accumulate. >> okay, thank you. >> steve weiss? >> don't blame for selling. they still have a lot of stock. i think it is a rare opportunity to get it done. a discount from where it was, significant. >> love e-commerce, amazon. and another name you could own. >> all right, we'll track the market through the final stretch when i see you at 3:00. dow is good for 3300. the exchange is done. thank you very much, scott. and welcome to the exchange. i'm kelly evans. here's what's ahead. trump's cabinet is now complete. the market pretty much got what it wanted, but the business community got a surprise. we have the details, some opportunities, and the potential group of stocks that could come under pressure. plus our market guest says momentum favors the bulls, but consolidation could be coming. she tells us where and one thing she's watching right now, and why it is important and what it's telling her. is this company's product stealing market share from

restaurants? we have the name and the analyst who wrote about the ripple affects on her coverage universe. that's our mystery chart. that was so big. how could you guess it with just those clues? let's start with today's market and the numbers to kick off a new week, domm? >> i'm trying to think about your mystery chart right now, kelly. but that aside, what we do have is a market that has hit highs again. record highs have happened in the dow jones industrial average and also the s&p 500. we were in a stone throw's away for the nasdaq composite, but we're not quite there yet. but the russell 2000 small caps will also get a record high today. with the s&p 500 at 5,978, we are up about nine points. we were up 51 at the highs of the session, down roughly six at the low. and we have lost some momentum. nasdaq composite, under performer of the day. watch those small cap stocks that kind of broaden out the trade. still playing out there as well. another place to look, now that

we have a possible treasury secretary nominee in scott bessent. we have now the bond market at least rallying a little bit. the prices for bonds have gone higher, meaning the yields have gone lower. right now i'm showing the ishares 20 plus year treasury bond, tlt, the longer dated bonds, up roughly 2% now to $92.30 per share. just to give you an idea of how that translates into yields on the ten-year right now, ten- year yield just about 4.3%. that kind of gives you an idea of the context around the moving bond prices. keep an eye on that. and then the stock of the day, a retail name. it's fitting now that it's the holiday shopping season. bath & body works is up 15%. that's off the session highs. this is the retailer for a lot of soaps, perfumes, bath & body works, you get the idea. it's up 15% because of an earnings beat, a revenue beat, and they upped their full-year guidance. the ceo says they are well positioned for this more volatile holiday season. they like the way things are

shaking out. so bath & body works up 15%. your stock of the day, kelly. i'll spend send things back to you. >> it was the same as it was in the 90s, buy one, get one free. it's literally the same it was 30 years ago. >> i'll go check it out. >> thank you so much. president-elect trump has now finished filling his core cabinet positions. hedge fund manager, scott bessent will head the treasury secretary. lori chavez-deremer is the head of the labor secretary. and well, that's going to leave a few more question marks. for more here, let's bring in dan clifton along with paul gallant. just kind of break this down for a second. a lot of questions about both of these. let's start with you. i wrote about this earlier, but i thought it was interesting that everything about the -- the bessent pick seems to be helping the markets rally. but we did briefly reinvert,

and that's not his fault, but it fell in the two year, which has an auction around here as well did not. so i just take that as a warning point for markets. >> well yeah, look, i think there is now certainty in clarity, and that is most important. we had about a two-week process where it looked like game of thrones meets house of cards on who will be treasury secretary. now you know who that is going to be. one is just a rally there. but what you see underneath the surface will tell you a very good story. we thought bond yields had to come down. you now have a catalyst for bond yields to come down and particularly that is the liquidity that will come in. if you look at specific stocks, like all the trade stocks that are up very big today. and that is china, that's europe, that's mexico. some of that is just a major reaction, and it will start to revert itself back. we still believe they will go up on china. but the market is starting to pull back and the expectations on the universal tariff today, probably the right way to think

about it. trump is going to do tariffs. the question is how. now you've got somebody that knows how to both manage the president's goals and making sure the u.s. economy does not go into a recession. and then the third leg of this is that you've got to get a tax bill done. the largest fiscal cliff in american history. you now have treasury secretary. you understand the fiscal issues and the liquidity issues that are around this, and he will be able to manage that process overall. so there are three different dynamics that are going on at once today. under the surface, they will tell the larger story than just the headline numbers that we've seen. >> you've always found ways to make it. what are you telling clients about now that we have filled in some of these remaining question marks. and with some of his tactical policies, i mean the plan. i guess would include lower energy prices, but what are you guys actually talking about? >> yeah, look i think from a macro perspective, the big rally and the dollar and the big dollar in the bond yields are starting to reverse. i think that will continue with the liquidity visit that will come in the first quarter.

