a bunch of proud kids. >> how many were in the championship game. >> everybody was awesome. >> they made the little guys score. did he score? >> he did. so did a lot of other kids. >> you are allowed to beam. follow the markets for the rest of the day. certainly will now. >> the second half of your trading day begins now. >> scott's son is in the making. i'm tyler matheson. we have a sell off. you want oil and stocks? they are all down today. >> take a look at the markets in particular. the dow is down around session lows. nasdaq as well with a drop of over 11%. >> we have a market to explain

why this particular one stock, a big namer is the best for every, and he means every portfolio. it's not a trade, but a buy and holder. >> with the dow having the worst day since april 17th, we will start with the market it is. let's bring in the director of o'neal securities and ubs. kenny, don't you feel like this is a familiar refrain back to good news and the economy and bad news for the market. >> i do, but what investors and people should be noticing is this is not -- there is no panic here. they are testing. it's very important. we will test it jen and based on the macro data. better than expected. it reignites the rate conversation and therefore it causes a trader type.

they don't have that explosion in volume. and therefore i think it's an opportunity. >> that are is nothing to get too worried about. there a lot of uneasy headlines in the news. even england may be talking about exiting the eu. what's happening in europe does matter. it's also why in one way the dollar is up today. is this something we need to be paying attention to? >> you always need to pay attention to it, but germany would work hard to keep greece in the fold. i think what they have to be careful about is making a deal that is too favorable. that ignites the measures in spain and italy and be very, very careful about that. >> would you jump in on that

thought. how worried are we about what's going on in europe? >> this is like the movie cereals where at the end of every episode the train is about to crash or something is about to happen. i would like to switch it around. and that's why you see yields down and stocks down too. and oil is down. many of these things come together to say the economy is slowing. i think what they saw with the durable goods non-transport is yes, it was up more than expected. the last two months were so weak, i believe we were under where we were in january. things are not going along here. >> a good point and you ask the question, can the economy with stand the higher rates. before we let you go, i need to bring up the dow transports. we did talk about the theory

last week. let's continue that. the dow transports is down 10%. the all time high in november. correction territory. >> absolutely. the dow is like we talk about that theory. >> this pending correction in the broader market will start to happen. you have to be careful how you define that. thank you, guys. we will speak to you soon. >> new alert in the bond mark. two-year notes. what's the demand like? rick? >> i graded the demand a c plus at the top of one.

remember, two-year notes and three-year notes might be trickier with the fed in play. anyway, $26 billion yielded auction at .648. the one issue market looked like it was trading around 64 1/2. 3.40 is the bid to cover close to the 10-auction average as was the indirected. over 42%. they were better at 72.2 and take a little over 40%. probably give us a better indicator of where the investors are, but and bring on the 35 billion five years. back to you. >> and the two year, they are a c plus. let's go to dominic for a market flash. >> gold prices are down as the dollar rally continues. miners as well.

also angle gold and they are all down around 2.5 to 3%. goldminers are focusing on the heels of lower gold prices and the stronger dollar. >> thank you very much. the vice chairman of the federal reserve sending a message to the markets. here to interpret it for us, he wants to make sure 7 cool and chill and preparing them. >> did i tell you that interest rates were going to rise? that's what he's doing. part of a road show that is out there. talking in israel about emerging markets. them getting ready and warning up. we have a tape before. here's three points he made. is that should be no surprise. expect spill overs when the fed tightens. some emerging markets and some institutions are more prepared

than others. the fed is not the global. what that means is essentially we are watching and aware of the effect. it's not our primary goal or target. we are looking at the best thing we can do that fisher said as we can keep our own house in order. interest rates may go up. if you are surprised, you are not paying attention. >> thank you very much. steve liesman. mandy, over to you. >> two pieces of data out on the housing and they both say the same thing. live in washington, give us more detail, diana. up 5% year over year according to s and kmrks is a three-month running average. we know the games accelerated in april. here's your perspective. home prices are about 16% off the peaks of the housing boom.

let's go to sales of newly built homes. to 517,000 annualized units. up 26% from a year ago and the 30-year historical average is 780,000 units and the peak was 1.4 million. also new home prices are up over 8% from a year ago. that's rough. again, if you heard about those rising interest rates. >> i have heard something about that. anyway. appreciate it. charter communications buying the rival. he spoke with the ceo about the deal. david. we first reported on charter's in acquiring time-warner cable. they continued attempts and came up empty because it wasn't willing to offer a price that time-warner cable wanted. that company said we will sell

for $160 roughly in comcast stock. that deal 14 months later fell apart after objections and guess what, charter got another chance. this time the company didn't waste a lot of time and it didn't quibble over money. paying $195 a share to acquire time-warner cable. 100 will be in cash and the remainder in charter shares. having a good day after bouncing around a bit this morning. 153 million new shares will be issued. $23 billion in new debt will be taken on to lever at about 4.5 times or so. they are paying a multiple to ebitda. that's how we measure the deals, up 9.3 times. it is an awfully large price tag and one we have rarely seen in the cable industry. we asked why he was willing to pay so much. >> we think that we can make the company a lot more efficient and

that through time and through growth in a network environment that a lot of value is created. the multiple is high relatively speaking today, but so is the upside and so is the growth potential and the ultimate cost potential of the business. >> they are taking on as much as $800 million a year. not largely through layoffs, but trying to do things in a better way. regulatory is still an issue, perhaps not as large as it ended up being for comcast. i did ask what his expectations are and why he believes this deal will pass muster with the regulatory authorities. >> if you look at the public statements of the fcc, what the fcc is seeking is being developed by by this transaction and not just about doing no harm, but bringing better services to the country and to

customers and expanding the footprint upon which they are delivered. i think the competitive environments enhanced by us doing this will be if you look at that ecosystem of who we are playing with in terms of other competitors, they are very large and it will be a small company compared to the large phone companies and comcast and the wireless companies. all right controls 24 million customer relationships and 19.4 million internet lines. 17.3 million video lines. they will certainly be a significant competitor in bro broadband in particular which is shaping the deal making we have seen going on lately. >> it's interesting to see what they mean for us, the consumer as well. thank you so much for the great reporting. >> may is shaping up as a red hot month for auto sales.

