which begins right now >> indeed it does, kelly welcome, everybody to "power lunch. i'm tyler matheson stocks give up their gains and volatility picks up after another hot inflation report a longtime market watcher says the s&p won't -- won't go much lower from here. so should you stay defensive and what position may be more for growth plus coin-based cracking the stock plummeting, revenue shrinking, users declining we have a lot of ings there and analysts are cutting their priss targets and we'll talk to one who says coinbase, kelly, can weather this storm. >> all right tyler, thank you very much we see selling pressure picking up this afternoon. the dow had been up 423 point, but now we're down more than 260 for an 0.8% drop and the s&p was down 1.2% to 39.51

we are back below 4,000. the nasdaq bearing the brunt of this down 2.7% after being briefly positive today it's at 11,429 part of that drag is from apple which was trading below th$150 a share. you can almost see this telling you the narrative on this market and one of the most widely owned, biggest stocks in the market and breaching the level and the yield on the ten-year hovering around 3% after following the release of the cpi and this has faded from the highs, tyler, 2.917 is the latest >> all right, kelly. that is where we start, folks. consumer prices jumping in april. that was more than expected and a little bit lower than march. still near the highest level in more than 40 years food and car prices continue to rise with energy prices going up the most, but our next guest

does see some signs that inflation is starting to abate stephen rashutto is chief economist at mizuho good to have you with us this was a report that was a little bit higher than the street had expected, but a little bit lower than the month before do you see signs that inflation is actually abating? >> when you look at the numbers themselves, you get the base effects slowed the inflation rate in 2021 it's accelerating the inflation rate in 2022 and some of those base effects are starting to come off so what you saw today was principally a reduction in those base effects from the big, big disruption that took place initially when covid came in and then when the economy surged back prior in the post-covid environment. when you look at the details of the report there are interesting things that are starting to

happen and the goods-related measures and the apparel prices, and used car prices and professional medical care prices these stingsthings are startingo moderate and moderate quickly while the skitickier relation, n more importantly, some of the services like owners equivalent rent are remaining stubbornly high and the net result is that's why you have this mix between the month over month numbers versus the year over year numbers and the month over month is slightly higher than expected and the year over year have come off the boil >> new vehicle prices are up one of the big worrisome ones, i guess, is rents and when and third, when you look at real incomes, they are losing ground so people who feel like while my

pay check is higher they're losing ground in real inflation-adjusted terms, is that right, steve? >> when you look at inflation, wages have not kept up with inflation and they never do. what they talk about the '70s and they talk about a wage price spiral back in the '70s it was a direct linkage through union contract where prices got rolled right into wages here, we don't have that happening, so the reality is that in an environment where the equity market is getting hit and companies trying to juice their earnings numbers holding back as much as they can on their cost structures are creating an environment where households are being squeezed in the middle of it and in particular lower and middle income households and that's when you look at the administration it doesn't seem to be a political will to push back on the federal reserve. they realize if this inflation gets embedded in the system it's more likely to be more negative long term for the constituents

than the short term pain the federal reserve may bring about by overtightening monetary policy >> how soon do you expect to see the effects of fed policy in slowing inflation and potentially in slowing the economy as they go a half point in each meeting for the next several meetings or whatever they do. how soon will we begin to see the fed's effects? >> well, let's take a look at the second question in terms of rates numbers and when you're hearing discussions of a company like meta reducing its employment and when you hear discussions of amazon feeling that they've overbuilt product when i hear discussions from some of our retail clients that they're starting to see demand come off when i look at what's happening to uber and lyft there are clearly issues at the margin that are starting to show up are they starting to show up in

the data i think they will in the next month or two with regards to the inflation again right now we're still seeing the base rate effects i think if we go through the summer we'll see it reflected even in the inflation numbers beyond just the base rate effect >> all right so there you've got it steve ricchiutto, thanks so much for your time. we appreciate it. what do the rising inflation and what could come as a result mean for stocks? 4,000 on the key level which we just breached is the key level to watch here and thinks the bottom may be in barry bannister is chief equity strategist at stifel how is it to call the bottom. >> i wouldn't be as long if i were a long-term investor. the fourth quarter will go up higher we always said the middle quarters would be tough.

