tradition, my favorite day of the year. remember when your kids were this young? >> i do and i miss it a lot. enjoy your two boys. >> did not get them to do their hair before. here is sammy and harry. >> thank you and happy weekend everyone. let's get over to the exchange. >> awesome stuff, thank you very much and happy black friday, welcome to the spiritual early edition of "the exchange", on the show, stocks are hitting another record high today and one strategist says there is no reason to believe the rally will slow down. plus, bitcoin is rebounding, prices taking a breather after getting within striking distance of $100,000 this week.

when we could cross that key level and the date may be coming up. all that glitters is not gold, for pandora it is also silver, 5/4 in a row with double-digit growth. we will talk to the ceo about spending trends and why he is not worried about the trump tariffs. beginning with today's market action. another record high for the s&p 500, the dow with the record yesterday before dropping lower but the dow at 44,000 914, which is up one half of 1%, the s&p 500. 6030, your new record day hi we are a session highs now up 31 or 32 points even at the low of the day we were up five points. generally a positive day and getting a little bit of momentum as we are headed to this holiday shortened closing bell. the nasdaq up, by about 137 points which is a 3/4 of 1%

advance so keep an eye on those major indices. for this being the last day in the month of november we thought we would take stock and show where the action was in terms of a monthly basis. looking at the two best- performing sectors in the s&p 500 so far this month today it is consumer discretionary up 12.5% for the discretionary etf, financial sector up 10.5% meanwhile the worst performing sector has been healthcare up about one half of 1%. there is your winning side and losing sight. for individual stocks in the s&p 500 on a month today basis check out these names. the best-performing stock so far this month up about 61%. axon with another record high, this company formerly known as taser, body cameras for police and that sort of things and down 41% your worst performer

in the month, celanese. these three names had earning cattle driving the divergence that you can see. keep an eye on the month today winners and losers. now let's dig for their deeper into the s&p 500 record trade. these spots can keep coming with the rally and its broad participation. while the overall market is expensive, conditions having the gains are in place. joining me now is dan greenhouse chief strategist now this is an amazing rally we have seen and the election was the latest catalyst so what are the conditions that you see that will drive the next leg higher in these markets? >> happy thanksgiving first of all. listen, the conditions are everything we have been talking about for the better part of a year or two. the economy continues to expand, the labor market holds up well, real income moves into positive territory and corporations are

pretty profitable. i do not see anything in the next three, six, nine or 12 months likely to change that matter. if that's the case there is a bias for market share to be as it has on the upside. >> you mention the idea that markets, overall are relatively expensive, especially looking at the forward price to earnings ratio basis. is there a reconciliation to be done amongst investors for the levels we are dealing with now? and by the way as a follow-up, i know you are watching closely, how much do interest rates have to go lower to keep this momentum going, if at all? >> the market is expensive relative to its own history, 21 or whatever times earnings. but given the strength of the technology names which disproportionately trade at higher valuation, that will drag up the market valuation. so the normal way you would contextualize this argument is to say the rest of the market

is less expensive and that is obviously true, but if you are going to argue the market will correct on valuation basis you have to explain why nvidia, apple, et cetera will correct with all the fundamentals in place for those stocks remaining the same which means if i don't expect and i'm not sure the average investor should expect short-term adjustment. with interest rates i don't think you need a meaningful drop in interest rates to support the broad market valuation for those reasons i mentioned. apple is not trading where it is, nvidia is not trading where it is and microsoft is not because the tenure is 4.25 instead of 3.25 or 5.25, they are trading where they are for fundamental reasons. i'm not as focused on the federal reserve as everyone else. in fact i know the consensus expects a cut in december and then four next year. i think that sounds awfully ambitious.

