i'm ck this >> well, y. they have about 15 days worth of average volume of share buybacks going on. so this ll last for a while. >> jb? >> victory lap in crowdstrike. i wasn't on get, but the stock went to the upde. >> gd stuff, everybody. "the exchange" inow.ll." thank yovery mh, scott. lcome to "the change." i'kelly evans. he's whas ahead. companiecut sts for recession that so far hasn't come, and our rket gstays ey're out toee the befits of that. he tells us how to position you can see the benefits, too. two more reads on thconser, includg putting your feet up. that stock up morehan 8%. we'll speak to t ceo ahead. and it was must-see tv. what elon said about twitter, tesla, and open ai at deal book

yesterday that has everyone ill abuztoday. we'll bring you the headlines. dom chu has the numbers. it's a mixed bag today. >> it is a mixed bag for sure. we're capping off what cld be one of theest months for the stock market in years at this if you take a look at the industrials are up 252oints, three quarrs of 1% tthe upde. 35,68 is. i'll get morinto why that is happening. 's one stock driving a lot of the gains. and his of the session, up nine points, down 12 at the low. so tilting toward the lower end of that trading range. the nasdaq off 2/3 of 1%, 95 points to the downside. 14,163 the last trade there. now, oil prices are a key focus today. we have been swinging between solid gains earlier today on expectations about the opec plus meeting that was happening about whether some of these countries were going to extend production

cuts into next year. we have some interesting headlines coming up. i know you'll have much more coming up. but for right now, crude prices solidly higher today, are now down 2%, $76.48. as you can see here, kind of capped for the time being at that 200-day moving average. keep an eye on that oil trade, especially the longer term trend lines. the stock of the day, i mentioned it with the day. salesforce is up about 6.5%, 15 points to upside, $245 and change a share. it's adding roughly 100 points to the dow just by itself after the database software, with better than expected quarterly results and a quarterly forecast that topped estimates underpinning kind of that stronger service demand and cloud demand, as well as cost cuts. so salesforce, up 6.5% off session highs. a dow mponent, a blue chip these days. back over to you. >> dom, thank you very much.

let's turn you to the economy where new numbers today bolster the view the fed is done with rate hikes. the fed's key inflation gauge rose 3.5% year on year. the headline was up just 3%. we have a surge in continuing jobless claims, pointing to cooling on the labor front. my next guest says inflation and recession risks remain elevated. jay, welcome. i hope i have suarized your views correctly. >>ell, kelly, i st belie igger and guess thatarofur , you ow, sll liky out ti, ere. the inflaon rate comes down and the fed reins on hold, which i think most of us feel that's going to happen for quite some time, the real interest rate, which is that nominal rate less inflation is going to drift higher going forward.

that's what really matters to real economic growth at the end of the day. so what you are going to get in the coming months is we'll call passive tightening of monetary policy, as that real interest rate drips higher. >> that said, w much lower do you ink the inflation rate is going to g because th passive tightening, it's a fact but 're taing a arter int here, half point there. how big of an impact do you >> well, so right now if y the yearf-yearate of the , corece re nflati, that's what we look at. that's at 3.5% right now. we can see that by the early part of next year going down to 3% on a year-over-year basis. the st three months, if you annualize the change, it's 2.4%, so that tells us tt year-over-year rate is going to continue to come down. so the question is, at what point does the fed start to ease rates? i don't think we're out of the woods yet in terms of the fed

>> ihink it was hn wilams who ised t ideof the thiso theyon'tassive se manyf themalk out itheard sense. that sothing ey wou act on? what is the forecast at this point for the fit cut? elly, r fit cuiset's callt e jueetingf xt ye. ming iuncertain at this point,ut tnk it's a lile bit later ther tn soer. u're rht, don't ink there'a consensus there to start to think about cutting rates at this point. but part oour view that the fed starts to cut next year, and we do have an out of consensus view how much they do cut, is predicated on the fact that you get a real softening in economic activity if not a downturn in the middle part of next year. if you don't get that down turn, the fed doesn't cut near as much, but they will need to keep an eye on that real fed funds rate as we move forward, a the

