the uncertainty here may be one reason why twitter shares are tre trading below, and his tesla wealth down $35 billion since that time. so this is getting very expensive and not just on the twitter purchase side, but also on his tesla wealth. >> until we can answer the full question, where is he going to get the money from thanks very much that's it for "the exchange. "power lunch" begins right now ♪ ♪ kelly, thank you very much welcome, everybody, to "power lunch" for a friday, a busy friday i'm tyler matheson the market is saying good-bye, good riddance to april the nasdaq on pace for its worst month since 2008 are stocks poised potentially for a turnaround we'll look at this month's worst

performers and say whether a rebound could be coming. plus lots of issues facing the market you've got your inflation and you've got the fed and you've got the war in ukraine down there, and we'll look at one that is really starting to hit company's bottom lines maybe it's come out of nowhere for some of you, maybe not it is the strong dollar. which stocks can hold up best? which can be hurt the most kelly? >> add that to the laundry list of concerns. welcome back to "power lunch," i'm kelly evans and we are just down session lows and the s&p is down to 4184 and that's a 2% drop in the nasdaq and the worst performer much like it's been all month down 2.8% today and that means the nasdaq is about to close out its worst month since october 2008 we don't make that comparison all that often and it tells me about the scale of the sell-off here amazon having its worst day in nearly ten years that's not helping, this after

the company posted a loss. the shares are down 13% and are 34% off their highs and it's dragging on consumer discretionary and all of the sectors are lower today and this one down the most, down 14% for the month and 20% for the year there's a lot weighing on the mind of the consumer right now and that's weighing on the recent economic data let's go to steve liesman for more steve? >> hey, kelly. a lot weighing on consumers' minds and incredibly they continue to spend on inflation and this income and spending report showing the consumers are keeping pace with rising prices and then some and it was for the fed to hike 50 basis points as if it needed one here are the numbers and that's the nominal number and it had a bounceback in service spending which is what you would expect as it would move away from the omicron wave take away inflation and spending, and income up 0.5% and take away inflation and real

income actually fell 0.4% and consumers hang on the balance by reducing the savings rate. the pce inflation index and that's the preferred inflation indicator hitting a new 40-year high of 6.6% year over year. dropping the 5.2 to 5.3, the first decline since november 2020 the eci and the employment cost index telling a worrisome inflation story. you'll remember that fed chair jay powell told markets he's watching the eci for signs of wage push inflation and it had dropped in the first quarter and came raging back in the fourth quarter and it pushed back the cost of wages and benefits and now accelerated a 5.8% annual rate and that's the most we've seen since 1984. the fed didn't need reasons to hike by 50 basis points and probably doesn't need much more to hike by 50 in june again and there's nothing to make the fed second guess the need for rapid

and repeated rate hikes. folks? >> and steve, a lot of people are wondering how much spending power the consumers rate has and how much are they going to keep benefiting from higher wages with inflation being so high good questions, kelly, of course and the savings rate damecame d bit and we're running below the pre-pandemic savings which is in the low 7s and now we're in the low 6s and the percentage point came off, but there is a lot of talk out there, and we can't know if they're quite a bit that people have saved from the pandemic at least for a while, people are willing when they see some of the stuff as temporary and this is what the theory says that they'll use that savings to maintain their standard of living as long as they see it as temporary. it's when they believe that the prices are permanent that they'll begin to shift and keep

the savings rate the same and reduce spending and that's when the economy gets into problems. >> all right, steve. thank you very much. >> how should an investor interpret all of these economic data is it suggesting it's time to get defensive or pick up some bargains let's bring in greg branch, managing partner with veritas financial group. always good to see you i want to start before we get to names and sectors with a little bit of backdrop here you expect that there's the possibility of a recession by year end you think the market may have a leg lower, but you think you'll be able to find relative performance in companies that have the ability to deliver double-digit earnings growth over the next two years despite these headwinds. what do those companies have in common with each other >> those companies you will look the same they have sustainable demand

coupled by secular tailwinds the demand is not fleeting and it is not necessarily dependent on the consumer's health or lack thereof at the end of the year so you will see that in some sectors with enterprise and you will see it with the tailwinds the second thing is they have pricing power and the secular tailwind and the consistent demand often gives them the ability to pass the increased cost to the consumers and as a result of those two things that we largely see, the margin expansion or at least margin integrity and we've seen that with companies this quarter and those are the type of companies that can give us some certainty with regard to earnings growth and the environment. >> that's the ability to manage through these situations and pay a lot of attention to cost management along the way one of the categories that seems to hit the three metrics is parcel delivery.

