at vanguard you're more than just an investor, you're an owner. helping you prepare for today's longer retirement. that's the value of ownership. welcome to power lunch. alongside dominic chu, i'm tyler. coming up, the fed releasing the beige book. a read on the strength of the economy, getting forecast from districts around the country. this morning we have a stronger- than-expected retail sales report. >> that is sending stocks lower today. fears the fed won't be quick to cut interest rates and the broader economy remains strong. here's where the markets stand right now. you can see the s&p 500 about one full percent, the dow down one full percent. casing the losses down one of a quarter percent, software names

including cloud strike the skillet, fortinet, which was hit with its fourth downgrade from analysts over the past two days. chip names also lower. semiconductor, intel among the names getting hit as you can say. across the board for the biggest chip names out there, tyler. >> demonstrating this interest rate theme, the worst performing sector of the s&p 500 today is real estate, down to and have percent as a group. there are some of the names in that group. one group gaining today would be health insurance, including united health, which is keeping the dow from being down even more. we begin with the markets, stocks ahead lower as the old truck higher despite that strong retail sales number our next guest is not sure about the health of consumer as is strong as some people think. what does it all mean as wall street tries to digest and predict what the fed might do next. let's bring it jim tierney, cio

concentrated u.s. growth with alliance. jim, welcome. why are you worried about consumers? what are you seeing? >> a lot of different things first and foremost you look at mastercard spending data about holiday season sending was only 3%. a year ago it was up 7%. that's a real deceleration. you see all the banks report their credit card spending decelerated from the third quarter and then you look at one-off companies, whether it is nike , berber, hugo boss, they are talking about a weaker consumer. despite the december government creating a stronger retail sales, we are seeing some signs of weakness your. >> is the market going to handle what may well be slower economic growth this year? >> when you look at last year's nominal gdp of about 7%, this year is going to come in around half that, probably 3 1/2%. i think there is a real mismatch in terms of earnings

expectations for double-digit earnings growth versus a slower revenue growth environment. my guess, earnings estimate for the overall market have to come down and the question for investors is, what do you do? what you are looking for is companies that can bust through that. that have really good secular growth prospects. >> was interesting here, if you take a look at the overall picture that we are talking about, this idea that the retail sales data coming in strong, i think the note was out earlier think is the sixth straight time we have seen other than expected report on retail sales and at the same time you have got reports that 56 million americans have been in credit card debt for at least a year or maybe longer. how exactly does that story then play out? we have been seeing consumer strength driving things for a while, shaking off some of the negative headlines. >> that has been one of those had scratchers for me for the past year where credit card

debt has been going straight up, pent-up savings has been going down. the consumer feels like they are out over there skinny's although people say don't worry about it. sooner or later that chicken has to come home to roost and i think were at that point right now. again, you need a very differentiated company that has real secular growth to bust through a lower consumer spending environment because as we all know, the consumer is driving gdp. >> let's talk about some of the stocks you like and some of the sectors you like i see three on your nice list, not the naughty list. active, amazon and ctw. why those? >> you look at active and it's stock that has been beaten up. everybody as word abort the ev slow down and certainly that is happening but we have been under producing cars globally for the last couple of years. there is certainly a catch up as cars don't last indefinitely and the buyer of a car does

want more of their safety and infotainment systems in a car. i think there is secular growth of their and a little bit of a cyclical trade. you look at amazon, the reason they did so well last year, they dramatically beat earnings expectations as they rained in cost growth. the announcements we saw last week in terms of twitch and prime video, are just another step in terms of controlling costs. amazon earnings are going to be expectations as we go through 2024. you will see ctw. is a company that sells hardware as well as software. hardware was very weak last year . this year is going to be a lot stronger as we cycled the weakness in 2023 and we saw that with the fourth quarter numbers that came out. i think all three companies are well-positioned from an earnings growth perspective and certainly cdw and active from a valuation perspective. >> hold those thoughts for a second because we want to get

