hi, everybody. welcome to "power lunch. i i'm kelly evans alongside jon fortt this afternoon the nasdaq by far the worst performer. it was at one point down 400, still a decline of about 346 points >> when you look at some of the groups within tech, you can see where the selling is chips are down, cloud stocks getting crushed. even the solar stocks fall sharply. now, let's kick things off with bob pisani for more of the names movie today. secretary yellen thinks it interest rates will have to rise

>> jon mentioned some subsector of the technology. the semiconductors have really had a tough time of it but in particular, since we had earnings season, so most of these are down now, you see these drops today, another group more off of their highs, the darling of last year, one of the big winners last year, so cloud computing stocks here, i would say they're 20%, 25% off their highs generally. again, they also hit their highs in mid january, but they too have been weaker in the last couple weeks now to clean energy, this group is even more off the highs a big, big darling last year, any kind of clean energy, any

solar, anything in that particular space, wind, anything like that. sunrun, fuel spell these stocks are down even more. many of thom in this group are down 40, 50, even 60%. mid ebruary, that's when a lot of the shall we call them speculative names stopped going up let mess just show you tech, there's a short term problem, i'm take -- generally tech stocks have stalled out, understanding like many or sec sectors that have done pretty well post earnings

>> thank you, sir. rbc still sees room for stocks to go higher. have we already seen most or all of the gains we're going to get? lori, welcome. even in raising the prices, it still implies the gains are in >> yes, we see a bit more room, but i think you're right, you

priced in a lot of those gains, especially when you think about the earnings backdrop. so the question is, where do we go from here i think the price action today is really interesting. no one can really pinpoint a precise reason for the sell yoif i even saw someone saying the weather is nice in new york, so maybe people are wanting to go outside. i think it's interesting, we are in the middle of what is likely going to be the peak in the earnings growth rate 56% year over year is what the consensus is anticipating, so what happens to markets when we start to see slowing earnings growth in the market well, you usually get a hiccup in the stock market. you usually see prices down over the next six months, they tend to be up 12 months, but this is what naturally happens markets get exhausted, and i

think that's a lot of this >> what do we make of the action after earnings last week i know the earnings were impressive but the stocks, they didn't do that much. >> i think what's interesting about financials and technology, we are -- over the last, say, months or so, so it's not so much the earnings numbers are bad, but still 58% of tech companies have seen a decline of 1% or mott after they hosted mare prints i think it goes debt we no they get excited about accelerating, i think they'll be disappointed by decelerating growth as well frankly we have exhausted all

the known as positive catalysts at this point in time. i think we're starting to peer more into 2022, and it's too early to know a lot of -- >> lori, you mentioned earlier, all of the different factors people are trying to point to, which was taking place even before we heard from janet yellen i've heard even some say is it because of tax day coming up you don't try to force that causation, but that said, what are the implications of the comments we have heard yellen make today i don't think she would make them lightly. >> no, it's interesting. you know, as soon as i saw the headlines a yellen's comments, and i didn't hear her speak directly, i went back and looked at an investor surveys we did in march. we've had so much focus on tap tapering, and most investors have started tapering in 2022, but not this year. we have all forgotten to talk about the rate hike side of the

pictures back in our survey we found 45% of investors thought that rake hikes would not start until 2023, so perhaps that was a bit of a rude awakening for people who thought it wasn't even something that should be brought up in conversation yet >> i think you have to go back to the issue of -- the context is the idea we have to stop the economy from overheating if you look at consensus numbers, it's 4% we found that historically, in gdp is coming through, that's when value stocks work. >> all these big secular growers, those are the areas

unfortunate to be selling if that economy is really going to stay hot >> thanks for having me. speak of growth underperforming, as the cloud computing stocks, two of the big etfs in the space are having a rough week now back to levels we haven't seen since late march. brent, when look at this action and the way these stocks have been behaving, how do you digest what's happening today is it indicative of the sort of action we should expect on a day like this? >> yeah, jon, thanks for having us rates are going higher

valuations are sup considerably from last year in the pandemic, and then i think you have overheated expectations, so you have this trifecta of three things working against tech short term obviously we had a huge year, and i think expectations are -- we closely follow a lot of the private markets, too, if -- things are really hot, and they haven't cooled off at all. so i think you go back to we have to digest what we went through last year in the run in tech and expectations from a lot of our clients are simply too high so there's only so much cloud you can adopt, right as you saw, they're starting to dough kay a little

but just the expectations of this continues, i think, is a little overheat ed. >> my partner runs our tech deck i think secondarily, like you have an offensive biggs. double-digit growth, with what's happening with teens, so that's still a steady story