so now you have a reason. and if that is the case, kelly, then some of the sector rotations could change after that kind of post-election rally and things that are rate sensitive could start to reverse like home builders, other areas, where they will get hurt, and stocks that did get hurt after the election itself. then third, we still believe the tariffs in china are going to go up. so you'll want to stay away where they are having a rally outperforming today, but they are going to get her. then obviously you need to kind of monitor with the rest of those trade issues, what they're going to be. there will be a lot of headline risks over europe, over asia, and other areas, which could get hit with the universal tariff, and that is way out in the distance, and that is something that will happen. >> and that will be the direction of inflation. a lot of people would immediately look to trump policies for that, but as you know, inflation is usually monetary. so we would look to the fed for guidance. so maybe they will play as big of a role as any kind of policy in terms of what kind of economy he will end up

presiding over? >> i would agree with that. obviously trump is going to show the federal reserve moving forward. but now you've got it. he understands these issues, he's an expert on things that will happen in japan, 10, 12 years ago. i do think that you now have good coordination between monetary and fiscal policies. i don't mean that in a bad way. but he's very good. he understands what is happening on the treasury liquidity facilities. not many people will understand that it is brand new and started after covid. and kelly, as you know, this is a guy with 30 years of experience, working with finance ministers. he's very experienced in japan. so as we would start to see that, we expect that there will be more foreign buyers of treasury that are coming into the market, particularly in the second half of the year. that will enable them to be able to extend out our dealt without having a big liquidity rise. so he's got a really big balancing act. he's got the most challenges than any treasury secretary that he has been facing in 30 years. and he also has the tool and the acknowledge of the experience to be able to solve

some of those issues, and in is a very good pick for incoming president trump. >> it is eerie how they are kind of exactly how we need to do on the debt front now, so it will be very interesting to watch him put that into practice. dan, as always, thanks. really appreciate it. dan clifton. two-year notes just went up for auction, given all the focus. let's bring in rick santelli. it looks like it went out okay, rick? >> yes, it was better than okay. the grade for demand is straight up. and it was an a minus. we are talking $69 billion, two- year notes. and $69 billion, well, this is the eighth consecutive auction, where we are at $69 billion as an amount. prior to april of this year, well, there was nothing anywhere near that. this is the largest size, and it continues to be at $69 billion. that's important. the whole package is $183 billion. the yield that the stock auction was $4.274. the win issue market was about two basis points higher.

so it priced really well. if you look at all the metrics, the cover, indirects, and the dealer takedown, they were all the best well, since, july, not that long ago, but a very solid auction. and maybe the most important issue to highlight here. if you looked at indirect bidders, which include foreign buying interest. that was very nice at 71.6 f as i pointed out. best since july. tomorrow, we'll move to five years to the tune of $70 billion, followed by seven years at $444 billion. but suffice to say that we've seen a nice yield drop and it is being done towards, you know, the notification that we would finally have a treasury secretary elect. and that is going to be put in place. and the market seems happy with that. as you pointed out, when we would look at the spread, if it was to close right now, it will be the tightest it has been going back to the first week of september. back to you, kelly. >> thank you very much, rick santelli. and let's move from the yield curve to the business

world. and a bit of a curveball here with trump's pick for labor secretary. representative chavez-deremer is a pro union. and she cosponsored the pro act in 2021 that would require gig companies to reclassify some of their drivers as employees. paul gallant is keeping an eye on the stocks. don't look too sensitive on the news today. why do you think that is? >> kelly, we are still a few months away from seeing the situation. something bad could happen out of this pick from trump. unlike your discussion of treasure secretary bessent, i think this is the pick for the labor department secretary is not the pick the market expected or wanted for the gig companies or other parts of corporate america. she is one of the rare pro- union republicans in congress. i think her announcement of trump's pick to handle labor department really caught a lot of people off guard. we will see in a couple of months if she gets through the confirmation process.

