now it could happen in the next few years if costs come down dramatically, but as of right now, we're a ways from seeing that happen. >> it would probably need to be in the works now in order for us to have it available that quickly. thank you so much. that does it for the change. don't go anywhere. "power lunch" begins right now indeed, it does. kelly, we'll see you in a couple of seconds welcome to "power lunch. here's what's ahead on a busy tuesday. an economic riddle is a recession ahead or is this a reset? the consumer is sending conflicting signals leading some to say we're witnessing a massive spending shift from goods to services. my wife said the other day, there's only so many times you can go to homegoods. we'll dive into that and elon musk's twitter

shakeup. there he is in a nice bow tie. joining its board. what are his plans for the social media platform and what will he do to the brand? a big hour is ahead, kelly >> thank you hi, everybody. l dow's down 134 after being up more than 100 points earlier, but only down .4% versus an .8% for the s&p and 1.9% drop for the nasdaq now about 175 points comments from brainard saying inflation is too high. you can see we're pretty much at the highest levels of the session. this hour, we'll hear from citi's chief economist who's calling for the fed to hike four times by half a point. what does he think to make now the balance sheet comments we'll explore in just a bit.

>> the fed's rate hike path is looming today as it has been for weeks now and so the question about whether a recession might be ahead inflation, high. growth estimates being lowered yield curve in and out of inversion, but the labor market is strong. wages are rising businesses are investing investors, well, it is the land of confusion so here to help clarify where the economy stands, steve liesman, the latest high frequency data on the consumer and cortney reagan with what some of the retailers are saying right now. steve? >> there are some early but modest signs of stress among the consumer, but spending's held up will given the challenges and the outlook remains upbeat the chase credit card spending tracker continues to run about 0.6% above the pre-covid

spending level more making ends meet by spending more in wholesale clubs. it's likely consumers looking for deals also because these outlets sell gas travel looks to be stronger with the seven-day average, running 10% below the level. the best levels of the year. one way looks to be by savings savings rates are down, but the total amount of savings in the bank is still thought to be high on the chart, still some must be were travel out there. the traffic had been running 26% below the 2019 level at the beginning of the year. now it stands less than 10% below. so we've made some progress there. the resilience underpins some optimism that spending can keep growing despite high inflation one reason, 1.7 million more

americans are employed and they're getting paychecks so that's helped with spending. z >> that's going to be an increasing source. steve, thank you retailers are getting a different view of the consumer not a rosy one, saying inflation is beginning to take a major toll court? >> so consumer company ceos are starting to express worry that the resilient consumer may not stay that way and investors are starting to take notice. scott thompson said quote, recent geopolitical events, falling consumer confidence and covid outbreaks internationally led to lower than expected sales. the rh ceo was very down beat on the earnings call saying higher prices for everything is quote, going to outrun the consumer further, he said uncertainty from inflation, interest rates, housing, and russia's invasion of ukraine makes it the most

difficult time for rh to forecast since 2008. the xrt retail etf just logged the worst quarter since the first quarter of 2020. remember what happened then? the ibuy commerce etf put up the worst rate since 2015. and despite the trend of consistent and largely positive results, shares of companies like american eagle, rh, hitting low levels home depot is about 52% off its 52-week low and that company is operating on all cylinders in a positive environment conversely, discounters and wholesale names are taking off bj's wholesale up 20% in a month. five below, up 12% costco and dollar tree are up about 9% bj, costco and walmart sam's club do sell gasoline at a discount for members

a likely draw as gas prices remain elevated. >> thank you very much there are some who say what we're seeing is a massive shift from spending from homegoods to services to travel and those things look at the travel stocks. since mid march, united, american, delta, all up more than 20% and they had jet fuel winds to deal with carnival said last week was its busiest seven-day booking period in the company's history airbnb, up 25% since the middle of last month and vivid seats jumping 10%. what does it tell us about spending and the consumer? maybe mark zandi can answer that mark, what do you say? late cycle shifting in the cycle? what do you think is going on with the consumer? >> well, kelly, i think they're going to hang tough and do their