to steve liesman for the headlines. from that book report, what can you tell us about the american economy? little or no change in economic activity in the days since the prior beige book which noted slower economic activity. three districts reported modest growth, when a moderate decline, the others were no change but there was good news on the consumer front, dominic, consumers matt holliday spending expectations in most districts, exceeded in three districts and one of those was new york, which was the highlight as having strong retail sales, as well several districts increased leisure travel. that's the good news. all districts reported decline in manufacturing activity anti interest rates were limiting auto cells as well as real estate deals. on the other side, the prospects of falling rates according to the sources that we are talking to the federal reserve, a source of optimism. among the risks of the office

market, a weakening demand and 2024 election cycle were cited as sources of economic uncertainty. on the issue of the labor market, seven districts reported little to no change in employment, job growth was described as modest to moderate, so you are getting that cooling the fed has been looking for in the job market, and all districts cite one or more signs of a cooling labor market. that's going to be good news to the fed and wage book was characterized as moderate to modest in four of the districts pick have to report a slight or modest increase in prices, five said price increases have subsided. that's good news. interesting comment, profit margins reported under pressure as consumers push back on price increases. it looked like some of the retailers out there were having a little trouble, dominic. maybe we have seen some of that in the earnings reports, some

of the guidance that we have gotten and it's also showing up in some of the data we are looking at, that profit margins are under pressure as consumers bought into the high prices out there. >> steve, sing the balance of consumer-oriented data that you have looked at over the course of the last several weeks and maybe even months at this point, is it in your mind a sign that the american consumer is in fact in a state where they are declining right now? or are they going to hold up like they have over the last couple of years since covid? >> i think they are slowing, but i have to say, each one of these consumer spending reports comes out and my right eyebrow goes up a notch and then it goes up another notch. that is curious. they just keep, keeping on. that data shows it is definitely slowed but it is isn't slow. when you look at the nrf christmas accounting, how the holiday sales went, it's 3.8%.

it is exactly back to the number we had in 2019. you don't have much of a slowing and one of the things that's going to happen is that, the fourth quarter numbers i'm seeing them go up a little bit in terms of gdp and that creates a better launching point for consumer spending for the first quarter, so you are going to have that flatter first quarter growth. we don't seem to be getting growth below potential. consumer keeps on keeping on and hanging in and doing about potential even a little bit better than potential growth the last quarter. >> thank you very much. let's go back to jim tierney and get his reactions to what he just heard from steve in terms of what you heard about the consumer and jump down at me was the idea that 10 of the districts basically reported moderating prices or moderating inflation and steve concluded with a statement that, in some cases, companies are facing margin pressure because

consumers are pushing back against higher prices per that sounds like a bit of a win against inflation, which would argue for rates reduction sooner rather than later. >> there are some inculcation there. what would happen with rates? what happens with margins and earning? as steve said, yes, there are wage increases. maybe not as high as they were, but the ability to get prices coming down. i think margins are more likely to be under pressure or as the markets assuming the broader index and broader economy is in companies are going to get margin gains in 2024. to me, that's the big disconnect. i would export more margin pressure on corporate america. smith thank you very much. jim tierney, thanks again. we have the beige book on top of this morning's retail sale data. let's get to rick santelli to digest it all for us and

pointing out in the bond market. in the bond report. spin-up hi, tyler. we saw strong retail sales but there is another aspect. as you heard steve discuss the beige book once again, manufacturing underscored --. utilization rates today are basically the lowest in over two years. we also added 20 year bond auction, reopening, and it was very weak. investors did not show up. look at 20 year. maturities are very similar. the reason i draw attention to this chart other than the fact that rates have gone up since the auction ended is the fact that, as we sit at 443 and 820 year, yesterday's high and that security was for 43, now let's look at a short maturity. look at two-year for 2 days. yesterday's high was 4 1/4. it is currently trading for 36. it is 11 basis points above

yesterday's high yield. that speaks volumes about what is going on today. short maturities after retail sales were strong have been weaving rates higher. it makes sense. we are pulling back on when the fed is going to ease its all about the fed and short maturities today. tens, 20s and 30s are on pace. the next chart shows the close of five with high yields, and finally we can talk about inflation like the last guest or what steve was discussing regarding this inflationary pressures. let's learn a lesson from the uk. so many similar comments coming out except for today, we see cpi and bpi pop higher. it is not linear. there is a lesson to be learned. look at a two day of tenure yields that close at 398 today, almost got to or percent. they were up 20 basis points, they haven't closed above 4% in six weeks. dominic, back to. >> one quick follow-up as we watch the context around these bond auctions.

