>> let's not be so fast to beat up the mag 7, they will work in the future. crowdstrike would be my final trade. i love anything cybersecurity related. >> that is up 4%. mag 7 is mixed today, but we are picking up quite nicely here as we finish up the we'll watch it all and see you in a couple. the exchange is now. describing elon musk's new role in the trump administration. he says it's a game changer for tesla. ives will talk more about the case for the shares which popped 4% on the news. disney is on deck with earnings and lauren martin said it will be a takeover target if the

regulatory environment allows it. we'll ask her if the time has come and who could scoop it up. and the mean stocks are back, but some have real stories, including this one. it's our mystery chart today. we'll have the name and why he likes it ahead, and i'll give you an extra second to focus on it. tweet me if you know it. dominic chu with the numbers. bitcoin hitting 93k? >> north of 93k. we are green across the board here and just about session highs. i'll start with the broader s&p 500. it was up 24. we hit those session highs in the last ouple minutes here. we were roughly down 18 points at the low. the dow is at 44,143. about half of one percent gain there. the tech heavier nasdaq composite, 19,335, up about one

quarter of one percent. dropping in price, ticking up in yield at 4.4%. some of the earnings stories out there today, generally better than expected earnings reports or forecasts. rocket lab, big spacex competitor upped its estimates and forecast as well. up 37%. flutter entertainment up 6% on the heels of its earnings. some big earnings catalysts for some of these other companies. bitcoin kelly did mention, we are again seeing another record high. i'll put the star up there right now. up about 3%. 92,487 is the last trade there. we were around 93,000, $300- $400 depending on which exchange you look at. bitcoin still moving to the

upside. crypto currency stocks are going there as well. watch all those crypto currency etfs in play as well. i'll send things back over to you. >> indeed, it is. dom, thank you very much. president-elect trump traveling to washington today as his transition to the white house is fully under way. his team for the next four years is beginning to take shape. we have team coverage of the new administration. how the battle for senate leadership is shaking out. megan is at the white house where president-elect trump is still meeting with president biden. and the impact on tesla investors. emily, kick things off for us. john thune. >> reporter: yeah. senator john thune will be leading republicans for trump's first term. he was elected today by a secret ballot. he got a majority of support from his republy colleagues.

he beat out senator john cornen who was in leadership in the senate as well as rick scott. rick scott was kind of seen as more trump aligned. remember, he had a lot of maga influencers come out for him. he had elon musk tweet in favor of him. they've gone with thune. currently the number two in the senate behind mitch mcconnell. he's not exactly the same as mcconnell was. mcconnell stood as a bit of a roadblock to some of trump's ideas. certainly, we are expected thune to do that to a certain degree. he said he is extremely honored to have earned the support of my colleagues to lead the senate in the 119th congress. he does go on to say this republican team is united behind president trump's agenda and our work starts today. certainly the senate is going to have a lot of hurdles to address immediately. that includes whether or not they are going to have a funding bill that goes into next year or resolve the

federal funding for 2025 by december. they've got that december 20th deadline. and then the fiscal cliff. it's back again. lawmakers you remember last year kicked the can down the road to january 2 of 2025. thune will have to move quickly on that and gain a sense of where his conference is. of course, taxes. john thune was key for the tax bill when it passed in 2017. many provisions in that bill need to be extended by the end of 2025. he will again play a huge role in how those tax cuts are extended, whether further cuts are made, and of course exactly how much of it is going to be offset and how much of it could go to increasing the deficit. kelly? >> emily, at a moment when we're talking about president trump this time around trying to fill his administration with people who will be more forceful, how significant is

the vote of thune? >> reporter: the senators are walking a pretty interesting balance here. yes, the republican senators realize part of the reason they have the majority and have it in the numbers they do is because of trump. they understand there is a mandate voters have given them. at the same point, we have checks and balance in government, and the senate is always supposed to be a check on the president. i mean, take trump's recent calls for the senate appointments. basically asking the senate to give up their authority to vote on and to kind of look through the folks that trump wants to put inside his cabinet. senators i spoke with last night said, look, we totally understand trump wants to move quickly here. we want to make sure democrats aren't clogging up the process, that trump gets the nominees he wants. at the same point, the senate has a right to advise and consent and they don't want to give up that power. i have think we might be seeing a bit of a different balance than what we saw with mcconnell. but this is a senate where a lot of senators, you know, they're elected every six years for a reason. they're supposed to be

