some may say why not after elon musk but i don't think it has a need -- any teeth. >> thank you. >> rockwell automation. the new cfo focused on margins. >> thank you. i will see you on the closing bell. the exchange begins right now. thank you very much. welcome to the exchange. here is what's ahead on the show. president elect trump just double down on tariffs. he plans more of them and plans to impose them on day one of his presidency. we have the details and the look at the potential impact across various sectors coming up. investors may be bullish right now but are they ignoring some major red flags? we turn to the options market and what it is signaling right now. new home sales drop by 17%

last month. this as prices and interest rates remain high. trump 2.0 may add some extra pressure. that story ahead. we begin with today's markets. we are just about near session highs. if you take a look at the s&p, we are at 6011. the high watermark a 6020. that is the record high. it is up about 24 points. we are up five points at the low. the dow has been the ladder. it is down 55 points. the tech heavy or nasdaq at 19,001 65. one half of 1% gain so the out performer of the day. no ecord highs but creeping closer for the s&p. it's been a big retail season. one of the names that is really outperforming so far was dick

's sporting-goods. best buy and kohl's coming out with worse than expected quarters. best buy and kohl's among some of the bigger decliners. bit coin prices continue the pull back. 99,600 or thereabouts was the high watermark for the bit coin trade. we are at 93 right now. a decent size drop. the move we have seen in context, remember the big post election rally is still much intact but it seems as though many traders have not wanted to push it beyond that six-figure mark. we begin with president-elect

trump's threat to impose sweeping tariffs on mexico, canada, and china. we have team coverage on every angle. megan is in washington with the very latest. phil is looking at the potential fallout for the auto industry. we have more on the industrial complex that could be impacted by tariffs and james is looking at the economic impact of the sweeping tariff plan. megan, we begin with you. >> this is trump vowing to follow through on all of the treads -- threats that he made on the campaign trail saying that he will target the three largest trading partners on the first day of his presidency. if and when those take affect, all sorts of industries will be caught in the crossfire. with mexico a huge chunk of imports are in the auto industry which would take the biggest hit. electronics, machinery and even nuclear reactors are up there

as well. canada, mineral fuels and oil take the biggest hit the cars, commodity, plastic and lumber would see an impact. then there is the question of retaliation. mexico has already vowed to respond with tariffs and canada and china would likely follow suit as well. the agriculture industry bore the brunt in the first term, that could broaden to other industries getting hit as well if he imposes on all imports as he said he will. there is still enough gray area that he may not ultimately follow all the way through. china and mexico both struck deals to avoid some tariffs in his first term but for him to revive the threats now means he still looking for more. it's not yet clear what he would need to see to make a deal. >> megan, thank you. let's turn to fill with a closer look at the tariffs on the auto industry.

phil . >> we will look at mexico because it has grown in importance of the vehicles it supplies to the united states. this is president-elect trump essentially hitting them where it hurts. look at the growth in the mexican auto industry. total production, 3.93 million. it's at a record high. experts -- exports to the u.s., 2.5 million will be sold here. it is a quarter of the north american auto production. the bulk is in the u.s. but increasingly we see automakers set up production south of the border. the big three have big production down south. you have a couple of plants and a couple of those locations. that is the reason you take a look at the stocks today, they all took a hit. in terms of exposure, general motors has the most exposure in terms of the percentage of vehicles manufactured in mexico that are sold in the united

states. those would be prime tariff candidates. ford, a much smaller footprint but still exposure. as you take a look at gm, we are going back five years. back to 2019 in terms of the tariff threat and the biden administration, this is what the stocks have essentially done since then. back to you. >> thank you very much, phil. the u.s. imports a massive amount of minerals for industrials and manufacturing. we have more on the impact to that industry. >> reporter: mexico and canada are major producers of minerals like lithium, copper, and silver used in the production of electric vehicles. higher tariffs will only check up prices. what has changed is a strong pivot away from china to mexico

where u.s. companies are actively expanding their footprint. last year investment into mexico surged by 40%. industriales have been leading the charge with companies like caterpillar which came under fire by president-elect trump earlier this year for moving a plant from iowa to mexico. mexico exposure maxes out at around 20% of sales. it is significant. there's also the hvac players like carriere, lennox. the ongoing u.s. and china trade tensions are a factor but also the cost. many have found that manufacturing labor and mexico has been much cheaper than china for more than eight years at around four dollars an hour versus 7 to 8 dollars in china. >> thank you very much for that. our guest calls the plan a