passive tightening that at implies for the economy. >>o to m you snd le you e on the me cautious se of the onomy, on the dovishide of inflati, is that righ or is there a risk that inflation proves stickier than expected? >> i think that's right. i would characterize it the same way. i'm a little more cautious about real economic activity in the coming months and optimistic more than the market in terms of the inflation rate. you look at the dynamics in inflation and some of the underlying components of inflation over the last few months, it's all, in our view, pretty good developments. it's just that the question is, how proactive is the fed going to be? and it seems at this point, they're still kind of dragging their heels and saying the batt over ination is n w quite yet. it's still way too early to ease. >> final question then, which camp are you in? even if we acknowledge the slowdown, are yomoren the soft landing camp or the harder one? >> so that depends on your

definition of those things. >> true. >> if a hard landing is, you have two quarters or so of negative gdp growth and you have some decline in employment, then we're still in that camp. that said, what i would acknowledge is if we do have a downturn, you know, next year, i wouldn't expect it to be very deep at all. because the underlying fundamentals of the economy at this point generally are still pretty good. it's not like things are real leveraged out there. so if we do have a downturn, it would be relatively modest. >> jay, we'll leave it there. thanks for your time. >> thank you. is meantime, crude is moving significantly lower this afternoon after opec wrapped up its postponed virtual meeting. let's get to brian sullivan at e new york stock exchange. what are the headlines and why the intraday reversal that dom mentioned? opec.ere's a lot going on with i was out of the building, i thought the meeting, nothing happened. i took off my makeup. here you go, kelly.

ere is nofficial cut or extension of the existing cuts. there was a report in the journal earlier today that there was going to be a million barrel cut. oil moved higher by a couple percent. then we started to realize as we went on that maybe we -- stuff is leang out of the virtual meeting, the price of oil turned down. officially opec ended its opec plus meeting with no change in the currt output suation, minus some small tweaks to nigeria, congo, and angola. we leave. then, individual nations, just a few minutes ago, staed coming out and saying they were going to do voluntary cuts. the biggest headline, saudi arabia extending its 1 million barrel per day cut uil the end of the first quart eer of next year.

they're extending it by three months. russia, of course, with saudi arabia, has been making more cuts. they are going to cut their crude exports, not productn, but exports by 300,000arrels a day. then some other nations, iraq, 220,000 barrel a day cut. uae, kuwait, and some other nations, all in, maybe close to about a million barrels per day. but i want to be clear, kelly, this is not the official opec communique. this is voluntary, meani it may not occur, cuts from some of the opec plus member nations, either the market doesn't believe it or wants to see the official, whh is why we are seeing oil fall. i hope i made that make some sense. >> i guess the only question left, brian, is could we yet be surprised again? en i checked, it was down 2.5% and now it's come back some. >> it's opec. the only thing thawould be surprising if there were no

surprises. so, again, the official opec communique ended without a change in macro ouut, minus, again, some small tweaks so nigeria, angola and congo. the biggest headline outsi of production, output and everhing else that came out of the meeting, and this is a bigger headline than it's geing attention for, is that bril will now join the opec coalition beginning in january. >> hmm. >> brazil, which a lot of people don't think of brazil as an oil have to.use, but i think they a couple years ago, brazil was pumping out about 2.9 million barrels per day. that's a lot now, they're right around 3.5 million barrels per y. and opec estimates they uld do 3.7. you factor in the additional barrels from guyana, and

non-opec production, including america, is the reason opec continues to cut. t now brazil is joining that alliance. i think that's a big deal for opec, and probably a big loss for the u.s., i think, or the western hemisphere. >> i was thinking the same thing. if they're doing so, it's to support the price in t future. >> correct. >> and casting a bigger shadow. brian, thank you no one could have wrapped that up quite t same. >> i'm not even sure what i said. kelly, thank you. see you at:00 p.m. meantime, you hearsteve liesman talking earlier this week about the idea of the presession. did companies cut back to prepare for a downturn and help to stave it off? my next guest sayses, and firms will start to reap the benefits of getting lean in 2024, calling it the year to exhale. joining me is john augusti

from huntington private bank. it sounds so nice. >> hope it works. >> what would make it work or not work? >> central banks stay on the sidelines, that makes it work. and then other markets are range bound. we're already seeing that a little bit in stocks, bonds, and crude oil. so range bound, hale. and think as people look at the markets today and they go, we got the dow up 0.7, crude is down but bond yields up, is that just trading activity or how do we read this? >> could be, or just range bound activity. we still think there's a positive tilt to markets. it will get tested again december 13th, fed update. but for now, positive tilt to markets, we would say. >> a lot of people say the reason s&p november gained, one of the best in history.