part to drive economic growth, but that means growth will slow. consumer spending has been boom like if you look at year-over-year real consumer spending growth at 6, 7% can't sustain that so a year from you we'll be down around 2%. but i think there's enough tail winds here to keep the consumer in the game. having said that, you know, one's perception of what the consumer is doing depends on which part of the consumer health that you touch. so you're looking at the good side of the economy and consumer spending on you know, everything from you know, what you put on your back, like for example, i have two power washers now, kelly. my wife jokes that i needed -- >> two power washers >> very empowering, i should say. my wife jokes that i needed one to wash the other. not going to be buying a power washer for the rest of my life a lot of people are probably thinking the same thing. we haven't been traveling, going

to restaurant, going to ball games. we're going to do a lot more of that depending on which part of the consumer you look at, you'll get a sense of what's going on >> send it up, mark, because we need our house power washed. maybe you could save us a buck >> it's empowering i highly recommend it. >> i just wonder if you can tell us whether the fed needs to respond to this shift by tightening policy, running down the balance sheet aggressively, getting ahead of the trends or not? the shift from goods to services should be disinflationary, oh, expect goods are spoiling that narrative. >> the fed has a lot of catching up to do add spending up and consumer spending is exactly where you would have expected it to be if there had been no pandemic so take a trend line prior to the pandemic, draw it out. consumer spending is there and that was a full employment economy. so we're back to, you know, a

full employment economy. of course the funds rate target still a quarter point. so a lot of work, catching up to do here. so i expect them to raise rates aggressively on top of that, you've got these inflationary problems, expectations are elevated due to the supply side shocks the pandemic, screaming supply chains and labor markets and now the russian invasion of ukraine creating all kinds of problems for glasoline markets. that comes together. >> a lot of americans are already thinking about cutting back because of inflation. our survey shows that half of adults they save cut back on dining out and consider reducing that further you say as well that consumer spending will probably slow. that implies the company will probably slow which implies that corporate profits will probably slow which implies that stocks may have trouble gaining what do you say? >> yeah.

i think you've connected all the dots very well, tyler. it's really important i think to recognize that one of the principle ways monetary policy impacts the economy is through stock prices, credit spreads in the bond market, underwriting standards, financial condition right now, the stock market's down what, you tell me 5, 6% from its all-time high not very much. >> not very much >> ultimately, the way this is going to work, the economy's going to slow. the stock market has to reflect that so i do expect the stock market to have a tough few months here as it adjusts to what the fed is doing and will do >> mark, great to see you. enjoy the power washers. >> thank you >> all right tis the season coming up, we're going to continue our conversation on the great spending shift with a look at how to invest in this environment. there are some not to obvious stock names that could benefit despite what mark says, which is

a market that may face some choppy waters here plus, how aggressive will the fed get when it comes to hiking rates? citi's chief economist calls for 350 basis points, that's a half a percent, at each of the next four meetings. as we head to a break, take a look at the chipmakers, which are leading the declines in technology today teradyne, applied materials, qualcomm and microchip tech all lower. ♪ ♪ 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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welcome back markets have been drifting lower after federal reserve governor called for a speedy reduction in the fed's balance sheet. the 210's curve uninverted overnight as investors grapple with inflation didn't know that was a word, but we're going to call it one the shift in spending habits of the consumer, we were just discussing that. so how should you invest in this environment? let's talk to jeremy bright in grady investments. good to have you with us i assume you heard what mark zandi just said. a slower economy, slower corporate profits and a relatively sluggish or choppy market over at least the next few months do you agree and if so, are there still areas where you can

put money and make money >> short answer is don't completely agree i think you know from my perspective year is when did we stop coming back we had pent up demand. is it gone i don't think so from my perspective, if you look at housing market s, all the stuff that's causing a rice in price, it's because there's a rise in supply everyone has a job ee everyone's wages are growing and secondarily, household debt as a percent of income is much lower than it has been historically. there's portions for them to lever up there's a lot of still dry powder to say we are not done here yet now, the question is do prices continue to get out of hand as a result of that certainly a possibility, but you think about what's really exacerbated prices, it's geopolitical conflict has risen oil prices and secondarily