if she does, this is going to be unfortunately an issue for the gig companies to keep an eye on. >> so talk a little bit about the power, the labor secretary will have, and other than the gig companies, where else she might be able to deploy her power, and ideology if it is, supportive more of unions than we might have seen in a previous trump or republican administration? >> yeah, i think the big issue for the gig companies is whether the labor department under trump decides it's a problem that all of the gig companies have classified their drivers as independent contractors. that's been their business model since day one. it's the reason why they have exploded in popularity and the market likes them. and the concern i think would be with her leading the labor department, does she want the labor department to do a rethink and potentially say no? uber, lyft, doordash, etc., need to start treating some of their drivers like employees. if they have to do that at the request of the labor department, like through a lawsuit, that would be a business model change for these companies. so even though she is very pro- union, and not what the market

expected, not what the gig companies wanted. for what it is worth, at the end of the day, i don't think the white house is going to defer on this policy to what she thinks. this is such an important issue. i think the white house, itself, is going to make the call. remember, trump, himself, ran on deregulation. that's how the market has reacted in the past few weeks to his election. it's deregulation. so having the labor department go after these gig companies on this employee ic thing, that's not really what trump ran on, and at the end of the day, i don't think that's what his labor department is going to pursue. >> i'm painting a whole conspiratorial idea in my head. musk whispers to him, hey, you need to be pro-union because that's how we're going to broaden the party. he gets her to put him in as labor secretary, and uber has problems and then that is tesla's competitive advantage. boom, what do you think of that idea? >> yeah, my head starts to hurt when i think about that, kelly. it's a great point. you run everything through the trump, j.d. vance, musk, and republican in

congress. and you can come up with any answer you want. musk is generally not a fan of unions. to me, that's the straighter line between these points between musk and the president, for example. and so i would be surprised, but i don't think the people around the president are going to push him to have his labor department go after these gig companies on a major lawsuit that as i said, would really change their business model. one last point, kelly. >> sure. >> when trump was president the first time, he actually changed the rules at the labor department specifically to make it harder to sue these companies for misclassifying their drivers. as long as he sticks with his existing policy from last time, the company should be okay. >> even if you wanted to be conspiratorial about it, you could say well, if this pushes uber in the direction of the autonomous cars and robo taxis. i should mention, uber shares are up 2% today? >> yeah, as i said in the beginning, i don't think this is something the market is yet worried about. at the end of the day, i don't

think anything significant will change here with trump and the labor department and potential lawsuits or whatever. all i'm saying is this is a very unexpected pick. i think the business community was caught off guard. my sense is the business community is still lobbying trump hard right now to not formally nominate her. i think it is probably too late. i think the train has left the station. but this was a surprise pick, i think by trump, partly to pay back some of the union leadership that was somewhat supportive of trump last summer. >> absolutely. >> and didn't the teamster speak at the rnc or something like that? >> exactly. >> all right, paul, thank you very much. appreciate you breaking it down for us today. paul gallant. coming up, trump's choice for treasury secretary today. while my next guest will see the bulls in charge in the near term, she's worried it is getting frothy out there. when and where we could see some consolidation ahead. check out shares of hims and hers, which is sharply up 19% with bank of america

pointing out the president- elect's pick to lead the fda currently works for a compounder. telehealth company, sesame. hims and hers up 230% this year largely because they sell these compounded glp-1 drugs. we'll have more on the exchange after this. ♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

♪ ♪ investment objectives, risk ♪ something hasnses changed within me ♪ ♪ it's time to try defying gravity ♪

♪ ♪ welcome back. stocks are higher and yields

are lower after president-elect trump picked hedge fund manager, scott bessent, a fiscal hawk, to be treasury secretary. the momentum favors the bulls for the stock market, but a little worried about some consolidation. joining me now is liz ann- saunders, the chief investment strategist at charles schwab. it's good to see you again. >> nice to see you too, kelly. happy thanksgiving. >> yes, you too. one of the things that jumped out to me. if you go back to july, the mag seven outside of tesla have been underperforming relative to the s&p 500. that's got to be a good sign? >> it is a good sign. i think there is probably legs to that type of action. maybe not every day, every week, but i think this is broadening out, and it should be thought of one that does favor equal weight relative to cap weight. one of the things i would say, you're right to point out relative underperformance, and there are several fundamental

reasons why that kicked in mid july. but i had a client ask me recently, do you think you're better off doing equal weight or cap weight x, the magnificent seven? i say boy, it's a big risk if you're going to exclude those names altogether at least with equal weight, you get exposure. you just don't get the concentration risk associated with what threat they represent. >> i think that makes a lot of sense. far be it from any of us to figure out what's going to happen with nvidia or meta or microsoft or whatever from here. and so let's talk a little bit about the froth that has people concerned. i mean, you could kind of point to a couple of stocks. we talked about hims & hers recently, you know, there's areas of the market that you wonder if they look a little too liquidity fueled. do you think that's the concern? >> maybe a little bit of liquidity fueled and hyped fueled. you know, momentum has been a huge force. now within the traditional equity market, leaving aside things like crypto and things

