that's right for you. the call is free. and there's no obligation. you know medicare won't cover all your medical costs. so, call now and see why a medicare supplement plan from a company like humana just might be the answer. welcome to "power lunch." welcome, steve. there's a lot of news to digest.

we had the presidential election on tuesday, a clear victory for president trump. no major controversy. that led to a huge rally on wednesday of 1500 points, everything at record highs. a fed decision yesterday completes the trifecta, following on thehalf-point cut from september. that's what brings us, steve, to today. >> did you bury the lead? >> did i? >> 6,006. >> i like the palindrome aspect? >> i didn't think about that. the dow topping 44,000 for the first time, welcoming two new components, nvidia and sherwin-williams. nasdaq is up almost 6%. the yield on the ten-year note 4.1 -- >> a touch below. >> following yesterday's rate cut. >> 6,000 is bullish, but i think

underpinning that is exactly the discussion we'll have on rates. you get that ten-year falling, you tell me, but that's a very positive development. >> it well could be. i always think, in terms of ranges. i think like, when it hit a low, it came up, and now it was exploring the top here. where is the top of this? we have somebody here that might be talking about this. >> let dow 44k, s&p6. can the gains continue? if so, for how long? we turns to our panel of experts. mark lucchini, and ron ansanaa. >> ron, i sense you may want to pour some cold water on this? >> not for the remainder of the year.

in many ways, maybe a larger package that's current le envies -- visioned. i think next year can be again, this goes back to 2016 in my mind, when you take trump literally, but not seriously. if you take him both, and you're talking about tariffs across the board, and mass deportations, at least attempted, i think from an economies perspective. the inflationary and recessionary implications might be viewed differently if and when that comes to pass. >> right now you're saying the chase is on to the year end. >> the fed will probably cut in december. the tailwinds, the palindrome parallax, which i think may make a great movie for wall street, all the major averages at all-time highs, and broadening out this market, so it's hard to

get bearish right here. >> mark, are we replaying an old movie, or is this an entirely new movie? and what is the plot? >> well, i think part of the newness is the underpinning for why stocks have advanced even so far this year is the fact that the economy is in pretty good shape. we had a bit of a growth scare back in august with a couple punky data points that came through that put investors on their heels, but we've seen the surprise index move up at a 45-degree angle, which has dragged ten-year treasuries along with it, but at the same time, a boon for stock prices. what ron stalked about, in terms of some of the policy issues, that at least are expected to be forthcoming under president trump 2.0 in the white house, and as a consequence of that, it's certainly a setup for this rally to continue into year end, perhaps not necessarily linearly

happening, but nonetheless, this is a strong set up seasonally, and while this historically suggests this is also a very healthy period of time for risk assets, i think that can carry into 2025. so much of that will depend on the sequencing. >> i think the most important number on wall street is not 6,006. i think it's 218. >> absolutely, 100%. >> what is that? >> the total tally in the house. >> what you need to have the house to have control. ron, my question to you, if the republicans get to 218, does that change the stock calculus? >> i think it goes back to the same thing. >> it gives the plenty to do anything and everything he would

like to do. >> it's pretty thin, though -- >> it's 211. i will tell you, in just a nanosecond, there are 24 races outstanding. so the dems need to not quite run the table, but need -- >> i think it's anticipated the republicans will take the house, and they have the senate and now they have the white house. the question is, is everything that the plenty wants to do market friendly? some things are, some things are not. some things are not fed friendly, but we'll talk about that shortly. i think the jury is out. they were talking about a melt up several months ago they're his storily the best too. typically also the fed tightening, which may or may not be the case. there's so much up in the air,

i'm comfortable talking about the next 45 days. >> if you want to make any bets, ron, on something being typically on a trump administration, and i'll take the other side. >> 100%. one bet i will take is energy prices are going lower. >> the only counter to that is if they crack down on iran. >> neither one of those -- iran sells to russia and china, but if we go from 13.4 million barrels, and they start opening up anwar and offshore -- >> i'm sorry -- >> look at apache trading down -- >> yes, but oil prices will go down. >> so energy stocks have been -- >> i don't know if mark wants to weigh in, but i want a problem with the trump math on the energy sector -- >> i'm not saying --

