hide. >> a head wind for the assets they have ownership of the dow down by 80 joining the nasdaq and s&p in negative territory this afternoon why that does it here on "the exchange." "power lunch" picks up right now. ♪ indeed it does, kelly. as the gains go slip sliding away welcome to "power lunch. we have two power players ahead this hardware. ceo of liberty oil fields services is here under pressure to increase output and the former google ceo warns of a national security emergency. he wants washington to make 5 g a priority so china doesn't own the tech and ai future talking to him this hour.

>> thank you speaking of chinese tech, probably the worst spot in the markets. dow down 81. the nasdaq is hardest hit this afternoon. the nasdaq down almost 250 slightly off session lows right now. apple drifting lower this afternoon. a key stock to watch barometer for the market down 2.4% and faces the loss of the headquarters urks foxcon in china. flip side is rates near session highs. 2.212% trading 203 this morning ahead of the fed's decision on wednesday expected to hike rates for the first since 2018, ty.

>> head of a big week for the market a fresh read on inflation with the report and details on wednesday and thursday and friday housing data. here with her look ahead is stephanie link, portfolio manager at hightow every always great to see you and kick off the week with you. i want to chat about bonds and the move we saw. we have seen over ten days, down at 1.76, now above 2.1 why? >> inflation it is good to see you always inflation, inflation, inflation. comes down to that the unknown whether or not the fed can catch up we got the cpi last week headline is hot at 7.9 and the rent numbers that are troubling

at 4.7%. year over year dallas fed now suggesting 6.9% by the end of 2023 that's permanent parts and talk about wages going up and you mentioned ppi tomorrow will be hotter and hotter next month. the meeting on wednesday is 25 basis points >> you have that big buyer the fed out of the market now. qe ended, right? >> that's exactly right. so the question is are they going to signal more rate hikes? i think four and then data dependent. when will they start to reduce the balance sheet. right now people expect it to be the summertime maybe sooner maybe the hands are forced to do it sooner. >> do you see the inflation

fever breaking this year or not? >> i don't i don't think we stay this high. i don't know any ceos that have told me that the supply chains are getting fixed any time soon. that will help inflation and higher rates four, seven hikes won't work through quickly. >> so let's move to investments where the dow moved negative that might offer port in a storm. we begin with american express which is experiencing i guess a post-pandemic comeback and rising dividend, qualities folks they are important these days. >> absolutely. these kinds of times i put the blind everies on and focus on good quality companies free cash flow reinvesting. that's what they are doing remember they beat on the last

quarter. they also had very strong fee income growth and got janda that on u.s. loans led by the consumer up 16%. their customer mix is healthy as of now but on wednesday i want to hear how confident they feel going forward. they raised growth for the long term. >> wow what about fedex why? >> fedex i don't own but it is cheap at ten times earnings. i want to listen to the global outlook. this company is a good proxy for that a positive surcharge into play in november. a tail wind for them negative is margins. b to b is sluggish but they have

to execute accenture i want to own it so bad. this is boast in breed it is enterprise outsourcing business on fire and starting to get pricing power, too. i want it but cheaper. >> 25 times? 20 times you want this stock i can tell. >> it is blue chip best in class. whenever you best in class that's my strategy i can't pay more than 20 times in this market. >> falling another how many percent? that's a steep fall. they won't feel that great. >> i don't think i will get it there. i really don't they're such a company growing margins and expanding and pricing power. it is a quality company and

can't get my arms around 29 times at this point. >> i love it thank you. the late ets own the ukraine war, ukrainian president vold z zelenskyy. aerial cohen is with us. earlier today about talks between ukraine and russia what do you think they're leading toward if anything >> i hope they're leading for peace. i got signals. voices on russian state television propaganda machine saying we screwed up we're not doing well

the plans was abysmal. people lying to putin. this is to say putin is an idiot because he didn't want to listen to what people had to say and did not pick the right people for the job. there's an investigation of stealing $5 billion. the russians wanted to build the fifth column, the traders in ukraine. people stole the money they don't have the fifth column nobody wants to be the russian occupation regime in kyiv if and when they manage to take kyiv. >> let me ask. if you say this and that some criticism seems to be bleeding out in russian media, i would say that the russian people more than not don't know how badly it's going for putin but there are people who do know and that's the russian military and russian intelligence services.

