what is next for nike?ovation is the least of my concerns i think nike several years ago and this is a while back i think nike may have gotten lacks la with the innovation. now, i think nike is on top of the innovation game. every quarter, they will do it again tonight, they will talk about the new products coming out. technology within the footwear and clothing this is across jordan, nike, running, everything. nike is doing a great job on innovation it is not a concern. >> what are on running and hoka? >> they are small at this point. it is difficult to measure market share shifts in real-time. i follow dick's sporting goods i like it. a key distribution partner for nike if you go into the dick's store today, they have done phenomenal with footwear. they display it well with hoka and on with nike clearly, you see this is a silly comment, but i watch footwear. you see horka and on out there. this is a massive market these brands are small nike is very large i'm not too concerned with the market share shift.

why did we enter nike? i know my approach to the market is different than stephanie, but we got caught up in the technical momentum where the stock rallied from below 85 in october of 2022 all the way above 120. this is a strong company, but it was on the technicals that we got into the stock, and the technicals have deteriorated. they're going to report earnings on september 28th, and i don't see how they will be able to reverse it that quickly. there are challenges as it relates to china. we know that. it appears to be troughing. but that trough will not reward you, i don't think, as an investor until the coming quarters. and we mentioned lululemon and it is a fair alternative. i had a discussion with steve weiss and steve said you can't compare it. i don't know how you can't compare it. if you're a shopper, you're looking at nike and at lululemon. if you're a portfolio manager, you look back five years and see lululemon up 155% and nike only up 25%. you look back the last three years lulu is up 19% and n

nike is a cheap stock. i think technically, it will break, and i think it will make a new low, and you can buy it at 80 bucks, and it's already cheap. nike is 20 times ebitda, and the median ev to free cash flow evaluation over the last few years is 42 x, and the five-year number is 40. this is a cheap stock. the question is, is it finished breaking down? there's nothing on the chart telling me that. i think the pendulum has to swing through normal valuation and get to really cheap. if you go back in history, nike never had two down years in a row, other than one episode, in 1983 and 1984, and the return in 1985 coming out of that was plus 80%, and if nike goes out this year where it is, i think that's the opportunity. you have time and you have to wait. unfortunately, i think you will get better prices later, so i would hold off on doing anything here. >> and josh brown saying it's going to go all the way to 80. >>> time to get the headlines with pippa stevens. >> bob menendez defiant today as he addressed

same situation for nike. everybody is expecting the recovery, and in reality, the recovery is not coming. you have to be humble and candid with yourself to acknowledge the reasons why. they have 65% revenue exposure outside of the united states, and outside of the united states that's where the economic weakness is, whether it's in europe or asia. >> well, i will pick on what you said for a minute. i would disagree in some respect with the characterization you make. you talk about sentiment about what marco is talking about. he's not talking about sentiment but he's talking about fundamentals and valuations being way too high from where they are, and what you suggested -- >> no, no. >> china has been a question mark. that's a problem. the stock is down 18% year to date, not on sentiment but on fundamentals. >> and -- >> let joe respond. i will get you in. >> yes, they have missed in the last two quarters. again, that's the reality. just as an example, i saw this morning somebody took nike, what is the note ri

thanks so much on nike.wave of walkouts. >> two final assembly plants, one from ford and one from general motors where the uaw members there will walk off the job at noon eastern time today. we're talking about the chicago assembly plant for ford where they build the explorer, 7,000 workers between the two plants and for general motors it's the lancing delta township final assembly plant. shawn fain saying that ford and gm failed to make meaningful progress in their negotiations with the uaw, by comparison he just said that the conversations with stellantis have improved. he is excited about the momentum in those negotiations. today there are no additional strikes called at stellantis, but again, two final assembly plants are going on strike. an additional 7,000 members. that brings in total after noon, 25,000, approximately, 25,000 uaw members who will be walking off the job. back to you. >> hey, phil, it's david, back to you, give me context on the ford here. i was under the impression they might not do an

nike is the big one. in after hours trading in the u.s., you saw a major move upward, higher almost 8%. nike which we use as a global bellwether, that inventory glut easing, profit beating estimates. this is a big deal in the retail sector but also for nike which has extreme exposure to not only the supply chain in china but the consumer. quick check on cross assets. a lot of commentary from central bankers. 10-year yield inching barely higher. 4.58 at the moment. you had a major selloff in yesterday's overnight session. the curve inversion getting slightly narrower, to's and 10's at -48, brent crude at 95 handle, still have got 100 on the horizon having read through into commodity-exposed currencies like the aussie which will be the biggest weight on the dollar this morning, higher by 0.1%. i'm joined by avril hong and eric will make in singapore, and valerie tytel joins me in london. walk us through the asian trade. >> we are seeing asian stocks rising, gains accelerating from the start of the session.

