experience amazing, at your lexus dealer. good afternoon welcome to "power lunch. i'm tyler math son with rahel solomon. inflation is the story of the day. the cpi coming in hot. the markets not liking it. rates are rising tech stocks falling. but is this inflation just transitory we have been hearing that word a lot and likely hearing it more. >> we are already starting to see gas shortages in the southeast after the colonial pipeline hack. will they come to a gas station near you

>> if you have been spending the bitcoin on a coffee, a dinner, a car what you need to know before you file the next year's taxes "power lunch" starts right now we begin this hour with that inflation fueled selling for stocks tech stocks in particular. the nasdaq down 2% today and in danger of turning negative for the year let's go to bob pisani at the new york stock exchange for more on today's selloff bob? >> we are seeing stocks react negatively to mozestly higher inflation figures. not clear it's bad for stocks at this level in the long run but nobody's asking any questions today. the average stock down 1.5% today. volume is heavier. sectors with run-ups are lower retail with a great reopen this year tech stocks also notably weaker. they tend to get hurt when rates

go up. growth stocks. bank stocks doing better you see energy, oil sitting near a new high a few beneficiaries today. look at the big mega cap tech name just the general theory is growth stocks tend to get hurt more than value stocks that's the sort of knee jerk reaction and how the market is reacting again not clear this is a long term situation if you look at some of the big reopening sectors and interest rate sensitive growns, for example, higher rates potentially affecting the home builders these stocks had tremendous moves this year and partly on the reopening story. inflation is very real for this particular group finally if you look at the reopening stocks here, for example, restaurants have had a

tremendous run this year this is part of that reopening storying they too are hit this may be overall concerns on valuation, less on inflation but higher food costs and labor costs could impact this group, as well. this is hotly debated. low inflation is generally not bad for stocks when it comes suddenly and all of a sudden a big move up and people are concerned and affect pe ratios and an issue today guys, back to you. >> that is just what we will explore here right now thank you. as we mentioned this morning's consumer price index number the catalyst for the selloff cpi rising 0.8% over the last month but even before these numbers wall street analysts have been soerned about inflation putting

pressure on stocks eroding the value of earnings. analysts downgrading companies on the inflation fears food giants like kraft heinz, tyson, value stores, grocers like dollar general and kroger, clorox all facing inflationary head winds rbc downgrading dollar general saying improving employment and rising gas and food prices are a tough combo for the value store. goldman sachs says put the boogie man on kroger warning that grocery chains will have a hard time passing on costs to consumers and wells fargo bearish on clorox saying they face an uphill battle and the firm saying the inflation we have seen is quote once in a generation wow. so how concerned should you as a stock market investor be

is it transitory as the fed says let's bring in dan suzuki where did us go? >> hi, tyler i think it's going to last longer than people think if you look at the reasons why we're seeing inflation today some drivers are transitory but if you step back and look at the big macro backdrop the big drivers are all sort of piling up telling you that inflation will be a story that will be with us for a while. everything is telling you that inflation will last longer than people think and in terms of the transitory nature we see imbalances in lots of markets causing the supply chain disruptions but i don't think the imbalances or disruptions go away any time soon so probably inflation, higher for longer.

>> you say the biggest beneficiaries of inflation and interest rates will be combo of small cops, value and deep cyclicals. is this a longer term rotation out of tech? >> that's absolutely right if you just look historically when inflation is rising those thing that is you mentioned tend to do well basically you look at the winners of the last toen years they're winners of a deflationary backdrop and there's probably room to run for the cheaper out of favor parts of the economy which is part of a function of the inflation story. >> it affects groups differently. bob mentioned a little bit of

inflation isn't such a bad thing. what kind or level of inflation do you expect? how soon what is the trigger point where you say, oh, this is getting bad not just for those particularized companies or industries but for the broader backdrop for stocks? >> yeah. it's a really important question part of -- for the way we look at markets it is partly about sort of where inflation is going and very -- also very much a function of where those expectations are and the point for a long time has been inflation expectations have been so low that it's a pretty low bar to expect higher inflation and don't need to see inflation go to 4% or 5% the bar is at about 2.5% and going to 3% then everything will do well. at the point where it starts to become a worry i think it's less about the absolute level and