why and which one do you like the most that choice is clear right now you cannot help, but admit the superiority in terms of the management at ups. it does enjoy a healthy premium trading at roughly 15 times to fedex's ten times, but the industry itself is under capacity in a recession might there be reduced demand yes, there might at the end of the day, demand is drawing at 10% while capacity is growing at eight and the industry is severely under capacity and so, that's the type of environment where i look to and say this is a long term story where they've already demonstrated the ability to pass on the higher cost of fuel and the higher cost of labor to their consumer and essentially have a duopoly where i expect them to continue with the ability and price. >> greg, i don't know if you caught our interview with cathie wood last hour, but as someone

who likes some of the names in th and the growthy names when you have a cautious view on the market do you have a response to the struggles like some of the marquee stocks like teledoc and like ui path and like roku what are your thoughts on the three-to-five year performance prospects of that basket of names which a lot of retail investors are looking at right now versus some of the other names that you have signaled out. >> yeah, look, i think it is a valid question and it's even broader than it's been positioned even when you look at large-cap tech, there is a vast difference between an amazon and an apple that is going to grow single digits or something like a google or microsoft that is up 20% and it's hard to have a

consistent double digit line and so i separate the weak from the chaff where i have visibility into the double-digit top line and margins will come and go google gave us 1500 basis points from margin expansion over a year period before the last two quarters, but at the end of the day we really need to see and have certainty in the double-digit top line and we can debate whether or not the cost side is being well managed or not. it's hard to get the double digit bottom line with that wind in the back. >> that's a really interesting way to put it. i like your question better than my question. thank you, greg, for joining us today and for your thoughts on the market greg branch. one of the many headwinds facing stocks right now as tyler said is the continuing rise of the dollar the dollar index just hit the highest level in more than 20 years this week and having its strongest month since 2011 againest the yen, and the

chinese yuan a two-year high and we're inching closer to parity and the move certainlying if to have an impact on earnings next quarter with meta, mondelez, service giving us the best example of what may be ahead philip morris lowering its eps forecast by 15 cents because of the stronger dollar. joining us now is jack ablan, founding partner and officer do you think it will be priced in or an exogenous hit >> i think it is unfortunately another factor that has to be weighed in when we are looking at equities and obviously, it's a function of interest rates and earnings, and so having a strong dollar is certainly a headwind, but at least in some parts of the market absolutely >> do you have a list of names here that are able to withstand dollar strength and a name like walmart seems intuitive and ww

granger, automatic data adp. more vulnerable, you put some of the best places in the market that investors go like apple, microsoft, alphabet and tesla. is there a difference between vulnerable and going to suffer because of it? >> yeah. i think if you're looking at how these stocks perform relative to the vagaries of the dollar and the large tech, semiconductors and we have to keep in mind the large tech players generate nearly half of the revenue overseas and semiconductors generate three-quarters of the revenue overseas so if producing potentially in this country and selling overseas and then translating overseas, that revenue back to domestic profits, that's going to be a near-term hit, but we have to keep in mind, if you look at the dollar fundamentally against most currencies, it's pretty well overvalued

we take, for example, purchasing power parity which is the big bank index if you buy it translated to yen right now and go to japan and buy a big mac, you'll be able to buy two big maks and that's how different or undervalued the yen is relative to the there are obviously, a lot of technicals and the fact that we have a bombastic fed that's flapping its arms and calling for 50 basis points this month, but i also think that the ecb now that we saw inflation and the inflation at 7.5% and the ecb will respond also and we are going to see some of your own strength and i think eventually, the bank of japan will capitulate its support, the currency and then ultimately fundamental values have to play out. maybe we should all rush to japan rid now. >> just because i'm thick on