they know very well. i heard an expert today say if there's a sbirnl threat it will be from the spies, his own security services. agree? >> not necessarily because i think putin's control of the security services is stronger than his control of the military right now everybody's intimidated. everybody's afraid he gave a public dressing down before the war, to the chief of military intelligence. he was shaking like a leaf they are very negative and worrisome developments and i don't believe at this point to the declarations that there's progress in diplomatic talks. >> that's very interesting and unnerving. how do you rate the possibility of escalation when over the weekend a missile strike fell 12

miles from poland's border and there are supply columns forming in poland or other countries that will be targetable by russia >> indeed. so i see the trend in russia with the internal struggle the intelligence community against the military that's a limiting factor i don't see signals from putin, foreign minister lavrov and the spokesman, nobody signaling that they are moving toward a compromise and the war is expanding east and west. east because russia asked for military supplies from china they are running out of certain military supplies. "financial times" is reporting that the adviser mr. sullivan is

meeting in rome and the chinese signaling that they will respond to the russian request secondly as you mentioned russian military strike against the western training facility near the polish border and russia's threats that they will attack or nuke poland from my sources if poland give those mig-29 airplanes to the ukrainians. >> that sends chills down my spine and that of a lot of people let me leapfrog ahead and see if you see any basis, any basis whatsoever for an eventual peace deal that is an exchange of land for peace. in other words, that zelenskyy would agree to the annexation of -- to recognize the annexation of crimea and those

regions and might pledge neutrality for the withdrawal of russian troops elsewhere. >> it is a tragedy what's going on in ukraine. initial some of the cities my grandmother lived there it is literally like brings chills down my spine and taears in my eyes in order to stop this, the russians need to concede that ukraine is independent and can pursue the foreign policy and cybersecurity policy it needs in serms of recognition of crimea depends. they will recognize, did recognize the regions as autonomous areas but they have to be recognized within ukrainian border, within ukrainian territory integrity

and i don't see the russians agreeing and then de-nazi-fying. the nazis occupied ukraine and committed atrocities comparable with what the russian troops are doing today. >> thank you for your inrights we'll see you again soon. >> thank you. coming up, shares of liberty oil field services droming today. the ceo is here to discuss the energy industry and whether energy policy is an obstacle to increasing output and then a new series of "clean start" tracking the billions involved in clean energy a look at the china etf hitting a fresh all-time low around $21 and change al bah bah, baidu dropping about

10%. al and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone. oh man, my laces are ruined. you can pick the best plan for each employee the gender reveal was more fun than i thought. get in the back. look, your cousin dared me. i had no choice. my cousin is twelve. this is your captain speaking... 'cause they're like... captain's chairs? to be fair, i did say heads up. to be fair, you're sleeping on the couch. hey mercedes, change lighting to baby blue. i think you're actually more annoying back there. get up here. the mercedes-benz gls. perfect bliss wherever you sit.

i'm gonna grab the handle now.

this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. . welcome back to "power lunch," everybody. oil prices dropping huge today about 7% briefly dipping below $100 a barrel. all of this on concerns the new covid lockdowns in china dent decline and pressuring shares of liberty oil field services down about 6% a 50% gain

the wild moves amid pressure to increase output in the u.s. but the ceo says it won't be easy. chris wright is us chairman and ceo of liberty. welcome. >> thank you for having me >> kind of give us a sense of how close to capacity you are operating right now. >> very close. the market tightened meaningfully after being loose for three years or so. at the current level of activity we grow production nearly a million barrels of oil a day per year u.s. production is growing right now. it could grow more and take some special actions. >> growing by a million barrels a day is good giveren that opec could do 2 million, 2 1/2 million. what would happen if there's a win fall profits tax on oil

companies or what would be the policies that you think could encourage more production if that's possible or are we already at capacity and doing as much as we can right now >> production could grow investors are cautious customers. win fall profit tax would dampen the confidence tremendously. this administration, you hear about keystone xl pipeline and lack of federal permits. it is much more than that. epa, department of interior, there's meaningful roadblocks making it uncertain to invest in the industry we have been drifting this way for a few years and there's less production, higher prices, more

imports. >> i want to probe this because what my view is doesn't really matter but when we have so much reserves and not at the point of full transition to clean energy by a long shot, got to take advantage of what we have got. the biden administration would say, hey, 9,000 permits. you don't need to read jen psaki an invitation for you in the industry to do that. and then on the other side people say it'sreally partly administration policy but it's also intra corporate policies that haven't put the capital budgets against drilling project which is you sort of refer to there. and the meantime it's nice dividends to shareholders. >> yeah. it is both of those.

