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>> yes. we are also continuing to track the latest on the california wildfires. 10 people killed at least. crews working to fight four major fires and insurance stocks are getting hit especially hard. more on that to come pick and investors making rate cuts this year had a surprising jobs report. why did the feds start cutting rates in the first place if the data didn't support it? or if it has changed, what do we do now? our senior economics reporter, both of whom are with us. you look like you were shaking hands. >> we will not talk about foot fungus on this show, steve. >> i don't even want to know. >> no, you don't. >> should the fed have cut back in september, or at the very least, what should they do now? >> people banking on rate cuts

will be sorely disappointed and it will basically be pushed out if we get one this year, it gets pushed back to the end of the year but we had a pause at 550. the world and not come to an end. we will have a pause at 450 in the world will not come to an end. there is an overreaction right now and at 71, you spend half of your life with the fed trading above 4% and the markets have done fine. you know, 550? pausing at 450? so what. >> if i heard steve properly in the previous hour, your take is that this is a good number related to a good economy and a number maybe we should be happy about? >> well, look, where you sit determines a lot about where you stand. if you are deeply invested in stocks going up at a high

multiple and that call is based upon future rate cuts i think you're in a bad place. if you like to cover the economy and you like to see people employed, like to see wages and you believe ultimately earnings will be determined by the strength of the economy which is determined by the number of people employed and how much we are spending, yeah, long-term on that. >> this is good news. i want to be clear on this -- >> we are backing away from that. >> turned the tables. what's worth more to you, 250,000 more people employed, a 4.1% unemployment rate, or 50 basis points of fat rate cuts? >> i like people employed. >> i will take the spending. here is a preview you will not get on any other show, the

retail monitor outlook. i can't say. i am saying just you wait. >> higgins, can't you wait? my fair lady reference. >> we had 2.2 million people last year. that's like alabama. we've added 6 million people since the pandemic, the entire labor force of illinois. we have 55 million people. >> okay, so why did the fed cut rates in september? >> that is a good question. guys, do you have my three month average? >> remember early august? >> the private sector had come down quite strongly from 175,000 to 110,000. when the numbers came out, the private sector this time around, government spending or hiring picked up the economy and there was a case of worry.

there was a sense, brian, we set the rates at 5 1/2. inflation came down. you didn't need quite as much. the real question you might ask is did the fed overdo it by a quarter? does it have to put that quarterback? we are here in the sense that -- there is that three month average. you can see how much it tanked which is exactly what kelly evans was talking about, the two in the middle. >> the data started to turn around right after that cut but this is where fed speak could have kept up with that. okay, yes, we see the stock market taking off. we see the date is getting better but we have been hearing the same thing from them since september. you know, maybe a few more rate cuts are warranted. >> the 50, which i opposed at the time, was a mistake. quarter, quarter, quarter.

>> you said would you rather have the jobs or the rates? if the rates were locked in you would rather have the jobs but a lot of people were hoping mortgage rates would come -- they don't care hat the fed's fund rate is! they want to buy a home, so they care about the mortgage rate, i think. no one sits around the table saying -- well, maybe we do. >> the realtors at the time to talk to us and say the fed just cut rates so mortgage rates are coming down but it was the exact opposite. >> right! driving the fed cut and all that has happened is the market has rebelled and i'm just -- in my little pea brain i'm trying to figure out why. >> well, the market is overreacting to this idea now. >> at 475 or wherever we are. >> wherever we are but the point is we are overreacting to the fact they didn't get the cut. they have dry power. they didn't have it five years

ago. the fed has the luxury of being able to wait so they can kind of pause this out for a while and it's all right. >> does this change your view on the multiple you will put on stocks if you don't get those rate cuts? >> i think it makes us feel like there is not much multiple expansion left. what i will pay attention to, i am more interested in the bottom line than the headline so when we look at earnings growing by 11% next year, you say the multiple stays the same and you've got a positive market. we saw another 20%, right? it is still a positive market moving forward. >> i said in the last hour the market would get a positive strong economy. maybe a boost from the incoming trump administration with those policies and you would get fed rate cuts but guess what? one of the three things is

coming off the table it would appear. >> when can we expect hikes? >> bank of america said a hike would be likely. >> i am channeling my inner steve liesman. in december, it'll be where rates are now and we are likely to get a cut. >> i don't see pricing in the entire forward structure of the fed curve. i don't see any pricing at all. i think we are a ways from that. kelly, the way the fed would take that, it would let it run several months of hot job numbers accompanied by high wage numbers in which the job market showed itself to be a threat to the inflation numbers. which it's not believed to be now and persistently higher inflation, especially in the service center. that would turn the fat around but it would take several months of data. >> steve, thank you. >> you are welcome.

