mandate of mask is more important. cnbc's healthy returns summit a week away. go to cnbc events.com and sign up for that and looking forward to that. thank you so much. that's it for "the exchange. "power lunch" begins right now ♪ kelly, thank you welcome to "power lunch. here's what we have got for you this hour. stocks pulling back today after a short term rebound market pro says buyer beware calling this run higher a head fake an energy marshal plan what jamie dimon is proposing. as a way to achieve energy

security it's a plus and not an either/or. is it the answer we'll explore that issue. >> thank you hi, everybody. stocks in the if e red with the dow down 357 or 1% s&p down so we are below the 4500 number and the nasdaq down 110 points energy is rallying but that ease because oil prices are spiking again. 4% gain for wti. $114 a barrel. the 10-year yield surpassed 2.41% earlier on and continued to come back throughout the afternoon. see the drop there a strong 20-year auction that rick tolds about but confusion around the recent narratives bob is at new york stock

exchange with some clarity maybe on what might be emerging. >> like choose your own narrative. the problem is driving everyone crazy how to look at the markets. it is not usually this hard. the two biggest issues are interest and rates and inflation some believe it will moderate because high prices for cars and gasoline and housing result in demand destruction. others believe it takes several years to untangle. half the traders love the fed talking tough, the other feefr a demand destruction what does it mean for stocks there's a narrative that it will be hard for stocks to rally back to old highs in this environment. why? because the fed wants to slow inflation. big stock rallies are a wealth

effect to slow inflation the fed is comfortable hiking rates. without the fed putt on stocks to help the markets if they fall apart some say there's a fed ceiling that the chances the fed keeps raising rates is higher when stocks are higher think about this everyone used to believe in the federal put. the fed will protect the markets but now they say if the market goes up too much the fed will keep hiking rates and like a fed collar almost to use an options term no wonder everybody is pulling their hair out the range of outcomes is enormous that's the central problem >> all right thank you. next guest said the bear market rally is a head fake and the market littered with too

many unprofitable stocks david traper is ceo of new constructs welcome. good to have you with us when you say a head fake i surm you mean it's a sucker's rally with more volatility and possibly more steep air pockets ahead. >> that's right. we have seen 20 years out asset new classes like etfs and crypto higher and higher. that is drying up. we have seen that man nest in the spac market drying up and the stocks coming way down it is a regime change and a world where fundamentals matter. valuations matter. this rebound in we saw in the meme stocks, super high valued other unprofitable tech stocks

it is a head fake. investors should use this as an opportunity to get out with profit in the pocket. >> when you say hyper growth but no profit stocks you mean growth in rev knews but not making money and ran into trouble in 20 thousand, 2001. >> that's right. gravity is about profits a stock has zero value if the business never makes any money people like to believe that this company is the next amazon and be profitable if they grow enough that doesn't happen very much amazon is an anomaly hope is not a good strategy in that situation. >> what would the advice be to investors for -- is it specifically the fed tightening to focus on here >> the fed tightening marks a

regime change in how you invest. for ten years there's been no risk you get great upside without risk buy the dip worked with a fed put. with bob talking about the fed put changed. it is gone and more like a fed ceiling or a call. and so that just means to invest in the old-fashioned way focusing on fundamentals buy stocks in businesses that actually make money and are priced appropriately or cheaply. and that's all it means an enthere's no free money or easy money in piling in too momentum based names like there was in the past it is not that you shouldn't invest but invest in a different way. new way is the old way >> let's look an a couple of stock that is you say are potentially profitable ideas beginning with o'reilly

automotive and royal bank of canada what do they have in common? >> cash flow and cheap valuations both are generating a ton of cash flow that's growing and trading at prices that imply the cash flows will decline. it is a risk and different paradigm to a robinhood not making money an whose stock price implies the profits are bigger than schwab that's bad we say avoid that no matter what if you have an opportunity to invest in o'reilly auto parts whose cash flows are tremendous, it is just obvious completely different paradigm of risk/reward and finding enduring value. >> two more, universal health services and domino's.