ten years out poor returns in the industry that's made people more cautious more disciplined around investing. that is a real factor. added on 9,000 permits, most issued in the previous administration and in foush four counties but if permits are not flowing out now that dissuades confidence, people from investing more aggressively now and like to see. it is not a good thing for the world to see $150 a barrel oil or to see that global lng prices today. bad for consumers and the world. >> but if there's 9,000 -- in other words, not more permits coming out that's a disincentive to the industry but if -- i don't know the facts but honestly i just see what i read.

there are 9,000 permits out there. why aren't they being used >> they are being used. >> okay. >> if they were the inventory that's four or five months of inventory. stand up a new rig, commit billions of dollars and a month from now three months? there is activity today but a lot less than there would be furk is a new regulation for climate change that's not really about climate change whether that runs through that pipeline or not that gas is burned in that power plan but it's an emissions way to move hydrocarbons doing that is a confidence killer. >> just finally, you must be happy that you are a private

company. >> we are public. >> oh, i thought you were private. >> we went public four years ago and outspoken about what we think would be best for americans and the industry. >> i beg your pardon i beg your pardon. thank you so much. we appreciate your time. >> thank you for having me i appreciate the coverage you both do. >> they haven't been nationalized that might be the next thing. >> must have been -- well, getting older. still to come, inflation urks deflating ford and gm's momentum causing an analyst to get more bearish a new series of companies transforming theal termtive market and how commodity market is wrecking havoc on calls the nasdaq down almost 2%.

every big idea every game changer every "how'd they do that?" starts here, the blank page. artists and writers know the tyranny of it well but so do developers, data scientists, ctos. the new creators to them, we say let's create something that changes everything. ♪♪ ibm. let's create. hi, my name is cherrie. i'm 76 and i live on the oregon coast. ibm. my husband, sam, we've been married 53 years. we love to walk on the beach. i have two daughters and then two granddaughters.

i noticed that memories were not there like they were when i was much younger. since taking prevagen, my memory has gotten better and it's like the puzzle pieces have all been [click] put together. prevagen. healthier brain. better life.

shares of ford lower after announcing it is stepping up plans to go electric in europe

offering seven new fully electric models by 2024 and will build a battery plant in turkey. also today jeffries cutting the price target on ford to $18 a share. saying europe could be a pressure point for the stock and worried about rising inflation and cutting the target on gm you can read more about it all at cnbc.com/pro. let's get to rahel solomon >> at this hour, the southern ukrainian port city of odesa residents working together to fill sandbags. as many as 400,000 have been placed along the city's coastline in hopes to slow an expected invasion by russia. julian assange is denied appeal of the extradition to the u.s. he faces charges for allegedly helping to steal material and then publish it and the court

said that it did not raise an argument point of law. he might be able to take it to the european court of human rights. the rolling stones going to europe for a 60th anniversary tour and announced 14 shows in 10 countries starting with madrid and stockholm and playing in liverpool first time in half a century and mick jagger will turn 79 just before the tour end. >> i feel like he always looked like he was 79. >> what? >> grew into it. >> grew into his own face there. >> still rocking and rolling and looking 79 apparently. >> sympathy for the devil. great stuff there. thank you. ahead on "power lunch" -- keith richards looks about 300 years old. china shutting down major apple supplier and the effects won't

just stop with any one u.s. company. is america losing the 5g race to china? there's harsh words for u.s. government officials nasdaq down more than 2% apple down 2.5%. we are back in a moment. you ca ! (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! c'mon caleb, you got this! and if you don't, there are other options! umpire: ball! good eye! good eye! eyes are good for lots of things. like reading!

be the best, caleb! statistically impossible, caleb. umpire: strike three, you're out! you'll get 'em next time! or you won't, probably won't. and it won't impact your future whatsoever! talk to us about college planning today. feel comfortable about tomorrow. massmutual.