grand gesture but it is unlikely to take affect on day one of his presidency. that gives canada and mexico plenty of time to offer some kind of response. joining me is james, managing director at l for partners. watching a lot of these intersections between business, wall street, tariffs, geopolitics. you heard all three of those reports. they all kind of intertwined many parts of the u.s. economy. how worried should americans be about tariffs 2.0? >> it is great to be on and it's always great to follow my old boss, stephanie. right now we see donald trump being donald trump. you will see something like this in every single news cycle between now and january 20. he wants to be the center of attention. joe biden made a huge announcement yesterday about anti-obesity drugs. trump will be president for another 10 weeks.

even when you proclaim a tariff it can take 70 days, sometimes month, maybe lightning speed a couple of weeks. i would argue that they have about 12 weeks to work out some sort of arrangement whereby he can proclaim victory. it should be relatively easy for them to announce policies backing down on fentanyl. it is a win win all around for the near-term. trump gets a victory. they keep tariffs at bay and you see the action from day one. >> we show various charts of currencies. they did all react rather sharply on a relative basis to those headlines. they have tempered some of the move since then. is that the market way of saying that no matter what happens and a matter what the rhetoric is now eventually we will come to some kind of amenable deal at least on a relative basis for the parties

involved. >> i think the people have seen this movie before and the markets are reacting accordingly. you also see the distinction between u.s. investors who know trump a little bit better and foreign investors that are understandably very nervous. in a way it's almost better to be talking about something like this, a tariff threat that could be negotiated away rather than going straight forward with that 10% or 20% baseline tariff which is a more drastic threat and also an area where his legal authority to do this is more questionable. >> james, thank you very much. we will see you soon. markets are mixed amid more uncertainty on the tariff front. our next guest says there's a lot of positive momentum and now is not the time to reduce risk. it's also not the time to be a contrarian. for more on where he's finding opportunities i am joined by mark. the chief market strategist at

raymond james. it's a very interesting thesis. it's not at all uncommon for people to say momentum begets more momentum. what about the valuation concerns, tariff concerns, uncertainty and the wall of worry? >> always great to join you. i think we will continue to climb the wall of worry. i think having a wall of worry is probably a good thing for the market to overcome and to have because it means there's not just universal positive sentiment through the entire market. when you look at where we are right now, we have very positive fundamentals. we know there will be tariffs. there's questions with respect to how they will be implemented. there's geopolitical concerns and questions about how they might resolve. where we will figure that out is moving into 2025. for the rest of the year we are coming off a good earnings season where expectations for 2025 remain positive. really strong corporate profit

margin makes me feel a little bit better about where we are with respect to valuations. one of the things i tell our clients a lot when they ask about isn't the market very expensive? the average stock is not expensive when you look historically. there's a number of names, the mag seven included that have gotten pricey but there's a lot of parts that are not, particularly when you look down the market cap. the small caps are an area of the market i like a lot because they are still very chief -- cheap relative to large caps. you see an inflection with earnings that will sustain them for the rest of the year and into 2025. >> so it is also predicated on the idea that lower interest rates matter and we have the cross grant of a stronger dollar with regard to some of the policies we are talking about. all of these make for a mixed picture. that also looks for profits for multinationals.

i try to figure out where beyond small caps you see some opportunity. will it still be in many of those larger cap type names? >> it all comes down to selectivity. that is why moving forward as we go to next year it will be more important what you own. the rising tide is not going to lift all boats. that's why i think a lot of the divergences we have seen where financials were so dramatically outperforming. those trends are going to continue because it is supported by the companies that can weather a lot of those headwinds really well. so financials, particularly banks and market capital companies look particularly attractive because they are less exposed. they are more exposed to cyclicality and the strength of the economy and the fact that we are going to go through a deregulation phase will lead to more deal activity hitting the

bottom line. steeper yield curve does not help. across the board, higher- quality companies have less debt maturity clips coming up so you don't need to worry about the impact of interest rates as much as you would think. even further down, market cap. that's why i emphasized look for companies with good cash flow. all of that will help insulate you from some of the issues of rising rates so there's ways you can get around those things by being very selective in the market. i think that will be very critical moving into next year. >> the last time you came on we talked about vertiv holdings and axon. they have done well this year. can you tell me why now and what are your pics for the next