it has ripped. is that the flipside of falling bond yields is that sustainable even if bond yields stop falling? >> partially. there are two new players that helped drive stocks in november. reits and finaials. they were the two new sectors that helped drive along with the magnificent seven that's been talked about. moving into january, now is the recession -- talked about at the is the profits in the s&p 500 r? over? we think it is. we think profits accelere here. we're a little below conseus. t profs ould be heed up. so it's an terestg dide weere jupeakinwith j bryson. he's cautious on the economyso he acknowledges that profits expeed but expects them to slow down again. whether they will or won't depends on your view of the >> it's going to be a very interesting summer nexyear.

do central banks pivot? does the economy pivot? next summer when it seats up again, it will get interesting in our view. for now, hold on to what you have. be patient. >> you mentioned financials, whichas been kind of a pariah since mah. there have been times ey rebounded, but lgely speing, the sector has bn a problem for the ssell 2,000 and so forth. have we rned a corner? >> is the expectation is, and our uity team thinks the same, that the u-curve rights itself second half next year. if that expectation holds, financials are going to continue to do well. stock market is looking to add to that. so that to us, interest rates are going to be a big ll on th yieldurve. >> do you feel uncomfortable saying the yield curve goes back into positive territory, even though that's never happened before? and we have been able to skirt a down turn? >> it depends on how it works

and what comes down. is it short rates that come down, long rates that go up? short rates coming down is what is favored in markets. that's the expectation right now, or the consensus so next years gog to get more interesting when the weather heats up. >> if the long end starts to go up, it's a tougher one. >> as we found out this summer, that's a tougher one for markets to take. >> any stocks in particular that you think are yreally attractiv this year? >> energy, which we just heard from brian, it's tough to call. it's all over the place. have some representation in energy. i like the cash flow. and they have the lowest earnings estimate view for next year, which they probably won't be that bad. so that's the best case there. second, we want to have a defense company, so we have some

defense companies because of the replenishment of weapons. third thing is financials. people look at their balance sheets and move out of cash, which is going on now. at huntington, thas wh we're inkingbout ming forward. >> when you say people are moving out of cash, you mean what by that? >> that's one of the sectors we like. >> because people are going to move their deposits out of cash? >> deposits out of cash. they're moving into stocks and bonds. >> so that favors the financials in two different ways? >> financials have been beaten down and financials have high yields. so they have all the characteristics in their favor. >> you guys are generally single stock? >> single stock, you know, we work with our financial advisers on a lot of funds and our weth strategy, and is the middle

loof indidual stks and bodies. >> had to ask inharlie munger's honor. >> thanks for having me. coming up, witcybermonda outping blk friday in tes of sale, how are rail reits navigatinghe seaso plus, omlamming sam to waing ab, evyone is muskaid at yesteay's summit. we'll bring you the hilights anthe fallout from companies ranging fr microsoft to tea. as we go to eak, the averages are on track to sn a three-month losing streak. the nasdaq is up 1. best month since the summer of last year. the dow, helped by salesforce its highesleveof 2023 with an 8% gain for november. back after this.

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welcome back to "the exchange." the clear winner of the holiday shopping season so far, online sales, which surged on both black friday and cyber monday. but mall traffic was also still strong, although spending in stores was down in real terms. and luxury spending has been surprisingly weak. my next guest has a front row seat to all of this and how it's

shaking out formals and retailers thisear. i'm joined by nate forbes. nate, great to have you back. welcome. >> thanks for having me back. >> i wonder if tast time we lked was still in the midst of the pandemic. nice to see the office behind you. >> i think it was in the midst of the pandemic. but we're back in full force and trying to stay ahead of the curb. >> what is the curb? phone, but we still like goi to the mall and havinghe shopping eerience. and what is going on with the luxury sector? >> there's a lot of things in play. the trafc over the holiday weekend, the thasgiving black friday weekend was really slow. led by gen-zers, who have been out in force thipast weekend. a lot of the brands they kw and love are doing very bercrom

great weekend. those that appeal tohe gen-zers have been really strong in terms of atracking those customers. what we're finding is that both online brick and mortar, online purchases and brick and mortar social experiences are working together. we're ally showing great velocity in terms of business, tripto the shopping center, and r leasing efforts to keep these properties fully occupied. >> i was really struck. in order for me to get the pulse of gen-z, i have to subscribe to n news letters, because that's how old i am getting. but you see the influencers showing up with what they got at old navy. this is what it was like 20 years ago. >> that's right. >> it's the same as it ever was. in real terms, in-store black friday spending, nominal in-store was up 1.. and the nominal figure is almost unchanged from where we were from about a decade ago.

