counter to our national interests? >> well, i believe that our rational interest involves augmenting the reserves of countries that need it so that at this very difficult time we don't pressure countries to take contractionary, deflationary actions that would make recovery more difficult and it's especially important to channel our resources to the world's poorest countries that are having a great deal of -- >> madam secretary -- i agree completely, of course david has made available $160 billion of concessional loans to the world bank and the imf billions to the neediest countries through its facilities for some 80

countries. i think we share that goal could you at least certify for us today that china won't receive billions in this no strings attached liquidity through the sdr allocation >> well, the funds are allocated new orleans with the quotas that each country has at the imf and in an unconditional way, so china will be -- if this allocation goes through, will receive resources. you know china is expected to use some of these resources, along with other countries recycle that's fdrs to the poorest conditions through the poverty reduction and growth trust.

so i think it's likely to be used in beneficial ways to the world. >> i hope that's the case. i'll believe it, perhaps, when i see it i hope that's an important part of this discussion of limiting their access would you in turn also ensure that third-world countries that have been penalized by nontransparent predatory lending from the one belt/one road process from china's largest creditor, will not be paid with sdr allocations from those poor countries? can you certify that for us today? >> we do want to make sure that sdr allocations are used to re re relieve poverty and address real needs. we will work with them and china to ensure they don't go to

repaying loans from the belt and road initiative. turning to russia, of course, as i noted, president biden acknowledged last week that vladimir putin is a killer. killers don't deserve a blank check from the imf, do they? >> well, as i said, an sdr allocation goes to members in accordance with their quotas in the imf. >> well, i have argued, and i hope you will work with us, you are skirting congress by limiting the sdr allocation to $650 billion that you have discussed with your g7 colleagues, but you are not taking the efforts that i believe are important for americas as national security to limit this hard occurrence issy to some of the worst regimes in the world. will you commit to work with congress to limit this access to

iran, assad, venezuela, with china? >> we are working with the imf to craft rules that will promote transparency and make it difficult for countries. they need to find willing partners to exchange sdrs, and that requirement will limit uses for some of the countries that you mentioned. thank you, madam chair, i yield back. >> the gentleman's time has expired. the gentleman from new jersey is recognized for five minutes. >> thank you secretary yellen, the capital through congress in 2017, the tax hike bill raised taxes for the majority in my district. it's a -- above the $10,000 clap in bergen county, they claimed

$24,783 before the capital went into place and the average property was $12,398 these are my communities of teachers, first responders, young people trying to start a family, all groups struggling during the pandemic, obvious live it's high time we fought back against the moocher states that put this into place. our taxes need to be cut, not raised as we recover and will the administration support limb nails the soft cap and fully reinstating the deduction, ending this multipan taxation on my constituents? >> i do believe the cap is a feature of tcga that resulted in very disparate treatment there are a lot of options that have been presented. i would work with you to try to ensure that the inequities that

this caused are remedied in a fair and responsible way as you mentioned, there's bipartisan proposal to repeal the cap. president biden discussed a proposal that would cap itemized deductions at 28%. the caps could be increased so i think we need to study just what impact it's had and look forward to working with you to find a fairway to address it top. >> thank you, madam secretary, and i look forward to that i believe the treasury should make sure any american rescue plan act broadband infrastructure dollars are truly targeted to -- only 69% of

residents in my district have broadband connectivity even in new jersey there's limited connectivity i'm wondering, based on the legislation that was just signed into law, will you commit treasury using the authority that congress gave it to see that broadband funding is spent first and foremost on underserved areas and avoid overbulge. >> i'm not sure we have the ability until the law to impose that kind of restriction, but i will look at it. i would also mention that the aarp -- arp versus a projects fund it's $10 bill that also can be used to fund broadband infrastructure so there's quite a bit of money in the arp for infrastructure. i will look at what can be done. >> i was thrilled about that, something i fought hard for, the