more about how fast things start to go. i think that as we get toward the end of the year if we see these inflationary pressures people get worried about the policy implications and will lag more than historically meaning that we could get to a point early next year the market has to digest that. >> if you try to get ahead of the implications where would you put your money as an investor? >> i think you want to own the opposite of what is working in the last decade. the beneficiaries that nobody wants to own people are talking right now about the trade behind us and overrun but think about the macro back group today clearly there's probably more room so today you want to own small caps, value, emerging markets, those are the real beneficiaries

and in an environment where the market starts to sell off and is choppy remember in 2000, 2001 when the market down 20%, tech down 60% small cap value stocks up 40%. >> thank you so much for your insights today >> thank you. and breaking news on the federal deficit. i can't imagine how big it is. hey, ylan. >> the federal deficit hit another record high in april now reaching $1.9 trillion for the fiscal year so far that is $450 billion more than the same period last yeo and a 30% increase meanwhile we are seeing a reflection of the covid relief package that was passed this year in these numbers. it includes $557 billion in stimulus checks that have gone

out so far but april is when the pandemic started to have an impact on the budget so there are some distortions in the data that are important for example corporate tax receipts up over 1,000% this april compared to 2020 when companies were allowed to defer payment. individual tax refunds are up 831% compared to a year ago. federal revenues for just april up 82 prts to $439 billion and spending decreased by 32% to $665 billion but when you add it all up over the fiscal year federal outlays are roughly double the amount of incoming revenue leading to the record deficit back over to you. >> all right >> one question. that $1.9 trillion is an annual number or analyzed number? >> it's a fiscal year to date. >> i'm sorry. >> so it goes from i guess september 30th to the end of

april. >> okay. thank you. let's take a look at more of the stocks getting whacked in today's selloff. the chips are down applied materials, marvell and lam research among the worst performers also seeing a reversal out of the names that had been some of the hottest. zoom video moderna. what is moving higher today perhaps no surprise energy prices oil and gas futures on fears of a shortage after the pipeline hack and a latest report of what's happening across the country. stay with us we'll be right back. d something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that...

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we'll keep you ready for what's next. comcast business powering possibilities. welcome back to "power lunch. as we continue to watch today's market selloff we want to look at the gig economy players under pressure today that includes names like door dash, grubhub, uber and lyft door dash and fiverr close to 50% off the levels so keep an eye on those and grubhub down almost 10% in today's trade. >> thank you. energy futures up today on a positive outlook for demand on the back half of the year and the national average for gas prices breaking the record in sech years as the pipeline hack is having an increasing impact across the southeast and east

coast leaving gas stations without supply and a number of states gas buddy reporting nearly 60% of atlanta area stations running low on gas joining us is patrick dehan for gas buddy. thank you for being with us today. some of these numbers are quite shocking 60% of gas stations in atlanta without gasoline 71% in charlotte, north carolina i have to wonder how much is the panic buying to blame for the sh shortages that we see opposed to a supply issue >> as i sit here, i think this is turned into exactly and only that i'm looking at racks of -- in these states that's racks where tanker trucks pull product from. the racks of gasoline. there are a couple suppliers without fuel but overall this is turned into a panic and hording

situation. a shortage of drivers there's no way that stations stay caught up with the increase in demand that you mentioned. the u.s. on monday saw a 20% national increase in demand. most concentrate in the southeast where some states were up 40% from week ago levels and some cases trucks delivered supply dwindles in six to eight hows compared to an average of three to five days. >> seems to be panic my mom called me yesterday and told me to fill up i did tell her to simmer down though for stations that are ruffinnin out, how long is this an issue >> it is flowing they can pull product. there's product in atlanta product in charlotte to pull but there's not enough people to pull it in the racks themselves are likely probably encountering similar lines to fill the tanker

truck just the choke point is filling the trucks as quickly as they can but this is less into a colonial issue that is an issue but dwarfed by the fact that motorists filling up jugs and everything else. >> we do know that once panic starts it is hard to get it to calm down. we saw that in the pandemic with toilet paper and the energy secretary likening it to that at the beginning of the pandemic. we have memorial day around the corner and is this shaping up to be a perfect storm for gas prices or do you think this will be resolved by then? >> i would be hopeful but the way things are going i don't think it will be completely normal by then hopefully by then it will be less of a headache but it is getting worse. i just pulled some numbers up. i don't know if you have time to share but the statewide shortages, it's been a few

