that building you're trying to buy, you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it. good afternoon, everybody. welcome to "power lunch. whatever you are invested in, i'm tyler matheson alongside co kelly evan just the dow was down

600 at the depth the nasdaq off less than half of a percent. >> crypto is crushed after china telling the banks no the to transact in bitcoin. bitcoin falling to 30,000 this morning but already come backstaging a huge comeback to 40,000 as we stand here today. >> a month ago 64,000? crazy stuff. the minutes from the last fed meeting just released. we will have the details we have to start with the big moves of equity and bob pisani is is the a new york stock exchange. >> we are well off the lows but still some weak mness in the market apple and the crowds you see flattish here. positive for the day most of the semiconductors are pass on the day. popular tech names, cathie wood

stuff, still down off the lows but down 1%, 2%. you see tesla, twitter, on did declines materials and commodities weak today. they didn't have big selloffs this year. but they topped out. this is that peak everything story that i think is going to become more important. and in terms of where we are for the markets right now some frothiness coming out of the market thematic tech. mega cap tech 7% to 13% off the highs. reopening still strong going great but peaking. peak everything. peak earnings. peak economic data i want to see the minutes badly. emphasis on inflation continue

square space went public at 48 the reference price was $50. i think this is the first company that's a direct listing that opened below the reference price. i think the market wants the fed to be more proactive to start communication about when they start thinking about thinking about. eager to hear what the minutes have to say. >> aren't we all thank you very much. let's get to rick santelli for the first headlines from the minutes? rick >> i'll translate. what i'm reading in the first several headlines is the economy is coming back but not where it needs to be and the goals to satisfy the fed pulling back the programs and i think that's a huge way to think about it

when you look at the markets, yields are creeping up just a little bit dollar index not so much but it makes sense in a way because the market seems to be at odds with the fed and when the fed seems to talk or fed speak out there seems to firm rates up which is counter intuitive to the fed to sprinkle the sugar around but sometimes in the text of the global central banking system where not be where it needs to be there's an acknowledgement to do enough and look at the economy and know that there's going to be some heorse power and maybe the fed should speak out about the job openings 8.1 million on is that we haven't brought back 9 million

workers. back to you. >> all right let's get further row action and news from steve liesman. what do you have an emphasis still on job rec rec recovery as much as anything else >> there's no details to co contradict rick's view no reason at least when they met in april to change the policy whatsoever indicators had strength and the senior sectors most hurt by the pandemic showed improvement but transitory factors expect to maintain the stance until the goals are achieved. the economy was far from the deployment goals and the inflation goals.

i have to dig in deeper to see if there's anybody there agitating what bob pisani is agitating for. the people he's talking to an earlier talk of taper but i don't see it that that's full steam ahead. this meeting took place before the employment disappointment and before the much higher inflation numbers did come out and stale in that regard. >> all right dig in more but hang on as we get more reaction to the fed minutes. let's bring in michelle meyer, david katz, also david, you say you think the fed will raise rates sooner than currently suggesting what combines to cause them to do that and how much sooner would that be? >> yeah. so let's putt that in

perspective. we think that's years away they were talking about '24, '23. markets think late '22 we think that's reasonable they won't do anything we don't think this year and no news is good news. not saying anything new is bullish. not impacting the market today but will continue to trend higher. >> talk to us about that -- those numbers that rick was mentioning you have 8 million jobs wanting right now. postings so says rick and roughly 9 million or more people, fewer people employed than a year ago. how do you join those two numbers? talk me through that seeming conundrum. >> sure. i think it's this idea of a bit of a paradox in terms of the fact of a lot of job openings.

you can see that from a small business confident survey. and yet, we know that there is a lot of people considered unemployed and those not coming back in so it is a bit of tension in the labor market. perhaps a skill mismatch, challenges of getting people to fully reengage given that the concerns of the pandemic are still there and skimming the minutes it looks like the fed is quite aware of this and anticipating that these frictions in the economy are going to show through over the next several months. >> david, the key phrase looking at the minutes now, the 10-year yield moving higher. if the economy makes progress it might be appropriate some point

to begin discussing a plan for adjusting the pace of asset purchases. is that what's upsetting markets right now? >> the market right now is being strong based on the tremendous liquidity. everybody's fearful when it starts to go away so the comments indicate some point the fed will talk about at some point taking some of those liquidities away we don't think it changes the direction of the market. the market can get spooked you already had a selloff and negativity today we don't think there's a change in direction but the news is generally positive the economy is doing better and the fed keeping rates low. >> steve, this is probably going to be the headline, the key phrase depending on how we close