they may cut in december before cuts in the next year given what's going on economically with respect to inflation. that seems a little high, i think something like two or three cuts seems much more reasonable than the four. >> i'm sure a lot of folks in the market are starting to gravitate to your side, seeing we don't have to be so aggressive with interest rates when the economy is holding up generally okay into 2025. we mentioned broadening out of this and it's not necessarily mag seven leading the way higher. if it is a broadening outrage, where do you see better opportunities? are there certain parts of the market sector wise or market cap wise are the better position for 2025? >> we have been talking about this on the network all year. obviously large-cap tech in general with service now and the other non-mag seven but large tech names that have done well are driving a lot of focus

. everyone has paid to what the banks have done with financials. the derivative plays i call them, not nvidia, but the names that are ancillary beneficiaries above the expansion of a.i. have done exceptionally well and some are in the ndustrial space like hvac names. you have to build the data centers. all of these plays are doing well and will likely do well as long as the funds remain in place and then something that solus has been harping on and i've been making the point on air is this constant worry about the looming and imminent death of the consumer is something i have not believed in. the data does not support it, there was a focus on the excess savings data point. i did not believe that, the consumer looks real healthy to me. there are pockets of weakness at the lower income side of things but the consumer looks really well and where we have

found value over the last year or two and the next year or two is being exposed to names that are doing well in that space but are not necessarily holding although if you look at a chart like brinker, they own chilies and it looks like a tech stock but that's a good example of the type of consumer name to which you can be exposed to say the consumer is really buying but it does not have to be macy's or cap stores per se. >> dan, before we let you go on the holiday weekend, what is the part of the market you think we should stay away from? >> listen, right now it is relative value game. i don't have a particular one that i dislike more than others. i guess you could say or i wouldn't say that, i don't have an answer, i have a favorite section i mentioned, the financials, the industrials, we like a good chunk of the energy

space, oil has been flat, i don't have a least favorite part of the market. a lot of things are working and it's more relative value gained. >> i like it, steve liesman to the optimist. have a very nice thanksgiving we will see you soon. bitcoin and its path 100,000 getting a speedbump, but the next guest, they still see the cryptocurrency climbing to the 250,000 mark. yes, quarter million by the end of next year. up to half 1 million by the end of 2027. we know is the ceo of a predictive trading platform. that sets off all kinds of bells and whistles around here. predictive models for cryptocurrency. what exactly do the models do and where they showing you about the price of cryptocurrency? >> yes, so what we do, we take human input and combine it with raw a.i.

models to make predictions. the further out looking stuff is just models of supply constrained, what it can be. so the primary focus is to charge markets by combining human subjectivity and intuition with a bunch of various a.i. models. >> it is a combination of the two with model inputs going into the output. what exactly are the inputs that are showing you that there could be near-term with moves possibly to the upside for the cryptocurrency market? especially for bitcoin? >> you have large buying, etf closing and record highs, you have an announcement and intention by the incoming administration to assemble a bitcoin strategic reserve. so you have to assume the united states will not just have that by itself so other countries have to adapt and make moves.

that has not shown up in the market yet but the etf's are growing, institutional input is growing and finally you are seeing smaller trades on the market which indicates there is retail interest coming back and that had not been present for the previous few months, most of the previous had been driven by retail but this is led by institutions. now retail pushes it up over the top. >> a lot of technical analysts and chart watchers look at things like volumes as a way to confirm or put the input into the direction of some asset prices. how exactly do trading volumes look to you and how do they factor into your models for prices for things like bitcoin? >> this cycle, the volumes do not correspond with previous trading volumes because you have large institutional buyers in the market that are essentially disrupting previous models. so you have to take a near-term view and look at given the

current conditions, the current supply and how fast it gets removed from the trading, what that looks like and what it does look like is, there is not enough bitcoin to satisfy demand. people are moving into the market as soon as trades show up they are getting taken and the floor that bitcoin can drop two, the downside of the trades look really steep. but you have people with an appetite that will come to market and the fund will snap up, discounts, they know eventually they will rebound and push higher. >> i am curious, this is a global story at this point. a lot of catalysts, driving the trade on the domestic front in the u.s. perhaps hypothetically a crypto friendly administration coming into the white house. how much do the flow around the world play into this bitcoin narrative? we talk about this idea of crackdowns in certain places,

