going into the spring when the most people list still way down from a year ago and historical levels. >> thank you for now appreciate it. that does it for "the exchange." "power lunch" picks things up right now. ♪ welcome to "power lunch. i'm jon fortt in for tyler inflation, war, rising rates head winds for the market and potentially one more slowing earnings growth. king dollar. dollar index hit the highest level in two years and putting pressure on companys we have the names later this hour kelly? >> thank you the dow, s&p and nasdaq down for the fifth time in six days sec and financials are the weakest se

weakes 10-year above 2% let's send it to bob pisani. bob? >> it is not just tech and financials lik you the sectors you can't keep the market up with just energy stocks and utilities. oil is down but energy stocks are up that's because they're not oil semiconductors weak here banks have been weak and industrials. basically just energy and utilities holding the market up. got a new high with occidental the point is oil stocks aren't exactly oil. they don't necessarily trade in the same direction because oil

stocks give off dividends. you can have a down day in oil and people buy because the outlook is tremendous. the earnings estimates are going up others are going down in other sectors. defensive names? coke, pepsi. look clorox, the problem is a lot of exposure to europe with growth problems and issues obviously than the united states does. market issues, simple for you. we need to figure out a way to figure out the inflation impact and we can't in a war. we had problems before that figuring with everything going on prish to the ukraine crisis the market's acting like it doesn't know what the right thing to do is and so people

decrease exposure. you go below the bottom an people care act technicals a lot of air going back to may of 2021. watch the levels for 40 or 50 points you want to stay above certainly 4170 guys, back to you. >> all right let's see if we can figure out how to navigate as volatility in the market continues next guest said there might be an earnings head wind. let's bring in jim terney with alliance bern steep concentrated u.s. growth. jim, over the past day or so volkswagen group ceo says prolonged war in ukraine could be worse for the european economy than covid do you believe that? how much of that is priced in at the levels where we are right now? >> i think there's definitely a

chance of spillover wh if you look at 1 to 2% of global gdp and most companies but expanding across europe then there's more at risk. >> if it doesn't expand coflikt, the inflationary affects and what happens to demand in the face of that, is that something that investors should be thinking about >> sure. when you look at s&p earnings estimates this year they went up what's happened is the numbers have been shifted to the back half of the year to me that's normally a warning sign that people push, kick the can down the road and cuts are coming looking at the exposure, the currency exposure of many companies and the commodity cross head wind, 5% of the market the other 95% is a head wind

here i think earnings estimates have to come down. >> and how are you thinking about segmenting out what companies are more likely to outperform in this kind of environment? >> that's the really interesting part and the opportunity in this market everything is thrown out baby out with the bath water and people are not looking for great domestic opportunities and there are some good u.s. opportunities. >> some of them? microsoft? >> microsoft i wouldn't put microsoft in that bucket i would say schwab the organic growth, the cost cutting are positive you had positive earnings revisions and the stock is down from the high this year. that is a great opportunity. constellation brands you were talking about consumer

staples. the multinationals are at risk selling mexican beer in the u.s. not a lot of currency and revenue risk a stock down from the peak. >> what kind of speed bumps do you see to this thesis how could it go wrong? >> i think the risk is that consumers get sticker shock with inflation and higher gas prices and have to pull back somewhere. what we look at is every day items or savings and investing through schwab and the areas are more protected there's stilt pent-up savings. >> does all of this make you a fan of the fed starting to hike? are they a head wind to contend with or do you think that there is something to generally be a positive force for markets given

the inflation dynamics you witness? >> i think once we start hiking the market, this is not as bad as we worried about. quite frankly i think some inflation to see right now ironically is more transitory than not wti probably doesn't stay at 120 in perpetuity with a solution to this crisis. >> all right jim, thank you. >> thank you. let's shift to look at the oil market where we have seen gobsmack in volatility this week worst day since november for wti crude. su supply concerns are top. following the russian oil ban. here to help is paul sanki from sanki research are you surprised to see the calmness the last day or so with