today. >> yes for sure you are right about that what i read you earlier, it is important to distinguish is the policy section that's what they did and what you're reading right there is the color or commentary section like the -- i don't want what to say. the troy aikman to al michaels thing. so from a section that you were just reading from, if the market continued progress some taper discussion is warranted. some worried inflation pressures could build to unwelcome levels. supply chains and bottlenecks and again i read that one already. they do think there will be time before substantial progress is mad made the policy is to wait and not think about thinking about

the commentary around that is, well, there are some folks thinking maybe what do you want to say june perhaps early august to begin discussion tapering enroute to a decision in the fall >> let's turn to my shell meyer if we might. how does that strike you because clearly it is motivated by i think concerns of inflation. what are the people you're talking to what are the clients of your company saying about rising prices and how lasting they may be >> we are seeing it across the board that inflation is higher whether housing with lumber and building materials or auto or services seeing pressures there the inflation impulse is clear think act what the average person is thinking university of michigan survey showed an increase in inflation

expectations but there's a debate how much the gains are persistent and that's why looking at expectations, wage measures is critical to determine the inflation level and i think to steve's point to beginning to very, very slowly set the stage for the discussion is what's important from these minut minutes. they're not promising to taper tomorrow but the baby steps to begin the conversation so that they don't kind of scare the markets to some extent when they do announce it. >> david, let me get a quick thought on cryptocurrency. what do you think is driving that market lower, especially overnight? >> you had some stuff from elon musk and regulators and china. right now cryptocurrency is up

based on speculation we think it's a great lesson for people to look at. there's going to be a selloff and not going to be followed by a bounce back so buyer beware. we worry that people buying it for the wrong reasons and much more prudent ways to make money over time and if you bet on cryptocurrency it is like a casino you have been winning great and we don't think that will last. >> so you don't own it >> we don't own it. >> it would be great if he said we do. >> all that said - >> like everyone es in the market great. thank you for digging through the minutes with us. we'll look at the crypto carnage. but also, they have had big bounces off the lows of the day. put on the neck brace.

we are watching the stocks that seem to trade in concert with bitcoin canebase, microstrategy and tesla to a degree. much more on crypto and the tus.luh"when "power nc rern e going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you.

welcome back to "power lunch. we want to check what's happening with the selloff in

cryptocurrencies today still down double digits today bitcoin is sitting right around 38,000 that mark here also off the worse lows of the session trading as low as $30,000 per coin bitcoin currently 40% below the record level that's taken a toll on the companies with bitcoin on the balance sheets like coinbase as an exchange. microstrategy. some down 30% in a month coinbase with a particularly rough start on the public markets. almost 50% off its high from that same day. coinbase had some problems this morning but it is off the session lows back over to you. >> thank you. al tat the same time cathie wood says from ark bitcoin go to

$50 $500,000 what's the case for crypto let's bring in dan doliv along with hung phang of okay coin serving 184 countries. hung, let me ask you where this selling wave seems to be coming from what are the triggers here that have taken us from $64,000 or thereabouts in bitcoin down to 30 earlier today and now roughly back to 30 who's doing the selling? >> sure, yeah. so i think when we look at the market over the last couple of months there eke frothiness in the market if you look at the future markets the analyzed return on the

future spread is actually 20% to 30%. by the end of april as high as 50%. that signals the level in the market so there's speculation in the market and when it's washed out there's a cascading impact to see in the last two days particularly last night. >> how much did the news from china, the moves that say basically banks cannot do business or trade, no exchange, how much did that unsettle market today or was that news that's already known and somesomeho came back to surprise people >> there's no surprise there. >> nothing new there that's not the trigger today

seemingly. dan, let's talk specifically about coinbase and whether you can really comfortably think about coinbase apart from the currencies. the cryptocurrencies or is it to spend its life to a prisoner in those markets? >> that's an interesting way to put this thinking of coinbase and why we have a neutral is 80% of the revenue is connected to retail and on the retail trading fees we expect them to continue to come down and seeing this in the fist quarter where queeld came from 1.4% to 2.4% and a dramatic decline in yield and you can expect to see more sort of price reduction and margin reduction

on the yield and earning as much as they could ever earn but minus kind of a yield contraction so you goat the volatility minus the yield contraction over time and doesn't bode well for the future revenue or potential. >> looking to traditional exchange operators it would seem they benefit from more volatility and not just necessarily the price of stocks but going higher i guess there's no way to know the counter factual. as long as there remains liquidity from the volatility in the space and indicates that it -- the trading is more active >> right the work we have done shows there's competition heating up they have a very -- there's a go-to for crypto trading right

now but you would expect over time the paypal or cash app opting crypto trading to gain share and i think that we are in the early days and a huge first mover advantage but i don't think it is going to last for long and might get volumes one morepoint. but if the volumes come in at lower yield it is like a treadmill with inflows and that's what we see. >> how do you respond, hong, to what dan described, that is, that the fortunes of an exchange like yours are going to be tied to these other assets that are going to be very volatile? and then inevitably the yield or the pricing that you can confer to place on the customers is going to get squeezed?