especially like in china what does that look like from a global landscape? >> lovely there are two important factors. one, if you transact in bitcoin it is accepted as a means of exchange virtually all over and it will be more so in the future. you saw the telegram network announcing they would bridge bitcoin into the ecosystem and that has 50 million users, expect patterns like hat to continue. so you have a global mechanism to avoid censorship so you won't get locked out of your economic system if you transact the asset. the other thing you are seeing is government all over the federal reserve and other essential banks, the only weapon is to inflate the money supply and the original use of bitcoin according to the publishing genesis book is to defend against the bank bailouts

from 2009. so the reason why bitcoin exists, the lack of confidence in the government step quality money supply and to do the fair and right thing by people using the currency. goalie, you are seeing people waking up to realize they need to hedge and have some anti- inflationary asset in their holdings. >> more investment options and vehicles, taking that view, frank speiser of metafide, thank you very much have a good thanksgiving weekend. >> coming up in "the exchange", black friday is underway, the day for retailers. are consumers still hitting the shops despite concerns about the economy and inflation? live from garden state plaza in paramus, new jersey not far from the headquarters, she is gathering insights and doing some window shopping and channel checks, what can you tell us? >> i don't know about

windowshopping. we have a lot of shoppers at the mall with traffic picking up as the day moves forward and i have real-time sales data that it was here with you. cnbc has it exclusively, stick around and watch "the exchange", after the break. >> this is "the exchange" on cnbc.

>> welcome back to "the exchange", as many people are waking up early and headed to the shopping malls, most of you

watching are probably at home far away from the commotion and crowds. we want to give you a look at the scene that some of you guys are missing. so we sent our own courtney reagan to the garden state plaza mall in paramus, new jersey. this may be indicative of some malls, what are you seeing and what are the crowds like? >> reporter: the foot traffic has been picking up, the mall opened at 7:00 a.m. as we've seen the cadence of black friday changing over the years with stores closing on thanksgiving pushing in-store shopping to today. retail big five is underway, thanksgiving to cyber monday. getting some real spending data from pfizer. between midnight and 9:00 a.m. brick-and-mortar have seen transactions grow 4.3% compared to last year over the same time period. online sales are down about 14.4% between midnight and 9:00

a.m. compared to the same period last year. not entirely surprising to see sales weaker this morning because adobe says thanks given day online spending hit at 9:00 p.m. eastern and today's online spending peak is not predicted until between 9:00 and 3:00 according to sales force. that's before that data that we gave you was pulled. today's forecast to be the biggest shopping day of the year in-store according to traffic tracker. that's followed by the last saturday before christmas, super saturday. the national retail federation says 132 million americans will shop today in some form. 65% of them say they specifically plan to shop in- store come a consumers are telling deloitte the number one reason they want to go to stores are the door buster deals with 45% doing it to spend time with family and friends, tradition for many americans. black friday shoppers are

usually younger, but also wealthier even if deals are the top reason to shop. the largest percentage of americans that plan to shop today are those who make $200,000 or more. 78% will shop today. the foot traffic is picking up, we will see what the rest of the day brings with the longest line that i saw at lulu lemon which is interesting because that's not traditionally a retailer with a lot of sales at all, maybe people love those yoga pants. >> a hypercompetitive market with athletic wear and the online retailers. so, these brands are certainly in play. i am curious, over the last 10 or 20 years, i remember watching views on a black friday and watching stampedes of people. sometimes checking and

tackling, trying to get tvs and everything else. i feel as though in the last few years we have not seen as many of those rampages through the door buster deals. is there an explanation why for are people just shopping online more because of the convenience factor? >> a couple reasons, number one, online shopping is a big reason, for ears retailers cannot offer the same door buster deals online as in stores because of supply chain or logistics. as they have become more sophisticated retailers are able to do that so you can buy online, more people have access to the internet. when it started people had to wait to get to work to purchase online which is why cyber monday became what it became. we did not have internet at home. we don't have the stampedes be record anymore because of the internet and deals are teasing out earlier in the month of november or even october. we have seen a lot of that. they have the supply, they offer earlier, it spreads out