is there an indication right now given breakeven rates, inflation expectations that we are seeing a bit of a balance of expectations are taking slightly higher? if so, what is the driving force behind the uptick we are seeing? for some of those so-called breakeven rates? >> i think there is some sticky inflation, whether breakeven rates or how much it is going to cost us to service our debt for the fact that a 10 year intraday yield was at 376 not long ago as we are looking to close around 411. i think all of those converge on a notion that especially long dated treasury yields are multifaceted, there is a lot of moving parts here come and as much as we can discuss this inflation being exported from china or disinflation, when you look at various companies and what is going on with consumer sentiment, ultimately, there is a pressure to the upside in yields, mostly in mid and long

maturities and the brick evens, they haven't reflected it in a large large weight yet but i would say most of the comments, especially the comments recently from the likes of goldman sachs are worried about debt and servicing the debt. it seems to be bubbling through on those long maturities and how they have been trading in 2024. >> rick santelli with the latest on the treasury auctions. up, a key victory for the justice department. a federal judge is blocking buying spirit airlines, sharing --. we will discuss this decision as well is the doj's antitrust rap sheet. jimmy diamond has few words to share about bitcoin but those few words to say a lot. will explain in today's technical support. power lunches back afr isteth

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welcome back to power lunch. shares of jetblue and spirit are down again today following yesterday's ruling of blocking their proposed merger. a federal judge said the deal would have hindered competition and led to higher airfares. here to discuss that and the overall dealmaking landscape, antitrust delhi mickey, principal deputy assistant

attorney general for the antitrust decision of the department of justice and of course our airlines reporter philip joining us for the conversation. thank you for being here. i wonder if you might maybe entertain us for a moment here with regard to some late breaking news that we are having . it says, according to a bloomberg report, apple is going to face u.s. antitrust scrutiny and a possible lawsuit as soon as the month of march. this according to the sources familiar with and the particular moves of the doj. i wonder if you can tell us a little bit about what exactly the department of justice is looking towards with regard to apple specifically and maybe big tech in general. >> i appreciate your having me and i appreciate the question, but as justice department official, i can either confirm nor deny the existence of any investigation. unfortunately, i won't be able to talk to about those reports today. one quick follow-up, is there a sense right now that that

department of justice is taking on more of an interest right now in those big technology companies given some of the headlines that we have seen over the course of the last year with regard to artificial intelligence and everything else? >> great question. i appreciate it. this administration has prioritized restoring competition to markets across the entire u.s. economy including big tech. as you know we finished a trial late last year involving google search and advertising markets. we filed a case in early 2023 alleging that google maintained its monopoly illegally in certain digital advertising technologies. we are active on that beat but we are active across the entire u.s. economy and i think google search is the most important case about the internet since the advent of the internet. i think it's a is about the future, including foundation models and other interesting products and services in the artificial intelligence >> doha, let's give it back to

the news of the record , on the record and at hand, the airline industry. why exactly -- what was the main thrust behind the justice department really wanting to oppose this? i ask because there is a narrative out there among analysts that spirit airlines, if it were to stay economically viable could help that story that the doj is putting forth. what happens if some of these airlines no longer exist in the future? what exactly does that due to the competitive landscape, especially for airfares and consumer prices? >> this case was really about the fact that competition between jetblue and spirit is meaningful, and i think that is reflected in the judge's opinion. in addition to that petition, the court amply found evidence that spirit helps competition across the board and brings airline prices down for the entire industry. that means the existence of spirit and its effect on the

market helps all consumers in the united states, regardless of whether you fly spirit or not. i'm aware of reports around the continued financial viability of spirit. ultimately, i think that is up to spirit but i will say the companies made those arguments in federal court and ultimately our judge did not find that persuasive. instead, he found that spirit is a product that helps families who otherwise wouldn't be able to go on vacation. and helps the college student who would be able to come home, but for spirits prices. this victory is about all of them. this is about the american consumer and the ways that they benefit from vibrant and open markets, including in the airline industry. >> the judge was not persuaded and the argument was made at the pleadings. the cure might result in the death of the pay finch -- patient, i.e. spirit airlines.

