we are seeing incyte down and crowdstrike down as well with lennar down as well.e are checking the bond market ahead of the comments from jay powell later this morning. right now, 4.45. ticking up from the levels we saw yesterday. we have seen yields continue to rise over the recent weeks. with will talk a bit more about that later in the show. the benchmark coming in at 4.45. we are watching the oil for the expected record traffic for the fourth of july holiday and the oil prices are up 1.3% and just under that level from brent crude. we are watching that category 5 storm heading to the caribbean. it has the potential to move to jamaica and northwest in the days ahead. beryl is the first to reach a category 5 this early in history. look at oil, as we just mentioned, moving higher in the pre-market. >>> turning attention back to stocks. investors are wondering if the stocks will carry over to the second half of the year. joining me now is craig johnson at pipler sandler. >> good morning, frank. >> you kept yourself right where you were with the s&p price target st

shares of dh horton and lennar have been downgraded.n hovering around 7% for most of the year, keeping buyers and sellers on the sidelines. but housen inventories have risen for four consecutive months. joining us now to discuss the state of housing and affordability are my two guests. guys, great to have you both here. really appreciate your time. a lot of people are wondering what's going on with the market. andy, can you give us off with the latest stats? >> inventory up 35% year over year. we're seeing the most inventory we've seen nationwide in four years. that's the good news for perspective home buyers. and you're seeing softening of interest rates. so you're seeing a little softer home prices. down to 4.6% annual growth rate, down from a little over 6% a few months ago. so you're starting to see the housing market cool down. >> talk to me for a second about prices. you mentioned they're starting to soften, but what do you anticipate? >> if you look at what's happening on the ground here, that suggests a third of the growth seaso

ava, what would he do with lennar here? >> best-care scenario is hold.heir best year. unfortunately we don't think things will change. the economics do not favor home builders, and current homeowners are reluctant to give up their percent rate. mortgage rates have been sticky, and so unless we see the fed cutting rates, home builders are not going to be the best category to be in. we would hold only in case somebody already owns it. that's that the fed will at some point cut rates. otherwise, this is not a good category to be in. >> i think you started to answer my question, eva, what a hold means. a hold means if you own it, don't sell it, but if you don't own it, don't buy it. >> that's exactly it. >> okay. good. i got it right. cool. [ laughter ] finally a stock impacted from the weak consumers. shares of helen of troy headed for its biggest one-day punch, 52 years ago, your trade here, eva? >> 52 years ago? it's a sell. the first quarter was bad, now we're talking about a company where the profits and margins have dropped by one third, and has not be

the lennar five points mess up in the shipyard for the simple reason they didn't hire people from thenity from the beginning. if they would have hired people from the contractors, from the community from the beginning, they could have told them about some of the problems that was there that the navy created, not five points, not lennar. the navy created those, toxics in the hunters point shipyard. i know, because my father worked there and i told the shipyard when i was on the mayor's task force, when they closed the shipyard about the toxics, the navy. so they know don't blame the na for it. don't blame five points for it. you put the blame where it goes on the navy. thank you very much. thank you. thank you, thank you. tristan diane dionne. excuse me. oh sure. is it for non agenda item? we'll call you later okay. thank you, eve vaccaro. good afternoon. my name is eve vaccaro. i am the director of admissions at ica cristo rey, we are, as lashawn had mentioned in the mission, and i'm just here to support the project in naming the impact that it has had on district ten residents, speci

the lennar five points mess up in the shipyard for the simple reason they didn't hire people from the community from the beginning. if they would have hired people from the contractors, from the community from the beginning they could have told them about some of the problems that was there that the navy created not five points, not lennar. the navy created those, toxics in the hunters point shipyard. i know, because my father worked there and i told the shipyard when i was on the mayor's task force, when they closed the shipyard about the toxics, the navy. so they know don't blame the na for it. don't blame five points for it. you put the blame where it goes on the navy. thank you very much. thank you. thank you, thank you. tristan diane dionne. excuse me. oh sure. is it for non agenda item? we'll call you later okay. thank you eve vaccaro. good afternoon. my name is eve vaccaro. i am the director of admissions at ica cristo rey, we are, as lashawn had mentioned in the mission and i'm just here to support the project in naming the impact that it has had on district ten residents, spe

