second business is rotor rooter, the number one player in a fragmented plumbing market the market underappreciates the plumbing business itself look at the water restoration of the side, one of the largest growth drivers for the company and not only that,e■ it turned chem ed i.u■ morefá than just a gdp plus market share gain type of business. so, just think about it this way, if you need -- if you have some type of plumbinge1 problem, and you go to google and ta-ñ f in, i need a plumber, the first company that comes up, it is probably rotor rooter. this is a fragmented market with a lot of mom and pop shopsc■ th

don't have the scale to leverage the technical aspect of÷ this part of the business and not only that, you're probablyq■ going to be a price?l takert(■in this type of situati too. you don't have uncle eddie on speed dial the company brought back 20% of its shares outstanding over the last ten years and grown its dividend at a 10% kegger overfá the lastf■ decade.u■ i like chem ed right now i think the market will reward stable businesses with great capital allocation por)■ies into the future. >> let's go to a gift that is a shiny new toy, a little bit more frivolous. little bit more extravagant and this is pool cooperation, which is in a business its name would suggest. >> absolutely. i start by1u)j■j■t■what did z■spend hi christmas bonus on in christmas vacation it was a pool. riw and even though might have been a jelly ofe■ the month club type of stock, in its performance for

very cheap to a point wheret can't ignoref■ its valuation anymore. deviations below its historical ten year averages on every single metric. i understand why there has been an overhang in the stock over the past 12 months to got caught upl■ in the sling demand i think the market is naively focusing on the near term head winds had they should be focusing on the longer term growth opportunities and the majority of the company's business from aqrevenue perspective comes from the services side, not the new build side if there is some type of slowdown or downturn in construction, pool should be somewhat insulated in my mind. i do like it at this valuation be it is at $300. >> okay. let's endt(■with the lump of co, david. why are you down one1e1 fidelity national information■■ services? >> yeah, so, you know, i think a lot ofx■ people are focused on christmas. they're overlooking my favorite holiday, observed x■today, call

festivus so i'm going to take a page out■ of frank costanza's playbook and air my grievances on fis i got a lot of bone to pick with what i learned in my career, the worst thing that a management team can do is lose the faith and trust of market participants over the last year and a half, that's what fis has f■done, lost the faith of investors and yes, it may be recognized in current valuations and i would probably give stephaniee1 who is the new ceo some credit that i hac steps in acknowledging these problems and leading the company in a different direction they have done a áu)■tegic review,r doesn't mean the stock is out of the penalty box l■now. there could be an investful cash flow, i think the pathlisp very much unlikely those are my airs of grievances on fis >> thank you forñ■ iy■aying. great to see you

we appreciate it very, very much david i■wagner. >> happy festivus. >>sv4 same to you. new year, old p coming up why you shouldn't expect supply chain worries to vanish in 2023 we'll explain. wer e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity

supply chain may be the phrase of the year for 2022, probably was in 2021 as well according to a new cnbc survey,

it may stay in the vocabulary a . cnbc talked to the people who run the logistics for companies who are members of some of the world's largest trade associations and joining us now with some of the results, cnbc's %ujt)■ welcome. >> thank you, tyler. the participants in the survey are the managers of the companies ofq■associations like the nrf, the americano■ apparel t■association, and 61% the respondents told us their supply chain is )■á■d■operatingq normally, and 32% said it>d■s. so the big questionok that we a them is, well, when will it return tolp normal and their answers were dour. 22% said they were unsure. 19% said 2023e1 and 30% said 20. but another 29% said they expect the supplyç■ chain to go back to normal in or after 2025 or not at all now the participants said the biggest challenge is facing the supply chains isx■ the

availability of raw materials. poor congestion, lack of skilled workers, dwindling warehouse space, terminal roles one■ pickg up the containers and the canceled sailings. and the tightxd■ have seen is the result of the bloated inventories and discounts are expected because 46% of every respondent they're seeing softening demand for their products and so wee1 took a deeper dive into this, and 57% saidxd■goods ranged from agriculture like nuts, tires, rvs, cabinets and furniture. apparel came in 25%e1 followed home goods,w3■accessories and footwear. >> let's bear down on here a little bit do some of the folks in the supply chain business, logistics business, what do they think of what■■ government is doing, the biden administration ise1 doingo help make things better if anything >> well, we posed that question saying, like, do they have a hó.t■of the challenges? and 59% told us they believe

x■co does not have a handle on the supply chain or the challenges that they're facing. >> is it up to the biden administration to solve the supply chain problems or is that -- is it really -- i mean, maybe they can be helpful, but t■ problem endemic to the companie■ themselves >> a lot of it is also infrastructure-based when we peel down the problems, it is, you know, it is the railroads. it is the tunnels. it is thee1 roads. it is the lacko■ of space ande1 lack of ability to move the product along. >> lori ann, have a good holida■ weekend. >> thanks. >> and to everyone watching as well, where is myqwho, ho, ho hat. >> look at you ladies in red here. >> tyler, we got the spirit here >> have a wondeu■u&■d■1 christm. great end to hanukkah, everybody. we'll see you in the new÷■ year. i'm offe1 next week. yes. >> "closing bell" starts now.i stocks have been all over the map today as inflation and consumer datae1 m