that's not a good sign >> i cannot obviously comment on coinbase but we are a platform to service customers in crypto who want to get into crypto and the way we service our customers is current method that although will evolve over time. but continuing to be there for that customer that is not our concern. >> okay. thank you. dan and hong, we appreciate it. >> thank you. an analyst is lowering the price target on 70% of the stocks in the coverage list. we'll ask him why and how long the tech selloff could last. lock at the biggest laggards, at&t down 10%. tjx, deere and carmax round

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in business, it's never just another day. with comcast business i thought i'd seen it all. you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it. comcast business powering possibilities. welcome back i'm rahel solomon. here's the covid update. amazon says it will not require fully vaccinated warehouse

workers to wear a mask except where state or local officials say it is necessary. more companies adopt the new cdc mask guidance dr. fauci warning that people shouldn't assume that no one needs a mask. >> it said that people who were vaccinated can now feel safe that they do not need to wear a mask either outdoors or indoors. it did not say that people who are not vaccinated should abandon their masks. virtual capitol hill hearing today the ceo apologizing for the contamination problem that ruined millions of jrch doses and the government is checking the doses since the mistake but didn't satisfy a new york democrat. >> have we been able to use the vaccine? have we been able to save someone's life

out of $628 million committed of which 271 spent have we been able to get one vaccine? yes or no? >> none of the vaccine that we have manufactured has been made available to the u.s. >> okay. we haven't been able to get one vaccine. after shut down for six months, the louvre museum is welcoming visitors they need to wear a mask whether vaccinated or not. between this news and paris and the eu opening the borders again lots of good news. back to you. >> i think there's a lot of pent-up demand. >> monaly sa will be wears a mask. >> waiting for. >> thank you. let's get a market flash what's happening, meg? >> noncovid related, iovance down after the fda asked for

more data on the processes of the cancer drug. now saying that's delayed into next year. then the company's ceo announced in a filing said she was stepping down. so they're starting a search for replacement. down 37% kelly? all right. thank you. let's turn back to bitcoin it is under tremendous selling pressure we checked in with one of the biggest names backing it, bill miller saying i'll like it more at lower prices. i don't comment on normal fluctuations the bitcoin correction is right in line with moves that we have many times in bitcoin. i came on the show in march of 2020 to comment on the market because that drop was historic this one is pretty routine >> expect more of same i guess is what he is saying there.

the tech sector etf xlk is poised to snap a three-month winning streak it's worse month since last october, we'll speak with an analyst saying he's slashing the price target on 70% of the stocks he covers is there anything worth buying he'll tell us next

welcome back to sxwrounch a fascinating last half hour or so fed minutes top of the hour sent the dow down 360 and we were down 600 points. round tripped to some extent as we digest what the fed said about discussing a paper why the rest of the complex looks the same as it has all day the dow the worst performer. the nasdaq could almost turn positive technology is leading the way. the oil market is closing.

pippa? >> it is an ugly day for oil here west texas intermediate crude futures at $63.20. world benchmark brent crude dipping 2% to $66.52 demand concerns are weighing as covad cases in south asia rise and the nuclear talks in vienna fact to being in iranian production on the supply side. data showed a 1.3 million barrel build in the u.s. and the number was lower than expectations. we did see a slight recovery in afternoon trading after wti down 5% this morning and oil negative for may. back to you. >> appreciate it all right. tech underperforming a key story

of 2021. a key lagging sector is saufr. s&p 500 outper fortunatelying the ivg software etf by 15% this year and my next guest said multiple expansion is to blame, dropping the price targets on 70% of the coverage universe brent thill is at jeffrey's. expansion or compression causing you to pull the price targets back >> it is a little compression. we saw 50% plus increase in multiples last year. everyone was shopping in aisle 4 which was tech and crowded and everyone bailed and so we're seeing the diversification of dollars to yeti, other names