helping to administer the community benefits that, my colleague lashawn walker period of time, lennar and then five point has invested more than $116 million in constructive projects in the bayview hunters point community as part of their community benefit investment program. and i'm proud of those expenditures. they have helped us meet our promise to the community to bring forward opportunity, new housing, and to discharge the commitment that those of us in this community have made to the bayview hunters point. community, that commitment will be expanded exponentially once we get the project started. this project plan is the best plan we've ever put forward. and on top of that, it's actually actionable. and it will commence momentarily. once you give your approval. i support this plan. i think it will be a breath of fresh air and help all of us who are longtime residents of san francisco make our commitment to that community real. thank you. thank you. james mayberry. thank you for the opportunity to speak. james mabry, owner of your david a janitorial services and construction site

. >>> plus, a big call from citi sending lennar and dr horton lower. the chart master is sounding the alarm on this trade. the alarm on this trade. that's next. uhe alarm on this trade. that's next. to make them real. ♪ (alarm sound) ♪ amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. >>> welcome back to "fast money." shares of paramount taking another leg higher late in the day, after report the company is in talks to sell its b.e.t. network for $1.6 billion and to off load some of its noncbs affiliate stations. that comes after a separate report that barry diller has expressed interest in taking control of the company. paramou

the lennar five points mess up in the shipyard for the simple reason they didn't hire people from themunity from the beginning. if they would have hired people from the contractors, from the community from the beginning, they could have told them about some of the problems that was there that the navy created, not five points, not lennar. the navy created those, toxics in the hunters point shipyard. i know, because my father worked there and i told the shipyard when i was on the mayor's task force, when they closed the shipyard about the toxics, the navy. so they know don't blame the na for it. don't blame five points for it. you put the blame where it goes on the navy. thank you very much. thank you. thank you, thank you. tristan diane dionne. excuse me. oh sure. is it for non agenda item? we'll call you later okay. thank you, eve vaccaro. good afternoon. my name is eve vaccaro. i am the director of admissions at ica cristo rey, we are, as lashawn had mentioned in the mission, and i'm just here to support the project in naming the impact that it has had on district ten residents, spe

goldman cuts lennar. lennar the way that i saw people reacted to horton, which was just an okay number. no wonder lennar is barely down. i do think that the home builders, if there's going to be a change at the federal reserve, that would be bad for the home builders because jay powell -- be interesting to hear, why would they change? i mean, maybe because it's his term's over and he doesn't want to serve, but i think that anyone who would want to say, look, if you want to stay on, i think that would be well received by wall street. i think a new person, who is a wild card, not well received. >> you would welcome more powell? >> yeah. i mean, vice chair for -- fed chair for life? fed chair for life, powell, why not? look what the guy's done. we had the hottest inflation in years, and now we've got inflation going the right way, and i think that inflation is a far more determinant about who's going to be president than any and all realizes, and i don't know whether she will be tagged with the inflation tha

for example, i've repeatedly told you that i liked toll brothers and lennar. when i do that, i recognize that they truly thrive. they can't go up until rates go down. but then they really thrive. you always need some stocks that are worth buying if rates which have been on the fence suddenly make a decisive move lower. why? because when bond yields go down mortgage rates go down too. and that translates directly into more demand for housing. this isn't just a road map, people. anything housing today, from home depot and lowe's to rh and williams sonoma, those stocks went crazy. it's like they make ai chips or something. only a few weeks ago most people thought the home building stocks had peaked because their numbers weren't as strong as expected. their whole cohort was just destroyed. laid to waste. now with a very cool cpi reading like we got at 8:30 this morning this very important indicator for the fed is flashing green. if we keep getting data like that i wouldn't be surprised if we get not just one but two or even three rate cuts. not just that september

