network ecosystems and a challenge to that trusted third party concept. >> it is beyond ironic and kudos to the incumbents for muscling their way in there thank you for you. that does it for the exchange. thanks for your time, but stay right there. "power lunch" begins right now all right, everybody welcome to "power lunch. it's not only windy outside, it's windy in the markets today. here's what's ahead. rates rattle the markets the retreat is broad and steep our market expert this hour has a list of what he calls some safety zone stocks oil prices, seven-year eye exxon rise ing to one h-year hi. and beyond profits, larry fink

says esg investing is not woke it's capitalism. the former head of sustainable investing at that firm has been an outspoken critic of the investing movement he is our guest this hour. >> looking forward to that hi, everybody. stocks are off session lows by almost 200 points. the dow was down 650 now 478. nasdaq down more than 2% you can blame the bond market. ten-year hitting 1.86% this afternoon. highest since january of 2020. let's get to michael santoli >> markets continue to brace for a tighter fed eventually and race to get to where they think the rates are going to go. and also a little bit of a bumpy economic environment the s&p bounced off the bottom of a two-month range what the markets do on liquidity is moving the other way as they start to ration capital. so smaller, riskier, enterprises

are withheld here you have this low here from the early part of last year is kind of at risk with the russell 2000 a lot of calls for a rotation. it's not working just yet. financials are not able to pick up the slack today for technology as tech sells off that has been the case it's been a little bit of o rotational market, not a broadly selling off market in the last couple of weeks. however, take a look here. the brokers, goldman sachs, morgan stanley, reacting to the downsize to price. bank of america acting a little more like a regional bank stock. much more of a direct play on where yields go and where the fed funds rate goes. there are some glimmers of outperformance, not a lot of green on the screens, but if you take a look here software of course was the area that led us down so some of the hardest hit areas are not really bearing the brunt of today's sell. it's migrating up the quality

and size here you see some cloud names as well as visa, which was a weak fintech name that are outperforming and some managing some gains >> thank you very much and government bond yields hitting covid era highs now. the two-year yield breaking above 1% for the first time since february of 2000 the ten-year breaking 1.86%. let's get right to the man, rick santelli >> thank you very much, tyler. it's very interesting especially as you watch the momentum building in treasury yields. we talked friday about how a new fresh high yield close anything above 1.76%, which was the high yield close the first friday of 2022 and we did indeed close above that level and the momentum built as you see on this three-day chart. as you look towards january of 2020, yes, these are 24-month, two-year fresh highs, but the real key here is what's the

encore performance if the fed tightens, obviously we see the effects on equity markets and we see that the curve, well, it's steepened a ri little bit, but mostly was flattening because two-year yields were more to the upside if the fed's going to tighten this much, most likely the curve's going to tighten or invert and the best hedge will be long dated treasuries and that's going to present the fed with a problem bund yields are winning now. they came within one basis point of zero. they haven't closed above zero since may of 2019 and basically, that's where they're to right now with they're closing minus 1.5. the difference between our tens and european tens has opened up almost 20 basis points as our yields with european

counterparts for now back to you. >> rick, it's kelly. just a quick question and i'm glad you highlighted the german bund yield about to almost maybe turn positive. what do you think the ripple effect of just that would be on global markets >> oh, i think it's going to cause some serious disruptions and i think the bank presidents all throughout europe will be going to sleep with a big grin the evening that happens it was a dumb idea to keep them this negative. the european central bank that looks towards us and thinks well, your real yields are negative anyway, but european investor, especially large institutions, if you have a tough time, don't underestimate the amount of selling that may come into that bund complex when they cross over into positive yield territory. >> thank you very much rising rates tepind to presn a headwind for growth, but our next guest is finding safety

picks in growth and value. joining us now, greg welcome. before we get to your safety picks, which are intrinsic to the value of this segment, you see a couple of things that concern you. one, consumer demand has been sustained by fiscal policy there's been a lot of cash flooding into the market also monetary. number two, concerned about slowing corporate earnings that seems to be happening, but number three, you say you are concerned about asset values compressing or collapsing as debt continues to be incredibly high one way or another, lots of financial and market crisis all come back to one thing and that is debt and we've got a lot of it >> that's right. this is typically referred to as a minski moment where the banks realize the underwriting standards were a little looser