thank you very much. >> you are welcome very much. rising yields are a big part of the picture for the stock market. maybe today they are the picture for the stock market, so let's get to rich in chicago for more on the bond market rates and everything we just talked about. >> yeah, i don't know, it sounded like a lot of excuses in that last panel. it's simple. we could argue there is more growth in the economy than many expected and it is showing up in rates. how it shows up in stocks can be confusing but the other issue is sticky inflation. we can walk around it and talk around it but the fed didn't have it under control in terms of what they believed was coming down the road and that has cost them. the markets priced in part aced on their guidance which was incorrect. now there was a big thing going

on today. look at 2, 10, 30 on one chart. the news has been rates are higher. if you take a weekly perspective, 2 is up 9, 30 up. but on the day, 2 up 10, 10 up 6, 30 up 2. the reason this is important, we have a bear market meaning prices going down, yield going up and yield curve are flattening which means the short end is control of the yield curve from the one data treasury because of that exact discussion you were having. the markets are coming more in line with the data and the fed can make any excuse it once. look at the data today. not only were jobs hot, look at university of michigan. you look at the one year it moved from 2.8 to 3.3, from 3% to 3.3. these are important and it

doesn't get lost on many investors. if you look at the curve for the week you could see how it was steepening, steepening, and boom. today things changed. pay attention to the next section of that dynamic. not just 2 and 10, 5 and 30 had a big move. and finally the dollar index. the good news embedded in this story, it is on fire hovering at the best level since the fall of 2022. kelly, back to you. >> thank you very much, rick santelli. coming up, more on the horrible fires in los angeles. what we know and what we don't know about the cause, and who might pay for it all. stay with us. iment help you find and unlock opportunities in the market. e*trade from morgan stanley. ♪♪ with powerful, easy-to-use tools

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to get the entertainment you love to you faster and easier than ever. that's what i do. is that love island? welcome back. we are all over the latest on what we know and still what we

don't know about he deadly fires across os angeles. the death toll rising to 10 people. thousands of structures have been destroyed. these are likely the most expensive fires in california, if anywhere. there is a huge issue on who will repay the damage. but right now, we go out west where pilots, firefighters, and first responders are working around the clock to battle the blazes. ellison barber joins us from altadena, california. >> reporter: hey, brian. did you see the truck heading this way? there is water on the ground. it has come down from the hill to get topped off by a water tanker so it can continue trying to work on putting out this fire. we are near one of two of the biggest fires currently active in this area. there are five fires active in

l.a. county, the biggest being the palisades fire and the eaton fire. palisades fire is now 8% contained. eaton, only 3% contained right now. you can smell it as soon as they got out of the truck, the sort and the ash. their jackets are just covered in from their time firefighting. you can get a sense from all of the destruction of all of the rebuilding that will need to happen. despite insurance questions that you brought up too, it's just where do you even begin? even if everything was perfect on insurance post response, there is so much. come over here and you an see how far the damage goes. the amount of the need here is hard to wrap your head around how

the demand could be met if everything lined up perfectly to get people the resources they need. for those who live in this state, they feel the resources are not there. many people tell stories about how their neighbors don't have insurance. fire insurance. some we spoke to earlier this morning set they are lucky they bought their house here 25 years ago. he has insurance but he said most of my neighbors don't. many people are trying to get into this area to get eyes on their homes or what remains of it and realize very quickly there is not much left. in this area alone from this fire alone, between 4000 and 5000 structures have been destroyed or damaged but they are working on getting a damage assessment. the eaton fire 's cause is still unknown but it's only 3% contained and today the winds have died down but as we headed to the weekend and early next

week it is expected to pick back up again. can they hold the containment lines moving forward? we have seen firefighters going in and out trying to keep it where it's at and under control but the weather makes that increasingly difficult. the bit of relief they ave this afternoon, forecasters are saying that will be temporary. brian? >> ellison barber, thank you so much. speaking of damage, accuweather has tripled the high end of its estimate of the economic toll of the wildfires at as much as $150 billion in economic losses. it will likely be the costliest wildfire event insurers have faced anywhere in the world at any time. because of that insurance stocks are getting hit. $20 billion or more. for more we are joined by elise greenspan from wells fargo. also here, can contessa brewer who covers the insurance sector