that are economy opener rather than closing trade which is what software did is help us engage while we were in the remote environment. >> more than a closing trade and seems to be the only safer place to put the money in light of the fact that so much of the rest of the economy was closing. it was more than that. it was also the only repository making money what it says when multiples come down it says that investors as a group are less willing to pay that extra dollar for that level of earnings. so this is affecting stocks across the technology universe or are there some exceptions you say you cut the price target on 70% are there some standouts that look good to you >> yeah. large cap is intuit. it had 12 straight years of

positive returns another name we predicted at the beginning of the year the 13th year in a row and it is a story we like, among the top four large cap names. they have a tax business, small business opening trade they're really good at buying their own stock back so on a story that's consistent, great managing team. microsoft would be two clearly great story. beveraging the power of the cloud. i'd highlight adobe and large cap and mid cap one story we like is wix. it is a hybrid software internet play helping small businesses get online we think it's a great story sfrt long haul an ena great compounder for investors.

>> it is easier to use than word press as a website manager what would be your message to investors who say you took down the price targets for 70% of the coverage space what does that tell me about more air pockets to hit here in tech throughout the summer >> it goes back to money is going to other obvious areas opening. we didn't spend money on airlines last year we didn't spend money on hotels. if you look at all those names they're all benefiting and if you look at tech you would say the market feels like it's down. the market is up there's a tech buyer strike. everyone is taking the time-out. today a direct list, down 12% from the reference price typically when no one wants to

be in a group that's the time to buy so the tech desk is more constructive on the pullback the strategists have been right on they said get out of software. nailed it the beginning of the year and selective opportunities and compression is still 10% to 15% ways to trough it is owning select names. as an example intuit up year to date don't back up the truck on the entire group. >> fantastic clear analysis there we thank you very much. >> thank you. tesla's having a fifth straight weekly decline. it is on track for a longest losing track in three years. is there more pain ahead for the company? we'll debate after this.

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welcome back to "power lunch. tough day for the markets and ceo elon musk. bitcoin falling. those losses knocking the ceo off the throne as the world's rich ers person. for a bottom in sight for tesla bring in the trading nation team i see from the note here even despite strong earnings from tesla you say there's no bottom in sight tell us what you mean by that. >> i think the backdrop is really against tesla and a lot of growth names so we are seeing

the sellers come out in force and one thing to bring buyers out is looking at the valuation to make sense. looking back to june 30th of 2020, pe ratio 500 times and now getting close to that and then you see more buyers come out we had strong earnings from tesla and it is against the growth names right now. >> jc, it did break below the 200-day moving lanlg last week >> it broke below trend and we have to remember when we analyze stocks like tesla they're prone to overreact on the upside and the downside and in an up trend those overreactions were positive we look back to january. now trends shifted breaking below the 200-day

moving average i believe the overreaction will be to the downside and we are right around 550 a good place for a short bounce. i want to see the rer overreaction to 450 to get back involved in tesla. >> thank you for providing the insight and follow us on twitter and online for more. over to you. >> thank you. coming up, we'll speak to the expectative chairman of equinox for vaccinated members and the plan for going public via a spac this headline breaking, ford says it will halt or cut production at eight north american plants through june due an ongoing shortage of semicon duck to be chips "power lunch" right back after this >> ian now the latest from trading nation.cnbc.com and a

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welcome back to "power lunch. some of the meme stocks on the move with amc entertainment and gamestop under the most pressure blackberry and bed bath & beyond more than 50% below the january highs. that so-called reddit rally with wall street bets but amc is an outperformer up almost 30% in the past month as vaccines rolled out, restrictions eased and new movies back into theaters. we'll keep an eye on that stock. riding an eight-day winning streak they have been riding the wave just back over to you. >> thank you. today new york city lifts many capacity restrictions on businesses restaurants, bars, stores. even gyms can now operate at

100% of capacity similar rules and the lifting of mask mandates across the country. and as a result a number of fitness clubs dropped requirements for vaccinated guests orange theory, l.a. firtdness, gold'soptional, depending on local guidance. equinox, the company behind soul cycle and precision run doing the same they have gims under that name frank holland is here with the executive chairman of equinox at its headquarters >> we are joined by the executive chairman of the equinox group that includes soul cycle and other brands thank you for being here. >> thank you for having me. >> you can have 100% in your gims we are outside of your flagship location in new york estimate you are allowing our guests that are vaxiated to work out without any type of face covering. on top of that, we are told you