>> i think ultimately that is up to spirit i think wackiness in the airline industry is just a fact of life. certainly, there are exogenous factors and macro trends that all of the airlines are experiencing collectively. in any potential merger, we are always thinking about the facts that are relevant to that merger and applying the law to those facts. here the fact was that spirit was still exerting competitive pressure on jetblue and other airlines. >> i want to bring in our airline expert phil for a question or two. >> my question for you is, what is the thing about the proposed merger between or the acquisition of hawaiian airlines by alaska airlines? are you reviewing that right now ? when do you expect the doj to say, yes, we are going to fight this, or we have no issue? >> i appreciate the question.

again, i can't confirm or deny the existence of any investigation and i would say without talking about any particular company, for every merger that comes before us we are always thinking about, what is the competition at stake? and we do a assessment of the facts. apply the law to those facts. >> let me ask the question that everybody on wall street is asking, when it comes to airlines, we are not talking about other mergers but airlines , joe but his administration has zero interest in seeing any more consolidation. is that an accurate statement? >> i think those sweeping statements are more emotional than fact-based, but it is true that the president is a champion of competition and markets and issued an executive order in july 2021 that declared that it was the policy of the biden administration to vigorously defend petition across all industries. again, we are going to think about the facts and the law and

every single merger that comes before us but taking about airlines more broadly, there is no question that airline consolidation has been a challenge. we have seen prices go up and so i would remind everyone that jetblue itself has complained about consolidation in this industry for a very long time. as we noted when we announced this merger in march, we agree with jetblue's diagnosis but ultimately don't agree with its cure. the answer for competition is not consolidation, it is competition. >> doha, we talked about big technology. we talked a little bit about airlines. i would like to pivot you one more time if we could here to what is happening in healthcare. there has been a lot more conversations these days about the merger and acquisition story within healthcare, biotechnology specifically. any take us through what the department of justice stance is on scrutinizing or not scrutinizing healthcare and

biotech related deals? >> healthcare is 20% of u.s. gdp . it is critical for open access to healthcare services that the justice apartment continue to police competition in those markets. i think we have taken note of rampant consolidation in the provider, pair space and certain pharmacological and biotechnology products and it is imperative for the health of all americans that we police mergers and also anticompetitive conduct in those markets. >> doha mekki with the justice department and phil, thank you both. >> thank you for having me. further had a, starting this month, real estate buyers in new york city who cloak their purchases with llcs will have to reveal the true names of their owners piccolo designed to crack down on money- laundering. instead, it is making some wealthy residents quite nervous. we will explain after this

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affected by moves in interest rates but several names in the news business today are in the particular headlines. >> three key movers to watch the first is solar . barclays downgraded that, but it's price target which is 20% -- they said that there is a very rough road to recovery ahead. they pit so against the competitor and face. barklay said so is less well- off because and phase has a better mix of product offerings, especially its battery product. they said going forward so looks -- m phase is in a better position. moving over to sun power, yesterday the company announced its plan to restructure. temporary credit waivers expire at the end of the week. they are probably going to have to raise money regardless of what happens with those credit waivers.

they have been embattled. demand was pulled forward under the prior energy metering, to point out, now with 3.0. they see a slow down and demand. not quite solar but lithium player announced it is cutting costs, reducing jobs and dealing some spending as they suffer from very low lithium prices, down 80% in the last year. >> on sun power, or the a muscular stock not that long ago? now they are quite low. let's see that chart back up. >> they suffered a lot because they are so focused in california. once again we have that shift in policy from 2.0 to 3.0 and a lot of the demand was pulled forward into last year. looking forward, their sales environment is less certain. they specialized in loan versus lease model when you have higher rates the lease model is much more favorable than the loan model so customers were more likely to go to one of their competitors then have potentially a better rate. >> thank you very much.