when it comes to cybersecurity, feel comfortable about tomorrow. the biggest threats don't always strike the biggest targets. so help safeguard your small business with comcast business securityedge™. it's advanced security that continuously scans for threats and helps protect every connected device. on the largest, fastest, reliable network with speeds up to 10 gigs to the most small businesses. so you can be ready for what's next. get started with internet and voice for $64.99 a month. and ask how to add securityedge™. or, ask how to get up to an $800 prepaid card.

welcome back 90 minutes left in the trading day and can't come soon enough as stocks slide all session. dow down more than 100 bond yields are rising oil is down big and speaking in a moment with former google ceo. bob pisani kicks it off. bob? >> you're right. when you don't know the fundamentals look like and unsure about the future you trade on technicals and we broken below 4170. that was the old march 8th low back here. why today? buying the dip is not working. had attempts to rally several times and it's not working buy the dip is not working telling people to pull back

here by the way, those that like analysis this is a descending triangle and not a good formation. okay we talked about the top of the action last week in the big movement, momentum sectors you can see this with chevron. this is what i call the toppy action moving up. from 135 to 174. the last week essentially gone nowhere. you're lower than before this is true with most of the o oil stocks mosaic of fertilizer is a super star and sideways and lower than a week ago about 64 a week ago. you talk about 7, 8% lower there. that's the leadership sector for the markets. the curse of the dow is a real

phenomenon and it's coming forth once again basically means that people go in the dow stocks underperform long term immediately after going in and stocks kicked out outperform salesforce went in august 24 into the dow 2020. it is trading below where it was when it went in. replaced exxonmobil. what's happening to exxonmobil under the curse should be outperforming. it is actually up 100% since it was booted out of the dow jones industrial average 2020 the curse of the dow continues. >> it strikes again. thank you very much. over to the bond market where the 10-year yield jumping to the highest level in more than go and a half years rick >> yes and not only that, clicking the high yield low price of the session as you see 2.13.

let's show a six-session chart why? because on pace for the highest close six sessions in a row. right now up 14 basis points 7-year up almost 10. there's the biggest pop in yield on the curve remember we have a lot of central banks meeting this week. not only ours to most likely raise on wednesday and also going to have the bank of england and the ecb. look at the bunds. also on pace -- actually closed. sixth session in a row with a higher yield a fresh 39-month high yield close. and if you look at the other central bank meeting, bank of england look to raise for the third consecutive time closing at 1.59.

a fresh 40-month high yield close back to halloween of 2018. jgb, this chart back to 2016 because this past january they made the highest yield right around 23 basis points and slipped a bit. not only not raising rates but continue to continue to try to control the yield curve and interest rates and boat load of etfs back to you. >> significant global breakouts. thank you. week after hitting the high over $130 a birl, oil below $100 today. how did it close pippa? >> oil prices are under pressure and building on the declines which was the worst week since november there are key factors. talks between russia and ukraine and new covid lockdowns in china which could dent demand.

this is the first demand scare in a little bit and the action beyond energy traders. when commodity markets become vehicles to hedge or manage risk across other asset classes we see the pockets of massive volatility wti down at $102.41. earlier in the session below $100 brent crude down at $106.12 but up sharply on the year. >> thank you russia's increase is causing a scare of a full-on virtual war. there's a warning of china's dominance in a "wall street journal" op-ed and the focus of his latest book. joining us is eric schmidt great to have you on the program today although china is looking

more vulnerable in recent weeks here. >> i hope so china is really integral in the supply chain and we are integral in theirs. trade with china has gone to a new high. >> as you mentioned we are coupled together and the fates are intertwined and trying to figure out if they're the good or bad guys on the russian front. what do you say about the efforts andal bigss with 5g technology and art firm intelligence >> there's a major screw-up on the u.s. china is probably ten times better in terms of speed, power and coverage than we are on 5g if you don't care about your

phone not kashing half the time but you will when the chinese applications that use the increedible infrastructure emerge this is a major policy failure our government needs to figure out how to get the frequencies needed and to build out the network. it is a major competitive issue. >> the chinese spent $50 billion to build out 5g. in the u.s. did coverage is bad. the speed is worse and some cases as you point out in the article is low every than for 4g. >> went the wrong way. >> going the wrong way it hasn't worked tell me why this is a national security imperative. when i hear 5g i think i can download "the godfather" series in two minutes why is it a national security imperative >> all of the new applications

will talk to each other all the time with very low delay the network that 5g offers should be able to power a new generation of applications that do lots of things whether it's science which is something i care about or national security and sush vairveillance today they're billinging out they said this year 2 million bay stations we have about 100,000. the country on the way to getting a gig bit for every phone. you're lucky for 50. that speed difference in my history makes a huge difference of applications. we know that they're going to be highly embedded with the lifestyle. how you buy things and live. >> like the difference of 3 and