wti? >> calmness? >> calmness today. we are off the highs. >> what? >> the crisis is over, right >> lunatic, kelly. no okay, today, it settled off a bit and came off the highs and settled today a bit but the problem is that all of this takes a long time and talking weeks to feed through oil markets. to that extent i think the reason that the oil stocks equities are going up it seems like a level that we s.t.a.r.t.ed at 100, gone to 130 and now 115. given it looks like a quagmire situation in the ukraine, 115 feels like about the right price to settle at while we work through the real actual physical dramas that we have to face just in terms of reorganizing the world oil system this is a big deal >> to make that point for those

that think this is nowhere near over that would seem to suggest oil needs to move higher to balance the international market but was yesterday a preview if the headlines turn friendlier? >> exactly i agree. >> okay. thank you very much. tell me where the plays would be in the energy space right now because people might be concerned about stepping into this with the back and foth we see. >> as the market gets comfortable with holding say above 100, 115 whilst the situation continues, we don't know how it plays out in terms of how much impaired russian capacity is, you have seen the exit of exxon, shell, bp these will have an effect. all of these things have a permanent impairment effect and getting a situation to hold

above 100 you buy the oil stocks because they become extremely good value if we have a long term sustained environment which is possible if we see continued sustained demand from china and i think we will. they raised the gdp target for the year continues to have strength in the u.s. not seeing the penetration of evs. we still see the popularity of regular cars and pickups here. also, the gasoline still isn't a high part of income in terms of how much to spend on gasoline. there's sticker shock but a sustainable price that people can afford looking at the gasoline costs in europe and getting that together suddenly the oil stocks are a great place to be and see stocks with good assets and good managements and listed them for you many times i was discussing marathon oil.

70% of cash flow back to shareholders buyback at 100 they could have bought back the stock in two years. >> if we think ahead, i expect energy policy domestically is a big topic around midterms and then potentially changes coming in '23 and beyond. are there specific policy changes that could be on the table or coming down the pike to affect stocks that you are watching >> i think the one that most frustrates us is volatility. the vote grabbing headline that's just wrong headed we want a big, successful gas industry particularly here in the u.s. and need to help pipeline development safe pipeline. for oil. and generally develop the production of exploration

industry because it is positive for north america. get canadian oil not venezuelan until regime change don't buy iranian when we can buy canadian i like the idea of small scale nuclear. nuclear power definitely stability of policy. as i said is just going to be key with that and with pour and down the track we need to get back into the industries that we have abandoned here to the chinese and arguably to the russians for example as we used to be major producers of nickel. >> all right we'll watch for that thank you. >> thank you coming up, it is splitsville for amazon the company's stock split has investors asking who could be next top analyst has names. china's internet etf down sharply in today's session we'll tell you what's behind the decline. and as we head to break a look at shares of goldman sachs which

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welcome back can we start calling ate trend yet? amazon announcing a major stock split. 20 for 1 stocks up nearly 6%. buy back also importantly. after the first day pops for other stocks does it boost the stock beyond that period of

time dom chu is here looking at the big splits have reacted in the past. >> we know that splits in and of themselves don't do much the company has to do something and does do is increase sentiment and maybe accessibility a little bit and something that amazon says it was looking to do taking this step to make this split happen but it comes down to is whether or not it will help to provide a part of the story for more bullish narrative. recent events maybe provide a precedence we'll start with a big example and what we saw with apple back in 2020, a couple years ago, with that big 4 for 1 split they had up 35% over the next month 39% over sixmonths and 54% ove the next year. there's factors that going into that more sales and services revenue

but might provide a tailwind and on the day of the announcement apple popped 10% in one session. another mega cap that's distant with the split is going back to 2003 microsoft. it was up about 6% over the next month after the split and then 10% over 10 months, 15% over the next year. the narrative trying to split to make it more accessible playing out. maybe the one most front of mind is tesla because tesla shares were getting to the rarified air and made a 5 for 1 split in august of 2020 up 30% over the next month, 186% over 6 months and 150% over the next year. the chart of when that happened is right about here and see off to the races sin then and then pulled back but the idea to have

a stock split provide a tailwind is something that tech ceos and board are keenly aware of and maybe why they try to make it more accessible. >> doesn't hurt. >> no. not at all trading volumes much bet every with a lower price stock apple at $150 a share trades almost 100 million shares a day. amazon closer to 4 million to give you an idea. >> that's a big difference. >> we'll see what happens to the tailwinds if winds overall are shifting. >> thank you. >> thank you. if stock splits are bullish who might be next? jared woodard ran the numbers. he is at bank of america securities who do you think might be in the running? i'm looking at my list of tech stocks i cover what do you think?