this, jack, i need you to explain some things here when rates go up and german rates are, they're in euros or american rates they're in dollars and that means that money is translated into that currency which would raise that currency there ares in the case of u.s. euros in the case of if germany raises rates is it as simple? do i have that right nod if i'm right o lbligingly. >> yes is it as simple if i'm a domestic investor if you get a lot of your revenue overseas you are vulnerable and if you get not as much revenue from overseas you are less vulnerable >> yeah. you can also flip the script and say who will be the advantage? walmart is buying most of their stuff overseas and selling it in this country they're going to actually be

advantage. ww granger same sort of thing they have a domestic client base so if you look at utilities, a lot of energy companies. they're able to actually take advantage of a strong dollar it's not necessarily defense either >> just because i have to think about this hard. my brain goes on tilt when i have to think about this if i'm a company that is buying overseas with a strong dollar that means i can buy more stuff for less, right? >> that's right. >> and the problem for those companies that are hurt is when the strong dollar is in place when i want to repatriate my revenues from euros, say into dollars, i get fewer of those dollars back, right? >> that's it >> god i can take the rest of the day off. >> absolutely right, and ultimately, you really should, you know, at the end of the day, you should only be able to buy

one big mac no matter where you go. >> yeah. >> and so i think that the yen is an extreme example, but if you look at the euro, i think it's 7% to 10% of the value. so there are a lot of places that still, near-term it's a huge tailwind and it will eventually work its way out. >> really, really good advice, jack only buy one big mac wherever you go, right? jack ablin, thank you sir. >> with the market extremely volatile and investors with a possible recession and our next guest says biopharma, and another bad sign for the markets and not a single stock -- not one hitting a new 52-week high today, but several big names are hitting new lows including re cpa, verizon and comcast, pantomny of this network

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high inflation, rising rates, supply chain woes just a few of the warning signs about the u.s. economy, so how should you be protecting your portfolio? our next guest says biopharma could be your best move. let's bring in mohit bonsall good to see you. this is contentious because it's been a tough go for investors.

why do you think its fortunes are about to reverse >>. >> yes the number one question we have right now is that if we get into recession and if that happens, what are the prospect of the biopharma sector and you look into the past recessions and that's why we are favoring the sector right now because with recessions spanning over the last 30 years, biopharma sectors has performed every time you go for recessions in addition, they perform well heading into recession that's like we are reaching for the sector because the numbers are fading >> although this is a weird period because we're all kind of talking about inflation recessions in other words, if biopharma has done well in the past real -- actual recessions, you know?

times of weak and poor demand, will it fare differently this time around when high inflation is the big sticking point? >> right so for that reason we looked at the 1990 and 1991 period biotech was really fancy at that point. it was more calm there, but biopharmaceuticals did perform well during that recession, as well which was driven by high infl inflation. so i think for that reason we think this could perform very well at this time, as well some of it is already happy. the investors are taking the position in the sector to avoid any -- as a safety on it yeah >> your stocks, i am told, are already wildly outperforming the market are you seeing what you would expect to see from them given the circumstances? >> yes exactly right because overall,

you were talking about ethics in certain companies and it is much less significant compared because the u.s. is a good market for these companies so overall, all these macro issues are not as big a factor for these biopharma companies and the exposure and supply chain issues and we're seeing the safety there and they're asking us more questions >> yeah. there is the insulation that people done to get sick, dog gone it and they need medicines. that's a recession proof -- that's a recession proof factor there. >> that's absolutely right if you are sick you have to visit the doctor so these doctors visits and the medical services does not go down >> right mohit, thank you very much for

being with us. mohit bonsal, equity analyst we, appreciate your time. >> further ahead on the program. buffett crushing it for the year skw just over an hour last in the last trading day for a little lamented month. let's put it the that way. >> one of the worst aprils we've oer had >>ne of the biggest laggards when "power lunch" returns