than they should have been right about 350% debt to gdp, which is about you know, 50%, actually 30% above where we are for the last crash in 2009 so it is something that i'm monitoring although i'm not raising a five alarm fire about it at this moment, but your prior two points were right. we're going to see top line pressure for certain companies and sectors over the next few months as demand may deteriorate in certain pockets when we transition from a physical stimulated demand to alabor an wage earning stimulated demand and so i'm concerned that we'll see some pockets of weakness as we make that transition. i'm concerned on the bottom line that inflation will stay hot particularly with the port closures and disruptions we're seeing across the globe. particularly with the problem areas we're seeing in trucking and shipping so i suspect that to stay hot until trip so companies will have top line and bottom line challenges, but

there are a set of companies that are unique in that they have more insulation if you will against those challenges and so when you look at healthcare and utilities, they are largely immune to whether we have physical stimulus or labor wage earnings demand is not affect nd the pricing power to protect margins. banks is another name highly correlated with a recovery we see the net interest rate environment is improving so i suspect them to be a beneficiary. and surprisingly, tech let's see if microsoft is going so show us another 46% operating margin and 27% growth. let's see if adobe's going to show us that i think if they do, we'll see a bifurcation in the tech trade. >> let's go straight to what you call some safety areas where i might be insulated against declines i might even make some money some are in value and they are mostly etfs. others, you would say are more traditionally thought of as growths. a couple of them are in

transports a couple in tech take me through first the value picks and then we'll turn to the growth side. >> i don't know if it's traditional value, but you look at the vanguard consumer staples index fund typically that trades, it's like premium to the s&p i don't know if we'll get something that's value if in fact we see some of the multiples in large cap tech compress, we'll see it i think in some of the service and travel and leisure stocks, we're going to see multiples compress over the next months so i think we'll have to wait for what we identify as true value right now, i'm more looking for safety again, that harkens back to companies that will have a defensible response to any

softness we see in consumer demand ie, have pricing power ie, enjoying a secular tail wind like software, cloud, our data centers is right now on the bottom line, they have that pricing power or just aren't exposed to the areas of pressures. the names there in tech land are microsoft, adobe, google, which all did spectacular margin expansion throughout 2021 and this quarter's going to be really important can they do that again can they keep that top line growth of 30% plus with giving us margin expansion as well? that will set the stage for a bifurcation in how the tech names are trading. >> let's move on to a couple of other areas you like those would include banks and fedex and ups. where you think, if i' understanding correctly, that they're going to have some

pricing power. >> i think it's coming both ups and fedex are going to spend multiple billions this year expanding capacity. it won't be an overnight switch, but the reality is that the supply and demand in that dynamics dictate that we're going to see performance here. at the end of the day, the demand is growing at roughly 8% while the supply is only grown about 5% and these are fairly low multiple stocks where i think we don't have a lot of downside risk in could they, with the right growth rate, eventually grow into a market multiple probably probably could especially when you consider the transition that we're all making from how we receive our goods and how we purchase our goods >> we have to leave it there thank you, as always nice to have you with us kelly. >> coming up, ceo optimism hitting a ten-year high. that's according to pwc's latest survey we'll find out why and what that

means for workers. and take a look at the home builders down again today after a drop in builder sentiment and a rise in mortgage rates the sector down more than 10% so far this year. we're back in a moment if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

so many people are overweight now for smarter trading decisions, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. welcome back it has been a rocky start to the year certainly in the markets, but pwc's survey shows optimism at a ten-year high.