insulated from outside pressure. i think a number of them want to keep a lot of the power the senate has if they do need to check trump at some point. >> fascinating. emily on capitol hill. at the white house, president- elect trump just wrapped up his meeting with president biden in the oval office. megan is at the white house with all the details. what did we learn about the meeting? >> reporter: hey, kelly, we're learning just a little bit. we learned just in the last couple of minutes that the meeting wrapped up. we don't know exactly how long it went but probably about two hours. they got there just after 11:00. it is over and that trump has now left the white house. that means the president-elect did bypass the very large press pool that had gathered to my left hoping that the former president and the future president would come and make an appearance and talk to reporters. he did not do that, but we did get a chance to see both presidents inside the oval at the top of that meeting. both men making remarks, big

smiles on their faces, saying the transition of power would be smooth. both chiefs of staff, biden's and trump's were both in that room as well. kelly, this meeting today traditionally, it's meant to familiarize the president elect and his staff to the white house. biden said welcome back because of course this is a president and a team that knows their way around. so the larger focus today was really on sort of setting a positive tone for the transition, marking a peaceful transfer of power. there's no requirement for the settle president to invite his successor into the oval like this. and trump did not do it for president biden back in 2020. now that the roles are reversed, we are seeing this return to order. with the president-elect on his way out, it is straight back to mar-a-lago for trump. he has announced a number of his personnel picks, including a handful of white house staff positions just this morning. but still plenty more to come on that front, kelly, especially on the economic side. so we'll keep watching that. >> indeed watching with great

interest. i didn't realize trump had not invited biden when it was his time, his turn the first time around. that's interesting. >> reporter: it was a much different transition back then. president trump did attend this meeting when he was president- elect the first time around with president obama. a 90-minute meeting they both came out with smiles on their faces calling it a great meeting. in 2020, completely different. president trump didn't acknowledge the results. he never conceded the elections. he took steps to slow that transition, not unlocking for the first couple of weeks the money that comes from the general services administration that was meant to go to president biden and his staff to get ready. so this time around, president biden is really sort of the cota of his presidency and trying to put a positive spin on it saying welcome back to the white house. we are not doing anything this time around. we're doing everything we can to make it smoother. we should say one last point that president trump and his team haven't signed some of the official steps, some memorandum

of understanding and official agreements with the gsa to get background briefings from the fbi to get some of that funding. they haven't wanted to do it yet. trump did accept this meeting today, so they're doing some of the formal steps but not all of them in this transition. >> let's talk about the team president-elect trump is assembling, which includes elon musk being put in charge along with vivek ramaswamy. dan,his influence you think will be a game changer for tesla. we should start with that. some would say this is a major distraction for musk, but he's shown himself to have a wide berth. >> i think potentially two to three years, the a.i.

that's the key piece for tesla i think that's where the trillion dollars alone. when you look on the federal agency side, federal agencies were the teachers, musk was the student. say he was in detention, now he becomes the principal. so as this all plays out now, it's a huge sort of seat at the table, and for musk and tesla, i view this as a game changer from unlocking value but especially musk's influence is not going to stop here. i expect more when it comes to china and a.i. >> let me stop you right there. on the issue of autonomous and a.i., this might involve nhtsa. you're reading this as somehow directly what nhtsa might do? connect those dots for me. >> ultimately, this is just a start. i think, kelly, that's what the stocks are starting to reflect,

the autonomous piece, which is really what i've used as the key as an a.i. perspective from tesla, a trillion dollars of value, now that starts. that gets accelerated. it's not just about autonomous. even when it comes to china tariffs, i believe there will be a tesla carve out there along with apple and others. anyone that thought musk. >> you don't see this really, let's put it differently. whether or not musk's real goal is to cut government spending significantly, you think he has a direct kind of intention when it comes to more quickly deploying the technology? it seems to a lot of us that they're still trying to get this technology ready for primetime. >> to me, i think part of why it's not been primetime is because it's regulatory. it's been that spiderweb. this is going to accelerate that. when that knock comes and it's musk, it changes the whole story for tesla. and again, musk, he was iced

