a hot topic this week ahead of president biden meeting with president xi. it occurs with signs that china's lessening its hostility towards u.s. companies, which could stand to benefit from these talks. plus, exxonmobil taking a step towards a clean energy future. they will start making lithium in arkansas, which will be a

major u.s. supplier for that key component of u.s. vehicles. let's get a check of the marketses with the dow up 52 points to be the outperformer. the s&p is down one and the nasdaq is down 18 points. again, we're coming off the best two-week stretch for the s&p with a 7.5% gain. taking some profits today. shares of notice advnordisk hav turned higher. showing positive impact on heart disease and diabetes. they are up a third of a percent and 50% this year. interestingly enough as well, check out the medical device makers today. among the biggest gainers, intuitive surgical up nicely, these were thought to be therea. ed by those drugs, jon. we'll start with the broader market which had investors navigating what mike santoli has called a confusing macro maze. there are things to worry about with bond yields, the fed, the

broader economy. it seems to change day to day. let's bring mike in to guide us through the maze. >> jon, i consider it a maze because we keep running around and across the same levels. the index is reacting to the same feedback loops. we're at 4400 on the s&p. we got here five months ago. we traded at this level every month since. we know why. the economy's been much stronger than expected five months ago. yields have gone up. we had to kind of digest higher for longer fed. that in itself undermines expectations that the economy itself can continue to grow. how do we get out of this? are there any ways we can see past this dynamic? i would say the fact that we've kind of had a modest earnings recession and now 12-month forward earning estimates are walking higher again, that's one box you can check off, at least for now. yes, it's very uneven, yes, mostly the hugest stocks driving that earnings growth. at least the market tends not to get into too much trouble if earnings are positive. disinflation, key part of the

story. it dwenlt would de-faang the fed story and make them done if we had further disinflation. productivity growth, longer term, not quite a specific catalyst. we see glimmers out there that the economy and companies are becoming more productive. more gdp per unit of labor. we'll see if that can continue. >> indeed, mike. stay right there. our next guest is striking a cautious tone on the markets, expecting the s&p to end the year roughly where it is now, at 4400, and hold there through april 2024. but he does see some positive signs, including a resilient consumer. let's bring in barry bannister, chief equity strategist at stiefel. what keeps us out of a worse performance in the s&p in the near term? >> the s&p did pop up a couple hundred points we expected in a note we wrote over a little more than a month ago, at the end of the september correction. we've really not been too

interested in the s&p top line. we think the index itself is peaking out, the mid single digit, high single digit earnings growth into '24. it would be offset by a little bit of multiple compression. the price earnings multiple would come down. so, what we've been emphasizing is more of a cyclical value, prolonged cycle trade and less of a cyclical growth. think about that as long financials, industrials, energy, basic materials, real estate. on the short side on a pair trade, some semiconductor, early cycle cyclicals like nvidia, apple and computer hardware as well as autos like tesla. >> you know, you know better than anyone how much you're sticking your neck out on that kind of a call, barry. for starters it's something people have been expecting for a long time. also there's the risk that the liquidity and momentum trade picks back up with, like we said apple is up 8% this month. what gives you the confidence to

stick with this and make this big call that people will rotate into cyclical value? >> well, moss of those big cap stocks are the reason we did have a rally back from 4200 -- 4150 at the bottom of the correction recently at the end of september to 4400, but i do think the market stalls out here. the economy is sailing along fairly well. we came to the precipice of an unemployment signal of recession, but our leading indicators indicate actually a pullback in unemployment in the next few months. the consumer is still quite well, real goods consumption, tangible goods have been rising above trend, above the ten-year pre-covid trend now for a couple of years. the services have reconverged on their pre-covid trend. that's less volatile gdp. when you think about it, the economy is holding on pretty well. and rates have topped out. inflation is somewhat sticky. that puts you more in that

cyclical value camp where they're oversold. >> mike santoli, in cyclical value barry mentions a couple of areas, real estate and financial services. you have commercial real estate and regional banks under the covers there. there are some people concerned that they might not hold up so well over the next five years. what are you seeing? >> sure. it's pretty tough to have this idea that we're just going to sort of outrun the late cycle shadows that have been hanging over those groups. i think the answer to that, though, is valuation. the market may be in the short term has overshot on the downside in terms of valuation for things like pure banks versus what we might expect them to be able to deliver in the next year or so. it's a tricky one. people complain about the extreme concentration of performance along the mega cap growth stocks, it amounts to saying, what's wrong with this market? money is going towards the highest quality company with all the earnings growth and ignoring