hours, north carolina 65% of stations without fuel. georgia 43%. it is getting worse. >> it is the numbers we were looking at as of 6:00 a.m. and a few hours since then clearly worsening you say that the rising prices before the pipeline issue was a sign perhaps of some good news. >> absolutely. americans have places have to go for the better part of last year in chicago through the holidays we have been locked down now i can drive to a cubs game, go out to eat. they're having concerts and like i said sports are close to normal so americans are hitting the roads. many of us have been itching to get out. now that the weather is warming we are doing just that the demand is returning to normal but oil production is still not at pre-covid levels and caused the national average

to rise to $3 a gallon highest level since 2014. >> positive milestone but not something to celebrate, rising gas prices. >> bittersweet. >> thank you. another fact of covid. we have breaking news on this hacking group dark side. ea eamon javers has the details. >> reporter: this group dark side this global human cry about the attack on colonial and not stopped the hacking activity over past 24 hours they posted on the dak with ebb the names of three additional companies that they claim that they have attacked the three companies one of which is in the united states, the first victim company is in illinois with revenues in excess of about $50 million it is a technology services reseller the second two outside the united states. one is brazil.

and the third one is in the uk in the construction industry three large companies now have had information about them posted on the dark side website on the dark web. this may be an indication of an ongoing negotiation between the h hackers and these three companies. we'll bring any confirmation we get but dark side expressed regret earlier in the week for the hack on colonial pipeline suggesting they didn't want to do any other attacks with broad social consequences like gas prices but here's an indication that they continue the activity looking at companies and looking to get paid by those companies and perhaps to say a little bit u under the radar attacking

smaller companies. nonetheless this hacking group does not seem to be intimidated by the u.s. response, the federal government and the human cry about this and post these and three more over the past 24 hours or so. what we are told by experts in this field. >> do we happen to know anything more about when colonial thinks they can get the gas back on will that be because they will have solved the hack or because they will have paid the hackers who then release the hack? >> reporter: tyler, that is the important question at the center of this and we don't know neither colonial nor the white house is responding to questions about whether or not they'll pay the hackers and the price demanded or whether colonial decided or already paid it we know that the energy secretary said yesterday colonial would hit a decision point today and after which to know if they would restart the

pipeline or not. we don't know why that's coming today. was that because they paid the hackers and getting the data back this afternoon or because they have a technical fix to this and figured out how to work around the hackers we don't know that jen psaki was asked if the federal government knows whether or not colonial paid the hackers off and declined to answer and said lot of words but didn't answer whether or not, a, the government knows whether they'll pay or not or, b, whether she feels that the public should know whether a pipeline owner like this paid off russian hackers. >> sounds like a screenplay in it thank you inflation fears impacting the stock and bond marngts the nasdaq lower again today and not in a minor way the dow near session lows right now. plus a look at an inflation

hedge. bitcoin. crypto often called digital gold among other things. may we run out of supply soon? heading to break may is asian-american and pacific islander heritage month. we are spotlighting cnbc contributor, business leaders and anchors and reporters. here is ylan muoy. >> i spent a lot of time as a kid trying to figure out american culture and i am so glad that the conversation is now shifting so that people want to understand more about our culture. my advice for the next generation is never to hide who you are or where you came from because those are the very thing that is will make you unique and indispensable in whatever work you choose to do never be afraid to speak up about who you are.

- [narrator] grubhub perks give you deals on all the food that makes you boogie. (upbeat music) get the food you love with perks from- - [crowd] grubhub. i am dominic chu here's the covid update at this hour the pace of vaccinations in the u.s. is improving. federal data showing the u.s.'s averaging 2.2 million shots a day over the last week

up slightly from the most recent low reported that was reported on saturday so people continuing to get the shots. new york city detailing its plans to vaccinate kids 12 and over pending the cd 50's time go ahead to administer pfizer to add adolescents. more on that tonight with shepard smith speaks with d walensky. tokyo legoland center reopens. and pope francis holding his first in-person weekly audience with the public since november this after six months of it have july audiences because of restrictions so a lot of happenings in the vatican right now. >> another sign that life is returning to normal. thank you. let's get a quick check on