>> i get he can make energy more profitable, because he can reduce regulation, but if you bring a whole bunch of u.s. oil production on the market, what happens to prices? isn't america the high cost producer out there in the world? >> well, that is very true. in fact, i think what it does, and actually there's been a certain reluctance to actually continue to explore and expand production. we know that basically in executives have found religion relative to cap allocation. it's not freewheeling, spend baby spend. it's more about capital if, dividends, paying down debt, making sure shareholders are treated well first. so, i'm not so sure that it necessarily will be a book for the energy sector. if anything, it might be

counterproductive to the prices. domestically, on balance i think a positive, but perhaps not as bullish as some might expect. >> i think on the geopolitical front, it depends on how it goes, if donald trump would bring a conclusion to the russia/ukraine war, bring a conclusion to the violence in the middle east, and the fracking that's becoming more productive than people previously thought, and we head even towards 15 million barrels a day. yes, prices would come down. but transmission, you know, pipeline companies. >> energy transfer. >> lng, maybe. >> and we're already the bigger producer of that. >> bring it on. thank you, ron and mark. now a feud that could by brewing from jerome powell and

president trump, take a listen to the exchange about his future you said the trump administration. >> m president-elect's advisers have expected that you should resign. if he asked you to leave, would you go? >> no. >> can you follow up? do you think legally you're not required to leave? >> no. >> do you believe that the president has to fire or demote you. has the fed determined the legality of a president demoting at will any of the other governors with -- >> not permitted under the law. >> not what? >> not permitted under the law. >> ron insana is with us, and eamon javers is with us. there are things the president could do and say in an interesting and complicate political situation throughout all of this? >> what mar-a-lago is signaling that the president-elect does not plan to remove jay powell

from office, i think that is true in the short term, but it's clear that donald trump thinking that jay powell cut rates during the election. they doesn't like that. he thinking that jay powell doesn't answer to him. he doesn't like that. he has said publicly, he wants the federal reserve, as president, to have a say. >> jay powell doesn't agree with that, and is determined to protect the independent of the fed. one of them is the president-elect of the united states with enormous and sweeping powers, and an enormous political mandate. i think you can see where this is headed. what trump can do over time is undermine powell, even if he doesn't force him out by calling into question his judgment, criticizing him on social media, appointing a successor early, which is my designated person, and the markets will start to listen to that person and make it harder hand harder for jay

powell to communicate. elon musk was out there basically saying in the fed, if you just want to summarize it, ron, i think you can put -- unlike the staten island ferry and still have room -- [ laughter ] -- but my point is that there's not a lot of political support wildly in the country. i will tell i eamon earlier in the morning texted some he that he thinking the american public would get behind trump in the fed kind of think. >> god forbid. the bulwarks is an independent central bank. people will argue about this forever.

if you assume we can go back to a gold standard or bitcoin will be the crown jewel, the bulwark, and the requirement you have some price stability, as it mandated by humphrey hawkins and t the congressional -- you would see, i think, if any of this moved forward you would see a dumping of the dollar, interest rates would spike higher, and i think it would be the single largest mistake this incoming president could make. >> steve, just for a second, and eamon, maybe you can both clarify. my understanding is there's not a lot of seats up for grabs. >> not until 2026. >> there anything that could happen that the president could do to change the nature of the fomc. >> he could change the act. >> congress has to do that.

>> he needs to win the house. >> but here ease the thing. if you went about that process, it would probably take as long to become law, as chairman powell's term would be much by the time that probably rolled around. i'm not sure you want to do that. >> scott vessen has suggested a shadow fed chairman. >> to undermine the current chairman. >> i don't love that idea, either. look, i think they're playing with fire. >> scott said that on our air this week again, saying the idea would be to nominate a federal reserve chair replacement early for powell. that's what i'm talking about. how early is early? if it's a metropolitan, maybe six months, it is a big deal, because you have this alternate figure out there. i just think there's a lot of ways for donald trump, who

doesn't like jay powell, doesn't like what jay powell has done directionally, doesn't like the idea of a fully independence fed to put a lot of pressure on jay powell, make his life miserable, and maybe jay powell throws in the towel. powell is very determined. >> i think he will not throw in the towel. >> if i could historical reference, going back to the reagan area, they didn't want voelker in the chair, and at least according to some books, he went in to see voelker and made green he was not going to be renominated and greenspan replaced him. i think this is as strongly worded. if they would warrnt to go down this road, i would not want to be an owner of american assets.

