welcome to "power lunch. alongside kelly evans, i'm dom dom dominic chu. you can see the dow industrial is down 135 points, roughly one-half of %. similar percentage decline for the s&p 500, which sits at 4363. and the nasdaq composite down about 54 points, again a similar percentage decline, 13,595 kelly, we're going to get right out to steve liesman with headlines on the fed >> thanks very much, dominic fed chairman jay powell speaking at an imf research conference, will say that -- excuse me one second here. he will say that the -- if it becomes appropriate to tighten policy, that further we will not hesitate to do so. the fed will move carefully, he said, judging risk of over and

under tightening the fed is making decisions meeting by meeting in this speech, he would also say, we will keep at it until the jobs is done those are words he's used fairly frequently inflation is well above target and the fed has a long way to go in terms of getting it back to the 2% target. on the economy, he'll say the labor market remains tight, though supply has improved and demand has eased he expects growth to moderate in the coming quarters. he knows growth has been strong in the third quarter he's attempted, he says, to the risk of stronger growth that could undermine the inflation process. stronger growth, he says, quote, could warrant a response from monetary policy. and while he called policy restrictive, he said the fed is, quote, not confident, end quote, that the fed has achieved that stuffily restrictive rate that he's been using before to say when the fed has reached the right level of interest rates. ongoing progress, he says, to the 2% target, quote, is not

assured. inflation is being brought down by the end of supply distortions and tighter monetary policy, but he says it's unclear how much more the fed will be able to achieve and the economy will achieve from lowering inflation from the supply side improvements and the implication is that it may have to rely more on monetary policy. to assume, he says, if the fed no longer faces the challenge of zero lower bound -- this is longer-term part of the speech -- and the fed will consider when it does its review of its overall strategy whether the pre-pandemic low interest rates can return or whether we're in a regime of higher rates more permanently maybe more emphasis, guys, on the possibility of a rate hike in these remarks and the idea that the fed is not confident that they're on the road to a 2% inflation. >> steve, stay right there with us with the dow down almost 200 points right now, let's get more on powell, the economy, the market impact. we're joined by michael farr of

h hightower advisers lindsey, investigators can be given for having whiplash because in his speech a couple weeks before the fed meeting, powell was pretty hawkish. at the fed meeting itself, he was seen as being much for dovish i remember when dave was like, i'm blown away by how dovish this is. and now a week later, we have a hawkish pivot once again markets love to read into these things, but they do matter what do you think is really going on here or is the main take away? >> well, i think the market was misinterpreting what the fed chairman said during the press conference i think the chairman really maintained a pretty neutral stance that, look, inflation has come down from peak levels, but we still have quite a ways to go but he did step up that rhetoric, as steve just read n t in that imf commentary, so, really undermining the notion that the fed is willing to take further action they left the possibility of

rate hikes on the table, further rate hikes on the table in that november statement but the markets seemed to completely dismiss that, anticipating the notion of now rate cuts as we look out to the next policy move here the chairman was clear. the economy is solid if it continues to outperform, if inflation remains above expectations, the fed is not going to hesitate to take a firmer policy stance with additional rate hike or hikes, as needed. >> and michael farr, i think this will have long-lasting reverberations for the market, which had been on this win streak going to and through the fed meeting, and do we throw that out the window now? >> two weeks ago, it was an awful week everybody was down and stocks were going down. and the following week, of course, it was katie bar the door and everything is great again. the market has been fairly mercurial, i think short-term emotional. more often here lately than not. i think jay powell is probably a

bit surprised and he's in an awfully hard position, but a bit surprised to go through his presser and have such a bullish reaction, to say that maybe we're going to stop, we're going to slow down and as soon as he indicates maybe they're getting close to done, stocks go up and that creates more inflationary pressures and wealth effects that he's trying to fight today, a more hawkish tone and i think clearly data dependency is what they've been trying to get across so, i tend to believe him. and i think this higher for longer is the real theme so, i would listen to steve, and i would listen to jeray powell. >> what's interesting about this is we saw the price action for bonds, especially longer-term u.s. treasuries on the heels of what is being seen as a weaker than expected auction. do you think the comments from

