Squawk Pod: Black Friday with Shopify & Amazon (11/28/25)

Main Theme

The November 28th, 2025 episode of CNBC’s Squawk Pod gives listeners an up-to-the-minute look at Black Friday retail trends, with deep dives into live sales data from Shopify and Amazon. Anchors Becky Quick, Steve Liesman, and Robert Frank dissect the latest on consumer spending, digital and in-store trends, discounts, and the strategic fusion of commerce and streaming sports. The episode also touches on breaking economic and geopolitical news impacting the market.

Key Discussion Points & Insights

1. Market Overview & Early Morning Disruptions

• CME Center Outage: A major data center cooling issue at the Chicago Mercantile Exchange halted trading in stock index futures, crude oil, Treasuries, and FX. Markets were expected to see fractional gains at the open based on proxy ETFs, with low volume and potential for choppy trading due to the outage.
  • Quote: "Thanks for having me in on a day when nothing's working." — Robert Frank (05:06)
• Market Performance: November marked the first down month in years for markets, despite a recent rally spurred by Fed comments.
  • Quote: "We're still riding the Williams rally..." — Becky Quick (04:18)

2. Major News Updates

• National Security: Discussion of a deadly shooting targeting National Guard members in Washington, news of President Trump “permanently pausing migration from all third world countries,” and speculation on what this means for policy and affected populations.
  • (06:42)
• Geopolitics & Tech: Updates on Russia expressing willingness for serious peace talks over Ukraine, and the sensitive issue of a TSMC chip executive moving to Intel, raising concerns about technology transfer and national security.
  • Quote: "He was responsible for a lot of Intel's superiority in the chips industry." — Steve Liesman (09:53)
• Supply Chain Tensions: Dutch chipmaker Nexperia's public dispute with its China unit over communication and supply chain control, highlighting continued global supply chain instability.

3. Retail in the Spotlight: Black Friday Trends and Data

A. On-the-Ground Reporting: Mall Traffic & Promotions

• Live from Paramus Mall: Courtney Reagan reports a strong in-person turnout, especially among Gen Z shoppers, with long lines at brands like Lululemon and Hollister.
  • Insight: Black Friday remains the biggest in-store shopping day despite shifts in doorbuster culture. 130 million Americans are projected to shop; Adobe predicts nearly $12 billion in U.S. online sales, an 8% increase over last year.
    • Quote: "The cadence has changed for the day... but it is still a very, very important day for retail." — Courtney Reagan (14:54)
  • Top Searched Brands: Apple (+315%), H&M (+248%), Samsung, Marshalls, Adidas.
  • Consumer Behavior: Promotions are typical (30-40% off); value and product “newness” are key motivators, not just price.
    • Quote: "Value means more than just what it costs, but if it increases performance... consumers are buying it. And even without a discount." — Courtney Reagan (17:59)

B. Shopify President Harley Finkelstein: Live E-Commerce Pulse

• Sales Data: 12% of U.S. e-commerce runs on Shopify; at Black Friday’s peak, 2.4 million sales per minute and 17 million unique shoppers since Thanksgiving night.
  • Quote: “Every 26 seconds a brand new entrepreneur is getting their first sale right now on Shopify.” — Harley Finkelstein (20:06)
• Trending Categories & Brands: Skincare, vitamins, supplements, activewear, and home goods lead the way. Specific popular products include Alo Yoga’s crewneck pullover and Cozy Earth bamboo sheets.
• Omnichannel Evolution: Shopify powers brands across digital and physical, with many DTC brands like Gymshark or Figs moving from online-only into brick-and-mortar as consumer discovery shifts seamlessly from TikTok to web to mall.
  • Quote: “It sort of feels like a post-Omni Channel world right now... we're trying to with Shopify is power every single channel.” — Harley Finkelstein (22:52)
• Discounts & Pricing: Promotions are standard (10–30%). Notably, brands are holding prices steady, choosing value and customer loyalty over deep discounting.
  • Quote: “Consumers are actually looking for value more than they're looking for discounts, meaning they're voting with their wallets to buy from brands they love.” — Harley Finkelstein (21:42)
• Growth: Shopify outperforming last year’s numbers but will release final figures after the holiday weekend.