>> domino's delivers it specializes in supply chain expertise and technology to help their franchisees be efficient and did that they have the highest -- top five company in the entire s&p 500 including all tech companies, top five return on invested capital last five years. generating tons of cash flow almost like it's priced to go out of business and what investors have forgotten buy stocks that are cheap. right? and then great cash flow it works in any environment and one that's especially important now. >> all right thank you very much, david >> thank you. despite his warning, shares of gamestop are higher again today, more than 50% this week

is meme mania back frank? >> possibly a reversion to the mean too soon to tell gamestop up as the chairman bought tuesday raising the stake to 12% but still no details on the plan to transform gamestop into an nft marketplace. still this tweet about putting his money where his mouth is racking up the likes but gamestop and the other og meme stocks light tesla and amc on a tear before the buy. a note today saying traders seized on shorting of the meme stocks and tuesday's rally, the short squeezes in the stocks today helped the stock prices trend higher climbing or holding we could see the short covering and squeezes continue they dig into fundamentals

including the meme names are justin zen the high volume trading also continuing today gamestop already at 600% of the 30-day average volume. back to you. >> thank you amazing the stocks coming back into focus. >> because we were talking to kate rooney yesterday on how -- robinhood we don't want to say given up >> they have debit cards. an energy marshal plan bold idea reportedly pushed by jamie dimon. is it a realistically long term solution for nrlg security here in the u.s. and europe homebuilder stocks under pressure this afternoon as new home sales unexecedly fall and mortgage rates rise. the two are not unconnected. should you invest in the sector?

those stories and more when vo ested. well protected. [sound of helicopter blades] ugh... they found me. ♪ ♪ nice suits, you guys blend right in. the world needs you back. i'm retired greg, you know this. people have their money just sitting around doing nothing... that's bad, they shouldn't do that. they're getting crushed by inflation. well, i feel for them. they're taking financial advice from memes. [baby spits out milk] i'll get my onesies®. ♪ “baby one more time” by britney spears ♪ good to have you back, old friend. yeah, eyes on the road, benny. welcome to a new chapter in investing. [ding] e*trade now from morgan stanley.

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welcome back jamie dimon reportedly saying there needs to be a plan for energy and big chunk about natural gas. let's bring in brian sullivan. could this work? is it in the works already maybe? >> okay. two different questions there. let's know what we know and what

we don't know. all right. what we know is a bunch of ceos met at the white house yesterday with exxonmobil, visa, bank of america i think. in that meeting according to reports, axios broke the story, dimon said we need a marshal plan, rebuilding energy security through europe although not necessarily apparently more fossil fuel production leslie picker getting that nugget thank you very much. frying to knock the reliance on russia, iran and venezuela is this possible not tomorrow probably not next year here's the reality of this an lng terminal, if you want to build one, literally permit the land, start construction,

probably looking at three to five years minimum however, there's floating regasification units, a giant ship that's an lng ship. you can rent or buy them get uninstalled near ham burk, germany, within a year maybe and then get the contracts for the lng so how fast could this plan get up and running it would probably i would say the shortest term would be maybe a year if you were able to secure a floating regasification ships and relies on the german government to go along with it they have sewer high solar and wind which are great when they work but they need to be -- thank you. i asked for that chart about ten

minutes ago. you rock for getting it done they have a wide mix it's a tall order. i think dimon referring to the longer term than tomorrow. >> yes to say this focuses on europe with the capabilities to receive lng. four areas increasing production in an environmentally way, investing in new technology for hydrogen and carbon capture and streamlining he thinks the latter two should be part of this, as well. >> renewables are a part of this that's the reality this is the good and bad of germany. they're the biggest economy and most reliant on russia many others are. not poland