they surveyed more than 4400 ceos across 89 countries back in october and november before omicron. 77% of those individuals say they expect to see improvement in the global economy. the most optimistic country was india. the biggest drop in optimism came here in the u.s and the greatest opportunities for revenue growth in the world's two biggest economies say the ceos, the u.s. and china. for more, let's bring in the chairman, bob moritz i guess the obvious question is if you had taken this very bullish survey, which is a ten-year high for it's a very thorough survey, if you had taken the survey in december and january, what kind of response do you think you would have gotten and how much different would it be? >> i think you'd see a little bit of drop in the optimism. but let's come back to the rationale behind that optimism first, a ceo group that's gone for the last two years

so this is relative. they see optimism in terms of the economy and their opportunity to raise revenues over the next 12 months. the second thing that's important is their connection to their customers. the ability for them to engage with their customers, satisfy their customers, and create that great customer experience, the more trust is created. the more trust that's created, the more loyalty and revenue opportunities. that's why they're confident over the next 12 months. >> as we look here at a graph, i don't know if you can see it, but our viewers certainly can, you see how ceo optimism predicting growth in the next 12 months has risen over the past decade from 15% in 2012 to 77% now. wow. that's crazy, man. >> it's unusual, but not necessarily unexpected let's talk through this. first, you've got an organization, many organizations particularly those that we surveyed, that have adjusted and transformed themselves

they're more agile to any threats coming their way they're moving with more speed because of digital because of the skills and data that people bring to the table to make faster, quicker decisions. as a result, they're able to move forward the second part is they've learned a lot. think about the muscle they built and the resilience that's been built, particularly over the last two years that's huge in terms of how do i apply that to future issues. inflation, supply chain, the talent resignation that's happening on a worldwide basis so the opportunity continues to reside in the mindset of the ceos and the management teams. >> what do they say with respect to things that are worrying them what are their top concerns? >> around the globe, cyber, health, and the macro economic environments are the top three issues when you look to the states, it's still cyber, a little less so on the health side of the equation and more on the macro economic side of the equation. no surprise when you look at rising rates, inflationary pressure, supply chain and asset

valuations overall but you also have to look sector by sector. if you were to ask the energy companies, it's climate. it's low on a global basis when you talk to the healthcare companies, travel and resort, it's health and pandemic related and specifically, their ability to connect with the customers or attract the talent they need >> two quick questions number one, are they paying out or expect to pay out more in salaries since we're starting to hear during this earning season? number two, what's their attitude towards work from home persisting >> great questions number one, relative to composition, the answer is yes everybody's pulling every possible lever of change to create more loyalty and trust with their employees and value the work being done. so you are seeing that and that comes through unfortunately, increasing costs and rising wages. second, relative to work from home, you are seeing more acceptance of a hybrid approach. no surprise.

but particularly coming out of this last wave, you're seeing ceos and management teams say how do i get back to some more normalcy a couple more days week. because right now, we're still in that lockdown mode and that's particularly relevant in the u.s. the u.s. is probably less aggressive in terms of return to work compared to the rest of the world as we look on a worldwide basis and talk to the ceos that were embedded in the survey. >> what do you hear from them about climate, carbon neutrality, et cetera. >> it's very surprising here with all the discussion and dialogue around climate, only 22% of the ceos have made a client commitment. which is surprisingly low. now what's really interesting is we have to segment that. the big companies, all have made it there's three times likelihood they've made that commitment so why haven't the other enterprises done this? number one, they don't think they emit a lot of carbon so they don't think it's terrible number two, interestingly, they don't think they can measure,

monitor the emissions they have today and they're going to be held accountable so they're not willing to put forth a plan until they've got a degree of certainty. it's interesting to watch, but it's a low risk based upon the short-term horizon >> thank you so much and thanks for sharing the results of the survey with us appreciate it. >> and still ahead on "power lunch," one stock that is actually gaining in today's selloff. we'll tell you why kohl's is bucking the trend. but pressure on many of the other retailers today. bed, bath, and beyond, gap, rh and wayfair, all down. bed bath around $14 a share. we're back in a moment