did they spend the weekend at a car dealership? we will look at the early numbers and go to texas for a live update on the massive and deadly flooding there. do stay with us here as we are sitting around session lows for the dow down about 220 points. don't go. the technology changes, the design evolves, the engineering advances. but the passion to drive a mercedes-benz is something that is common... to every generation of enthusiast. the 2015 dream machines, from mercedes-benz. today's icons. tomorrow's legends. visit the dream machine event today for up to $3,500 towards purchase. seven out of ten power outages in the us are caused by weather. but utilities can now predict where the power will go out, within a few city blocks. working with ibm, they're combining micro weather forecasts

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shares of astra zennica and

amgen. they have since ended that collaboration. the company entering a partnership with the auto maker daimler to bring wireless charging to electric vehicles and mobile phones and cars and twitter in talks to acquire the flip board to value the news app, but more than $1 billion. the memorial day -- even though it said my name there, you take it. approximate are. >> the memorial day holiday is typically among the five busiest welcomes of the year. is behind the wheel for us in chicago. what's the score, sir? for the most part it lived up to expectations. they worked with buyers in terms of online retail sales.

in particular, monday, memorial day, yesterday was a relatively and expected to be up for the kkd to 9% compared to a year ago. most believe that the may sales pace is going to come in at about 17.2 to 17.3 million vehicles. they continue to be in demand and luxury models doing well. the one brand when i ask what's selling, they said the same thing. jeep. part of that momentum is being driven by the newest model which is the renegade, the small suv they introduced. it has been doing well. sales up 21.8%. jeep is the number six best selling brand in the u.s. you take a look at shares which is fiat and chrysler's stock symbol.

it's jeep and ram. tyler, those are the two linchpins for sergio as he continues to look at options in the future. >> all right, phil. thank you very much. >> big storm battering texas and houston with heavy rains and flooding. he is live in houston. charles? >> texas has been hammered over the last few days with severe weather and flooding. first in the austin area and the blanco river. washed away 400 homes or damaged or destroyed. some of them washed away with people inside. people have died with texas storm this is week. overnight rainfall and 11 inches fell in the houston area. six fell in one hour. no city with handle anything like that. houston was inundated and traffic was snafled today. the city services were canceled for the day and slowly the city

is getting back together as the water begins to recede here. the mayor has said that there was a fire rescue of more than 500 people including some of the people in this 18 wheeler here behind me. they were rescued in a high water boat rescue earlier today. park are our prayers go out to those affected. >> the company promoted to a very important position in the company. what does it mean? we are all over the big market sell off. lots of red in the s&p 500. it's a 22-point drop. don't go away. ♪ time upon a once, people approached problems the way same. always start at the starting.

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>> shares of apple are more than the market, down day across the board for apple. josh has answers from one market. he is a legendary figure. what's he going to do now? you can thank the 48-year-old designer who helped create some

of the apple's most iconic products including the smart phones and ablets. apple promoted him to the newly created position to chief design officer. in that role, she will focus entirely on current design products. and new ideas. his day to day administrative responsibilities will be handed off to the long time collaborators. ultimately he is still the man in charge of hardware and software design. the promotion means more time to focus footure initiatives including the retail stores and new tamp us. how should investors interpret the move? apple surged nearly 50% in the past 12 months. and with krealtive strategies,

they don't think so. the title is actually good news and they can concentrate on products they are more important than ever at apple and he possesses many of the same qualities he becomes cleave design officer on july 1st. they are moving lower and sitting at 1187, down by $16. silver also hitting a two-week low and if we clip over the board, copper, and flat numb. not being good or kind to materials today. over to you. >> hi, tyler. it's the one thing to clean from the note we had. i give it a c plus.

we made our low yield after auction time. we are only about four basis points. much different from the long end. that shows you the curve movement. we are much loftier and flirting within one or two basis points. if you want to look at what's going on, we can talk about the euro breaking the 110 range to the downside. i think a month today chart with the dollar index is important. whether it was oil or multinationals, everybody was really nervous that the weak dollar was going to do big damage. a daunting exercise by how you are trading. >> we are all over the sell off. the dow is off the ultimate

session low and still down by 200 points as you can see there or over 1%. give us an update from the nyc. >> a down day since the open. a little bit of follow-through and of course friday's close. weakness across the board, as you take a look at the sector. how that is impacting a number of metals and materials which is one of the weaker performing sectors with energies. oil prices are flirting with the low that they hit back in may or earlier. may 19th. we are seeing weakness as i mentioned across the board. energy industries, telecom and materials. you can see the leaders to the downside. talking about how the fed has given the marks enough indication that readies are going to move higher at one point. you should expect volatility. this has been ticking higher

since the opening bell as well. well over 10% as you can see. up a hefty 17%. there concerns what you have seen is a rise in the dollar, but a pull back on the yields of the 10-year pressury with the average of 2.17. some people would interpret the data as being the stronger for the economy or suggesting a stronger u.s. economy. seems like the bond market is saying well, maybe not. you are seeing the pull back in yields. transports continue to be weak. right now you can see the dow transportation average over 100 points. another sign that there concerns that maybe the economy is not firing on all cylinders. the dow down less than 200 points. >> thank you very much. we will have more on the market sell off after the break, including why we are falling. also on the radar, the rising power of china's currency.