a lot of things weighing on nike which has a flow through to nike.pparel companies because it seems like an area people will cut back on. >> a big part of the nike narrative has always been people pay full price, they want the newest stuff. it's a performance culture. it's innovation, not just i need a pair of shoes, let me find one. is that broken? >> i think some of that is starting to worry some of the analysts studying this and they're worried about promotions coming in, lowering prices, lowering the average selling price for the shoes that are selling. the shoes that are selling are fitness and running and less of the basketball. that's the higher prices. that's a bit of a concern, too, for the margins of nike. >> we'll see what the company has to say. >>> as we head into the close, we're just about at the highs of the day for the s&p 500. very modest moves all around. you see the dow is above 34,000. the s&p 500 up 0.4%. the russell 2000 up a half of a percent. that is the most oversold part of the market. it is still down 11% from its all-time

i think as it relates to nike, nike has been attempting to shift their business from relying on secondary that shift will be increasingly more important as they're able to manage inventory and manage that consumer design and demand better, so i think if you're looking at this in terms of what can nike say to potentially get some enthusiasm around the stock, i think it would be around what they plan to do to expand that and rely less on the intermediaries they work with now. >> nike higher now but down double digits month to date. >>> from delivering alpha, real estate reality. our morgan brennan sitting down to talk the state of that sector t resonnutoar asheat ctie mch higher. "halftime" will be back. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's okay... never enough truffles. how much are they? it's a lot. oh okay - i'm good, that - it's like a priceless piece of art. enjoy. or when they sell you what they want? yeah. the more we understand you, the better we can help you. that's what u.s. bank is for. huge

nike shoes, many retail for over $100 or more.umer network is doing. that said, nike markets products to a broad range of consumers. they are a really important manufacturer for footlocker. full locker has taken a bit of a hit. dick's sporting goods. we are not sure how asthmatic apparel in the united states, whether nike can throw off the negative momentum. shares are down 23% year-to-date. alix: is it a trade down effect with reiki to footlocker or do you still pay up for premium stuff? student loans will start should be repaid. the government said between 2017-2022 savings were down. we saved a lot less than we thought by like 50%. what you think we will hear about that? simone: this has been brought up. if i was looking through transcripts today. kroger, academy, signet jewelers, best buy, all bringing up the fact that student loan repayments restarting might have on their business and saying they do not know. discretionary spend like nike is somewhere where we could see that happen. the question is, how much does the company

i love nike, people have asked me to stop worrying nike.n but i don't think it's going to stop. w i know we saitw what happened wh bud light and we keep seeing what happened with disney and all these companies that want to go beyond what they were first created to do. i don't think it's going tore stop. >> i don't think the ny get o er stop outsourcing labor i think that's way they should stop with ue virtue signal. every lecture in america couldin be times a hundred in china the biggest human rights abuser in the world that they just dtho it slogan is what the pain the unpaid factory workers in china, my hands are i'm tired. nicole: is not just the humando rights issuen's is also don't do business with china because is not good, they're stealing our trade secrets, like apple and every other month there is a story about a spy that took something from apple, what is happening. jimmy: wasn't it nike theli company that stopped selling houstongn rockets gear and solidarity against democracy of hong kong.th daryl morey. guy: he was a rockets gm

china growth could be uneven and lulu isn't nike and never will be. you own nike. what do you make of nike, lululemon and the commentary from jefferies? >> it's rare nike trades at a discount to lululemon and that is the occurrence. this was a phenomenal report, 11 comp, 13 constant currency comp, up 15%, china up 61%. for those of how have heard me say the china consumer is on its way back this is confirmation of that. and i have been on that theme for a long time, pretty much all year i think the reopening will help the chinese consumer, your baba buy as well. i think nike has earnings of $6.50 the next couple of years. a lot of that is freight costs coming down. and so i like this name. it's not cheap. it's another compounder. i do like their positioning and they have 15% exposure in china so they should benefit as well as the consumer does recover there. >> the number is phenomenal growth in the united states and china. the growth rates did slow in china from i think 79% growth to 61. does that concern you at all? >> no. i think it's a little lumpy. i was very

where is nike? nike should have a zelle.rica has a zelle. >> we'll find out tonight. >> yeah. tonight is after the bell. i say the streak has been looking for maybe a reiteration of guidance, as opposed to any kind of guide up or down. >> look, this stock is so low that i -- they have to say that the chinese have stopped buying nikes and buying other companies. what i do worry about with nike is what i worry about with everything coming with china, which is that costco said china's business is just fantastic, a great value. but nikes are expensive. that's what i wear now. they're expensive. they cost a great deal. these people know more about their exchange at 10:00 when they buy the shoe. they tend to talk about it. donna who speaks very broadly and is not a classic out. >> no. >> and, i mean, you always want to be careful. they don't want to take questions. they could have no questions about china, they would prefer it. i mean, an answer that might run afoul of the authorities there could always be a threat. by the way, we