4g that spawned a different level of applications. you say ai is a -- going to reorganize the world how and how does it affect the safety epa security apart from the cool things to do with it? >> ai is going to transform everything starting with science and biology, material science. new drugs. everything you can possibly imagine. it is incredibly powerful. we are transformed by ai in the same way as the personal comput ir we will have systems to recognize you and answer questions that bedevil you so the promises is incredible and going to have a big impact on everything else

if china gets to general intelligence first it is a huge threat to america because it will leapfrog what we're doing that's not good. in war ai is used for precision targeting and decision making. we have to lead there. we have a to address the bias systems. all the of these are challenges that require investment and focus. the u.s. needs to step up to it. >> could you respond to what we have seen in american companies putting pressure on russia i think google has is this generally the kind of behavior that companies should deal -- choose to deal with russia or china in the future? should it be more severe less in the interest of long-term

positive relations, fostering maybe better outcomes there? what are the thoughts? >> i'm concerned that putin strategy here taking the country back 30 years. if you look at the restrictions which i support they're essentially putting moscow back to 1980s with food stamps, long lines. we are collectively better keeping them integrated with information for the citizens to see what they're missing out that worked well with east and west germany i also think that the war is going to help solidify the tech companies' understanding of why national security is important if you believe falsely that ten years ago the war eliminated and didn't need militaries to protect us then you say let's not work with the government and i think we have

unfortunately put that argument to bed the tech industry needs to support it. >> very interests. >> pretty good and mid long distance runner as classmates in virginia a hell of a lot bet esch at math nice to see you again. >> thank you again and see you soon. >> hope so. >> now we know whose shoulder you were peeking over. >> oirm when eric moved into yorktown high and in the same class for a week until they realized he was in here and i was in here. >> you have done well and thank you again. >> good to see you. after the break what china's covid shutdown could mean for the already struggling supply chain and impact u.s. tech firms next take a look at bitcoin after seeing a bump on the back of a musk tweet and saying he won't be selling the crypto and now

lower below 40,000 we'll be right back.

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

shares of apple are lower today as china's covid lockdowns threaten to disrupt at manufacturing. what's going on? >> shenzhen where foxcon is based and a large percentage of apple gadgets are made shut down for at least a week. analysts are putting out notes worry but not necessarily panic why the worry from the idea only about a fifth of iphone production is happening here and can move it for now. >> where are they? >> in other prof vinces of chin not locked down. the panic comes if the lockdowns are other cities where the production happens and lasts longer it is a repeat of 2020 delaying the iphones in the fall and the real thing to worry about.

>> as if the covid related delays an outbreak i read today the worst in china since 2020. >> right >> yeah. it could -- i don't know whether it could spread. i presume it could. >> got to hope this isn't a creepy variant and at the same time again flashbacks to 2020. iphone 12 delayed about a month. doesn't sound like a lot but for apple it is and throws off the comps year over year doing that and warning the comps looking tough and might extend a couple years ago. looking at apple two years from now you look and say i hope it doesn't get worse. >> what about the ar goggles still this year? would this affect that >> the consensus is apple shows off the head sets they want an in-person event. >> you can't show a virtual headset virtually i don't think. >> we are familiar with the

phones so this way is events to make sense and not necessarily for the glasses so until we get to a point to have the big tech launch events together then it will happen. >> do they have significant american operations that could or would some day step into a gap that needed to be filled >> absolutely not. the supply chain is out there and manufacturing in asia. little things made here like the mac pro computers. president trump did a tour there are some things. >> who makes them? >> different manufacturers not just iphone but other manufacturers to put the products together. not just foxcon and not every iphone but a fifth made there. >> so far for the week. >> far week, yes. >> thank you. still coming up on "power

lunch," powering your block. a green energy startup with plans to bring clean heating and cooling systems across the country. the new series is next ♪ ♪ hey, i get it, commitment can be scary. but not when you're saving up to 15% with subscribe and save at amazon. you get free repeat delivery on your favorite items and if things don't work out, you can always cancel. seriously, no one will judge you if you call it off. ok! learn all the ways to save with amazon.

at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. wondering what actually goes into your multi-vitamin. at new chapter. its innovation organic ingredients and fermentation. fermentation? yes, formulated to help your body really truly absorb the natural goodness. new chapter. wellness well done.