i'm sort of confused. the traffic is there, but i don't know if it's discounting, i don't know if people just aren't maybe pulling the trigger on purchases or if there's something to read on the consumer. >> what's hard to measure is that halo effect that the brick and mortar stores mean to the retailers. if you have a brick and mortar store in one of our retail shopping centers, you make a trip to the mall. you may not buy on that trip, but you'll go home or on your mobile device during that shopping trip and purchase from that retailer online or through your mobile device. so the halo effect of what that visit to brick and mortar means to the retailer is very, very strong. so in total terms, we may not see big increases. retailers are seeing increases, because that halo effect that they have by having a presence in brick and mortar, is very strong. >> so you guys are always spending and investing, always trying to stay, as we learned from being in this space, you

have to be the best mall or you're very quickly going to be marginalized. what are you investing in, in terms of 2024, 2025 even? >> we're looking at one of a kind concepts. we have a unique retail offering in all of these markets. so 45% of our stores in troy, michigan, are the only stores in the state of michigan. orlando is the same way at mall of millenia. almost 50% of the stores, are the only full-priced stores in the orlando msa. so we're focused on unique to market, first to market, best in class reta oering all categoes. >> ithere truth to t ia that middle class is in a way outperforming luxury space right now? >> you know what? this has been a long conversation that we have been having over the last several months. we aretill seeing a luxury shopper show up, maybe with not the same level of veracity of buying and purchasing. but they're still interested

sksand showing up and investing in pieces thacan stand the test of time and have timels designs that they'll wear for many years to come. so it's not gone away, just taken a pause. but there's still a penchant for bett merchdise f the scale consumers. >> nate, thanks for your time today. appreciate it. ming up, a bing freeze is to be expected when mortgage ras surge over 8%. worse than during the financl crisis. wel bring you the shocking numbers and what they mean for builders and lenders ahead. and here is a look at november's number one name in the s&p. i couldn't guess it. if you think you know it, it up 42% this month. tweet me and we'll reveal it tweet me and we'll reveal it after the brea a bottle of don julio, 1942, delivered. delivered th drizly. gifting without the guessing.

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it felt like i could take on the whole world. welcome back to "the exchange." markets are mixed right now. the dow higher by 2507 points, helped by salesforce and united health and the s&p is down ten. the nasdaq is down 0.8% today. the mystery chart we showed you before the break, the medical device maker is up more than 40% in four weeks after starting the month near the lowest level since the pandemic. you might recall saying it was a buy on this show in early october. shares are still down 35% since jan is, as the weight loss drug boom has taken that market by storm. what else is leading the s&p's strong month? expedia, up 4 1%.

data dog and bdd are duking it out with their gains. crowdstrike up 33%. and the fight for number one on the dow is closer, with salesforce and boeing neck and neck, 23% gains. intel, as well. all three of these names having get's get to tyler mathisen now for a cn news update >> kelly, thank you very much. the billionae harl crow and leonard leo will be summoned to testify in aupreme court ethicsrobe 11 democrats on the committee approved subpoenas for them today. even as republican committee members walked out of the room during the vote. the supreme court adopted a new code of conduct after reports came out earlier this year, claiming that justice clarence thomas accepted trips and gifts from crow. and justice samuel alito took a fishing trip organized by leo. dallas police issued a warrant today for bills player vaughn miller.

according to police, an investigation determined that the former super bowl mvp assaulted a pregnant woman during a fight wednesday morning. police say miller was gone by the time officers arrived, and the victim was treated for minor injuries at the scene. the state of maine is offering to cover college tuition and fees at its seven state schools for victims of last moment's shooting in lewiston that left 18 people dead. families of those killed are also eligible. the state says as many as 80 people could be eligible f is tuition relief. kelly, back to you. >> tyler, thank you. i'll see you soon, tyler mathisen. coming up, elon musk department hold back at yesterday's summit with andrew. his controversial message to advertisers on x that is getting the most attention. but he touched on tesla as well and open ai, where he was an early investor >> openai was started and meant

to be opened source. i named it openai after open soce. it is, in fact, closed sourc it should be renam super closed source for maximum profit ai. [ laughter ] >> super close -- any way, we'll run througall the highlights, next here on "the exchange." stay with us.