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>> welcome back, everybody time now for our weekly etf tracker and we're focusing on gold and silver with nearly a billion dollars of outflows this week the rising dollar, the likelihood of fed rate hikes and it's all at play here and it is an increase and decrease in demand from china as those shutdowns continue take a look at one of the key individual etfs here and the gold miners down 4% this week. spdr gold down 1.5% and silver off almost 5% and all of this in the financial times and as you can see here, where you're exposed here there's definitely differentiations as investors

consider the whole space let's get to contessa brewer >> the epa has issued an emergency waiver to offer gasoline blends with more ethanol. that will help price increases over the next few months it's considered a temporary win for the biofuels industry and to corn farmers and sort of a setback for oil refiners. a colorado prison inmate is the first person to test positive for bird flu in the latest u.s. outbreak that man was working in a poultry farm calling birds infected with the h1n1 virus he has recovered federal officials still see a low risk to the general public >> in new york an endangered kangaroo joey has been born. true to the name, they live in these trees in papua new guinea. this little one just now started peeking out of its mother's pouch. it is the first of its kind born

at the bronx zoo innew york city since 2008. fewer than 2500 of these animals are believed to be left in the wild sweet. kelly? >> that is really amazing. look at that thing just peeking out there there it is. >> kind of weird looking when they're that small >> yeah. okay >> ew! >> it's going to get better. i promise you. >> thanks, contessa. ahead on "power lunch" mortgage rates are skyrocketing since 2009 can this spell disaster for the struggling homebuilders. >> plus a mysterious market that some are calling unprecedented volatility ron insana weighs in next. "power lunch" is back in two ♪ ♪ matching your job description. visit indeed.com/hire

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welcome back, everybody. we have about 90 minutes left in the trading session. nasdaq and s&p at session lows the dow closing in on it we'll get you caught up on everything, stocks, bonds, commodities and the whole kit and caboodle and how to deal with the volatility we've been seeing, down sharply one day, up the next, down the next. dom chu on the sell-off we're seeing right now dom? overall it will be down. session lows in the market, what

you're seeing is pretty much that level that you are witnessing, the dow, the s&p and the nasdaq edecidedly lower and only 1.75% around 3% for the nasdaq composite. it certainly doesn't help matters when the biggest sectors in the market like tech and consumer discretionary are among the worst performers so far on the day and that's due, of course, in large part to the sharp move lower in amazon shares and now extending losses to the worst levels of the day it's getting worse and down 15% on sharply higher than average trading volume after the disappointing earnings report out last night apple's over 2.25% drop after it was making things worse as well. combined, those two stocks alone make up 10% of the entire s&p and a whopping 20% of the

large-cap nasdaq 100 so if you are a bear, those are helping you out, but if you're looking for bright spots today, check out what's happening with mohawk industry sies and it maks flooring products and after a bul bullish quarterly report and it beat profits and revenue estimates and it raised its full-year forecast and it's not all gloom and time, tyler. i will send things back to you >> let's go to the bond market now and rick santelli. rick, you had a piece of paper that had all kinds of notes on it would you show us that piece of paper. where is it? look at that >> look at that, man i like to do a lot of my charts still by hand. it's right there, baby >> look at that. i love it. take it away, man. today, we are finding so many things to pay attention to with regard to pricing and inflation

and we saw march personal consumption cross over a new threshold in the cycle it's 6.6%, 40-year decade high since we've seen numbers larger than that and we can look at the two year and see it moved yields at 8:30 when it was released and as a matter of fact, the only maturity whose yields are higher than last week and it looks to make a new high-cycle close going back to december of 2018 as you see on the chart and all of the other maturities are up on the session and not on the week. this is a two week of tens and you can see on the 19th is when we had our high close at 2.94% and they closed at 2.90 last week, tyler and we're down a couple of basis points and by far, as we come to the end of the month, the biggest thing to talk about is the dollar look at the month to date, the dollar up 5.3% and look at it year to date up 7.3% ask why is