related to that. within the equity world, one of the interesting things is momentum as a factor has been as dominant recently as it was back in the late 1990s. the good news is that the fundamental factor, most high liquorlated the momentum into the peak of 2000 was negative earnings. now the fundamental factors, most correlated to momentum are higher quality factors like stronger return on equity, higher interest coverage. and i think that type of relationship is likely to press. it doesn't mean we don't have evaluation access, but that's a part of why we're seeing this convergence a bit in the mag seven, tight names, other parts of the market that are starting to show some light, particularly in areas like the financials. i do think though you're likely going to continue to see high sector dispersion and rapid fire sector rotation. at times back into groups like the mag seven. but i think it's going to be harder to navigate at the

sector level. i think it'll be easier to navigate at the factor level, investing based on characteristics. >> do you kind of find it concerning that the yield curve went from on its way towards a steepening to all of a sudden flat and even inverted, which is another way about asking about rates and how this relates back to equities? >> well, you know, the inversion of the yield curve obviously was seen as a precursor to a recession with a lot of variability in terms of time lag. there are so many unique aspects to this cycle, now being the fact as interest rates were going up, and you inverted the yield curve, we have the difference this time of corporations having termed out debt of a lot of mortgage owners. their mortgage rate being significantly lower than the stated mortgage rate and the fact you have a lot of corporations that really didn't need the capital markets. they didn't even need the banking system. they had a lot of access to capital. so it tempered that direct impact from shifts in the yield curve to what it means for the

equity market. and that said, i think the reinversion is a lot of enthusiasm about treasury secretary and maybe calming some of those fears, associated with the extremes on the tariff front and what that likely would have done to inflation, to fed policy. but that is a very near term assessment. that's been happening on a day- to-day basis in the aftermath of the election. i would be careful about extrapolating even at this point, this post-election trend, since we have a better sense of the differential between the policy proposals and the assumption around the candidates for the cabinet positions and what's actually going to happen with policy. >> a quick final question because what you said caught my attention when you said these quick rapid rallies that we have been having this kind of turnover or poking around one sector to the next. can you just explain that for a second how unusual it's been and what that should tell investors when trying to figure out or not figure out what 2025 might bring? >> there is some short term in it and that is around the

election period. so you will see them move based on policy, policy proposals, some of the concerns around the extreme impact of tariffs. it will go back to earnings too. a little bit of the bloom coming off a.i. with regards to the timing differential between the investments of a.i. and the productivity enhancement and revenue generation associated with that. so i think there is a lot of forces. i don't anticipate they diminish. that probably leads to continued rapid fire sector rotations, which mathematically means higher sector dispersion. >> interesting. always bringing it. thank you so much for the time. we really appreciate it. liz ann sonders with charles schwab. some breaking news out of washington. what's happening? >> reporter: kelly, just a few minutes ago, special counsel jack smith filed a motion, asking the judge to dismiss all criminal charges against donald trump in the election interference case that's been going on in washington. so in this indictment, we are just reading through it, but it

says after careful consideration, the department has determined that the prior opinions concerning the constitution's prohibition on federal indictment and prosecution of a sitting president applied to the situation, and that it must be dismissed before the defendant is inaugurated. so kelly, this is the case that's been going on relating to president trump's behavior in between the november 2020 election and january 6 of 2021. there were four charges at play here including a count of conspiracy to defraud the united states for allegedly spreading false claims about the election results, more charges relating to disrupting the official election certification. on january 6, this always been considered the most serious case against the president, against trump, of all those charges that he faced when he left office four years ago and had hit a roadblock after the supreme court issued that ruling, giving the president broad immunity for anything considered an official white house act. but jack smith had said over the summer that he was going to continue the case. now since president trump won the election just a few weeks ago, smith had pushed to

postpone some deadlines and signaled this was coming, and now that set the stage for today when he officially filed to drop all charges, kelly, against trump in this case. >> wow, all right, megan, thank you very much. coming up, another look at today's mystery chart. it's a name our analyst is watching as an indicator for where people are spending money on food. we'll reveal it and look at how to position in one group of restaurant stocks as a result. and shares of intel are up 2% as they get closer to finalizing chip grants with the government. that's the good news. the bad news is they're not getting as much money as they thought. we'll have the latest and two other tech titans now battling for chip supremacy. the exchange is back after this.