full disclosure, i love nike. like people have asked me to stop wearing nike. i know. i know.no, but i don't think it's going to stop. i don't. like i know that we saw what happened with bud light, we keep seeing what happens like disney and all these companies trust worcompanies thatwant to go beye created to dorks i don't think it's going to stop. >> they're never going to stop outsourcing labor and they should shut up with all the virtue signals and every impression they're lecturing us about in america is times 100 in china and that just do it slogan is to the unpaid factory workers in china and my hands hurt, i'm tiredment just do it. >> it's not just the human rights issue too. it's just don't do business with china because it's not good for, you know, they're stealing our trade secrets. like apple and every other month there's a story about some spy that took something from apple. like what is happening here? >> i love that. >> yeah. >> isn't nike the clothes that stop selling houston rockets gear in solidarity against mockty against hong kong? >> yeah. >> darryl moray

look at nike shares right now up 8%. it is important to note they are down 17% for the year to date. more on that slide coming up in a moment. >>> all this as the markets look to wrap up a rough month for stocks with the s&p and nasdaq on pace for their worst month of this year down 4.5% and 6%. dow down 3% as well. for the quarter, the averages here down across the board with the dow and s&p set to snap win streaks. the nasdaq on pace for the worst quarter since the second quarter of 2022. we are seeing a lot of action in the bond market. the 10-year treasury at 4.54. easing back from yesterday with the high of 4.67. the 2-year treasury is easing back a bit. still back above 5%. we will talk more about bond yields in a minute. we will also talk about energy. oil is up 10% this month and on pace for the longest win streak since may of 2022. look at the action here. up almost 10%. up fractionally in the p pre-market. we have to look at currency with the dollar wrapping up a big month. up nearly 3% and on pace for the seco

nike, higher right now, up 4% on the heels of those earnings. that's going to do it for us at "overtime." >> "fast money" starts now. >>> live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. mortgage rates at 20-plus year highs and home prices keep climbing. all getting more expensive. the ripple effect on the consumer straight ahead. >>> plus, workday blews. shares of the hr software provider with their worst day since 2020. >>> and later, the wall street menialist is here, fresh off his locker room mind games across the nfl. he will join us here on the desk to try the bend the brains of our traders. does he have a few stock picks up his sleeve? i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. and we start off with a stat we haven't seen since the turn of the century. the average rate of a 30-year fixed mortgage climbing to its highest level in 23 years. and monthly payments

so red tuesday, as you saw nike, let's show the shares. not doing much they've done a lot lately, though, mostly go lower. steph, goldman sachs today called the day, reiterates nike as a buy a 60% upside to their price target, 145. okay >> mm-hmm. >> in what has been a really negative environment, at least stock performance, wall street commentary has been kind of brutal what do we do with this? >> it started with foot locker, right? that's what started the decline, this stock was really a good one the first half of the year and then it rolled over, it rolled over hard. >> wasn't there a stretch, nike had 11 straight days of losses -- >> yes >> -- the longest streak it's had forever. >> yes. >> now it's on pace for its eighth straight. >> i know. >> it goes through these stretches. now you must think these are buying opportunities, that the stock is cheap >> that's the problem -- that's the problem, right it's a compounder over the years. this is a longer term call for me, it's been disappointing for sure you've had a 6,"d" rating rarely d

there's concern about what's going on in the wholesale environment for nike.ing on direct to consumer and wholesale an important part of their business. they're actually giving back inventory and rebuilding the relationship with dsw and macy's. that could take time especially as a number of these retailers have worked hard on getting their inventories under control. lorain hutchinson of bank of america points out athletic sports wear companies, at least the data points she's seeing are suggesting promotions remain and a number of surveys from jefferies says if consumers have new student loan repayments they didn't have previously say they're going to cut back the most on apparel and footwear. >> i was going to say you get to a point in the cycle where companies start to come into focus for how discretionary their products are. there was a time you say people buy more shoes per year than they did before, as opposed to the ability to cut back, and normalization in spending trends is something the stocks weren't prepared for. >> the line about china the reason to