the buying and it is considerably safer. so you can come have fun but do it safely and get a good deal early. >> we learned earlier this morning that courtney plans to purchase apparel later this afternoon. thank you very much, we will see later today. >> shoppers may be headed to the malls but our next guest says that may not live holiday sales in a meaningful way. she expects them to be up modestly, 3% from the previous year, join us wells fargo economist and shannon we heard courtney talk about the robust nature of the data coming in for black friday through cyber monday. what exactly is the data that you are seeing telling you about the health of the consumer and propensity to spend? >> we have a little bit more of a cautious take this holiday season. we are looking at a decent pace of growth north of 3% putting us just below the long run average of holiday sales in

november and december. looking at momentum into the holiday sales season, these categories of retailers have seen a pretty slow year-to-date sales growth curve since october so we are cautious in terms of overall sales growth, but we are looking for a decent holiday sales season. i don't want to dismiss the fact that holiday sales will be strong and to the point, there are people going out on black friday and having shop yesterday. so we have some decent momentum with traditional kickoff of black friday. >> where do you think the interest is in spending generally speaking for the consumer? i understand there are demographic nuances, but we talked about the idea with goods as such a big thing for a while, then services. are there certain parts of the market that will do better than others? what do your tech show about what we want to spend on versus things we want to shy away from? >> so this year we will keep

seeing a transition to the experiences of gifting. so that's gifting theaters, movie tickets or restaurants, things of that nature, different than traditional retail are you shop at a brick and mortar or online. you have really see normalization of spending. looking at shares of consumer spending in the united states of goods versus services, there is normalization with the pandemic behind us so households are spending more on goods after the fall forward has run its course. i do expect a lot of traditional giftgiving at play although some of the service- oriented experience based gifting may continue to crop up. one thing you have been covering is the discount factor. i think households are price fatigued when you know necessities, food and gas and things like this are pretty high in terms of a price level. households are experiencing a bit of inflation, pressure and price fatigue when it comes to

giftgiving. to the extent there are discounts on key products and goods, that will encourage shoppers this year and hopefully from the retail side will facilitate a larger basket overall as they are strategic with discounts. >> if price fatigue factors into the near-term holiday shopping season from now until the end of this year around christmas and hanukkah, what exactly does the outlook look like for 2025 and beyond? do we expect to see that slowing factor or do things pick up in the new year? >> in our note that we published as we are forecasting a slower growth year, near 3% annual growth for november and december, something we mentioned, we don't think this is a signal that households will stop spending. i truly believe household need a reason to stop spending. whether it's moderation of labor market, layoffs were more

price pressure potentially from tariffs, that could stall spending. the base case is households keep spending into next year but there will be more of a selective consumer between discretionary and nondiscretionary in the wake of the holiday sales season which is normal for the early part of next year. i do think households will keep spending. we have seen undeniable resiliency in terms of consumer spending and we expect that to continue next year without any kind of shock. i am tap dancing around tariffs, tariffs are inflationary and if we see some sort of universal tariff i think that could impact consumer prices and could be a challenge for a lot of households. in particular from discretionary sites. >> perhaps medium to long-term, the consumer stays intact. shannon grein with wells fargo, thank you very much. coming up on the show we will get more insight into the state

of spending, pandora jewelers says consumers are cautious, but finding a way to buck the caution trend, their ceo will join us to discuss, but first, after the break, canada's regulatory watchdog is now suing google. those details, when we return after our commercial break. original medicare. these are convenient plans that offer all of the benefits of original medicare, plus extra coverage and benefits. with a humana medicare advantage plan, you could get doctor, hospital and prescription drug coverage in one convenient plan. with zero-dollar copays on hundreds of prescriptions. most plans include dental coverage, including zero-dollar copays for covered preventive services. vision coverage, with eye exams and an allowance for eyewear. even hearing benefits, with routine hearing exams and coverage toward hearing aids. that's more than you get with original medicare. but it gets even better. because humana offers zero-dollar or low monthly plan premiums.