4. Amazon’s Black Friday Play: Commerce Meets Streaming Sports

Guest: Jay Marine, Head of US Prime Video, Amazon

• Event Strategy: 15 hours of live Black Friday sports programming, including NFL, NBA, PGA, and international games, all made available globally for free (no Prime required).
  • Quote: "We started this tradition a couple of years ago with Black Friday football and we've really invested a lot to grow that on behalf of Amazon customers." — Jay Marine (27:01)
• Shop While You Watch: Integration of shopping deals directly with live sports, allowing “couch commerce” to thrive—viewers can buy deals while watching the games.
• Why the Investment? Amazon’s aim is to enhance Prime’s value, attracting and retaining members by bundling top-tier live events alongside shopping incentives and entertainment.
  • Quote: "Our goal is to add more value to Prime, make Prime the best membership program in the world." — Jay Marine (28:49)
• Advertising Impact: Black Friday advertising on Prime Video up 40% YoY; brands see the value in integrated, full-funnel experiences.
• Profitability? Marine doesn’t break out sports or Prime Video profits but says continued investment reflects Amazon’s satisfaction with results.
• Global Reach: This is the first year Amazon delivers a live NFL game worldwide, broadening the U.S. sports export model.

Notable Quotes & Memorable Moments

• [05:06] Robert Frank: “Thanks for having me in on a day when nothing's working. I mean I haven't done this in like a year and you have me in and nothing's working.”
• [14:54] Courtney Reagan: “There's lines at Lululemon and Hollister ... lots of Gen Zers as you might expect, hitting the stores early ... but it is still a very very important day for retail.”
• [20:06] Harley Finkelstein: “Every 26 seconds a brand new entrepreneur is getting their first sale right now on Shopify. So those little fireworks, that's a new entrepreneur being born.”
• [21:42] Harley Finkelstein: “Consumers are actually looking for value more than they're looking for discounts, meaning they're voting with their wallets to buy from brands they love.”
• [22:52] Harley Finkelstein: “It sort of feels like a post-Omni Channel world right now ... consumers are kind of starting with a TikTok video, then they're moving to the online store, then they're moving to Roblox, then they're going to the offline store.”
• [27:01] Jay Marine: “We started this tradition a couple years ago with Black Friday football and we've really invested a lot to grow that on behalf of Amazon customers.”
• [28:49] Jay Marine: “Our goal is to add more value to Prime, make Prime the best membership program in the world.”

Timestamps for Key Segments

• [01:19] Black Friday retail preview begins with Courtney Reagan.
• [05:06] Market and data center outage humor with Robert Frank.
• [14:54–19:08] Courtney Reagan live from Paramus Mall: in-store trends, most-searched brands, and discount analysis.
• [19:12–24:18] Interview: Harley Finkelstein (Shopify) — Real-time Black Friday data, trending products, value vs. discount debate, DTC-to-retail shifts.
• [26:34–32:15] Interview: Jay Marine (Amazon) — Black Friday’s sports/commerce programming, integration of shopping and live events, advertising insights.

Tone & Style

The episode features CNBC’s trademark blend of data-driven analysis and conversational banter, with a dose of market-moving news, candid real-time commentary, and accessible breakdowns for retail investors and shoppers alike.

For Listeners: What You’ll Walk Away With

• Black Friday remains both a physical and online retail force, underpinned by shifting consumer behaviors.
• Digital-first brands are increasingly leveraging omnichannel strategies, merging online discovery with in-store experiences.
• Value (not just price) is top-of-mind for shoppers.
• Amazon and Shopify’s investments into rich, interactive experiences (from streaming sports to real-time commerce) are reshaping holiday shopping—and the data shows it’s paying off.