$10 billion fund for broadband i think the treasury has latitude here and why love to talk about that further, to make sure it goes to places that don't have broadband connectivity now, so we don't overbuild, which has been a mistake in the past, as you know and try to avoid that. last question, in my minute left here, and if it's okay, madam secretary, "new york times" published an article stating that more than $600 million of income goes unreported to the i.r.s. for that you know, it's a great opportunity to make sure we go after tax cheats or people who don't pay what they should to avoid taxes. are you looking into the revenue raisers that don't require -- such as increasing the audit capabilities of the i.r.s. to help close the tax gap >> absolutely. i think this is something that

would be both fair and not involve any increase in tax rates or burdens it would make sure those who are supposed to pay do it does require more resources for the i.r.s. i would like to work with congress to see if we can provide that funding, because i think this would be a very important initiative i'm fully supportive of it >> excellent i think we have a 5 or 6 to 1 return on that. >> absolutely. >> thank you so much for your time i yield back >> thanks. thank you very much. the gentleman from georgia, mr. louder -- is recognized for five minutes. >> thank you, madam chairman i pressure the panelists being with us today. the first question is, the majority and the administration recently enacted a massive $2

trillion stimulus bill, which they want was necessary, because we're in an economic crisis, but now all of a sudden the administration thinking the economy is strong enough to withstand a major tax increase, the first in 30 yours, and during the middle of a pandemic. the notion that the economy is in crisis and that the economy is strong cannot both be true at the same time. so, secretary yellen, can you tell us whiches it is it strong or is it in crisis >> well, right now it's in crisis due to the pandemic the rescue package should provide the funding to address the pandemic and to relieve the suffering it's caused, getting people to the other side it's locked in, deficit funded, there haven't been tax increases to finance it. but once the economy is strong

again we're beyond the pandemic, president biden is likely to appropriate we have plans for longstanding shortfalls in our economy. infrastructure and investments to address climate risks, investments in people, investments in r&d, in manufacturing, and these will make our economy more product i ive. this would be spending over a ten-year horizon and would require some additional funding. he's been clear about the tax prop

proposals. one of would be to cut the tax rate back to 28%, coupled with reform of the guilty to reduce of incentive of american companies to move their activities aabroad to offshore activities, and we're actively engaged in negotiations to make it possible to do that without negatively impacting the competitive positions of american businesses. we've had a global race to the bottom in corporate taxation, and we hope to put an end to that in that context, to collect more than the 1% of gdp corporate tax retch that we now collect, which is very low and among the lowest of developed countries. >> madam secretary, that was a lot of explanation there, but it

sounds like all of that is p prep prefaced or it the idea that the economy is in crisis economists, even chairman powell were projecting up to 6% growth in 2021 before the bill was even signed into law. the economists also believe the package is 6 1/2 times largest than it needs to i great with the former secretary larry summers, who said the reconciliation package is the most irresponsible economic policy in 40 years. so i don't think you can say it's in crisis and that our economy is strong. it's kind of it speaking out of both sides of our mouths here. secretary yellen -- >> we have lost 9.5 million jobs

we have an unemployment rate that, if you add in people who have dropped out of the labor force because of the pandemic, it's running at close to probably over 9% so we have a huge problem of joblessness in our economy -- >> i understand that re-claiming my time there are states seen more tax revenue this year than they did -- or -- all right. it seems like representative barry loudermilk was interrupted. it seemed like he was driving in his car. let's go back and see if we can pick up on the tail end of these hearings on capitol hill

mr. loudermilk, can you hear me i suppose not. to our technician, can you get mr. loudermilk back on? i see that -- his mouth is moving, but we can't hear him.

there appears to be a problem with the internet. we have an agreement or a hard stop at this time. so we will have mr. loudermilk probably one of our first members at the next meeting of our distinguished guests, when they come. with that, i'd like to thank our distinguished witnesses for their testimony today. without objection, all members will have five legislative days within which to submit additional written questions to the chair, which would be forwarded to the witnesses for their response i ask our witnesses to please respond as promptly as you are able without objection, all members will have five legislative days. maxine waters doing some housekeeping as she wraps up today's hearing of the financial

services committee of the louse at which jerome powell and treasury secretary janet yellen testified about the economy and more on the economic recovery. yellen saying the u.s. could potential reach full employment by next year, though in the last sans, she was talking about how much larger the actual unemployment rate -- she said it was probably near 9%, when you include individuals who have dropped out of the labor force many of them women who have go -- worked in service jobs that haven't come back or are attending to family matters, but possibly full employment by next year chair powell of the federal reserve emphasized he has the tools to deal with too high inflation. stocks near lows of the session. meanwhile, ten-year continuing to retreat from highs. steve liesman has been listening in

fed chair saying he does not seem a long-term inflationary threat he stuck closely that any future inflationary increase will be temporary. >> we're strongly committed to our price stability man dade, which is along with our maximum employment man dade, those are the two that you have essentially given us our best view is that these -- the effect on inflation will be neither particularly large nor persistened. par of that is we've been living in a world of strong disinflationary pressures around the world, really, for a quarter of a century >> it was the first time he sat next to the former fed chair janet yellen, now treasury secretary. she was asked about future policies in the administration she made clear the biden administration will likely be looking to raise taxes,