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>> welcome back to "the exchange", markets are higher about one half of 1%, the s&p 500 with a new record high at 6034. a new record high on a intraday basis. here are some of the movers. computer chip stocks higher on a report that the biden administration will consider exporting less stringent than previously expected as united states semiconductor stocks, all the best performers on the s&p 500 today. shares of robin hood are higher , getting a boost after the creation of a 24-hour stock exchange by a startup company, investors are hopeful this will pave the way for around-the- clock trading. robin hood is up 3% with 6% up on the week after touching a 52- week high on monday.

now let's send it over for our cnbc news update. >> syrian rebels have breached the second largest city in the country, the insurgents led by the islamist militant group say they entered the city after launching a shock offensive on wednesday, meanwhile the kremlin which backs the regime told syrian authorities to act quickly to regain control. a group of messages is lawmakers are working to get support for a proposal that would ban tobacco products based on a person's birth year, currently resident have to be 21 to purchase these buttocks, the generational ban make it illegal for anyone under 21 from ever purchasing tobacco products in the future, the lawmakers plan to introduce the measure next year. starbucks opened a new cafe today overlooking the demilitarized zone on the border as part of a new eco-park near south korea. along with starbucks the city has launched a new public bus

line to take tourists to the park after the pastor military checkpoint, cafe will become part of an important tourist destination. back to you. >> leslie picker, thank you very much. battles emerging around the world in a big technology story, australia banning social media for kids under 16 years old, canada filed a new anti- competition lawsuit against google and we have more developments in the antitrust investigation into microsoft. now, a look at what's at stake in today's tech check. a lot of big names and a lot of focus on antitrust. >> a lot of action, basically if you thought the new administration with elon musk in the white house with new regimes at the ftc, if you thought that meant hostility toward big tech would soften, think again. those stories over the last few days suggesting that pressure continues to ramp and it is going international.

the relative question going forward is how do each of these things affect each company's position in the generative a.i. race? it comes down to data, for google, the ability to sell ads in a new search landscape where rivals like complexity and openai are ramping up, the australian ban could reduce social media data pool from younger users. especially if this goes beyond australia and microsoft bundling advantage which has been an advantage for decades could hit its lawsuit, the ability to sell cloud with copilot and cyber security products. appeals and enforcement, they could draw any penalties for years but as google is set to face dual remedy battles over the next year in its two doj lawsuits, the threat of structural changes looms close for investors. in the u.s. the big tech antitrust consequential battles are playing out with a lot coming down to who the incoming

president appoints to the key revelatory positions. let's look at the top so far, for the fcc, he has been a vocal critic of big tech and censorship. then there is trumps pick for attorney general, pam bondi, she could be seen as a counterbalance, pam bondi is a lobbyist at ballard partners representing google and amazon. the most important positions, replacements from the ftc and doj respectively are still outstanding and with each new battle or development the stakes are rising for those appointments. we don't know which way the incoming administration is going to go. we know they are pro-little tech, but big tech is a very different story and there is a lot of cost and on how they will treat the mega caps. >> a lot of positioning ahead of solidification of those plans, deirdre bosa with our tech check today thank you.

still to come on the show, a big day for retail, what are some of president-elect donald trump's tariffs hampering the holiday joy? we will dig into the proposals for that sector and others, coming up.

welcome back to "the exchange", a strong weekend month for stocks largely due to the postelection rally but preisdent trump threatening to put tariffs in place on his first day in office, let's dig into the names that could benefit and one that might be at risk. looking at winners and losers in the tariffs addition today, here with our trades ceo of grasso global and cnbc contributor. first of all, happy things giving to you and your family. let's start with walmart, shares were up 2% since the tariff announcement, j.p. morgan pointing out that there could be risk for the retailer as those levees could affect the toy industry.