amazon, what is happening in their bit. >> some of names that you just mentioned have about, you know, you mentioned defensive and offensive balance. they've got a few different businesses, where services really performed well. the siismt pad and mac performed well intuit leaned into consumer recently if we're heading toward a more volatile patch, is there some sort of diversification that investors should pay attention to >> we think the opening traits are interesting. we've called out three areas, travel, with bumble and match, and then when you look at rideshare, lyft and uber, we they the demands for the company in the back half of the year of

really, good, so we may see stay-at-home names, some of the e-commerce business have some decay, but we think ultimately a lot of these businesses will see it back. twitter isn't as good as the others, but you're seeing a surge in ad spend as well. look, i don't think the party is over in tech i just think we need a realistic expectation check, given that the magnitude of the move and the magnitude of the multiple expansion we saw in the last year. >> you mentioned lyft and uber, we're about to get earnings, so let the viewers know what metrics they should pay attention to >> anyone that's trying to get a lyft or uber is frustrated here in california you have to

wait a long time onboarding drivers, the demand is surging secondarily, can they maintain the profitability goals? so i think there's a lot of concern about the investments they're needing to jump-start the system, and can they balance that out >> and they're back to basics, aren't they? no more focus on self-driving cars -- >> yeah, they stripped it down to the studs, and as lyft said, we have reworked our entire experience structure i think that's good. they're much more focused stories going forward. >> brent thill, thanks stocks are trying to make a comeback from today's lows the reopening trade isn't faring that well, either. the cruise lines are down about 4% airlines are down as well, 3%

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showtime, and hbo max, all year long. just say "watchathon" into your voice remote to add a channel or streaming service and stay caught up. april was a monster month for auto sales, but is this level of demand sustainable?

if so, can they even produce enough cars to keep up phil lebeau is tracking it, and he's here to explain. >> kelly, it's the concerns about the supply constraints, and what's happening due to the chip shortage and the impact on sales over the next couple months that's why shares of ford are under pressure they reported sales up 68.4% the fact of the matter is they left sales on the table, because their production of the f-series pick truck, about 50% of the month before april transaction prices incredibly strong right now. you don't have any bargaining power if you go to the dealership when you look at the day's supply for the automakers, this is an industry that's getting close to record louse in terms of the inventory that's available. currently at about 33-day

supply, go back to september, it was at 50 days you go all way back to march of last year, it was at 90 days by the way, normal is considered 65 to 70 days. the on-sales pace right now, if it were to continue at this rate, would come in at about 16.4 million, which is close to the all-time high. many people believe we're not going to see sales maintain this strong the worst impact from the chip shortage is expected to be in the second quarter however, the automakers and their plan to rebuild inventory in the second half of this year is contingent pont greater supply of semiconductors, there are more than a few people in the industry questioning whether or not that supply will rebound to the degree that autoexecutives are planning. we'll be speaking with mary barra, you do not want to miss

this tomorrow morning on "squawk box. they report earnings at 7:30, we speak with mary barra at 8:00 so much we plan to discuss, but most importantly the guidance for the second quarter that will get the most attention. broadly speaking, we're talking about some profound changes. "wall street journal" is reporting this whole episode is making a lot of automakers rethink that just in time inventories. plus last week i spoke with the former ceo, and he said they only have to blame themselves. >> if you want to ask why the auto industry is limited, tell the automotive companies, ceo by ceo, look in the mirror with one exception, toyota. have some inventory in the

stores, and you'll make it through. it's that simple run the company better don't have the government for h help. >> it's easy to say that you went back and said to any executive a year ago, how come you're spending so much money stockpiling these chips? isn't there a better way of -- bankly their feet would be held to the fire. and it's hard to look back and say you should have felony better it's easy now to say that, but at the same time if they would have done this a year and a half ago, i think people would say, why are you stockpiling these chips? maybe things are changing. >> did people say that about toyota

>> it's not as though it's a new one. that's been basically the benchmark for the auto industry and that includes with the chips. >> phil, thanks for now. i know it will be a busy 24 hours. we'll see you again. >> kelly, the part that doesn't makes sense, cars are expensive, phones are expensive apple seemed to have enough chips. one of the richest couples in the world is breaking up. implications of the bill and melinda gates divorce. and we'll break down some of the big names on the move today when "power lunch" returns

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welcome back goldman sachs down grading kroger and albertson's today, saying inflation will likely hit their margins. and the reopening will shift away from food at home

the name being taken down with the rest of the market, and coming up on "closing bell" patrick frisk at 3:00 p.m. eastern. finally jpmorgan initiating coverage on roblox they're bullish on metaverses and ads, but that's not helping those shares today for more on these stories and others, head to cnbc.com/pro bill and melinda gates are splitting up after 27 years. the gates are enjoying a rather exclusive club the three richest men in the world are now divorced robert frank has more. >> at stake in this divorce is the fourth largest fortune in the world, a vast empire of private assets and the largest foundation in the world.