so nike said, just screw it.it racist to assume that being critical of crime is being critical of blacks? >> tyrus: yeah. >> greg: and she assumes i guess there's no black victims. >> tyrus: yeah, i'm more upset. when nike first came out and i was in college at the time, while it was out for a while. it was one story we went to and you do not even care about who you are playing. you were going to nike headquarters. it was a big deal and he would go in there and you get all kind of cool gifts and stuff but now it had to close down. that is where we are at. it used to be a place where people would literally take trips to want to say they walk into the official nike store and now it is just as where we are at. it drives me crazy and yeah, if you say, if i say, hey, you are arresting people for crimes is racist. i'm assuming that everyone who is getting arrested is a minority. >> greg: yeah. >> tyrus: which makes me [bleep] racist. that is the worst thing you can say. it is like every time something goes wrong, i put

nike has less markdowns.hey have more pricing power in the environment. >> i guess scope for that margin inflection is the reason why the companies are performing well. >>> coming up on the show, we will bring you the latest on the potential for the u.s. government shutdown. we will have the latest next. my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free shipstation the #1 choice of online sellers make a splash with the ultimate pool party essential. blendjet gives you ice-crushing, big blender power on-the-go, so you can soak up the sun with a frosty beverage. enjoy 15+ blends before rapid

that is big nike story as well.r than but it may be a longer-term play in terms of turning around. liz: the competition on holdings which what i'm kind of into lately is up more chan 50% year-to-date and nike is% year-to-date. art, should the fed be done or one more, what do you think? >> the fed should be done. they're not giving any real time to see the sort of long and variable lags and i think that there is going to be a update between now and november meeting where they likely pause again. december meeting i think we look at cpi, headline level that has a two handle which will be close enough to their target on pce. they will be too restrictive at that juncture. 225 basis points restrictive. i think they look at this year and say, okay, let's keep telling people we might raise again but they're probably done for the cycle. closing bell rings] liz: bells are ringing. put pencils down. let the interns go home. dow snapping a two day losing streak. nasdaq pulled off a bit of a rebound. ♪. larry: hello, folks, welc

puma bouncing on the back of nike. alix: i acknowledge you said nike. nike is up 7%. inventory story. they have to discount less to get inventory off shelves. it is still a topline risk. are you still spending money? it held up in august. loan payments coming due. carnival stock down 5%. they turned a profit last quarter for the first time since '20 but fuel prices put a dampening view on their outlook for the fourth. that's a trend. s&p up, nothing to see. 10 year yield down by 4. we settle out third-quarter. what kind of volatility will we see when there is uncertainty in the market? guy: topline numbers, some of the indices in europe. in some ways they don't tell the narrative of the whippy action below the surface. huge rotation. stoxx 600 only down 1.2%. goa layer lower and you see a huge move to energy and out of luxury stocks. those names later on. significant rotation within the market. headline level not much different. real movement this quarter, the currency markets. euro, dollar, pound. the euro-dollar rate below 2%. the range has been in norma's within th

nike down 25% in just the last six months. will earnings tomorrow stop the slide? what the options action is saying tonight. >>> and later, a landmark day for the marijuana industry. a senate subcommittee approving a bill to give weed companies legal access to banking services. the reaction from key players ahead this our. i'm melissa lee, coming to you live from studio b at the nasdaq. our guest trader tonight, katie stockton of fair lee strategies. >>> and we start off with the newest milestone for interest rates. yields on ten-year surging part the 4.6% mark, getting closer to breaking above october 2007. the benchmark rate is up 1.4 percentage points from its april low, massive move. the rapid rise in rates taking a particular toll on a few sectors. real estate, utilities among the hardest hit. and while stocks closed off their lows of the session, the attempted rally lost some steam so, how worried should stock investors be about these rate moves? we like to play a game -- >> i love games. >> here on "fast money," where i would say, imagine if yesterday i told

now nike other ideas about beauty.al background; the americans, the fattest nation among the so -called golden billion, are ahead of the united states in terms of obesity and residents of small island states. here is the ranking of countries by overweight ahead on uru further than cook islands palau marshall islands tuvalu. this is the first five below. everything in the same way in eleventh place. kuwait is followed by a small margin by the usa , russia is not even in the first twenty-five. although the problem of obesity is also relevant for us, but we also have other ideals, our ideal of a healthy lifestyle is a healthy lifestyle, but in america for the vast majority of people this is not the case, the average weight of an american man is almost 91 kg, russian 84, which is still healthier, the average weight of an american woman is 77.5 kg. there and throughout the country , americans are 5 kg 72.5 fat, the vast majority are poor americans are poor and are getting fat by subsisting on fast food, ironically about thi