supply chain problems. what if both of these alleviate in the second half could we have normalized pricing to where the fed doesn't have to be as aggressive and we still have good demand i think it's possible and i think everyone else is lined up on the other side of that. from my perspective, i think there's opportunity still to be growing here in the future are we going to accelerate probably not i have a low probability of recession. >> so bottom line here for you is that if a couple of things go right, don't get worse, you could see a slackening of inflation that would take some pressure off the consumer and would thereby encourage the consumer to spend and that is going to help companies. so if i buy your thesis here, not saying i don't at all, what should i do with my money now to take advantage of it what kind s of positions should

add to our open? >> consumer wallet that's really what we're still buying that includes what i would call a somewhat contrarian play we still own home depot, lowe's. lennox we own a lot of this space because we don't think it's done yet. if you look at our markets and markets in general overall, again, demand is far exceeding supply in the housing markets and prices are going for well above what they're even listing at that doesn't seem to be a market to me that's done. now if mortgage rates go from 5 to 6 to 7, sure, that could choke it off but what if we've done most of that already and we've stabilized i still think if people are buying houses, the next thing they're going to do is improve their houses to be customized to be what they want. that usually leads them to home

depot and lowe's >> would you be buying any power washers? s zandi wants to sell one. >> i think that's what makes this discussion so interesting even ian was saying he doesn't think it's going to crash like '06, '07, that in a year, things could stabilize. so you're buying the housing services names also restaurant stocks, which again should benefit from the consumer you're describing except that wage is seen as such a headwind and we have had a lot of ceo retirements this year as stephanie link points out. so why stick with this sector? >> because that while you know, you find the good operators there because they've lived through it before. wage inflation isn't necessarily new to them and yes, it's coming back excessively because they've had to restack quickly to get people in the door, but if kw you're getting more people in the door and you can control

your costs after a certain component and start passing those through. mcdonald's has if that demand is healthy, generally, these companies just figure it out and work will margins be at super all-time highs again i don't know maybe not. but the comp numbers and sales numbers, usually there's enough leverage in the model to make these things work if the consumer's strong. >> we'll leave it there. you also like facebook, but some of those consumer names are more contentious and it's great to hear your point of view. thanks for joining us today. >> appreciate it thanks up next, see, this is what i'm talking about. growing recession fears. in honor of financial literacy month, we're taking a look at whether americans feel financially secure and what they can do to better prepare for rough times ahead. musk see tv. elon musk is joining twitter's board and it fits his wild card

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market pros are -- soft landings, an overwhelming majority of americans think the economy will go into recession those fears causing financial stress for a lot of people sharon has the results from a new survey >> these numbers tell the story of americans' recession fears. 81% of adults believe the u.s. economy will experience a recession this year. that's according to a new cnbc acorn survey but americans aren't just worried about a recession. our survey found that inflation, rising prices and the war in ukraine are weighing heavily on people's minds of those who believe a recession this year is likely, 89% say they think about rising prices all the time the same numbers say they're worried higher prices will force them to rethink their financial choices in the coming months and 88% say they're under more financial stress than a year ago. people in the survey say gas

prices, housing and food costs have cost them the most financial stress over the past 12 months. the war in ukraine may also be driving recession fears. 66% said it has affected their personal finances. just 30% said it had none. many people are trying to handle persistent higher prices the survey found that cutting back on dining out and driving as well as canceling a trip or veyation topped the list of money moves people plan to make. >> thank you for more of those survey result, head over to cnbc.com and tune in tomorrow, april 6th, at 1:00 p.m. eastern for a second screen virtual event where sharon will be moderating a round table discussion one last thing we should note that nbc universal and comcast ventures are investors in acorns.