lennar to this position, but also request during the interim period that the general manager and this is a amendment that hr informed me of, would be able to assign temporary staff to cover the duties of the secretary treasurer until this person is totally on-boarded. so, that is a simple recommendation and motion that-with this amendment, this administrative amendment, if somebody would like to make that motion. we do have if we can make comments before we move forward. commissioner stacy. >> just wondering if mrs. macey or you like to make comments as well? >> i like to thank the president and the commission for this opportunity, and looking forward to working with everyone, and i don't have a lot to say, but i'm very excited and thank you. >> great. thank you. did you want wendy to say something? >> no- >> thank you. therefore, i entertain a motion after this process to appoint mrs. lennar with the caveat that the general manager works administratively to make sure the position is filled until on-boarded. >> did you take public comment? >> yes, i guess we should take public comment

lennar to this position, but also request during the interim period that the general manager and this amendment that hr informed me of, would be able to assign temporary staff to cover the duties of the secretary treasurer until this person is totally on-boarded. so, that is a simple recommendation and motion that-with this amendment, this administrative amendment, if somebody would like to make that motion. we do have if we can make comments before we move forward. commissioner stacy. >> just wondering if mrs. macey or you like to make comments as well? >> i like to thank the president and the commission for this opportunity, and looking forward to working with everyone, and i don't have a lot to say, but i'm very excited and thank you. >> great. thank you. did you want wendy to say something? >> no- >> thank you. therefore, i entertain a motion after this process to appoint mrs. lennar at the general manager works administratively to make sure the position is filled until on-boarded. >> did you take public comment? >> yes, i guess we should take public comment as we do on everything

lennar to this position, but also request during the interim period that the general manager and thisis a amendment that hr informed me of, would be able to assign temporary staff to cover the duties of the secretary treasurer until this person is totally on-boarded. so, that is a simple recommendation and motion that-with this amendment, this administrative amendment, if somebody would like to make that motion. we do have if we can make comments before we move forward. commissioner stacy. >> just wondering if mrs. macey or you like to make comments as well? >> i like to thank the president and the commission for this opportunity, and looking forward to working with everyone, and i don't have a lot to say, but i'm very excited and thank you. >> great. thank you. did you want wendy to say something? >> no- >> thank you. therefore, i entertain a motion after this process to appoint mrs. lennar with the caveat that the general manager works administratively to make sure the position is filled until on-boarded. >> did you take public comment? >> yes, i guess we should take public comment

how we can leverage the new technologies that we put side-by-side with technology new concepts and lennart concept to talk about. we think there iss value there and futures command to look at that in the concept of the technology center. what sometimes we haven't done a great job understanding of the government in sight in my time in the spaceforce is what's this military utility associated with in this case the space free feeling. we think there has been a bit there but we have to derive the specific military utility case before that demonstration and dollars to flush it out that makes tons of sense but as you move into we are going to bring this capability into our force design process is part of the kit we need to play that war. we have to ring that out may be better than we have in the past. again i'll go back to the difference that refueling makes in those specific scenario somewhat as we understand hey if there is military utility. here's how we would measure that, then we can go to someone like the analysis space for fighting analysis center and talk about architecture and space ve

there was a downgrade of lennar yet which i thought was fat tu ous. toll brothers up. >> goldman did cut to neutral. >> you don't go against stuart miller, son of leonard miller, lennar. i do think that was a straight up power move. doug yearley is remarkable at toll. i think anyone who knows him is, extraordinary gentleman. >> you see who is here at post nine? contessa brewer. >> hello, gentlemen. >> the earnings are coming down the pike here, but we have breaking news right now from the federal trade commission which is launching an investigation into surveillance pricing. in other words, the ability to charge different customers different prices. the agency wants more information about how ai is used to change pricing rapidly based on data about customers' behavior and other characteristics. so the ftc is now demanding the information from eight companies, all of which advertise their ai and other tech tools with a trove of customer information to target prices to individual customers. so those companies, master card and chase, you've got pros whic