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>> hello, everyone. here's your update for this hour. president obama said he has expressed his condolences over the texas flooding to greg abbott. at least six people have died. the president said he told the governor he can count on the federal government for help. meantime, take a look at the video of the flooding in houston. it's taken by a drone. the area received about 11 more inches of rain, much in a six-hour period, flooding the road ways. rescue teams conducted hundreds of water rescues overnight, mostly receiving stranded motorists from the vehicles. vladimir putin expects sanctions to be lifted. they expect to expand domestically. scary moments on a business jet that ran off the runway after landing in baltimore washington

international airport this morning. the twin-engine cessna pilot said the brakes filed. luckily none were injured. that's the cnbc business news for this hour. ty and mandy, back to you. >> today's big drop, the dow is barely higher for the year. how does that compare with european markets? >> as you look at the market overall, the big 200 point drop, the broader s&p 500 with the index of stocks is up about 2% year to date. they are just off of the record high levels. it has been an under performer if you look at the rest of the world. go across the atlantic to what's happening in europe. one index out in the uk, that's up again a decent amount. about 6% so far overall. if you look at the way it's structured, that's one of the under performers in stocks.

this is where things get interesting. for instance, year to date up 19%. a lot of momentum and continental europe. we will put through one more to show you the idea of what we are talking about. this is up 19% so far. we have come off of the highs. here in the european story. this is a two-line chart showing the performance of the i shares. this tracks stocks mostly in the europo zone. this here, the top line is an interesting one. it's up about 18%.

these two indeces track the almost exact same basket the stocks. the difference in performance is the weakness in the euro. that's into the dollars. for those watching, that will be a big deal when it comes to the dollar strength talk. back over to you. >> thank you very much. let's stick with the european theme. this according to the financial times and the country will be unable to meet pension and wages in june andy reimburse owed without the deal. he is a cnbc contributor among other things. they described greece. the train keeps coming and coming and then she is rescued.

you make the point in the u.s. that it's fairly good and benign at the very least. i think greece has to explain. for those eligible, that's creating uncertainty. you have china headlines where they are exchanging har are sh words over the south china sea. the stronger dollar and they are moving up rapidly. the transports are getting worse, not better. there might be reasons to be cautious. >> stanley fisher, basically tried to chill, guys. it's not exactly his way of speak.

that was the thrust of it. >> it's funny because early earlier in the year when they sats down, they are going to raise interest rates sometime this year. we are data dependent and not date dependent. janet yellin said are we strong enough? maybe. the unemployment rate and inflation rate a little bit. greece now if they do something to disrupt the activity. >> what are you doing? >> you stay where you are. the stuff that doesn't have a lot of beta exposure is working well. dig names like disney and comcast is doing quite well. starbucks is doing fine. mcdonald's rebounded of late. both of those have worked reasonably well. i don't think it's panic time. i would start watching the transports more closely now that they are breaking down further

to see whether or not that's the type of theory that one needs to worry about. maybe there were others. you are starting to see see that. you have to pay attention here. they have to watch this and more volatile that we can enjoy. >> as we have clearly seen, stocks are colliding with the loss of the dow. the fed is on track to rate interest and he is chief investment strategist russell investments. great of you to join us. do you feel that what we are seeing today whatever you want to classify it as, a tantrum or whatever, is it a-day wonder or

bigger? >> it may have something more to go. if you look at the six year, there have been 12 instances with sell offs of 5% or greater. when you take the combination making it more certain along with the message that the dow transports saying the economy is not as strong as the med might like it. >> is it justified and we know it's going to happen. if it does, it's only a tiny amount off zero essentially. to a large degree as has been made clear to us. right before the event and a perfect example. >> do you think we are overdue? we haven't had one in a long

time. it's going to happen eventually surely. it happens in the stock market. if you have been waiting if are a 10% correction, i have a lot of client who is say i will increase my exposure. you have been waiting over three years. he never shows up in the play. i think tina, there is no alternative to equities. that's putting a floor on the market place. you get paid nothing and you probably don't want to be there. that puts a floor on the correction. i would expect 5% in the short-term. there could also be fear of missing out. >> absolutely. >> people have understood that

this is the most hated bull market in a long time. as much as they haven't been comfortable buying equities, they know they have been paying and they are fearful of missing out. putting in a floor for the market. >> how much do you think the stronger dollar is? we are back to a resurgent dollar. how much do you see it as being for the equities. >> what i think is more indicative of what you want to be sector-wise. you want to be in health care and technology that are flesz terms of earnings and cash. it's 22, 25. you prefer europe and japan. >> we do and we think the equities will go up.

and a hedge currency basis are a good value. we like japan and it could be hedged or unhedged. theyar a good opportunity and we think the u.s. will move higher. >> thank you very much. great of you to join us. go to powerlunch.cnbc.com to see when they are looking at in an interest rate-sensitive environment. that's power lunch in case people didn't get it the first time. >> they are announcing that the chinese one is no longer undervalued. sarah eisen is live to explain it all to us. when it comes to the a.m. big with the global player. the currency has been a hot

potato and many blame them for controlling the currency and keeping it week to help them compete better. that's why they act as an awe thority. saying they are no longer undervalued is a big deal. why does it matter? china wants a bigger role for the financial system and the economy for political and economic reasons. china wants to be part of the currencies called the sdr. imf is expected to decide on it earlier this year. think about it this way. the dollar has challengers when it am cans to the iron throne being the world's reserve kirns. they are making progress. that's what today is all about. we are years if not decades away from them dethroning the dollar. which would also send the dollar on a downward slope. the dollar is still king. look at the action. everybody wants it.

it's at an eight-year high. a-month high against the euro. you would be making a lot of money if you listen to the special survey that we brought you a few weeks ago, calling for a very strong dollar to continue, especially against the japanese yen. >> king dollar. thank you very much. if you were a billionaire, would you work or would you just sit on the beach? if you said sit on the beach, you don't have what it takes to be a billionaire in the 50 place. robert knows what you need. >> there three basic character traits that most billionaires share. we will reveal all three and take a look at which do and do not fit the mold.