poland a decade ago made a decision to build terminals up to the german border they get from venture global and others poland is pretty much energy free from russia renewables are a big part here and in germany and we learned with the uk renewables are great but almost no storage capacity when the wind blows you have to use the power. when the sun shines you have to use the energy some provide you with that but 8 to 12 hours of storage and what they have realized is this energy mix needs to occur. the uk learning the hard way if the wind doesn't blow and no

storage they pay $30 to $40 natural gas compared to the $5 bucks on the screen. the energy screen in europe is a threat i can't highlight that enough. it is not just vladimir putin and the hold on energy but the fact that millions of families in europe and the uk will really struggle if it's cold in the next motto pay the electric bills on a floating rate plan they're subject to the whim of the global markets everybody is trying to buy the same thing at the same time. bad strategy this was no strategy for the last ten year. >> i couldn't agree more it was that way back in the '70s it remains that way today why brian, thank you

proud of the hokeys, man. president biden travels to brussels for that emergency summit four weeks into the war in ukraine. how's it going what could be next admiral michael mullen chairman of the joint chiefs of staff admiral mullen, good to have you with us. >> good to be with you. >> i want to take you into what i hope is your wheelhouse and as chairman of the joint chiefs of staff i know you must know or know at the russian counterparts that you were some years ago what do you think they think about putin's war? and second, is there any chance -- high, low, zero -- they might move against putin?

>> to get to the second question first, i certainly in the near future don't see that. putin survives because he controls the people, the security agencies and he controls the military so maybe over tile getting so bad i have been struck how poorly they have done in execution. i was chairman when they invaded georgia in 2008. they were terrible in terms of execution. they have reorganized. i thought they would be better but they're awful and will continue to be that way. i think some in the west look at the possibility that someone might turn putin out and someone like putin has a way to stay in. he is going to be there a lot long every than we would like and anticipate the war will go on for quite sometime. >> seems that way.

i think you are right and western intelligence was right on in the run-up to the war and didn't get right is how slowly the russians make progress let's talk about chemical weapons. the president has responded it sounds like today saying we have to take it into consideration, the russians seem to be talking about the possibility of there being western bio chemical or chemical labs in ukraine and sounds like a reason to strike or use the weapons or a false flag what do you see as the risk of the use of chemical weapons? how would the west respond >> while being critical in terms of how russia executed, i give them credit to release intelligence in a timely way. >> absolutely true. >> affecting and really pushing back on the disinformation

campaign specifically. if past is prologue i think putin will lean forward with respect to chemical weapons. i don't know what the biden agenda is as he visits europe but i think the heads of state will be talking about how to detemp that if possible or respond if he uses those kinds of weapons. >> when you say lean in i read that as i think he will use them am i understanding you correctly? >> i think his threatening right now is something to take very seriously. i have no information that he will whatsoever but he has been supportive of the use of those in syria. >> sure. >> my expectation is when push come to shove and putin seems to be more and more cornered and as he is the concern is that he

will lash out with other weapons. chemical being - >> the next question, a chilling story in "the new york times" yesterday about low yield or tactical nuclear weapons of which russia apparently has a great number how do you handicap the po possibility and that he could use those weapons in this battle theater? and if he does what would the western response be? >> it is difficult to handicap it but the same category as chemical these are arrows that he has in the quiver he threatened to use them. whether or not he will is i think part of the game there has to be a hugely impactful response and i wouldn't go into the specifics of that. i worry about once you get into

that level of warfare the unintended consequences, the ability to have it spill out of control and go to a higher level of nuclear weapons is frightening and should remember since world war ii a nuclear weapon was used and devastating, massively destructive weapons that deserves a response and i hope we can avoid that particular outcome. >> finally and unfortunately quickly, do you think ukraine is the last stop for putin here or are other nato countries, poland in his sights? >> i don't think putin will stop i think he needs to be stopped and if he isn't stopped then moll moldova are next he's shown an appetite to do that and needs to be stopped

now. >> thank you for your time today. >> thank you. coming up, counting climate calories new s.e.c. rules require firms to estimate emissions. could there already be loopholes? after this hi, my name is cherrie. i'm 76 and i live on the oregon coast. 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.