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yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq welcome back here is your cnbc news update at this hour. the government's new website to request free at-home test kits is scheduled to launch tomorrow, but it's up and running today. the white house says covidtests.gov is now operating at limited capacity to shake out bugs the site says every u.s. household can request four

tests. pfizer says it's new covid treatment pill worked against the omicron strain in lab tests. the company said the pill can be an important and effective tool against the virus. the test results have not been published in a peer reviewed journal. and today's senate debate on voting rights legislation is underway even though it faces a fatal gop filibuster that's because democrats did not have enough votes in their own party to drop the rule >> the american people deserve to see their senators go on record on whether they will support these bills or oppose them >> to many of our colleagues across the aisle still want to respond to a 50/50 senate with a rule breaking power grab voting to break this institution will not be a free vote or a harmless action. >> mcconnell also arguing that a democratic filibuster last week shows they are trying to drum up what he called fake hysteria on

the voting bill. kelly, back to you >> thank you retail names are part of the general market selloff today, but one stock bucking the trend is kohl's. it's up about 4% off session highs. here to explain why is leslie picker >> hey the retailer in an open letter to fellow shareholders, he describes what he calls quote, another wasted year at the retailer with the stock slumping more than 20% since his firm reached an agreement last april after an initial proxy fight now, he wants the retailer to exp explore strategic options including a sale of its brick and mortal business. on halftime today saying urgent change is needed >> the core merchandise disorder and the value proposition is broken and it needs help and it needs to be fixed immediately. ot otherwise, the company's going to continue to lose market

share. >> kohl's firing back in a statement today saying quote, macellum refused to enter a confidentiality agreement. they say quote, distracting from the company from this focus does not benefit shareholders macellum said the board rejected recent offers to redirect and plans to nominate a slate of directors if the quote status quo persists guys >> we've seen a lot of activity, leslie, in the retail space lately whether pressure to spin off the e-commerce business in the case of macy's or this pressure kohl's is facing why do you think that is >> it's a great question so last year, and really the year before that, activists kind of sat on the sidelines and said retailers, you're clearly in a point of turmoil with the pandemic there are so many unknowns with regard to shutdowns and people not going to stores as much. here we are two years later and activists have kind of given up

their patience, tha shall we sa. a big part of that campaign is to separate e-commerce from brick and mortar we see that with macy's and here with the renewed push. it's becoming an increasingly popular thing after we saw saks do something similar a lot of hedge funds and investors scratching their heads wondering what other retailers could capitalize on a similar move >> thank you so much ahead on "power lunch," stocks selling off today, but off the lows as rates climb and oil prices trade around the seven-year high. a recipe for nervousness we'll get you a check on the key numbers when we return in just two minutes. look at that ten-year note 1.847. hey lily, i need a new wireless plan for my business, but all my employees need something different.

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what a start to the week this is. it's a short week. 90 minutes left in today's trading and we want to get you caught up. the ten-year yield hit as

two-year high and oil, a seven-year high. >> it seemed like for most of the first part of the day at least, the market losses were even, but as the day has progressed, it's becoming more and more about the underperformance in the nasdaq in the tech communications/growth oriented companies. if we home in on the nasdaq trading, at the lows, we were down 365 points. here's the stuff that's not working. it's computer chip stocks in particular some of the biggest underperformers of the day, applied materials, lam research, kla and microchip financials and the banks on the heels of the disappointing quarterly result from goldman sachs. that's taken down many of the other bank stocks. as for what is working right now, aside from the sympathy

move higher in video game publishers like electronic arts and take two, check out the industrial or commodities companies. cf industries, exxon mobil, freeport mcmoran back to you. >> thank you very much now to the bond market where the ten-year yield has hit its highest level since february of 2020 right before the pandemic really hit home here in the united states this move seems to indicate that traders think the fed's going to get even more aggressive in raising rates and cutting back stimulus so you see right there, the ten-year note at 1.848 last week, if i'm remembering, it was about 1.78. so these are significant moves and from where it was six or so weeks ago in the 130 area, this is a very, very significant move trading is closing for the day after hitting the highest level