for us. it is impossible to put a toll or a number but it seems cold. we have to do it. what do we know about the insurers right now? >> thank you for having me. before i get started, it is devastating for those in california. in terms of the insurance industry, this is what the insurance industry is there for. you know, to settle and pay these claims. in terms of our estimates, this will be a $20 billion plus loss. you were talking about the 10,000 structures that have been damaged. you know, property values out there on average around $3 million. if you do the math with those few numbers you can go from 20 billion to perhaps $30 billion of losses for the insurance

industry. >> i want to be very clear and careful, contest, we don't have any idea how these fires started. we do not know where the blame may or may not be. the insurance companies are there to pick up the pieces and rebuild. what can you tell us about liability given a lot of homeowners lost coverage this year, and there are changes in california laws that have altered the insurance landscape out there. >> just today we heard the insurance commissioner speaking out about insurance saying there is a moratorium for the insurers. they are not allowed to cancel policies for one year. they are not allowed to say, sorry, we are not renewing you. that is what we saw with state farm, allstate, farmers, and others who said they will not accept new policies in this state or they would reduce their exposure. in pacific palisades for

instance you saw a lot of people lose their state farm policies. they went to california's insurer of last resort. the fair plan has $6 billion of exposure in pacific palisades alone. guess what? they are not getting that my sources say in premiums. what happens if they run out of money? last year the head of fair plan set we are in danger of imploding. is exponentially higher than our resources to pay out claims. what happens? every insurer that is operated in the state for two years will be assessed according to their market share. let's say allstate tried to reduce down their exposure to these wildfire areas, they could find themselves on the hook for hundreds of millions, potentially billions of dollars if the fair plan goes belly up . >> elyse, why would i want to

operate in that state? why face the risk? >> that is what they are allowing for. they are allowed to make money. they are also taking on risk. they are adequately compensated for taking on that risk. you have seen structural changes in california. pretty recently insurers were able to pass higher reinsurance costs. legislation happened in december. previously, they could not. >> but there are changes that are planned but not in effect just yet. they were forbidden from using computer models to look at where the risk would happen. they could only use what has happened in the last five years. >> to your point, elyse, if they can pass the previous hikes they couldn't do, is that enough to keep them in the state? >> that makes the market more attractive.

the rate will depend on insurers, right? there are filings that need to go into effect but i think if insurers can't get compensated to take on the risk, they are willing to take on the risk if the price is there. >> we are not defending in any way the insurance companies. believe me, we have been tough on them and we have a documentary about a year ago. i posted it to social. but how much might the state of california, elyse, be to blame in the sense regulators do not allow not only a lot of price increases to go through, price increases to cut underbrush for dangers, but also -- and this is hard to believe -- we have been talking about climate change for decades and only like a month ago were climate related risks allowed to be priced in the policies. that's not coming from these

insurers. that's coming from sacramento and state leaders. >> look -- >> i know. >> each state is different when they look to make changes. obviously the insurance industry responds to that. that is the reason these companies have pulled back from the state of california but talking about changes that have gone on in the market, the fact there will be a big loss 20, $30 billion or more for the insurance industry, that is what perpetuates the cycle for insurance companies and they will be there to settle claims and be compensated to write policy ahead of this. >> the ceo of chubb has been saying for years we will not operate where we cannot get the rate to cover our risks. they operate a lot in the excess and surplus minds. these are for individuals who

operate outside of the regulated system where they can charge what they want and you can buy a policy or not. i'm curious, what do you think will happen to chubb and other companies that went into this excess and surplus lines and we are seeing these individuals were the victims of this palisades fire for instance? >> yes. look, there is also a reinsurance element to this. they are buying insurance and shedding their risk as well, right? for the standard in the excess and surplus lines market, these companies will be there to settle claims. you mentioned aig and other insurers. you know, pure is private. they have high net worth. just as it sounds there will be high property values there. yes, these companies will be there to settle the claims over

the upcoming weeks. >> we have to go, but if you have a mortgage, they force you to have it by law so if you owe money to the bank you must have insurance by law. it is so broken. it is so bizarre. >> not just in california. >> anywhere! it does illustrate the problem and if it is an industry or forced by law to have -- by law you've got to have it -- then they should fix it. >> fix it now. >> thanks, elyse greenspan, contessa brewer. in the los angeles area, a power utility down 18% this week. previously they have been held accountable for wildfires. shares are down 6% as investors continue to sort through the risk. ahead on "power lunch," a tiktok on tiktok, and a streaming 18 0. the details, right after this.