what might look like a straight out gamble is a highly rewarding opportunity. bill gates when he dropped out of harvard to start microsoft. second, billionaires have an obsessive focus and on the look out for new businesses and opportunities. once they lock in, they are like fighter pilots. just on the horizon and nothing else. that helps them reach the goals and it can sacrifice health and relationships. you think of guys like larry ellison and steve jobs, famous for intense phoning us.

the third trait is determination. billionaires are highly resilient and see failure as another step towards success. they are quick to confront and overcome obstacles and pivot with the market when they see a crisis. it's more like an opportunity. you think of sheldon who lost 90% of his fortune and he bet a billion to keep the company alive and now worth $26 billion. it helps to start super young. 2/3 of the billionaires launched before they were 40. >> in what percentage were self-made would you say? >> 2/3. in 1995, half of the world's billionaires were inherited. now it's less than a third. we are in the age of the entrepreneur billionaire. a lot of traits are similar to entrepreneur traits. >> terrific. i don't think i'm going to make it. >> plenty of time.

plenty of time. >> it's all over. big changes coming for new grads looking for jobs. the impact for everyone else this this labor market is wide ranging and we will talk about that on power lunch when i recover from my brief depression. let's run through the numbers. the dow down 1.2%, basically more than 1% declines for the major indeces. but not every insurance company understands the life behind it. ♪ those who have served our nation have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. if legalzoom has your back.s, over the last 10 years we've helped one million business owners get started. visit legalzoom today for the legal help you need to start

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>> an interest rate hike and memorial day weekend was a good weekend to buy a car with sales up seven to 9% from a year ago. if you missed any of the big stories, visit powerlunch.cnbc.com. >> let's look at the yahoo question of the day near the lows of the day. last week's u.s. rig count oil, black gold fell by just one. has oil hit a bottom? 46% say yes. 54% say no. it may go back down again.

for years the job market for new grads has been as the millennials might put it, bad. things are changing for the better or worse. what will it mean for everyone else? "the washington post" just put together a lot of research and she has answers on that topic am can be up after this.

>> they peaked how much they have. it may say more about this stock market mentality than anything you have heard in a lo long time. herb greenberg confessing all on power lunch coming up. >> we have been waiting if are this day for a long time. markets are hitting a low of the day. a second ago i was looking at the numbers and we dropped below to 17,999. all the other indeces are moving down boy 1%. >> a lot of red and the look at

the heat map and i would say maybe, maybe 50 stocks out were higher today and 450 were lower. >> certainly what was seeing is the strength in the dollar with dxy around a month high. the strong dollar is coming back. we had a little bit of correction and now something back on the front burner. the vix is something we should look at. i think volatile or the vix was trading around the lowest levels and the fifth when we hit a low of 11.5. today it's up around 19%. the biggest one-day gain. >> we have a look at the 10-year yield. can we show that if we have it? a little bit curious.

if you can see it, that would make my day. there we go. there we go. right there. you see it down 2.14. down just a little bit. you can see down 15% in a year. we are ready to move on to the jobless story, folks. the tide may be turning. receipt studies show the number of underemployed or highly educated people in low skilled jobs is dropping. that is good news for recent grads. joining us, writing about the change in the post. this is good news. it said two things. one, people with higher skills, ie college degrees are getting jobs that suit them better. as they leave those low skilled jobs, it opens up positions for the non-high school diploma holder or the high school diploma holder who had a hard time getting a job. >> this goes all the way down

the line. that's part of the broader improvement we have been seeing over the past year and you are also seeing this idea from the recession of the college grad. you can only getting a job slinging lattes at starbucks is starting to fade. you are seeing the folks be able to make a return on the college investments. the number of college educated workers who are filling high skilled jobs rose dramatically over the past year when previously those students and those college grads were the bulk of the people filling middle skill jobs. as they leave the middle skill positions, that means that more people who have low skills or only a high school education can move into the positions and you can improve the economy for folks up and down the line. >> how much do you think is the fact that you might go to university and study this or that and come out with a head full of fun facts, but you don't have any real life job skills?

do you think that is changing? >> certainly what you may see in college will have a big impact on future earnings. they show that the time differential for folks who major in highly in demand majors can be like $3 million versus someone who majors this something that is not so in demand. the big problem is they were not high schooled jobs available for them to move into. along with the improvement in labor market is improvement and the number of jobs that require that over the past year. that is giving those folks a place to go into. >> let's talk a little bit about the under employment rate. phi am recalling as i looked at the article, one of the graphs that accompanied it. the rate has fallen, but i thought it was still above 40%. am i right? >> the under.

. rate for recent college grads, this is not all, but recent grads is 44.6%. woe are not saying we are in a gangbuster job market, but this is one of the biggest drops they have seen since the recession occurred. almost every other year it was increasing and we are starting to see that go back down. that's why this year is so important. folks are really feeling like we are in a place where we reached that point. >> the tide is turning for good. thank you very much. >> we have quite a sell off on our hands. depending on the barometer you look at. >> that's it for the first hour of power lunch. handing it over to you. >> it's 2:00 on wall street and 11:00 a.m. the dow sinking down more than 200 points. you are now watching the second hour of power lunch. more on oil in a moment. melissa lee at the nasdaq.