specifically mentioning an increase in the corporate income tax rate the american rescue plan was not funded with any increases in taxes, but a longer-term plan that addresses critical investment in the economy would really probably by accompanied by revenue raisers >> yellen also said the u.s. has among the lowest tax collection rates among all the of the developed countries. the treasury is working with other countries to combat a race to the bottom of -- i think senator loudermilk may have made the indication by drops out for additional funding for -- >> i'm curious

do you know the percent that comes from the corporate tremendous tax >> doi not i think it's about eight other nine percentage points and that's been coming down. >> it's small. >> you want to know total corporate tax? >> i'm wonders, as a percent of the taxes we collect, my impression is the corporate taxes are a relatively small portion. >> it's not huge >> it's not huge let's talk about inflation what ki kind of pushback about yellen and powell get >> not as much as i thought. i was kind of interested to see where the criticism of the administration would come from there were some questions about inflation, but not a whole lot it does seem there's concern about what the administration is doing relative to climate change and business and the economy from the republican side, but

not a whole lot of up in arms about inflation. that would change, i assume, if inflation were to break out. >> steve liesman all over the hearing today, thank you stocks as session lows, bob pisani how all of this played out in the last two hours. over to you. >> second day in a row yields are lower. that provides stability in the market, and reports of additional lockdowns in europe, particularly germany, i think that's putting a bit of a lid on our market here. it certainly is in europe. it's a narrow trading range, not terry constituently significant. you see when consumer staples

are a lead, that's a defensive group, that's a sign the market is not quite sure of the direction. tech has been stronger that's the most important story for the stock market, but look at the great reflation trade -- energy, banks industrials, they generally have been weaker in the last couple days i'm not sure if that trade is losing steam or it's a bit of rotation that's likely it, the rotation, but energy stocks have been in trouble for the last week navy oil topped out at about 65, and since then the oil stocks have been essentially on a downward slope, but they had one heck of a start for the year overall here the important thing is to keep an eye on the yields and thousands outbreaks over in europe comments from taxes i don't think one of big market movers. >> sure didn't seem to be. bob, thank you very much. let's get to our market panel for a bit more discussion on market reaction and more on

today's hearing. michael joan from caravel, and di diane, what was your main takeaway >> this idea that this time is different in in fact we can keep caseloads down, vaccinations up. we could break away. we could unleash that pent-up demand, have the strongest year since 1984 that's something both former chair -- secretary yellen and chair powell would welcome i think the idea that we get to full employment in 2022 certainly not in the federal reserve's forecast, but the bottom line is both are on board on this idea that we get to a place where we pull more people off the sidelines and how we think about employment janet why will yellen was the first to establish the dashboard on unemployment.

chairman powell that is elevated that to a new level. we've got a lot of workers to bring back before he feels comfortable that you could really trigger a systemic inflation out there. >> speak of inflation, michael, there's been pressing concerns where we go from here. that's certainly reflected in the bond market. what did you makes of chair powell's comments about inflation temporarily rising do you have confidence in the central banks' ability to keep inflation around that 2% level >> i think the basic message i got from chairman powell is he's a man who feels like he's getting exactly what he wants from financial markets right now. i think we've seen enough of a rise in the ten-year treasury to take a bit of steam out of the equity and the housing markets i think that that rea sures him he's not going to have to worry

so much about a bubble he feels like he's getting a green light to ignore what is an almost certain spike in inflation that we're going get in the year-over-year numbers. he made it clear he considers that to be temporary i'm going to also pick on something that diane said. i think this is the most important thing that came out of this message today my opinion, and that is the absolute clarity from treasury secretary yellen that they don't really care about the unemployment rate, that what they are focused on, they want a high pressure economy. they want to get back to that world where wages are rising for working-class americans. they don't see that as being reflected in the unemployment rate they see it as being reflected in the anticipation rate there's been a huge amount of damage done to that. i think they see a huge amount of slack given them a green lighte light to keep finding big

defer sits with printed money. as long as chairman policy sees a green light to keep the printing presses rolling, the market should feel comfortable continuing to go up. it seems that way. i'm going to call her the check-retary. >> she's the trio. >> she certainly did talk about that parts rate that michael just highlighted there it does not seem that the fed chair was particularly concerned about inflation or rising interest rates at what point do you think the fed chair would become concerned about rising interest rates? and what would he do >> you know, it's interesting.