let's get to julia boorstin for a cnbc news update. a new york judge is threatening to throw donald trump out of the courtroom in his defamation trial. the morning came after he ignored warnings to stay quiet during the testimony. the jury is deciding how much the former president will be ordered to pay carol through remarks he made about her after she came forward accusing him of sexual abuse. chinese researchers are isolated and mapped the virus that causes covid-19 in december of 2019. that leaves two weeks before beijing first went public with the details of the deadly viru . according to the wall treet journal report, the researchers uploaded a nearly complete sequence of the virus on a u.s. run database at the same time chinese officials called the outbreak a viral pneumonia of unknown cause. california governor gavin newsom says he won't sign off on a ban on tackle football for

kids 12 and under. a democratic lawmaker introduced the proposal over safety concerns about concussions. it hasn't passed the state assembly at but governor newsom said he would veto it if it ends up on his desk because he thinks it is a step too far. back over to you. after the break, sam sunk promising a new ai phone powered by qualcomm, a revelation that could create a major challenge to the chip leader in video. tech check is next. crypto watch is sponsored by grayscale crypto investing begins with grayscale.

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welcome back. today's tech check, some sun holding a phone event showcasing new models including an ai phone. is there really an ai phone or can our existing phone handle ai? >> maybe we should call it an

ai enabled phone because a lot of the features don't feel particularly new. we have seen them before especially if you have been playing around with chet gpt. the key difference is that the process is mostly happening on the phone through chips on the phone. they are powered by qualcomm's most advanced chips called snapdragon and you can do some familiar things like search language translation, photo editing and processing. there is also message composition and node creation. this is the next iteration of generative ai that a lot of the folks in silicon valley intech are looking to this year. ai on the hardware. it takes place mostly in the cloud through cloud computing but this is a technology calledtechnology that takes place with very powerful chips. apple is looking into something like this as well. >> you talked about note taking. it seems really interesting to me. what i be able to sit in a college lecture or a speech and

hold my phone open, record the thing and it's going to take notes and distill the content? >> tyler, you could even have picked up your phone and get a call from a professor and the phone would be capable of taking notes and distilling that phone conversation that you had. that is where it is going next but you can kind of do this already through different apps through your desktop through chat gpt. the key is it's hard to be integrated on the phone and that is one of the big questions going forward, are we going to be going to a separate app or website to do these ai tasks? or is it going to be built into the existing user experience? samsung has this massive presence, either samsung or android i/o versus apple and ios . there is a huge installed user base so this could be integrated seamlessly and that's what samsung is showing edits unpacked even today. >> you mentioned snapdragon.

that is very much a qualcomm product. how much focus there on qualcomm becoming the next derivative play or directplay on artificial intelligence for chips? >> that's a good question because qualcomm hasn't really had its moment to shine yet in the artificial intelligence arms race. this is it's a chance. like you said, the snapdragon chips are going to be powering ai on these new samsung phones. it could be a potential contender. could it be the next in video? nvidia is nvidia, the leader, but there could be some room for the ai proposition to broaden into other chipmakers and qualcomm could be a good candidate. >> one of the things that has held back the uptake on new phone models is that most of the improvements that have come along have been incremental, a better camera, whatever. a clearer screen. is this potentially a game changer? >> it could be.

i don't know if samsung's iteration, it's version of an ai phone is going to be a game changer, but you look at how that different tech companies have done things. samsung has done a first. remember the foldable phone that has caught on, but there real moment that wall street is anxious for is apple. and apple do this? will that create a renewed up rate cycle. morgan stanley was out that believes, we could see an ai enabled iphone this year and that would greatly help apples fundamentals. at a time when the smart phone market is saturated that could cause people to upgrade. >> this could make me want to wanted. that's the whole art of it there. thank you. still to come on the show, the home secret home. many of new york's elite prefer to keep the real estate purchases and their holdings in the shadows for the most part to protect their privacy, but now, the city wants to bring them into the light.