>> the bond report is brought to you by pimco, a global leader in active fixed income.

all right, welcome back.

we have got to blockbuster energy deal to tell you about. constellation energy for 60 in cash stock, the biggest deal in american history and the ceo is weighing in on that deal on cnbc. >> we wanted to create the kinds of capabilities and put them together that will power the u.s. economy at a very special time where we are seeing significant growth not only in data but across the board in a lot of different regions so we like to follow where our customers need us and that is what we think we have done here. also an energy today, crude oil is up -- what is that? call it just under $3.00. the u.s. imposing sanctions on russia today and this time unlike the last sanctions the market belief distinctions may actually be enforced.

russia bought what we call ghost fleet, really old supertankers so they could buy oil around the world and they have been doing that successfully. >> keep an eye on wti and see if that affects the consumer. constellation was not the only deal today. we have reports drugmaker eli lilly by a cancer focused biotech in a deal worth $2.5 billion. eli shares 1% on that but there have been a number of big deal announcements this week. getty buying shutter stock. win acquires a crown. sent us in a bid for unifirst. we are getting a feeling this is coming ahead of the incoming trump administration to kick off more deals and today is a big one and the weeks to come.

>> what do we call this, kelly- sense? >> a big deal is coming. whether it is from one of the regulatory chairs, if this appears to be a green light, full steam ahead, expect a lot more to come. >> we need to come up with a name for that, something like kelly-sense. is buying greenland really as crazy as it sounds? is it even possible? what about buying canada? that story is next. ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪

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all right, welcome back. well, trump has suggested taking control of the panama canal. maybe greenland. maybe even canada, all in the name of national security. but why exactly, and how does it benefit you, the american taxpayer? could this happen? let's talk about all of this starting with trump's vision and i'm doing air quotes for canada. >> hey, brian.

it centers on four things, the trade deficit, immigration, fentanyl, and defense spending. here is what we know and each of those. for the first 11 months of 2024 $700 billion of goods exchanged during that time. we sell canada more in services the overall it's a deficit of $55 billion, one of the ninth largest in all of the u.s.'s bilateral trade deficits. most of what we buy is energy. 60% of crude oil imports come from canada. a lot of cars, car parts, consumer goods as well crossing the border. on fentanyl, border patrol seized 40 pounds from the northern border in 2024. in comparison, they seized 16,000 pounds from the south. as for attempted illegal

immigration, it's up a bit with 200,000 encounters at the northern border but for comparison, on the southern border, that number is about 2 million encounters. finally, we cannot break down our defense spending by how much specifically benefits canada but nato recommends 2.2% of gdp and the u.s. spends 3.4% and canada spends about 1.4%. that is one area we often hear trump calling for more spending. >> and greenland is itself governing. it is home to a u.s. military base. why is it so important to the president-elect? pippa stevens is looking for that answer. >> three key reasons, rich mineral resources, shipping routes, and a strategic location in the arctic which is important as tensions with russia and china flare. greenland has 25 of the 34 minerals deemed critical including lithium, graphite,

and copper. and they have oil reserves. china currently dominates that market. arctic ice is melting meaning shipping routes are becoming more accessible cutting travel times and costs. two keys are on the northwest passage in the trans-arctic route. and finally, the u.s. has had a base in greenland since the '40s and with russia and china increasing operations in the area ongoing access is key. brian? >> do we have a trip to greenland planned? >> tbd. >> 757 just landed there. pippa stevens, great stuff. finally, donald trump said he is tired. panama charging what he views as exorbitant shipping rates to use the panama canal. here to explain what this might mean for arguably the most

important waterway in the world ? >> it definitely is, brian. president trump complained the canal is too expensive and threatened to regain control. the u.s. is the top user with 3- -- three quarters going through that waterway. the rates are based on ship size and type of vessel. a regular vessel pays 12,000 dollars up from $10,500 from last year. the super vessels are being charged now $50,000 transit, up from $41,000 from last year. the largest ships have to pay $100,000 to cross. last year was 80 grand. the panama canal authority is in charge of setting those rates. last year with the drought and fewer crossings, canal revenue hit $3.38 billion and has gone up every year since 2017.