as we went into this year we called for a double dij itd correction and we got one and we played off march 14 lows that cross rallied and the one that went back up and i would be surprise by the market's epiphany in april and it has been stronger than i expected and it reminds me of john mcenroe, the tennis player when he would shout at the referee "you can't be serious. they don't know how serious the fed was and how serious the war was until the month of april we know what to watch at this point. we have three key variables that aren't as widely known and that will tell us where the bottom is in >> let's talk about the variables from the obvious to the less so. >> obviously, you've got to focus on yields. we think the ten-year yield and the real yield during this topping out, if not already topped phase so that affects your price earnings ratios and the other

one is oil and the war they're reinforcing and oil is a product of a combination of lack of spending on new development and the war. the other one is the fed funds futures. i think they're never going to get to 3%. i don't think they can the interest rate probabilities are two and a half and i think they'll stop somewhere in the low twos talk a pause and that will trigger a rally. as far as lesson vows things to go, bitcoin is a high-powered instrument we could not understand why it was holding on to the 30,000s when the financial conditions are tightening and global money supply measured in dollars was falling rapidly on the strong dollar and weak overseas growth and that's going to give it up i think the bitcoin can fall another $10,000 or $15,000 and that would mark your low and the other one is high-yield option-

option-adjusted spreads. if you look at the slowdown in the pmi index which is the third thing they're watching as they slow down the high yield spreads widen and when they widen up to 6% you'll probably put in a bottom as well and equities i mention the pmi and that's very weak right now. the pmi which is going to be very weak and the reason that will weaken is because europe and china will drag us down. they're self-inflicting quite a bit of wounds to themselves and it's dragging down the cyclical economy. >> so to re-sort of capitulate what you yujust said it's to capitulate the economy and it will not get to 3% maybe the economy is going to be okay and our guest last hour said he thought the terminal rate would be close to 6%. can i get to your conclusion of the market regardless of which path i take to get there

>> well, the market is self-reinforcing in the economy. retail sales in the control group correlates with the market so the market at a 3% or 4% rate will be under severe pressure from price earnings multiple going down that the economy itself would slow very sharply and think, financial conditions would tighten and the fed would have to pause. so no, i think the fed would keep going and a couple of '50s and by this summer, early fall, that might help us rally off these summer lows. >> all right that's where you see potential upside, not quite yet and certainly not for bitcoin, but maybe later on as we go through this thanks for your time today >> thank you >> barry bannister coming up, can coinbase weather the crypto storm shares down 75% this year. we'll talk to an analyst who

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♪ ♪ >> welcome back to "power lunch. i'm dominic chu. it's been a wild and volatile day with crypto prices with bitcoin going back and forth and in particular around the their 30,000 march it hit session lows around the 8:00 to 9:00 a.m. hour and now it's fallen back towards just around the lows of the session as you can see here. that decline is not helping shares of coinbase which are on pace right now for the worst day since going public as a company. the company reported the surprise quarterly loss that missed expectations citing a decline in users citing a slump. crypto shares down 38% and bitcoin prices near session lows >> everyone watching that area closely, dom, thanks

despite the big move lower on coinbase and the bearish outlook, one analyst remains bullish with a target of 185 saying the company remains well positioned to roll out new products let's bring out b of a securities it's good to have you. how serious are you or what timeframe shall we say for this price target that you still retain >> thanks, kelly our price targets are set on a 12-month basis i think we should expect continued amounts of volatility as it relates to coin base and as it relates to the volume and volatility of trading and various cryptocurrencies including bitcoin and as good as things were six to nine months ago, now we hit a bit of a crypto storm at the moment >> i guess my question would be in order to achieve a price target like 185, it's almost like your call has to be predicated on the fed pumping a few more into the economy.

what's the springboard and how do we rewind the clock or how do we achieve a reality where this price target is even possible now? >> i think the reality is that if you look at coinbase, it's a scarce asset if you are a believer in the long term future of the digital asset economy as we are, there are very few ways to play that through single stock exposure. regardless of what a particular price target might be, in terms of the number, i think you have to look more at the fundamental thesis and obviously, there are a lot of people who have gotten very concerned about coinbase's future and we think it's a bit of an overreaction in the stock and yes, inherently as it's always been the case since coinbase went public, they do have limited visinitbility in forecasting because upwards of 85% plus of the revenues are

driven by retail and cryptocurrency and trading volume that is the reality of the model today, but we see a lot of product extensions ultimately coming down the pike for coinbase say we agree that there's a future for cryptocurrency as i do talk to me about the competition in this particular area and what is the most that coinbase has that makes it stronger than some of its competitors i see a lot of ads for companies that want my business in trading crypto, and a coinbase among them what makes coinbase better than the rest and that's number one and number two, i guess i can envision a world where coinbase gets taken out by some bigger player whether it's a schwab or a paypal or whomever >> lots of competition in space.