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welcome back, everybody. s.e.c. this week pushing for rules to make public companies report more information on how they affect the climate. the problem is that even companies that want to do that right now might have a hard time getting the data right kristina partsinevelos joins us now with more. >> it's measuring emissions like counting the calories for a day. takes guesstimations and honesty. with roughly 40% of the world's emissions they are pressing for disclosure rules their to report about direct emissions in the 10k filing. scope one you see on did screen. and then emissions from the energy they consume with independent certification of estimates despite a lack of

standard reporting systems sound family 43% of the country's largest companies release the emissions data showcasing just how many firms need to play catch up to meet the rules and companies need to report on the greenhouse gas emissions output of supply chains and consumers and that's the big one falling into scope 3. in other words, rely on companies in different countries with different standards. >> what if they don't have the adequate mechanisms in place to be compliant and accurate? that is a range of potential lawsuits waiting to happen. >> the s.e.c. will review comments from the public and may revise the proposal before a final vote to finalize this rule >> all right

thank you. kristina partsinevelos. now to rahel solomon for a news update. >> hi. members of the russian military committed war crimes in ukraine. secretary of state blinken said that's the assessment of the american government. supreme court thrown out wisconsin legislative maps preferred by the governor however the sport did leave in place state congressional maps. a group planning to kid nal governor whitmer wanted to r the attack to keep from the certification of president biden. the witness did not say why they thought the kidnapping would stop biden from defeeting trump and the 2020 election. the twarnd in new orleans spent nearly ten minutes on the ground

there's a time lapse video showing the storm. cut a two-mile long path through the city and with one dead they say the death toll could have been much worse. first meta irl problem users spending less and les time on the platform. rates on the rise and homebuilders going the other way. is this a good time to get the names on sale? "power lunch" will be right back

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i'm shepard smith in the cnbc newsroom. madeline albright's family confirmed the former secretary of state died. she was the first woman secretary of state under president clinton from 1997 to 2001 ten years ago president obama awarded her the presidential medal of freedom she was born in 1937, marie jana

in czechoslovakia. a month ago today a guest essay authored published in "the new york times" the headline read putin is making a historic mistake. she died of cancer she was 84 may she rest in peace. back to you. >> thank you so much we'll be right back after is icbrk.th (vo) this is a place for ambition. a forge of progress. a unicorn in training. a corner to build a legacy. a vision for tomorrow. a fresh start.

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welcome back with 90 minutes left, stocks near session lows let's get caught up with stocks, bonds, commodities and a trouble spot for facebook but first let's begin with dom chu and the markets. dom? >> the losses have started to accelerate we are just about not far off the worst levels of the day. all in negative territory as you can see there but the narrative under the underperformance is somewhat different than

emergency roomier on today as technology, that nasdaq trade outperforming on the day continuing a theme that we have been seeing in the bounce from the last week and now measure in line with the losses why the small cap russell 2000 underimportanting as volatility is ticking higher in the process and interests split of sector performance. biggest gabors in energy and those stocks not so the -- not so in the so-called noncyclicals financials and health care is the laggard. the leaders are a lot of commodity names like marathon oil and newmont mining and cf industries and cereal and package foods giant kgeneral

mills and a full-year forecast and interesting move of the outperformance has been. general mills one to watch. >> thank you everybody watching the bond market 10-year yield above 2.4% but way pulled back. is it below 2.30 yet >> it is hovering at 2.31 and held yesterday's low amazing session. before getting to that quickly, a hint why why are stocks down so much? why are treasure prices up and yield prices down? there will be a big rebalancing. why? quarter end and month end and what goes up has to sell and you have to buy. what went up stocks you need to sell for rebalancing. what wept down in price? treasuries many doing this early.