month. >> i am glad you pointed that out. i will take a little bit of a victory lap there. it is predicated on some of the bigger picture. vertiv, if you remember it's this idea that electrical equipment companies and those that specialize in coolant solutions and our letter to the data center buildout that continues to occur, those companies are doing very well. vertiv is one that we saw improving margins. you saw improving fundamentals in the face of a really strong secular growth demand profile. i still like vertiv going forward. i think the 5% selloff yesterday is a good entry point to start thinking about putting more capital to work. similarly, axon that specializes in police equipment and defense software, that is for tasers, body cams, i think they got a big boost as we start to invest more in the

police and really start to use software to drive a lot of the backend of what we are doing. i think there are still tailwinds there as well. both of those areas continue to look good because of the underlying fundamental back drop. >> so what are your new top picks? >> we talked about financials and banks. the best way to play my favoritism towards the financial sector is through etf. the capital market etf, i think that is a great way to do it. it is an equal weighted basket. you get large-cap, small and mid-cap and those that are levered more to the investment banking mergers and acquisitions. rather than picking just one or two winners, i think getting the broad, equal weighted exposure is a nice way to play the theme. building on this idea of global banks and financials, even

though the u.s. is my biggest overweight and the best market to be allocated to, there's other parts of the world that look attractive. we talked about this one before. india continues to look attractive. they've just gone through a pullback and one of their top banks, i think it is a really good way to get exposure to emerging markets but also probably the highest quality asset in the financial space that has private wealth management leveraged infrastructure projects in the country that we will continue to see play out. i think those are great ways to do it. i would stick with the financial team because that the virgins, the outperformance is likely going to continue well into next year. >> matt, thank you very much. i will see you soon. mortgage rates are back low

7% for 30 year fixed. will that be enough to jumpstart the housing market? we will break down the data. it coin -- bit going taking a breather but there's risks to the broader market and the retail investors. the exchange is back after this. the same way, you have... the fearless investor. the type a cpa. the boot strapper. the boot maker. hee-ha. but many do have something in common. we all trust schwab with our wealth. thanks to our award-winning service, low costs and transparent advice, every day, over a million multi-millionaires, trust schwab with more than three trillion dollars of their wealth. ♪♪

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♪ ♪ welcome back. sales of newly built homes

tanked in october to the slowest pace in two years. existing home prices continue to climb. we have all the numbers in that the virgins. how is the housing market shaping up as we had to the new spring season? >> as we look at new home sales there were three major headwinds in october pushing sales down 17% month-to-month and 9% from a year ago. mortgage rates shot up. they ended the month at 7.09. new home sales are based on sign contracts. that was people out shopping while rates were rising. hurricanes in the south caused sales to plunge 28%. sales were much higher in the northeast but that was volatile because the northeast has the least new home construction. the third issue, the election and economic uncertainty. consumers tend to pull back on everything, especially homes. what did sale -- sell was more

expensive. the price was up 4.7% year-over- year. prices could go even higher for new homes as builders face higher costs for lumbar. canadian lumber tariffs nearly doubled already in august and could likely go even higher if the new trump administration adds to the tariffs. prices for lumbar are up 20% from a year ago. let's turn to the existing home side. prices in september. the report showed prices nationally up 3.9%. the annual comparison is shrinking but prices were still up month-to-month with seasonal adjustments. new york, cleveland, and chicago are seeing the biggest gains. new home, an older home, it will still cost you. the next guest says new home sales for october could be the exception rather than the role as other metrics closely painting a different picture for housing demand.

andy walden, vice president of enterprise. i'm curious how you interpret the report and whether or not there is a constructive path forward for homeowners and home sellers into the spring shopping season. >> i think you are right. new home sales are the exception to the rule that we are seeing in october. existing home sales were up 3% month over month. mortgages were up a little over 4%. this is kind of a leading indicator of what is to come. the other thing i would point to on the new versus existing side of the house is a lot of the new construction and home sale activity comes in the south. that is way to see existing homeowners willing to list their homes for sale. that's where you see the competition between new construction and existing home sellers. you look at some of those markets that are hotter, less

building taking place unless existing inventory keeping prices for them. >> how did those start to paint some kind of picture as we head into next year? will there be places where we see a little bit more blending between the existing market and the new home market to maybe balance out the picture? >> i certainly think we will continue to see geographic differences. if you want to look at areas that will have more competition the south is where you will see that kind of activity. the midwest and northeast are the hotter portions and will continue to be that way because of relative affordability. in the midwest and northeast you aren't seeing that much building. existing homeowners are not coming to market. you still see 50, 60, 70% inventory deficits. when you get to some of these solar markets, florida and texas inventory is back to above normal levels and you