you're right and lots of advertising dollars going into the space as well. we do think that coinbase's brand and technology and the breadth of cryptos that they offer on the platform are all important differentiators. more competition must equate to more pricing pressure in terms of the fees for crypto trading and if you look at numbers this quarter their retail spreads were actually up eight basis points quarter over quarter. so i don't think this is a race to the bottom and certainly any time soon from a fees perspective and i do think when people are deciding which exchange or platform to use to trade crypto, they're going to look at brand and trust and security because they want to make sure they can easily get their money in and out >> so you feel coinbase among -- you acknowledge that there's a lot of competition here and a lot of names competing and your view is that coinbase is the

strongest of the competitors do i understand you correctly? >> i do. especially in the u.s., i think that brand stands out. >> what about its future does it exist five years ago as an independent company >> we'll see, it's a fascinating question and the thintech space is more broadly very fragmented and there have been huge corrections in valuations and so it would not be uncommon in an industry where that has happened where you certainly could see more consolidation among various players. >> jason, thanks very much i know we'll be having you back as we watch this stock and this whole market over the summer thanks again >> look forward to it. thank you. >> you, too. all righty coming up from oil and coal to silver and gold, first, the u.s. economy says oil and coal production are set to rise next year, plus, given recent market volatility you'd expect investors to flock to safety trades like gold, but prices are hitting three-month lows

details on both those stories next, but first, during may we celebrate asian-american and pacific islander heritage and feature some of our cnbc teammates and contributors here is the milken institute's bill lee ♪ ♪ my parents had expected me to become part of the middle class by becoming an engineer, and i never wanted to disappoint them, but i knew that being an engineer was not something i had a position for my mother was so disappointed. she never told any of our relatives i switched out of aeronautical engineering and yet after that and getting my ph.d i found my passionate the international monetary fund, and now i'm the chief economist at the milken institute my advice to every asian-person out there is yes, respect your parents' wishes, but also follow your heart oh, we can help with that. okay, imagine this.

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the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. and never wonder if you got a good deal. because you did. >> all right oil jumping 5% today back above $100 a barrel. 105, actually, as you see it it's been since around this neighborhood since russia's invasion of ukraine. now a government report shows those higher prices are likely

to drive up oil production so what could that mean for prices brian sullivan was here with that part of the story we've heard all for many, many months that the producers don't want to produce at lower prices. now here you've got higher prices and now they'll produce more and what will that do for the price? >> well, they're both going to go up or at least stay where they are which is higher than where they were a couple of months ago, tyler. this is coming from a new report from the energy information agency to bring out these periodic stos and it covers oil, gas, electricity and we'll get to electricity and coil and let's start with oil to your point, the aiea says despite the grousing of oil companies being stingy, not growing, et cetera it's predicting that oil production will hit a new daily

record next year at 8.1 million barrels for day and that would surpass 20 million barrels per day and it expects a nice pop, but even with expected higher production the agency sees maybe not higher prices, but continued high price wes brent crude and europe staying at $100 a barrel early this year. i'll put wti, 92 to 95, that's not cheap. this forecast is, quote, highly uncertain if you're on the radio showing air quotes shortages and things like steel tubing so that goes without saying, obviously, all of this as wholesale gasoline prices, tyler, hitting a new record high and i'm sad to see and kind of feeling like the grim reaper that gas prices at the pump are likely to go higher in days and

weeks ahead. >> it's not just that. how about cool are your home >> oh, see, here you go. it all depends on the weather. that's kind of our hope. here's the plan. so the eia says they expect the average electricity bill to go down a little bit this summer, but because there are projections for slightly cooler weather. the eia does predict that overall electricity wrus in america does jump 0.2%, and it doesn't sound a lot, well, the good news for renewables and they said solar and wind shouldn't make up about 11% of the power generation >> they also note that the whole use is going to go up over the last year and that's below the previous forecast for 7% in coal 598 million tons of coal it sounds bizarre that we're