i just want to point out, from a political standpoint, the line that says what, are you kidding me? the president cannot fire the fed chair of the federal reserve? is a pretty potent line. >> yeah. >> i think fed chair powell probably did a service to markets yesterday, in terms of providing stability about where he stands on this. i tried to go over in my head how he might otherwise handled it, but declaretively saying he will -- >> he did not say i serve at the pleasure of the president. >> because he doesn't. we'll see how -- eamon has an idea that because powell said that, he might have made the situation worse with trump. >> i do wonder about that, eamon. >> i do think that donald trump doesn't like sort of political defiance, just as a general rule. he doesn't like people who are

powerful sticking it to him the way jay powell did yesterday. that would be seen poorly. i think they have a lot of other things to do, they're very, very busy, but if you spin it do you theoretically, if they wanted to push powell out, talking about not legal or appropriate under the law, but who ajude indicates that? >> we have to go, eamon. i think it's important to correct senator mike lee -- i'm sorry to do this -- the fed is not in the executive branch. he's wrong about that. the fact that the president can't fire the fed is it's a creation of congress. congress can ultimately change that law, if it wants, but it is not for the president -- >> change the fed's mandate. >> that's why this house determination makes a difference. senator mike lee knows better. >> does he have his billy bats

statement from "good fellas." >> how did it end? >> not good for billy. [ laughter ] >> i am not laughing at that reference. the pros and cons of a trump presidency for the market. we talked about the potential chaos that could come to the fed, but there's plenty of optimism, the kre soaring 10% this week. wee have more on powell powell. don't go anywhere. to get the job done. i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up. the next level network for small business. ♪♪ i sold a pillow! do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought

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politics broadly in the arket, because you end up losing market, if you bet against the other side. when it comes to sectors, that's a little different. with that in mind, is this a play here that one ought to take because of the politics are sufficient to justify a long-term investment? >> we have seen this trade, steve, we saw it in 2016, the scramble, if you will, was significant in 2016. i think there's a couple key differences between 2024 and 2016. 2016, we were talking about earnings revisions going higher for the banks because of tax cuts. earnings went up 15%, 20%. r.o.e. is up 200 basis points. today we're just talking about multiples. you mentioned the kre being up 10%. it had inbest inflow from etfs in ten years in wednesday. that tells you the power that

etfs can have on this market. you make money in financials out of times you have change and out of crises? >> is this 10% it or more to come? >> it was pretty quick to reprice risk. we looked at where valid ways of after wednesday's move. what's interesting is we were in two to three percent of historical averages in a matter of a day. you could argue to push valuations, we can look back further and multiples are higher, but the market is pretty quick to reprice risk. in particular, the banks with the most regulatory handcups, those got re-rated the quickest. >> i understand that a president-elect cannot get a new vice chair for bank supervision

at the fed. is that enough for the president-elect to have or the president to have to really change regulation? >> we think it's a lot. we think there's as many as eight changes that could occur within short order. the biggest one is the handcuffs coming off related to m&a. we have seen a stalling of that m&as over years, broadly m&a, the restrictions. the time to close a bank deal, if you look back under the biden administration, compared to the trump 1.0, it was nine months verse six months. 40% longer to close a deal. 89 common denominator was a democratic administration and scrutiny from the fdic. if the fdic becoming more bank friendsly, we think mergers are most healthy. so let's bring this to people at home thinking how to invest. it seems like the least risky way is buy the broad group.