the stuff that looks like it has macro challenges. things can change, though, in that dynamic. you have to look to a year ago when we got a hot group of january economic numbers and people got all excited that the economy of all things might be overheating. so, i'm predicting it, but i'm saying the narratives can change along the way, even if it doesn't get you real escape velocity for the average stock. >> barry, how picky do investors need to get in financial services in real estate to avoid potential problems in commercial and in regional banks? >> well, i mean, usually the most bang for buck is going low quality. chickens get fed and hogs get slaughtered. maybe go with the higher quality banks and the higher quality real estate, not the class b office where it's going to have problems for years. and then if the trend reverses, then you can go down market into the lower quality names.

as mike said correctly, you know, how much is in the price. these stocks are really sold down and the big cap growth is really bought up and it just looks to us like a rearranging of the deck chairs. not a particularly strong market, just a market with different cyclical rotation. >> mike, finally, what would you be watching? we note apparently the 50-day has moved below the 200-day. it's not a death cross because the 50 is still moving. >> that's on the dow. for me it's the s&p 500 and whether, in fact, we can break above this level right here. in terms of the market's own rhythms. you want it to stay clear of 4400 for a little while. more broadly, i'm interested to see how the bond market metabolizes whatever the inflation story is tomorrow. there might be mechanical effects on core. if you get confirmation, people get more sense you have seen peak yields and peak fed.

then you can maybe find a new equilibrium with equity and yields. >> barry bannister and mike santoli. >> the bond market, let's get to it. rick santelli in chicago. how does it look? >> if you look at intraday of two-year note yields, we're coming down. the low yields of the session. when you pair it with friday's the truth peeks out. we've done work above friday's high yields and look at the same dynamic in a longer maturity. an intraday of tens on the lower end of the range. when you pair it with pry, you can see we did a lot of work before friday's high yields. as a matter of fact, if you open the chart up to real story might

be in tomorrow's year-over-year core cpi. we should be very careful to monitor whether it can actually get below 4% or not, which is still double what the fed's inflation rate is. and finally, if you look towards the currencies, the dollar/yen today, that's a range that would include, if we closed above it, a new 33-year high. and do remember, the euro is 57.6% of the dollar index. number two is the yen. but it's only 13.6%, which means you're not getting a lot of positive horsepower of positively long-term move of our currency against the yen. kelly, back to you. >> rick, if i had to kind of

summarize would it be fair to say the better the u.s. dollar does, the less we have to worry that we're really heading into a fiscal crisis? >> you know, i don't think i could be prepared to say that because i think we may be the cleanest shirt in a dirty laundry bag of fx. and it's more of a story about what the weaker currencies are going to do. the strong currency, well, it's a good thing but then again, when we have to pay more for our imports -- less for our imports and the rest of the countries have to pay more, that's a bad thing. >> rick, thank you very much. we appreciate it. on that note, actually, we just got some new numbers from the treasury department on what the government is spending and taking in. emily wilkins with the deficit details. emily? >> we just learned now the amount the government is paying in interest on the national debt jumped last month, $76 billion in october is what was spent according to treasury department

data released this afternoon. this is actually the third biggest line item in what the treasury spent. only social security was spent last month. compare to a year ago. it's 77% higher now than what we were paying for interest at the national debt. another interesting detail in this report is that the deficit for the month of october is actually the lowest it's been in five years comparing all of the octobers. that really isn't a trend. it's more from companies in california who got an extension on paying their taxes due to wildfires in the area earlier this year. certainly interesting in terms of how much more we are paying in interest given some of those rising interest rates. >> also because, emily, we're in the middle of a shutdown fight over spending levels but there doesn't appear to be much of a fight over it. the spending looks set for the time being. >> and that was something that was a lot of disagreement on, a lot of debate about. that was a key part of going