are on pace for the highest level of check ins on pace for that you have had your morning rush how is this working. some patrons come in with masks, some without, how do you actually check who has been vaccinated. >> this is a big day we have been waiting for it for 14 months. we are seeing a lot of pent of demand this week, you mentioned yesterday was our highest utilization across the portfolio since we closed march of last year today is trending to be our biggest day, exceeding yesterday. it is still early. usually we have the biggest to your knowledge surge he ends of the day. confident this will be our biggest day. we are also seeing a big crush in demand for our new sales. compared to last week, new york city alone, 55% increase in new membership sales compared to last week. we are seeing it from all different directions from a regulatory environment it varies from market to market

the federal doft, the cdc said this is the guidelines ultimately the local government has to decide how it works in florida, texas, today connecticut, there is no requirement to check there is no mask requirement, complete honor system. if you are not vaccinated, we certainly hope you continue to be a good member of our community and you put on a mask to protect your fellow members n. a mark like new york or soon to be chicago, there is caveat, where we still don't check to see if you are vaccinated. it is still the honor system but as a result, we expect those who are not vaccinated to put on a mask and we expect distancing to be maintained. >> you mentioned you had to close a lot of gims -- clubs you call them clubs. as a result, people bought at home exercise equipment, pelotons, mirrors, sometimes just whaits. you are opening up

you are planning on going public via spac what do you think opening to 100% capacity will do if those spac plans are in place? >> let me start with, what's a spac >> it is not an exercise. >> not an exercise we have always had tremendous interest across our portfolio. we have our physical business, now our digital business led by equinox plus and our soul at home bike is getting traction. we believe people want a digital and real in life experience. we believe we are the only group able to do that that to the community. right now, where our focus is is on engaging with our community, making sure they feel safe, making them feel good about returning to their experience. on the equinox side 90% satisfaction in terms of the expanders we implemented since

the pandemic we want to welcome them back >> are those plans still in place to go public >> as i said right now focused on moving forward in terms of engaging with our community. >> one last question what does gym of the future look like you have equipment, amenities, steam rooms, cold tubs, also common areas where people can eat and drink. what does the gym look like as you continue to build. >> as great as digital can be there is no replacement for real life experience. you are seeing nilt concerts, at manages manages with them having the knicks back. we believe the same will be true people desperately want the engagement want their community, want the in real life experience w. that said, because fitness has moved to a no days off mindset, people want to be able to go back and forth. it is great that more people are working out. health is the new wealth

the macro trends around wellness are huge, we believe our consumer we kater to is going to want an opportunity to engage in unique experiences digitally and physically. >> thank you for being here. kelly, back over to you. >> you still need wealth to go to his health clubs. they are pretty nice thanks. only oatly is set to go -- doesn't stop there. mt we always offer 50% off family lines on our military and veteran plans. that's right, 50% off on america's most reliable 5g network.

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a plant based milk company oatly is set to go public tomorrow and price late tonight. dom chu is here with a closer look at that he's going to solve the question of whether this plant-based product is milk or not. >> some people take offense, especially in the traditional dairy business, tyler. but you are looking at a 15 to $17 pricing for the ipo. that's reportedly what's going to happen right now. it would raise north of $176 billion and give oatly perhaps a market value close to around $10 billion overall. by the way, this is the same oatly that has investors like oprah wintry, jay-z and howard schultz of starbucks fame. but there is an appetite for plant based alternative foods that sell themselves as a way to improve health and tilt human consumption towards economically more friendly methods.

the bank remembers trying to convince potential investors this is a fast growing market arguing that plant based milk substitutes are tiny in compared to the overall market share of the traditional foods. it echos what happened two years ago with the beyond meat ipo. >> the market cap of beyond meat is $6.5 billion. they are 6.5% off of their 52-week high after their earnings report. they have held in well i would argue since that price run up. when they went public they have nothing like the valuation oatly is going to have oatly is coming in at a bigger size than beyond meat. >> but it ramped up quickly. the ipo price of beyond in may was $25 a share. it went up by nearly tenfold in just the two months after the ipo. and that was when those three letters we all know about so well when it comes to this kind

of thing -- t-a marmt, total addressable market -- you will hear that a lot with this plant based dairy as well. >> tyler is your question answered >> i like it in latte. >> you have had oatly. >> i think it is good. >> i used it in a shake this morning. >> okay. >> i liked it in a whole milk latte. whole milk, agreed welcome to "closing bell." what a day i'm sara eisen at the new york stocks investors are grappling with another volatile session crypto seeing the most carnage. >> i'm wilfred frost let's look at what's driving the action bitcoin plunging to its lowest level since january. at one point down more than 50% from its peak. we will have much more on the crypto crash throughout th