(♪♪) (♪♪) (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here.

state street. invest in your future with spy, the world's most traded etf. (♪♪)

welcome back to the exchange, everybody, i'm tyler mathisen. just days after philippine vice president, duarte said she contracted an assassin that killed the country's president, his wife and the speaker of the house of representatives in the case, she, herself, is killed. in case, she, herself is killed, excuse me. the president in question called the threat a criminal plot, and vowed in a public televised statement to fight it.

the threats were set off by congressional decision to detain her chief of staff, who is accused of interfering with an inquiry in the possible misuse of funding. new york city hotel rates rose to an average of $417 a night in september. that's the highest sort of monthly rate ever recorded by the city by the analystics company, costar, since it began tracking back in 1987. the only place with more expensive hotels in september, see if you can guess this. maui. and long-time game show host, chuck woolery died over the weekend. he helmed the original love connection and wheel of fortune before reinventing himself as a concerted podcaster. cohost of the podcast, mark young, said woolery died from his home in texas with his wife at his side. he was 83. back to you. >> and rest in peace. i didn't realize any of that. tyler, thank you very much. chip manufacturer revival hitting another snag with cnbc reporting the commerce department is close to wrapping up an $8 billion grant, but

that's about half a billion less than what was originally expected. we have more in today's tech check. half a billion. that's not, you know, that's peanuts. >> it's not chump change though. it's a lot for a billion dollars. i mean the bigger takeaway is what this chip act was meant to do. it is suppose to revitalize and turn intel back into a national champion. instead, this is a major headache with delays, complications. the latest report saying yes, that half a billion dollars got skimmed off the grant. it has to do with doubts that intel can really execute. so rather than a lifeline, the chip act has put a spotlight on the company's ongoing struggles, not good for the chip ambition as a whole. china, meanwhile, will continue to make advances in their own technology. this week, huawei is releasing the smartphone. and now that one included chip

semis. and they didn't think they were capable of, but they pulled it off. with the latest model, huawei is launching its first fully home grown operating system known as harmony os, attired had chinese rail, huawei positioning themselves as self- reliant, and challenging that western apple, google operating systems. it is likely no coincidence also, kelly, that this release coincides with tim cook. and after apple's iphone 16 unveiling in september. then the mate 60 with the microchip breakthrough was released during a visit from u.s. commerce secretary. now shortly after that, she called the development incredibly disturbing and said the threat from china was different during the cold war decades ago. "it's technology, it's a.i., it's moving fast." and that is really what this is about, kelly. the development of generative a.i., huawei is making these

advancements while we're struggling to bring chip manufacturing back to america. >> i'm glad you played at the huawei news, deirdre, because that's interesting. just connect the dots for me if that's taking place, why are we giving less money to intel than previously thought? >> reporter: i mean the same reason that it has been held up. the chips act was suppose to create a national champion. there's just delays, bureaucratic delays. it has to do with labor here, where china could unilaterally do a lot of those things. there's some that argue you should just encourage the development of tsmc chip manufacturing here in the u.s. because huawei is just starting on the back foot. that's just becoming the thing. >> and they were having trouble with labor and all those things. all right, deirdre for now, i don't think huawei is going to open a factor here. deirdre bosa in tech check. coming up, one last look at today's mystery chart. bank of america asking if this company has figured out the secret sauce to grabbing market share from restaurants. if that doesn't tell you what

this chart is, well, you'll find outex nt. across global markets, data underpins every decision that is taken. at ice, we provide quality data and analytics across multiple asset classes. from fixed income, energy, commodities and equities, to areas like climate risk and the entire lifecycle of a mortgage. to help inform trade decisions, our pricing and reference data covers millions of instruments in fixed income, our data can help re-imagine your workflow in energy, our oil and natural gas data is used by global traders, while our energy transition data helps navigate the shift to a low carbon economy. in mortgages, our data covers the life of a loan, from origination to secondary markets. we can meet your data needs wherever you are. whether it's pre-trade analytics, pricing or post-trade reporting,

our data can offer a foundation for sound decision making helping markets participants to manage risk and spot opportunity. ♪♪ 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! 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!

nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing.