today home builders got a boost again from falling yields with horton and lennar hitting record highse 30-year fix dropped five basis points to 6.86% and the prospect of it going lower this fall is what has the builders so very happy. mike? >> yeah. you said it about all about rates and fed rate cuts matter for commercial real estate if nothing else. thank you very much. contessa, tell us about the deals in vegas. >> yeah. when you're seeing really crazy stock moves. apollo made a $6.3 billion bid for two gaming companies. you've got international game technology, which makes gambling equipment, and software. it will sell its gaming business for a little more than $4 billion and keep its global lottery business. every, leases and sells kmim fintech solutions to the gaming industry gets $20.5 billion or 14.25 a share. and a merger deal was made in february, mike. shares have been on the decline. today, though, they are surging. apollo says it will take the company the private when the deal closes aiming for third quarter next year. look at igt up 18%. every up almost 4%. and winning ap

horton and lennar downgraded to hold due to a slowing housing market.ed down by elevated interest rates. the s&p home builders etf has been down four of the last five weeks. we will see shares down fractionally as well today. >>> a.i. play pure storage on a roll up 80% on growing prospects to for data centers. ubss saying is the valuation is not justified. downgrading the stock to sell from neutral. it's foun o down about 4% as we head to the close. >> thank you. >>> still ahead, amazon hitting an all-time hightoday. that stock gaining 7% in the past week alone. we will drill down on what is behind that rally coming up. >>> and speaking of records, a quick check on the s&p and the nasdaq. both are trying for record closes. they would get there at current levels. "closing bell" will be right back. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term p

horton, pulte, lennar, up 4%, this is the opposite of the big-cap tech names.the same time, what we call deep cyclicals, commodity stocks like mosaic, a fertilizer company, energy like an apache. and deep industrials like deere and dover. this is generically called cyclicals. all call ralying about 3%. mosaic was at a three-year low just the other day. these are significant moves up. lower interest rates, sensitive sectors might do well, like utilities and reits. so edison and american electric, two classic utilities, up 2%. macerich up 2%, and there's vornado, one of the office reits, up 5%. all the office reits are up strong today. sl green for example, as well. so kelly, the big question is, does this have any legs at all? we have seen some modest moves up in small caps and cyclicals before this year, and it's not lasted. i isn't, though, that the fact that we had a negative print today on the month over month cpi raised a lot of eyebrows and convinced people that interest rates were trending down, the fed was going to move, and inflation was slowly being --

holton, lennar, pulte, watch this space.re about cash and buybacks. bristol-myers surging 8%, raising its full-year guidance up 10%. the best day in 10 years. >>> coming up, let the games begin. >> when we come back, we're serving up the almost games of 2024 right here on cnbc live from paris. welcome to the now way to network... they switched to juniper's ai-native network. and now everyone's so productive, they're operating at a higher gear... that's the now way to network at work—with real ai—putting you in the fast lane. while i am a paid actor, and this is not a real company, there is no way to fake how upwork can help your business. upwork is half the cost of our old recruiter and they have top-tier talent and everything from pr to project management because this is how we work now. dave's company just scored from the comcast businessent 5-year price lock guarantee. high five! high five! -i'm in a call... it's 5 years of reliable, gig speed internet... five years of advanced security... five years of a great rate that

