preferred product. >> all right great to see you today thank you for your perspective. >> you bet >> breaking news from wnbc reporting the suspect in the new york subway shooting is arrested and in custody he left 29 injured, 10 people shot yesterday morning we'll get the latest on the suspect reportedly in custody. that does it for "the exchange." "power lunch" picks things up right now. ♪ amazing police work there to bring that individual into custody so quickly welcome to "power lunch. here's what's ahead on a busy afternoon. jpmorgan's rocky quarter profit down 40%

rampant inflation, war in ukraine, rising interest rates changing the outlook there the firm considers a bellwetherer if wall street creating concerns. now an unusual pairing for this unusual market. an outline of a new way to invest in tech even as interest rates move higher. >> thank you both reopening and stay-at-home trades are rallying today. nasdaq is leading the gains up 211 or 1.6%. s&p up in the nasdaq, airbnb, zoom, best performing in the 100 7% gains chip stocks also higher today. qualcomm gaining 3%. nvidia rebounding from the tough week. we begin with jpmorgan to report earnings this morning

it is the worst performing dow stock today after the 42% drop in profit. earnings in the consumer banking unit down 57%. mortgage originations down 37% from a year ago. tomorrow we hear from wells fargo, goldman sachs, morgan stanley and citi let's bring in jeff hart at piper sandler with an overweight rating on jp and cut the price target last week welcome. why don't we just start with chase and take us through what you see there? is it as bad as the numbers suggest? number two, what does it imply for the other banks that report this week?

>> good afternoon. i don't think it is as bad as the market reply shows their capital levels looked more challenged trading is quite a bit better than feared. investment banking is weak which we expected. they put up more credit reserves but the important thing is the driver of that is reaction to the macro environment. increased the probability of an economic problem coming. it is not really driven by problems or cracks in the environment which i think is important and part of the reason banks hold up in general today the thought is, is credit turning? this is being cautious people kind of look at jpmorgan

and view the numbers better. >> so the credit reis everybodies is a question of prudence given the global situation. how much is ukraine, how much are the russia sanctions playing with this bank's numbers and how will they affect the other banks like citi? >> yeah. the direct impact i think is modest jpmorgan took 524 million. not a big number for them. write downs from credit spreads and exposures. other counter parties, what does it mean for europe second or third level impacts. most exposed at the banks. it is not a whole lot and interesting to see what they do

today as far as marks go but looking at capital from jpmorgan today the capital ratio took a hit and not looking bad and need plenty of room for buybacks. we'll have to see how it plays out. >> you said a nonsurprises is deal revenue not particularly good we had no reason to believe it would be but turning to thursday and goldman sachs and morgan stanley, will that fact, the fact that deals have not been all that robust this past quarter, will that affect them more >> relatively speaking it is a bigger part of their business but the investment banking we knew would be challenged m&a, equity underwriting and debt challenged but for more began stanley and gold marn the good news is trading is better

than expected. year over year declines is half of what we were fearful that would be the implication would be other firms should have bet every results than maybe fearing when they report tomorrow. >> do you have a favorite in this group and a favorite to avoid? >> yeah. when i look at the group i like bank of america partially because they're less sxoezed and interest rates helped them and tougher inflationary expense environment they take advantage. i like goldman i think the valuation is attractive with how much it's beaten down. >> all right jeff, you gave us a lot there.

we appreciate you. >> thank you. investors draw battle lines about whether to bet on growth or value but it's putting the money in a basket of stoblgs the wrong move next guest said now might be the time to pair growth with dividend yielding names. let's bring in our guest necessity is the mother of invention, peter what have you come up with >> that's right. if you're a linear thinker in this market you are doomed for frustration because linear thinking, going align in a straight line and hoping the problems solved doesn't work that way as a parallel thinker, we try to think of new ways to maybe put off some risk of the tech stocks

so one of the things to think about is a bank loan etfs have variable rate interest payments epa they move up when the fed moves the rates up so what better fixed income than moves with fed raising rates >> sure. >> to pair that against a technology stocks because tech stocks have been totally pummeled wholesale sold down. pair that with a tech stock not as risky as the others and there's a nice investment. if there they're a pair you sleep bette every at night not saying i'm just investing in a tech stock but a stock coupled with a rising dividend paying etf. >> you're taking whether cyber, palo alto, pairing wit a bank