give us the latest on the stock sell off. >> it is getting ugly. session lows right now and having the worst day since april 30th. today's big drop took a chunk of the market gains off this month. the major averages are on pace. tech and colors taking a look. this is a major driver of the session. the dollar soaring against the major currencies. dollar yen in particular, eight-year highs. take a look at the transports. >> joining us now to talk about this, we have art hogan from the security. for years, every time the market sold off, it had been a buying

opportunity. over the past three months, we are down 1%. has anything with the stock market fundamentally changed in the last few weeks and months? the fature of the stock market to rise to and extend a sustained rally & they continue to make a fail here. if we extinguish, that's several times. that's giving a sense of a major top and think that's cause to invest. far. >> the major top, what does that mean to you? >> no, i just think that that's a concern of the market place. i think if you put that together, the other thing that keeps changing a lot here in the

last few weeks is reports have gotten better and it looks like the spring thaw is happening in the united states and that the u.s. economy is bounce bouncing and we will move up the exit window and they are creating indigestion. >> the s&p 500 is all about 18. that's a five-year high. we are going to face volatility. they are starting to hike rates and that will happen early next year. one of the drivers here and one of the reasons that you want to stay invested in the markets right now. the point thaw made is economic data is getting better. the point that we missed has the

strong dollar. i think a strong dollar and 1/2 almost half of it is. it will be a significant economy and that drives earnings. they get around the shift and it seems like that shifts every other week. that's what we are going through today. this is all on very low volume. there certain sectors and stocks whose earnings will go up. that's been remarkable and this is actually a three-year trend that they have broken out of. if we have transitioned leadership over the last week or

so where financials and technology take over the lead and that will be the first time in a cycle, i think. that will be a healthy thing. >> we will go lower from here. >> i do think so. here hay are tightening and it is max mall profit margins. we are going aggravate full pressures and if it stays weak, you can't expand margins. that's why they are struggling. they can refresh the values and sentiment and that's going to be a correction before we get to a level to sustain another run. >> thank you very much. >> from the marks to the economy, some say watch out. good news and maybe bad news

out. joining us now to explain. >> definitely spring in the step of the economy. here's the stronger data that we had today. if last month was 5.1%, that's a victory. inside that is the key. 1% following on a 1.5% good news. up 6.8%. consumer confidence and holding on and so what we are seeing is momentum to the upside from a negative print in the first quarter. here are the commentary we got. he likes the housing data. the winter woes seem to have faded. mitsubishi chimes in with the

same idea. emerging and one more piece of economy. the factory sector, theyñare talking about the durable goods getting back on track. we are not getting much of an up great. the cnbc rapid update showing no change, but notice that the rebound is still intact. over the two quarters, not so strong. however the momentum is to the upside and we are getting this expected spring snap back. >> occasionally, they do the point where it's point and counter point. this is a great point, counter point. i get the thesis. things are good so the iffed is back in play and things are bad.

the federal reserve is going to raise rates i don't see why it's a bad thing and we have known that. >> did you have a graphic? i thought you said roll something. that's what you are adding. look, the market depends on which side of the zero line the market wakes up on. it could be the dollar by the way you had a stronger dollar. that could be something that is weighing on the market. it's bouncing back and how the market trades it is more your expertise than mine. i think it's out there and we have chronicled very strongly in great detail the negative numbers and the bias to the downside and the snap back. i wouldn't take the negative

number in the first quarter on face value or the rebound in the second quarter. again, we average them and you come up with a 1%. as the data clears, that's the key here. as the deflationary impulse from a stronger dollar and oil prices works through the system that will give the fed confidence. september remains the best bet. july is an out liar in terms of coming earlier. >> speaking of anniversaries, the four-year anniversary of the opium idea. we have done okay in that time. guess what. no offense, but there is no genius behind that and the economy tends to grow. those who have banked on the economy falling apart lost money. >> i agree, but in june 2011, not a lot of people were positive on the economy. >> i was. you were. that makes two of us. a wonderful sample. 100%. >> to make it out of sight. steve, thank you very much. the price of oil on the decline.

one rig going off line last week. has oil turned the corner? manage partner with iaf advisers and criterion researchers. rigs have been upon can be off and off and off for 24 straight weeks. we had one come off line in the oil space last week. if oil rigs stopped. next week we show it's flat. does that mean the long-awaited declines which by the way we also haven't seen are over? >> the thing that is they dropped 50% from the peak, but keep getting more from each 1. that expected decline to make things recover hasn't materialized. companies keep getting more from less. >> we're look at the production. another rig counts of big numbers. 9.2, 9.3 million barrels a day.

we have talked about it a lot. do we care about rig counts when production is the same. >> certainly not as much. i say this jokingly, but i keep waiting for some ceos to get on a conference call and say we showed up and the well was drilled. that bottom line is production and they noted that last week's drop is associated with a storage issue in alaska. that was unchanged. >> i'm curious what your thoughts are on the goldman sachs. once we reach the point of stabilization, production will camp up. have you ruled that out or could we see that in the coming weeks? >> a lot of them are showing that production will be flat year on year. quarter on quarter might be a slight decline, but let's face it. we are at 9.3 million barrels a

day. if we do imports that was below what we did last week, that is 16.3 a& we could see a stabilization while product stocks begin to climb before the driving season kicks in. >> has oil peaked for the year? they have hung out on the line. >> absolutely. certainly looked really, really bad from the fundamental stand point, but we are 16, $17 higher right now. you have to respect the market. to your point about good is bad and bad is good, we have seen inventories soar up to the last two weeks and prices were able to climb. if the market is not able it go down if you have that bearish

news. even if we see the stabilization from the eek on week 5 or 10 million barrels of oil. they were adding early in the year. the market is not going to go down on that, what is it going to go down on? >> thank you very much, buddy. >> herb greenberg's new life is kind of like his old life, he is after all one of the original wall street skeptics. he is one-of-a-kind and also with us now. in this bull market, taking outside right now, when you go see clients and try to get them to short a stock, how do they react? >> i am not trying to get them shorted. i am trying to get them to be customers and give them ideas that they may use for shorting stocks or perhaps if they own it, getting out of it. here's how they react. the most interesting reaction is one of the largest funds out there. that's one of the clients. they said you know what we are

interesting in? right now we are interested in names that will under perform the market. we don't want something that is going to blow up the portfolio. it is going straight up. they say that may change and they want to be there if that changes and that's very important. that tells you the mood of the hedge fund managers. most we talked to tell us when it comes to shorts, they don't want small companies, meaning companies under a billion dollars. under $10 billion in market cap. that's significant. the small names that might be some of the best out there, no one is paying attention. those companies getting away with murder. the bigger name, it's harder to find. we find stuff in very big companies. we found interesting things, but again it comes back to the market. don't give us any information on any of these names that really might be great. we are just not interested. that's fascinating. >> you are rarely wrong. you are early herb greenberg and

the hope the sirens were not for you. i will let you go in case they were. the real state of real estate in america. the sea of red fin. joining melissa with his pulse and the biggest risk to housing right now. we will tell you why one of the biggest rivals may be a better long-term investment and auto sales shaping up to be the best of the year and the best may in a decade. you have to stick around.