fed chair powell indicate that story that those longer-term rates are going to be the aid to slow the economy down without causing a recession. >> i think it's the higher rates that's giving the fed pause in hiking again i think when you look at the reasons why the fed has not hiked while inflation has gone, in the words of another fed governor, sideways to slightly up, i think it's the increase in bond yields. so, the fed is relying upon it it got more of it today. i don't think that the decline from 5 to 4.5 on the 10-year is enough to do away with that additional tightness it is interesting though he says, look, we have two things that have caused us to go -- have helped inflation. the end of the supply side destruction and monetary policy. we may have gotten what we're going to get from the supply side disruptions, which is we're going to have to rely more on

supply side disruptions. i don't think the market misinterpreted powell last week. i think powell may, today, be suggesting that maybe he was a bit more dovish. and maybe that's my unwillingness to admit my own mistake. but i thought he was dovish last week and i think today he's a bit more hawkish i think he feels a need, perhaps, to put that possibility of another rate hike on the table to keep the market from being too sanguine about the possibility the fed is done. and then having completed those remarks, i'm going to take a very quick look -- there is a very slight rise, guys, in the probability of rate hikes. still remains low. if he had wanted to get it back on the table, he hasn't completely succeeded but say the possibility of a hike in january has gone from 15% to 20% and maybe some reduction in the probability of a rate cut come june from 68 to 6. so, not a lot there. the market's not buying it yet

one of the things that powell has going for it is data next week we get inflation data. and i don't think powell really has to say very much if that ends up being an outsized inflation report or one that ends up being higher than the market expects, i think the market will do powell's kbiddin for him. >> we all, kind of, know at the end of the day they're data dependent. it's just a question of emphasis you know, is one poor report enough for them to stop and back off, or would they keep hiking through that it's trying to figure out that reaction function to both the inflation and the jobs data, i would imagine. >> i think it's going to take more than one data point for the fed to feel emboldened to continue with rate hikes, but it's also going to take more than one data point to convince the fed they're on a clear trajectory down to 2% in terms of an inflation target we've made a lot of progress the imbalance between labor demand and labor supply has begun to close but there's still quite a ways to go before we can talk about

the fed achieving its dual mandate. and the risk is not that the fed raises rates too much. the risk is that the fed doesn't do enough to get back to price stability. the fed should beer erring on te side of caution in order to ensure we get back to the 2% inflation target >> michael farr, stick a pin in this for us, please. >> i think that a lot of what the fed has done is having the right effect, the effect that they want. inflation is coming down, and we do have a positive real rate now because the fed funds rate is higher than the rate of inflation. it's a real cost of money. they've got to play a waiting game without giving markets the emotional all-clear. and to steve's point, whether he intended it or whether he was actually dovish, one way or the other, he's got to keep his foot on the throat of inflation and he's got to make markets believe that he's willing to tighten again, that money is

going to stay tighter, and that they're going to go after that 2% rate, whether they actually do or stop at 3. i don't know but he's got to sabre rattle at the very least i think he means it if he's hot on the data though he's not convinced inflation is going away caution, higher cost of money. stock prices are higher. s&p is high. if the rules buy low, this is not low. so, i think you have to be cautious and very judicious and disciplined about your investing when this is going on in the markets inflation and at the fed. >> we're pretty much at session lows, down a half percent across the board today. michael farr, lindsey pea yates ka, and steve liesman. a big interview to remember on "the exchange," mary daly will join steve and i. for more reaction to the latest commentary from fed chair jerome powell, let's go out to chicago. rick, did anything stand out to you, and is the market reaction

what you would have expected given the auction results today? >> listen, i know that powell's really important and the fed has a huge mission that can effect short rates. but today they were a drop of sand on the seashore compared to the way the markets moved after that horrible 30-year auction. now there's all variety of reasons coming to try to explain it the latest is icbc, industrial and commercial bank of china, had a ransomware attack. i get it, okay that may have affected them. maybe it affected the -- what we call the indirect bids, which are on the weak side so, with the directs, the dealers took twice the amount they normally take the bid to cover was horrible. the taillight is seven basis points maybe that's one of the reasons, but it doesn't define how horrible today's auction was and the real is, why and for that, we're going to go talk to tim. tim, how you doing today all right. so, real quickly, we know about icbc i'll ask you, as a trader, you