loan etf is that right? >> that's right. the reason i picked the stocks is that i also tend to think of them as the less risky of tech stocks because they are almost like utilities now people might stop buying houses because mortgage rates go up but tech officers are not going to stop paying a subscription for sib cyber security that is less of a risk and then a paying etf a nice package. >> although the cyber security names in particular had a rough patch. why not -- why pick that sector at all you have the bank loan etf you can pair it with caterpillar to pick a name energy sector. something value oriented. >> you will find people champions of value but i think

you know me enough to know i'm a khan of tech stocks even when sbrets rates are going down. we don't get into the math but it's a complicated conclusion that people conclude that when rates are going up tech stocks go down. it isn't that case i picked cyber security simply because i think that the future revenues are much more easy to model regardless of what's going on in shanghai, a war, the supply chains and don't know how that will resolve. none of us is going to skimp on cyber monthly payments. >> yeah. finally, you like the bank loan etf for adjustable -- if loan rates move higher people get the benefit. >> that's right.

a lot of people, it is an obscure asset class and hoping that people become aware of it because the bank loans with floating rates and right now bkln is paying a yield over 3% as i said if the fed continues to raise rates that dividend yield will increase almost in lockstep with the fed and put away that fear of i'm in a fixed income investment and rates are rising i'll take some damage on that. but with this you actually don't. >> this is not a time for linear thinking. >> right. >> thank you for joining us. >> you're welcome. travel is roaring back hotel demand is up stocks are high eer today is now the time to check in? plus a plot twist in the netflix

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welcome back to "power lunch. nice day for reopening stocks and we are continuing our travel series we have booked a trip. took the flight. today looking for a placeto stay looks like fun hotel stocks gain on optimism and seema mody has more for us seema? >> the commentary of ceo of the delta airlines seems to lift all travel stocks. marriott looking for an increase this as hotel occupancy is improving. corporate retreats are making a comeback despite higher rates. even with a positive momentum that we are seeing from the hotels and lodging names the stocks traded off and part of

the issue is interest rates. hotel construction did slow. so the concern is that higher rates slow down expansion when demand is recovering >> all right thank you. we appreciate it maybe you have been wondering where we stay. we are feeling lucky and staying in las vegas hey, contessa. >> hey there leisure travel lifts strip properties now a rebound in crucial conference business. the las vegas convention center booked a record number of show for 2022 but the biggest players on the strip are seeing the stocks

crushed. caesars down almost 25%. mgm off 8% it's the rising rates and inflation. gaming analysts say historically there's little koefr lags but derrick stevens said he's seeing the pinch of rising costs. >> you can see it in the average transaction on the atms. the way booking is going there's certainly concern in vegas for the summertime period. >> reporter: in part that's because vegas gets drive in business increased significantly in the pandemic but here the president told me they're watching and not seen an impact from inflation. tyler? >> are people gambling more? i guess the implication here is watching books and what's coming

out of the atms. what about the handle? >> reporter: it looks like right now it's staying consistent with what they've seen in the months past foot trask lower in january and february still waiting on numbers but looks like march madness was crazy. bts is in town you can't believe teenage fans here shelling out big money for the merchandise. so there really is still a reliance on leisure travel as the conferences take over. it is quite a sight. >> bring me a bts bobblehead, contessa i insist. >> reporter: got it. >> thank you. let's trade it all which hotels and casinos outperform training us is david katz at

jeffries welcome. let's start with the hotels. i think three you want to focus on are hilton, marriott and wyndham. why do you i assume like these >> we'll put them in two different categorys. what we see so far and published ruts of a sur ray is room rates soared i think the lead-ins both made reference to that. rates are way ahead. there's an unevenness to it depending on the market but what we haven't seen yet and this is important for hilton and marriott is we haven't seen the group business come back we have not seen the business travel come back at this point we expect in the next year that business travel -- i started to travel. many colleagues have we think that business travel is

going to see the same bounce back that we saw through leisure. our survey indicated that leisure travelers starting to resist the high rates but business not yet wyndham is an economy and limited service quickly and they can be a beneficiary of a trade down they tend to be driving oriented and inexpensive and the demand dynamic should work well for them. >> so i hear you say that the business traveler is not yet back. >> i have done traveling in the past 30 days for the first time. >> yeah. let's move on to the casinos if we might and take them apart