>> these are dour numbers when you see the way the economy's per performing versus what people say about their fears. >> often, we see it the other way around we pick it up first, it filters out to the public. >> 89% are thinking about recession all the time well, there are the numbers. let's go to seema. >> here's what's happening the biden administration will extend the pause on paying back student loans. this according to multiple reports, repayments were set to resume in may, but are now expected to be pushed back until august 31st. in oklahoma, the state legislature has approved a bill that would make performing an abortion a felony. the only exception is for trying to save the life of the mother the republican governor said he'll sign an anti-abortion bill that comes to his desk similar oklahoma bills have been

stopped by the courts as unconstitutional a second suspect has been arrested in connection with the sacramento mass shooting that killed six people and injured 12 others police say 27-year-old smiley martin was seriously injured in the gunfire and remains hospitalized police say the suspects they have arrested are brothers in florida, county deputies and a good samaritan saving a man from a burning car they used a pocket knife to free the man who was trapped in his seat belt. the man is hospitalized in critical condition, but is expected to survive. that's the latest. back to you. >> thank you very much we bring your attention to shares of black knight they're exploring a potential sale as tgs reopened, the shares are up 9.5%, but the timing is extraordinary because it comes as mortgage rates, above 5% today for the first time in

about a decade >> our next guest sees half point rate hikes at the next four fed meetings. citi's chief economist will join us when "power lunch" returns afteth r is

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90 minutes left in the trading day. let's get caught up across the markets with stocks, bonds, commodities and we'll talk about the aggressive fed bob pisani kicks things off at the new york stock exchange. bob, what are you seeing this afternoon? >> well, i had a great little story this morning at the open about the tech rally we've been seeing the last couple of weeks. people more concerned about companies that can weather growth, which are technology stocks, than about interest rates. that got blown up. here's the problem the market is coming to believe ha the fed is going to be so aggressive they're going to have to worry about the recession for the next year. that's a real problem for the stock market recessions are disastrous for stock rallies and bull markets let me show you tech stocks. we had great rallies in the last two weeks across the board quality names, microns, nvidias,

googles. up 10, 15, 20% you see them down 1 to 3%. then the lower quality stuff the stuff that still has growth, but low margins or no profit you see how much more they're down today that's the bifurcation that happens when you get worried about a more aggressive fed. the market is starting to bifurcate after technology went up what else is holding in there? not much there's a lot of fading sectors out there. very, very poor momentum sectors. banks looks terrible transports look terrible home builders look terrible. retail looks terrible. this is a good part of the market to be fading away a little bit here. is anything kind of in the middle yeah i mean, the defensive stuff. utilities are at a new high right now. we're seeing other things hold up healthcare real estate is holding up. consumer staples

is this the definition of the defens defensive sector of the s&p? it is, and the only thing that's steady >> doing well despite rising rates maybe because of it. the ten-year yield is at its highest level. rick >> a week ago, way farther back than a year. once again, the market is sweeping up after the fed. you know, there was a time before the market had to come into play here and believe me, lael brainard and fed speakers are inciting the market to do the heavy lifting because they're so late to the game. if you look at the yield curve today, it's actually steepening, which isn't a bad thing. we had nine inversions today, by the way, and if you look at two december fed fund futures, new low. 97.58. which means we're building 242

basis points of tightening two day of two shows it's the only maturity now that isn't in double digit gains for the day up about eight basis points in yield. contrast that with a two-day of tens which is up over 60 days and looks to be on pace for the highest close since april of 2019 let's call it three years. two-year yields are on pace for a fresh 37-month high yield close going back to march of 2019 finally, all of this is boosting the dollar index, which is nearing 100. haven't closed at 100 or higher since may of 2020. kelly, back to you >> rick, did i just see a broom? >> yes that was a broom, absolutely we need to sweep up. the market's doing all the work. lael brainard talks about getting aggressive the market's got what, ten under their belt

quarter point. a lot less on the 50 basis points >> we are going to have exactly more on that point in just a moment those half point hikes some are expecting. thank you. to oilirst pippa has the commodity close at the desk >> oil falling here into the close after a volatile session we've got two driving forces on opposite sides the eu proposed a ban on russian coal with calls on oil and gas on the demand side, shanghai is in lockdown and china is the largest crude importer wti's down 1.3%. brent crude at 106.57. and take a look at nat gas it's up more than 5% here dropping to the highest level since january. part of that is a reaction to news out of russia

