♪ (alarm sound) ♪ amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. welcome to "power lunch" on this fine thursday afternoon. alongside kelly evans and dom

chu, joining us for the hour is ceo ron krzyzewski, and we will have a look at the markets. the dow is off of the highs, but off of the lotof the lowest, itf 1,000. and it is a mixed session, kelly, maybe a churn in the markets overall. >> well, it is a six-week win streak is running head long into a six-week win streak, and the interest rates have finally stopped rising. and that is one thing to do it. and now, one thing to stop the stocks is the contract offer from boeing. less people run away that it is a done thing. >> and the estimates from s&p that they could burn through overall cash, and you have to burn through the debt markets or the other markets. and this is huge.

>> most people think it is the inflection point, but it keeps dragging on. >> ron, this is a situation where capital is king, ron >> yes, any time that you need to raise capital in times like this, okay you never want to raise it, from a situation of and so maybe add to coffers. >> and also, one thing that is of interest to many is the officiating of the nba we will hear from the commissioner himself, adam silver. and you were in favor of the robot judges, and laser judges, and why? >> well, wait a minute. you want to get the calls correct, and absolutely correct, and i am from st. louis, and

from 1985, i still talk about don dinger, and one of the greatest umpires of all time who blew the call, and game six, top of the ninth, and talking about it 40 years later, you should get that one right, but i am concerned about the flow of the game, and we are going to be a little bit tighter, and i want to take the human element out, but still, the human element is important. >> and still, the pitch clock, and they have made the game good, the instant replays, and still, the human element, there is something to be said for it. >> judgment, and the flow of the game, and we will have more on that today. and now, the 10-year p

treasury is pulling back, and that is with another fed meeting around the corner, and what is driving them off of the highs is megan, a cnbc contributor, and good to see you. what is this telling us, do you think? >> well, the big story of the past few weeks has been the inand and we have seen that move in yields be resulting of higher yield expectation, and a little bit due to more yields, and that hank real deal should be and creates a good setup for equities in 2025. if you are looking at the

stronger data, we are not buying into the inflauns with inflation accelerating. so better data for the fed to stay more on track with the expectations of the markets to stay on track as we move through the new year. we are sitting here with somebody whose stock is up 50%. >> that is why am and how would you describe this cocktail that has things looking so much brighter than -- >> you mean the financials >> well, from wh where you set, and what has hang the market is 23 times earnings, and the credit spreads are as high as 15 years. >> but can it get any better

it is going to depend upon to stocks, that react to the best chasers and the yield of soft landings needs to have the fed at 3 or 4 and at 4%, to me, if that is normalized the 10-year needs to be closer to 5. that is not supporting a 23 times p.e., so you so be cautious in this market. >> and people are arguing, and i don't know if you have heard, but equities could support 5% and that should not be so much of a headwind. >> well, the economy can support that and whether or not we support to ten-year tenure, and

whether that adds up to the math or not to me -- well w look, we are hitting an all time smile rngts because i more with the question. >> and another thing that is being debated is the story that is driving the longer 10-year or the other side of the narrative that there could be growth on the longer side of the term, and that is why you are starting to see a little bit of the pressure on the long end of the yield curf as the yields absolutely, and this is crit criminal url, and if the yields are driving up the stocks, if you are looking back at the september and that

you are seeing more of it than on the equity market. so i agree with ron that has a lot of and if you do not see it rising on the horizon, and we are actually expecting the fed to cut it more, and from what i heard a few minutes ago, we believe that the fed can get back to the neutral rate of 3% lower, and maybe the fed is looking at and so we were thinking the about 225, and settling and coming out of here in the next 12 months. >> well, ron, go ahead. what were you going to ask >> well, what is bothering me about this is that there is no