watched that auction, okay do you think that explains a lot or a little of the auction, a little being 1, 10 being a huge effect where would you place that >> it's part of the story, right? you can't overweight it, underweight it the reality is there hasn't been a lot of demand from the world generally speaking so, that isn't the whole story, right? there's been a lot of issuance for some time now. we're seeing the effects of it the question is why hasn't it had more of an effect. that really is about the flows and what these guys in here are trading every day. the buyback -- it's really been a flows versus macros story pushing forward. >> what i find fascinating is that so many people put so much emphasis on 112 billion for 3s, 10s, 30s, 40s, when each of the auctions is the biggest in almost two years your thoughts? >> those flows are relatively

large in the context of 50 billion a day or so moves markets. they matter. but going into the end of the year, there's a lot of structural flows that will support things as you go forward. the question is right now, this weakness that we're seeing and what should be a positive period, is that a sign to be very careful, especially as we get to a liquid period at the end of the year. >> i'm going to ask you a tough question here. do you think that in servicing the debt, which is set to really take off, as current higher rates infiltrate the portfolio, the fed, and the treasury, is this underestimated as a driving force in interest rates? >> it's the biggest force in interest rates if you ask me >> you know what that's it. we'll stop there because, to me, that is the story of the day, the week, the year, maybe the decade dom, back to you >> all right rick santelli, thank you very much by the way, let's go back to steve liesman for some more breaking news and headlines coming out, monetary related steve? >> well, not monetary related

but protest related. the -- imf conference went down. it went to a poster. and the news that we have is that powell left the stage these are according to reuters headlines. that powell was ushered out after climate protesters shouted "end fossil finance. he left the stage. and the latest line is protesters were ushered out by security at the imf event. that's where we're at right now. we'll be giving you the headlines from the speech. we don't know if the q&a will continue and whether other speakers, including the director of the imf, as well as the governor of the bank of israel, are supposed to be -- are on the same panel with powell there but this is the second time in, i don't know, just a couple of weeks that a powell speech has been interrupted by -- it was recently at the new york

economic club. a luncheon there was interrupted by fossil fuel protess testers and powell was forced to stop giving his speech. >> steve liesman with the latest there. thank you very much for that coming up on the show, the soon to be best selling drug on the market that's what one analyst said we're going to discuss with former fda director dr. scott gottlieb plus soft bank hit hard by wework, posting a quarterly loss we've got more details in our "tech check" coming up next as well ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education

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♪ ♪ welcome back shares of arm holdings down 6% today and now right around 51 bucks a share, as you can see there. the ipo price two months ago through the wework bank, we're seeing, kind of, in that place there. and basically what we got is another tough time for masa and soft bank. let's get out to deirdre bosa for more on that story it's been a rough one. is there any sign here that these story lines should shift in softbank's favor, or are we in this for a while? >> there are signs and dom, it's always a little messy to look through softbank's quarters because there's so much but this one, it should have

been masa victory. instead it was the rise and fall of wework, that continues to haunt the company. the conglomerate posted a loss in the last quarter. wework now totaling $14.3 billion. the presentation overnight in tokyo focused on the good, and it even brought back one of my favorite softbank slides of all time, the golden goose one the eggs represent massa successes, alibaba, telco, sprint, and the latest one, arm. so, it's clear masa sons -- the cfo focused on the positives and here's where the future trajectory comes into play, dom, how this could become a better story. but it relies on things like $29 billion of assets in the portfolio that the cfo said softbank may be able to cash in

on soon. that's an open question though he cited companies like tiktok, bytedance, and fanatic the site you're looking at right now tells you softbank is in a more liquid position to go on the offensive, something they said they were going to do earlier this year and that they reiterated last night. so, they're more liquid. and arm plays an increasingly important part in that portfolio. it used to be alibaba that softbank could draw down on and stake to make investments or show better profitability. now arm is going to take that role but it's not going to be as lucrative, dom >> when they say they're potentially going to go back on the offensive, what might that look like? >> it's all about artificial intelligence masa sons has been talking about this in years. we haven't seen him in the biggest companies, open end,

anthropic. that's hard to get into because of course they're striking these massive deals at mass evaluations with the megacap he's been focused, interestingly, on transportation and logistics as a way to lean into artificial intelligence but like we said, they're going on the offensive so, we'll see what that looks like moving forward. the geopolitical mix has shifted a little bit too less investment in places like china, more in the middle east and north america. >> deirdre, thank you. we appreciate it deirdre bosa bitcoin blasting past the $36,000 market we'll get technical support on where it could be headed next when "power lunch" returns