nike up 8%. inventories coming in better. guy: yeah.issue. what's happening with nike's earnings and consumer strength? overweight rating on nike, 124 to 119, great to see you. are they getting to grips? is the worst of it behind? >> the worst is behind. this quarter last year stock was in a similar range. the new news at that point was that they had a load of inventory that came onto the market may to september. they talked about selling five quarters worth within four quarters. spring, summer, fall, winter. the clock started ticking. they were trying to get rid of it. there's another word for stuffing. now we are on the other side. it's part of the cycle of purging. alix: a year ago, it was inventory. now the consumer could get pinched. student loan repayments, etc. topline problem? adrienne: correct. transfer the risk from company execution on the back of supply chain -- with vietnam production, working through controllable factors -- they got a handle on the things they can control. cost coming down, inventories better. markdowns. w

nike an interesting one for a number of reasons. it's global, it sells direct to consumer, wholesale partnerships. we have a clue into the rest of retail, too, which i like. >> in the meantime, has the fascination with sports ever hotter than now? >> never. >> which does feed into the core consumer. >> it absolutely does. even if we're going to spend less on different apparel and clothing items because of student loans, teens still love nike. it's their favorite brand every year. >> ten points from break even on the s&p. to frank holland and "the half." >>> all right, welcome to "the halftime report." i am frank holland in for the judge, scott wapner. front and center this hour, another big breakout in band yields calling into question the state of stocks and if another move higher can happen into year end. our investment committee is standing by to break this whole thing down. we have bryn talkington, remote, but here at post 9, shannon saccocia, brenda vingiella and steve weiss. let's get a check at the market, the dow at its high

nike will be announcing their results in a few moments. wapner will interview the hedge fund titan. and we'll bring you that interview right here as it happens on

nike has the grow our game initiative which they've paused , recently due to the pandemic. but that initiative allowed young people to part to work with their local nba teams to identify gaps in their communities around girls participating in sports and begin to recommend solutions on how communities, the nba, and nike can collaborate around increasing participation. that is not just invested in access, it's also giving young people an agency an opportunity to look around and say, well, what role can i play in, in imparting change in my community, which i think is very important because many young people do not believe that their voices are part of this process or that it's even welcomed in this process. so when there's opportunity and real opportunity for them to contribute, i think that's, that's very important. so that's that from a grassroots perspective. from a systemic and structural standpoint i think nike has , invested a ton of resources towards research and developing tools around increasing participation for, for girls and young people who typically are, are not

>> well, again, like what nike did with the -- kaepernick bud light with this mulvaney problem i don'tnsgender this, that that is fine but when you go in marketing push that narrative, going to push those, values, towards the other side, and like you said neglect the every day consumer, a lot of people drink bud light a wrong message you are pushing it somewhere now you are empowering these people to give them, like riley gaines so spot-on transgender men playing women sports you can't do that it is not right. it is dangerous, because, you know, hypothetically if i was to say i'm going to switch over i am going to play women's sports i am going to hurt somebody, especially if -- if they need to start their own legislateing if that is what they want to do, make it said but sending the wrong message doing it wrong. and, you know to me you are going to lose the, customers bud light did modelo, they are number one beer a great beer i look that. but, to me, bud light screwed-up big-time lost it. maria: imagine that you switch over and you're over there competing, throwing 95 against women h

i'm hanging with it. >> it's a week for nike, a week for micron. we'll hear more about china and more about a lot of these factors, i love the way you explained the challenge nike has ahead. stephanie, thank you very much for your time today. >> thanks. >>> all right. treasury yields higher to start the week. the ten-year above 4.5%, trading at levels not seen since 2007. let's check in with rick santelli in chicago. hi, rick. >> a month to date chart shows us everything we need to know. we continue to see the 10s and 30s leading to higher rates. it's been that way off and on since the middle of july. that doesn't mean two-year note yields are longing, they're moving higher as well but just not leading the pack. we call this a bear market when the markets go up and today it's a bear market steepening trade, we're under minus 60 basis points in twos to tens, that's the least inverted in four months. open the chart up to 2006. the reason i'm doing this, the ten-year note yields in 2007 had a high close of 5.29. we won't be comping to '06 for quite aw

nike has other ideas about beauty.s has a clear, social background: americans, the fattest nation among the so -called golden billion, are ahead of the united states in terms of obesity, are residents of small islands states here is the ranking of countries by excess weight ahead on uru further than the cook islands palau marshal islands tuvalu. this is the first five below. everything in the same way in eleventh place. kuwait is followed by a small margin by the united states and russia, not even in the first twenty-five. although the problem of obesity is also relevant for us , we also have other ideals, our ideal of a healthy lifestyle is a healthy lifestyle, but in america for the vast majority of people there is no, the average weight of an american man is almost 91 kg russian 84, which is still healthier than the average weight of an american woman we have 77.5 kg. across the country, 5 kg 72.5 fat americans are overwhelmingly poor americans are poor and getting fat by subsisting on fast food (ironically, taranti