premium in 10-year. >> and more now than there was. >> and depend where is the gdp settles and inflation, but it is, the 3.610-year which i just heard, that is optimistic in my view relative to the economic activity, and relative to. >> what i harear is that you ar expecting higher stock yields and more yields? >> i am not seeing the economy weakening, and if anything is going to impact the sentiment, look, the investors are impatient, and the fed is not impatient, and i believe that the fed is going to be cautious. >> sgurmgt. >> and looking agent what who

are going to be the outperformers if we have a constructive market. >> and to clarify, 3.6 is too low on the 10-year, and so you are looking at being more accurately priced going forward. but the opportunities in the market still lie in the consumer facing arguments, and so with sf that we have determined with the consumers exhibiting strength and to the upside even though savings have come down, and seeing the strnlg and also we have a new space to continue to hold out. >> okay. broad epping it out, we appreciate it megan shue. and we go to rick santelli, and taking a little bit of a

breather today, but what would you layer in here? >> well, it is very difficult to ascertain if the yields are moving up and for reasons of a stronger economy. they are to some extent, but i still say that the driving force is what pretty much everybody is hearing, and every commercial, the preelection, and are the candidates talking about serving the death, and all of the issues that are makeing and one of the pieces in the budget that is ultimately more expensive than defense studies. if you are looking at gournlt and -- and at different issues and pmis and manufacturing is under 50, but that is not a shocker, and the other two were bert than expected and all three

sequentially higher. so you can see that afterwards, we almost got and tested yesterday's highs. but we have failed and looking at the next term. i love this chart. after the fed cut the basis points, it is almost as and now, keep your eye on it, because there is a boon on 2 1/2, and there is a basis point of the 10-year, and it is the widest it has been and we have to pay attention to it. i agree with ron on term premia, and it is going to continue to expand, and one thing that has changed with the comps in history, and where you think that the rates ought to be, and the saddle bags of debt that the

with the 10-year rates. >> a couple of weeks to come template all of that. thank you, rick santelli for all of that information. and now, the transport rfrmt and boeing woes continue as we reject the tesla over there, and tesla can't be stopped. we will lay it all down for you after this break. the bond report is brought to you by pimco, a global leader in active fixed income.

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it brings people together in meaningful ways. ♪ ♪ welcome back to "power lunch. we've got several transportation stories today, and phil lebeau is standing by. we start with southwest airlines whose shares are down 6% with that agreement with elliott to

solve a proxy battle. phil, what gives >> i think that people are trying to figure it out. you would imagine that the stock based on the news would be up, because the activists with seats on the board could force it to transition quicker, but that is not the case. and elliott management group, and five of the people they put forth as possible candidates will be joining the southwest board, and that is going to happen next week, and one independent chair, the former cbs of chevron, and also, gary kelly, the former ceo and chief executive is out next friday. you can take a look at the shares of southwest, and we talked to bob jordan and he said, look, i am upbeat to work with the new directors and not just the ones put forward by elliott, but this board has changed dramatically in terms of a year ago, and in terms of the voices that you will hear from

the board, they beat and what is good news is that elliott does not have to go forward with the proxy meeting, and now you have a new board for southwest starting november 1st. >> you want to add anything on that one >> well, it seems that elliott won. i'm a ceo, right if i walk into the next board meeting and i have six new board members, i am doing one of two thing, either packing my bags or listening to the new ideas. and so it might be one of the rumors and sort out the facts thing, and from my perspective as the ceo, you don't change the board completely like this, and then it is business as usual. >> and the ceo keeps his job >> last hour ken squier said that he should not print his business cards just yet.

