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tv   Worldwide Exchange  CNBC  November 22, 2021 5:00am-6:00am EST

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it is 5:00 a.m. at cnbc global headquarters and here's your top five at 5:00. stocks looking to kickoff the holiday trading week on a high note, teeing up a historically strong period for the stock market futures are higher today top on investor's minds this week president biden is choosing the next federal reserve chief former fed president thomas honing lays out who could land the president's pick. a violent weekend in europe as protesters take to the streets to denounce the return of covid restrictions there.
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we are live in the region with the latest embattled ceo reportedly weighing an exit as his company is embroiled in a wave of internal issues. and get ready to pay more from the thanksgiving dinner stew leonard lays out how much more it could cost for turkey and all the fixing this year it's monday, november 22nd, you're watching "worldwide exchange" right here on cnbc good morning, i am dominic chu in for brian sullivan today. here's how your money and global markets are setting their day up on this holiday shortened trading week stock futures indicating some decent gains at the opening bell the dow higher by 134 points, s&p by 16 and nasdaq by about 70 points or so this was after the s&p was able to eke out a gain of a third of
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a percent last week. tech was the winner, up more than a percent while the dow was down by a similar amount, notching its second consecutive weekly decline a check on the bond market as well the benchmark u.s. 10 year treasury note is yielding 1.57%. the two year a hair above, .53%. the 30 year 1.93 you're seeing an elevation across all parts of the yield curve. oil prices on reports that japan is working to release oil from its strategic reserve following the request by president biden. currently wti, $76.19. for the january futures up .3. ice brent $79.09 up about.25% crypto prices amid a volatile weekend in action bitcoin prices down by nearly
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4% 57,218 ether prices 4,191 down 4% as well many down on the session stocks in asia kicking off the week on a mostly higher note south korea's kospi index up, while the hang seng is down by itself mostly higher across the european side of things. some notable declines on italy, as you can see your morning's top stories including the biden administration's apparent new steps over ongoing inflation issues >> "the washington post" is reporting that the white house is weighing whether to ramp up an attack on parts of corporate america over rising consumer
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prices the post citing an administration officials said an outside official has raised the idea to officials. as companies benefit from high profits. but stresses the move could backfire if it angers the firm that the administration is depending on the next fed chief pick, the same "the washington post" is shedding lights on the presumed favorites, jerome powell and lael brainard. the post said in a meeting on friday, the president gave compliments that are highly kp complimentary of powell. the president is expected to announce who he will nominate this week. and evergrande is lower today after hang seng announced it will remove the developer
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from one of its index. the index provider did not give a decision for the removal of evergrande the company's stock is down more than 80% year-to-date amid its ongoing debt problems. back to you. it's a holiday shortened trading week with the markets closed on thanksgiving day, thursday since 1992, the u.s. stock exchanges have put in a half day of action on black friday. that's typically meant a week of low volume but not necessarily some bad performance for the markets. the folks at bespoke investment group say since 1945, the s&p 500 has averaged a gain of .6% for the entire shortened holiday week the best returns coming on wednesday and black friday with the only declines on monday. but over the past 20 years, gains have shifted to mondays. shocking
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i don't know what's going on there with small declines on tuesday and rallies on wednesday and friday, it's a curious thing, will the trend be our friend this year let's bring in bill stone. seasonality is something i used to look at a lot not because it's thes gospel, but it tells you a lot about the trends do you feel bullish about this holiday trading season >> typically the holidays are good for the markets we talked about the santa claus rally as well so i think it's worth thinking about it as a tailwind i think certainly the economic backdrop in general is good, the retail sales were phenomenal last week. i don't expect to see a real problem with the economic data, what's really the cloud that's tough to know is how much this kind of lockdown from europe is going to worry the markets we really saw it at the end of
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last week. things were all looking rosie and then that came across so that's a tough one to predict, but obviously this morning at least it looks like a little bit of the cloud is lifted. >> i was going to say, because i'm looking at the heat maps around the world right now it doesn't appear even in europe they're that concerned about what is happening in austria and some of the chatter coming about other countries mposing maybe lockdown lights if you will. if that's the case, are we still in a constructive phase overall, especially maybe here in the u.s. with growth concerns coming front and center again >> i think we are. like i said, you're seeing the economy actually accelerate here into the fourth quarter. my kind of thought has been you'd be more worried about the market if huh the inflationary environment and slowing growth or poor growth when you have good growth you see it show up obviously in the earnings and then the market kind of shrugs off those -- even