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the company cut revenue outlook due in large part to a slowdown in topgolf entertainment venues. declines attributed to a slowdown in corporate events and outings at those interactive driving range facilities i spoke with topgolf callaway ceo chip brewer this morning, and he said they didn't accurately forecast the degree of the cooldown in the corporate events business but that topgolf is a proven concept and that the company overall is much stronger than the stock price decline would indicate he did acknowledge that the company would be focused on cost controls in the next months and they will reduce expenditures budget by roughly $100 million over the next couple of years. brewer said the world would be crazy not to prepare for a potential consumer slowdown, but that doesn't mean he's predicting a rescission. he says he's not in the economic predicting business. curious too, this is an

interesting question because some thought was put into whether or not the results in the stock drop in callaway topgolf were indicative of a top to a pandemic-driven boom. >> mondays and tuesdays and wednesdays -- >> tee times are getting booked up solid what i want to do if we can show viewers and listeners, the chart since the pandemic over the last four years you may recall this was a stock at the pandemic lows back in march of 2020 that was roughly $4.75. >> wow, which was around when they bought topgolf. >> look at this. less than a year later, those shares hit $37 and change. they made an eight-fold jump in less than a year because of those pandemic tail winds. everyone thought golf was a safer, quote, unquote, game to play, outside, socially distant. the curious part is whether or not it is the end of golf or topping out. chip brewer doesn't think so, and the results by the way by

their competitor -- callaway's competitor -- indicate the equipment side is holding up well >> so, topgolf is the problem? >> right >> and corporate bookings are told to be the strength in other areas. corporate bookings are a problem. >> right tough comps because they were huge over the last year. this year, they're cooling off and brewer basically said, we didn't see the cooldown coming to the degree with which it did. >> interesting if it will be nice enough in december, maybe we take everyone out to topgolf >> there's a couple in jersey. ahead on "power lunch," shares of eli lilly down 4% despite the excitement of the approval of the new weight loss drug we'll discuss that and more with dr. scott gottlieb next. because t-mobile is helping power operations and experiences for hundreds of thousands of fans with reliable 5g connectivity. now's the time to accelerate your business.

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welcome back to "power lunch. shares of eli lilly trading lower on the day a day after if fda approved its weight loss drug, zepbound we spoke to a -- who has very high hopes for that drug >> we think it has a very, very strong shot of being the biggest

drug of all time obviously competing very closely with nova knorr tis, ozempic, and wegovy as well >> it's the talk of pharma these days let's bring in dr. scott gottlieb he's a cnbc contributor. doctor, thank you very much for this is probably the biggest th, product, type that we've seen in pharmaceuticals in years is it going to be as big as folks expect it to be? >> well, look, i certainly think it's going to be a large category, and i think it's going to have a big public health impact as well for patients who have been struggling with weight and now you have a safe and effective way to reduce weight in conjunction with other ways to help patients diet and exercise i think you're going to see competition increase substantial between the two companies, on two domains.

first on price you're going to see heavy discounting as they compete for market share you're also going to see competition to demonstrate other benefits of the drug right now novo has data showing cardiovascular benefits in reduction of heart attack and stroke in patients that already suffered those events as well as reduce in risk of heart failure. i think lilly is going to face competition to undertake the same studies i think they're going to accelerate the pace of their own research as the companies compete to get other indications on the labels to prove these health benefits of these drives, which is ultimately going to drive reimbursement. fda is unlikely to allow class claims so, each company has to demonstrate these benefits independently. if you look at net pricing in this category, we've done analysis at the american institute, and the net prices are 48% to 78% lower than the list prices.

the heaviest discounting is in the diabetes indication. ozempic has a list price of about 900. the actual net price after rebates paid by the manufacturers is about 300 with wegovy the list price is about 1,300, the net price is about 1,000 based on our estimates. you're going to see those prices come down even more as the companies compete. competition is good. it will improve access for patients >> speaking of access, doctor, one of the big issues right now facing many of these drugs like ozempic, wegovy, and now zepbound, this idea that a lot of people are trying to get access to it, more demand than supply that perhaps means that people who really need the drugs for certain things regarding diabetes, are not getting them is the competitive factor going to have to be monitored from a standpoint as well and do you want to get more of these drugs on the market because there's so little of them to meet the demand right now? >> these are two very

experienced companies in the manufacturing of biologics i think that they're ultimately going to get their manufacturing up to a scale that's going to meet the demand. i think what has surprised people is the intense demand for these products but that's also because i think the profile of what you can achieve from a public health standpoint has also been -- there's been a lot of upside surprises from that as well, particularly in the cardiovascular category. i think cardiologists are looking very heavily towards these drugs to improve the health of their overweight patients who suffer from cardiovascular conditions. and that's driving a lot of utilization, i think wasn't initially anticipated. novo has challenged in terms of supply in the entire market. they've had to throttle it they're getting more manufacturing capacity online. lilly has invested very heavily, anticipating demand for their product. i don't think they're going to be supply constrained. but if you see utilization really pick up for their drug as well, perhaps down the road there could be supply constraints. i think these supply issues are going to get sorted out.