>> again, sitting in one of the seats, if i had six new board members who did not like me before, i would not be sitting comfortable in my seat. >> but the investors may like it long run even if they are not rewarding the shares today. >> and the next topic today with ken is boeing rejecting the offer today. and so should we expect this to drag on for a while, and what is "a while"? >> well, it is a good question, dom. this is go to continue, i imagine a week or another two weeks, depending how long boeing can put together another agreement. yesterday, it was soundly rejected, and the machinists and most of them in the puget sound area voted no on the agreement, and that is an improvement with 64% compared to what they voted in september, and boeing has a long way to go. just to remind you, this is the

deal on the table that is rejected, 35% raise over four years and a $7,000 signing bonus, and $5,000401(k) deposit, and annual bonus raise of at least 4%. we know that the labor secretary has been in touch with boeing and the machinists, and we will see how soon they can come together and put another proposal on the table to come together with the rank and file? >> has boeing had this much activity over the years? maybe it is constrained by the virtue of the ddue -- duopoly, and maybe if there is a company

that is in need of a overhaul. >> it has been years. >> it has been years. >> it is it is a big company with the national type duopoly. but i don't remember any overhaul. >> not at this point, and they have a new ceo, and maybe he can finally turn a page of all of this, and speaking of turning a page, look at tesla whose shares are soaring after they have new results. and now it is cheaper to make cars that surprises people, and a lot of credibility on what musk said about the revenue or the unit growth of which he said 25 to 30%. >> yep. that is the primary driver, kelly. at the end of the day, even though they want to be valued like a tech company, it is auto sales, and auto deliveries that drive the shares of tesla. looking at the report of the autos and the generation, and energy storage, that is where tesla got the use coming into today. and energy storage will go into

production next year into sale in north america and then around the world. and elon musk said in his call that the sales should be up 20 to 30%, and they are expecting the deliveries to fall, and the street is expecting 1.9, and it was actually 1.8 million, and looking at the shares of tesla, the early consensus is just over a million, but it is 1.9 million, and that is not 20 to 30%, and so that is 10 to 12 million, and so the street is not believing much of what he said about having the best day

in the lottery. and i think that elon's registration lottery just got cheaper. he is having a good day. >> and the worlds come together on that one. thank you, phil lebeau, thank you for that lit cher chur market out today. and with those stocks, what do those trends mean in housing. the market navigators are coming up next. and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. glp-1 drugs used in weight loss treatments are a global blockbuster, even with disliked and inconvenient injections.

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welcome back to "power lunch. a quick check of the markets and off of the worst levels of the session for the dow which is now down 160 points, and near off one half of 1%. and now, some names are getting struck including tesla and others. with the gainers, new stronger home sales data is powering some of the stocks, and what do the numbers mean for the overall sector is it a blip or the start of something sustainable? our next guest is here with some insight there. and joining me now is jim egan the cohead of secureitized

mortgages, and those are tied to some of the mortgages tied to those security ized mortgages, n what does that mean for the housing market overhead? >> thank you. we had home sales rise this morning, and if you step back, there are a few ways to crack the housing market, and lot of the statistics that we look at, but one of the big drivers is affordability, and yes, some volatility in the mortgage rates which have increased a lot in the past three weeks, but taking a wider view from the fourth quarter of last year to today, mortgage points are down 100 basis points, and affordability is improving sht and as you have seen the after fordability impr, we are seeing the applications increase. and so when it is skewed, it is changing the applications. it has bounced along unchanged

for better part of 12 months, but it is not that unusual. and sometime, it will take 9 to 12 months for the period of applications to pick up, and as contrasted with the data yesterday, we are seeing it pick up from existing homes to new home saleses. >> and is there a way for people to read this data and find out if it has been moved higher and in a sustained way even though it has been outperformed i parts of the market rally? >> well, looking at the fundamental statistics and where the building is going, and statistically, treading water, but the first half of september and october, and the applications are showing improvement for the first time since 2021, and it is going to

take nine months to show the volume increases, and the purchase applications may be the first sign of that growth, so from our perspective, we are looking at the first quarter of 2024, right now, that is where we are entering the zone of growth, and we don't believe it is going to be as affordable. it is still more challenged except for 2023, it remains too to see, and like you saw this morning, it should continue to outpace the housing sales, because one of the key buzz words have kept the housing sales low, and you have seen a nuanced supply in home sales. >> and james egan is saying that home buyers can remain

cautiously optimistic. thank you. >> thank you for having me. >> and still to come, the nba commissioner adam silver, and we anll have the key headlines d takeaways when we return. it all started with a small business idea. it's a pillow with a speaker in it! that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast!