they're citing a separation agreement. that means they basically decided a process to divide that $140 billion fortune microsoft stock just a small part of that, his ownership now down to about 1.4% of the company. most of the family wealth is in cascade. that is the private investment vehicle with about $75 billion that includes big positions in a lot of publicly traded stocks, including some clean energy projects co-ownership of the four seasons hotel and farmland, but the big question right now is around the bill and melinda gates foundation it has a $50 billion endowment the couple saying in a statement they will continue to work together, but sources saying it may be different for them to agree around what causes to fund and just how much to fund going

forward. they have pledged together to give away 95% of their fortune to charity a lot of questions now about which path they will take individually, which causes they will support and of course how much they will continue to give away. >> are you hinting that differences overed philanthropic goals had something to do with the divorce? there's so much political capital built up in their joint foundation, why not just say we're going to live separate lives, but you know, we're not going to try to break this whole thing up >> i don't think they're going to break it up the question a lot of people raise, it is their life pursuit, they each have causes more important to them than it is to the other. we have already seen melinda go off and start her side ventures, as has bill gates.

the point is they are united, as they have to be, in the foundation they agreed on what to fund and the board agrees if they each have causes more important to them individually, then they might dedicate more of the money to that cause, maybe even splinter off and form their even fong, in addition to keeping some operation at the bill and melinda gates foun foundation. >> who's still married, right? you think about all the high-profile billionaires, who's still together >> it is amazing the top threes, first time i've ever seen this happen, now all divorced elon musk is on his third, now -- the number of billionaire bachelors have nerren larger.

>> beyonce and jay-z, my producer says. robert frank, thank you. we'll continue to watch the move lower stocks still down nicely, especially the nasdaq down 2.5% we'll speak to the ceo of green management about how they're poised for the prede's bsintig push for broadband don't go anywhere. if a computer can replace a truck driver or a cashier, ultimately won't a computer code itself? do we actually see a society that moves back to emphasizing, prioritizing and putting great value on the arts? as we start to manage our technology usage, we could see somewhat of a renaissance era in society that moves back to prioritizing music and ballet and fine arts.

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oh when june-- hit that guy! yes! wait i don't remember that! it's in season 4 - don't tell me you haven't seen it! i watched season 3. you won't stay caught up for long unless you keep watching the best shows from hulu, peacock, starz, showtime, and hbo max, all year long. just say "watchathon" into your voice remote to add a channel or streaming service and stay caught up.

welcome back here's your cnbc covid update. doctors in new delhi are warning that hospitals are nearing collapse hospital beds are fill up. and in some cases new patients can only be placed in a bed after someone else dies. one doctor compared the crisis to a natural disaster. >> if there's any help you can get from the west, from other countries, it's not just oxygen. it's like any major disaster >> president joe biden is once again updating the nation's

vaccine timeline, at least one shot in the arms of 70% of u.s. adults, and have 160 million people fully vaccinated by independence day walk-in point, mobile units will be all used to try to increase availability pennsylvania will lift all restrictions except for the mask man deign on memorial day. the mask man dade will be removed once 70% of adults are vaccinated you don't have to wear a mask on memmiale day or -- >> they're going to lift it once 70% of pennsylvanians are vaccinated the mask mandates or others restrictions will be lifted after memorial day >> that will be an interesting way to celebration thanks so much.

>> it was down more than 400 points earlier on. this big drop in tech stocks may or may not have to do in rising rates, even though treasury secretary yellen says they may have to rise somewhat to keep the economy from overheating rick has more. >> yeah. it was very interesting to listen to janet yellen, treasury secretary, make those statements look at the intraday charts. >> we've come back a bit, and i think janet yellen in the big picture would be correct other than quaint at a timive easing, just a general nervousness about what may lie ahead in terms of policy and various programs that seem to have many zeros after them if you look at the charts beginning at april, what should notice and now zoom to year to date, april was the first month this year was where yields down

in price, and that is significant, and if -- it's also been a bit spongy. that's a year-to-date chart. >> and even though it isn't on the lows, it certainly doesn't seem to be moving up aggressively the europo occurrence seems to be in better demand, and finally the crb index trading at a three-year high, maybe that last chart should be it back to you. >> thank you, rick oil market is closing for the day. dom? >> right now west texas intermediate are up 2% same for 2% gains, $68.87 there. the gains put oil higher in five of the last six trading sessions it's all about the positive ity