have new construction taking place as well so you see softer prices in the area. florida starts to jump out. you have some smaller markets where prices are down 6% in florida. that's where you see the softer dynamic. expect to see some geographic differences. >> real estate is definitely local. i wonder from your standpoint if you look out for the next three months, heading into the spring shopping season, what do you think needs to happen in the housing market for the housing market in spring to have the best start it possibly can? >> one answer. lower mortgage rates. you see that in the numbers. you see that jump in existing home sales. remember those are based on closing. those contracts were signed in august and september.

going forward we don't know that we will see those existing home sales unless mortgage rates pullback more. is fugate closer to 6% that's where you see more buyers come into the market. you do not see a lot come on the market. sometimes e more people want to get in in january before the prices go up. i wonder from you, do you think the builders will be able o keep buying down mortgage rates and keep giving lower-priced homes if they are paying more for lumbar, more for labor under the new administration? >> i think one thing to keep in mind is that a lot of those homes have been under construction for a long time. to your point, if the tariffs start to pick up obviously some impact on new construction. diane made a good point about october closings coming from september. we have seen some pullback in mortgage application. a positive sign, if we look at where we are in terms of

demand, simple applications and folks applying for loans, we have markets rates around 6 3/4. last time we were there was late july, early august. we see a slightly higher demand right now. certainly a bit of a pullback from this higher interest rate environment. still relatively comparable. >> thank you very much for the robust real estate discussion. we will see you later n. nvidia shares are down 10% from their all-time high on thursday. the chipmaker is unveiling a new a.i. sound model with the potential to change the diinstauo dury as we know it. we have the details and a special sneak peek. you may have heard some of that coming up next. and get samsung galaxy s24+ with galaxy ai and watch and tab, all three on us. even if your phone is old or dated,

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since the invasion of ukraine. the u.s. appeals court will not revisit ghislaine maxwells appeal. she has indicated she plans to appeal to the supreme court. traffic violations against a miami dolphins wide receiver that led to the star being handcuffed by police were dismissed on monday. the infractions were dismissed when the miami-dade police officers failed to show up in court. he was cited for careless driving and failing to wear a seat on his way to a gain in september. back to you. >> thank you very much. nvidia is making a somewhat unusual move, releasing a new a.i. audio generator today. we have today's techcheck. how does this move fit into the

larger a.i. strategy? it's now a product and not just the infrastructure that goes into it. >> it raises a lot of questions which i will get to. first i want to show you this. it's a type of generative a.i. product that i can't just tell you about it. you have to listen to it yourself. this is from the demo when the user prompted it to create a saxophone howling, barking and electronic music with dogs barking. so that is a strange but entirely new, never heard before sound that is meant to bring new capabilities to music and games. nvidia has no plans to release it publicly, begging the question why even do it in the first place. nvidia is not known as a consumer product company.

there are plenty of things they can focus on like the rollout of blackwell. the answer is that products like this have helped nvidia stay relevant for decades and evolve to the hardware, software a.i. powerhouse it is today. they have a long history of creating products that are meant to inspire customers to create products itself or lay the groundwork for its own breakthroughs. take gdx. it supercomputer in a box. it was created in part from learnings from a shield streaming box. it would get familiar with supply-chain management and software, hardware integration so critical. jenson huang recently spoke about this on a podcast. athe time they said it was utterly unobvious that there was a market fit for this product. >> it was my excuse to turn nvidia into a systems company. people would ask me, the dg x1 which is the computer that

changed everything, how did that come about. it is just a very large shield. >> the computer that changed everything started as a set-top but it is now a cornerstone of the nvidia system. these men shots become a little bit more complicated in the age of generative a.i. because of course they have to be trained on something. usually somebody's creation. that creates the potential for misuse. this is something that nvidia acknowledges and says that is why there's no immediate plan to release it. the point is that nvidia has a history of creating products. we don't know what the endgame is right now but somebody else can figure it out. we are in the age of audio generative a.i. and this is an interesting development. >> the balance sheet is there. we are talking about the most valuable publicly traded company in the world.