brian? >> every year since 2017. where do we go? we've got three choices, kelly. where are you headed? >> let's go back to canada for a second because i don't think anyone is talking about purchasing it outright like greenland, but he think this comes down to natural resources? >> that could be part of it. i think a lot is exorbitant influence, justin trudeau and the outgoing government as well. it is more about tariffs than the land. although we are hearing about it becoming the 51st state. the trump team reportedly told the canadian government according to canadian sources that they are not interested in putting tariffs on canada and not interested in purchasing canada either but they want something from them, so that is where we are seeing a divide.

in terms of how you respond to that, justin trudeau has come out of it forcefully and i think his quote was there is not a snowball's chance in hell that they would join the u.s.. especially because of that energy and oil relationship, a lot of leverage to hold over the u.s. if they did decide to put tariffs or try to purchase canada. >> i know people want to -- listen, we talk about buying greenland and eyes roll. i want to be clear in 1946 the united states made an offer to buy greenland. in 1970 we bought our beautiful virgin islands from -- oh, my gosh, denmark of all places, the current sort of -- what is the right term? boss of greenland? they won't like that, but what is the right term? what we call denmark vis-a-vis greenland? >> there is the controlling

party. greenland is a territory that is semi-autonomous. to your point, the offer for $100 million in gold was rejected and the prime minister of greenland has said greenland is definitely not for sale. earlier today in a press conference he said he had not spoken to donald trump but is open to more discussions with the u.s. and of course the country is pushing for full autonomy and they could hold a referendum coming up in april when they have those elections. when you look at the natural resources and all of these countries, it's not just the u.s. china is also interested there and they could use that to their advantage as they look for foreign capital coming in. it does seem like purchasing outright is off the table but there could be room for further negotiations. >> quickley, lori, the wall street journal was told there was no dis-favorable treatment to the u.s. or anything like that going on. is that true?

costs have gone up but whether it's america or other nations and perhaps trump is looking for a better deal? >> exactly. you cannot negotiate these rates. as i indicated it is based on what's being moved and there is a neutrality clause, two and then in the agreement between the u.s. and panama when it came to handing over the canals so there was no mistreatment. >> he wants non-neutrality and preferential treatment. for now, thank you all. appreciate it. over now to the cnbc update. we are looking at an atlanta airport as passengers exited a plane using the emergency slides. the incident flow down operations at the world's busiest airport where already hundreds of flights were canceled and hundreds more delayed as metro atlanta hit by

a snowstorm. maduro was sworn in today. the u.s. imposed new sanctions to on eight venezuelan officials and increased a reward for maduro's arrest to $25 million. a new proposal could give videogame currency similar pretensions to bank accounts. americans spend billions of dollars within these games each year and many deal with scams and loss of access. a potential rule could hold videogame companies responsible for financial issues. public comment on this topic will be open until march 31st. >> thank you very much, seema moody. the future of tiktok hangs in the balance. we will get a live report from washington and look at the potential fall out next week.

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the supreme court today heard arguments on a tiktok band with a deadline looming next week. joining us with more, the market is taking this as an outright ban is looking likely. >> there is an element of uncertainty here. we've got no decision on the fate of tiktok today from the supreme court just nine days before the legally mandated deadline for chinese company bytedance to divest itself from the app. justices heard arguments today from tiktok, tiktok creators, and the biden administration which is looking to uphold the existing law. tiktok argued the supreme court should delay the law which takes effect just one day before president-elect trump will take the oath of office on january 20th.

trump who once supported the tiktok ban now opposes it and has asked the court to delay the deadline to work out a political deal once he is sworn in. argument centered on who is protected by the constitution's freedom of speech, not bytedance, a chinese company, but tiktok, the american subsidiary. tiktok argued american content creators have a right to express themselves and that would be impacted by a tiktok shutdown. the attorney said the app could be forced to go dark on january 19th if the law is upheld but the trump administration coming in the next day would bring in what they describe as a potentially new world. the court did not make a deadline but a decision could certainly come next week, kelly. some of the media explanations today have said of course they seem to be leaning towards upholding the existing law. we will see if that is the case because of this weird political

and timing overlay with the trump administration. back to you. >> so it's not real clear, i don't think. let's see. the supreme court said let's shut down tiktok. >> right. >> you are talking about the app and updates. is it possible it just disappears from your phone? new versions go away? what happened if the court sided against tiktok? >> the court was trying to get to that question with tiktok's attorneys today. the way they have described it, it will go dark on january 19th if that is the case. clearly that will be the case and you will not be able to get tiktok in the app store. tiktok might not be able to update the algorithm with bytedance in china. tiktok u.s. may be able to operate for some period of time, but the question is how long is that period of time?