. as governments struggle to agree on how to stop global warming and especially how to fund the necessary changes, trillions of dollars in corporate and venture capital are flowing into the sector. clean energy, clean tech, clean construction, everything is clean. thousands of clean start-ups are the target as climate investors bet on big returns diana olick is here with a look at one of them >> we're following the money to brooklyn, new york, and a start-up called block power whose goal is to ultimately electrify every building in america. >> i grew up in this neighborhood i know what's inside these buildings. right? and therefore, i can see the investment opportunity my job as a ceo is to make it transparent to potential climate investors. we're going to decrease the amount of oil and gas and fossil fuels these buildings consume, decrease the amount of emissions

and hey, you're going to make 10% financial return by investing in these buildings >> block power will do that not by selling clean energy systems but by leasing them to building and homeowners from roof to basement, you're reinventing the building >> the whole building. >> they're converting the heating, cooling, and appliances from oil and gas to electric and adding solar >> we lease it to them for 10 years or 15 years and after that point, we have taken in enough money to pay back goldman and wall street and whoever our lenders are. sometimes it's foundations, and we have collected our fee, and so the ownership of the equipment is transferred to the building owner we look at this and say, my god, what a great opportunity to save the planet and make a little bit of money by focusing on what's down here. >> and focusing on the opportunity out there. block power is behind ithaca, new york's, first in the nation plan to eliminate carbon emissions in the city by 2030.

>> we're negotiating with several cities in california, in new york, in massachusetts, in georgia, and across the country to decarbonize if this all works, we'll end up being a big company. >> early backers including american family insurance, the schmidt family foundation, goldman sachs urban investment, and salesforce then this january, it got a big debt infusion from microsoft total funding both debt and equity, about $100 million and block power just got a $5 million grant from the bezos earth fund to digitally map about 125 million buildings across america so that each one of those buildings will have a free plan for how to become environmentally sustainable. >> you have basement photos, diana? >> we got basement, we have roof we are everywhere in this buildings. >> can we see a little sort of -- there we are we see in there, sort of looking at these clean systems but what are we looking at here?

>> well, what you're seeing is they're going from carbon emitting energy to electricity so they're taking out the boilers, taking out gas which is a huge carbon offend, and they're making more space to put in other green technologies, your hot water heaters, everything that will electrify these buildings, taking out the appliances and reducing the carbon footprint, and we know real estate is one of the worst carbon offenders out there and that's why this is such a huge project. >> diana, thank you very much. diango dnsirinhea esowtas t inereds. more "power lunch" is next

you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ your record label is taking off. but so is your sound engineer. 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

we hope you will join us for a very special edition of the exchange and "power lunch" this wednesday. i'll be live at the federal reserve building down in washington where it's going to be 65 degrees, kelly i'll be there starting at 1:00 p.m. ahead of that highly anticipated fed rate decision and important obviously as the decision will be, the text that is issued, the questions that are asked and answered and dodged during his press conference >> the market setup is quite striking on a day where you have concerned about covid in china, otherwise recessionary rhetoric bouncing around the market, you have rates moving throughout, higher throughout the session. the ten-year last check was about 2.12%. the flipside is underperformance oncegon in places like tech, chinese tech especially, the nasdaq having a tough session. >> one of the real keys is going

to be any, any suggestion about when they may reduce their balance sheet and move from quantitative easing to quantitative tightening. we shall see what wednesday holds. >> really looking forward to that in the meantime, we're watching the markets cautiously the dow trying to fight back to positive territory thanks for watching "power lunch. >> "closing bell," the new "closing bell" starts right now. >> the major averages all in the red, with the nasdaq getting crushed. the most important hour of trading starts now i'm sara eisen, and i'm thrilled to welcome you all to a brand-new vision of "closing bell." our goal is simple, to deliver you sharp analysis of the stories that matter most, timely conversations with the biggest news makers and everything you need to know for trading as we count you down to the close each day. so let's jump right in here are my top takeaways on today's biggest stories. a new headache for multinationals covid concerns and lockdowns in china. school i