sanc sanctuary wealth said it's part of a big short squeeze finally, zinc. prices are at the highest in more than 15 years according to commerce bank. they're cutting back in part because of high energy prices. zinc has many applications, including for wind turbines. >> appreciate you highlighting that, pippa. seems every day there's a new commodity breaking out to the fed now, get out the brooms because our next guest thinks they're going to do more aggressive sweeping up four half point rate hikes at each of the next four meetings let's welcome andrew, chief u.s. economist. it's great to see you again. why do they need to move so quickly? >> thanks for having me on, kelly. it's not that complicated. basic macro economics. when you have inflation that's significantly higher than target, you need to move to address that inflation that means moving the nominal policy rate maybe close to the rate of inflation, which is close to 6%. so the idea that the fed would

move 50 basis points, that's only 200 points of rate rise really not that aggressive given the inflationary environment >> it's certainly not. in fact, goldman, which has been on the more hawkish side, is saying for the fed to get rates sustainable, they need to hike 75 basis points more than what's priced in. so we're closer to your forecast so i guess the main question now is why not and what do you think they're doing with all this talk about the balance sheet? >> i think there are a few things going on. one is the fed is still trying to obtain a soft landing a soft landing is still possible it just becomes a lot harder when inflation is running this high so can they cool the economy down without getting into a recession? they're trying to calibrate the policy to get that policy rate mix correct. so part of that is raising policy rates, moving interest rates higher that's what the market is pricing in, but part of that the

governor is talking about and what we'll see in the minutes on wednesday is what are they going to do with the balance sheet that's the other lever they can pull on to try to create higher rates in the back end, higher mortgage rates, and try to put restraint on the economy to bring down inflation >> you've got a forecast, meaning four rate hike projections for this year. are you in the least bit surprised that the stock market hasn't reacted more harshly than it has to all of the discussions, including yours of highe higher interest rates and now a more aggressive tapering of the balance sheet? >> there does seem to be a little bit of a disconnect where fixed income markets, interest rate markets, seem to be pretty much digesting what the fed is telling us like rick was talking about, we have a lot of rate hikes that are priced in now and meanwhile, the equity market continues to show relatively lofty

valuations i would take chair powell seriously when he says his intention is to tighten financial conditions, which means higher interest rate, but may mean lower valuations for risk assets. >> thank you very much appreciate your time today twitter shares climbing as elon musk joins the company's board, kicking off his tenure by polling users about the platform's features. voemt discuss what his inlvencould mean for twitter. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

twitter shares extending their gains on news that elon musk will join the board one day after he took a 9% stake in the company, the move is being praised. our next guest says musk connects with people let's bring in dean crutchfield, ceo of crutchfield and partners. dean, always great to see you. this is the biggest name, i

think, in american business. the most compelling american business man coming on to the board of a company he admire, but criticizes is he going to be good for twitter? is twitter going to be good for him? >> i think you know, the thing about musk, he's a lightning rod figure that goes charging into the public fray. that's what twitter needs to do with its own brand i think the big opportunity is the perception of twitter is one of a platform that polices opinion, when it should celebrate opinion. i think that's what musk is going to drive celebrating an opinion is what it was in the beginning and it needs to get back to basics. i think musk sees that and he sees the opportunity and he's going to drive that charge >> but wasn't the policing of opinion a reaction to either frankly disinformation or hate speech in. >> well, i think you need guidelines everyone needs guidelines, but i

think it's celebrating whether you're on the right or the left. yes, there has to be guidelines and people need to understand them, but nonetheless, i think the vision for twitter, musk believes twitter is the public square for opinion and that's what it needs to be. is that public square. to be a public square, you need to have all people's opinions represented. >> i quibble, i think, a little bit with the word celebrate. all opinions need to be celebrated i'm not sure the context in which you mean that because it's very hard for me to celebrate the opinion of neo nazis who marched on the lawn at my alma mater in virginia. >> i think that comes in where there's guidelines i think the idea is celebrating opinions within a certain framework.