talking about increased coalius to make energy in the year 2022, but it is true and because their coal use estimates are actually down, they think that natural gas will be used more and in fact, kelly, the eia's natural gas price estimate for the second half of this year is $8.59 per mbtu and that's a unit and that's about a dollar higher than we are right now and an 88% jump from last year. of course, we're exporting lng, as well. so if the weather is cooler and we keep the windows open and the households you'll probably be fine if it's hot and you want to have the air-conditioning on, guess what your bill's going to go up and maybe not doubling like in the uk, but up a lot and i was told electricity was needed to make other things, as well, like all the things everything >> it's pretty shocking to see the official forecast with a number that high brian, thanks. brian sullivan let ate get to frank holland for

the cnbc news update. >> hi, kelly here is your news update at this hour president joe biden is visiting a farm in illinois to aid steps to aid farmers and fight food costs to prove to voters that he has a plan to bring relief to americans. marcos jr. garnered 31 million votes and the unofficial vote count and he's ensuring respect for human rights and democracy. the fed confirmed lisa cook, this would mack her the first black woman to sit on the panel in the history they are now at 40 year levels >> two beach-front homes collapsed amid harsch weather and powerful waves the homes were unoccupied and the beach will remain closed as

a precaution that's the very latest tyler, back over to you. >> thank you very much >> ahead on "power lunch," first disney, the media giant said to report results amid a wave of social and streaming industry headwinds, kelly >> plus, three analyst calls promising some decent upsides in this market. chipotle, ea and planet fitness. we'll trade these names in today's three-stock lunch. "per ow lch" will be right back

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a historical basis and watch apple here and it's trading down almost 5% and apple has traded above the s&p typical days and also typically above the s&p technology index breaking down, microsoft is doing it a little bit as well and it's one of the big stalwarts in the markets another thing continuing to break down is cathie woods' ark fund the low on march 20th, 2020, that was the last low was 27.85 and that was a complete round trip for that. keep an eye on the continuing heavy volume on the leverage and inverse etfs particularly around qqq. an awful lot of churning and moving back and forth on these and these are three times leveraged above and three times inverse said etf so a lot of complicated movements and money going around finally at tesla, another stock

moving down, lowest level since september and it was $1200 since january and look at twitter. he's agreeing to buy the company $54.20 and yet it's trading at $46.70 and that's a rather extraordinary premium. 12, 14% premium for twitter right now. >> let's go to the bond market and rick santelli who is tracking the action. the ten-year continuing to fluctuate around 3% today and a little below it. >> yes, and the fluctuations are taking us a distance away from the recent highs, tyler and remember, this morning the cpi prices and consumer-price index were definitely as expected, less than they were last time, just not receding enough to make the markets happy. things like energy up over 30% year over year is a very sticky number that doesn't seem to be moving down any stime soon.

the two-year and three-ier notes are higher than yesterday's close. you see it there there was a lot of volatility and the flattening was dramatic and it was just around 39. they're at 29 today. ten basis points of flattening and let's look at the three-day chart of ten-year and on monday we had the intra-day cycle high at 3.20% so as tyler pointed out, we have really dipped well under they're approaching 30 basis points from the recent intraday level and if you open the chart to four years you can see clearly that four years ago on the left side of the chart is where you had that double top around 3.23% and in january, i want to pay close attention to and finally on the foreign exchange side, we know the there are index is hovering near 20-year highs and the euro is something to pay attention to because boy, do they have issues there and not the least of which is that rates will continue to pressure higher and a major

readjustments and the euro currency there is the one-month chart and look at the meager bounce that's going on why is it meager as you opened the chart up, we haven't traded those levels since early 2017 and yet the bounce, not very much and it leads many to believe we'll act one to one with the euro and dollar apparently. >> it is up today after falling sharply in the previous two sections driving the action, russian energy shipments through ukraine were halted and hopes for chinese stimulus to get the economy going after covid lockdowns. we'll see how that plays out, obviously. as a result of those high are prices, energy stocks are the leaders today. marathon, apa, devon and a little less for apa and less for devon and occi now to a stock that needs a