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welcome back. elon musk giving a broad and candid interview with andrew ross sorkin yesterday, breaking news and maybe fcc rules as he dropped f-bombs and discussed everything from the advertiser exodus from x to the tesla cyber truck, which starts getting delivered today. talked about ai, of course. let's dig into his comments. openai is not his company, but he co-founded it. phil lebeau will look at tesla's fallout and julia is here on what is next for x. steve, here is what musk had to say about e drama between sam atman and the board. >> i think he has a strong moral compass. you know, he reay sweats of

questions of what is right. and if he felt strongly enough to want to, yoknow, fire sam, well, i think the world should know what s that reason? >> have you talked to him? >> i reached out, but he doesn't want to talk to anyone. >> have you talked to other people about the scenes as this is all happening? >> i talked to a lot of people. nobody -- i've not found anyone who knows why. have you? >> i think we're all still trying to find out. >> i mean, look, one of two things. either it was a serious thing and we should know what it is, or it was not a serious thing, and the board should resign. >> those are two pretty powerful options there. the opai board also had me more updates today, steve. what are those? >> this was kind of, kelly, last night solidifying all the changes and back and forth that

we have witnessed over the last 10 or 12 days, basically formally putting sam altman back as ceo. formally establishing these ne bod membs with lry summers and brett taylor, the former co-ceo of salesforce. but the most interesting part of this announcement was microsoft not getting a voting board seat, but a non-voting board observer. that could change, because they're still doing an investigation into what happened with the firing of sam atman. unclear why they needed to do an investigation when there are four people who know what went down. but that's what they say they're going to do. and more governance changes coming. i'll point back to ceo of microsoft who was on air last week, after all this happened. when he came on the air, walking back whether or not altman would be a microsoft employee, and saying he wanted governance

changes. it's very clear the role of that he played during the negotiations over that crazy weekend when everyone was trying to figure out what was going on with openai. they still have no -- they meaning microsoft -- still have no real power over what this company's future is. they could observe, maybe that is a good thing. but as far as making decisions, theye still at the whims of this funky structure that the openai still operates under, kelly. >> i think is intereinho the convertion so qukly around the openai debacle was almost kind of this knee jerk defensive stand, whereas elon musk, who knows the sam situation, knows the company almost better than anyone from its early founding, has gone out there and kind of taken a different tone and almost given his initial kind of vote of confidence to ilya, and that's not something that we have really heard a lot about in recent weeks >> yeah, and i'm not sup convinced musk knows.

he even admitted he doesn't really know what's going on. he hasn't been involved in openai in several years now. this whole -- every time he comments on openai, it's very sour grapes. he used to be part of the hottest technology startup on the planet. instead, he went out and bought twitter. we know how that's going. it's hard to take what he says seriously, because he doesn't know what's going on behind closed doors. yeshg ye yes, ilya is a very important part of the company, so it sounds like he's not out of the company, but keep in mind, this is one of the board members who voted to fire sam altman, but at the same time, came out on xfx a day later saying he regretted that decision. >> if we got more of the full story, it would be easier to know what went on here. steve, thank you. less than a week away meantime from cnbc's work summit, the promise and peril of ai.

hear fromexperts how it will transform the future of work. scan that qr code on screen. musk addressed tesla and its place at the top of the ev market. took a moment to toot his horn, as well. >> we focus on making the best and tesla s gotten to where it's got within no advertising at all. >> i understand that. >> tesla sells twice as much electric cars in the united states combined. tesla has done more to help the environment than all of the companies combined. it would be fair to say, therefore as a leader, i've done more f the envirmenthan any sing human on earth. phil, he has a point. >> he does have a valid point. body is denying the fact that elon musk will go down in history as the person who made