the marngts. stocks near session lows right now. the dow down more than 500 points s&p 500 having a worst week since october. the nasdaq hit the hardest today down about 2.3 percent crude up 1.5% or $66 a barrel. to the bond market we go rick santelli tracking the action at the cme. >> hi. thank you. if you look at a 6:00 a.m. intra of 10-note yields, see cpi hit and up, up and away. we had a terrific auction and sit 169 up 7 if you zoom to the end of april right around that march period you can see the all-time high yield close post-covid then back to zoom of january 2020 at the highest level since

then that 174 the reason i bring that up is we are so close to testing it momentum pushing yields up part is auctions but part is the numbers this morning here's a headline cpi up 4.2 and not only that. the actual headline number was highest since 2008 the headline core up .9 was a 40-year high the year over year comps continue to be big because march, april, may so small in 2020 at the peak of covid that the comps will be a bit exaggerated to the upside. look at the 6:00 a.m. of bund yields, not only in the u.s. bunds zoomed to minus 12 as you see. a lot of that was our market pressures and puts them at the highest yield close since may of 2019 tyler, back to you. >> thank you very much. ahead on "power lunch,"

crypto investors may think they go off the grid but the irs wants its share. how difficult is it to file all your crypto moves. we will have an expert on to explain. plus another massive nft sale this time $17 million. what that means for the housing marngt th details when "power lunch" returns after this ♪ when i was younger ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money. now or in the future. with an annuity in your plan to help cover essential expenses, you can live the retirement you want. the right financial professional can show you how. this is what an annuity can do. ♪ ♪

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welcome back to "power lunch. a bright spot in today's sea of red is domino's pizza. there's a 6% stake in the chain after what ackman saying the hedge fund buying the stock at $330 per share and still sees a big international growth opportunity with plenty of room to run rahel, despite that today's pop is domino's on pace to snap a nine-week winning vehicle. still down for the week. back over to you.

>> thank you. many investors consider bitcoin to be digital gold the popularity growing as a safety trade but part of the value comes from limited supply. kate rooney looking at the countdown to the last bitcoin. >> reporter: 21 million bitcoin. that's the golden number of crypto currency to exist more than 18 million of that has been discovered or in crypto lingo mined. what happens at 21 million we need to look at how bitcoin are created. unlike other commodity that are physically mining this is different because there's no physical digging going on. high-powered computers compete to solve math equations and whoever wins gets a lump sum added to the pool of currency. once the miners unlock the bitcoin and then the planet supply is tapped out is it too late to exist?

that time line might be longer than we think. there's 3 million bitcoin in digital space to be discovered but the amount decreases over time and slowing the process of unlocking them when bitcoin first began in 2012 the reward is 50 bitcoin and then dropped to 12.5 and today miners gain 6.25 bitcoin for every new block discovered that block continues to decrease every now years until the last bitcoin is found some say because of that slow decrease we may still be at least 100 years from mining those very last ones in approximately 2140. so we may be a century away from that last bitcoin for now. i'm told that could change new mining technologies and things like quantity tum computing to speed up the time line. >> it is a ways away but what happens to the businesses or those miners once there's no

more bitcoin left to mine? >> reporter: that's a great question mining has become a major business and bit made out of china doing this as a corporate scale and started with individuals on the computers i'm told it gets more competitive to get the few romaining bitcoins and companies have to spend more and could be more concentrated. fewer individuals or companies able to mine bitcoin, in the hands of a few companiesdecentr people invest in the first place and they will still exist. it is a big threat to the business but rely on trance action fees. it is seen as a huge threat to that industry. >> all right thank you. >> i will have to do some studying on the bitcoin things i'm telling you. >> it is a lot.