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we all worry about the inflation but at the end of the day, inflation and growth is okay together particularly if it's not out of control inflation that's good. it's a poor combination of having call it stagflation which we're not near right now. >> we've been reporting a lot the last couple of weeks about the tug of war, the push and pull between reopening trade stocks, airlines, cruise lines, hospi hospitality, and the stay at home stocks like zoom, peloton, docusign and others. who wins the battle? >> you would have thought it would have been over by now, i thought i would have been putting away my reopening monitors and everything else by now. but i think you still play the economic opening the more cyclical side of things has some life left in it because
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we keep getting these worries washing across the economic growth might be impinged by more lockdowns, et cetera you saw it last week, the technology did great, saw banks hit hard, industrials not trade as well. i think it's worth looking at m some of these more cyclicals like the industrials and financials, because i think there's something more left there. >> thank you very much we appreciate it, sir. >> thank you when we come back, former kansas city fed president thomas hoenig lays out which direction he thinks the president may go with his pick. plus a live report from europe following a violent weekend of protests over fresh covid restrictions on that side of the pond. and later on, walt disney world hitting the pause button over its own vaccine mandates a busy hour ahead when "worldwide exchange" returns after this
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welcome back a violent weekend in parts of europe amid protest of new covid restrictions there it comes as health officials warn of new deaths from the d virus. karen cho joins us now what can these countries do about the gripes the citizens have about the fresh
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restrictions >> dom, it is a challenge. going into the weekend we were braciing for a fallout as new restrictions were announced. austria has entered into a fourth national lockdown due to the current pandemic wave. now people have been asked to work from home while nonessential shops will be closed according to the chancellor, the lockdown would run for a maximum of 20 days, the big question is whether 20 days will do the trick and whether we'll see a reopening from here. all this as cities in europe have been rocked by protests in belgium protesters clashed with police after tens of thousands gathered in a march through the city center. demonstrations continued for a third day in the netherlands with thousands more gathering in amsterdam over the weekend in italy and rome, large crowds gathered objecting to the enforcement of covid passes.
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you have countries across europe contending with the waves. hospitals overwhelmed with patients falling ill with covid. but if you look at the monday trade, the market has been better than how we wrapped up the trading week as investors were concerned with how the story would progress rational approach has prevailed and we're trading in the green at this stage. >> we tend to talk about europe as a whole entity, but really, we're talking about these types of countries being individual on their own. yet i'm looking at the map behind you, right, and everybody is connected to each other they're all sovereign nations but they can move, for the most part, freely among all of them do these demonstrations boil down to country by country issues with regard to policy, and some of the reactions that the citizens have to those individual policies? >> dom, that is a great point because last time around, you
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think about when we first went into the pandemic, europe was a collective you saw rising caseloads and it was a matter of weeks before other countries caught on and had the same problem if you look at it this time you have different vaccination rates across europe, a lot of skepticism in the german speaking nations, populous voices at play, if you talk about austria in particular with the worst situation, it has the worst vaccination rate, 65.5%, versus higher cases for instance in portugal. you have a vaccination rate of 86%. so quite a gap and in italy it's 74%. so it's different across the individual countries and, of course, the use of a health pass has been very specific to some of these individual countries, too. if you had the vaccination you get the covid pass and you're able to go out and circulate this time around it is very country specific, dom. >> and certainly things can you do in europe that you could not
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do here in the united states karen tso in london, thank you for the latest on the pandemic still on deck for the show adele flexing her mic, getting spotify to hit pause on the shuffle button details on what that means and the other top trending stories are coming up. >> announcer: today's big number $198.8 billion that's the total amount of bonds issued by oil and gas companies in 2020. a new record, according to data from deal logic. that's up 60% over the prior year and more than double the 20 year average t never holds you back. don't settle for silver. #1 for diabetic dry skin #1 for psoriasis symptom relief and #1 for eczema symptom relief. gold bond. champion your skin.