out from the biden administration, and now ultimately you're coming to his office. >> it's not a direct government role. it's an advisory role. >> super important caveat. this is an outside role. he is not going to be able to slash and burn directly in the way he's maybe been saying he could do. $2trillion aren't going to be wiped off the map immediately. what can happen here is he can advise the president. if there are some things that trump once he's in office can do via executive order, yes, that could happen. but we had the center from tennessee on squawkbox this morning saying these are going to have to come to congress. >> do they? >> you remember the commission obama put together in his first term? >> the fiscal commission, yeah. >> that never went anywhere because congress did not have the appetite to do it. on the nhtsa front, he's been battling over full self- driving. that term they keep using, it's an assistive driving feature.

if you go to san francisco right now, you can whip out your phone, call a waymo, it works, there's no driver there. it uses a different kind of technology than what tesla is trying to do. they use cameras around the car and artificial intelligence to interpret what's going on. that has not proven to be as good yet. >> waymo is using lidar. >> lidar and camera. they're like radars, the spinny things you see on top of the cars. maybe loosening up the regulations does help that kind of stuff. keep in mind, part of the reason why these robo taxi ambitions have not come to light yet is because the technology isn't up to speed yet from some of these rivals. >> i would just say to his point, great point, five years ago they said tesla was never going to really be profitable. then they said never would get to to 100-200,000 deliveries a

year. robo taxis, it's a matter of when, not if. you're seeing it in the stock. they have had issues. the game changes now for tesla, for musk. there will be noise out there, how it's going to balance everything. as a tesla investor, you want to see him more involved. >> quickly on the technology piece of this, say the administration is more relaxed about the arrival of all of these technologies would seem to benefit waymo, implications for uber, some of the others down the line. i take it we're not going to allow chinese autonomous driving in this country. but does it heighten the competitive landscape for tesla? >> i think on two points, ev tax credits are done, which is a huge gut punch. negative for ev, positive for

tesla when it comes to scale and scope. autonomous perspective, waymo will benefit. ultimately uber and others. but they ultimately want to go down the path that we're seeing in china. china right now is speeding up autonomous. very well known in terms of what's happening. this will be a huge part of musk in terms of going after a.i. and even on some of the inflation reduction act stuff more toward a.i. driven spending which benefits others. that's why musk having a seat at the table changes everything for big tech and for tesla. >> it's not just nhtsa. we know what he thinks about the scc. we have to look at the faa, just two months ago he threatened to sue the faa because they fined spacex for skirting by some environmental regulations and things like that. that could go away or recommended to go away too. so he is, and by the way, because this is outside the government, there's no reason for him to divest from or

there's no conflict of interest there because he's operating as a separate agency along with ramaswammy. >> they're going to sit down and look for areas, my mind goes to healthcare and education. >> they talked about getting rid of the department of education. musk said that two days ago. >> especially with something that needs to go through congress, a reasoned take on how to trim maybe 10% from some of these mega-line items seems like a more fertile area to explore. is he going to rob funding from nhtsa? maybe he will. wouldn't that be seen as a blatant move? >> so much of this why musk is in charge of doing these cuts, a lot of people won't to what he did at twitter, just slashed and burned costs, slashed an burned their infrastructure. twitter, or x rather, you can argue that as a product, it is more used than it ever was before. you can argue all those things. the business is nothing compared to what it was before

musk bought it. it is a minuscule fraction. we know that because its backers are devaluing it from that $44 billion price tag immensely in the last two years. >> that's mostly because advertisers left. but the user base is. >> correct. and maybe that will translate to money one day. but right now it's gone the complete opposite way. >> the jigsaw puzzle in terms of the twilight zone, if musk doesn't buy twitter, we're probably not even where we are today. >> agree. you say it was worth losing $30 billion? >> fidelity, bank of america, morgan stanley would disagree with that. >> you'll lose $30 million to gain a billion. still to come, disney back to its highest level sinsyne. they're on deck to report results tomorrow morning. we'll break down narratives to watch ahead of that report next. first, stocks are edging

higher. ending a recent schooling streak on core cpi. what means for the fed from here and the economy. the exchange is back after this. (cheerful music) (phone ringing) [narrator] not all multi-millionaires built their wealth the same way, you have... the fearless investor. the type a cpa. the bootstrapper. the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth. [narrator] thanks to our award-winning service, low costs and transparent advice. every day, over a million multi-millionares trust schwab with more than two trillion dollars of their wealth. ♪♪ ever [inner monologue]ion this is going to sound crazy. but i know these attack vectors.