these drugs are very lucrative for these manufacturers. they know how to manufacture them and i think they're going to get the manufacturing in place to supply this market >> this says people who are commercially insured could pay as low atz $25 a month which is -- that's wow even if they don't have zepbound specific coverage, it could still may $550 a month, which would be formidable. those numbers are going to be key to how much widespread adoption there is. when you see the headlines, dr. gottlieb, about snack companies and krispy kreme and the headwinds they could face, do you think that's a real thing, that we could see a fundamental change in the consumption of americans in the years that are ahead? >> you know, i think that a lot of those estimates really are based on assumptions that people who are overweight are indexing heavily to a lot of these snack foods and that when they go on these drugs they're going to preferentially avoid those

foods. i think a lot of straight line assumptions made are unrealistic. you can see a reduction in overall intake if a sizable portion of the population is on these drugs. i would anticipate you're not going to get 7 or 8% of the population that's prescribed these drugs, and that assumes you continue to demonstrate a lot of additional benefits from the weight loss that accrues with these products, that the safety profile with long-term administration continues to look favorable. i don't think you're going to get to, you know, 40% of the population, which has been some of the estimates lip tore, if you look at the stats, they've achieved about 20%. we've penetrated about 1% of the market i think there's room to run. but ultimately i don't think you get to the levels that have been put in some of the forecasts >> for those manufacturers who are trying to be the neks entrants into this space, maybe steal market share from the incumbents, pfizer is one of the names we hear. can you give us any color on

that obviously you're on the board there. but also who else is there that might be close and are these fundamentally different kinds of options or pretty much the same >> yeah, astrazeneca had news today that they're getting into the oral blip one space as well. you have a lot of customers on the venture capital side where i also work. i see investment in products that try to attack different pathways or different elements in the same pathways as the glip ones i think you're going to see a lot of competition on the market with drugs that are similar or slightly differentiated. you can see strategies where patients get started on the higher dose injectable glip ones maybe that will achieve greater weight loss in the short-term and then get switched to other products to sustain the weight loss so you don't have to maintain in superhigh doses. i think we're going to figure this out and there's going to be different strategies get used with different patients. >> can i call them glip ones now? is that what the cool kids are

doing? it certainly rolls off the tongue >> i don't know where zepbound came from. >> ozempic just kind of rolls off the tongue ♪ oh, oh, oh, ozempic ♪ that's the world these days. >> thanks a lot. all right, guys, coming up on the show later in "closing bell overtime" rather we have david ricks coming up to talk a little bit more about these new approvals and what they mean again, 4:00 p.m. eastern time today in a cnbc exclusive. kelly, you're not going to want to miss it >> no. >> oh, lacrosse officially returned to los angeles after decades of obscurity but will it stick around for 2032 and beyond? we'll ask the head of usa lacrosse next. "power lunch" is back in two with the dow at session lows, down 230

. welcome back to "power lunch. we are just eight months away from the summer olympics in paris. but the international olympic committee is already looking beyond that. they recently voted to include lacrosse in the 2028 olympics in los angeles. it will be the sixth time lacrosse has been included in the olympics, but the first time it's a medal sport in over a century. ceo of usa lacrosse, 400,000 member organization. a lot of our members will know your organization well it's great to have you here. welcome. >> thank you very much for having me. >> was lacrosse in the olympics more than 100 years ago? i'm confused it certainly wasn't in ancient greece i don't think but nevertheless this is a big deal for you guys. >> it was in the olympics in the early 1900s. what is interesting about l.a. '28, it will be the first time the women will be competing as well it's a great opportunity to get the sport on the biggest stage >> yeah. >> i mean, visibility-wise, it's