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welcome back to "worldwide exchange." let's get a check on this morning's other top headlines. francis rivera has the latest. >> hi, we start with breaking news tragedy in wisconsin, several people are dead and 40 more hurt warning some of the video we're about to show you may be tough to watch an suv drove through a holiday parade about 20 miles west of milwaukee, killing five people and injuring more than 40 others according to law enforcement officials a person of interest who may have a significant criminal history is in custody and being questioned they believe the person may have been involved in a knife flight and fled the scene before
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crashing into the crowd. a press conference is expected later today. the international olympic committee said peng shua is safe they held a video call with the tennis star. she is living in her home in beijing and would like her privacy respected. the call appears to be the first direct contact with peng since her sexual assault allegations against a high ranking official last month this this. switching to week 11 in the nfl and an electric finish in los angeles to cap off a wild sunday austin eckler ran for two touchdowns and caught two more to keep the chargers in the driver's seat but in the fourth, pittsburgh erased a 17 point deficit and taking the lead with under 4 minutes to go. but justin herbert wouldn't let
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the steelers rob a win for them. the go ahead touchdown giving l.a. the win those are your headlines back to you. >> what an interesting week it's been for football and all these other sports thank you. let's get to today's top trending stories which has a record setting constitutional sale, a speedy airplane and spotify turning tables silvana is here with more on those stories. >> so suter by's announcing the auction pulled in over $1.1 billion last week those were helped by a sale of the rare first printing of the constitution which became the most valuable historical auction sold at 42 million it was purchased by ken griffin who out bided a group of crypto inv inve investors. he intends to lend the piece to a museum in arkansas
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royals royce saying it has the fastest all electric aircraft after reaching a speed of about 387 miles an hour. rolls-royce will be submitting claims for three world records and adele persuading spotify to remove the automatic shuffle option on album pages telling the streaming company that artists put efforts into the order of the tracks. the new record was available on spotify six years after her previous album became the fastest selling album in british h history. adele gets what she wants. >> she does. she's an amazing, amazing artist, amazing singer i don't know how you feel about this for my music, if i'm the consumer of it and i want something shuffled because maybe i like all of the songs on a particular album, i think it should be my choice whether i
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should be able to shuffle them and how i want to do it. >> totally. >> versus maybe what the artist intends. >> i listen to new albums i listen to them in order but we should be able to decide how we want to listen to it. >> i feel like it's the consumer choice i'm paying for the album, the tracks, i should be able to listen to them how i want. >> absolutely. still ahead on the show, the clock is ticking for congress to strike a deal to avoid -- yes, we're there again -- avoiding defaulting on the government's debt limit just how long lawmakers have to get the job done the clock is ticking, if you will if you haven't done so, speaking of music and audio, follow our podcast if you missed "worldwide exchange," check us out on apple or spotify or other poas 'lbe right back.
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markets looking to repeat history and tack on gains amid the holiday shortened trading week futures suggesting that may be the case as they point to gains at the opening bell. the future of the fed set to be decided this week as president biden prepares to name his next central bank chief and policy moving forward. and pass the turkey and higher prices as we gear for thanksgiving, the dramatic impact inflation is having on the cost of your holiday meal.