dick's sporting goods but nike has been a core partner -- in the work and i think nike has been investing in grassroots space from a systemic stand point, from a grassroots stand point i can share a number of examples. nike has the game of initiative which they have paused recently due to the pandemic but that initiative allowed young people to work with their local nba team to identify gaps in their communities around girls participating in sports. and begin to recommendation solutions on how communities the nba and nike can collaborate around increasing participation. that initiative is not just invested in access it's also giving young people an agency an opportunity to look around to say well, what role can i play and in part in change in my community which i think is very important because young people don't believe their voices are hard of that process and even welcomed in that process so when there's opportunity and real opportunity for them to contribute i think that's very important so that's that from a grassroots perspective from a systemic -- a structural stand point i think n

dick's sporting goods but nike has been a core partner -- in the work and i think nike has been investing in grassroots space from a systemic stand point, from a grassroots stand point i can share a number of examples. nike has the game of initiative which they have paused recently due to the pandemic but that initiative allowed young people to work with their local nba team to identify gaps in their communities around girls participating in sports. and begin to recommendation solutions on how communities the nba and nike can collaborate around increasing participation. that initiative is not just invested in access it's also giving young people an agency an opportunity to look around to say well, what role can i play and in part in change in my community which i think is very important because young people don't believe their voices are hard of that process and even welcomed in that process so when there's opportunity and real opportunity for them to contribute i think that's very important so that's that from a grassroots perspective from a systemic -- a structural stand point i think n

we've got nike, top of that list, i don't know that one -- lauren: nike's china business is doing wellpf corp. is up. foot locker, all doing well because of the nike effect. stuart: nasdaq composite, where are we? zscaler, got that, data dog. jd.com. chinese stockses doing well. china stocks, i should say. the 10-year treasury yield, please. is it still coming down? yes, it's. 4.52. the price of gold still hovering around 1950. no, it's 1891. , i've not been following it, but it's obviously dropped below $1900. lauren: so if you bought a gold bar at costco, you overpaid. stuart: we did that story. [laughter] bitcoin is at $27,000 a pop. the price of oil, very porn, $91.66. nat gas, i never pay much attention to this, 2.90. so what? the average price for a gallon of gas, not much change overnight at $3.83, but, oh, please, will you look at california? lauren: what's premium in california? stuart: i saw a gas station selling premium in california for $8 a gallon. lauren: i can't imagine. stuart: all those fancy cars they are. coming up, don't forget to send in your friday feedback. i wan

we'll ask our trader about carnival and nike and a bonus name ahead. take a look at the sector heat map with 9 of the 11 groups in the green. communication services, the outperformer today. utility and energy in the red. "the exchange" is back after this. with your hearing, if you start having a little trouble, you're concerned that it's going to cost you money. to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids. (♪♪) we'll find you a hearing aid that fits your lifestyle and budget. unlock your risk-free trial during our limited-time sounds of autumn event. call 1-800-miracle to book your appointment today. >>> welcome back to "the exchange." i'm pippa stevens with your cnbc news update. a new biden administration rule will cut funding to college programs. the education department says the policy is a move towards accountability in the higher education system, and will mostly impact for-profit colleges. it will revive a rule established during the o

nike after the bell. there are a lot of clouds that are out there.micron is interesting and micron is the commodities end of the check mark and this is not nvidia, this is a different product. we have known for a while and in some ways, you look at the micron numbers. maybe they are troughing. maybe things get better from here and nike after the bell will be fascinating in terms of what it will tell us about the consumer. alix: we have asking the troughing question about chips for the last six months. please take a look at earnings and you look at nike, how do you play this -- the consumer problem, there are the headwinds and the inventory issues, how do you get exposure to a consumer or not? keith: we have been really focused as everyone should from an economic standpoint, if there has been a -- the recession has been kicked down the road. we have been very tuned into what the consumer is experiencing and how those behaviors are changing in a real-time basis. four a brand like nike and there is a trade down opportunity, we want to make sure there is

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nike's direct to consumer business, that's what it is focused on, it grew 6%.les growth, much stronger than dig digital. the wholesale business, that was flat over last year. on the call, executives said the company is expecting its basketball and running businesses as well as air business to grow. and it is forecasting it will do so. nike points to the fiscal 2024 as the turning point for more profitable growth and in the quarter they just reported, margins fell slightly. we're stronger than expected. some analysts are forecasting that this is going to mark the beginning of a longer term upward trajectory for those margins. the quarter cleared relatively low bar. not a lot of analysts moved on the stock recommendations, but a sigh of relief for what we're seeing there. >> appreciate that. seema mody, we might need boats to get home today. i don't know. what is happening with the stocks? >> carnival is warning of higher than expected fuel costs overriding what is a strong demand story for the cruise line. the ceo telling cnbc earlier today that the consumer has