little earnings magic. disney set to report after the bell it's one of the worst performing dow stocks of this year off 30%. concerns of a streaming slowdown, hanging over the stock and here with what to expect is dave hager with edward jones i think the attention will mostly be on streaming customer growth, particularly in light of the slowdown at netflix. what are you looking for >> the streaming business is going to be a top focus in the earnings report today and the consensus number is roughly for adding about 5 million disney plus subscribers, certainly netflix and seeing a subscriber loss in the first quarter has not boded well, and it's in the growth curve in streaming and i think that they still have more ram to go in terms of adding

subscribers and looking at others in the streaming industry so we're adding subscribers in the quarter so we think disney also will be in that boat. >> there are so many plusses out there. it's disney plus and disney+ and h hulu+, and it all adds to a minus in my bank account let's talk about the parks what are you expecting there >> we expect further recovery on a year over year basis and in the first quarter and it's going down versus the december quarter, but we do expect solid profitability. the company has already said in the december quarter, the domestic parks are more profitable than they were prior to the pandemic and what we expect is capacities go back up worldwide in the parks that they may be more profitable as a

whole through this year than they were previous to the pandemic so we see that as one of the bright spots in the disney story and the market seems to be on the earnings improvement on the park side of the business. >> all of the buzz is about the new "top gun" movie and disney's library should be stickier parents showing their kids the same movie over and over again, for instance so is there anything in the metrics that they could use that would illustrate why investors should stick with their streaming model over some of the alternatives that are out there? >> well, they do have a strong library of content to draw from and the content is more geared towards families with children at the same time the company is investing a lot in the content

this year and the content offering in particular as we move in the second half of the year looks pretty strong and that should be a factor that should help in continuing to subscribers and the disney price point is lower than the other competitors in the market and it's certainly lower than netflix. as inflation moves forward, that may be something that gives disney a little bit of a pricing advantage with the competitors >> i want to give a quick effort on the involvement of disney over the, quote, don't say gay bill in florida and the apparent removal of the sort of special operational status what do you make of that is it materiel to disney it's not going to be materiel this quarter, but going into the future, will it be

>> certainly, there's a lot of uncertainty around what that move will -- will cause for disney, and really, the laws that was passed does not go into effect until the middle of next year and there's still some time before disney will see much impact on its financial results and even at that, it looks like the biggest hindrance from that change might be additional red tape in terms of gain approvals for new construction in their parts in florida, from an actual cost point of view it's basically shifting the responsibility for government services from an entity that disney funds over to the two counties that surround the disney parks and at least on the surface it looks like the financial burden might be shifted more to them than actually on disney

disney would still have to support them financially for those services it doesn't look terribly negative from a financial point of view especially in the near-term. >> dave, thank you very much we appreciate it dave hager. gold and silver falling over the past month precious metals usually a safety trade any now they're facing tough times. we'll discuss that next. here's a virtual reality check roblox higher than 10% today and it's down 41% over the past month and unity, meanwhile, down 32% today and ea, leading the s&p up 10% just tremendous differentiation there. the nasdaq overall down 2% and the index has dropped over 20% in the last 30 trading sessions and atth's an incredible stat. "power lunch "qwest is back in just a moment.

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there's cold trying to cling on to a half percent gain 18.51 an ounce two worries facing investors are sparking inflation and volatility why isn't gold working to be basically flat for the year. joining us to explain is kristina partsinevelos >> i feel like i need to get a textbook out and we need to move into the safe havens, what gives? it has to do with the rate hikes. gold futures briefly dipped below its 200-day moving anke. that's a key psychological threshold and the stock prices have been hovering and they close at a three-month low and this despite stronger than expected inflation numbers today so it's the longest run of weekly losses this year. you can see on your screen just heading downward

silver prices also pulling back, down about 7% this year alone. credit suisse calling for a top around $21.42. you can see it's hovering above that at the moment, but why the drop historically in the stages of a fed hike it usually occurs during a period of global growth strength this time around the early fed hikes are coming at a time when we're seeing deteriorating growth we can show you this gdp graph before the united states decline, a very similar situation in china, as well and city analysts admit if china starts to rebound, they're still overall sellers of precious metals because of a concern about a session. cpi can easily send gold down to 18.30 an ounce in the near future gold miners, etf up slightly today and we'll bring that up, gdx and that's sled on strong q1

earnings and take a look at the miner. you have hekla and devon silver and majestic silver. much of that has to do with the strong u.s. there are which makes it expensive to hold these metals and the ten-year yield and the thought process is we use the investments instead of non-interest bearing gold and silver >> kristina, thank you kristina partsinevelos >> amid major declines over the past week, three calls out on wall street promising major upside we will ade trthe names next and there are the names. we will hear more in a minute. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them.