>> hey, jon, kelly it is a fascinating question because right now there's 20 other stocks in s&p 500 alone with share prices above $500 a share. we saw google and amazon and looked at the 20 other names that are prime candidates we think for a split and dom's exactly right. 12 months after a split since 1980 stocks that split are up average 20%. the market on average 9% i can tell you that the 20 names in the s&p 500 account for almost $6 trillion in market cap. almost 16% of the total. it is a big group. >> okay. so i was looking at some tech stocks over $400 a share maybe lower bar than you were talking about. adobe, intuit, shopify, broadcomm. if the names are off the highs

will that make companies skittish about doing splits? >> i don't think so because it's not just stocks but excuse me names in there we see autozone, chipotle and blackrock seem like they're prime candidates because this is not about the technical details but management signaling that they're friendly to shareholders they want to show that they want to run the business well and care about returns and it's a free and easy way to do it and bring investors to the table. >> how much of this is about getting into the dow >> it's a great question i don't know if that's a top concern for a lot of managements. matters sometimes and historical studies on that, too number one concern right now given the tightening liquidity,

i think managements want to show that they're ready, willing, listening. it is a different tone of three or four years ago when maybe companies pursued policies not at at atentative to shareholders. >> i wonder how much of this looking at the impact of stock splits is looking at correlation and thinking it's causation particularly coming to the technology companies that increasingly are paying employees especially highly valued employees in equity more than in cash is it possible that sometimes these splits are about giving those employees flexibility and the growth expectations of the companies, the way they compensation is more to do with the success in the future than the fact they split the stock and trying to be friendly to

retailer investors >> i think you're right. the company split because they did so well or do well because they split the shares? i think what we find in the data is that it's firms with great businesses and have strong momentum that are able to see the share prices rise to high levels over time you don't see failing companies priced at $1,000 a share so there's an element of success in there and i think aligning employee compensation and management compensation with the success of the business is a great idea and might be that stock splits are an indicator of companies well positioned in the industry and those that investors want to be a part of. >> all right maybe i was splitting hairs.

thank you. >> thank you. still ahead, talking at u.s. tech stock declines but it's nothing like china having the worst day since december underperforming u.s. tech this year plus heavy is the head that wears the crown. the strength of the u.s. dollar could be bad news for glalob consumer brands. we'll explain when "power lunch" returns. growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew.

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welcome back really tough session for the kraneshares china etf today. it was a high of over 104. let's go to kristina partsinevelos with more on why chinese stocks are getting so hammered today. >> u.s. regulators are cracking the whip five chinese companies named to be delisted if they don't provide audit documents. a few names are yum china and zai lab. they have 15 business days to get the names off the list or have three years to comply with that extra data. the announcement triggered a

sell-off of chinese stocks that trade in the united states all plunging double digits with the exception of billy billy k web is down over 9%. if it ends the day down more than 10% it will be the worst day since the inception in 2019. this is a countdown from holding the foreign companies accountable act. over 200 firms could be delisted from the nasdaq and new york stock exchange problem is beijing blocked domestic companies and the chinese auditors from complying with requests from foreign regulator, aka the s.e.c. >> that's what makes today's move surprising is that the three year's worth of concern is jammed into -- we have heard

people saying that they would be looking at chinese stocks here and looking at the chinese internet names and absolutely the opposite effect going on right now. >> it is the opposite if the s.e.c. follows through with the 200-plus names and why you see more of a trend of the chinese firms with a dual listing in hong kong to reduce the exposure in the united states there's word to talk through this this is a massive market and potentially a lot lost if the firms are not listed here. >> absolutely. thank you, kristina partsinevelos. now the cnbc news update >> press secretary jen psaki acknowledging theist ban on russian oil will send costs higher but believes it will be temporary. mitch mcconnell is accusing the democrats of inventing laugh out loud revisionist history to