welcome back. let's call it the pasta sauce spending indicator. campbell's soup was the mystery chart. between sales of rao's sauce in the grocery store and foot traffic. they found nearly 50% correlation between rao's volume velocity and italian growth. and 60% correlation between the overall. is premium sauce better than going out to eat? it is in my household. joining us at bank of america, sarah, i had no idea until this morning that we were doing this story. it's literally like you're standing in my kitchen. tell me what you found? >> yeah, i think you summarized it quite nicely, which is to say, you know, what we have seen is that rao's core, exactly the kinds of, you know, the kinds of products that you're thinking about that you're using at home are turning faster. to your point, we saw a

negative correlation betweening velocity or how fast the rao's products are selling is negative liquorlated with how much traffic growth, full- service restaurants are seeing. that's been true for a few years now. i think what we are noticing here is there's a couple of things going on. one, we do know when people are feeling more pressure, they do eat at home. and so this part, i think it's very consistent with what we're seeing here, which is that, you know, the industry of the restaurant industry over the last year has struggled, especially with lower income consumers. and so it would not be surprising to find that they are consuming more at home, and they are choosing, you know, products that are probably offering them the closest that they could find. >> yes. is it rao's or rao's? we had this dispute at home. nobody knows the right answer. >> i call it rao's, my but colleague who covers the company, he would use the definitive answer to that. >> we call it rao's also.

and whey find it interesting, because there is a good tasting pasta sauce, we don't all have to go out to eat. when in reality, you're saying it is probably the other way around, meaning once people are deciding they're going to eat at home for whatever reason, and it could be millennial lifestyles as well. people are not able to go out to eat as much as they were five, eight, ten years ago. >> that is exactly right. we do know that premiumization has been an ongoing trend. grocery stores, frankly in restaurants too, right? you can find ingredients in restaurant meals now that you would have never seen maybe 10, 15 years ago. just as u.s. american palettes have broadened. we're seeing more spice, we're seeing more flavorful products. so i think, you know, again, these trends have been very persistent for a long time. people want food that tastes good. >> yeah, amen. so if i were one of these restaurant chains, i would have bought rao's instead of campbell and shut it down. seriously watered it down or something. and which are the chains are

the best or worst positioned into next year, i'm curious. >> and one of the other exhibits that we included in this report is just like a price comparison. so yes, to cook at home is cheaper. that's for sure. it doesn't include the cost of your, you know, the cost of your time, and that is no small thing for many people. it also may not, you know, your preparation style may not be as perfect with your pasta as what we've seen in the restaurants. but when you would look across the restaurants, what we do see is olive garden, which is owned by darden, has the best value. that's compelling. people like the taste of the food. if you're getting something similar or, you know, as good or better tasting and it is at a 20, 30, 40% discount to peers, that's a pretty compelling offer. >> it's a great point. so what happens to the rest of the restaurant and even the fast food space, where the price hikes they've passed along the last several years have met a lot of pushback from the consumer?

>> yeah, i think what we have finally seen, people describe it as hitting a wall. certainly what we know to be the case is when consumers are seeing less inflation across the board, they will expect to see les inflation at restaurants too, and that's what we're getting. fast food as you mentioned, we are seeing a lot of value combos. we are seeing it in full service too, you know, we follow the brinker, chili's, they will do a lot of this for me and the price point. that's been working really well for them. so the price point value is definitely making a comeback, if you will. you know, it's always been around if you go back, and covering these companies during global financial crisis. we were seeing dollar double cheeseburgers. we were seeing the same price point value. we are not in that kind of situation yet, but again, this isn't brand new for this industry. >> and look at brinker, up 266% on the year. just incredible. value wins. sara, thank you so much for joining us today. really appreciate it. >> my pleasure.

>> and a new way of thinking about that rao's sauce. coming up, sticking with food, a classic thanksgiving meal this year is 5% cheaper than it was last year according to the american farm bureau of federation. well, the holiday meal might be getting less expensive though, breakfast is getting more costly. the spike of the avian flu has made egg prices higher after climbing 30% from the previous year in october. and coffee prices are nearing highs we haven't seen since 1997. as drought conditions in brazil now fuel supply concerns. coffee is up 63% this year. the exchange is back right after this.

♪ [music] i could unlock my front door ♪ ♪ while i dine in baltimore ♪ ♪ no lock box to explain ♪ ♪ ♪ at 9:00 the doors would lock up ♪ ♪ save me from forgetful slip-ups ♪ ♪ if my home just had a brain ♪ ♪ ♪ i could make a custom pin ♪ ♪ watch the dog walker get in ♪ ♪ so ziggy won't complain ♪ ♪ ♪ when my in-law comes a-knockin' ♪ ♪ i can open, maybe lock it ♪ ♪ if my home just had a brain ♪

it's not just the national government that has interesting new leadership. newly elected mayor of san francisco is looking to revitalize the city and to diversify beyond technology. kate rogers is here with a closer look at how business could bring the city back. hi, kate. >> reporter: hey, kelly. mayor-elect, daniel lurie was candid about action needing to