are there stocks within it that you think haven't come along for the ride here that may yet do so? >> the biggest banks have done the best for the last 18 months, coming out of a crisis in 2023, there was a flight to safety. because of the deregulatory efforts in play today, the banks on the cusp of greater regulations, bumping up against $100 million, those stocks have the ability to re-rate. what's happened over the last six months is these banks -- webster financial traded at a 40% discount, that's about a 20% discount today. we think because of the return profile on a company like this, a high teens r.o.e., this is where investors will go to play the effort. i have to interrupt you. my understanding is that 100 billion is a rule in which the fed is involved. are you saying they could be bought and that would be the

catalyst for better returns? i don't know that the fed is -- they just changed that on 100 billion, didn't they? >> our understanding is some of the rules are going to keep. we think bond losses but through capital will keep. what i'm refer to, some of the most severe earnings pressure, the issuance, those pressures may not be as significant going forward. >> chris, thanks very much for your help. i think this is an interesting area, but athorny area to invest with regulatory relief. >> fertile ground, but watch for the thorns. >> you've got to read the stuff. as the guy who has to report on this along with leslie baker, it's brutal. chris knows about this stuff. thank you for joing inus. weep take a deeper drive into crypto space with market

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welcome back to "power lunch." we're green across the board, as we head into the ending hours of the trading session. the dow above 44,000, up 0.8.

the nasdaq above 19k. the incoming trump administration has promised to be more supportive of crypto, giving bitcoin big upside potential. >> i think because now, post halving, and now bitcoin is becoming more relevant, maybe the regulatory overhang is diminishing, there's a lot of up side from here. >> how much and where else might be there be opportunities in let's ask someone, jan van eck is here with us. what would he say? >> kelly, happy friday. i think bitcoin will hit all-time highs today, and i think it will go further. ultimately i think bitcoin's value will be half of that of

all the gold outstanding, so you're talking about like $300,000 for bitcoin. >> why only half the value? >> maybe i'm more balanced. i think if you were a maximalist, i think it will overtake gold. one of big wincest, is investors have piled into the etfs, as a constituency, they were importance in this election. the loss by sherrod brown of the ohio senate seat, the fact that trump went to the bitcoin convention shows a bit constituency in the u.s., and hopefully becomes a bipartisan issue as well. there are things like ether,

doge now gets a lot of mention, bitcoin is sort of additional gold to me. what i've said about ethereum, is don't buy it unless you understand it's business competition and competitors. i do think, however, stable coins are the new global payment system, one of the big winner will be ethereum and coinbase as well. ethereum's market share kind of bottomed in september. so, it's a bit of a contrarian play, ethereum has outperformed over the last i think it's a good entry point for ethereum if you understand the pros and cons of it. >> i appreciate you joins us.

still to come, coffee prices chiming. more a that when "power lunch" returns.

welcome back to "power lunch." i'm seema mody with your cnbc news update. the u.s. will send military contractors to utrain for the first time after biden administration listed a de facto ban before the election. they will help maintain and repairs systems that have been supplied. meanwhile, tesla's ceo elon musk reportedly took part in a call between president-elect trump, and ukrainian president zelenskyy. sources described the tone as positive, according to multiple reports. he's promised to bring a quick end to the conflict once in office. beyonce leading the grammy

nominations with 11 nods with the release of "cowboy carter." that brings her career total to 99 nominations. pop star taylor swift, and sabrina carpenter got six nominations i'm. >> i'm waiting for steve to go country. that will really been -- >> i've written a couple country songs on the forth coming album. >> now we should by playing that. >> you can't. the lawyers have destroyed all the fun. >> but your own music we can play? >> i was going to play my own song to back it up. they told me i couldn't do that. the lawyers are running everything, taking all the fun out of it. shares of dutch bros are high again today. it comes as coffee prices are

trading nearly 50% higher over the past year, up an 4%. what is the impact of all of this on the coffee chains that sell it? nick is at wedbush. great to see you. if you told me coffee prices were going to surge, i would think it might hurt the coffee chains. instead, it seems to be helping them? >> it's neither. the coffee chance have been extremely good at buying coffee in such a way where they avoid the peaks and troughs. starbucks buys at least a year ahead. dutch bros, for example, is a bit more exposed. so far, so good. >> starbucks has underperforming, but they have brian nicole there trying to

change things rapidly. i assume others have been taking market share from starbucks, at least for coffee drinkers? >> yeah, long term perhaps. i just think dutch bros does what they do very well. you know, i think starbucks tried to go in that direction, right? if you think about the bigger picture, the positions of dutch bros, it's been the pressed, the cold by the wayages energy drinks. the drip coffee is less than 10% of its business since its inception. starbucks tried to move in that direction, and that's what really has them in trouble. so they can focus on starbucks has to, you know, starbucks baristas have to take care of the drive-thru, inside the store, mobile orders and pickups.