since october 2014 pippa is at the commodity desk >> that's right. oil at more than a seven-year high wti is up 2% at $85.56 after hitting earlier $75.74 brent crude tops 84 bucks today, but couldn't hold that level it's now $87.66. geo political tensions in the middle east are stoking supply worries in a tight market. yemen's rebels claimed responsibility for a deadly drone attack yesterday on the united arab emirates the country is the third largest producer within opec, pumping around 4 million barrels a day now the abu dhabi national oil company said its operations weren't impacted, but it raises the question of more supply disruptions. brent could get to the -- as

well as opec's latest report saying it expects the oil market to remain well supported by demand >> thank you those highs for oil are helping the energy sector today. it's the best of the s&p 500 we're seeing green exxon mobil hitting a 52-week high while setting aggressive net zero targets chevron higher and hitting a new high the sector is the best performer this year, up more than 15%. what are the best stocks to buy now in dan pickering, it's great to have you. do you stick with some of the big majors in those kinds of players or go small and tactical what are you thinking? >> i think that right now, we've got oil trading at probably the higher end of the fundamental range. i said 65 to 85 on your program before the stocks are still cheap they're still unloved. not withstanding the fact they were the best group last year and this year.

i think you can stick with quality. if you want to go down in market cap, you've got to be brave and willing to ride out volatility because there will be plenty of that big names still a good idea. >> dan, what happens to these names if there's a real flare up in the yukraine situation, which would spike the oil price but not necessarily for bullish reasons? >> i think geopolitical tensions are short lived. you spike the commodity, but the stocks tend to look through that and so i think you know, generally things that are bad for the market are going to be bad for energy stos. so you know, we watched the commodity, but it's got to have some durability. that's why i think this kind of fundamental tightness is the real issue opec doesn't have as many barrels as they'd like you to believe. demand is getting better so we've got a tight fundamental market geopolitical stuff will be a bit of a side show unless it's a major event. >> were you surprised the ceo of exxon was kind of bearish on oil

prices this morning? >> i don't know if i'd say surprised. they build their business modder around much lower prices so this is a bit of a windfall scenario for them. the company's taken a lot of pressure for a number of different things over the past three or four years so adding high commodity price expectations to that list is probably not high on exxon's agenda so, no i think they have no, they have no upside to talking about really high oil prices they make plenty of money if oil is 60 or 70. >> at the same time, oil prices back up where they were in 2014, but the stocks are nowhere near those levels do you think they're going to keep catching up or should we expect this gap to persist because the climate, pun intended, is so different now? >> i think the duration of commodity prices at good levels doesn't have to be this high but good levels is going to be the story. so you're right. a huge lag over the last two, three, four years. that catch up trade, folks want to say we're up 15% this year.

these stocks must be ahead of themselves the reality is they're still trading at very attractive free cash yields and the inflation story is real. the tight fundamental story is real and so you let your winners run here there's still more room. >> what are your favorite couple of names >> yeah, we like the upstream producers. we still love the -- talked about diamond back energy and devin energy before. i think those names continue to rerate as we go through the 2022 also an inexpensive stock in our view i think the real issue here is being off. folks have been uninvolved for a long time. i think they're waking up to the fact this sector has some sustainability to it no pun intended there. so i think we'll continue to see them work. >> are you doing anything on the nat gas stied? . >> i'm involved there.

i think that the commodity price there has moved up nicely. we're over four bucks in natural gas. eqts in that space, the biggest producer in the u.s. there's more supply available in the u.s. so i'm nervous about the you know, the sustainability over four, but still an okay place to be involved >> i will self-tease if you want to hear my conversation with toby rice of eqt dan, thanks for your time. good to have you we appreciate it still to come, amid the volatility in markets, we're seeing tension building in the hedge fund world larry fink firing back at critics in his annual letter. as we head to break, check out the names reporting tonight and tomorrow including more big banks which have been hit hard lately after posting their results. we're back in a moment

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♪ ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire blackrock's larry fink is doubling down on his commitment to socially responsible investing.