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it's monday, november 22nd, you are watching "worldwide exchange" right here on cnbc welcome back to the show i am dominic chu in for brian sullivan on this monday morning. here's how your money and investments are looking as we are halfway through the 5:00 a.m. eastern time hour. stock futures as i showed you pointing to some gains at the opening bell the dow is implied higher by roughly 145 points, the s&p higher by 17 and the nasdaq higher by 65 at this stage as we mentioned earlier in the show, it is a holiday shortened trading week with the markets closed on thanksgiving day thursday according to data, since 1945 the s&p 500 has averaged a gain of about .6% for the entire holiday week the best returns coming on wednesday and black friday with the only decline on monday but over the past 20 year, gains have shifted to mondays with
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smaller declines on tuesday and rallies on wednesday and friday. so a bit of movement there, but still a seasonably strong week for the stock market to more of your morning's top stories silvana is back with those. >> activision's embattled ceo is weighing an exit reportedly. according to "the washington journal" he told senior managers he would consider leaving if he can't fix the issues plaguing the video game giant he stopped short of saying he would step down but left the possibility open if misconduct issues across the company weren't fixed with speed he has faced calls to resign over how he and the company have handled problems, including allegations of sexual misconduct health officials are urging caution headed into the thanksgiving holiday amid a rise in the number of covid cases nationally the seven day average
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for new cases is under 95,000, a roughly 22% increase from two weeks before that's better than a year ago when the u.s. was reporting 160,000 new daily cases. officials say areas in the midwest, new england, and southwest in particular are dealing with surges. amid those upticks disney world is halting its vaccine mandates for employees. it comes after governor desantis signed a bill requiring businesses from vaccine mandates the company telling the post it will develop legal developments but argued their approach to mandatory vaccines has been the right one. to washington d.c., as senate democratic leaders try to rally for the aim of passing the
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president's $1.75 trillion social spending bill before the end of the year. ylan mui joins us with more on the busy agenda for congress. >> reporter: top senate democrat chuck schumer is pledging to pass the spending package by christmas. it goes straight to the floor whenever lawmakers are ready to take it up >> look, everyone knows the house did a strong bill, everyone knows that joe manchin and kyrsten sinema have their concerns but we're going to try to negotiate with them and get a strong, bold bill out of the senate. >> reporter: but the senate has a lot of other stuff to work through first, there's the defense bill, government funding runs out december 3rd, and treasury wants congress to raise the debt limit by the 15th again. after that it can't guarantee enough money to pay the nation's bill so we teamed up to figure out
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how much room treasury has to run. debt tracker shows that treasury has $325 billion left in cash in extraordinary measures it started with $580 billion from the last time congress raised the debt limit a month ago. so we're still in the green but getting closer to the yellow zone, which is roughly enough money to last for two weeks. the red zone is anything below $100 billion, which is where we have gotten before congress acted the last time. there has been some progress on negotiations this time around, schumer and mitch mcconnell met to discuss the debt limit before they left for recess and mcconnell called this a good conversation so perhaps a small light at the end of the tunnel there. >> so i guess i'm curious. you showed the thermometer, speedometer, whatever we want to call the measure when we run out of money how long could the money last? >> reporter: i think our tracker shows why this is a moving
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target the bipartisan center estimates the range when we could hit the debt limit is anywhere between mid december and early february. that's because that dial can move forward obviously as treasury spends money but it can move backward as more tax revenue comes in to treasury so this is a day by day accounting of how much money treasury has and when it could run out. that's why we created this sort of dial so investors could have a better picture of how to capture that moving target >> a lot of variables there for sure thank you for that president biden is also expected to announce his nomination for fed chair in the next few days just to add to the washington agenda with jay powell's term expiring in february the decision has faced scrutiny amid lawmakers with janet yelle hoping to maintain continuity.