blame putin for higher prices when he said the war on energy is pushing prices up for months. remember a florida state -- a speeding allegedly drunk driver going the wrong way and heading to hundreds of people in a 10k race today that trooper said in 26 years she never had to risk her life to save others. >> every day since it happened i think about it you go through the what ifs. i was the last officer i knew that. i knew it was me so if it wasn't me to get her to stop then who i don't know i don't know >> jon, she says she just acted and just sort of kept expecting the driver to pull over, pull over, didn't happen.

thankfully she is okay. >> thank you a reminder of what public safety officers do and the important work. ahead on "power lunch," inflation nation food and energy costs rising to the highest levels in more than 40 years the companies feeling the pressure the stocks have the pricing power that vers should buy now that's next.

alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league!

welcome back to "power lunch. new data from the treasury department show that is the u.s. deficit has dropped dramatically compared to last year as fiscal stimulus winds down and revenues tick up. year to date the debt sy $456 billion down 55% from a year ago at a trillion dollars. for february the deficit $217 billion. down 30% from a year ago revenues in february up to $290 billion up 17% in a year ago and spending at $506 billion down from a year ago. so we are seeing the deficit drop sharply

back over to you. >> a big gap thank you very much. back here to the markets we are well off session lows let's get caught up across stocks, bobnds, commodities oil turned lower after inflation hit a high let's start with dom chu with the latest on the markets. >> turn around thursday. of two days very much in positive territory we're well above the session lows the dow down smuchings 466 the lows at 160. s&p 500 down 68 and nasdaq lower by 309 so as you can see there next to me the losses cut to fractional except for the nasdaq and been the underperformer all day long. despite the higher oil prices the oil prices are declining energy is outperformer after the

losses yesterday tied to falling oil prices and by the way still falling again today which means it's an interesting trend. technology and financial stocks are the biggest laggards 24 hours i said the opposite and talking about how big the gains were yesterday for tech and financials from an individual stock perspective you think amazon would be the biggest story urks may be true given the weighting but check out the more volatile upside moves these are two big fertilizer makers big for a while and the war intensifies. russia is a big fertilizer producer and threatened it makes the stuff produced that more valuable back to you. >> thank you now to the bond where the

10-year yield was above 2% rick >> look at intraday of 10s see 8:30 eastern we see that we had 40-year extremes on both headline and core year over year volatility 1:00 eastern the volatility put us off solid 30-year bond auction mid-february the high close back to july of 20192.04. mid-february is important for every sovereign. year to date of bunds. mid-february the high close going back to november of 2018, yes. 30 basis points. 03%. intraday high today, close

and the sovereign in the uk the high yield today in close was close to the mid-february high close at 1.58 taking you back to october of 2018. finally, a week to date of the dollar index and giving up the ground as you see. however still up 2.6% on the year kelly, back to you. >> thank you. let's turn to oil that just closed for the day we saw pretty big turn around around $106. ended in the red by 2% inflation overall rose nearly 8% in february in due partly to the oil prices four-decade high let's bring in dan genter of rnc

genter capital who doesn't have it? >> i think that the companies that are going to well here which is important is that the defense companies obviously will do well. from two perspectives. there's going to be a demand for defense items here on the short term and long term bases and seeing significant sales to go to the allies. so it's -- we are going to see the companies continue to do well the favorite is lockheed martin. something we bought about six months ago based on fears of russia and mainly china some industrials frankly will do well on the rebuild from the war'wa itself and they're going to build factories and do well. energy complex will do well.

i think chevron will be a favorite right now still had a dramatic run up from 133 to 170 but still yielding about 4.3%. at about a 17 pe dow chemical fits in the same category for materials look tobacco. people drink and smoke no matter what's going on and then upset they will do more. >> i see tyson in there with pricing power. i think the administration's gone after them. across consumer staples are there name that is jump out to you? what about big cap tech that seems to be the new staple >> look. it is going to be a player big cap tech concerns me a little bit with rard to valuations in this market we have a lot of things taking place that could loom a recession and not the opinion at the moment.