in his letter, he defended esg investing and on squawk box today, he said stakeholder capitalism is about profit >> many people believe social values or environmental issues are political and woke i don't believe that i've always said about a corporation and its purpose and those companies who have a strong purpose are going to have more durable profitability >> our next guest says sustainable investing is failing to live up to its promises let's bring in blackrock's former chief investment officer. the founder and ceo of the rooming initiative, a non-profit aiming to help education children in underserved areas. welcome back what part of his message do you most struggle with >> there's a lot of things, but i think he's almost setting up a fake fight by pretending to defend against people

criticizing capitalism it's all markets and pr for the most part and it actually doesn't achieve any progressive ends beyond sort of defending the status quo for longer and preventing the kind of systemic reforms led by government that are going to be required to address the climate crisis >> so in other words, you agree with the ends fink talks about the idea of sustainable investing. it's just the means. you don't think that a lot of the current investments are doing much to change the status quo and you think he's kind of overpromising, make sucking people into the funds and not delivering on those promises >> i would agree about what he says in principle, which is that we need to do something to address climate change and other social issues that most people say we can't leave unsolved for much longer. where i disagree is on the how sustainable investing for the most part is just marketing pr

the idea of stakeholder capitalism, if you apply that to a competitive sport, it would be like saying the answer to a game that has devolved into dirty play and it turns out playing dirty helps them score points. the answer would be good sportsmanship. that's obviously not the answer particularly when you have a market failure in a set of issue where is companies actually profit from doing things that are not in the public interest and so by drone ong about stakeholder capital ism and a se of ideas that make no sense in practice and aren't what experts are recommending from an economic perspective, there's a real danger because we don't just kick the can down the road on climate action. we're seeing words that assets are increasing and they increase alongside emissions and inequality they're met to do something about but the biggest concern i have is that the not only are we endangering the planet by

wasting time now on when we know that prevention breeds cure. we're also endangering the political foundations of capitalism i'm a capitalist i think the system we need is a well managed capitalism that allows us to build integration for decarbonization and right now, the majority of people younger than me don't believe in capitalism because they're hearing stakeholder capitalism is the answer when it's obviously not. >> it doesn't make any difference, but i happen to share your view that there's an awful lot about esg investing that feels to me like smart marketing. like a nice wrapper around things and when you ask people who are in charge of sustainable investing at various funds and you ask them directly, is facebook a legitimate candidate for your portfolios, the google? are the companies with dual share class structures are they good governance, they will dance around it until the

cows come home but be that as it may, if you disagree that capitalism can be the solution here, you would have to say then i assume, that government action would then have to take the place and be the solution but that sure doesn't like a carbon tax or lots more. that sure doesn't look like it is going to happen, so are you caught in a catch 22 where the capitalism won't be the solution and government action can't be the solution and so you're left with nothing >> well, so i would take issue with the premise of the question because it implies that capitalism and government action are mutually exclusive to be clear, no capitalist system exists without rules being enforced by government in the same way no basketball game can exist without the nba setting up rules and enforcing them through referees. the debate we're having is

simply around whether we're going to rely on good sportsmanship because players decide suddenly social purpose in something they're very focused on an they decide to do the right thing over the long-term. net zero commitments by 2050 or are regwe going to rely on wt experts are telling us, purpose and profit don't overlap the only thing that makes sense if we want to avoid a decision where ceos make a decision is if r referees start to close those loopholes. so my question to larry would be that if our experts are saying systemic reform is being led by government, not to replace capitalism, but to catalyze the private sector like operation warp speed, then how are you helping the government to do that think of covid-19. we flattened the curve then galvanized the private sector by

direct rnd and other things that allowed the private sector the best incentives and best minds and the solution being we can do the same thing for climate change right now the reason we're not doing it is because the incubation period is decades rather than weeks and so in a set of narratives that's seen as the interests of the boomer ceos who are pushing them and are directly against the interests of their younger employees who are getting paid the least and are at most risk, we're seeing a system reacting to the short-term prices that's government action, progressive role then when it comes to a long-term one, it's like, gen z gets liberal nonsense. it's not what our experts are saying someone won a nobel prize saying we need a department task. larry fink was arguing on the sidelines of cop 26 we shouldn't be pushing for a carbon tax.

this kind of double speak, it makes it impossible for people in my generation to get out there and solve this problem because the very system we need to build and scale innovation of capitalism is going to lose its political foundation yeah, the majority of people younger than me don't believe in it >> we have to leafve it there. thank you. and a dire warning from airlines on 5g cellular service. those stocks sinking with the rest of the market in this selloff. american down 2.5% we'll take a look at the stocks and the big battle going on between airlines and telecom services and we've got fresh news to tell you about in this area this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward.