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welcome back. plenty of stock moves are on the radar this hour, and so we will do a "power check" and on the front is lam research and higher and beating the revenue and the overall lookout is not as high as asml and sending the lam shares up 4%. over at matell it was mixed, and they are up 3.68%, and whirlpool is up 13.18 as well.

>> and now, metashares are higher half a percent, and wool for woolfort is out with the chips that would be hit with donald trump presidency, and those are estee lauder and deere and american eagle, and stanley black and decker. >> indeed. >> and now, we are a multi media after all, and so joining us is the nba commissioner adam silver, and behind the sports podcast, he asked the commissioner what is behind sports these days, and so could rush be replaced or aided by things like robots and artificial intelligence, and take a listen to this. >> we are hoping through

hawkeye-type technology that we can automate the calls, and so it would be laker ball. quickly play on. and sure it is going to be some animation that is going to quickly show, so it is not a black box, and what the ai is demonstrating, because in hawkeye, sometimes the people watch it, and think it is a video replay, but it is not a video, by it is an ai recreation of the ball hitting, and if we could take that category of the calls and automate them. >> and so the guy who did that interview is alex sherman who is sitting right over there, and he is joining with us the steeples ceo ron crashefski who is sticking around, and now, talking about the video cast, and what you were trying to get out of nba commissioner adam silver with regard to the game >> and excuse me, my voice is sore from talking to adam for so

long, and we talked a lot about the future of the game that was that part of it, and it was sort of like, you know, is parity better than dynasties? how do you fix the salary cap so we can have an intended result or is that something that the commissioner can even do we talked about the media rights deal that the nba had, and he lamented to not being able to come to a deal with warner brothers and discovery to have a 10-year partnership with warner media-discovery, which is ending assuming that the pending litigation, as they are suing the nba to potentially get in there and have a media package deal, and we will see how it bears out, and that is what i thought was very interesting adam silver talked to me about how national politics and the nba mix in trying to keep the politics out of the game, and

especially has we have a -- as we have a look at that, and also sports betting. he is very pro sports betting. >> yes. >> and adam silver is very sports betting, and if you make it legal, it is all out in the open, and from a scandal point of view, it is less scandal, because it is easier to find out the scandals if it is above board than below board in his opinion. >> we were having some controversial discussions earlier about the how exactly is the ai going to work on the calls? every play or just when it is some come trover si? >> -- controversy? >> well, adam silver wants to speed up the game, and so you would have automated calls

similar to how tennis uses it. he mentioned the hawkeye in the bite, and so that the crowd would see some animation, and you would see if the player stepped is on the line, or who did the ball go off of, and sometimes, there is two hands on the ball, and maybe you could come up with an animation that showed that, and you could see the crowd participating and liking it. and from the player perspective, you cannot argue with anybody, and so that even would speed up the game. that the type of the call, and it won't replace officials all of the time. >> and so you are a fan, and do you think that the robotic side of the game is going to have a place? >> well, i am a fan, and who is going to argue with one of the most successful commissioners in the game, and who is going to be stepping out of bounds like in

tennis, and hawkeye, and the calling of a foul? i feel that, like ai, in my business, okay, humans with the ai are going to be doing better, and reps with ai is going to do better, but don't tell me that and to speed up the game, and can you imagine the last 2:00 of the game, and i think that football and automated and the slowdown and i am so sick of the replays and as a fan, i wantless of it. >> and yes, and making it quick, and he said it was hard time to projecting the human hand and that is what would make it difficult to use this technology appropriately. >> it is going to be used in bits and spurts, and figure out where it is most useful, and then maybe expands over time. >> alex sherman, and by the way, this is a great interview. you have to watch the full video cast with nba commissioner.