you have literally a war with a nuclear power going on and only thing that happened in the market is frankly we have contracted 12% really come down to where we should have been in an environment with inflation, slowing earnings, and increases in interest rates. the market at 19.3 value about 15.2 market's in line with five-year average. value almost right on. growth side is still high. average is 21.5. it is at 21.6. there will be players part of the big index and probably if looking for value in a slower growing economic market i don't want to be there. >> with the filter of pricing power to understand who's strong or not in this position applied to tech we saw apple release an

iphone or announce one that's more expensive we have seen netflix hike subscription prices and then the cloud players continue to bring a lot of prices down at the sam time how should investors think about pricing? sometimes higher to show strength or lower to show strength, as well. >> right i think you bring out the good companies and good plays there with regards to people in my opinion should have core positions in the companies because they will be players they will be part of the large indexes so people in all likelihood looking at the averages now maintain tloat leaa 10 to 20% position in tech and get a play it is based upon where the consumer is and going to drive those. am i a little bit concerned

about the discretion nash items is what's happening to gasoline prices gasoline prices for the average working family or person with a 20-gallon tank and fill up twice a week costs them if prices stay here up about a dollar costs $2,000 a year. average person making $57,000 a year the disposable income went down 3.5%. they have to adjust somewhere. >> might be good for the walmarts and costcos, right? that consumer market segment is looking for deals where they can find them. >> right exactly right. they have to go downstream and scale down and typically the very upper end retailers are the very upper end will have money kind of one click down usually is hurt the most they go to the walmarts, they go

to the second, third tire er brd and they benefit. >> thank you more on the markets next heading to break check out shares of asana. the software firm reporting a wider than expected loss for the quarter and warning of larger potential losses ahead shares down 25% and the founder is buying them we'll be right back. alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots.

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welcome back stocks are lower off the worst levels of the session. dow and s&p off fractionally nasdaq off a little more than a percent. check out the weakest sector information technology biggest laggards from chips. the sector holding up the strongest is energy. those gains led by halliburton, devon energy, the williams companies and pioneer natural. and that's happening even as oil

pulls back by another 2% $106 a barrel. consumer discretionary names rising especially in travel. hilton, carve value and expedia. kelly? >> green spotteds. thank you. how's a stronger dollar impacting consumer staple stocks what about the strong greenback? a top analyst will name the companies most as sk arind those most protected that's next. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform.

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investors looking for safer assets these days and they have been pushing up things like the u.s. dollar. globe elinvestors especially the dollar index came close to hitting a two-year high earlier this week. that strength puts additional pressure on major u.s. goods companies. joining us is nik modi we're just piling it on for these companies right now, aren't we? >> oh, my god. it's crazy when you think about inflation, when you think about what's going on on the cost side, but also the consumer side then you add in the effect

situation. it really is going to be a tough year for a lot of these companies. >> while we know the dollar doesn't usually -- well, let's put it this way, we know it's not usually a huge percentage point mover for these companies, although sometimes it can be, but it could be a make or break in a year where they're looking to squeeze out whatever they can that's left of their margins >> absolutely. you think about the amount of pricing taken right now just to cover the rising cost of labor and transportation and general input cost inflation and then you layer on top of that you have this devaluation of some of these emerging market currencies, the russian ruble, for example, many multinational companies have to take local pricing to help cover that devaluation. it makes the situation even worse. and this is at a time where every consumer worldwide is dealing with much more cost inflation in terms of pinching their wallet >> so nik, what do you expect to happen perhaps when it comes to guidance then for companies that

have a lot of international exposure, do a lot of international business in the coming earnings season is guidance going to get more difficult? is it going to be disappointing? >> yeah, this is a crazy thing we just literallyi ended earning season for the december quarter, and so much has changed from just two weeks ago so many companies already gave guidance for fiscal 2022, and now we're going to be in a situation in late april where they're probably going to have to revise them again look, the stocks have already sold ought, and i think it's already starting to price in a lot of this risk >> let's talk through some of the names you think are most exposed here who immediately comes to mind? >> well, when you think about my coverage in particular, on consumer staples, you have your global multinationals and your very u.s.-centric type companies. the global multinationals are at most risk when you think about coca-cola, procter & gamble, pepsi co, mondelez, colgate,