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welcome back airlines and telecom companies scrambling to figure out a solution before tomorrow's planned c-band 5 g service rollout. airlines warning it could cause serious problems phil lebeau joins us with news we have just been made aware of. phil >> the white house saying there is an agreement that will allow 5g deployment limited. here's where things stand.

you have verizon and at&t both saying we'll limit deploy. scheduled for tomorrow what degree is unclear flight cancelations with people at the airlines say it's possible and emirates suspended flights started tomorrow until several u.s. cities including chicago, boston, san francisco here's the statement of the white house saying this agreement protects flight safety allowing aviation operations to continue without significant disruption and bringing high-speed internet options to americans. to what degree will flights be delayed, canceled? looking at the large airline stocks keep in mind 5g is potentially according to the airlines to hurt the use of the radio altimeter which they need in bad or inclement weather. it may depend on the weather at

different airports around the country and looking at jetblue the ceo said we'll have to prepare for the worst unless we get everything completely worked out. we'll be talking with robin hayes on "closing bell." get perspective from him in terms of what does this agreement mean there's more confusion than anything else. you don't have it completely turned off or on and appears to be flight disruptions to take place. >> does this turning of this c-band 5g affect necessarily every airline? >> no. >> it would affect similarly no number two, who's in this agreement? verizon and at&t spectrum or t-mobile >> right no the radio frequencies in

question korkt the airline industries are scheduled to be deployed with verizon and at&t it is the 5g deployment that's potentially according to the airlines at certain airports they want a buffer clearly verizon and at&t, look, they paid $80 billion with sprint for this spectrum so they want that option but as of right now there will be limited deployment tomorrow. >> we'll see and you will be following it thank you. the stocks on the nasdaq 100 that have fallen the most after reaching the 52-week highs stay with us wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation?

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out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. welcome back so much of the market hit today and some names taken more of the brunt. dom chu has a look at the nasdaq 100 well off the recent 52-week highs. >> they are the biggest names in the nasdaq, some brand names that many have become very family with over the last several year just we have a screen on the stocks hit the hardest coming off the multi-year or record highs we looked at the nasdaq 100 and then looked for all of those stocks within the nasdaq 100 that hit at least a 52-week high back to october 31 of last year and then from there which one had a 20% plus drop from the

highs. roughly a dozen stocks crowdstrike, the biggest drop down 41% lululemon down 32% netflix very big brand name down 27 adobe and nvidia around 25 to 27%. a reason why some traders are looking at the names is because they have been some of the momentum plays in the last several months or years at this stage so if there's a deeper pullback sometimes you wonder who goes on the investor shopping list. those might be some of the names that could go on shopping lists because they have big brand name exposure for traders >> absolutely. we look to the semis which are the a bellwether often >> and to that point if you look at the nasdaq 100 which is tilted more towards technology

and the s&p 500 some of the biggest losers just in today's session and echos the trends are the semiconductor stocks >> all right thank you very much. thank you, everybody, for joining us for this hour of "power lunch." i'll see you tomorrow. >> "closing bell" starts right now. welcome to "closing bell." i'm wilfred frost. a short trading week off to a painful start. the nasdaq down 1.8% heading into the final hour of trade. >> dow down 400. i'm sara eisen let's look at when's driving the action in the final hour of trade. the 10-year well above 1.8%, highest level in two years putting serious pressure on tech with chips in particular falling. goldman sachs weighing on the dow after earnings missed