more states like new york, pennsylvania easing virus-related restrictions gains in india infections have crossed the 20 million they areholds traders will be walking for data later on the this afternoon. jon, back over to you. >> thank you,dom chu president biden will meet with republican senators this weeks. that plan excludes $100 billion for broadband. our next guest has been paving the way in broadband, investing across the country for years he runs grain management, a private equity firm exclusively focused on telecom it has more than $6 billion in

assets with investments, six native american tribes, 92 hospital systems, nearly 300 schools. joining us to talk about opportunities to invest in broadband and the importance in broadband in underserved communities s david, i look at the president's plan, 100 billion, gop counters at $65 billion, it seems to me that broadband infrastructure should be something that everybody can agree on, giving where the economy is, no >> jon, first of all, thanks for having me back on. i agree 100% everyone should be able to agree on this. i think it's a matter of how you approach it, number one, and what is it going to take to buy the coverage and affordability that's going to be key to all

americans. >> what is it you think about the way the government is focused right now that has transportation in airports in one part of the mindset around economic recovery and growth, and broadband and technology in another foismt certainly technology has gotten us there when it comes to keeping the economy moving for the past year, year and a half. >> i think we should ought agree that broadband is a facilitator of opportunity it's an economic driver within communities, and that it really is for all americans if you think back -- and we talked about this before -- if you think about the earl portion of the 20th century -- that we were relative to

broadband, and it is difference maker that electricity made i think will be similar to the impact of broadband for those communities. the risk is that it's a social determinant of health, right your access to information, et cetera, and that it has a disproportionate impact on communities of color, if you don't have broadband that's. >> what exactly are the small local companies that are close to the ground? are they big players able to leverage their assets to communities that wouldn't be profitable otherwise who is getting the money what is your role? there is a role for investors to ride alongside they investments and to some extent profit from them. >> to start out, there really

three pockets we should focus on for emergency broadband benefits, and what that meant was that low income, are you ready, tribal communities, the citizens in those communities could get financial support for their monthly bills to the tune of $50 to $75 until that 3.2 billion runs out nice start my understanding is it's beginning to flow down the second piece was a bit larger, and that's the american rescue plan act from march, and that has about $7 billion in it. that's that's spended to improve -- another great start the $100 billion is about coverage and affordability, all right?

i don't think anyone has a particularly accurate estimate as to what it's going to take to cover all these rural markets and make sure all americans have access to it the $100 billion goes a long way to fund to go businesses in tier 2, tier 3rd markets, many of that we own that provide services to those communities. so the suspicion is we'll flow to various programs that will fund the build-out >> david, buff we've got to go, a few days ago, the research triangle in north carolina, and san diego, and austin, and i wonder to what degree the preexistence every broadband infrastructure in some of these places, you know, i think about am amazon's investments in new york and virginia also is important. >> oh, it's critical

as i said, it facilitates opportunity. if you're a technology-focused company, you've got to have access to high-speed, high-capacity broadband in order to run your business effectively. i think it's critical. frankly, this is a global issue, and the countries that have access will be much more competitive in all industries. >> dave grain, ceo of grain management, thank you. >> thank you, jon. kellie, good to see you. our traders will break down which names you should buy on the dip. as we head to break, some of the growth names, draftkings, doordash and i robot we're back in a moment one si? made to order or ready to go? with a hybrid, you don't have to choose.

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the social stocks are heading lower again. twitter, snap and pinterest are down from the two-week highs

are any of the social plays by here, and bill beruk are or trading nation team. nancy, which of them names, if any, would you buy >> kelly, welcome back it's good to see you i would pick facebook out of that list. we have exited twitter and facebook for the following reasons. though i have a tortured relationship with this management team, high-profile missteps, you can't argument with the business model. digital tiesing is expected to be by 50% of digital average daily users are almost up to 1.9 billion, average, and then valuation, you've got a company that's growing at 20% we

still own it, but don't -- >> bill, what about you, of the social names that have been trading sidewaying or worse? >> twitting is getting the bad end of the stick here. i own twitter. we cut it in half up through february rally this would typically be where i would be looking to buy that half back. there's a lot of support down here for the march 2020 lows this is a big trend line, but overall i'm less enthusiastic about the market for the last half of may, 4186 on the s&p was a big level for me with all that said, twister's earnings were unenthusiastic as well not so much because of the numbers themselves, but relative to facebook and google

i own google, but i think we would be looking to buy facebook nipped of twitter now. facebook is a relatively cheap spot so the broadish market has some chopiness, and i think facebook would be the better buy. >> both going for facebook, not opting for some of the smaller ones nancy and bill, thank you so much that's does it for trading nation today follow along on cnbc.com and twitter. fedex delivering in more ways than one, working to get much-needed supplies to india. the company's president joins us next