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consumers are changing their shopping habits, and big businesses are watching. dom chu has some areas under the knife. >> the smart consumers are making adjustments, right, because of these higher prices, so the folks at cnbc and acorns decided to team up with the folks at momentive, to conduct a survey the first question -- if hire prices persist, which will you

consider doing among the top answers. they don't all add up to 100, because people picked multiple things the biggest thing, 52% said they would cut back simply on dining out. don't go to restaurants anymore. the number two response was cut back on driving, believe it or not. maybe not so many road trips, family vacation. cancel a trip or vacation, i know a lot of folks, including myself, are looking at the surprises to travel in summer, and thinking maybe we should just wait. cancel a subscription. we know about that and switch to a generic product. this is something my household has been doing for quite some time in many cases they are unnoticeably different what exactly from a behavior

standpoint can you change things up which have you down in the past six months cut back on dine out, 53%, driving so over the last six months, that behavior has already changed. >> dom, i'm going to go cancel some subscriptions. >> which one >> i'm not going to say. [ laughter ] >> all right thanks, man. >> you got it. up next, three stocks with potential for gains. our three-stock lunch and we'll wrap it up, after this ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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welcome back, everybody. three stocks that could see some nice up side bank of america says chipotle could rise, planet fitness up to 34% in gains let's bring in victoria fernandez. chief market strategist there. victoria, your read on these stocks let's start with chipotle? >> we know that individuals really like the product. we've heard in the earnings calls over the last couple quarters, that chipotle has moved their higher cost prices to the consumer. we're not sure how much longer they'll be able to do that when you look at our

quantitative model, the lowest scoring restaurant in our model, and you look back at the broader sect orn, only crew lines, casinos and draftkings score lower. not only do we know own it, we actually have a short on this stock. >> wow, shorting chipotle? >> well, that puts you out there. let's go to stock number two down gospel oton, up goes planet fitness. >> yeah, tyler, we're adding security to our portfolio, not only do we look at the balance sheets where we said to say good debt ratios, good cash flow, but the business model has to make sense. for planet fitness, the business model is good. they fit between me who never wants to go to a gym, and those who want all the bells and whistles, but for us it's a

valuation concern. it's not that we don't like the business, but we don't like the valuation here we would wait for it to come down. >> even though jpmorgan brings it to overweight what say you about electronic arts, victoria >> this is not an area we really like as a whole, the whole entertainment gaming area. we don't own electronic arts make you own it for strategic reasons if you think there will be something similar to a microsoft activision component going on we really just don't like it it depends so much on these gains that come out whether it's a hit or miss. if we're looking in the entertainment instrument, we would rather look at something like the wwe, where you have much larger areas of revenue so, you know, they're weekly on cable, streaming, live shows,

ticket sales, merchandise that they can sell, so not a space we like in general we don't own the speed of one of those, but we would move toward a wwe. >> give us just sort of a sound bite quickly, victoria what is a stock you are excited about? >> yeah, we actually like prologis we think you need to be tactical on this space, and prologis is one that does that >> victoria fernandez, thank you for your thoughts today. we appreciate it. >> my pleasure full of facts, wow, chipotle short, we haven't heard that in a long, long time. >> usually you hear strong franchise and -- >> the dow is doing what it usually does now it's down, it was earlier up in the hour. ten minutes ago, it feels like the whole cryptospace is until

pressure as well a lot of pain points to watch. there's the nasdaq in fact, down 2.5%. >> bitcoin down below $30,000. thanks for watching "power lunch." >> "closing bell" starts right now. thank you, kelly and tyler another failed rally attempt on wall street today. stocks move lower as we head into the close, with the nasdaq feeling the most pain. the most important hour of trading start now. welcome to "closing bell." here's where we stand now, another intense day of selling for technology in particular the s&p broader, down 1% you do have some pockets of strength in the market everybody else is down, consumer discretionary at the bottom of the pack today, the dow down about