this important because if you're outside of the u.s. and you have any debt denominated in dollars it is painful and it will hurt the global economy and there's not much that can be done about it and the parking lot hit another record today and 1.9 trillion, tyler with the simple way to think about it, and they are drained and like a sponge and that's the way to look at it >> back to you >> a really good point great observation and thank you, rick santelli. >> while stocks have had a rough week, oil continues to rise and 107 as it settles for the week let's go to pipa stephens. hi, pippa. >> a down week for stocks and an up week for oil ask the second positive for the last three. the wto registering its fifth straight positive month for the

first time in four years as an eu oil embargo in russia draws near and this is after loss demand from china let's check on prices. wti down half a percent at 104 and 77 still higher for the week end month and 44 for a gain of 1.7% and nat gas also having a big month up another 4.6% bringing its april gain to 30% i also wanted to note that diesel prices hit a record high of $5.18 according to aaa, barges, planes, trains and trucks all run on deiesel and that is across the economy >> pippa, have a great weekend. >> rising rates, inflation and investors have had to deal with a slew of headwinds in this market and our next guest has thoughts on how to play the unprecedented hand investors have been dealt. ron insana is a cnbc senior analyst and commentator and

senior adviser to schroeder's. ron, i want everyone to look behind you because behind you on the bookshelf are a number of biblical-related books, jesus, have you simply given up and taken to prayer for this market? >> well, actually, no, that process behind me after 13 to 15 years of study led me to agnosticism, and i would throw my hands up in despair instead, but -- >> that's okay you and i both knew and grew up and i think we're largely sort of disciples to go back to the biblical reference of the late and great john vogel he was fond of saying when in doubt, sit there is this one of those times where

maybe your best move is to do very little? >> i think so, tyler we're in a global bear market for risk assets at the moment with the exceptions of commodities which e either in a super cycle or are benefiting from the supply chain disruptions or other issues like war, for instance that are pushing up the price of both raw materials and finished goods so i think in a bear market, it's not horrible to have a better entry point and they have been battered and some in high-tech states, pardon me, are yielding about 3% on a tax-free basis and that's a 5% tax e give le equivalent yield this is our first extended or protracted bear market that you've seen in a while and i think it will take some time to heal >> one of the areas that is a place where you can park some

funds for now are high-yielding utilities. obviously, the yield is the attraction there and we're going to continue to consume electricity and other things they produce it's a parking spot for money and like a cash account whether they're munis or are a shorter or longer term when you look at the broad spectrum of things and you alluded to this at the top of the show all of the things affecting the markets whether it's inflation or the war in ukraine, whether it's china's lockdown which is distorting supply chains and it's the federal reserve going on an extended rate hiking cycle. all of those things are not net positive for equities, and so i think you have to be careful here that the buying the dip mentality that's predominated for much of our careers, quite frankly, with few exceptions

could be trechoacherous as we fd out yesterday and today in sessions such as this. >> two of them have actually been kneecaped, netflix, disney, paypal and others. >> yeah. >> you have a perfect storm of bad -- i wassin going to say st going on you have inflation and this little thing called a war. you've got china on shutdown the possibility and the probable i want of a recession either globally or in the u.s. and the slowing of an economy at the same time that the fed is doing the opposite of what it would normally do in a slowing economy, it is raising interest rates and presumably aggressively >> you know, i don't do this in an academic fashion. i don't sit and do equations, but from my perspective it's a 50/50 chance that we go into recession by the end of the year because of what you said the fed is going on half-point rate hikes now and going forward as many as four times what

people are speculating and they may be draining $100 billion of liquidity per month from the balance sheet to do 1.1 trillion a year or thereabouts. you you have a less unfriendly fed and all of the other issues that we talked about and so the late -- if we're going to quote the greats who have passed, i think when you look at that, the fed will do this, i think, until something breaks and where the pockets of leverage are that might be the first to break, rick alluded to it earlier you have emerging market debt denominated in dollar that if the dollar continues to rise and rates continue to go up and there was an interesting piece from a o from a georgetown professor earlier this week in 1982 and 1995 where stronger rates created serious problems overseas ron insana, have a great

weekend, sir >> you, too. >> you bet >> warren buffett is back to beating the market it's up to 10% thisiary. how is the legendary investor managing through this? we'll have many more details on that and this volatility has been continuing this afternoon. the dow down more than 600 points we are at fresh session lows down 624 the nasdaq down another 3% undoing thrae lly we saw in the last couple of sessions. we're back in a moment (vo) some bonds last a lifetime. some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in. for over 50 years, pimco has reinvented fixed income to create opportunities for investors in every market environment. so, no matter what happens you can build the bonds that mean the most to you. pimco, a global leader in active fixed income.