inscription, but this is not nike, left ones these are for sale.d there is no metal tip. a how many times have you seen him? well, i said one. how long did he talk to varaksin for? seconds, 30? he has a small white metal ring pierced on his lower lip. fyodor mikhailovich, can i talk to you for a minute? why did you bring her here? if you need to put someone away, i can tell you right away and not make this show. what a performance, master sergeevna, everything is going great. i didn’t even like you, physics doesn’t work with me, i brought some complete drug addict. there is no sculpting of information from whose words. yes, that’s why a person cannot see the edge of a jacket and the brand of sneakers and lace in 30 seconds. and if you take a closer look , she won’t remember, especially when it comes to drug addicts. that is, you want to say that i brought her, taught her, she repeats everything like her ass. that's it. well, check with me in what way i’m sorry about my appearance, and i won’t even come back and peek, so that you don’t later say tha

take nike. reflecting on the sins of slavery 250 years ago in the united states, without saying a peep about its reliance on china and actual slave labor today to sell $250 sneakers to black kids in the inner city who can't afford to buy books for school. can't have it both ways. now nike says it is a company, the c.e.o., his words, not mine, a company of china, for china. take disney. two years ago has no problem eviscerating an anti-abortion bill in the state of georgia or a parental rights bill in the state of florida. while just two years ago going to china, literally ground steero of that human rights crisis, to film mulan without a peep until the very end of the movie. you can see it in the credits, we thank the local authorities for allowing us the privilege of filming here. our fellow ohioan, former ohioan, at least, lebron james, who famously derided darryl morrie, the general macker of the rocket, for daring to say, fight for freedom, stand with hong kong. nike, blackrock, airbnb, jpmo

is nike benefiting?consumer, china as i mentioned, jordan up double digits across every segment. so they are absolutely the number one player. anytime that you can get the number one company on sale at a discount to its historical multiple, you have to take that chance, right? because especially given the visibility. and by the way, they have very strong balance sheet and $17 billion buy back. they bought back a billion one this past quarter, so shethey ga good price. >> do you like any of those other companies? >> not really. i think that they are a lot more vol volatile. i'd rather just own nike. i also think that there is really a change in the industry. there are winners and then there are the losers. and w winners from costco, walmart, all are best in class and i'd rather buy any of those on sale at a discount multiple especially if you have a little bit better visibility and keind of profitability improvement. >> stephanie, thank you. have a great weekend. >>> let's take a final check on the market

eating into the inventory helped a lot of retailers tied to the nike story.taying with consumer themes, we will get into ski season, ahead of ski season, vale resorts through the summer tried to benefit property through mountain traveler demands that were not as robust as they had hoped. stocks down today. then a bloomberg scoop on the possibility of tim wentworth formerly of cigna joining walgreens as the next ceo. shares up now 5.5%. matt: investors monitor the situation in washington, d.c. as congress inches towards a government shutdown this weekend. this is what blackrock chairman and ceo larry fink had to say about the standoff. larry: i think a shutdown for a country that has $33 trillion of debt is not a good outcome. when you have that type of debt, what are we telling the lenders? imagine you go to your bank and say, i am not paying my mortgage. i mean, that is what we are doing. it is not about the new debt. it is about what congress has already approved. i mean, it is irrational from my vantage point. it is wrong from my vantage point. jon: we wil

nike story.id: carmax. >> wedbush says by the stock is appointed three quarters percent. they say carmax is near an inflection point in growth and market share on enduring retail strength. we will take a winner. david: as long as they can find cars with the strike. the irs is cracking down on ticket resale is for concerts and sporting events. what are they doing. >> to remember the american rescue plan they had a tax provision. it had been pushed back now it's about to take effect. if you made money from reselling tickets to a concert like taylor swift or sports event. if you made over $600 you're getting a form 1099k and have to pay taxes on it. ticketing websites like ticketmaster and stubhub will have to send forms to users who made the 600 plus. the previous threshold was $20000 over the course of the year. 20000, 600. who says no tax increases. the writers guild of america reaching a tentative deal with hollywood studios the actors have not reached a deal. >> let's talk about the writers dea

i think amazingly well like starbucks and nike.le's ban at the offices was more as an affront to huawei and tiktok here in the u.s. tesla has -- the head of tesla shanghai is the chinese local and has done very well. >> every company that's in china. >> it's a risk. i would not factor that into my decision to buy or not. that they will say no more tesla. >> what's more important, the ev industry for china? >> they're two different things that come together. china's 60% of ev sales. the u.s. is just like an asterisk over here. 60% of ev sales and the risk to tesla the government continues to give discounts to those chinese automakers. they have to lower prices and that eats into margins. in the next quarter what happens to their margins, not that the ccp comes in and says you can't sell cars here. >> continue to watch that price war when it comes to evs in china, a lot of competition. >> what about competition here? >> with the big three? >> tesla. >> there is no competition. >> no one wants to buy other evs. >> that's just not true