mgm, caesars and a couple weeks away churchill downs, kentucky derby. >> this is correct caesars and mgm on the las vegas strip. giving us the interesting information why that market seeing occupancy below 2019 levels by 18%. room rates about 15% above but the convention visitation is still 41% below where it was in 2019 so that element of it hasn't returned and yet to come and works well for them. churchill downs have a kentucky derby coming up that's about 25% of the earnings around that event and we expect it's a very strong kentucky derby for the

first time without head count limitations. they have been building up the digital activity and expect it to be very strong for them. >> i thought i heard contessa say about las vegas that they have booked more shows and events -- i'm not sure talking about convention shows or entertainment shows but shows and events than in prifr years but maybe not as well attended can you untangle that? >> absolutely. with respect to conventions they tend to be booked well in advance. right? you or i might travel this weekend. so the booking she is referring to support the commentary from management teams that the second and third quarter 2023 are going to be very, very strong for

convention business and 41% below is a back ward looking number so they do reconcile well. >> great you had the answer appreciate it. >> thank you. >> way to go. ahead on the show, on the defense. major defense make everies meeting to discuss how to aid ukraine. plus, soaring demand delta ceo seeing signs of recovery let's hit the stay-at-home bar taking a shot at the stock in the three-stock lunch. here's cnbc contributor josh brown. >> okay. >> financial literacy to me means freedom. freedom to choose how we want to live, what we spend our money on and prioritize

enjoying today versus being prepared for tomorrow. the more you understand about banks work and credit works and investing, difference between trading and investing, money in general, the more freedom you will end up with why that's why it's so important that ppleoe take this seriously.k is her some making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better.

the pentagon hosting a meeting with the nation's largest defense contractors. under discussion, aid to ukraine and the ability to meet the weapons needs. lockheed martin and raytheon are expected to be there the stocks rallying. lockheed martin up 32% raytheon and northrup up 20% general dynamics gained 17%. all four just below the year highs as we await news out of that shall we call it meeting? summit at the white house let's get a news up date courtney >> thank you in new york subway shooting suspect has been arrested. sources say he was taken in custody in the east village. french presidential

candidate is warning against sending more weapons to ukraine. president biden has authorized another $800 million in military aid for ukraine. and in turkey a way to celebrate the anniversary of the first manned space flight. he says it reached a height of 25 miles and splashed down off the coast about 75 miles from the launch site. back to you. >> ke babes away thank you. all right. ahead, netflix nixed more and more analysts bearish on netflix. what's wrong with the streaming giant? plus, taking a cut meta planning to allow -

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welcome back let's get caught up across these markets on stocks, bonds, commodities and why the street is so down on netflix ahead of the earnings next week let's begin with a check on the stocks we have been hanging on to the solid gains in the afternoon and the nasdaq is leading the way despite another hot read on inflation. the chips have been the laggards apple even with a nice gain. and the markets are shaking an off the disappointing results from jpmorgan this morning and the real standouts, anything that has to do with travel why marriott up 7% hotels, airlines, booking sites. more on the airlines in particular coming up with

american up 10%. over in the bond market yields lower since yesterday. a softer core cpi, rick. >> absolutely. we see yields on every maturity lower on the session and bank of canada raising rates and tomorrow's the ecb meeting maybe that will help to explain the nervousness and counter intuitive trading in the market. you can see what i mean. yesterday morning rates dropped on the cpi this morning ppi they did top and 1:00 eastern due to iffy auctions there's a chart. hovering at two-year lows. opening up to the end of 2019 there is a repricing and left

side that's what it looks like when it is messy finally the difference between china and the u.s. one point 250 basis points why now hovering about 10 basis points and monday yields in the u.s. actually closed for a session higher than china's. here's the dollar index. ten sessions nine sessions are high every closes the dollar index coming off two-year highs back to you. >> thank you oil is getting some traction again. pippa stevens has more for us. pippa? >> oil prices are jumping today up 10% in the last 2 days and the market seems to be saying the downturn sparked by china is overdone russia is back in the sights supply side the iae has a

monthly report saying russian output will fall this month and also noted that opec and the allies boosted output by 40,000 barrels a day last month let's check on prices here wti up 3.5%. brent crude at $108.64 did want to point out nat gas up nearly 5% today across that $7 level first time since january it's now up about 90% for the year which is lifting names like range resources. back to you. >> very important story. thank you. let's turn to netflix. the street piling on this week