back a couple months with the fiscal cliff and the debt limit. that is what was decided was the spending. at this point it seems like any deviation from that is going to cause a lot of issues and might threaten a bill being able to get passed either with the democrats or republicans. they've kind of locked themselves into that number, it seems, going forward. >> and the higher interest costs are going to be a persistent thing it seems. emily for now, we appreciate it. >> i'm still stuck on that cleanest shirt in a dirty laundry bag. coming up, shares of boeing are higher today on a deal with emirates airlines. also, hopes that china could allow its airlines to start buying the 737 max again. this is just one of the companies that could be impacted by whatever happens in the meeting between president bob and xi. a couple big name stocks hitting 52-week high. walmart at an all-time high ahead of results due out later this week.

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welcome back to "power lunch." president xi coming to the u.s. for a meeting with president

biden. let's get the latest buzz on how the trip is going in china. eunice yoon joining us from china. what can you tell us? >> reporter: well, to give you a sense of the mood here, we're only a couple of days away after singles day, the huge shopping festival, but the top trending topic is consumption downgrade. consumer prices are in deflation, foreign direct investment just turned negative and this is the economic condition as well as the level of consumer confidence that is here as president xi jinping heads to the u.s. he'll be meeting with president biden on wednesday and also interestingly headlining a dinner with u.s. ceos. his pitch will be for americans to continue to invest in china. and then outside of the direct pitch, he's expected to continue to do what his administration has been doing with the biden administration. that is, pushing for an easing

of export controls of sanctions, of tariffs, also looking for some reassurances on taiwan. for the u.s.'s part, the u.s. is expected to increase its hopes -- its efforts, rather, for a greater communication. in fact, the white house's national security adviser, jake sullivan, had said president biden is going to push for direct military-to-military ties. that's something the u.s. wants especially. also on the economic front, secretary janet yellen has come off several days of hours and days of meetings with her chinese counterparts, including the vice premier last week. she has agreed to come here to china next year as part of what she describes as a regular cadence now of contact between the two sides. of course, on the u.s. side, they've been pushing, guys, for

the biden administration and the chinese to have a way to communicate more directly in the case, hopefully not, of a military conflict or potential financial instability. >> eunice, on the ground there, what's your sense of how hot or low the bar is for anything productive getting done here? it seems like there's been so much chatter about the u.s. trying to choke off china's economy. is there the expectation that maybe that isn't true anymore? that xi and his administration are going to get a breakthrough? >> reporter: well, i think when you talk about direct -- hearing directly from the government, it's just increasingly become a black box. it's difficult to know exactly what their expectations are. however, outside and in a lot of chooirn c china circles, the belief is fundamentally china as well as the u.s. don't really look as

though they're willing to make major changes in their policies. and so when you have xi and biden sitting down, the hope is they can make progress on the margins, but because there haven't been any indications that either side is willing to make some big changes, expectations are quite low. >> all right. eunice yoon, thank you. so, can anything significant come out of this high-stakes meeting between president biden and china's president xi? let's ask derek, asia economist at the american enterprise institute. derek, any hopes here for things getting better or the fact they're talking means things might not get worse? >> yeah, i think that it might not get worse is probably the biggest hope.

>> not to take this too far afield, that's really interesting. do you think it could do something to significantly change the arrival of fentanyl in this country? >> well, we know, you know, there's a lot of uncertainty here. we know that fentanyl precursor production is dominated by china. this is global. we know that fentanyl is arriving in the u.s. from mexico and there are links between chinese producers and mexican buyers are those precursors.

if china were motivated to really crack down, which, of course, it is capable of doing in a wide range of areas, crackdowns are kind of a chinese specialty under xi jinping, if it's motivated to crack down on that precursor production, then it would matter. the problem is that china makes agreements with a contingency they don't say, which is unless you're mean to us, unless you're too critical of us. so, if the u.s. is critical of china in 2024 during the election campaign, say, then you won't see that chinese motivation. the potential is there but probably we should expect some sort of agreement to be announced and for it not to work very well. >> that's a great point. let me ask you they said would see as a sign of a big breakthrough. didn't say it was going to happen but if it did, that's re-engagement of military talks that have been suspended since pelosi's visit over there. how likely would that be from the summit or at all in the near future? >> i think that's possible. the whole biden administration