steve, do you like walmart or not and why? >> happy things giving to you and your family. i do like walmart. look at it, what other retailer would have more leverage than walmart on suppliers? the answer is none. if you want to buy a retailer that has power to fight back, walmart. e-commerce up 27%, advertising up 28%. they are in the grocery business where i am sure you know, as a percentage of revenue it is 58%. where has the pain been with most consumers? around groceries, gas, walmart is offering relief for the consumer with price action, as you said on the intro, leading to higher prices in the face of these worries and it probably goes higher. >> that's the trade on walmart.

let's get to the second, apple. the tech giant battling headwinds in china and higher tariffs will not help, but the company has been going some production out of china. you say that apple has a few more moves left in its playbook. >> yes, think about this. the first iteration of the trump presidency was back in 2016. what did he tell people to do? he said you have to start diversifying away from the china supply chain. shame on these corporations have not done enough to move to india, south korea, vietnam. so i think they have done some, maybe not enough, but look was driving growth. they have a substantial upgrade cycle, maybe not cataclysmic, but it is a substantial upgrade cycle as a i will generate a lot of tailwind. the next software upgrade will have chatgpt into it.

if you look at the chart. it is around all-time highs and so is walmart. this one can go higher. people are too worried about china demand and are losing sight over services and other demand around china. >> a couple of down components now let's go to the third one, tesla. shares are down 3% since those announcements went into effect. steve, you can still see upside for the ev giant with elon musk's proximity to the president-elect. >> you know, i know everyone in the investing world, everyone gets this. if you have the president on a texting basis, on your phone, that probably gives you a lot more leverage than most other corporations or most other ceos. he is around him a substantial amount of time. robo taxi will be brought

forward or at least given a hat tip. they are working on other initiatives. and maybe elon musk can sit and wake up and have three other business ideas or focusing on his mind and he will get a better valuation or increased valuation based on those ideas. ranted we are all talking about robo taxi or car sales, but he does have optimists and things that move the stock substantially. >> walmart, apple and tesla. that brings us to our bail and that is trumps pick to lead the energy department is energy -- liberty energy ceo. you point out energy underperformed in the first trump presidency because he boosted supply. what has you worried about cheniere energy for this trump 2.0?

>> first, let me preface with this, cheniere has been one of my favorite for years. i don't have disclosure on cheniere currently, but it made my first purchase around $12 when they were granted the first permit to export liquefied natural gas years ago. so i do love the stock. having said that, they are a top exporter to china. they are either second or third right now and they, probably the revenue as a percentage from china is somewhere around 20%. if these tariffs go into place china will say why am i giving money to a u.s. company? why don't i give it to australia or qatar? i think they have a little bit of a fight back on us and i am of the belief that tariffs are a negotiating tactic, not the end destination. but i do believe you could see hiccups with the stock price

where it is now if you factor in those hiccups. >> all right, steve grasso, from grasso global, thank you so much. we will see you soon. coming up in the exchange, you are looking at live pictures from the mall of the america in bloomington, minnesota. black friday is all about the big box stores and the malls, but tomorrow is sml bunealsiss saturday. coming up, we will see how competent small business owners are right now. stay with us. with dexcom g7, managing your diabetes just got easier. so, what's your glucose number right now? good thing you don't need to fingerstick. how's all that food affect your glucose? oh, the answers on your phone. what if you're heading low at night? [phone beeps]

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welcome back to "the exchange", the dow is up 6% in three weeks since the election. is what's good for 30 of the biggest companies also good for small business owners? the latest on small business sentiment in america, good morning. >> good morning, we are out with our small business confidence index showing optimism jumping 11 points in q4

up to 62 out of 100 as donald trump won the election. reaching its highest score since 2018, this time last year the score was 46, also split amongst party lines with republican seeing an even bigger jump as democratic sentiment slipped. the move driven by positive outlooks in all areas with more owners expecting higher business revenue, positive changes in government regulation and tax policy and positive changes in trade and immigration policy. when it came down to voting, no surprise the economy and inflation with the top issues with half saying that was the deciding factor, but social issues also factored in more than previously expected even if they did carry less weight on the economy. the outlook on inflation much more sunny. 40% say it has peaked up from