at the moment, a section of twitter is there's too much of a defined limited framework and it needs to expand. still with guidelines in place i believe that's the vision. it's basically, twitter is the public square of opinion and it needs to be seen as such and at the moment, it's not >> i wonder, dean, how much of this is a self-interested move to make sure musk doesn't get kicked off twitter because there's a lot of twitter chatter. he's getting more and more right wing for lack of a better word he's posting images of other accounts that have been deplatformed and as adam jonas at morgan stanley points out in a note this afternoon, twitter has been a really important tool for musk and tesla they don't advertise twitter is really the only way to get your point of view out there. we saw that when trump left the platform and we never really heard from him again i'm not sure musk has a master plan beyond ensuring that he would retain access. >> he's a man on a mission, we know that. there are four kind of tenants

of a brand that associate very much with musk number one, you know, there needs to be a strong belief system we know he's got that. number two, there needs to be expertise or experience that's relative to this audience. certainly relevant for twitter, which even dorsey has said is good the third area is you need to have a vision. a brand needs to have a vision let's be honest, musk is a true visionary. i don't want to sound like i'm a sycophant, but he's a true visionary. that's the third point the fourth point is they need to deliver. they need to be addicted to pragmatic outcomes all he's done is delivered outcomes that's what brands are about and that's what musk is. >> i couldn't agree more he is a pragmatic visionary in the way steve jobs was a pragmatic visionary. he saw something that he knew we would want before we knew we

wanted it. and i think that's what musk is all about in many ways do you expect him, i don't know whether right leaning right is the word i would use or libertarian is the word i would use with respect to his free speech >> i think libertarian i know he's got $280 billion in his bank, but i also see him as a utilitarian, the greatest happiness with the greatest number and i do believe he is a philosophy around that opinion especially when you look at how he talks about the future and the impact of technology and the workplace. he very much has that opinion for all even though he's stron strongly opinionated you've got to have an opinion. you have to pick a lane you're going in he's clearly done that so i think the outlook on life and that energy to get more people involved is clearly there and i think the mission is simple public square of opinion that's what twitter is it needs to get back to it and he's the man that can deliver

it >> there is no business person who i would rather spend two hours with than elon musk. i think i probably speak for everybody here everybody here would say the same thing and i'd invite you if he agrees. >> what about branson though, ty >> i like richard branson. >> branson's all right >> branson is fun, man i'd like to be richard branson for a day. >> i'd like to have, sit on that beach for a while. >> dean, good to see you, man. still ahead, today's working lunch. jon fortt introduces us to a company that uses ai to improve forming. 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. ♪ ♪

artificial intelligence changing everything, but what about food? can someone help grow produce with les waste and fewer pesticides jon fortt brings us close with an entrepreneur pushing the boundaries of indoor farming and you brought produce. >> we'll get to it soon. i wasn't sure how to feel about it when i first met the founder and ceo of bowery farming.

he's growing food inside, where light, temperature, soil composition, everything is precisically controlled. if that sounds expensive, consider the alternative when food spoiling and oil burning in transit. irvin grew up in long island, which isn't known for farming, but even as an elementary school kid, he had creative business ideas. >> there's a store called harrison's close by, and i would go down there, there were these bins of plastic animals, you know, for a dime you would buy them and i would go and buy all of these animals up and bring them home and i had this tupperware container and i would put these cardboard dividers in it and merchandise them up and bring them into school and sell them for a quarter during recess. so i was doing this really young age, so the school found out about it, and the next thing i know, i was in the principal's office my mother tells the story, she

was at the school for some reason, and she looks over and there i am sitting in the principal's office what are you doing in here and i'm in trouble because i was running commerce on the playground, which is not something they were interested in >> he was anaplastic animal hustler, now his big business idea is fruits and vegetables. he has three farms in new jersey and maryland a fourth opening in pennsylvania he's raised half a billion in equity and another $150 million in credit facility and the product is in more than 1,000 stores now the company revealed revenue last year, he doubled revenue last year. he's hoping that all of this positions him to outpace other indoor farming rivals with smart expansion and fashionable food now, think varieties of strawberries with distinct attributes irvin believes berry can unlock new experiences with the taste >> a decade ago, kale was a lot less prevalent than kale is today, but this isn't a