pitch this year, and eunice talked about it and you guys talked about it a second ago, is to try to improve communication between the u.s. and china. now, what they won't say, the biden administration isn't going to say this is their worry that xi jinping is isolated in terms of information. that he's not being told things about the world that he needs to know because basically everyone's afraid of him. you know, he puts people in power and then they disappear a few months later. this has happened repeatedly this year. it's a genuine u.s. concern that we need to try to communicate with xi instead of going to underlings who may or may not tell him what's going on. we communicated that to the chinese. they're at least having this meeting. so, there's a chance that more direct military communications will come out of it. it's certainly a goal of the administration within a broader goal of we need to be able to get to xi jinping himself and not people that we're not sure are going to tell him what's going on. >> derek, how important, even from an economic perspective, is this mideast conflict, this war going on, and these two leaders

talking at this point about, perhaps, improving communication? >> well, i mean, the mideast conflict has a lot of really important dimensions. i don't know that it matters very much for the u.s. it potentially matters more for china because they're much more oil and gas dependent than the u.s. is in terms of imports. right now i don't think they see a major threat but they do see a problem there. i think what they would like is for the u.s. to say, we'll take care of it somehow. they don't want to be directly involved. they want us to do it, us to protect their access to oil. that's their hope. i don't think something like that is going to come out of the summit. that's very difficult cooperation for the two countries. so, i think that, you know, what's going to happen in the middle east, the econ dimension, the economic conditions in china is something they'll have to continue to worry about. >> can you tell us what companies will get a lift here? meta said they might start reselling their headsets -- or selling headsets in china for

the first time. we have boeing with news of possibly getting orders from the chinese. should we expect more of this and any idea where? >> well, i think boeing is an interesting one. i think you could get china liberalizing market access for boeing, maybe starting negotiations. the problem is the chinese are -- making aircraft in china, chinese aircraft. i think there's a little boost for boeing possible. it's hard to see it as a long-term boost because the main event isn't biden/xi it's what china is doing with its own aircraft industry. elsewhere secretary yellen, secretary of the treasury, really would like better u.s./china relations. i don't think the executive order coming out of treasury limiting u.s. investment in china is really going to have any teeth to it. that may open up profit opportunities for u.s. financials in china, which have been very cautious while the executive order's been

formulated. >> maybe financials are a one place to watch then. we'll see. thanks so much for your time. appreciate it, as always. >> thank you. still to come, music to investors' ears. our technician will explain why spotify still has room to run after doubling this year. ea qckpower lunch" after aui brk.

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welcome back to "power lunch." we've been talking about president biden's face-to-face with china's president xi wednesday at the apec summit in san francisco. let's drill down to the tech companies that could be affected. deirdre bosa has more in today's "techcheck." so far just meta. maybe i'm missing some. >> i heard you say that. i was listening to your earlier conversations. there are issues that are very delicate that we probably won't get resolution but tech may provide some hope for incremental and stabilization in a relationship that's been fractioned over the last several years. one area i didn't hear you mention is semis. the biden administration has been trying to cut off high-end chip sales to customers through the export ban. there are signs it hasn't been all that effective. we've seen companies set up jbs,

chip design, running through the cloud, stockpiling. those are some of the ways they've been able to evade those controls. if the biden/xi meeting loosens some controls, semis could be one of them. it could be a tech rebound as a whole because over the last two weeks semis have been leading it. watch nvidia which has the most to gain in the generative a.i. push, happening in both countries. you did mention meta's recent deal with tencent. that came 14 years after meta, then facebook was shut out of the country. president xi could signal china is open to even more foreign businesses after the summit. he's holding a banquet with u.s. executives so could raise the question, could meta just be the start? finally, there's a lot at stake for san francisco itself this week. the chance to rewrite its so-called doom loop narrative and promote the city's tech revival. leading up to this week, the city has had a major makeover. i was just walking by the