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let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ welcome back to the exchange. the economy is back in focus after cpi rose 2% in october. this is the headline, two

tenths in the month, 2.6% on the year. the second line is the focus of our discussion today. core was up three tenths. 3.3% from a year ago. the numbers were in line, so we saw a bit of relief on the bond front. tom and i might dual about this. tom is chief u.s. economist and economics reporter steve liestman is here with us. what did the rate cut odds, do you need to hit these headlines first? >> if you wouldn't mind. the new president of the st. louis fed saying further easing is appropriate if inflation continues moving toward 2%. he goes on to say that the risk of inflation remaning above 2% has risen. that's one side of the mandate. the risk of the labor market weakening more than expected is unchanged or possibly lower.

he's concerned about these numbers you just read. he expects policy to remain restrictive. here's the money phrase, future policy moves can be accelerated, slowed, or paused as needed. and i am hearing, i've been doing nothing but read fed speak for the last few days. trying to focus on monetary eke we eke we equilibrium. some talk about inflation. >> they're going to pause when trump takes office? >> that's a really interesting conversation. can you call up the probabilities? because it really gets at what kelly was talking about. they may not be made yet. >> correct me if i'm wrong, we're roughly in the range of 80% for december. 85. >> why would i correct you when

you're 100% right? check that out. up from the cpi number this morning. but look at that. that's january 29th, which is getting at what kelly was talking about. a week after the inauguration they're going to pause. that's the market bet. and then you have this, now, i think this idea and we need to hear tom on this of an every other meeting thing, that's where the market has settled. the fed might be like it's okay to believe that. i'm not guaranteeing that march 1, but i like the flexibility you're giving me. sorry to take all that time. >> so we're going to fight? i don't like fighting. >> tom has the reasonable take, and i of course have to find some problem. so the reasonable take is yes, they're going to trim by a quarter because inflation overall is improving and so forth. i'm feeling a littlage stated when i look at the core at 3.6, stocks going to the moon. annualized three month. >> is that the game you're

playing? >> one month you can dismiss. three months, maybe not. i like the needs inflation is up 4.5%. wants inflation is up 1%. you look at the markets. spreads the tightest they've ever been. bitcoin is at 93,000. this feels like an economy that's more overheating than undershooting. >> i don't know if it's quite overheating. i'm sympathetic to your general stance. things are okay. that's a victory any time. i think there are cracks that maybe we should talk about, but as it relates specifically to the cpi report, what you have to keep in mind is a couple of things. powell said policy was calibrated for inflation higher than it is today. in that context, it's reasonable to pull back some of that aggressive tightening. not that they want to get into an easing stand, they don't want to be as aggressively tight. i have a lot of sympathy for that general view. i think they're going to cut again in december.

100 points next year will get you to just north of neutral. >> can i interrupt? >> go for it. >> a point of information. if you guys caught the november 25 feds fund, this is a game we play with the back room. >> they're very good. they're doing a great job. >> the fact that they like that game. >> they don't like it. there it is. i like it. tom just told us the fed has 100. that's 3-4. that's the market for november 2025. a little bit of dissonance there is all i want to point out. that the market now is a little more hockish. >> 75 between now and next september. >> another quarter and then 50 left or something like that. exactly. i think the importance of that is the old forecast from the fed, the 3-4, fascinating question what they will put in, in december. >> we will get the projections. >> i can easily see that

scaling. you'll be between three and four cuts next year. >> if we just forgot about neutral, just throw it out the window. >> which is what powell is doing in some ways. >> he's very open to this. based on inflation for the past, you know, three to six months, i'm talking about the core, based on what's happening in financial markets, would you hike, keep rates the same, or cut right now? >> i think what we then have to do is rope in labor because he's been very focused on labor, which i think is the right thing to do. when i think about the labor data we've been getting, people love to focus on the payroll report. there's so much more than the payroll report. if i look at the quit rate or the labor differential, the hiring rate, which i recognize. those are not household names. but these other things, they are not the outliers. the outlier was two months ago when we got that 223,000 job gain. that was the outlier. there's been enough softening in the labor backdrop for the