they won't really talk about that which i think is interesting. they won't talk about yield curve controls, though i think leo brainard is the only fed governor who said the backup in bond yield actually caught her eye. i think it's interesting, we do have a technical issue last year as the crisis unfolded, many prices fell your year-on-year comparisons will be high, and there are some things that we're coming back on already. i was talking to president barkin yesterday, and he talked about $300 a day to rent a car, because there's no cars right now. that's not the kind of inflation they want to raise rates on. that's something that will work itself out i think we'll see that over the summer what we are talking about is a six-month per with technical issues and a boom in the splint-chain sures, bottlenecks and boom in demand could boost

prices temporarily you need a lot of former stakes, it took 15 years to get to where we got to in the 1970s including a federal reserve that acq acquiesced to a president nixon that they wanted easing, and yes, there are tapes on that we had a lot of policy mistakes back in the 1970s were tied to cola increases the cpi, all of the increases in oil prices got baked into wages and fed that cycle we just don't have those dynamics today and that's what powell is betting on thank you, both. looking at the dow, down 116 points, tyler. let's get to rick santelli for a look at how bond yields are reacting from what we just heard. rick >> well, i wish i could come on

and tell you it was just a wild reaction to both the chair and the treasury secretary, but that really isn't the case. look at a 24-hour chart of tens. there has been a drift there, but i defy anyone to pick on the any particular question, because it did not just show up. friday was the big day that's when we made or intraday high, or high close at 172 we're all the way down eight basis points below our all-time high going back to jan wore of last year. in other words, there's a lot that can still happen here today. we did have a spongy two-year note auction tomorrow will be fives looking at a chart of the dollar index, it continues to be the best tell we have with regard to the fed. the fact of the matter is there's an awful lot of money that still hasn't been spent to talk about lack of inflation wordssh important. maybe chair powell should start

to say it hasn't been decades of inflation, but price stability, which is the mandate of the federal reserve. the rate is now hovering at a level that's just on the threshold of taking out that early march high close of 92.31. a strong dollar index, it probably means you should pay attention, because rates are probably going to stay firm. seema, back to you. >> with that stronger dollar, we are watching oil move down by 7%, one of the biggest market moves we have seen in a while here. coming up on "power lunch," we are watching the markets after testimony from jerome powell and janet yellen on the state of the economic recovery materials and industrials are leading the decline. plus cracks in the housing trade. new home sales are sinking as home prices are on the rise. more "power lunch" after this break.

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welcome back here is your cnbc covid update at this hour texas the latest state to open covid-19 eligibility to all adults in the state. that changes goes into effect monday, march 29th they plan to launch a new vaccine registration website next week. mayor de blasio anowen all city employees working remotely

will turn to their offices may 3rd. safety guidelines will be in place. nearly 7 in 10 american parents worry about their children falling behind in schools. it was a concern that secretary yellen echoed, and nearly as many parents say they're concerned in-person lessons will increase enfections. after six months in life support, one patient finally being dischargesed from scrips memorial hospital in la jolla, california i love to see it seema, back to you. >> a great story rahel, thank you. let's tern to the marge where we are watching the dow currently down 119 points led lower by energy stocks, s&p and nasdaq lower just fractionally on the day now, worst performers on the s&p 500 right now actually all in

the travel space the cruise lines, carnival, royal, caribbean and norwegian 6% to 7% also in focus, we're looking at the airlines, united, american, delta are also down by around 3% to 4% as the shutdown worries in europe, they certainly haven't gone away. let's turn to the commodity markets, oil is sinks. dom chu is at the commodity desk. >> oil prices have been on a bullish right, but that's not the case today $57. $ $57.84 is off the session lows like you said, it's worries about the near medium-term demand picture europe governments looking to battle the rising cases as well

as lower than expected roll-outs. angela merkel asking germans to stay at home around the easter holidays oil-related stocks are following suit here. including marathon oil, diamondback, exxon mobil, but chevron, guys, bucking the trend, tyler, back over to you. >> the covid story clearly far from over. dom, thank you. we've been talking about the impact of rising interest rates, and today we've got a disappointing read on sales of newly built homes in february. bad westerly in the south, but a rising interest rates and prices in part to blame diana olick joins us now with the details. >> reporter: sales fell more than expected, down 18% from january, but still higher than a year ago the bigger drop was in the midwest. really the issue is affordable take a look at where mortgage rates started the month, well

