So, is it too late to get into the trade after this recent run. Joining me now is Lance Wilks, uh, Bernstein senior research analyst. Lance, is there more to this or is this just a belleaguered sector having a bit of a bounce.>> Well, I think it's certainly benefiting from a rotation right now, but I think this is really early innings. You've had about three years of underperformance in this space. You take a name like United, margins are about half of uh kind of normal levels and multiples are down 20 to 3 ...

I've only had a few brief interactions with Kathy. To me, um her private conversations that she's had with individual players um or lack of the conversations have led to some, you know, rocky relationship status uh with the players. And and the one thing that I think the W has always stood on is when the players speak, people need to sit up and listen.And I think she's sitting up and listening now. Um I hope she would have done it done it earlier. I don't know if if she can ever kind of regra retract and an ...

Uh Drew, uh obviously the market under some pressure here in part because of this switch back in the AI names, but uh the Fed is part of the story. I guess we at some point we're pretty sure Fed was going to be easing into a decent economy. How do you see that equation.>> Well, I think the Fed's talking about not easing into a faltering economy because I think, you know, the data that's come out that the housing data is just yet another kind of thing that doesn't make sense that the economy is as strong as ...

Venezuela Oil Sector & US Involvement - US military buildup off the coast of Venezuela raises questions about potential regime change or negotiation for Maduro's exit [1][2] - Chevron is the biggest American operator in Venezuela, highlighting US interest in the country's oil reserves [4] - Potential scenarios include a negotiated exit for Maduro, a Noriega-style extraction, or a Seal Team Six operation [2] Venezuelan Oil Production & Recovery - Venezuela's oil production has declined significantly from its peak of 4 million barrels a day to around 500,000 barrels a day [1][5] - Rebuilding Venezuela's oil infrastructure after Maduro's removal is seen as a way to reduce reliance on Iranian and Russian oil [5][6] - Degradation of PDVSA, infrastructure issues, and massive debt pose significant challenges to a quick recovery of Venezuela's oil sector [6][7] - Sanctions relief might yield a couple hundred thousand barrels, but a return to million-barrel-a-day gains is a long-term prospect [9] Global Oil Market & Investment - Oil prices are up slightly but still below $60, influencing the performance of oil and gas stocks [10] - Lack of investment in the oil sector suggests a potential bottoming out of oil prices in the longer term [11] - Sanctions on key Russian oil exporters, Rosneft and Lukoil, are scheduled to take effect on November 21st [12] - Spare capacity in the oil market is a key factor to watch, especially with potential US military operations in Venezuela [12]

Here to discuss it all is Renaissance Macros head of technical research Jeff Jeff Degraph. Jeff, uh, great to have you on. I mean, I guess we've seen these rotations before.Sometimes they're painless, sometimes they're more disruptive. Is anything getting knocked off course today in this action. >> I don't think of off course, Mike.Um, you know, I think actually what's interesting is some of these real real highf flyers, particularly in the Russell 3000, the quantum names and, you know, some of the uranium ...

Monetary Policy Considerations - The Federal Reserve's upcoming decision is viewed as an agonizing one, with market probabilities at 50/50 [1][2] - The Fed funds rate is currently in a range of 3.75% to 4% [5][6] - Some believe the neutral Fed funds rate is much lower, potentially leading to a 50 basis point cut [6] - The real neutral Fed funds rate (adjusted for inflation) is estimated to be between 0.75% and 1% [7] - A neutral nominal Fed funds rate of 2.75% assumes inflation will return to 2%, but it's currently running at 2.75% to 3% [8] - Adding the current inflation rate (2.75% to 3%) to the real neutral rate (0.75% to 1%) yields a nominal rate of 3.5% to 3.75% [9] - The market is seeing more hawkish voices emerge because the Fed is closer to neutral, having already cut rates by 25 basis points in October [11] - The Fed needs to assess whether the labor market weakness is cyclical, due to the shutdown, or structural (mismatches between jobs and job seekers) [13] Economic Factors Influencing the Fed - Near-term tariffs are slowing growth [3] - Immigration policies and uncertainty around 12 to 15 million immigrants in the workforce are affecting supply and hurting growth [4] - The government shutdown has hurt growth, but its resolution will help [4][12] - Tailwinds in 2026 include the unwinding of the shutdown, tax incentives, and regulatory relief [4] - The AI data center power boom is considered near neutral on the Fed funds rate [5] - Inflation has been sticky and running 0.75% to 1% above target [12]

Jeffre analyst Julian Demulan Smith brings some utility stocks he loves as well to set. Julian, great to have you on set. It's not for everybody, but this idea that data centers is going to raise costs is not true.It sounds like they're going to raise earnings, though. >> Oh, you better believe it. They they are certainly going to raise earnings.I mean, look, they're looking they're not your father's utilities, right. Let's be honest to ourselves. I mean, the backdrop here is we're looking at the longest ru ...

Let's bring in Jeff Kilberg as well. Jeff Kilberg, CEO of KKM Financial. Jeff, you correctly called the last time we had a market drop.You said buy the dip. It worked out. It paid off.I want to kind of go through my crummy list here. Or maybe you can do this, Christina. There's four things. >> There's four. No, four.I can't read my own writing. Four things. We got the Scotas decision on tariffs.We don't know when that's coming out. November 19th is Nvidia Day. November 21 20 21st is Russia sanction day. And ...

Today, Bitcoin falls to the $100,000 level. The first ever spot XRP ETF in the US starts trading on the NASDAQ. And Roshan Robert, the US CEO of OKX, breaks down a new decentralized exchange trading feature on the platform's app.Welcome to CNBC's Crypto World. I'm Talia Kaplan. Major cryptocurrencies trading lower as of midday along with stocks with technology weighing on the major averages.Investors are also growing pessimistic about the prospect of lower interest rates even as the US government reopens af ...

Art Market Overview - The art market is currently experiencing a period of prosperity [2] - Auctions next week will feature $1.4 billion worth of art [1] Artwork Specifics - A solid gold toilet named "America" is being auctioned [1][2] - The toilet is made of 220 lb of 18 karat gold [1] - The gold alone is worth over $13 million at today's prices [1]