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welcome back to power lunch. new york city is beginning to crack down on secret real estate purchases. robert joins us to explain, what is secret about them and why would you want to keep it secret? >> this is a big change. it would shine more light on secret llcs that are used in real estate. the new law requires llcs in new york to report the state of their owners, date of birth, business address and all the information. curbs the use of anonymous llcs to hide the true ownership of real estate often used for money-laundering or tax evasion. an estimated 37% of all the apartments in manhattan are owned or purchased by llcs. they will now have to disclose their true owners. real estate lobby not surprisingly, fought hard against this thing it jeopardized the safety and identity of wealthy property owners. the governor granted a major

concession to them so rather than making these names public, they will only be available to law enforcement. the change mirrors a new federal law that took effect on january 1st it's called the corporate transparency act. it requires every llcs limited partnership or other private entity of the u.s. to disclose their true ownership to treasury . more than 30 million businesses and partnerships will have to file this to treasury including family offices. the fine for not comply can be up to $10,000 or two years of jail time. a lot of work here for the attorneys and accountants, making sure people comply. 30 million. >> how were nefarious owners using real estate to launder money? that's number one. well this approach work ? >> in miami they discovered that a lot of venezuelan fraudsters, grip shunt, beneficiaries were buying miami real estate in some secret name

and moving money illegally offshore into the u.s. to save it for basically. no one knew who they were. >> money would be moved into the llc account? >> that's right. you could never figure out. in new york we had russians buying real estate. it turned out they were using it to avoid sanctions because you can figure out who the owner is. >> will this work? the president is not good. in 2016 treasury impose an order that said if you buy real estate through an llc you have to disclose the owner but the -- they were using title insurance as the vehicle. the fraudsters said, we won't use the mortgage. we won't use title insurance. if you bought it with cash and didn't get title insurance, you could avoid the whole requirement of the beneficial owners. the bad actors typically find a way around these things wherea , the law-abiding citizens have a lot more bureaucracy and cost.

maybe this will be different. >> thank you very much for jamie diamond weighing in on, china and crypto. how you should invest around them. that's when we return in two minutes. las vegas grand prix choose t-mobile for business for 5g solutions. because t-mobile is helping power operations and experiences for hundreds of thousands of fans with reliable 5g connectivity. now's the time to accelerate your business.

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welcome back to power lunc everybody. time for some technica support. our charges today is craig johnson. we're going to do somethin special today. you may have heard a great wid ranging interview with jpmorga ceo jamie diamond earlie today. so he'll set up all of our topics let's listen to diamond' thought on china >> anyone who is looking t invest in there has to be little worried of course, it's companie like jpmorgan, when it comes t foreign policy, blinken decide and the president. i absolute i'm an american patriot. but they want us there they're not asking the america companies to leave being the premie bank in china helps us educate the government it helps us educate the worl about china. i'm going to say you have to b

very careful the laws have changed, and w have to change with the laws both in china and america. we're activelily doing that >> how wow yowled play it? >> let's take a look at th charts we've got here. this long term chart has been down for an extende period of time when you look at this chart, you can see all we're doing is consolidating down here, tyler we're below the 200-day moving averages this looks assertive to us it's not the best we're trying to be if we're trying to mak money. and the down trend is still very much intact here the bigges holding is inside of here, all these other names look lik they're breaking down, ready t take another leg lower >> so nothing in this chart says bye? >> nothing on this chart say bye. i would rather buy here in the u.s. there's a lot better looking charts in the u.s. >> let's listen to what jami dimon had to say about bitcoin maybe for the last time ever

>> that my last statement, everybody is talking about bitcoin. i defend you right to do bitcoin. okay i don't want to tell you what to do so my personal advice is you don't get involved, but i don' want to tell you what to do. it's a free country. >> it's a free country it's a free country, craig we know what he thinks o bitcoin, but a lot of people have made a lot of money in it lately >> i'll tell you about the opposite trade of jamie dimon on bitcoin and from m perspective. if people want to trade them they can trade them. there's a lot of opportunity its here i look at bitcoin as we have made a huge looking base here on cryptocurrency at this point in time they have broken back above this sort of resistance level and this level that we're setting ourselves for the next leg up. you've got to keep in mind wit it as i just said the othe week we're now starting to ge bitcoin etfs, and that's going to ultimately be a driver fo