>> it is dense stuff. all right. one of two certainties in life is taxes you know what the other one is the questions of crypto and taxes keep coming up the next guest has answers to questions like do you need to keep track the answer is yes for now. tom cardinal has a heads up and a tax partner at eisner. we were talking about this last week and talking to my nephew over the weekend about bitcoin if i buy something with appreciated bitcoin i am creating a taxable event, aren't i, that ought to be reported to the iris >> yes that's correct unfortunately common sense and tax law don't mingle together well people think if i purchase a cup of coffee were bitcoin i'm spending 8 bucks i don't need to report any gains and losses but as current tax law has it you

have to report it as a short term or long term capital gain depending on the crypto you held we talk about if you hold it for a year or less is short term capital gain which is taxed at the ordinary income tax rates or for long term it is -- >> let's say you bought your bitcoin in different tranches. how do you identify which bitcoins you sold to establish the basis of the transaction >> this is the most common question i field is what accounting method do you use in tracking the transactions? the irs allows two methods for accounting for crypto. one most people in business heard of is fifo

first-in, first-out. the other one you touched on which could be more favorable to crypto holders is specific identification method. similar to stocks when you sell you could if your platform allows it allow you to choose the lots you want to sell. when it gets to a purchase it's murky and depends on the software platform you use to allow you to use the specific identification method requiring a lot more recordkeeping you need a paper trail of the original purchase date, the time, the fair market value. you need to keep track of all elements of purchasing and selling or purchasing a product with crypto and fifo is considered the default. >> aside from accounting method you said that you get ten to 15 questions every day from colleagues around this what are the other common

questions that investors have about crypto >> it's mostly been what is my tax hit. they ask me, tom, i just sold bitcoin. what's my tax hit. held it long term and tell me i owe 20%, right no 20%, a 3.8% net investment income tax and let's not forget the state and local income taxes which could wind up being a 25% or a third of the tax bill to state and local and looking at upwards of 30% to 35% for a long term capital gain so they're asking me about the effective tax rate and not setting that money aside. another common question i get is offsetting with losses cryptocurrency is not a stand alone asset coming to tax reporting meaning the losses and

gains could be comingled with the bond gains and losses and you could do tax planning and offset gains with losses in a particular tax year so those are the two most common questions i usually get. >> we know the irs is hoping to sort of beef up the efforts and tracking down those who are trading crypto i have to wopder my friends that seems to be all they care about those that invest do you expect the irs to be interested in those with big trades or a lot of money or dabbling >> i can feltell they're already interested the irs instituted an investigation called a john doe case against coin base where they're able to get all the names of digital asset traders between i think 2015 and '17 because well more than 90% of the bitcoin gains we re not

reported in that period and won the judgment in san francisco in the john doe case and sent letters and taken action o those taxpayers. more recently in the last couple weeks actually they go after a new exchange, cracken. one of the biggest exchanges out there that offer many different tokens to purchase or sell and they filed for a john doe case against that to get the names and transactions of people on that platform and vital that everyone keep good recordkeeping. report them. or best contact an expert to help you report them and because you don't want the irs on your back with this they finally have caught up. the enforcement actions are picking up >> good advice worth keeping in mind thank you. and coming youup, monitoring the selloff. the dow off about 488 points

pairing back the losses a little bit. s&p off 70 nasdaq the biggest loser down 2.2% plus norton lifelock in the green today as cyber security fears grow could this be a way to keep your portfolio safe our traders will discuss coming up next. as we head to break, check out a name sinking ahead of the results. bumble getting stoned. see what i did there "power lunch" will be right back em whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq

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welcome back to "power lunch. another tough day for the nasdaq just a handful of tech stocks in the green including norton lifelock with a double upgrade from bank of america with predicting a growth renaissance for the company. the cologne nal pipeline hack garnering cyber security attention. let's discuss with the team. gina sanchez and mark tepper any

which names are you looking at >> looking at caci international. this is a mid cap stock and they basically are servicing the department of defense, national security agency but they also do commercial and this is a stock that actually did quite well last year growing 14% with revenues, 20% on earnings. they're priced at the same pricing level as norton lifelock with we think a more interesting trajectory. >> mark, cyber security clearly top of mind this week. different companies that specialize in security software and solutions. is this the best way to play this >> no. i would not be putting any money in norton lifelock. >> why >> i don't think it's a good idea lifelock sounds like a great product but it's $120 a year and you get more protection for free if you freeze all three of the credit reports and once people figure that out they don't need

lifelock anymore but enterprise can't freeze the credit reports. they have more ian more data in the cloud and need protection from the threats so i like zisscaler. i would n't be surprised if they sell off i'd get back into that one at 20% lower and i think we'll get there. i'm going to be patient. >> interesting names to keep an eye on thank you. be sure to check out norton lifelock ceo joining "mad money" tonight at 6:00 p.m. head to the website, follow us on twitter back to you. >> all right thank you. also new reports show that median home prices are surging in the u.s for fuel for those who say we're in a housing bubble. that when "power lunch" returns. >> and now the latest from