fed to justify taking back some of the aggressive tightening. >> at this point, in the back, i put up the 10-year yield going back a year. back to the all-time highs. let's talk about how much easing has actually been imparted to the economy since the fed pivoted, okay? and when you think about why the economy is strong now, perhaps why the unemployment rate remains low. that's really fabulous. a lot of it's been taken back. there's still that big dip in there that has helped out. my problem is this. if you stop now, you have imparted easing to wall street and to companies with access to capital markets and access to, um. >> i don't think you've imparted it to them. look at the 10-year. it's proving your point. >> they had a big refi wave in the summer and they were able to capture some of that. if you stop now, you halt the possibility of passing along lower rates and some easing to

small business and to consumers. >> if the lever, so the idea was, this will be my sophisticated chart if we can put it on camera. >> it's an air chart. >> they cut the overnight rate, and long-term rate was supposed to go like this, and that didn't happen. so they cut the overnight rate, and the long-end rate went like this. >> yeah. >> and so my argument is if they were to raise the short- end rate, would the long-end rate go like this and give that stimulus like you're arguing, you know, spread that out more in the economy? >> if paul mculley were here, he'd do a dance on the table and he'd be upset. he'd say you're locking in if an inverted yield curve. what was supposed to happen, you had the first chart right that the long end was supposed to go up while the short end came down because you were supposed to get a steepening of the yield curve to restore normalcy. >> no. i think keep in mind, the

market if you think back to the beginning of the year and sort of how expectations on cuts or not have evolved, it's been all over the map. so i think what's happened recently is the market is taking back some of the aggressive cuts they thought were going to happen even just a month ago. >> right. >> that doesn't force sort of 10-year yields higher on back of that. i mean, we're leaving the election out, and i'm guessing we don't have time to get into that. >> election? >> i was joking, but if they move in the direction of cutting government spending, narrowing the deficit, that will take some stimulus out. it could bail powell out. >> their ability to cut spending is near zero. deficits are only going to sort of increase from here. as much as i love having someone like elon musk in there to look at this stuff, he's not going to be very successful. i think at the end of the day, when steve showed that chart, look at 100 years of 10-year yields. it's out there. professor schillr has that

chart going back more than 100 years. people talk about higher for longer. it's not higher for longer. it's normal for longer. the 3-5% zone on 10s is almost where we always sit over the last 100 years. >> can i make one point? this emerging, subtle commentary from the federal reserve? they're kind of saying to the fiscal authority, look out. we may have to lean against this. lori logan made a subtle comment about rates being too high and the fed may lean against it one way. and then mr. schmidt from kansas city, the new kansas city fed president, i'm going to read this. authorities could prefer deficits not lead to higher interest rates, but history has shown that following through resulted in high inflation. guided by a clear inflation objective has historically been an effective means for achieving low and stable inflation. is that a little shot across

the bough? >> this is where we pick things up now. not so much for december but for the new year. >> yeah, i think that's right. >> gentlemen, thanks. steve and tom porcelli. >> it's like a cartoon show. >> tom and jerry. blackwell chips going to softbank. perhaps not a surprise. we'll dig into it in tech check ghafter the break.

welcome back to the exchange. i'm contessa brewer with your cnbc update. president biden will meet with china's xi ping in peru. this will be the first time the leaders have met in person since a california summit a year ago and of course ahead of when donald trump will make the white house in january. alex jones infowars and most of its assets went on the auction block today. proceeds will help pay for the $1.5 billion jones owes the family of the 2012 sandy hook

elementary school massacre. he was found culpable for calling the shooting a hoax. the winning bids were sealed. greg popovich suffered a minor stroke earlier this months. he's missed the past six games. he's in his 29th season as the team's head coach. it's not clear when he'll get to return, though he is expected to make a full recovery. tough break for the team and for him, of course. the winningest coach in nba history. >> wow. we wish him well. contessa, thanks. tech giants and a.i. startups are all hungrily avidding awaiting a new chip. what brings us to this point? diedre? >> everything about this