charter communications, no doubt the top corporate story of the day. perhaps more surprising is the size difference between the two companies. normally in merger and acquisitions, bigger is smaller. not here. this is the shark eating the whale. time-warner cable is 150% bigger than the buyer. let's put it into perspective. we thought of a few imaginary deals that would have the same size difference. this is just fun and our imagination to make a point. these were not actual deals. with the same size deals, this would be like raw sales buying target or tesla buying starbucks. in oil it's the same as conco philipps eating chevron. it would be like charles schwab snapping up a company called

goldman sax. in this easy money market, let's get to a market flash. >> shares of aol are coming back from a big spike moments ago. aol was approached for a possible acquisition. after they made the bid for the company in june of this past year. verizon won aol in a $4.4 billion deal. they don't reveal the three by name, but they say these three companies made a bid and it caused a short spike and we will see if it leads to other speculation. >> an interesting twist. thank you. new home sales saw a major surge and existing home sales slowed. glen, always great to see you.

>> great to be here. >> 21% of homes sold above the asking price, a .3% increase. that typically peaks in june. if a seller wants to sell, now is the time? >> it's a very strong seller's market. we have homes selling in 45 minutes in places like omaha and atlanta. this is not new york city. it's the whole country that has been on fire in the past few months. it's a hot market. unsustainably hot. >> how does that end? >> sooner or later, prices get ahead of what people are willing to pay. in miami builders are offering extra incentives and different types of advanced payment options so they can get people into the properties. that was something they didn't have to do a year ago. it gives a here we go again

feeling. some of the marks are getting too hot and people are stepping back, but mostly seeing a strong seller's market. >> in terms of the buyer, i'm a buyer and i'm hearing this and i'm upset. mortgage rates are going higher and what do i do? >> yeah. well i think everybody is trying to beat the rate increase and we have buyers flooding in and we get so much demand that we have the agents saying how do i shut this dang thing off? most we are talking to are frustrated because they are getting into bidding wars not just with one or two, but 5, 10, 15 buyers. some of them are saying this is crazier than we ever saw. really we are going to see stronger price increases over two or three months than previously. case schiller is always a few months behind. >> when you say the pace is not sustainable, what are the markets you are most concerned about. if i am a buyer, should i wait because prices will come down?

>> i don't know if prices will come down, but they are not going to increase at the same rate. a place like denver is going crazy right now. only a few weeks of inventory on the market and most is not desirable. everyone from california is trying to move there. seattle has the same dynamic. we are seeing strong price increases. when rates go up, buyers are taking a step back and not seeing the same appreciation. the people who are borrowing money need to get into the market. if you are not borrowing money, it might be better to wait until the fall. >> good to see you. >> thanks for having me. >> apple up more than 2,000% in the past ten years. facebook at all time highs. those are all great performances and just what might be the best long-term play. dom? >> i know what some experts say.

the opinions vary and they are all across the board. this one company has been a notable lager. we will tell you what that is and who is saying it as well as the bull and bear case after the break. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it helps pick up some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. to me, relationships matter. i've been with my doctor for 12 years. now i know i'll be able to stick with him.

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>> when it comes to technology, you may have noticed apple tends to grab up most if not all of the big headlines. stocks keep going up and soaring more than 2,000% in the past decade. is it the best long-term play for investors here on out. dock nick has done a bunch of data crunching and joins us with the answers. >> we took a look at what they said about the large tap technology stocks. one notable investor is a member of the platinum portfolios and subscribers can see all of the investors in their portfolios. her big pick is google. she said i am recommending google as wherever i look in the future of software. she cited strength in artificial intelligence and thinks they will dominate the market.

it's too big and can't grow fast enough. look over the last year and the last 12 months. it has fallen by 3%, far worse than what the market has done overall. there is a better case to be made for goggle. here's what the analysts are saying. target prices are bullish and on average, $6040. the average price with analysts. that implies a 17% upside from current levels and maybe that reverses if they get it correct. they have fran buy ratings and zero sell ratings overall. that remains to be seen whether it's the best long-term investment out there. again, cnbc subscribers can check out the portfolio on that platform right now. >> thank you very much. to read more on this, go to power lunch on cnbc.com. >> a sell off on the street.

all ten sectors are down. you have technology and materials taking the biggest tumbles and consumer staple stocks in that mix. what is holding up best in this market. how do you position yourself? smart ways to trade the s&p with the s&p 500. oil sliding about 3%. live to the close. street talk and a lot more to do on a busy tuesday. we are back after this.

hello, everyone. i'm sue herera. police briefly evacuated the capital and the visitor's center as alarms sounded in both buildings. some streets around the capital were also closed. the maker of similac baby formula will soon offer a non-gmo formula. it will be the first mainstream made without genetically modified ingreed yens. they will begin selling by the end of the month, but only at target. the u.s. is returning stolen works of art to italy.

john philipps joining the italian police. they were either spontaneously turned over after authorities noticed them in an auction catalog. think you are having a bat day? a poultry farmner china destroy destroyed nearly $1400 in cash when he fed it into a grinder. they said it didn't meet the standards for an exchange. i don't know how you feed that kind of stuff into a grinder, but whatever. that's a lot of money. >> crude oil after several weeks of gain. the drilling rebound may be to blame or could be the u.s. dollar.