[ laughter ] you know who else sells counterfeit nikes?s >> steve: ooh. >> jimmy: yeah, i said it. [ audience ohs ] >> steve: ooh. >> jimmy: yeah, i said it. >> steve: wow. [ light laughter ] >> jimmy: "i'm going to miss you, dude. [ light laughter ] hey, i read that several wineries are now struggling due to rising cost in cork shortages. well, we asked a few wine vintners about the issues, and here's what they had to say. first up, the vintner of this wine said, "yes, it has definitely been a rough time for our vineyard." next vintner of this next wine said, "we're concerned, but our unique blends are worth the extra cost." and finall t vintner of the barefoot wine said, "listen, y'all we ain't gonna lie, we're friggin' killin' it. and it's not just sloppy brida showers, everyone loves our three unique flavors -- white, pink, and purple [ laughter ] people buy wine 'cause of the label, and ours has a foot on it." [ laughter ] and that's how you know our drank is tight." [ applause ] i'm happy. good for them. they're killing it some more

he put tape over a nike lower go. he said i hate nike. they're woke. i hate nike, heir woke -- they're woke. pete: full at the same time. will: not used to such full -- short statements. rachel: a man of few words. pete: you can see it right there, the logo is on his upper right chest -- rachel: that quote could have said sean duff the my after it. sean duffy after it. pete: he said not doing that. will: here's what he had to say, man of a few more words. >> with it always seems that the gm, the managers and all that are, are getting fired and getting blamed for it, and it's the players. if you're not doing the job out on the field, you know, if i was a gm, i would start sending a message, i don't care how much money you're making. send a message to 'em and let 'em go down will and think about it. that's what you have to do. i think they coddle them too much. they don't -- they baby them, and they don't let 'em do what they do. it's up to your peers the make you better. it's not a personal thing, you're here to win. and that's what i think, just seeing

close, nike reporting earnings.hat have serious repercussions on the market trade will keep you posted. coming up we take a look at the electric vehicle landscape in europe and the need to roll out charging capacity if countries are going to hit their net zero targets. that conversation next, this is bloomberg. ♪ kriti: from the eu trade chief visiting china amid a probe into beijing's ease -- tv subsidies, delaying the end date for the sale of new diesel and petrol powered cars. electric vehicles are no doubt the hot topic this week. ryan fisher from bloomberg any have joining us for a deep dive into europe's ev landscape. there is a lot of news going on. talk to us a little about the uptick in europe at the moment. ryan: the ev market is one of the most exciting things at the moment and with the intro you highlighted that their. in the eu and the chart showing 3 million sales, they have really grown but to key topics -- the chinese. do they want those vehicles to be coming over, and that has brought problems for s

and we're going to get a fresh look, maybe, at least through the eyes of nike this week. >> nike reportster the bell. very exposed with more than half the business overseas. usually, investors give companies a pass for blaming currencies, because it's just unavoidable. and no company can figure out how to hedge currencies correctly. so they usually have a pass, unless there's a big upside or downside surprise to the overall numbers that weren't in the models. but overall, yeah, this is not what companies expected either. they came into this year thinking the worst was over. last year was about the strong dollar. and now, here we are again. on the plus side, we can go to europe for better prices again. >> true! >> we're two hours into trading. let's go post-to-post with bob pisani for a look at what's moving. >> we were flat, but we had an attempt to buy the market at the opening and it's basically failed. there's not enough buying interest right now to really sustain a rally. there's very few things that are working. but here's one. energy, chevron's got great month. we're at the highest

even in their hometown nike has to shut down their nike stores because of crime.ad about this is for the last 10 or 15 years a lot of so-called progressives have said, oh, the problem with our inner cities is that they've become food deserts, and low income people can't find places to buy their food. well, why is that happening? [laughter] because they will not enforce the laws. people can go in and steal the food right off the shelves without any impunity, without any police support. these also happen to be, liz,as you know, the same cities that have had defund the police movements. elizabeth: so is it, it's the voters voting them in. >> to some extent, it is the, you know? the chicago mayor told the residents what he was going to do. he is said that he wasn't going to, for example, the chicago mayor, brandon johnson, said i'm not going to prosecute for shoplifting. well, you know, what do you think that does? elizabeth: then if that's the way he thinks, he shouldn't be in office. he should not be in office. >> of course not. elizabeth: got it, steve. >> the peop