below 3% where they ended, well above 3%. the sales numbers are based on signed contracts, not closing, so people out shopping and inking deals in addition builders have been very hard hit by rising costs, misadding $24 to you the costs of a new home. they're also seeing delays for a materials and persistent labor shot around. prices up 5% year over year, despite weaker affordable, builders are still bullish we see that in another piece of data, namely the number of homes for sales, but not yet built, was up 64% it speaks to how lean the builders are right now and how much demand they expect to see in the coming months back to you guys. >> thank you as we are starting to see cracks in the housing markets, prices at all-time highs, redfin says housing has become a luxury, and that's not a good thing.

joining us is glen calman, the ceo of redfin. good to have you on. the housing market is so hot there are a lack of homes for sale, sending prices sharply higher that's frustrating a lot of new home buyers. what do you make of this unique moment this market is in, and how long can it last >> well, we have demand as far out as the eye can see, but we are worried that the demand is coming from white-collar professionals. the working-class folks believing in the american dream is seeing it run out of reach. in a place like las vegas, you have home prices up 14%, employment down 13%. that's not a sustainable trend we look love to see home affordable become a major focus, not just for metropolitan and coastal areas, but across the country. >> add redfin does the inventory or speed at which the houses are coming off the market start to

impact your business, glenn, and the ability to attract new homeowners i have friends in new york who have tried buying a home and have given up. >> it affects our business today. our sales are very strong, but it would be stronger if we had more homes for sales we are seeing people trying to buy houses eight, nine offers, sometimes 20, 30 offers. in washington, d.c. we we saw a house go for over $320,000 over the list there just aren't enough homes for sales. the places in america where we are seeing the most sales growth are the places zoned for more new construction the fact that the builders are having a hard time getting hands on lumber and other supplies has compounded the problem. >> let's talk about that lower-tier homebuyer who you say the market is running away from. is there anything in these rescue packages, or in fiscal policy that's out there to help them

>> yes i mean, first of all there's just direct stimulus, which is always going to help people feel more confident about buy as home, but i think the long-term solution is to do something to replace subprime lending credit is at its lowest level in 14 years you have v.a. and fha loans, but they can't compete against cash buyers right now you will often see in listing remarks that are only available to the agent that you shouldn't even try to submit a bit with an fha loan it drives me crazy that is a leg up for the working class to be able to build intergenerational wealth we just need to figure out what the market-based solution is to lend money to working-class people it doesn't have to be a predatory loan there can be a way to do that that's sustainable long term and makes the markets work for every. >> your stock is up 400% over the past 12 months, but a lot of

analysts say compass, which is going public now, this could be a big competitive threat to your business what are your thoughts there >> oh, compass is an incredible company, but it's not really a threat to us compass is trying to built a platform for real state agents to create their own businesses redfin is trying to give consumers a better deet. one is focussed on consumers, the other on agents. the redfin thesis is consumers will choose the winner in real start. i don't think that other brokerages are trying to do that they're just trying to figure out a better platform for traditional agents we are somewhat indifferent to where the traditional agents work what we are fog cussed on is the consumer. >> glenn, thanks for joining us today, glenn kelman, good to see you. >> he's alleges in a good mood

the man is always smiling. a quick news alert disney says it will simultaneously release "cruella" and marvel's "black widow. in theaters and on the disney-plus platform it's down 1.5% the movie theater stocks, already under pressure today, i max, cinemark, amc, all down markedly amc, one of those meme stocks, down 15% markets hitting the pandemic bottom exactly one year ago today. what is today? my wife's birthday it's been an incredible run since then, especially for my wife up next we'll look at some of the big wincer and see if those stocks can keep on running. gamestop up nearly 5,000% in

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stocks at the lows of the session. as the s&p 500 marks its one-year answer very since the march 23rd bottom, we're taking a look at the stocks that have rebounded the most penn national gaming, by far the winner tesla, etsy, elle brands, so do you stick with the winners here?

mark, what do you do with the stocks right here? love the company, love the stock, david port notice is a marketing genius part much the allure of this company is online sports gambling, which just completely blew up through the pandemic, but i can get sports book exposure through mgm or caesars, and relative to the quality of that properties, i put penn in third place. >> is that a trade that will continue to work >> i don't think so, seema i think rates have topped off. i still like tesla i thought the record on tesla's 3k price target was interesting.

there's no resistance until about 2,000. i would say watch this insurance business as a possible disruptor. it goes into the database and they can dynamically price insurance policies they have the human autonomous capables, and i think the ace up the sleeve is the satellites i think they're looking for 30,000 more, they can link up the fleet, the personal and taxi service with global satellite coverage i think it's game over for the autonomous context mark and todd, thank you for more trading nation, head to our website for more. gamestop shares slightly lower today, around $18 on a share, even though that is less than half the recent high, it's still a 900% gain so far this year the company reports results after the belt we will be right back.