embarcadero, the financial district where this bureau it. it is as clean and safe as i have ever seen it. i think the hopes is more domestic that it's going to encourage more businesses to come back to san francisco. >> all right. deirdre bosa, thank you. let's stay out west with julia boorstin with a cnbc news update. julia? >> after former president trump filed a legal -- to be livestreamed, special counsel jack smith is arguing against it. in the filing today, he says the former president wants a carnival atmosphere. he cited other trials in other high-profile cases in support of no cameras. he mentioned the oklahoma city bombing, the boston marathon bombing and 9/11. the supreme court says it is now adopting an ethics code as several justices face criticism over undisclosed travel and gifts. it was posted on the court's website today. online justices signed a statement on ethical principles and practices earlier this year,

but had resisted until now writing a formal code of conduct. and don't try to buy and flip your new cyber truck. tesla has added a clause in the purchase agreement saying buyers can't sell their new vehicle within the first year unless they have specific permission or they may be sued. offenders could also be banned from buying teslas in the future. jon, back over to you. >> thanks. is it your truck or is it not your truck? i mean, come on. we'll see. julia, thanks. ahead on "power lunch," shifting gears. exxonmobil announcing plans to cruise lithium in a bid to become one of the biggest suppliers on the market for ev batteries. plus, systems go down under. why a cyberattack hitting shipping ports in australia could have ripple effects just atupas holiday shopping seon hes . "power lunch" will be right back.

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kevin's now part of this next generation of young people who feel they can thrive. ♪ ♪ exxonmobil intends to keep drilling only this time for lithium. the company announcing it has plans as it aims to continue to be a large supplier for whatever makes your car go.

gas or an electric battery. phil lebeau joining us now with more. phil? >> jon, this is something we've been expecting for a long time, especially with all of the ev battery mrangts that have been announced over the last year and a half being built here in the u.s. it's only a matter of time before tle need more and more lithium, that's processed -- drilled, processed, extracted here in the united states. here's the lithium game plan. exxon announced this morning on sq "squawk box." drilling has begun in southern arkansas, a huge lithium deposit down there with production beginning in 2027. the head of low carbon solutions for exxon says the whole goal here is to build and generate low-cost lithium for evs that need to come down in cost. >> i think what we're seeing over the last few quarters is the importance of affordability. what we're working on here for lithium and having a low and

attractive cost position in the production of lithium can feed into that affordability equation for evs. if it's not affordable, you know, it's not going to grow at the rate that we need it to. >> he's talking about ev sales. they do need to come down in price. evs overall, they need to crack well below 40,000 if they're going to see more adoption of evs. right now they're just 8.7% of the market. yes, hybrids are outselling evs right now. take a look at shares of exxonmobil. again, the production starts in 2027. that is the expectation. remember, in 2025, guys, is when we will have the tesla lithium refinery down in corpus christi. that's supposed to come online. this is the slow but important beginning of lithium extraction and production and processing here in north america. >> phil, exxon has had 100-plus years to perfect oil drilling. what makes them think in a space where -- crowded with investment

right now they're going to have the right formula for lithium right off the bat? >> look, they know the price of lithium is volatile. it's come down dramatically over the past year. it's hard to know where it's going to go. i think they know a thing or two about extraction of resources from underground, from wells. i think they're pretty confident given the size of this deposit and how much they potentially could extract in southern arkansas, i think they believe they've got the right formula. at least that's the plan right now. we'll see how this shakes over over the next couple of years. >> thank you very much. phil lebeau reporting. meanwhile, australian ports are getting back to business after a cyberattack crippled one of the country's largest port operators. we're joined with more. this is global reverberations. >> it most definitely is. dp world australia, which manages 40% of the country's container trade was the target of this cyberattack. it's part of dp world based in

dubai. the attack was discovered friday evening in the company's i.t. system. the system was shut down for two days. this created a backlog of 30,000 containers, which are beginning to work through today. but they say while the operations are resumed, this does not mean the incident has concluded. according to marine traffic, there are six containers in the port of melbourne, the country's largest port. 20 more expected by the end of the month. investigators are still investigating who was responsible for the attack. >> if they're investigating who's responsible, should we conclude this is probably a ransomware attack or no? >> they have had ransomware attacks in other ports this year. dp world is enormous. they actually have a tremendous amount of port connectivity around the world. and when you look at that, a lot of logistics managers are

concerned as to are they going to be able to infiltrate the other ports they manage around the world. >> there should be some concerns that companies operating in other places could be compromised as well? >> you're only as good as your next firewall. they have 60 ports around the world so that is a tremendous footprint, if you will. so, no one knows if it's a localized attack or something far reaching. >> wow. >> literally a lot at stake. thank you. still ahead, hitching a ride on the clean energy band wagon. companies are designing trailers that are not only ev-friendly but also better for the environment. we'll get a clean start on the other side of this quick break.