three-month seasonal bump of kale this is new food introduction, and i think that's what makes what we're doing exciting. we have the capacity to introduce people to new types of products, new flavors, you know, new things they never knew existed before a new example is work we're doing around our fruit and crops and strawberries where we're spending time with dozens and dozens of cultivars, there's so many different types of textures and flavor profiles even in a strawberry alone so finding these unique aspects in crops and introducing consumers to them is a lot of fun. >> i learned a new tone, cultivar we're about to experience that two months ago, he bought an agricultural robotics start-up, and these are robots equipped with computer vision and smart enough to know when it's time to

harvest the crops and nimble enough to do it without damaging the goods. it's high-tech manufacturing problem, but if irving and bowery can figure it out, it could change the way we eat. >> these are not like apples where they're making new apples. this is literally he's making sure these are good tasting strawberries grown well and maybe not the ones tyler and i are used to eating in the grocery store. >> the wild berry which is concentrated and poppy, and the garden berry which is balanced and vzesty. >> whatever this first one is is very good. i buy so much fruit for the kids these days, it all tastes like water and kgoes bad in three days >> these were grown indoors. i thought what about the farm workers? but if you also think about the fossil fuels expended moving stuff around, pests, pesticides. if you can control it the right way, you can reduce it >> those are tiny boxes. >> the answer is, they literally

just came out with these a few weeks ago. like an iphone of strawberries they just came out with these. they're starting to distribute them because i had visited the farm and sat down with irving try these out, like wow. >> i would pay extra for those because they're very flavorful compared with the big thick, you know what i'm talking about. >> i know well what you're talking about. >> yes >> i have one suggestion i think the name bowery doesn't go with growing clean, good food >> maybe he -- >> i don't want anything grown in the bowery. all right. you know just my thought. just saying. i like the bowery for certain things >> i hope it works and i hope that he can bring the price to something relatively affordable because this is an area that desperately needs innovation >> well -- >> whole foods, lots of places where they're able to distribute this in the area now, within a

certain radius of the farms. so you make sure that it's green. >> that's a real good strawberry yeah it's a real good strawberry. all right, do i read this? why not? >> up next, wall street or silicon valley, there's evidence that young workers are flocking to high finance. when traders tell us how to make thinkorswim® even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td ameritrade this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery.

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welcome back overworked goldman bankers and

all the reports of that hasn't dissuaded people from wanting to work there >> it's like a shift the jobs pendulum is swinging and swinging back towards wall street because over the last several years, some of the best and brightest young minds have shunned financial markets. this massive run-up in the market over the last couple years has lured talent back to wall street, and goldman sachs is the latest internship class is a big tea leaf in that. 236,000 people have applied for internships at goldman globally this season. that's 16% higher than last year, that's according to a person familiar with those figures. and by the way, 79,000 of those are right here in the americas so how many of these applicants get accepted, that foot in the door at goldman? just 1.5% of those folks get an offer for the summer position. it's not just internships. applications for full-time jobs for more entry level analysts rose 27% to over 200,000

so what will an internship at goldman look like this summer? you'll start june 6th. investment banking, sales and trading, asset management, you name it. but here's the important thing look at this many operations and fully in-person like last year that's something to watch, guys. >> that's the goal >> thanks very much. and thank you for watching "power lunch." >> "closing bell" starts right now. >> stocks are lower at this hour with the nasdaq feeling the brunt of the pain, down around 2% the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen plenty of red on the screen for the nasdaq 100 this hour look at some of the biggest losers in the index. moderna, lam research, marvell technology, kla corp, data dog a combination of a lot of different tech sectors chips and software getting hit particularly hard. we're giving back all of yesterday's gains and then some. we are near session slows as we speak. here are my top takeaways on some stories