cryptocurrency, and there will be a pick up in demand you can use these kinds of products to exchange i think a lot of country aroun the world that lack banking ca use cryptocurrencies that's where bitcoin wil ultimately continue to work. >> well, jamie dimon online fo mr johnson here >> i'll take the call all da long >> lastly dimon seems a little worried about the u.s. economy let's listen >> i think it's a mistake to assume everything is okay. and when the stock markets are up, it's like a little drug we all feel, like it's just great but remember we've had so much fiscal monetary stimulations, so i'm a little more on the questionable side that we're facing a lot of things in '2 '25. >> concerns on the horizon what does that say about his company, jpmorgan, if he thinks the economy i hunky-dory >> if i look at all the bank stocks at this point in time i'm more productive on the ban

stocks than we've been in while. you ca see how we have been makin these series of the highs an lows on the charts, making a nice upward trending channel and coming off the october low of last year, but as we move forward in 2024 that we will see the financial stocks do well and it will be very close to inverting to a positive sloping curve for the first time we've seen in a while. >> he will be happy to say about those positive thoughts. >> thank you all right, more power lunc coming up next wehe it right re 'll be back in two minutes

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welcome back to power lunch, some breaking news over th fight of the apple watch and pippa has the details fo us >> reporter: that read blood oxygen levels will remain in place. now the appeal is ongoing, but this means apple cannot sell the apple watch 9 and ultra 2 fo the time being shares down about three quarters of 1%. >> pippa stevens, thank you fo

that and they said they are going to side with the international trade commission over this >> it is a formality but nevertheless not great new for apple. >> not at all. we've got just about three minutes left in the show and several more stories you need to know about baby boomers dominating the housing market. nearly $19 trillion worth of u.s. real estate by 2040 >> thiazide many, baby, that's me, a boomer >> not 80 plus year olds and some economist hav predicted a silver tsunami o the americans will leave millions of homes up for grabs most gen zers will be in their home buying time tyler, this might solve th housing problem or will it and i'm not sure >> we want all those people from brooklyn to come out that is what you houses are off >> and i might b institutionalized. all right, airbnb is hopin to help solve th

affordability. forming a new housing council of experts to advise airbnb on ho to throw their considerabl weight to increase the housing supply i'm not exactly sure wha they have in mind here >> and what a paradigm changer for those landlords that can make more money short term renting out their house rather than leasing it out long term. that's what the whole thing will be thrown into the dynamic for housing. >> certainly that's one of the reasons behind some of the ban that have taken place in som cities where you can't do th short-term rentals americans may be livin longer, but spending good time in good health the proportion of life spent i good health declined to 83.6% in 2021 the time spent in good health is partly because they are catching and treating diseases that would have once killed us, but als because of the rising prevalence often in younger people of the conditions like obesity, diabetes, and substance abus related disorders. >> the good health i declining. >> there is a balance betwee the quantity and quality, th big deal

>> i see >> it is not just longevity. if it is not good, why would you want to do it? >> unveiling proposed changes to the big banks over the draft fees biden calling some fee exploitation since 2000. americans have paid an estimated $280 billion in such bank fees i'll tell you what i'm seeing lot and maybe you could confir this and that is merchants applying 2%, 3%, 4% surcharges if you use a credit card >> yes >> to fight back at the bank that are charging that vigorou issue. >> the only way to spend that is to give you the 5% discount if you pay for cash >> exactly >> there is something coming here i'm telling you the surcharges is really something. all right, imagine now i you will, the dallas cowboys o the philadelphia eagles, what if they were publicly traded? and to get knocked out of th playoffs, which is what' happening to manchester, united,

cutting their annual revenue and profit forecast after gettin knocked out of the champions league and the group stage, no even making the knockout round transparency i sports >> as a giants fan, my heart bleeds for the cowboys and the eagles >> as a niners fan, i'm watching the playoffs >> thanks for watching power lunch. all right, guys, closing bell starts right now. guys, thank you so much fo watching closing bell, i'm scott wapner live from the new yor stock exchange this make or break hour will begin with the rates, the feds and your money on that note, new york fed president john williams speaking right now. about to any way. you can see the room that's where he's going to be. our stev liesman will bring you the headlines as well. they are definitely impacting the marketed to. let's take a look at your scor card with 60 minutes to go i regulation strong retail sales report thi morning sent yields climbing and immediately put pressure o stocks today the ten-year note yield rising