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monitor, check and lock down you money with security from chase. control feels good. chase. make more of what's yours. welcome back to "power lunch. one other group of stocks we are watching closely today are the video game makers and publishers, ea, act vision under pressure despite earnings beats. roblox giving back some gains after jump 20g% in trading yesterday. then there is unity, the maker of software engines built to make games the stock holding up slight will he better than others today, still more than 50% off its december highs at roughly $84 a share, it is less than $10 away from its $75 opening trade from the ipo they had back in september, rahel, i will accepted things back over

to you some home builders are getting crushed. the itb down another 3% or more bringing losses to more than 8% this week. we have more >> an extremely pricey housing market just got more expensive look at the 30-year fixed mortgage rate. well below 3% in mid february, jumped up in march back down the april and suddenly turning higher again last monday's dip in rates saw applications rise to the highest rate in more than two months but it is not great news for home buyers. home prices are not only up 12% from a year ago but the gain in home price is accelerating at the fastest pace in over 15 years. record mortgage rates for much of the last year, low rates helped push purchases higher a monthly sentiment survey from fannie mae showed record pessimism from home buyers

affordability is the problem the builders are not keeping pace with the demand they also put out a survey showing affordability weakening due to higher builder costs as well as higher mortgage rates. >> according to the national association of realtors median home prices pretty much surging nearly everywhere in the u.s. >> absolutely. it is a widespread phenomenon. it has to do with the very low supply and very high demand. but he see the median move up, it is because there is so much more available for sale on the higher end of the margaret than on the lower end of the market that's where we want to get the first-time home buyers in but there is nothing to buy. >> coming up, they are exlated heads created by an algorithm, and they are worked $17 million. you heard that right, $17 million. we will look at the new nft craze. that stands for not for tyler. these are crypto punks

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let's set the table for the "closing bell. the markets right now down 460 points that's off the worst levels of the day, whatever solace that is worth. the stocks dragging it lower, honeywell ant helping. christie's selling a

collection of nine nfts for $17 million. robert frank has the details. >> the everything bubble continues here a series of nine crypto punks becoming the second-most expensive nft lot ever sold at auction, going for twice their estimated at christies at $17 million. crypto punks are pixelated faces that were created by computer algorithm at larvea labs the most prize ready the so-called aliens there are only nine of them. one of them was included in the christie's group we don't know who the buyer of this was but some nft chat groups today saying they actually thought they should have sold for more since a single alien sold for $7.5 million back in march. the average price for a regular crypto punk is $80,000 overall nft prices had been weak, down 60% in april compared

to fed vofebruary the crypto craze moves on to sotheby's tonight where a banksy will sell. they will accept crypto as a payment for between 3 and $5 million. >> robert, very quickly, if you can. last night, second most expensive nft, except sales or prices were down 60% in april. how do you reconcile both of those things >> again, one of these aliens went for 7.5 if you consider this was nine of them, including one of those, many figured this could have sold for more. but this is a shot in the arm to the market maybe it will empower the nft craze to go higher it was a relative surprise compared to the estimate we will see how it goes. but it was a great surprise for

many who expected it would get $7 million tops. >> i could see whery that would sell for $7 million. who gets it? >> christie's gets paid in ether. they will convert to it dollars. it is a great commission for them. >> thanks for watching "power lunch. "closing bell" right now >> welcome to the "closing bell," everyone. i'm wilfred frost along with sara eisen at the new york stock exchange the inflation situation leading to a sharp selloff of stocks and the nasdaq is in a decline consumer price index seeing its biggest year over year jump since 2008 led by surging price force used cars, energy and more that report is sending ten-year yields higher, 1.69 to a one month high tech is lighting up the loser board with the nasdaq lagging

cons