electric vehles more than just a niche. th were around before tesla, but nobody took them serious. they were very, very small number of vehicles is. it truly was a very niche idea he made it main stream. he made tesla into a main stream automaker. so he deserves to get the credit that he believes he should get there. is he more influential in terms of environmental policy or has done more for the environment than anybody else ever? i don't know. i'll leave that up for other people to make that decision. but deserves credit for taking tesla from, it's kind of interesting to make electric vehies into being a main stream company, and clearly they >> i'm just thinking about the dan ives of the wod who ar done, bullh t proects e x or his comments the that

musk can somimes be. how do we sqre that with what is also, you know, mating market for evs? tesla hasn't had a lot of dels, so the cyber tru rollout is significant, kind of get that buzz back. >> well, two things. first of all, this concern that x hurt sales for tesla, you can take it either way, kelly. i heard people say -- i had a friend who messaged me yesterday saying, love what he had to say about bob iger. can't wait to see the cyber truck. there are asany people who say that as there are people who s i don't like how he comments on different thin. so it goes both ways in regards to good or bad with x influence on tesla. whether or not the cyber truck can inflnce sales, this is a niche product. this ia product that will be slowly ramping in production of the nextouple of years. they're only deliverg ten today. this is not going to move the needle near term.

could it move the needle in 2025? yes, if it takes off and production ramps up, but we're a long ways from 2025. one last thing it could do, there's this halo effect. could it bring people into a tesla gallery in southern calirnia because they see the cyber truck going down the street? yeah, that's possible. you always want to have some buzz in the auto industry, and fr frankly, tesla hasn't had buzz. it's been a steady march in terms of if you want an ev, it's them and everyone else. >> i think it will be interesting this that regardo see if they can reignite that excitement. phil, thank you for now. we appreciate it. what's grabbing the most attention from yesterday's interview? advertisers.k's comments about take a listen. >> you don't want them to advertise? >> no. >> what do you mean? >> if somebody is going try

to blackmail me with advertising, go [ bleep ] yourself. >> but -- >> go [ bleep ] yourself! ishat clear? hope it is. hey, bob. he's here in the audience. >> let me ask you, then -- >> that's how i feel. about advertising. >> you can hear the chuckles from the audience, the gasps. i n't imagine the reaction, as shs hired for her advertising expertis but he keeps saying this is how i'm going and whatever the results may be. >> yeah. i mean, look, he didn't exactly wo to reassure advertisers th their contempt would be safe. he said we're a free and open platform. and lynndie, she backed him up. she posted on x, describing his interview as wide ranging and

cap d. and he said, wherever the platform allows, we'll make our own decisions and here is my perspective. x standing at the intersection of free speech and main street. but x is an ad supported platform. yes, they have a new subscription service and trying to grow the subscription dollars. bufor now, it's run based on the fact that it's advertising that is the basic business model here. and elon musk is saying that he understands that it may not contin to generate ad revenue. so just worth pointing out that until october, sensor tower estimates that as revenue was down about 55% from last year. and then in november, there were all these other controversies and these advertisers that decided to pause advertising, includg not just disney but big brands such as apple is. according to sensor tower, apple was the fourth largest advertiser on x through october. so we're talking abo

meaninul advertisers say thing is not what i want to be associated with. >> in a weird way, he might be trying to court them back by saying, you know, if you are attracted to the platform it or leave it and trying to ke entice them back that way. it's a pretty high stakes gamble to be running, not least giving what he paid for the platform. julia, we appreciate it. > coming up, pending home sales falling the lowest level ever last month. we'll dig into the data. "the exchange" is back in 002: with the dowp 269. move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well.

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welcome back. further gns of a slowdown the housinmarketpendinhome sas dropped a record low. october's reading was lower than e great fincial crisis dia has e details. >> it wabetter than the stet expect, t peing home sales droppe1.5% in october the lowest level sense this index from the realtors started