be swift, but it will take time to see results from the plans he's putting in place. putting up emergency shelter beds for those sleeping on the streets, and declaring a state of emergency over the fentanyl crisis on day one in the office in a bid to make city streets safer. he knows it's crucial for business to return, looking ahead for what's in stored for the city in the years to come. take a listen. >> i've talked to jamie dimon and the commissioner of the nba. they all want san francisco to come back. that's what's so exciting. i met with all the leaders and the supervisor elects. we believe in san francisco, we know san francisco is on its way back. we have the nba all-star game, we have super bowl 60 coming, where she world cup and the jpmorgan healthcare conference coming in january, who are excited to welcome the country and the world back to san francisco. >> reporter: lurie has tech heavy transition members on his team, and he says openai

represents home grown talent, saying altman and his company will set that next standard. but he wants to be clear, the city wants to recruit all businesses, large and small, and those outside of technology. also saying, kelly, really if you're going to get some type of an incentive, a tax city, it needs to be a two-way street. and a part of that having workers in office. >> i love the laboratory of ideas. and what about the good old fashion idea amongst companies there to bring workers back to the office? >> reporter: yes, so a part of that, he says, will start with his administration. he wants his team in five days a week. i said what if they don't want to come back? he said those are conversations that we're going to have. he really wants to model that behavior. but again, he knows the streets need to feel, look cleaner and safer for people to want to come back downtown. so he knows those two things need to go hand in hand and said we didn't get into this overnight. it's not going to be fixed overnight. but as you can see, a lot of enthusiasm about the many events the city has to come in 2025 and beyond, kelly. >> and very enthusiastic about

the return to office. and post-industrial revolution, you know, people working different from where they live. we are still grappling with that, i think, still struggling with it as a society. and so again, if there is a way to use technology to solve some of these problems, great, but still feels like a fundamental tension that we all need to grapple with. kate, thank you very much. >> definitely. thank you, kelly. >> and i think younger workers, in particular too, they are looking for more of a combination perhaps more of a return to office because they get that mentorship, they get experience that they may have missed out oner lier in their careers. some reporting i did earlier in the year. it will be interesting to see too, kind of the mix of who wants to come back to office and the opportunity that presents as well. >> it's essential. it absolutely is. i agree, especially early on. kate, thank you. kate rogers. >> thank you. coming up, remember the tiktok ban? it is on the table. bytedance has until january 19 to sell it. but in the meantime, a different kind of sale is happening on the platform. we'll look at the rise of live shopping on tiktok. what do they call it? shop tik?

we'll find out next. (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street invest in your future with dia, the only etf that tracks the dow. (♪♪)

welcome back to the exchange. gen z is not just shopping at the mall, which they are doing these days, but they are also spending a lot directly on

social media. julia boorstin is here with that story. julia? >> reporter: hey, that's right. tiktok is the new qvc as consumers increasingly shop on social media platforms. they are not just shopping from ads, but also directly from influencers. now 89% of consumers say social media impacts their holiday shopping decisions. that's according to new study by sprout social. and nearly a quarter of americans plan to make purchases on social media platforms this holiday season. and that is according to new study by ey. tiktok launched a commerce center called tiktok shop last year, and now it has 15 million sellers worldwide. and driving that engagement is the growth of live commerce. qvc-style live shopping segments by influencers on tiktok shop live. tiktok telling us the number of live sessions that creators host monthly have tripled over the past year. tiktok is forecasting record breaking christmas sales for brands on the platform. with tiktok taking a 6% fee.

now many social media influencers work with creator agencies, such as ltk, shop my, or super ordinary. these companies connect influencers with brands and help them create affiliate links to share with their followers, and then they take a cut. ltk saying their 3300,000 creators sell products from 8,000 different retail partners, saying they're on track for over $5 billion in sales, and then ltk and creators take a fee from retailers. now instagram shut down the ability to tag products in their live videos, but influencers can still sell through affiliate links in their posts and in their stories. kelly? >> tiktok shop, is that what is called? not shoptik? >> tiktok shop. >> okay, rolls off the tongue. julia, a quick question for you as well. i know there's a january deadline for potentially having to do something with the site. i'm also hearing though about december. what's going on with the future in fate of tiktok? >> well, everything is up for grabs now, kelly, because of