what would tiktok look like on day one, day two, day three after that deadline comes the on january 19th? it's a bit of a gray area. tiktok is saying this means we will go dark. >> you know that decision will come down one minute after. i will say goodbye, have a great weekend and then we will get the supreme court decision. that is what is going to happen. and how will i know if tiktok is shut down? thank you. ulrich, coming up, three stock lunch and i guess lkutopriately, kelly, we will ta abo it. >> constellation brands. th. is often the road overlooked. (♪♪)

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let's do a little three- stock lunch. david wagner, capital advisors, three stocks in the news. let's start with constellation brands. it is down big and it is taking down the whole alcohol space. modelo and corona were supposed

to be the big winners. what do you do with this stock? >> kelly, i like constellation brands right now even after their performance today but it is definitely a nuanced story because there is worry going on. first to have the worry of tariffs and imports. we have all of this beer from mexico and second, the markets trying to decipher whether the weakness is more of a permanent shift away from alcohol consumption into cannabis. it feels like investors have the potential for a lot of upside right now given the current evaluations but it feels like they are waiting out the storm and to lose the upside momentum until there is more bullish commentary in the news about the tariffs themselves. i understand and respect as investors are seeking out through risk and mitigation. >> okay, we are going to boogie

through the next two. while grains. david, it's the best day ever for walgreens. >> when it comes to walgreens, it is not time yet. many investors have tried to call the bottom on this stock for a long period of time given its blue-chip. i'm not interested in owning a struggling pharmacy business. really late start to the party on the service side with horrible execution. >> you are not picking up this bounce we will say. united airlines had a 52 week high after j.p. morgan raised 198 from 193. >> i really like united right now but investors are skeptical after the credible rally we have seen since august but between delta and united i think this rally is very much warranted. first, i love the segmentation. move has really evened the

competitive mode of these airliners and you've got the profile at this point in the cycle and it's never had this disc what's going kw, it feels more structural. then you have these earnings that will love the option analogy with the balance sheet. >> sticking with it. david, thanks. finally today a huge story in the media that is being trumped i guess by other stories. alex sherman joining us now. disney and warner bros. were supposed to have this new adventure. it's now off. >> it looked as though this would be a huge announcement from these companies. then this little company, a fourth -- sports streaming service sued venu . exactly. then we found out on monday that

boo-boo and hulu were merging and this lawsuit is going away and it seemed like the pathway for venu to lunch again and they were overjoyed because it looks like this sports streaming service would launch and very soon and then we get the news today that it is off completely. what happened in the past 48 hours, directv and dish jumped in and said, wait a second, thou lawsuit you dismissed, don't shelve it. there were interesting legal questions brought up about the bundling of cable services that we want to judge to investigate. both of those companies filed letters with the court saying, no, we are interested in pursuing this. that may have been the catalyst for disney and other companies to say, do you know what? it's not worth it. >> i hypothesize this is disney

giving up on the linear streaming model to do pure streaming and fubo may be putting its linear stuff on one end. >> the whole world is heading in that direction. disney bundles its streaming services. it bundles espn, hulu, and disney+ so if bundling would be put in front of the court is potentially illegal, that would affect disney's streaming plans. >> what does this mean for watching tv? saturday night games on amazon prime or something. to watch nfl, you have got to have everything now. >> that was a flaw. they only had 60% or so of sports so you need venu, peacock, and amazon. put it all together, you were paying the price for cable

anyways. that is a consistent flaw that has not been remedied yet and why so many say we are heading back to something that looks like cable except it will be in streaming form. >> and here we are. enjoy the ride from one point to two. hope everyone enjoyed the ride. from 1.0 to 2.0. >> thank you for watching "power lunch." >> "closing bell" starts right now. thank you so much. welcome to "closing bell." i'm scott wapner at the new york stock exchange. we begin with a market upset, hotter than expected jobs report surging. 60 go in regulation. as you can see, red all over the place and it was like that right from the jump today, happened as bond yields hit the highest level in more than a year. we'll ask the wharton school's jeremy siegel where stocks are likely to head in the weeks