just go over to nbc.com/vertical. good job, guys. >> let's go to pippa for the latest news updates. a man who is accused of killing a man while out on a jog is asking for a new trial. they are make arguments from a tainted jury to the claim of one juror hit him because he is biased. all three are facing life sentences. the recommended age for pneumonia were previously pushed for children 5 and younger. and now, they are saying that they should get the vaccination. and now, onions are being removed from burgers due to the e. coli outbreak.

and now, yum brands will be removing onions as well from other restaurants. >> we have a special guest here who swung by the studio, and he is showing tus fine countdown and less than two weeks away from the election day, and there is tyler. there he is in the dark. tyler mathison, and 11 days, 9 hours, and 18 minutes and 52 seconds. >> that is the future of our country right there. >> crypto watch is brought to you by grayscale.

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t-mobile's 5g network connects a hundred thousand delta employees so they can make every customer feel like they've arrived before they've left the ground. this is how business goes further with t-mobile for business. welcome back. the election is less than two weeks away, and both candidates have outlined tax strategies that are complex and at times seem worlds apart. for instance, former president trump says he would keep the income tax rate at 37%, and vice

president kamala harris would raise it to nearly 40%. and president trump would let the current tax rates expire, and kamala harris said she would raise it. and so what does that mean and with us is ronald from berman wealth, and sam is still with us, and now, should they let this expire or raise them because of the deficit situation? >> well, this election could go either way, and there is a lot of money to raise or lose. and former president donald trump would like to double down on the tax cuts that he pased in 2017, and the current vice president kamala harris would like to increase taxes both on the wealthy and on corporations. what we are telling the clients is that they have to plan for three possible outcomes. and number one s a full

republican sweep in which the taxes will remain low, and two is divided government, an unless you have to bipartisan agreement, the taxes are going up in 2025 and beginning in 2026, or a democratic sweep where the taxes will increase for the wealthy and the corporations, and you could see a whole host of new taxes including a billionaire's tax. >> and ron, what are you thinking about this? i wonder how much of the deficit constrains the policymaking, and through force whether it is through the markets or last hour, they said that you won't have to worry about the things even in a gop sweep. it has been talked about this earlier in the week with gary cohn that we would have to revert to the 2017 state of affairs. >> it is absent of the republicans, but although, there has to be a compromise, and the democrats don't want to raise taxes the on everyone. but the real question about both

parties that i find interesting is on the fringes and the populous, they are very similar, and they are redistributing the money differently, but nobody is talking about the deficit which is bothering me. nobody even talks about it, and it is not to do this or raise the taxes, and give you $25,000, but it is we will give you this, and both candidates have inflationary policy, and that is what we have to focus on a little bit. >> the markets might be the focusing mechanism, and so it might come into focus, but is it at least being asked sam, do you have a revolt on better deficit or growth in stic stickier and that is going to broaden the base enough to be problematic. >> it is difficult to score that i it'ms that everyday, you can see

it proposed, and in the final print r and according to one estimate by the foundation, that trump's tax cuts could cost $3 trillion over the next decade, whereas harris's plans to increase taxes on the wealthy and corporations could result in 1.5 trillion added in terms of the revenue to the government over a decade. the million and the trillion-dollar question related to trump is the tariffs, and how much tariff revenue could offset the benefits of the associated tax cuts. >> what would you add in the waning days o, and one thing that could happen even in a compromise is estate tax business, and that is what you are in. >> i am. >> and in estate planning, and if they allow the estate planning exemption to expire,

which is cut in half, and it could be done in either snarp owe here, that is the best trade to take advantage of in the market. >> it is 13.7 million. >> yes, it is 13.61 million, and it is going to increase to 13.99 next year, and then it will reverse to prior and so we are telling the krintss to use that, and make gifts to trusts to benefit children, and also spouses which is known as a s.l.a.t. which is a spousal access lifetime trust to make a gift for purposes, and to access it later down the line, the trustee can make a beneficiary to the spouse. >> it is the easiest and simplest trade in the market. >> thank you for saying that. >> and it is an area that we don't usually talk about.