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gamestop getting ready for its first earnings report since it set social media on fire and an epic short squeeze carried that stock up 1700% in january gamestop is still up 900% this year so can a retailer with a dim brick and mortar sales and little evidence of a real pivot to the digital gaming economy justify a valuation of roughly $13 billion? there's a lot in that sentence here to unpack it and more is camilla who covers the stock with a sell rating and $16 price target she's with cfra. camilla, i would say you would be a skeptic on this stock that would be probably the most charitable thing we could say. this stock feels, if i'm reading your research right, like a dead

man walking, number one. let me turn the question and ask you, is there anything, anything this company could do to turn you around on it and say my price target of $16 a share is too low? >> we're all anxiously waiting gamestop's fourth quarter results but we're paying less attention to fourth quarter numbers that gamestop reports and that's because they already prereleased their holiday figures. what we are keeping a close eye out on is what outlook is this company going to provide, if any? and also what we'd like to hear on the earnings call is how they plan to justify this $13 billion valuation. >> can they? how would they persuade you that a $13 billion justification is relevant, number one, and what does this company, i go back to the first question, what does it

have to do just to survive >> gamestop has suffered nearly a decade of self-inflicting wounds from poor acquisitions, haphearted turn-arounds. this time they need to go on the call and explain why this time is different how do they plan to evolve to the digital age, to e-commerce, to mobile. bigger picture, they need to explain what is their game plan to evolve into a technology brand. >> i guess the challenge is that gamestop is facing, i think we all know them, but respectfully your price target of $16, don't you feel a little tone deaf given the power of the reddit trader to bid up this stock? what would it take for you to change your view and perhaps lean into the powerful role these reddit traders are playing and don't seem to be letting up really with gamestop.

>> $16 is quite a freefall from where shares are trading right now, but that price target underscores our confidence that this steroid of interest in gamestop will splinter off from a behavioral economics perspective, the closest parallel i can draw when i look at gamestop, past, present and future is the occupy wall street movement both were founded to make a statement on social and economic inequality now, the occupy wall street movement splintered off into other movements. at one point gamestop was trading near $400 a share. then it splintered off into silver then it splintered off into dodge coin financial innovation -- from what i heard, nfts right now are all the buzz. >> very quick final question

you've got a question about the company's cash explain it very quickly what you're worried about >> our forensic accounting team did a deep dive into gamestop's balance sheet. gamestop has referred to their cash position as a catalyst for their turn-around. what our forensic accounting team found is that cash in the third quarter was driven by one-off items. also when they reference liquidity, they lump in restricted cash but that shouldn't be used for general corporate purposes. >> camilla, thank you so much for your analysis today. we appreciate it tyler, we are checking the market here. the dow down nearly 200 points now. we will have much more coming up

well, as we get ready to hand it off to "the closing bell" stocks are at the lows of the session. the russell 2000 really taking a nosedive, seema, down 3.2% not too much in the yellen testimony along with chair powell to drive stocks lower i didn't hear it maybe there was something i didn't see. >> comments about inflation temporarily rising you're seeing that in the russell 2000, down 3%. oil sending a clear message as those european lockdown fears haven't gone away.

germany is europe's biggest oil consumer, extending its lockdown to april 18th. the biggest laggards, marathon oil down 6% and carnival, tyler, the worst performer on the s&p 500. it's cruise line pushing back its restart in italy by a month. that obviously a concern for that one. >> thanks for watching "power lunch. good to be with you, seema "closing bell" starts right now. seema and tyler, thank you welcome, everyone, to "closing bell." i'm sara eisen with long with wilfred frost. it is officially the one-year anniversary of the covid market bottom and it has been a heck of a year for the bulls dow, s&p 500 both up 75% from those lows the nasdaq nearly doubling after a year of wild swings and volatility, today the market sets a calmer tone let's see what's driving the action the major averages trending lower. the russell pulling back sharply, small caps getting hit hard amid today's congressiona