huge i live in connecticut. it is a state that is known for girls lacrosse i think four or five of the top 25 -- >> you can't dis the boys that way. >> i have a daughter who played her first season of youth lacrosse this year as a 6-year-old and loved it. i'm waiting to see how it develops as a native californian, when i was growing up, lacrosse wasn't a thing. now it's so popular. what has been the growth trajectory to make lacrosse an olympic sport again. >> you mentioned connecticut connie was one of the great organizations in america providing great opportunity for boys and girls we've been fortunate to ride a wave in the growth in youth, collegiate, and high school level. covid took its hit on youth sport in america, but the return to play has been so strong we have more 7 year olds playing the game than have played in our history. and i think that bodes well for

not only youth lacrosse but the pipeline for high performance. >> college is huge it's not just mid-atlantic anymore. we have a lot of different parts of the country with strong franchises where do you see the biggest growth right now >> our largest growth states are coming from florida, california, texas, ohio, areas west of the mississippi and in the southeast, where great sport infrastructure and the opportunity to play the game year-around has really provided a boost for us >> any other big changes looming on the horizon there's so many things the sport has been through over the years, whether women should wear helmets and introducing goggles. on the men's side, concussion concerns, on the forefront of people's minds in the past decade or so >> health and safety is what we provide at usa lacrosse, everything from background checks, ensuring your son or daughter goes into an environment that is healthy and safe you're going to see a big push around youth growth. we've brought together eight

leading organizations under this banner of l.a. '28 and we plan to double participation in the game by the end of the decade. >> do we have time to talk jets? >> i don't know. >> there's a lot of questions in here, but i'll leave that one for another time is it permanent for the olympics, but does it depend on l.a. '28 >> it certainly depends on '28 we've got to perform well and we've got a great shot in brisbon for 2032 >> we appreciate your time today. shares of microsoft are hitting an all-time high thanks to optimism from a.i but is it too late to buy into the rally? we'll check those charts and technical support. wow... we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics.

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welcome back with some breaking news that west virginia senator joe manchin announcing he will not run for re-election. eamon javers in washington with more >> this is going to raise some eyebrows over at the white house. joe manchin issuing the statement just within the past couple of minutes here, in which he says he will not rerun for re-election as a senator from west virginia. he says after months of deliberation and long conversations, i believe i have

accomplished what i set out to do for west virginia i decided that i will not be running for re-election to the united states senate but what i will be doing is traveling the country and speaking out to see if there is interest in creating a movement to mobilize the middle and bring americans together joe manchin has been, sort of, openly engaged with the idea of running an independent campaign for president of the united states this would seem to leave the door wide open for that, kelly, potentially throwing the 2024 election cycle upside-down if he were to take steps to get in i can tell you that manchin and senator mitt romney were on squauk box this morning doing an independent centrist conversation on "squawk box" this morning i had dinner last night with both joe manchin and mitt romney, a couple other senators and ceos at a cnbc ceo dinner in washington last night. manchin was asked by our sarah

eisen repeatedly whether he was going to run for president he ducked the question each time sarah put it to him. but he did joke an awful lot about his ambitions, his thoughts about bringing the country together to the political center and he told a joke last night about the difference between democrats and republicans, saying difference between the two parties is that if you put your money on the table, both parties will spend all your money, but republicans will at least feel bad about it he is very frustrated by this white house. he is very frustrated by the political gridlock in washington, d.c. he has talked about running an independent campaign for president at some point. mitt romney was teasing manchin at dinner last night, repeatedly, again and again, about running for president. romney during the course of the dinner last night sort of mockingly introduced joe manchin as the next candidate for president of the united states so this is sort of an open secret, something that they josh

about behind the scenes. we will see now in the wake of this announcement whether joe manchin intends to actually do that or this is the beginning of his long retirement. >> fascinating thank you so much. eamon javers reporting. technical support, looking at the movers of the day here to chart those names, jay woods. thank you for being in studio. with the telestrator once again. take us through disney here. up 7% today after a pete on earnings and subscriber growth for disney+ and now the actors strike coming to an end. reached a tentative deal with studios. is there more upside for this disney chart >> let's talk about disney what i have a three-year chart i wanted to putting it in perspective. there is more upside now, had it get there quickly? no but we have seen what we have just near term if we show you a year chart, i would focus on this double bottom here and what i want to also focus are gaps. back in may in they had a