announcement was very on brand for massio telling the world he and softbank are going to be key players in the gen a.i. shift or make a big run for it. for nvidia, if demand for blackwell is insane, then why put this at the front of the line instead of an open a.i. or google or company at the forefront of lmn advancements? softbank's order was early and big. it comes just as the debate is heating up over whether a.i. advancements have peaked. that's a big deal with softbank and could let them diversify away to new opportunities to sovereigns like in japan. overnight, wong praised wassasan. every generation from bill gates to yang to jack mong. >> many of you probably don't know this, but at one point

massa was the largest shareholder of nvidia. it's okay. we can cry together. >> something tells me he's not crying. it was a 4.9% stake. it would be worth nearly $180 billion today. instead, he sold it for less than $4 billion. so tears indeed. >> to see him to some extent laughing it off, there are people who sold their doge coin. think about $180 billion he left on the table. >> it's a wild number. it helps explain why he's going big here. he's not going to miss another opportunity. that is just very much his

style. he almost went bankrupt during the dot com era. >> what is the blackwell chip going to allow him to do? >> it's the most powerful a.i. chip coming to market. they are at a different point than the open a.i.s, the google geminies of the world. they're still building up and training their large language models, whereas these questions over a.i. advancements for the big lmn's here, if progress is really slowing down, there's a question of do they need even more gpu's at the same rate they've been buying them? different phases and some folks here say the companies here, the lmn's here are more in the post-training phase versus pre- training from softbank and masa may be. coming up next week marks two years since the return of bob iger as ceo of disney.

the shares are only up 11% since his return two years ago. we'll look ahead to disney's earnings in the morning with laura martin and regulatory effects that could be changing next year. we're back with that on the exchange. (vo) with verizon, trade in any phone, any condition, and get iphone 16 pro with apple intelligence, on us. for everyone in the family. only on verizon. (♪♪) (♪♪)

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welcome back. disney is now on deck to report earnings in the morning. the shares have far underperformed the streaming rival netflix this year. netflix has been gangbusters. up 71%. my next guest says disney, disney could win the streaming wars in the long term. she also sees a potential takeover in the cards if the regulatory environment allows for it. let's ask her if that could play out sooner rather than later. joining us now is laura martin. you have a buy on the stock. $110 price target. do you really think, you mean a winner or the winner in the streaming wars? >> i think these are winner take all markets. i think when you look at the streaming wars, the number one streamer is netflix with 280 million subscribers followed by

amazon prime at 200. disney is next at 154 subscribers worldwide. probably there's one or two winners. it would be safer for disney to sell to apple or for amazon to buy them because it would be so huge. we like it better as part of something else. i would love netflix to buy disney so it would have all that ip it could develop. i think that would get through regulatory also if trump is in office and replaces the head of the doj. >> this would be a big, a big -- >> about half the size of netflix now. netflix is the size of everything combined. disney plus warner plus fox. all the old market caps combined equal netflix's market cap. >> why should netflix bother? they seem to be doing just fine. >> netflix, as you know from diversification theory, netflix is a single-line business. but ultimately in my opinion, you're going to need an omni-

channel touchpoint to the consumer. disney has parks. not only for your open a.i. and generative a.i. models and consumer but having a real-world anchor tenant presence like disney does i think will be mission critical 10 years from now in the competitive landscape. >> stocks up 10% in two years. parks are now what espn used to be. that's how i think about it. maybe that's not the right analogy. what is the company's case of where it's going to be as a stand-alone entity in a couple more year's time? i'm getting texts from people all the time going to disney. what's the stand-alone case for a higher valuation? >> i think a stand-alone case, you're exactly right, 40% of revenue here, 50% of their operating income. they've said parks is going to be flat, and we're actually projecting negative operating income for the quarter. we really need, parks is the anchor tenant profit driver here. so we really need to understand why is parks operating income

down? is it cyclical or secular? parks is the big engine here, especially with the demise of linear. linear has gotten small. it's only 10% of the company's revenue but 23% of their earnings. what we need to see is a pivot because dark to consumer revenue, twice as big as linear, but it doesn't contribute any profit. we need to see the streaming entity drive profits to offset the demise of the linear profit contribution. those are sort of working as a hedge to each other. so it's really parks that can pull the disney eps, you know, upwards. by the way, we're looking for 30% earnings growth in the quarter they're about to announce tomorrow. >> i don't hate that streaming is growing. at some point, the ad dollars catch up. maybe you can't pull the lever on the price for consumers, but once you can start charging advertisers more, you've got a nice business going. >> you do. and they're going to crack down