thank you. sam petrusk ix. >> u.p.s. is posting the first revenue and profit gn.ai should you buy it? we will talk about i

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. welcome back time for three-stock lunch we're trading big earnings m movers of the day. ava is the coo and chief investment strategist. first up, ibm, lower after falling short of third quarter estimates. what's the trade there >> it's a hold 12 years ago, the company had $12 billion in revenue and $20 billion in ebit. the revenue has dropped and the earnings before taxes have dropped by two-thirds. the company has had the best year it has had in a very long time, almost doubled in price. but now, the relative valuation is slightly above peers and since its ebitda growth is 100% compared to negative 1%, we have some weakness and that's why it's a hold. >> next up is u.p.s. higher after topping q3

estimates this morning posting a year over year revenue and profit gain for the first time in nearly two years what's the trade there >> this one is a sell. we would recommend for investors to take advantage of the great day they had today, the great appreciation, and take profits off the table. the big advantage this company has had throughout the years is its 5% dividend yield. but we need to realize it has almost 100% dividend payout. that means that almost every penny from its net income is going towards the dividend yield which puts it under risk because now, both sector and the category and the company itself have negative net income growth, which means net income is coming down and now the dividend yield is at risk and then in general, the company has had negative revenue growth and negative ebitda growth it's a sell. >> all right, the final name is newmont mining despite its biggest quarterly profit in nearly five years as

gold prices hover near five years. it's price concerns here, right? >> another sell. in fact, if someone wants to have exposure in gold mining companies we would recommend closing your eyes and almost every other choice in the category probably is better than this it has been consistently among the weakest companies in its category for one, three, five, tep years. in the last three years the gross margin has dropped by 20% from 53% to 35%, and in 12 years, its ebitda margin has dropped significantly. and it's priced about double its category, its peers on an enterprise value to ebitda basis. >> all right a hold and two sells not really optimistic right now on these three names thank you very much. "power lunch" will be back right after this by dermatologists and allergists, that helps heal your skin from within. serious allergic reactions can occur that can be severe. tell your doctor about new or worsening eye problems

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consequential election happening in 12 days' time >> 12 days >> is it that big of a deal or are you in the camp that it doesn't matter >> first, as i said, divided government, the markets like either way, the markets will do fine i think there's a lot of uncertainty in this market, not just about the election but post election and how much litigation, which there could be a lot of controversy that is holding back the capital raising. i will say that companies that are thinking about going public are going to delay >> do you think that's a factor? >> i do. >> why is it so quiet on the ipo front when we had record highs week after week? >> it hasn't been that quiet but it isn't as robust as it can be and we'll transition into a good year in 2025 let me leave you with a thought, one thing for pollsters and i would love to come back to talk about this i'm a math guy the national polls showing trump up by two in the battlegrounds saying they're tied doesn't make sense to me mathematically

>> he should be doing better in the battleground states? >> absolutely or the polls are wrong. >> one quick question before we let you go will the republic stand regardless of who is in the office >> the republic is -- god bless the united states of america no matter who is in office, this is the best country, the best markets, period, end of story. >> you heard it here >> the best golf courses ron, thanks for joining us >> the best hosts on television. >> thanks for watching "power lunch," guys >> "closing bell" starts right now. >> welcome to "closing bell. i'm scott wapner live from post nine at the new york stock exchange we begin with chasing the market as yet another firm bumps its s&p price target we'll ask our experts over the final stretch where stocks are likely to go in the months ahead. in the meantime, the scorecard with 60 minutes to go in regulation looks like that pretty mixed day for the majors. boeing is a drag on the dow today. tesla is lifting the nasdaq and the discretionary space. elsewhere, serviceow