negative report we had a gap lower here, which is kind of hidden by the thicker moving averages on this chart now what we have is a gap up on earnings gaps are positive. up or down from a technical point of view, they give you levels of interest that you want to pay attention to. what we are looking at now is this long-term down trend. it looks like it's starting to reverse and we are seeing positive price action. as someone wants to get into the trade, used to's gap on the opening as a stop loss because we don't want that to retrace and fill we think it's a good opportunity that is going to run, get pa ac to the gap that we saw in may around this 92 to 95 level above the 200-day moving average and a step in the right direction. the leadership is there. mr. iger didn't come in to just go sideways for a while. i think today is the catalyst. >> to another dow component here, microsoft. all-time high, openai related optimism, artificial

intelligence is there perhaps a pull back or more upside to come? >> once again, we back it out. this is a five-year weekly chart of microsoft microsoft is 7% of the s&p 500 it's one of the big ones them and apple make up 14% of the index. you've got to pay attention to it from a long-term basis on a weekly chart a tech technician's dream. this bottom base cup and saucer handle, if you will, give it the nice term you want, what we had is a heck of a breakout. we had a little fake out here and then now we retested it and broke out above. this level is 350. now i am putting too many lines. makes it look a little ugly. the 350 level here, if microsoft pulls back to a, you probably want to be a buyer of it with the stop in play a little lower, just to protect your losses because risk management is how you look at this from a risk management setup looks like it wants to go higher and a.i., that has been the story, one of the leaders in it, i think it continues to be the story in

2024. >> that's how charts can teach you a little bit about risk management as well now, lastly, bitcoin it's been a real headline grabber this month optimism around the etf approval bitcoin, it's a far way off from the record highs that we saw a few years back. >> disclaimer. we don't trade bitcoin at freedom. i follow it as a technician. you know, to trade bitcoin, you are not trading earnings this gap here wasn't based on earnings but had good news with the spot etf we have seen serious levels when they break above or below, it continues that move. the momentum now is to the upside so what i have drawn is weo cro again. i want to heighten how it looks on the chart we broke above it, we failed to stay above it, and this time we broke above and broke above with some strength. so this breakout now above

35,000, you don't have a lot of resistance there are pockets of, you know, resistance here in the 38,000. but i think this stock, given the momentum, given the news behind it, given thanksgiving, how every relative cops to the table and says what do you think of bitcoin now, the chatter is getting there, the buzz is back, technically you have some room to run i think 44,000 and possibly quickly is where it's going. >> all right jay woods, freedom capital markets bringing sense to the charts thank you very much. appreciate it. kelly, back to you >> thank you. still ahead, skin in the game america's youngest consumers, i didn't know the name of this generation, are taking their skin care seriously, we are y nding about 13-year-olds a whit could be a game changer this holiday season. that's next. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat.

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holiday item for kids this year. pa"paw patrol" no it's skin care for children as young as 7 this generation, generation alpha, or a, is fueling beauty products -- i can't read this with a straight race gabrielle is here with the perfect pair apparently, dom's daughter is part of this please, do tell. >> you're right that you can hardly keep a straight face. when i was interviewing parents, a dad told me he spends $1,000 a

month on his daughter's skin care. >> that's not me, by the way. >> another his daughter is 7 years old. she watched one tiktok video and she wants a skin care routine, she going to sephora it's going to be a big boon for retailers this holiday season. >> what's the cutoff for gen alpha? >> born in 2010 and they are not done yet so 2024 is the cutoff. >> this is our - >> oldest are 13 now. >> i would say that my daughter is not nearly -- first of all, i would not tolerate $1,000 in skin care products my daughter has various shampoos, conditioners, sprays, creams, lip balm s. i didn't know it was from tiktok or uaw so influencers really do matter. >> i wish my skin care regimen had been better in my youth. who benefits >> target, walmart, ulta, all these brands that are selling in

target and walmart they are bringing in a lot of these digitally native smaller brands ones that are specifically catering to gen alpha are cropping up as well. this is going to be -- also in the long term. think about gen alpha will be the largest generation in history with the largest spending power in history. >> thank you i really learned something today. >> thanks for watching "power lunch. "closing bell" starts now. welcome to "closing bell." right here at the new york stock exchange, make or break hour with an historic run for stocks, the s&p the longest winning streak in 19 years more work to do now than a couple hours ago we will track the trade over the final stretch. 4,400 was in sight we have backed away a little bit. we will watch it dosely. your scorecard with 60 minutes to go in regulation. they started couple hours ago right at the time of a disappointing bonduc