there used to be talk of all of these companies doing these moonshot type experiments. how much more moonshot this could we see nvidia become marked as a go just beyond generative audio a.i.? >> they have something called the a.i. round. they have hundreds of researchers around the world whose purpose is to play around and create these things and hopefully inspire ideas for the companies. i would say we are likely to see a lot more. nobody thinks will of nvidia as a consumer products company but when i started looking into this they have things like a hybrid gaming console that laid the groundwork for the nintendo switch. they are groundwork innovator which is why nvidia is so successful. they see things decades in

advance. the ability and the balance sheet to be able to experiment. >> deirdre, thank you very much for that. we have a news alert on data bricks. kate rooney has that story in private technology. >> several sources tell me that data bricks, one of the world's most valuable private tech companies is in them middle of raising billions of dollars and not in a rush to go public. three sources telling me the company is on track to raise at least $5 billion in private markets. it could be closer to $8 billion depending on when the round closes. the valuation, that will be at least 55 million dollars. it's a major step up from the last private valuation which is around 43 billion earlier this year. they are backed by nvidia, fidelity, and others.

unclear if those names are doubling down to get back in the round. it is focused on getting employees access to liquidity. if you don't have an ipo employees want to cash out and it reduces the need to go public. i am told the company is not in a rush. they could delay the ipo beyond next year. the ceo has been noncommittal on a timeline saying last week that it could still happen in late 2025. the step up does come as other rival companies have struggled. data bricks competes with snowflake and other companies. the igf etf is making a comeback. this round could break a record even in what has been a banner year for a.i. funding. one and three dollars has gone to a.i. startups. open a.i. is the high watermark.

data bricks could top that if it does raise at the high-end of this range. one source telling me that demand is outstripping supply. >> data bricks one of our disruptor companies as well. check out our website for the latest. thank you very much. coming up, nordstrom is having its first best year since 2009. crowdstrike has erased all of its losses from a global i.t. outage. dell is flirting with this best year since returning to the public markets in 2018. all three are on deck to report results. we have the numbers and the narratives ahead. we are back after th. is

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and he places the trade... talk about easier investing. welcome back to the exchange. bitcoin prices pulling back a little today but up more than 30% since the election. barclays noting the recent crypto euphoria has sparked demand including in nvidia,

tesla, and micro strategy. they also write that investors are ignoring potential risks. joining me to discuss this is the derivative strategist at glaze. pays a lot of attention to these leading indicators at the market. talk to us about what you are seeing. do we have to worry about what warren buffett has called weapons of financial mass destruction. >> i think an interesting way to look at what is happening in terms of euphoria in the crypto market and some corners of the equity market, it's about three phenomenon that are happening in front of us. it is essentially the trump trades meets the retail trading frenzy. on top of that you have the rising popularity of levered ets, essential etf's that use leverage in their structure.

what i mean by this is obviously on the one hand you have investors fairly optimistic about the prospect of a progrowth administration that promotes deregulation. it is being seen as being more friendly toward the crypto ecosystem. on the other hand you have the retail investors, it is not a new phenomenon. it is omething that we've seen in 2020, 2021 and it keeps them coming back. important the use of options which is away from retail investors to gain equity exposure with leverage. on top of that you have something that is a little bar -- a little bit more recent which is etf's. in many ways that tries to accomplish an objective as options. in other words they try to give investors a way to gain leverage when expressing a view and some stocks.

i think it is not a coincidence that a lot of this have seen a steep price and options activity like nvidia, tesla, micro strategy. those are the same names that use unlevered atf's -- etf's. in the past year we have seen a tenfold rise for some of these etf's. i think it is a phenomenon that is worth paying attention to because it is important. perhaps the very last thing. the aspect is something people need to be more wary about is the fact that this vehicles both options and levered funds often times by just virtue of trading they actually create a feedback loop effect. in other words, rallies beget more rallies and slumps beget more slumps. they reinforce each other and create a snowball effect. >> all right.

thank you very much for that. we will talk to you again soon. shares of jm smucker own pace for the best day since august 2020. the company reported 17% net sales getting a boost from the hostess acquisition. up about 7% today. we are back after this. the agents applaud. your travel itineraries are so well written, they're on the best seller list. and you have access to lounges that don't officially exist. that's why you rent with national, where you can skip the counter and choose any vehicle on the emerald aisle. because travel isn't a competition. except that it is. and you're winning. 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 we had planned carefully for our

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welcome back to the exchange. the dow is erasing roughly 310 point loss early on. we are positive -- modestly positive. the s&p 500 is at 6011. it's up 25 points from its high. the nasdaq still outperforming everybody else. the russell 2000 giving back two thirds of its gain. the u.s. 10 year treasury note

yield currently 4.31% so keeping a close eye on the markets overall. we see a little bit of positive momentum. coming up, crowdstrike has been consensus only once in the past 20 quarters. the near-term options by a 10% move one way or the other. with 10% short interest is nordstrom. we will have the action, the story and the trade ahead of all of tse cinhoomg up after the break.