it makes it more expensive for traders using them for the crude. they definitely concern traders and there is news of iraqi fly overaccess increasing. that brings the supply and demand situation into focus. the frenzy about demand is waiting as well. thattic tas us to 55 before we go back to 60. we will probably stay in the 55 to $65 range. possible low all summer. back to you. >> thank you very much. may auto sales are expected to reach the highest levels since 2014. is this the sign of an upward trend or will sales slow into the months ahead? dave wift on from morning star.

michael, i will start with you. may could be the biggest in a decade. it seems like everyone is waiting and waiting for the rug to come back out from under auto sales. is there anything that concerns you out there? when you look at the number of households and the age of the fleet and the amount of money over the last decade, we have plenty left. >> i love the mention of demographics because what people don't realize, with the baby boomers, they are going to phase out of that market. you have more millennials coming in. are we on a boom? >> i think so. people are keeping their cars longer and the average age of the vehicle is over 11 years, but people are not going to drop

driving. uber is not going to take over the driving world. most will continue to own a car and continue to drive and not going to share a car with their spouse. we are lazy americans and will continue to drive. >> we know that the housing mark is heating up and in the past, that told us that the demand for pickup trucks will increase. in the back half of the year, you see that mixed change amongst the auto makers and if we are to see a bigger mix of pickup trucks, does that tilt favor to ford or gm? >> gm and ford are my two first picks and they are really well position the. gm's pickup truck is still fairly new and ford is about now getting in a full production mode of the new generation. the aluminum truck you heard about. you will get a lot more fleet ares and a lot more retail demand. i think what some people in new

york don't realize, americans love their pickup trucks. it's really a great time to be gm in my opinion. >> take it a step further. automotive news a couple of days ago that the sales of the new mid-size gm colorado truck that we have been heavily advertising, they are so good that the workers are being asked no the to take lunch so they can kick out a few more trucks. how hot is that new mid-sized truck market that disappeared a decade ago. ripped the ford ranger. >> right. what happened is everybody except toyota at least in large volume got out. gm has come back in with the colorado and they are saying to toyota, it's on, so to speak. they are coming after them. they should. they have a great product and fort is out with the ranger. they are not selling it in the u.s. anymore. >> we will leave it there. a real pressure.

thank you very much. watching the mid-sized truck space. ahmen has a news alert. >> a court in new orleans refused today to lift a temporary hold on president obama's executive action on immigration. the president has the order on immigration. that would affect as many as 5 million immigrants living illegally and protect them from being deported from the united states. now the federal appeals court is refusing to lift the temporary hold that was put in place in february. the u.s. government under the obama administration wanted that lifted and the court is saying no. it's not clear what the next step is for the government whether they will appeal this further up the appeals court process and possibly to the supreme court or what they will do in response to that decision. that's the news right now. >> out of d.c., thank you very much. it is time now for street talk.

every day we dig through calls to find the research reports that you really need to hear about and then we pick a couple of others too. the first stock, first solar. this is a big call and a big cut by rbc capital. they down great to an under perform, basically a sell. they go to 34 from 54, about what? 25 plus% less than the current price? analysts are worried about earnings and they think the cost advantage is diminishing. >> in terms of cost, it's about the silicon that is narrowing the pricing advantage to the thin modules. that is the concern here and look at the estimates. they are being reduced too. rbc is expecting about half of what consensus estimates are. that is a drastic change. the second here, peabody energy, multiyear lows. initiating coverage on neutral along with alpha and arch. the sub200 million market.

there is a light at the end of the tunnel and bankruptcies and restructurings have been necessary to get there. at risk amongst the group and considering their declining liquidities. >> i know people hate coal and the pricing has gone like this. according to the government's basic institute. coal is the number one source of power in america and handles 39% of all in fact generation in america. we need coal is the point. like it or hate it, we need it. one wonders what will happen. >> it's a matter of national security when it comes to the energy profile of the country. >> stockings if you are bad for the year. what will you get if not coal. >> maybe the third stock. dollar general. giving it love. they added it to their conviction. they have an 87 dollar target and implies about 18.

dollar general should benefit from lower tail winds as well as competitive advantages. they know that the valuation is attractive in that group despite dg's recent rally. >> this will be by dollar tree and that is being pushed out to july. it's consolidation there. >> it's ash traj. >> microsoft ai bull getting more bullish based on solid channel checks. a performance on the stock and resellers. positive about office 365 and asia. there is strong interest in upgrading. on a down day in the markets, can't get any attraction there. >> that's why the calls, i will call it the justin timberlake of stocks. you know why? it's getting its sexy back lately. forgive me for that one. they have virtual reality, but melissa, as you know, you talk

about it all the time. mabel is everything. microsoft has less than 4% of the smart phone market. no matter how bullish you are, you wonder how much microsoft can do if it doesn't get mobile right. all right, for today's under the radar name, bj's restaurants. the ticker b j.r. i, huntington beach-based restaurant and big into craft beer. they boost the target from 55. a lot of upside, about 20 plus percent. a menu change has helped drive customer growth. >> the chart is off the chars. up 47% over the past 12 months. they saw another 20% plus or so upside. >> can a chart be off the charts? >> that's why i tuesdsaid it an paused. >> it's technically a monday.