the new trump administration coming in. and there was a big push to force tiktok's parent company, bytedance, to divest its u.s. assets, to divest tiktok because of the chinese ownership of bytedance. but there is a question of whether that will go through. the deadline for that is in mid- january, whether the trump administration, you know, what donald trump is scheduled to become president right after that deadline. question about whether that might change things because trump seems to be pulling back from his prior stance saying china should divest. >> all right, we appreciate it for now, julia. thanks, we'll be following with that timeline. of course, julia boorstin. let's dig a little bit more into shopping on tiktok and what is on gen z's holiday wish list this year. casey, i think we're asking more broadly than just tiktok, but of course, it plays a role. so you rattle it off, and i'll try to make it investable. how about that? what happens here? >> that sounds great. so what's trending on, i will

say shoptok, that's what they call it. what's trending among gen z gifts? tons of fragrance. fragrance is huge among both men, young men and young women. we are talking about hundreds of dollars worth of fragrances. very, very interesting. skincare and makeup, of course, with the sephora craze last year. the dyson air wrap, which is $500, $400, but these teens really want that dyson air wrap. and another very pricey gift, but everyone wants it. it's funny because your iphone has an alarm clock. >> and so many of these things feel like back to the future, like i could have put this list together basically in 1995. okay, well, we didn't have uggs back then, they're still on the list. any kind in particular here? >> i think it's the minis. it's what we talked about almost a year ago. they were like the most popular, the coolest that you could get, and it is still the case. it's those minis, like those

very short slippers. i'm ready for the tall ones to make a comeback, but it hasn't quite happened yet. >> and what are jellycats? >> this generation's beanie baby. >> awe. >> they are, exactly, exactly. people are obsessed. and it is so funny to see 16, 17-year-old girls asking for these. >> i'm chuckling at the pictures, which the hamburger, a hot dog, and you know, so there is a lot of different options here. one sort of sub text to a lot of this is there's still a lot of chinese suppliers in the mix here, casey. and you kind of compared that. what's he popularity of temu and shein these days? >> when it comes to holiday wish list, they have sort of a stronghold on young people because the sort of budget will go out the window, when they are asking santa to bring it. when it comes to shopping themselves, very much still going to shein and temu. such a good price and the quality is not that much different than the average, you

know, dollar store. so definitely when it comes to, you know, these young peoples budgets, they don't stretch that far. the sheins of the world, they help them get more for less. >> yes, at least now. everything comes in waves pink hoodie. talk to me about the mall as well. i did a little bit of spending at old navy the other day, then gap had these amazing results. who else seems to be doing well right now? >> old navy is currently trending on tiktok. it's funny seeing that brand having a resurgence with this generation. people are going, spending time with their friends. but at the same time, tiktok shop like you were talking about, still very much a dominant platform. you know, i think we're seeing both, right? they want to have the experience irl with their friends, shopping at the mall. but then they also want to do the scrolling. look, i don't know if you spent any time on tiktok shop, but it's so easy to buy things on there. >> that's what i hear. >> it's so easy. >> i hear basically thanks to apple pay, it's a one-stop

shop. and that might be the last question. do you think they are comparing to amazon? >> we are still seeing the amazon, you know, amazon is king at the end of the day and it continues to rank at the top with surveys. at the end of the day, amazon just has literally everything, where temu and shein, and honestly tiktok shop, you cross your fingers and hope it's actually delivered to you. but something like amazon, there is a little bit more trust there whether it is earned or not. >> i see a lot of these links still going back to the site. all right, casey, we appreciate it as always. i want to give you the people who i need gifts for. can i venmo, cash app? zelle? >> i got you. >> i appreciate it. it's my biggest weakness. that's it for the exchange today. tyler is getting ready for power lunch. i'll join him on the other side of the break. ♪ well i was raised by careful hands ♪

♪ yeah, they made me who i am ♪ ♪ so i'm off to see... ♪ we invent them. we design them. we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪ since 2019, john deere has invested more than $2 billion in our american factories. today, we're nearly 30,000 u.s. employees strong.

in more than 60 u.s. based facilities, across 16 states, we couldn't be more proud to play our part in supporting americans who work the land and build a better tomorrow. ♪♪ nothing runs like a deere™. (♪♪) car, this isn't the way home. that's right james, it isn't.

car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. 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." alongside kelly evans i'm, tyler, matt son. we're joined by ken squier. good to have you with us. the dow and s&p hitting record highs off the levels right now. the dow as high as 44,800 as the rally keeps going. >> what's not going, i don't know if we can show it, bitcoin and gold. how they are breaking hearts

today,