may 2019 you see in the 10-year chart the last time yields were here if you look at a 2-day chart yesterday's low 2.28%. that's where we held the cash market's open for several hours yet. look for fireworks if we trade below there and a 20-year bond auction why it was aggressive and considering the chart with yields so high speaks volumes as a temporary halt to see the bull oish confrontation to buy the 20-year. that was the first inversion of the curve. kelly, back to you. >> wow didn't realize that long ago thank you very much. oil is popping again today

closing up more than 5% putting pressure on the market energy names enjoying it pippa? >> kelly, that gain comes as a major pipeline to russia has been damaged in a storm and operations halted said in a statement. carrying 1 million barrels a day. let's get a check on prices. wti up at $115.21. brent crude up at $121.89. energy stocks leading as you mentioned up about 2%. one area that's been weak is refiners higher oil means higher inputs costs for them a new golden age for the u.s. players is upon us their top pick is valero and phillips 66. also quickly note that the wild activity in nickel continues

jumping 15% today and hitting limit up. >> wow thank you. let's look at shares of meta down today now there's a new trouble spot for the company. julia boorstin has the detalts julia? >> kelly, there are a number of red flag about rid flag right now. audiences spent less time on the platform facebook's mobile app usage down in the first quarter, a deceleration and with user declines come advertising under pressure insider intelligence tells us exclusively slashing the revenue forecast by $2.5 billion this year and next year and digital

ad spending below 22% by 2023 down from 25% share in 2020 and a state of small business report showing the small and medium-size bz advertisers under growing pressure 1 in 5 closed. higher number than it reported back in july also today, rich greenfield writing that meta is vulnerable to competition and lack of competition to the pivot but atlantic equities is bullish saying meta is restoring ad targeting and measurements and saying that the company is well positioned because of its scale. meta schafers down nearly 1% today and off about 35%year to date back doto you.

>> absolutely. is this a buying opportunity let's ask todd gordon. todd, you hear all this digest it. is it a stock to pick up or bail on >> neither we hold a token piece. it's kind of on the watch list to cut we have lost any kind of semblance of up trend support back to ipo days basically if we break through $185 that's a technical level and cut it not given up on thestory i think there's a strong fundamental position in the company. a lot of cash on the balance sheet but a long way to go until they can prove that they deserve to be in a growth portfolio and asking for a bull ring stock. >> have you been in the stock in any kind of substantial way in the last couple years?

what was the average cost? >> interesting yes, yes i have owned the stock for five years. we just recently launched the wealth management ra with a 2% position in there. this was october and cut it do 1% on watch the company is incredibly -- got a strong balance sheet the margins are strong the margins are 80% compared to the industry at 57%. a 30% cash flow at 60% increasing the cash on the balance sheet. this stock and communications in general i think you really have to look at in terms of holding the position xlc is way underperforming and that's with google in that etf.

>> a quick break and ask you to stick around and the trades on homebuilders after numbers today. new home sales dropping while prices continue to rise. is that sustainable? we'll be back to talk about that and more with todd

new data out today on the housing market notpicture diana olick has details. >> hey, ty rising mortgage rates. average 30 year fixed started january at 3.25% took off. hitting gas, around 4.7% causing mortgage refinance demand and drop 14% last year compared to previous week. 54%. mortgage applications to buy a home fell slightly drop bigger for fha and va loans. favorites for first-time buyers.

forecasts are lower for the year and should given read on february sales of newly built homes. dropped more than expected down 6% from a year ago. numbers based on signed contracts. people out shopping in february as rates were moving higher. median price of a new home jumped over 10% from a year ago. affordability really taking a serious hit. back to you. >> thanks very much. so back to todd gordon, talk which names if any look attractive home builders. diana points out lack of supply that there is and an inventory issue, but then you see new home sales. the ones built by builders, fresh, new homes never before used are down. are any of the home builders a buy here >> tyler, going to go 0 for 2 here and about debbie downer not involved, haven't in a

while. very strong in coming out of, right in the middle of the pandemic first half of 2020 strong. home builder underperforming s&p really since back half of '21 into this year all we talk about with clients either they want to buy a home for rental trying to get a new home interest rates are moving up look at valuations at some of these builders lennar, toll b, and others is the rally cyclical or secular? counter cyclical to the market a cyclical rally, lummer moving up new highs builders have a hard time getting workers to show up i believe it's temporary seems to be in the housing market cross-current. institutions selling houses. i've read a lot dumping.