>> street talk is down from trading nation. trading at cowen and company. let's talk about the overall marks. on a day like today is what we have to do. what do you think is behind today's dip? >> you ask around and serve talking about the fact that we had positive economic data over the past couple of days and the fed developing a stance. it's ridiculous. i heard you say earlier on one of the segments, if you had to live under a rock to not know, several months to not know we will move rates. it's going to happen in a short time frame. we are going from are z to 25 basis points. it's a nonevent and quite frankly i think that investors are getting their head around not about the good news being good, but is it good enough to support a market trading at 18 times multiples? i look and say the data needs to improve to support a market that is this rich, trading in a high.

economic data will start to pick up. >> you think it's that richly valued? i know everyone has slightly different numbers. let's call the fort multiple from 16 1/2 to 18 1/2. they heard that in the last couple of days. that's not that richly valued though. historically. >> i look at it and historically it's not richly valued, but it's fairly valued. it's a tight range for a long period of time. when i say really start to improve, don't beat the low bar expectations, but start to uptick. look at dallas. you are seeing it come through. the downside revisions and economic surprises have been negative for the past six or seven months. there is nothing that is jumping off the charts to suggest that

this economy can stand on their own two feet and support this multiple. the top line growth needs to come back and only if you see massive wage growth and jobs pick up and you see it improve at a much greater scale. we are not there yet. >> is this a day or time or week or month to use options to lock in portfolio protection and if so, because i'm is assuming you will say yes. how do you viewer dos it? the market prices into the pricing that moves the plus or minus 1.5% and should happen once a month. that's a lot less. point number two, this gets to your protection comment. in terms of protection in the

s&p 500, if we look at the 5%, it's the benchmark we like to look at. heading into today, we were trading in the bottom third. the investor sentiment hasn't shifted in the trading we have seen. it hadn't shifted as we headed in that investors were more nervous. this gets a lot to what david was hiding. you have seen it closer to 60%. you are trading for the last five years. they are pricing at 12 to 13%. they were up 10% by september. it's 2 percents are to 3%. that's one of the lowest levels

we have seen. we are looking at a market that is just saying what's going to push us higher. we are not concerned at what pushes us lower. we are just kind of staying around this area here. if you want to protect, that's out of the money. i would argue that the upside calls and that's the way to go. >> we have to go. the market is convinced of anything. it doesn't believe anything is going to happen with conviction. the only thing i know is going to happen is we are going a commercial break right now. we are not sending help. part adventure.

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>> 22 people ever dead and 12 people missing because of this weather system that caused massive flooding. the terrible pictures showing how much water hit the area. 11 inches fell last night alone. knocked out power and slowed rescue crews. you can see the jeep getting washed down a road. melissa? >> we are seeing that across the board. the dow down by 1.25%. that tracks the dow and the biggest losers are vis a chevron and apple. check out trip adviser and wynn, yahoo. the nasdaq is just 5 points or so off of the session lows. they are getting hit as well. it is the airline that is feeling the most pain. along with car rental company avis. >> despite crude oil being down.

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cnbc chief washington correspondent john harwood has a great new series called speak easy. john hosts a series of casual conversations with major political figures. today that's bernie sanders. president obama and talking about trade said that elizabeth warren and some of the people taking her position were just making things up. do you think he's making things up? >> i think he's dead wrong. the minimum wage in vietnam is 56 cents an hour. workers cannot form independent unions and if you protest government policy you might end up in trouble? what does this trade agreement have to say about that? not a thing. >> there's plenty more opposition like that in the house where the trade bills go after having passed the senate late last week. in the presidential campaign with bernie sanders being cheered on by people like elizabeth warren will have an impact on that debate.

>> for more of that candidener it view with senator bernie sanders go to powerlunch.cnbc.com. the nasdaq we should point out pretty much at session lows right now. ahead, how money managers are playing weakness. that's on "power lunch," stay tune. automotive innovation starts... right here. with a control pad that can read your handwriting, a wide-screen multimedia center,

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are higher right now. one stock, though, that is is cablevision, second best performer behind time warner cable, melissa, in that index, obviously, maybe some "r" bets are being placed that cablevision could be the next. >> they are on the market for an asset. who knows. markets meantime continue to sell off. we're just off the lows of a session. let's bring in steven soca, great to have you with us. mark, let's start off with you. it seems like whenever we get two highs people want to ring the register. there's a reluctance to remain long this market. >> i agree with you. investors are conflicted, melissa. we have full valuations in the equity market, not egregious. the tina principle remans alive and well. that's not enough to keep investors conflicted.

the we verse reading of good news is bad news today, it not only puts into play the rate hike but more importantly what had been hike soon but go slow, maybe hike soon and at the same time go faster. that's where there's the disconnect between the current fed matrix and market expectations. >> at the same time, steven, we're not seeing the reaction in the stocks that would benefit from a steeper yield curve or fasteren treft rate hikes we're not seeing the reaction, for example, in the financials what is going on in your estimation? is it time to get investors to become cautious, get smaller in their positions? >> i don't buy the argument that the good economic data caused the market decline today. if that were the case, why is the ten-year or 30-year rallying so hard. it seems to be a different motivation. the trading ranges become self-fulfilling prophecies. we've gotten back to the level from the umpteenth time. that prompts people to do selling. there were certainly a couple of big sell programs hitting the

market this morning. it started the action off. and a bit of a stretch. you could look at europe and continuing problems with greece. now maybe spain electing potentially electing a government in their general election this fall that would be very liberal and anti-austerity. could be some contagion fears coming from that as well. >> if there's no alternative, where do i want to be in the markets at this point? >> well, in general, i like the sector that you mentioned, melissa. that's financials. i think we're going to see improving domestic conditions. that will be good for the banks. they're already starting to finally catch a bid after a slow start to the beginning of the year. >> right. >> in addition, i like select components to the consumer discretionary sector. even more so, i like overseas markets, particularly europe. >> sure. >> and japanese equities, both on a hedge basis but nonetheless, a much better valuation. >> got it.

mark and steve, thank you so much. appreciate it. >> thank you, melissa. >> very welcome. >> tonight at 5:00, ralph nader weighing in on the charter communications with time warner. should be interesting. >> should be very good. we have a market sell-off across the board. "fast money" at 5:00, but the "closing bell" begins right now. let's go. >> hi, everybody, welcome to the "closing bell." i'm kelly evans here at the new york stock exchange. >> and i'm bill griffeth. well, well, well, a stock market that's down, volatility is up. this is just exactly the opposite of what we've been dealing with the last few weeks here. the dow is set to have its worst day of the month while the volatility index, the vix, is on track for its biggest one-day gain of the year. look at that, up 20% right now. we have a panel of experts to break down today's move coming up in just a moment here. >> meantime, china, a market that's not selli