welcome back a big event coming up tomorrow the berkshire hathaway annual shareholder meeting is back in person this year becky quick is already live in omaha today. becky, it will be extra special tomorrow here at cnbc. >> it is kelly, there's a lot that's happening and this is the first time in three years that this event has been held live and usually 40,000 people came and there are questions how many people have come this year because of covid and the restrictions where you have to have a covid vaccine and you have to prove it before they came through the door. there are thousands of people

here on the floor. they're coming for a lot of reasons and a large part of of that is because they haven't heard from warren buffett or charlie munger about what's happening since last may they haven't talked about what's been happening with the markets and what's been happening with the fed and what's been happening with inflation and you're watching today what's been happening with the markets and this is what these people want to hear from tomorrow charlie munger and warren buffett are here they did the floor earlier and we're checking things out before the shareholders got let in on this and again, a lot of people here and there is a bit of a party atmosphere despite what's been happening with the markets today. i will tell you that this is not without controversy and there are issues that have come up calpers which is a berkshire hathaway shareholder has said that it will be withholding its votes and sue decker and sue wittmer because they want to see disclosures about what's happening with climate change. mario gabelli says he thinks it's stupid because if you look at the annual report, one of the

vice chairman that talked about climate change and specifically what's happening with the bsf and berkshire hathaway we did get a chance to talk to sue decker and we asked her why they were targeting sue decker and merrill wittmer. here's what she had to say >> we are both on the audit committee and the audit committee recently changed its charter to be responsible for esg-related disclosures and operational. so in the end, that's why i think we were targeted i think the core issue here is not one of substance it's one of more the process of how we disclose it and how we communicate it berkshire has been a leader and disclosed the material at the two largest subsidiaries that consumed the lion share of the carbon footprint, burlington, northern energy are the two subsidiaries that matter >> and kelly, you alluded to this earlier this is a big day tomorrow here

on cnbc because we are going to be streaming the entire show tomorrow all day cnbc.com/buffett if you want to watch the events and see what's happening. the whole show kicks off at 5:45 eastern time and that's when we'll be doing the pregame show and we have jimmy buffett who will be joining us venture capitalist and tech investor ann wim blatt will be here and we'll be talking to bill murray. he's going to be joining us because he's been a berkshire hathaway shareholder and we'll talk to him about a lot of things that is out there including the film has shut down production again, there are thousands of people walking around. you can see the geico gecko behind us and oriental trading is around and if you can turn this, vinnie, come over here, there are a lot of people on the

floor and the questions and answers from warren buffett and charlie munger, that's center stage here they'll be talking about issues about what's happening with the market and about the fed's moves and higher inflation warren buffett says high interest rates act as gravity on the markets and we're not walking on the moon anymore and there is gravity coming back and you can see it right here on cnbc.com/buffettlive and all day long through 5:00 p.m. eastern time >> you have a busy day ahead of you. becky, thank you very much fantastic report there once we took the camera off of him, the gecko wandered off. he's a camera hog. >> he's gone now >> are not we all? >> yeah. i loved your outfit. it matched his thanks a lot, beck appreciate it. >> netflix down 48%, but is the selling done we will discuss in today's restock lunch.