stocks or triad stocks to use social media terminology doing really well, mcdonald's was one and another lennar homebuilders playing off of the lowered rate that you mention at the open. we have others like illinois tool works a very traditional stock up about 6.5% since july 5 and you look at a stock like home depot up 8% since july 5 post to 11% since the end of m may. those stocks being strong is not a bad thing for the overall market. i think at this particular time with the nasdaq itself is looking like a short-term sell to me even if we get a 3% rally if that doesn't hold will likely accelerate past the recent lows if we fall from those levels. overall the sector rotation is a good thing and i think you'll see investors buying the dip in technology and the issue becomes inflation and what the fed does. if they start to act like this is a rate cut cycle, be careful what you wish for. neil: you are exactly right rita hope the lot until next time not a backdrop of niagara falls. always good to see you all. one step at a time. in the meantime they hear his campaign catching up, a lot of premi

on the negative side, lennar, citi downgrading citing sluggish housing market.nd that's your power check. we'll be right back. ♪ i couldn't have done it without you. honestly, i don't do a whole lot here. i'm really just here for the at&t internet, it's super-fast so, any pre-launch concerns? what if nobody buys them? that's mean or, what if everybody buys them? oh, i hadn't thought of that that's probably not gonna happen can we handle that kind of traffic? the network can handle it! i downloaded eight hours of true crime stories just during our last video call i'm learning a lot want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, and bring on the good stuff. ♪ >>> welcome back to "power lunch." fed chair jerom

lennar up 6%, d.r. horton, almost 7. so, why are tech stocks selling off?et's bring in michael can't wits, chief investment strategist with piper sandler. why are tech stocks taking it on the chin? >> i don't think it's anything fundamental. i think the large cap growth space and tech stocks have melted higher since interest rates peaked in late april, starting with the unemployment rate moving up. i think investigators are looking for a reason to look for other opportunities and rotate. and this is really one of the first good, good data points on inflation that investigators have gotten. so, i think it's a short-term profit taking on overextended stocks, perhaps, but i don't think anything fundamental. >> can you nitpick the inflation number? are there parts of it that are not as favorable as the overall number, the core was a hill higher? >> i think inflation is old news at this point. i think we may have said this last time i was here. once employment rate starts turning up higher -- >> which it has. >> -- and now it's been several months in a row, and

repurchase program the move helping the itv home builder etf hit a new record toll brothers, pultegroup and lennarhome umenclosing in the red is this laying the foundation -- >> huh >> for more strength in the group, julie >> yeah, i -- the most exciting kind of metric that i saw out of the release was that the incentives they have to do in order to get people to buy down interest rates has gone down so, that's really improved their gross margin i think that's pretty critical in order for the continued strength in home builders to persist. you need to see gross margins expanding so that the earnings growth is not just dependent on a very, very strong demand for their product, and i think the biggest challenge they could face is existing home sales starting to come online. >> yes that was going to be my next question what happens then, courtney? do they have a golden window, until houses start coming back on the market and there's much more supply? and new homes just aren't necessary anymore. >> i don't think so. and i think because, even if rates come down, they have to come down quite a bit to ge

i know tolle, lennar, horton, pulte. i know all of those, but not forestar. i have to do some work.t to pound the table yet on lineage, but i do think there is a lot to like here. valuation wise, the stock seems to be where it should be. that's refreshing to see. much more "mad money." columbia, did the stock move higher? the quarter's recent mixed quarter is behind it. i'm trying on the story for size with the company's ceo. >>> and on friday, a jury ordered abbott to pay $495 million rempted to premature infant formula. i'm breaking down the verdict and what it could mean for the entire industry. and all tonight's calls in tonight's edition of the "lightning round." so stay with cramer. >>> see, every buy and sell decision before we make them for the trust portfolio. >> they have a portfolio of stocks i could have never duplicated all that information on my own. >> join the club today. go to cnbc.com/joinjim. (office chatter) is it me...or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all