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wipe that out? diana olick joins us in her continuing series on climate startups. what are they up to now? >> i am not a camper myself, i will admit that. i do know most travel trailers can't propel themselves. the drag on regular vehicles means more gas. with more of us using electric vehicles now, the drag on battery power can actually make it prohibitive. what if there were a trailer that could change all that? >> reporter: the $50 billion travel trailer industry is finally hitching up to the ev ecosystem. legacy companies like winnebago and newcomers like light ship and pebble are not only electrifying their systems but changing the vehicle model itself. california-based startup pebble has invented a self-propelled, self-powered remote control trailer. >> we have a generous ev battery on board. we have integrative solar array over the rooftop of our trailer

travel so you're harnessing the renewable energy from the sun the entire vehicle. you can flip this office down to turn this into a bed. >> reporter: the 25-foot trailer that sleeps four also has its own electric motor so it propels itself, saving on the power needed from the car dragging it. that's a major concern for those using an ev to pull a trailer as batteries can run down quickly. yang, an apple alum who helped build the iphone, says he's using that knowledge to enhance the rv experience. >> we bought an iphone-like experience to our being, we automated hardest part of rv agency such as hitching, towing, setting is up a camp. >> reporter: the user can go to an app to maneuver the trailer on its own. that high tech is a focus for investors who are seeing a generational shift in rv use from baby boomers to millenials. >> this group of consumers are very different from the baby boomers. they are more tech forward. they are tech savvy.

they want better experience. they want better towing experience. >> reporter: pebble is backed by lightspeed and vision plus. total funding so far, $13.6 million. >> and the trailer price starts at $109,000, but potential tax credits could bring that down. the version with the motor starts at $125,000. with the solar and battery backup, it acts as a backup to actually live off the grid in case of disaster. they aim to deliver the first ones next year. back to you guys. >> diana, obscure question here. when you add a lot of electronics to something, it automatically becomes obsolete faster, it seems to me. i wonder if they think this is more likely to be leased or have some upgrade plan versus another type of trailer that has fewer electronics that, you know, five, ten years later it still looks just as new and functions the same as it did when you got it. >> well, they haven't actually delivered them yet.

doesn't start until next year. i imagine there would be upgrades that go along as they have new versions of any electronic equipment, whether it's an iphone or trailer, they'll have version 1, 2, 3, 10, 20. i imagine some people will buy, some could lease. that depends on what kind of investment you want to make and what kind of upgrades they see down the road, so to speak. >> very cool. thank you very much. we appreciate it. our diana olick. coming up, three bullish charts for three companies transforming the world. meecicesndet those nam a g so thnal is support when "power lunch" returns. it's everything we want to be when helping people find a medicare plan during the annual enrollment period. so, say hello to hellomedicare... a one-stop shop for medicare plans... including a range of “all-in-one” medicare advantage plans. learn, compare, even enroll—all in one place. give us a call now. we'll guide you to a plan that fits your needs. at hellomedicare, it all starts with a few simple questions

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welcome back to "power lunch." three bullish charts that she says fits into two themes. here is jessica, director of product, options in play. i feel bad i didn't wear my cranberry today. let's start with spotify. >> absolutely. spotify, first of all, when i'm looking at a trend, and these are all longer term, i look at the 26 and 40-week working averages. we look at the market quarterly. represents 2 3/4.

i want to see prices going up. this is my favorite chart. when i see this pop up, that gives me an indication of a bullish trading cycle. now what happens is it accesses support. that's our support for spotify. 156. down about 26 weekly moving average, which now i'm targeting 182, which is this july 17th high. but once we come through that, then we've got a job to do to overcome this longer-term high, which is around 200 and then 215. what's good here is now i'm seeing a series of high or lows, even though i find some resistance here. as long as that's sustained, i'm very bullish on spotify, especially as it fits in with the gig economy. >> i like it. up next, adobe. >> all right. adobe, this one i'd like to say we mary ai and the gig economy. great a to c as well as b to b. same thing.