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let's bring in thomas hoenig this is a fascinating story right now because it's about people and two people who have a lot of fed ex peerns why is this a big deal for markets right now, between biden, powell and brainard, who gets it in your opinion? >> it's a big deal because there is so much ahead from the federal reserve in terms of the inflationary outbreak and how banks and financial institutions are going to be regulate regulad powell and brainard is similar but there are also differences in how the institutions should be siupervised. their biggest headache ahead is trying to deal with the emerging inflation and the economy going
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forward. so when it comes past that, it's a matter of party loyalties and, as they move forward from this point forward, but the big deal in monetary policy, i don't think there's a lot of different between the two. >> in your mind, is there a clear cut better choice, one or the other? is something happening right now with regard to jerome powell's tenure here that sheds like on whether or not he should be the future fed chair or whether or not there needs to be a changing of t of the guard or is that lack of continuity more of a concern than trying to make things somewhat different for the fed >> i don't think the continuity issue is as big a deal as some are saying it is because in monetary policy there is a very similar approach and philosophy between the two i think that the big differences are in the super vision. but the reason you have kind of
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the attention to it is the uncertainty about it no one knows which will be chosen and what it means for wall street and the institutions but as far as policy going forward, they are both going to be approaching it in the same manner you have outbreak in inflation, iss issuings of tearing. t -- issues of tapering i think they approach it in the same not a lot of light between them. >> so then let's focus on the policies that whoever is going to be heading the fed will be battling you mientioned the inflation thing. do you feel as though this inflationary picture is transitory or something more structural we could see developing more in the coming quarters and years i point to lumber prices which were sky high at one point, they've fallen back down to earth. there are signs that the oil market is starting to cool off
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it's still hot but cooling off a little bit is it transitory or is it not? >> i think it's more than transitory yes, prices will go up and down, but overall prices are rising still. they're going to have to do more than just wait it out and think it'll take care of itself. there's some endemic issues with inflation. first of all you have more than a decade of asset inflation that has been going on in housing, commercial real estate, agricultural land, art, the stock market itself. so it's carrying over to goods inflation. when you think about it, we had in the last 20 months or so we had in this country more than 6 trillion additional dollars of covid relief -- >> i think we've lost -- i think we lost thomas hoenig. we're going to try to get him
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back the conversation right now about the fed is something we're trying to figure out whether or not that inflationary picture is something where the fed has to perhaps act more forcefully in the come months and years. so if this is a situation right now where we have easy interest rate policy that's been in place for over a decade now, leading to something perhaps bubble-wise in certain asset classes as thomas hoenig pointed out, it could be something to watch. in the meanwhile, coming up on the show, thanksgiving dinner coming at a cost speaking of inflation, higher food prices across the board where customers may be hit the hardest. first as we head to break your other top stories, kkr making a $12 billion offer to take italy's biggest phone group telecom italian private. following two profit warnings in
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the past three months. also ericsson striking a deal to buy vonage for $6.2 billion. the deal comes after last year's deal to buy u.s. based networking company cradle point. vonage shares up 26% in the premarket trade. and movie goers not afraid of any ghosts. "ghost busters: afterlife" pulling in $44 million topping expectations "worldwide exchange" is back in a moment and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew.
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welcome back to "worldwide exchange" and a holiday shortened trading week we are going to kick off in the green right now the dow implied higher by 138 points, the s&p 500 by 16 and the nasdaq by 69 points the gainers, it's merck, boeing, j.p. morgan chase disney, nike all up by at least .5% and also up apa tesla, moderna the nasdaq 100 gainers tesla, moderna, net's innvidia and splunk let's continue our thomas
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hoenig i wonder when you talk about powell and brainard, they're not that much different policy-wise. when you tie it together, is there any down side, i want to hear your thoughts, is there any down side to keeping easy monetary policy for the foreseeable future given that nothing has quote/unquote gone wrong since then i say that tongue in cheek because we know there's a debate about the policy and what it does for the future of our country. >> there are risks one is you have the inflation out, so it's becoming embedded into the system. while we are getting some of the logistic issues on supply addressed. there's still the fact that we've added $6 trillion of spending in the last 20 months we added to the nation's debt, we're approaching $30 trillion up from 24 before this thing