a few price target cuts. an analyst saying that netflix will not be a streaming wars winner stock down 42% this year bouncing a percent and a half today. why is sentiment on the street sour let's bring in ed lee. what do you make of it, ed >> when you're too successful wall street starts to wonder is this too good to be true netflix is a stock success for yeos now i think investors have been looking at about 300 million subs this is the size this business needs to be or has a chance to be it is close already. 2k 20 million. 225 million soon the closer to that number is full valuation arguably. netflix says we have big every

tam. 9 million households outside of china to pay for netflix that's a lot right? even as 300 million sa third either way they get closer to saturation and maybe pivot towards a value play instead of a growth play given the competition and the difficulties of expanding overseas and the margins aren't there not yet. >> what stops them from growing beyond that 3400 million number so widely talked about in other words, you remember facebook and people thought facebook can't -- i understand it's different netflix charges a subscription the whole thing. there's no real ceiling on how high their usage numbers could go, is there, ed >> there is not a ceiling but

you can see in north america and the united states/canada region leveling off harder to hit the target that they were going for. they'll get there probably but it takes that much longer and tells you in this region they every hitting the end of the growth cycle saying what about latin america, asia, china there's room to grow but the competition there is so much more stiff but netflix will win, is the winner in the united states no doubt overseas it is much less clear. >> you mentioned competition overseas who gives them a run for the money? number two is, in the end what does the streaming war winner have to do what the others won't do is it as simple as have better

content or what? >> it is to have better content. i think pricing is huge factor the emergence of ad enabled service is huge overseas netflix is charging $2 in india that's a king's ransom there when streaming services are essentially free or a dollar or less. netflix isn't as come pet i there in india for those reasons. other regions don't pay for content like we do and that's a competitor ultimately beyond either things i think sports is a huge driver of watching, period. streaming service or linear or broadcast. and i think netflix is unwillingness to really tackle that market -- >> they haven't gone there yet

amazon has we'll see how they do with nfl but obviously internationally there's a lot of sports. in india with cricket you get the viewers. >> that's everything for them. >> thank you. the runway to normal delta says leisure and business travel is making a comeback. what the ceo had to say when "power lunch" returns.

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demand it is outpaszing the growth of the main cabin people pay up and transatlantic bookings are improve jg here's the ceo. >> people have been cooped up for the last two years and concern and what will happen to demand down the road and inflation pressures, that is category that's prioritized by consumers and want to spend in terms of getting back to where they haven't seen people. >> reporter: when we talked with him he also was veryemphatic about the belief that it is time for the mask mandate to go he's not anlone many believe the mandate should not stick around cdc said today they'll extend the mandate through may 3. supposed to expire on monday and ed said it's time for the

mandate to go away we have two important earnings reports. united and american nengs week i expect that they will show the same kind of enthusiasm for people to travel again that we see with delta and corporate travel corporate travel is rebounding not back to pre-pandemic levels but an improvement as we head into the second quarter. back to you. >> all right thank you. coming up, housing on the rocks. isn't that the case? home builders, mortgage lenders down this year do they need liquid courage

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welcome back to "power lunch. take a look at shares of amazon up 2.6% on the session after the company announces it will add a 5% fuel and inflation surcharge to u.s. sellers who use the fulfillment services going into effect in about two weeks and affect to all product

types. may make for higher prices but investors seem to think this is the right thing to do. >> nearly $80 a share. we'll take a look at the key part of the market under pressure which is the housing sector let's bring in jeff killberg it looks like the first glass is a martini with an olive and i think a lemon. i don't think you think home depot is a demon. >> i'm parched with home depot we think about home depot as a name compared to lowe's is three times the market cap we see oversold conditions but we have to remember the last three years.

what's interesting is talking earlier about the 10-year note pulling back maybe that reinvig rates people considering home projects so want to be a buyer here and interesting to see the it ofs that own home depot. 3400 of them spy the biggest. 12 million shares. opportunity of a dip here. home depot bought over load. >> and the next one looks like it's a -- looks like a margarita. i think it is polity. >> a soft spot for margaritas. love them. i think inside home builders, hsb. symbol utilized down 20% what the qqq is year-to-date last three years sensational move higher. a supply issue