on password sharing. as we saw from the netflix example, they added like 10 million new subscribers when they did password sharing. i expect that to benefit disney as well. >> if we hit an air pocket on the parks, you'll have warned us about it. for now, laura, thanks. appreciate your time. a pair of airline stocks are taking off in opposite directions at this hour. shares of jet blue, look at that, are on pace for their best day since mid-feb. shares of micro cap spirit have more than halved on the news they're moving toward filing for bankruptcy protection. back with more after this. because we stay agile... actively managing investments to uncover opportunities... and build etfs designed to outperform the index. that's the power of curiosity. ♪♪ better questions can lead to better solutions.

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welcome back. want to quickly mention cnbc's delivering alpha conference is kicking off right now in new york city. >> a lot of investors are talking about dealing with the balance sheet. >> i wanted to listen for a minute. you can watch more if you check out the website. we're also following it with a

live blog. we mention it, of course, pertinent to the discussion we were just having about disney. meantime, the dollar just keeps on rising. and right now, it's at its highest level since april 16th. 1.06 on the dollar index. let's talk to tim seymour about this. we've still had, this is a headwind for certain commodities but a headwind for gold. talk to us about the levels and their significant here. >> the move in gold is certainly disappointing to gold bowls of which i'm one. i'm not sure the reason we wanted to own gold before the election are the same. it's an inverse response to the dollar but also inflation dynamics is something i think has clearly given it a pull back. october of 22 to october of 24 in the best bull market arguably of all time, gold's had a tremendous run, doesn't surprise to see me pull back. the dollar strength is putting

a hurting across the entire commodity complex. you've been talking about oil. the world's been talking about to what extent it has an impact on the growth trade. it's a combination the last 6% which is almost a straight line since october 1 is a correlation to interest rates. and i do mean long rates. >> it's also interesting bitcoin is doing as well as it is, giving that it should be a headwind like the other commodities. do you think this rise is sustainable? we saw a run up in the dollar which traded sideways until the rest of his term until covid. is this an echo of that for you? >> i think the dollar can stay strong. i think part of dynamic at least of the rhetoric so far both on tariffs and you know some of the global policy but certainly fiscal policy in the u.s. is that there are a number of other central banks around the world probably not saying this but thinking hey, we have the ability to weaken our

currency and really offset a lot of that tariff dynamic. >> exactly. >> a competitive deval is something we've seen in the past. in terms of the dynamics of the u.s. economy, part of the dollar's move is this, and this is a fed that suddenly in december it's 50/50 that they're going to cut. i actually think this is about central bank differentials. i think the dollar can stay strong. look at the boj a couple days earlier in the week. it's a long way from that fateful day when boj made some noise. the world was crumbling seemingly. i think boj will be very cautious about getting tighter here. >> so would this be a great global development? i mean, it sounds like it's maybe rebalancing in advance of what's going to happen, maybe taking the sting out of tariffs to some extent. sometimes people say those strong dollars are a headwind for stocks more broadly. is this a healthy move higher

or not? >> i think we've seen tremendous rotation, and i think we're going to continue to see that. i think it's fantastic for banks. i think it's been very strong. again, it's about a yield curve now that's also as steep as we've seen it for a long time. i think dollar typically is strong. dollar sometimes has been a risk-off moment. i think in the face of a stronger u.s. economy and what our differentials to the rest of the world, i think it's okay. i imagine international etf idivo, and this is something where we've seen some of the international names like barkley's or mitsubishi have rallied strong since the election. certain parts of the inverse dollar trade or commodities, you look at resources, i mean the freeport mac, it's had a tough run even though everything we're saying is certainly commodity positive. >> i forgot to do the mystery charts. it was zoom video.

come back. we'll dive in next time. tim seymour on the dollar. we appreciate it. that's it for the exchange. dom is ready for perow lunch with a very special guest. we'll see you after this break. n right through its pricing in the capital markets, our data science capabilities can provide a deep level of insight. at ice we have extensive data sets, especially around three pillars. the property, the mortgage and mortgage performance. this trifecta of data and its history is a bit of a data scientist's holy grail. ♪♪

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