01, which of course was well before the financial crisis. sales down 8.5% from oktof last year. this measured signed contracts, so is an indicator of closed sales one to two months from now, and it's the most recent look at housing. it represents people out shopping in october, which is en rates shot higher, going over 8% on the 30-year fixed. rates have pulled back to 7.3%, high rates but still very low supply of homes for sale. can't say that enough. pending home sales fl everywhere in the nation except they fell most steeply in the sales were down everywhere compared with a yeargo. the realtors noted that saleof homes priced above $75000 have been increasing, simply because there's more supy onhe high end of the market. i wod note one thing that like during the financial crisis, sales of newly built

homes are still hoing up. you may remember they d not back then. >> so it's not evewhere. diana, we preciate it. check out the mortgage lendor home depot eking out a gain today and shares of rocket are down 2%. november has been a strong month for these been a strong month. united wholesale mortgage up 66%. rocket sres up about half of that, 33%. loan depot up 13 all three are higher year to date as well. just some pretty signifint moves the. still to come, shares of lazy boy hire on stronger than pected earnings but management issuing a warning in their forward guidance. we'll talk to the ceo in an exclusive interview, next. la-z-

> welce backo he exange." shes of la-boy are higr today ter the company reported boosd their didendy 10%.s and joining me now to discuss is la-z-boy ceo melinda whittington. that's t second time -- it's an easy last name. melinda, welcomeack and thank you for joining us again. >> thanks for having me, kelly. no problem. >> what were some of the highlights? >> you kno strong execution.

the ct of the matter is, y know, the consumer is challenged for furniture and that has been the case for a while now. but our brand is standing strong. our execution in store was strong. our nufacturing has, you know, regainedomentum post-pandemic, and so i think we continue to ouexecute in a challenging enronment. >> this is a really interesting case study. peop over at piper sandler categories wre we've seen price deflion, furniturene of them, to the range of 13%. but we have ways to go to be back to end. i think your own sales in q2 re down 16% year on year. look at the stock. so talk to us about what is outright deflationary trend. or how, when you say strong execution, what does that mean? sure. well maybe a couple things. fit of all, our livered sales being down year on year, are really around recovery last

year from a very large backlog because of the pandemic disruption. last year out of like $2.3 billion in sales, 300 of that was delivering backlog on a six to nine-month backlog from the previous year. when i look at what our consumer is doing, particularly in our stores, our consumer and new writ been business is flatish, even slightly up year to date. that's an important piece. as far as pricin we're pretty stable on pricing. thindustry, which has been reticent to price in the past, went up over the course of the pandemic 30 to even 35, 40%. for us it was about 30% overall, and a good two-thirds of that hahelped. we watch it everday and we've sharpened some opening price points and continue to do that, but pricing isn't so much of a factor. the year on year delivered is about just last year catching up on backlog. our consumer, furniture consumer

trends, are pretty tough right now. our consumer, particularly in our own retail where we can really own that entire experience, are holding up with a lot of good work. we continue to believe we're really investing in our ture and strengthening our capabilities for the long term because eventually there's housing short ablg in this countr eventually the trends will turn positive for us and we'll get a little bit of a tailwind on top of the strong execution in strategic investments we've been ming. >> your shares are up 51% year to date which is string when in a dom nall environment. when do you expect to turn a corner on that front? >> the furniture industry has been challged for probably over a year. we were just talking about rates just a few minutes ago, those are definitely headwinds for the furniture industry. what we're doingwe believe in the power of our brand,

definitely stands strong. are investing into that. we just in august launched our most consumer data basn,he caaign in our hiory. we're workg on having the messaging, and then the right consum experience in our stores or wherever you're shopping for la-z-boy furniture. executing there and investing in the company for e future. it's anybody's guess whethat consumer is going to turn, but evenally we know, again, there's a shortage of housing and that tailwind will come as well. we look forward to that day. >> i can only imagine. you know, again, there will be case studies written about the pandemic years and how to get through them and i think you are right there at the forefront of how to do that. melinda, thanks for your time today. >> good to be back. >> melinda whittington of la-z-boy. and that does it for "the exchange." up next, on "power lunch," we're explorg another consumer angle in our addition of the econ it's the dollar stores.

tyler is getting ready for that. i'll join him on the other side of thibreak.

welcome to "power lunch." alongside kelly evans i'm tyler mathisen. elon musk unplugged and uncensored. a big interview yesterday. we're going to look beyond the expletives and discuss what he said about tesla and we're just about an hour away from the company's event to mark the first deliveries of its so-called cyber truck. plus, it's been a november to remember for stocks. the dow up 8%, and that is the laggard. can these gains continue into december? they are continuing this afternoon with the dow up 306 points right now. that's 0.8%. the s&p is down about 7 points. here are the numbers for the month of november. salesforce, a big reason the dow is outperforming today, adding more than 100 in t