next up, shares of lennar are lower by 2.5%. a downgrade, cutting it to a market perform from a prior outperform. and we'll cap things off, over to piper at neutral with a $400 price target, citing a valuation call. watch those shares down 2.5%. and by the way, for more on that and other top analyst calls of the day, head over to cnbc.com/pro. subscribers there, andrew, get full access to all the details and analysis of those calls. i'll accepted things back over to you. >> in the news this morning, par mount global could be getting a new suitor. media mogul barry dillard exploring a bid to take over nickelodeon. he ran paramount pictures in 1974, tried to acquire it in the late '90s. his daughter, shari, now controls the company. paramount is having some discussions with a number of companies to merge its struggling paramount plus, including warner uproar discovery. barry diller joined us on the show in early april and here's what he had to say just three months ago on this very topic. >> first of all, it's the worst time in th

horton, pulte group, lennar, these names are coming on really, really strong.ou heard jim this could be beginning of a long-awaited rotation. our next guest is cautious about the megacap growth names every time she has been on the she. main street cio erin gibbs. you were anxious about this stuff any way. >> i have been for a while. i don't like it when we have the lack of breadth, i'm very much in the classic investors where you showed that survey where we saw a huge drop in confidence in june. it is really concerning where we're seeing these valuations and this lack of participation. charles: so just one day? >> right. charles: record breaking day so far. >> it is. charles: best day ever, right? small caps versus large caps, best day ever, right? there is definitely, you know, but,. >> there is hope. charles: we've seen, we had false alarms before. there have been moments where the small caps outperformed for the week and the russell had a good day or two. then all of a sudden back to the revision to the new mean, when in doubt but put all the money into the

. >> i'd rather buy lennar and toll brothers. >> what if you were someone who was interested in starting small company? >> good luck. >> yikes. >> guys, in the brief time we have here, i do want to come back to a story from three years ago that we followed pretty closely, archegos, because it is worth noting that bill hwang, a fund that we were unfamiliar with, that had $36 billion, levered up to $160 billion worth of buying power, he was convicted. he was convicted of essentially fraud and other charges. it was a manhattan federal court. one of his associates also kwibkw convicted as well. it was 10 of 11 criminal count against mr. hwang. remember warner bros. discovery and viacom? >> remember, at $90, i said, what the hell is going on, david? >> unable to figure out exactly what was going on because so many wall street firm didn't know what was going on because so much of his buying was done through total return swaps with different firms that didn't have the -- there was so much opacity, they didn't know what other firms were doing. that's part of the fraud, of course. >> credit suiss

we still favor lennar over the long-term.o keep your house maintained. but we also, again, still like some areas of tech, whether it's a.i.-related like nvidia and broadcom or the new pc cycle that we think is coming which we think will benefit amd and qualcomm. >> i'm going to write them all down as quickly as i can. time's up. thanks, joanne. join us tomorrow. "squawk on the street" is next. ♪ >>> good wednesday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer and david faber at post nine of the new york stock exchange. futures are red as alphabet and tesla earnings lead to some mag seven weakness. meantime, some macro worries getting folded in as well from visa, capital one, lvmh. two-year yield is the lowest since february. our road map begins with warning signs for mega cap tech. tesla and alphabet fail to impress. >>> plus visa saying consumer

goldman downgrading lennar to neutral. down 1.4% there. let's turn to the financials.e, david george writing we believe this replay of the trump trade makes little sense to us this time around. david joins us now for more pay let's get to that last line ky does it make little sense this time, in 2024, compared to 2016? david: good morning. there to see you again. the trump trade in 2016 was really the tax trade, in our opinion. corporate taxes went from 35% to 21%. that is a big delta and a big change. the banking industry was the highest tax group in the s&p 500. there was a tall percent to 13% improvement on the heels of that tax reform in 2016. given the highly functioning economy today, we think it is highly unlikely you will see meaningful tax reduction. that is where the upside in 2016 came from. to set the context, we have been very bullish on regional banks. we have seen a complete u-turn in sentiment over the last couple weeks since that debate, and we really think about things on a risk reward basis. the reward today is not as compelling as it was a month or