i think the complexity moving toward those types of drinks is what's really impacted starbucks, but dutch bros, from day one, was made for that. >> i want to got to the 3,000-foot level. the approximate level of rain clouds. tell me what is happening. are there droughts out there? is this episodic, or something as a guy who covers the coffee business, you got to get more used though? >> coffee prices have always been more cyclical. buyers his turkeyly have been extremely good at predicts the peaks, waiting out the peaks and resuming the highs and i would be surprised if this time is different. >> you think the drought right now, raising coffee prices is temporary, and will come back

and won't be a long-temple issue? >> eye specially for starbucks. dutch bros is probably not contracted as well, but they also don't have as much as exposure. so in each case, i'm not overly concerned. >> nick, thanks for joining us. we appreciate it today. kelly, there is still time to nominate a cnbc change maker. this recognizes men and women changes business, or scan the qr code on your screen right now. the window closes this monday for nomination. we are coming right back.

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1,000 workers, according to -- bond yields are giving back a lot of grounds over the two days. rick santelli in chicago has a really memorable, momentous week. i was on the desk last night, bond yields were shooting up, and now they have shot back down. >> well, it all depends on what your time frame is. yes, what you're saying is true, even we yields in 10s, 20s and 30s lower, but let's look friday to friday. friday to friday right now 4.25, and two yieldser up, and ten-year note yields at 430 are down eight basis points. what's a retail,

non-institutional investor to do? let me give you 90 seconds worth of quick ideas. if you look at t-bills, everybody like them, but they tend to be shorter term and the fed is lowering rates. the last four-week bill auction earlier in the weeks, yields were 5.515. now we can also turn to fixed income. we had auctions this week. fixed income securities fall into sovereigns and corporates. we had a ten-year, 4.35. yield curve is steeper. we don't know what president trump's administration and some of the notions he has are necessarily going to do, but i think look for a steepening yield curve. we are, the short-term yields will probably ease back. so you want to pick the right maturity make somewhere in the 3 to 5-year areas is best.

unlike sovereigns, there's credit risk, but remember, historically, the extra yield you get to take that risk is very small. finally, my favorite, if you want to keep it real easy until we know how all of this will pan ouaccount. they're pretty flexible. they do float, but they're right around 4.5% right now, and there are some restrictions and fees. no matter what you want to do, remember one things, if you buy a fixed-income security, be happy with your yield, because if you sell it before it matures you have market risks. if you hold it to maturity, you get all your money back. >> 442, is that what you think is the top of the range in terms of exploring where that top is? was that it? >> that is not it, but that's it

for this leg. in my opinion, what we have done is we have basically gone from roughly 3.85, and narrowly missed 4.5%. between european and u.s. yields, right as all this was going on, it rocketed up. and then the next day after the election results, it started to come down. i think that along with other catalysts are tell me we peaked briefly, but i would look for long-term rates to remain sticky for the next couplee. tesla shares are on pace, pushes the company's market cap. we'll tray is in "three stock lunch, after this. (♪♪) (♪♪) (♪♪)

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welcome back. let's do three stock lunch, shall we? we're trading some of the biggest gainers of the week and there's been many to pick from. here with our trades is scott nations. great to have you here. goldman, this one keeps popping up. people can't get enough of it, it's up 13% this week, best week in a year. big banks of course could see a boost from the belief that the next administration could loosen

regulations on deal making. what do you do with this one? >> right. kelly, none of the names we are going to talk about today is a screaming buy, but there are some interesting opportunities. goldman would be one much them, as you pointed out, it's up a bunch this week on expectations for a freer regulatory environment. to the degree that that means more m&a that's going to be great for goldman investment banking but that revenue is both very competitive and can be very expensive if it means that goldman has to hire a bunch of new bankers and that being volatile means the bank would like to find less volatile streams of revenue. they announce this had week they want to do that by creating what we're going to call the family office in a box for its private wealth customers that have over $100 million in assets. that would be a great way to reduce the volatility of the revenue. listen, goldman is always going to find a way to make money, but this is a buy on a pull back.