no doubt tab in heartland of america in chicago, zero supply. this is interesting. 25% exposure to first-time buyers that's a big deal. look at a comparison of its peers i know it's a smaller market cap, ty, but it has opportunity to move higher jpmorgan reduced price target in 57 to 48 instead of stock looking 30%, only 15% pop i like them and the interest rates. my opinion, interest rates pulled back will help tem short term. >> sure. if rates fall, it will help, sure interesting. not to use the peter anderson term today, not linear, point of view on the housing markets. you think home improvement will be okay. builders, an opportunity with longer-term horizon, but lending stocks you still, that's our final one today, which we should mention. lending names, those you would

totally avoid. what do you think's going to happen with housing market overall here in the next 6 to 12 months >> i think sensational take a step back look at ten-year note. started the year 1.53% yes. 1.53%. he we are 120, 130 basis points higher a lot of profit-taking a lot of these different stocks into prices, and look at the loan rocket a reason why rocket and loan depot are struggling understandable that the interest rates hampered them, but a lot of pent-up demand. look at this as a seiz implt mo with a lime in it. i don't want to touch any of these names due to the fact doesn't feel like bottom is in higher beta. micro caps $1 billion in market caps in comparison to home depot

if you have the stomach for it, catch a falling knight, may make sense. avoid this sector too high dat and high risk. >> is there a moment that might change your opinion here >> yeah. if we could see velocity of the move, the fed a little control of the marketplace i've traded ten-year notes in the 90s, a lot of different market cycles, ty. never seen this in interest rates specifically long end of the curve. static get trang quiltranquillity, ten back i'll change my mind on rocket and home depot. high beta highly volatile stock, you can be rewarded but have to be tactical, disciplined and use stocks in a sfoktock like that. >> and drinks empty. you chugged those, my friend >> get invited back to the bar

a good customer and patron. >> time for a nap. jeff, thanks, man. >> thank you. coming up, it's meta versus users. nft collector already curious over facebook's company's plan to take nearly 50% of all digital asset sales on its platform we have all the details, next. pe to harmful blood clots. i travel a ton, so this info was kind of life changing. maybe even lifesaving. ♪do you know what the future holds?♪

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all right. you build the universe let's -- switched it on us here. look at the numbers right now. shall we dow jones industrial up nearly 300 points full percent. nasdaq doubling that take your 1% and see ya. we'll see ya move up 254 points. kelly, on nasdaq now to you. >> let's build the metaverse if you build it, will the creators come? and will they give meta a nearly 50%, 5-0, cut of their nft sales? wasn't the whole point to disintermediate the intermediators the latest on the plans to make a lot of money from virtual worlds julia? >> kelly, meta is working to turn it into a moneymaker and are trying to do that, and trying to make money, by taking a meaningful cut from sales of products and the experiences they want creators to make and sell on their platform

meta's flagship virtual social community, horizon worlds, taking a 25% fee from creator sales. creator sells an outfit for avatar or action to experience, meta gets a quarter of that sale, after meta's quest vr hardware platform take as 30% fee for all transactions that happen on its hardware so creators actually end up paying a total of 47.5% fees of sales of digital assets they create this doubling is sparking outrage among creators on twitter, but meta responding telling us, from our world, fees are competitive allowing us to invest in horizon world and letting creators earn most of the revenue. working with them to get their feedback on this early test. will continue to evolve and improve offerings over time based on their feedback. platforms such at apple ios and

playstore no more than 30% and that fee sparked outrage and lawsuits and whn it comes to meta nft opensy, just 2.5% of each transaction. interesting to see how it plays out, trying to draw people to come and create things for this new virtual world. >> tv gts will start asking 30%. right, julia i'm telling you, man watch out! caa, whoever they are. william morris. >> a big number. if i were an nft creator, why would i go with facebook if i had other options? that's a big cut. >> well, look. if you're an nft create not just nfts. they're working fon people to build lots of virtual things for horizon world and people to be selling accessories for your avatar invite people to an event and basically sell virtual tickets to a virtual event all different types of transactions that could happen

on the platform. not just nfts. all the different things that can happen. >> i here hip-hop's snoop dogg bought a virtual plot and a fan paid to be next door to them feels to me like a virtual zero. 30% of something worth nothing i don't get it that's for another time. julia, thank you. and thank you for watching "power lunch." >> "closing bell," right now. stocks are at session highs here after yesterday's downward reversal with nasdaq jumping nearly 2%. most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen where we stand in the market up 280 on the dow. breaking a three-day losing streect. s&p up a firm 1% at the moment working? most of higher technology, losingec