i don't think they're dumping. i think keeping prices high as new buyers are coming in willing to pay anything. what they're giving up in terms of, i've heard stories, my partner trying to buy in boston. giving up rights to inspections. the right to come back if the appraisal doesn't come in new single sihomes -- tyler, go ahead? >> i thought i heard you say as a group builders are trading at five times next year's earnings? sounds like a very attractive multiple it's low. right? >> that or the market's -- it's unbelievably low that's where the market's pricing in significant housing correction i thought, kelly wrote an interesting article two days ago. tweeted at her cited looking at actual yield curve talking about three and two-year yield, looking at tens

and 30s. significant inflation problem? will we rotate back to stocks, countercyclical to housing pushing up long end of the yield curve. i think that's further pressure housing. look at my partner wrote a great article on the website pull a couple. look at average cycle scores like 757 now for buyers. 100 points lower, barely qualify for the best rates back in '05-06 worried too many people extended themselves in this crazy market seen i'm afraid >> leave it there. todd gordon, thank you kelly, appreciate the shout-out. always welcome. more "power lunch," next.

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welcome back add this to the controversy brewing over stock trades by members of congress and their families paul pelosi exercised ato buy 2 shares of tesla. about to expire, appears mr. pelosi spent between half a million and million on options in december of 2020. last week on "power lunch" -- by the way, tesla shares today crossing back above $1,000 timing worked out. spoke with senator elizabeth warren about this last week a bill to ban trades just like these. >> because it is right and

because people around this country have -- have lost faith in much of what congress does, and this is one small way we can begin to say, we get it. we are going to get rid of these conflicts. we're going it make sure that when we're making decisions, the american public can know that we are putting the interests of the public first and not the interests of our own finances. >> there's no, obviously, nothing suggesting that mr. pelosi was acting on any kind of inside information, which is what senator warn's bill -- not that we would know. >> doesn't take a genius to think electric vehicles will move ahead here. >> exactly >> at any rate -- >> in fact, i know someone who just bought a tesla. >> yeah. move on. high school students in florida will soon are required to learn basics of money management right there. aren't you dom chu, over there. >> right next to you

>> there he is. >> so, anyway, to your point you're going to need to graduate in florida and need at least a class or so. florida becomes big et state in america requires all high school financial literacy before getting a d.iploma signed into law by governor ron desantis yesterday can't get much more bipartisan than this. unanimous across all houses and everybody there. happening starting 2023-24 academic year students have to take one semester in a course teaching everything, manage a bank account, establish a budget, lessons in management and how to pay taxes florida law, 11 states now in the union requiring some sort of personal finance education required before graduation they are alabama, missouri, tennessee, utah, virginia, mississippi, nebraska, north

carolina, ohio and rhode island and now florida, guys. interesting move here, but still requiring it is pretty much a good idea given what we have with youngsters and money these days. >> a good experience. >> speaking from experience, yes. >> fact they could agree to that -- >> unanimous. >> yes all members of houses. >> thanks, dom. thanks for watching "power lunch," everybody. >> "closing bell" right now. stocks are down. yields are slumping, and oil jumping. most important hour of trading starts now. welcome to "closing bell," every. i'm sara eisen where things stand, s&p pulling back dow down nasdaq down 4% as well and small caps beaten up hard down 1.5%. down for the week. reversal from yesterday. top takeaways on today's big stories. general mimms seeing pricing power. great for