so i don't want to pay up, i want to wait until it gets back below 525 and that's when i would be a buyer at goldman sachs. >> scott, tesla, the shares soaring 27% this week, market's best week since january 2023. you are laughing already. the rally boosting its market cap back above the trillion dollar mark. scott, elon musk involved in the trump campaign obviously a factor here. what do you say? >> steve, i am never going to laugh at people making money but tesla as a hold, and this is a real hold, not a gentleman's sell, most of the recent rally has been due to fascination with elon. the latest leg up is due to political considerations, also probably a poor investment thesis. on the operating side they just announced for the cyber truck they're going to offer a $999 a month lease. we will have to see if that helps them avoid the problems that the f-150 lightning from

ford encountered. ford announced they're going to pause production of that truck. so we will see how tesla does. one interesting thing about the tesla option market, though, that is unique, absolutely unique, it allows for people to put on protective hedges in a way that are much more economical than average. it's the only name of the largest of the ten largest in the s&p that's so situated. so this is a hold. i don't believe that i would lie t but on the other hand there is no reason to think that the fever is going to break so i wouldn't sell it, either. >> speaking of fever break, vistra the best performing company in the s&p this year. the name posting a third quarter beat yesterday, the shares are up 17% this week and what do you do? >> this is a buy. i think you have to hold your nose and buy it and i say that because you can look at the chart, you're going to think you've missed the move, but the forward pe is a tad below 20,

most of the competitors are a tad above 20, as you pointed out, they just announced earnings, they now think that forward guidance for 2025 is going to put ebitda just above $6 billion. they just announced another billion dollar in stock buy back. listen, we are never going to use less electric isity than we do right now. they just announced two big plants they're going to build for data centers. this is a new growth stock, new growth area that is electricity generation and so now you can pay up for 20 forward pe and actually feel pretty good about it. >> i love the idea that an old line electricity -- not old. >> yes. >> in the ai boom that electricity -- it tells you you have to think outside the box but also inside the box. >> i was going to say something like don't judge a book by its cover. an old dog can learn new tricks. >> you go back, when economists study productivity and

innovation they keep going back to electricity. >> yeah. >> and all of these things when something comes along you don't know what the ultimate return is going to be, we're still getting returns from electricity. thank you very much, scott. we will be right back. [sending swoosh] we have tight turnarounds. at&t business helps us deliver. okay! client wants his head bigger. wow, fast response. sent! okay, oop! even bigger. sent. [sending swoosh, notification alert] still bigger. okay, yeah i'm not doing that— [typing noises, sending swoosh] i think it still looks good! [notification alert] oh — even bigger. humana medicare advantage plans. carry this card and you could have the power to unlock benefits beyond original medicare. these are convenient plans that offer all of the benefits of original medicare, plus extra coverage and benefits. with a humana medicare advantage plan, you could get doctor, hospital and prescription

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lunch." a final check on markets before we go. we are wrapping up monumental week by knocking out some key milestones here, the dow topping 44,000 for the first time, s&p 500 getting over 6,000 for the first time today. check out nvidia, check out sherwin-williams, both stocks officially members of the dow industrials as of today. both stocks up 8% this week. nvidia putting room between itself and apple in the market cap race, a little less than $200 billion more valuable. >> incredible. i think, again, it's many -- it was also the busiest week of earnings season. you hit one after another. >> there was a fed meeting, too. >> oh, yes, the fed meeting. >> i'm pretty tired. >> and you've got a long night

ahead of. >> you exactly. tonight with my son. >> i hope it goes very well. thank you, steve, for joining us. steve liesman and that does it for "power lunch." thank you so much for watching. have a great weekend. "closing bell" starts right now. welcome to "closing bell," i'm mike santoli in for scott wapner. live from post 9 at the new york stock exchange. this make or break hour begins with the bulls stampeding through landmark levels to polish off the index's best week of the year. here is a look score card. further follow through to wednesday's post election bounce has taken the dow industrials past the 44,000 mark, the s&p 500 above 6,000 for the first time, you see the s&p up about half a percent on the day. a decisive election result and expected growth-friendly policy mix under a second trump administration has investors discarding caution, reaching for risk, the volatility index has melted