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all right, folks it is as you look there at the industrials, they are down 673 points i'm pretty sure -- that's almost

2% i'm pretty sure that is the low of the day ditto for the s&p 500. as we round out one of the worst months, for the nasdaq -- >> october of 2008. >> and we know what happened in that month. >> yes, we do. >> we remember so we're going to -- yeah, nasdaq, worst month since 2008 we'll look at a couple of stocks in our three-stock lunch netflix cut in half. these are three of the real weaklings. disney down more than 15% and paypal down more than 20%. we talked about these yesterday, several of them, during our stock draft with jim cramer and others let's now bring in scott nation, cio and president of nation shares let's start with netflix, which you still are staying away from. >> i am, tyler they have hit the subscriber growth wall. they found the upper bound on pricing. they're calling last call on

password sharing some shareholders will say make mine a double, others will say just leave the bottle because the risk now is management this is a very different management problem for the senior leadership. they have $17 billion in content costs. they're going to have to cut that without alienating subscribers. that is a really different management problem. >> so a pass on netflix, kind of in the same vein, what about disney, scott? >> i think this is very different. all the news for disney has been bad lately and much of it is not their doing. but the news going forward should be pretty good. news from the theme parks should be pretty good universal just said wonderful things about their theme park business while disney spends about twice as much on content creation than netflix, it has a streaming platform, sports, regular tv, movies, and that diversification makes things very different for disney disney would be my top pick of

the three we're going to talk about. disney is a little oversold. no charts are beautiful but disney is a little oversold and would be my top pick of these three. >> let's go to paypal, a stock attended by a fair amount of controversy, not having to do with anything they have done but basically with what are they going to do next. >> that's right. they actually hit their most recent earnings expectations but the forward guidance was just absolutely horrible, tyler everybody is going to have to do a rethink on paypal. let's look at what some of the analysts have to say the high analyst price target is $200 a share the average is 126 the low is 85. and the stock is almost there. there's one, grand total of one seller underrate rating on paypal the eps estimate for the current quarter has come down 20% in the last 30 days and so until they figure out

what they're going to begoing forward, unless they figure out what that business is going to be like, i'd say away from paypal as well. >> scott, we appreciate you. thank you very much. have a great weekend, sir. >> thanks, tyler. with the dow down almost 700 points, mortgage rates have been soaring. that's hurt the housing market, driven demand for adjustable rate mortgages we'll have the latest on the macro right tethafr is hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here 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. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, makes hybrid work,

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welcome back, everybody. the dow down 700 points a moment ago. we're just off that level. look at the nasdaq down 3.3% it is closing out the monthof april on a really sour note. in fact it's had multiple 3% moves just this week all the sectors are lower led by discretionary with that amazon decline, real estate and tech. speaking of real estate, how's it faring with mortgage rates at a 14-year high >> well, it was a bit of a head fake this week the average rate of the 30-year fixed came off last week's high as investors briefly jumped back into the bond market but did not last long. the rate was back up yesterday and you can expect to see it move higher on this sell-off matt graham says rates are hunkering down near long-term highs as they wait to see what the fed has to say next wednesday. we know each incremental spike brings us that much closer to a

ceiling but it's hard to know how close we are at this moment. that's what spring buyers will wanting to know this weekend. >> hopefully there's a lot of cash on the sidelines ready to go to work because rates are up. i was surprised, 14-year highs a bad month comes to an ending april showers brings -- >> may flowers what's interesting is to watch the progression of this year january was a bad month, then february was a bad month, then march was a bad month. we had a bad first quarter and everybody said maybe april will come to the rescue, but no. >> we've got higher rates, we've got higher costs and declining wealth that's the first time we've had that recipe in the united states in a long, long, long time i mean obviously we have declining wealth during the pandemic and we had it in 2008 as well. but this, this confluence of factors, including inflation, is really a different ball game. >> it's actually the perfect note 230 which to kick off the

berkshire hathaway meeting tomorrow this stock is up 10% this year, so it's not that everything is broken right now, but there is a violent rotation taking place. >> let's see what happens in the next hour. thanks, everybody, for watching "power lunch." "closing bell" starts right now. thanks, kelly and tyler. stocks are struggling on this final trading day of april, near the lows of the session. it's an ugly ending to an ugly month. the most important hour of trading starts now welcome to "closing bell." i'm sara eisen here's where we stand, down more than 600 on the dow. it's being weighed down by pretty much everything, it's broad. every sector is lower in the s&p 500, 2.8%. amazon is hitting consumer discretionary particularly hard. that sector is down 5.6% look at the nasdaq, it's down 3.3% worst month of trading for the nasdaq since back in 2008, the depths of th