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fedex recently announcing it is working with the government in india to deliver critical supplies as that country grapples with an escalated covid-19 crisis. with more seema mody joins us with fedex president and coo seema. >> raj, welcome to "power lunch. you're now playing an instrumental role in driving discussions in washington and new delhi to come up with solutions. access to oxygen continues to be a key issue. why do you think it's taking so long for the government to ramp up supply? >> thank you, seema, first of all, for having me on the show here while our job is to move those oxygen containers and oxygen concentrators to india, the supplies are all over the world. fedex is uniquely positioned to help because of our network.

we fly on a regularly scheduled basis four 777s into india so it's coming from all over there's outpouring of support from across the world and we have a unique capability of actually bringing that to india, so that's what we're doing. >> india is a huge manufacturing hub. help us understand, though, from the lockdowns to travel restrictions to the biden's travel ban going into effect today, how does this challenge fedex's ability to transport goods in and out of the country right now. >> right now we've been working hand in hand this community in the united states is simply outstanding a lot of leaders got together very early on in the process and also got together with the u.s. ispf and the brt and the chamber and the two governments to make sure that the process is

streamlined. so in fact we have been working with the ambassador and we are able to move things in a streamlined fashion into india as we speak. >> you see the images out of india. compare that to florida and new york reopening it's just a stark contrast and illustrates how uneven this global economic recovery is. is that what you're seeing through the lens of fedex? does the u.s. continue to be the strongest market >> well, i think it reinforces this notion that the -- the sentiment is actually coming across from all the business leaders. of course this one is personal to me as family members and friends have been impacted by this crisis and so, you know, we are doing everything in our power to make sure that we leave no stone unturned to deliver goods and critical components to india.

that's the job that we can do. >> 7,000 employees on the ground in india raj, thank you for joining us today. jon, i'll send it back to you. >> thank you as well, seema. now, after the break we will take a look at the tech sell-off under the microscope and look at why this could be a bad thing for stocks beyond tech flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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welcome back to "power lunch. tech is leading the declines with the nasdaq seeing its steepest loss since march.

but if you take a step back from today, mega cap tech has been underperforming for weeks now. dom chu is taking a look under the hood at that group. >> jon, we've been looking at some of these mega cap tech names and if you look at an equally weighted exchange-traded fund, an etf of all the stocks in the s&p tech sector, you'll see it's not just outperforming today, which just means less bad than the overall tech sector, it's also handily outperforming the market cap sector. it is 27% of the overall s&p 500, the biggest sector by far it's market cap weight andy means that the underperformance over the last several months is pretty much attributable to apple and microsoft. they have acted like ankle weights on the overall sector. you have applied materials, hp inc. who have returned way more so far this year than apple or microsoft. what it comes down to, kelly,

jon, it is the underperformance in technology might be outweighed in some ways if the rest of the sector besides apple and microsoft can actually do well. >> isn't this what we wanted you don't want the nasdaq stay-at-home, the big tech trade to last forever, right >> and that's key, right we've been categorizing these trades as work from home, stay at home or reopening, that sort of thing it's more this idea if you want to look from a bigger perspective away from just the microsoft, it's that this has been a stock picker's market it's been that way since the beginning of november when all the vaccine availability came to light. this notion that we could see the light at the end of the tunnel it's not just those travel and leisure stocks we've been focusing so much on, but even within sectors it's been a bit of catch-up. people saying, hey, i can find relative value in this versus the likes of apple or microsoft or services like google or facebook or others, or even amazon for that matter, guys. >> maybe in a way, kelly, this

is healthy this is what we asked for. these are the flu-like symptoms that you get for a couple of days after you get the second shot but really it's going to be okay. >> but are you watching the chip stocks like everybody? if that's the bellwether it's not been a pretty week. >> maybe that's just the 101 fever. >> i hope so thanks, everybody. dom, thank you thanks, everyone, for watching "power lunch." jon, it's been a pleasure, that does it for us today "closing bell" starts now. >> no one ever asks for flu-like symptoms welcome to "the closing bell." i'm wilfred frost along with sara eisen stocks tumbling with the nasdaq seeing the brunt of the declines, down 2.3%. the dow is well off its lows, though, as the guys were just discussing, only down 0.3% as we stand. tech leading today sell-off with apple and the faang stocks all sharply lower pandemic winners are falling as well treasury secretary janet yellen making comments on the economy at a conference today saying, quote, it