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started or 25. this means that there's a lot of inflation momentum going forward. and i think the fed is going to have a really difficult time easing out of their acome dayive policies, been so extraorextrao extraorextrao extraorextrao extraorextraordinary easy without disruptions and volatility so they have a real difficult 12 to 24 months ahead of them whoever it is, whether it's powell or lael brainard, they're going to have their hands full and they're going to need a lot of support from the congress who's wanting to add more spending, which is their right, but the infrastructure bill has yet to be spent. we're in the middle of this build back better legislation. that's another 2 to 4 trillion, depending on who you talk to about it
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so they have challenges and inflation is an issue for the united states going forward. >> no doubt it's complex for sure former kansas city fed president, thomas hoenig thank you for your thoughts. >> thank you a pleasure to be with you. if you've been to th grocery store to get the goods for your thanksgiving dinner you probably noticed items costing more this year a recent survey from the american farm bureau federations revealing that the cost of this year's thanksgiving dinner is already up 14, 1-4, percent from last year. let's bring in stu leonard i don't live far from nor walk, connecticut and i frequent strks stu leonards to get my stuff i notice the inflation there, but how pervasive is it and will it prevent people from spending
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more or will consumers eat the cost because they want to put on thanksgiving dinner? >> well, first of all, dom, i just want to say that i -- i'm honored that you go from a fed chairman to boots on the ground here okay you can see we have our turkeys. we're just loaded and we're here listening to customers and what people are feeling i would say you are right, you're probably going to get, you know, 10% roughly increase but just to give you an example, okay we have this dinner right here, it's about $22 a head. it can serve eight people with this meal. it's like thanksgiving in a box. so it went up 10% maybe. actually, it didn't increase the price, we have absorbed on this one. but if it went up 10%, that's about $2 on the other hand, here's your whole turkey this is about a 20 pounder, 40 bucks. everybody is going to be buying them now this is something our
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best-seller is a rib eye steak this is what the restaurants, hotels, cruise ships, everybody wants right now. same price you can get this or get this at the same price so there's certain foods to avoid right now. but you're going to feel a little bit more -- i want everybody to remember, thanksgiving is the least expensive holiday of the year. >> so, stew, this is interesting. i'd like to talk about the localization of markets. because you mentioned that that tomahawk rib eye you showed us there, hasn't gone up in price that much -- >> it has. >> it has you're saying. >> oh, it definitely has. >> because we're seeing stories of how certain foods are going up more than others leading to substitution effects so if i don't want to pay that much more for the steaks i'll buy chicken or poultry instead,
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are you seeing that happen at your locations >> we're seeing that i was just talking to one of our buyers this morning, and ahe sai he's noticing certain products he can't get he can't get frozen beans. you know what's nice, we're a family business, we can operate quickly, find another frozen bean on the market i think what customers are seeing with supply chain, these massive 4,000 store chains have big distribution centers they can't turn on a dime like a small family business can. i recommend everybody shop local. try to go to your local food store if you can the second thing and our chefs aren't going to like to hear this you can make this whole meal half the cost if you made it yourself at home okay so make it this year you know, try to do that and it's important right now to sit back and relax, because,
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yeah, percentages may scare you they're up, but it's not that much. >> so stew, to kind of put a point on this. the shop local thing has been a point a thesis for many consumers for a while and the supply chain issues have brought it front and center. can you tell us how difficult it is to have the supply chain issues that some of your other competitors may have versus some other companies or stores like yours that source locally, is that better? is that a trend that sticks around that you think the supply a crisis leads consumers to find predictable supply chains in their local stores >> one thing, the failed businesses have been predictable for us not only now but during the pandemic last year we talked to the farmer, the rancher, the fishermen, and then we can buy direct from them
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without distribution centers in the center that means full shelves. so it's good to shop local because chances are they may have direct connections with the different ranchers and so forth. so that's an important thing right now. and i would encourage customers, do you want full shelf, you'll find full shelves out there, you may not get the brand you want, but you'll get the product >> stew leonard jr. with the latest on the supply chain issues and the cost of thanksgiving this year. >> we have an ice cream cone waiting for you, next time you come to the store. >> you know what i like? i like the dole whip soft serve you have the that's what i get when i go there. >> okay. hope to see you in the store. >> you got it. >> thank you, everybody. happy thanksgiving. >> happy thanksgiving to you as well stocks poised to kick off the holiday week on a strong note joanne feenny lays out what you
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need to watch as we start the home stretch of 2021 follow our pod cast if you missed, "worldwide exchange," check us out on a apple or 'lbeigfi wel rht back.