1/3 last quarter, 28% say it is the biggest issue now but that is down 10% from last quarter. outlook for the fed and its ability to control inflation increased 11 percentage points up to 45%, but only have say the interest rate cuts of recent have impacted their business which is lower than the number that expected to have impact, so they are not feeling that yet. remains to be seen how that will go in the future. >> kate rogers sounds a little more optimistic. have a nice weekend. coming up, gold and silver prices are up 30% this year outperforming the s&p 500 and the nasdaq, that is good news for investors but presenting problems for jewelers. iltalk to the ceo about -- of pandora about consumer demand coming up.

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welcome back to "the exchange". holiday spending increasing for the second year straight with americans estimating they will spend over $1000 this year and that is a key for the next guest. with a fourth-quarter accounting for 40% of his companies annual sales, joining me with consumer trends is alexander lacik the ceo of pandora group.

great to have you here on this like friday, take us through what you feel is the story for the american and global consumer at this point. >> so, if we look at the category. it has been in a rather flat state over the last few years, even some markets in negative territory. our last 5/4 pandora has delivered double-digit organic growth so we have good momentum going into the holiday season. 40% of the annual profit happens in the last quarter so this is incredibly important for us and for the whole industry. so i think we are seeing people excited, i read the other day consumer sentiment is up in the u.s. in november which bodes well for today. so this is a big day for us.

>> how much of the success that you are seeing now with pandora and jewelry in general is due to the broad macro tailwind from the global economy, perhaps consumer sentiment and how much do you attribute to your own company's product innovation or offerings? >> the underlying category actually, as i mentioned, it's likely negative at a global level so the double-digit growth we have experienced is purely down to what we do. this is big market share gains predominately driven by investment in the brand. assortment in this category moves relatively slowly so they are not major innovations. we have a few, but the key to our success of late is mostly driven by the brand and the brand we have managed to create. >> what types of products are using the most gravitation toward on your set of things? you have many products across a decent spectrum of pricing now

are using more of that string from higher end consumers or aspirational consumers or those who are going into the entry- level products? >> pandora, let's say our mission in life is to serve the middle household income households. that is our core customer. of course everybody is welcome, but we serve the middle of the market with our verage basket in the u.s. north of $100. that's the type of consumer that comes into pandora. every year we seem to get more of those people coming through. if you look at assortment, it is even kill, 50 or 60% related to the charms business and the rest is finish jewelry. when we get into the big trading moments, the whole level goes up and down so it does not change or gravitate to

any particular part in the assortment. we brought some new products in front of the christmas period. we have added a few products with the diamond collection which has done pretty well, but largely speaking the whole sea level rises in these moments. >> how much has the rising price of gold and silver contributed to pressures your company and do you feel you have been able to absorb most of those or effectively pass them on to the end consumer? >> five years back you paid roughly $16 per ounce on silver, we are predominantly silver as a jeweler, today the silver price is roughly 31 coming this period we have passed on roughly 10% over five years. 10% consumer pricing. so let's say on average the item in my shop starts at $50, now that would be $55, that's

the magnitude of the change. the most recent price increase on silver, normally we hedge 12 months out so we are not, let's say we don't have volatility in the financial on a 12 month horizon. but of course, if the price stabilizes at a higher level we need to take precautionary measures. more often than not we manage to absorb this with efficiency and at this level we need to pass on a little bit to the consumer. i think the rest of the industry is in a similar space. >> all right, alexander lacik with a good conversation on the state of the consumer, good luck this holiday season. thank you for watching "the exchange". let's check on the markets for the closing bell, markets are near session highs, the dow is up, the s&p 500 is up, keep it right here, closing bell is coming up next. you're eligible for medicare, it's a good idea

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>> welcome to this early edition of closing bell. this make or break our starts with another month in the books with the numbers printed in green. stocks capping november with a record in a shortened post- holiday session. here is the scorecard with 60 minutes left in regulation, s&p 500 levitating to what would be the 53rd all-time high of the year, .65%