kimberly park. these are the companies are going to see the most risk from the effect standpoint you're talking about, and then companies like constellation brands which is entirely u.s. centric and doesn't have a lot of exposure to ukraine or russia, don't have a lot of effect exposure. and even ultria, while there's kind of a mixed story because gases impact the tobacco consumer more so than other sectors they are entirely u.s. centric, have almost no input cost exposure. >> talk more about the input cost exposure because often what happens here is an entire group gets punished for an expected impact that's coming and then you myth get some upside surprise in the likes of those names you mentioned. so how are you going through and looking at who perhaps isn't going to be impacted as much by these effects? >> yeah, really, it gets down to

the nitty-gritty like where the exposures are. when we did our outlook for 2022 in december of last year, what we basically said is, listen, the market is going to be defensive right now because of omicron and fed rate clarity, but as we move deeper into 2022, we're going to have more fed rate clarity or at least it will be priced into the stocks and we're going to start seeing mobility improve as weather improves like last year. our entire kind of top ideas list ever since we walked into 2022 has been focused around mobility, that's why we like constellation, why we like dr. pepper, estee lauder and coty, because peoplegretting out and about, but these are companies that have less exposure to the raw materials going up the most. when you think about the energy complex, aluminum to some degree, although it's mixed on that, when you think about some of the vegetable costs that have gone up because of what's

happening in ukraine and russia andi indi indonesia palm oil restrictions we tried to craft a top ideas list around this theme and it seems to be manifesting. >> nik modi, thank you >> you bet >> up next, can american households absorb higher inflation for longer a new report puts that question to the test. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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americans broadly speaking

got richer toward the end of last year. household wealth topping $150 trillion for the first time ever, according to the fed so what does that say about our ability to handle inflation? dom chu is back with the details. >> it should mean we have better balance sheets but in general, a lot of folks got richer i don't know if i feel that way. >> if you own a house, basically. >> that's the key, because if you're looking at the numbers and saying i'm richer than ever, get triggered here and get ready for that because this is the latest data from the fed it shows that american household net worth at the end of last year, yes, was that big amount of money for the first time ever, it topped $150 trillion, by the way, but 8% better than it was quarter over quarter. no surprise why it was so high if you were lucky enough to be an asset owner over the last several years, you have made out like a bandit. that includes stock market gains, that includes rising real estate values, and those two

parts of the market contributed $4 trillion in and of itself to gains in the last quarter alone. even with household net worth or equity on the rise, dent is on the rise as well nonfinancial debt rose to over $65 trillion household debt was nearly $18 trillion of that, 8% annualized higher in terms of household debt, and consumer credit was up nearly 7% as well. we talked during the pand that this notion of government stimulus payments was contributed to a deleveraging effect on the household balance sheet. people were paying off their debt, socking more of that away, mattress, bank, or otherwise they were healthier. now it feels as though if the inflation picture is picking up, you may have to stretch more, use some of the savings. >> or the home equity to pay your gas bill. >> that's where it gets tricky right now. >> hopefully you didn't buy that

house somewhere where you got a long commute, because -- >> i know. offsetting >> i live two states away, just saying >> dom is leaving now. >> i pay a lot of fuel costs >> thank you thank you for watching "power lunch," everybody. >> "closing bell" starts right now. >> hello, and welcome to "closing bell. i'm sara eisen stocks are back on the downswing after yesterday's big rally, as the war in ukraine and inflation fears continue to hit sentiment. we are well off session lows the nasdaq leading the decline again, down around .75% as we head into the final hour of trading. >> i'm mike santoli. let's look at what's driving the action high level peace talks between russia and ukraine fail to yield any significant breakthroughs as russia continues the assault on its neighbor in the u.s., the latest read on inflation came in at a 40-year high, up 7.9% year over year and that was before the effects of the war and tech is getting hit particularly hard today with chinese internet named