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welcome back if history is any guide stocks should do well during the thanksgiving holiday trading week check out this stat. since 1950, the last five trading days of november are traditionally positive he says there's a two-thirds likelihood the market is up the day before thanksgiving, 57% chance it's positive on blac friday and 71% it's up next monday let's welcome in joanne feeney we've been talking a lot of bullish narratives about how seasonably strong this year can be do you feel as though you're
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that positive about the markets right now near record highs. >> good morning, dom i'd like to look a little bit more into the distant future for these sorts of things. our investors tend to be longer term but it's shaping up to be a good season because the consumer still remains very strong. the household balance sheet has high savings in it despite the spl inflation caused by those high balance sheets inflation is a risk, covid is a risk what we're seeing in europe is disturbing. but production continues to come back on line and look at williams and sonoma's results last week. which i think is giving a number of stocks opportunities. but the market is a little bit on the expensive side, supported by earnings, but you think investors at this point have to pick and choose to see -- >> joanne, i was saying, the
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strong consumer has been the underpinning for the global markets you could argue the strong u.s. consumer for years now, do you feel as though the supply chain issues are largely behind us or do you feel as though they'll still put a crimp on those companies that do sell to the strong balance sheet u.s. consumer >> i think the supply chain issues are easing a little bit from the data we're seeing look at the shipping rates they've come down dramatically, back to april levels semiconductor shortages are still out there but apparently the autoindustry is getting enough to continue to produce in all of their factories at this point in north america so things are easing but still a long way to go europe is clearly a problem with potentially more shut downs going beyond austria so i think we have to wait and see and be prepared and look for companies that can handle the cost increases and have the
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pricing power like williams-sonoma does >> one of the industries or sectors that has pricing power or is thought to have pricing power is technology. is there anything in your mind that tells you that the tech trade is something that continues to maybe power the markets and if so, where do you find value there >> the advantage that tech has is first of all it's not very labor intensive so they'll suffer less from rising wages. and some of the tech stocks out there have attractive valuations, look at qualcomm or broad com. both have strong drivers that is what investors need to look for to power through the risks. those are the companies that aren't disturbed that much even if covid rears its ugly head more broadly around the world and if inflation picks up. it's secular growth, low wage
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pressure problems and opportunities to potentially expand margins that's a great combination of investors to look for. >> i'd be remiss if i didn't talk to a stock picker like yourself about the holiday season, do you think retailers is something to focus on >> you have to look at the different segments of the consumer population. those at the low end are going to suffer inflation. yet some are now starting to get jobs for the first time in several months and that's going to help their power. look at tj maxx, if there are budget constraint problems they'll shop more there. target we think continues to do well, and beyond that in consumer electronics we should see a good season this year with all that money piled into household bank accounts. so we've held a lot of these for a long time for our clients and we continue to be enthusiastic about some of the companies in that space. >> the consumer, it's amazing how the u.s. consumer has been so resilient throughout the course of the great financial
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crisis in the wake up until today. thank you very much we appreciate your thoughts and your picks >> thanks, dom happy thanksgiving. >> thank you you too. >> the future market right now we are poised for gains at the eng opinbell "squawk box" picks up for this shortened holiday trading week coming up next firefighter maggie gronewald knows how to handle dry weather... ...and dry, cracked skin. new gold bond advanced healing ointment. restore healthy skin, with no sticky feeling. gold bond. champion your skin. small businesses like yours make gift-giving possible. now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles
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good morning, futures pointing to a higher open among this week's big market stories and expected announcement from the white house on president biden's fed pick that could come sooner rather than later maybe sometime by tomorrow. retail behind brands like arrow postal and brooks brother is shelving its i.p.o.
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taking flight a major test for the airlines this week as passenger levels are expected to come close to pre-pandemic levels it's monday, november 22, 2021 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. and this morning on this monday morning we'll look at u.s. equity futures right now some green ar-rows across the board, dow indicated up 140, subp&p up by 16 and theo up by 144. friday the dow was down by 270 point, the worst marke

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