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it is time for earnings exchange. we have the action, the story and the trade on crowdstrike, dell and nordstrom. we are going to kick things off with crowdstrike. shares are up 6% since the global outage in july. the street is still monitoring the fallout including customer turnover. wells fargo is raising concerns about free cash flow. crowdstrike, it is shocking that we can say they have recovered very much all their losses since the i.t. outage.

what is your take here? >> it is amazing. from that july outage the stock went down almost 50%. everything went lower on that day. since that point it's up almost 50%. it's up effectively back to where it was. the dynamic on pricing will be closely scrutinized in this announcement. there is some sense that things are a little murky at least until we get into 26. it is not cheap. it is best-of-breed. i think the recovery has been largely fantastic, but you don't get an acceleration until 2026. that is where it is. >> it is a forward price to earnings ratio of 100. that gives ou some idea. let's turn to dell. those shares are up 90% thanks in part to strong a.i.

server demand. ever court flagging pc growth and enterprise spending as key factors to watch. you are saying that dell is a buy despite the runoff we've seen. take us through the reason why. >> it comes back to evaluation. it has some of the sexy a.i. dynamics. february through june was almost 90% gave almost all of that back and since then has rallied almost 60%. the isg business, that business was getting into the infrastructure, is the exciting part of the business. i think you will hear from the company that the margin profile gets better. some of this related to the storage and general server and database which is better. i think the cpg business in is ultimately part of that. that is some of the cyclicality the that is in the name.

you have a pretty diversified approach. some of this traditional business, it probably is good and you are getting a company despite all that we talked about is only trading around 15 times next year. when you get 10 to 12% eps which is a little bit more aggressive, i think that is where they will surprise. this is one you want to own. you are well covered to the exposure you want. >> tim, finally we would be remiss. it's the holiday shopping season. nordstrom shares are up 7% with the holiday shopping season right upon us. it has opened almost 2 dozen locations of its off-price rack stores as consumers continue to bargain hunt. j.p. morgan writing the increasing toys cal across digital channels has also supported

sales growth. nordstrom is an interesting story if it's not a transition. what exactly is the move? >> i am guessing you probably have 6 to 7 pairs of brightly colored socks from nordstrom in the past six months. if anyone is keeping them in business it is you. the dynamic is around part of what makes nordstrom more interesting than other department stores in terms of sales and the overall comps they are small but they are growing. we've heard other trends not so great. the dynamic is the big underpinning to the stock is something that i think is important for investors. there's some sense that there's a bit of a floor here. within the department store there's been a lot of headlines. nordstrom's looks interesting. it's probably a hold but i think there's some option analogy with it. if anything has to go higher. >> tim seymour with the

commentary of my socks, i will let you know some of them are costco, kirkland. i will take the complement as i see it. >> happy thanksgiving. >> see you soon. that does it for the exchange. power lunch and the release of rks fed minutes are coming up. maetnear session highs. we will see if it keeps that way. we will see you tomorrow. ditio, this black friday get iphone 16 pro with apple intelligence. get four on us. only on verizon. ♪♪ [inner monologue] this is going to sound crazy. but i know these attack vectors. oh, had a little upgrade have we? ♪♪ okay, so that's how you want to play. ♪♪

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>> welcome to power lunch, everybody. alongside contessa brewer i'm tyler matheson. glad you could join us on a somewhat salty day here in new york. quick check on the markets right now. the industrials with modest gains of about five points at 44 742 point s&p about a half a point higher. did to the nasdaq. let's get to steve policeman now for the minutes from the latest federal reserve meeting. >> the minutes of the november meeting site that if the economy performs as expected, as in, inflation continues to come down, the labor market remains around full employment, it would be appropriate to gradually move the rates towards neutral. notice the word gradually appears a couple times in the minutes. all participants agreed at the meeting to lower the rate in november. almost all saw the risks on both sides of the mandates between full employment and stable prices to be pretty