26 to 40 weekly averages. adobe has a job to do. adobe needs to get high right here and overcome its initial down trend, which is a beautiful thing to do, which means it's a very strong area of resistance because if you were to purchase adobe at that high around 700, you might be holding out to this point, in which case as soon as we get higher to that point, you may say actually i'm breaking and it's a psychological aspect, so will buyers come in and overcome where that supply? will demand be there? that's the question. still that's a lot of room for movement, but the key is keeping these levels healthy. otherwise when you see these falling, clear downtrend. >> okay. the market taps keep getting bigger. >> they do. >> with the biggest, apple. >> they do. apple is important. i like to call this one the iowa sleeper. they haven't announced it. perhaps it will come in march. we'll see, jon. dipping, we've got the 26-week

moviing average. we're missing 40. i need apple. now you notice the difference charts here. it's already overcome its downtrend from even precovid. they didn't overhire. they've got good management. that's important. but our next-level here is this high that occurred right around 190, 197. if we can break through that, i expect all-time highs for apple and that's very important and something i'm excited to see happen. we need that for a broader market rally. we'll wait to see what happens. >> jessica, thank you. >> thank you. coming up, deep discounts amid falling fares. why it could be a good time to buy an ev or bk a ooflight. we'll discuss that and more when closing time returns after a quick break. the fan experience, but to advance how the game is played. now's the time to see what america's largest 5g network can do for your business.

the show and plenty more to know about. stepping up deals. the average discount in the u.s. hit 10% in october, 11% in the uk. those kinds of sales, jon, were basically unheard of a year ago. >> if you already own one, you have to, i guess, be concerned about the potential resale if you're allowed to resell it. if you got a cyber truck, you may have to hold onto it. >> as we learned. used teslas are upward 20%, 30%,

40%. >> i guess that leaves money left over for things like solar charges. if you get the ev, how much money do you save? >> the real question is what is the sustainable future level of the ev demand and whose level is right? i saw they were out with the all electric volvo f111,000. is there going to be a buyer at that price point? we'll find out. >> i sure hope so. speaking of discounts, airlines have so many seats to fill, you might be able to book a flight for less than 30 bucks right now. airlines scheduled a record 260 million seats on domestic flight. that's if you're willing to travel at off peak times. >> the ev segment has been

struggling and so has the travel. >> a ts the same time you have this trend in what do you call it? premium economy? try to figure out how to get the margins. >> indeed. google is reportedly in talks to invest hundreds of millions of dollars in character.ai. sources tell reuters that investment will deepen an already deepened partnership between the two companies. we had character.ai bring back dead characters to life. it's interesting to watch google look for different partnerships and ways to build out ai while microsoft runs off with a proven business model. >> this is starting to feel like fomo. the number of ai startups. nobody wants open ai to happen

again where just microsoft gets it. >> i think also the larger question is microsoft -- correct me if i'm wrong. are you speaking this week? >> i happen to be. >> did i see that? it seems like they're in the nascent stage of rolling out their co-pilot across enterprise, and so they're showing already that there seems to be a clear monetizable market, their market about to surpass apple. >> learn more in the exchange on wednesday. >> is that at 1:00 p.m.? >> it is. >> that's fantastic. texas a&m is paying $75 million to the coach it just fired. jimbo fisher was fired. the school gave him a 10-year $95 million contract extension and reportedly jimbo is entitled to every single penny even if he accepts a job at another school.

>> why do they keep making these deals? sometimes the big high-profile works out. how often do we read they're fired. not just football but in the industry. you have to pay these people for years. >> i would like a contract like that. >> what are we saying? it's unbelievable. >> thanks for watching "power lun lun lunch.". >> "closing bell" starts right now. you're watching closing belg. tomorrow morning the i report. the stocks looking to continue their late year run as rates remain steady and investors wonder if it's okay to buy in. there's your scorecard with 60 minutes go. a bit of a wait-and-see. dow not doing too much. the nasdaq and s&p modest losers. they're holding steady. mega caps are modestly lower. it takes u