and we'll see here >> everyone who was upset they missed the sales last year, here's your chance to buy if you want to follow them now. thanks, robert frank. with the firm sinking thoday that's ahead on "power lunch" which begins right now ♪ ♪ and kelly, we'll see you in just a moment. meanwhile, welcome, everybody, to "power lunch. i'm tyler matheson here's what's ahead, an economic hurricane. that's what jamie dimon says that's ahead and investors should brace themselves. his two big concerns is the fed and the ukraine war. plus short energy, it is a bold, bold call on this year's best performing sector so far we've got the technician behind the report with us this hour lots to discuss, busy hour ahead upon kelly

>> and he is no slouch we're looking forward to that, tyler. thank you very much. hi, everybody. growth concerns are weighing on the major averages and so are rising rates a few strong economic reports saying activity hasn't slowed down enough to tamp inflation. the dow was down 405 at the lows this afternoon and we're down 181 or half a percent, two-thirds percent declines for the nasdaq the nasdaq, by the way, 4105 the yield assesses the path of interest rates 294 you can see this decisive jump here throughout the morning and it's held up at these levels and this is a big change from last week and will continue to be a big test for the markets that warning that tyler mentioned of a coming economic hurricane that's from jamie dimon underscoring concern in the markets that it could lead to a recession hugh is following this story where did he make the remarks and in what context? >> this is in new york

nine days from when jamie dimon last addressed investors, the investor community and said there are storm clouds that are gathering, but they can dissipate. today just nine days later he's deliberately raising the red flag saying we are in a calm before storm, and that people think that the fed can manage through this and handle this and clearly the stock market has bought along that narrative and he says there is a hurricane coming we donts know how severe it is, but it will be a full-blown hurricane. >> the thing that's interesting to me is the markets have been better over the past nine days rates have been better behaved and yet jamie dimon himself said, i said there are storm clo cloud, but i'm going to change it, it's a hurricane he's downgraded the markets and i don't want to say upgraded, but has been more comfortable lately >> that's certainly the case he's downgraded his forecast what he's looked at specifically

is quantitative tightening and clearly there's up to 95 billion in bond purchases that are going to get reversed and the balance of the fed will shrink any he's looking at oil up to $175 a barrel he's looking at federal mortgages going up to perhaps 10% delinquency which would be a huge increase and he's looking at the traditional buyers of u.s. equities essentially disappearing and pointing to ten years ago in response to the last crisis saying these are the purchasers of u.s. bonds they helped out last time. they are going to be awol this time according to dimon. >> one of the things, hugh, that is very interesting to me is his emphasis on the unwinding of quantitative easing which is -- it is truly and i hate the cliche, uncharted territory because we've never been here before we don't know what the unintended consequences of that

sopping up of the cash that was flooded into the system is going to imply or mean for businesses and human beings. >> it's certainly what jamie dimon is saying. investors, as we say crave certainty and here you have a multi-decade chief of the biggest u.s. bank and at times the biggest bank in the world by market cap saying i've never seen this. i don't know what's coming and by the way, we're bracing ourselves. we're moving our deposits, and he said basically he wants to change their capital structure and move low-quality deposits out and on money markets and they're bracing themselves for the coming storm and by the way, you better do so itself. >> he is probably the leading voice among the banking world. hugh, thank you very much. we appreciate it >> let's get to steve liesman with breaking news on my favorite book of all, the beige book steve? >> yeah. right after the bible, i'm sure,

tyler. the beige book offering some sense that maybe we are peaking out on inflation and wage increases and i'll get to those in just a second economic report continued in all 12 districts and we're seeing a slight or modest four districts reporting growth with slowing and tlhere was som softening seen in consumer demand and there were some signs that maybe wages had peaked out and that there was some moderation in those wage increases and customer pushbacks, as well when it came to higher prices and i'll go through those in just a second and i'm just waiting to call this up in one second here yes. there was weakness in the residential real estate and the labor market difficulties remain the greatest challenges among businesses the growth expectations though, tyler declined in eighth districts and expressed concerns about the recession, actually and employment did rise modestly

and moderately across the board in most districts, but there were some hiring freezes out there and signs the labor market and tightness was easing and the worker shortages were said to continue wage increases were edging down in some districts and we haven't heard that in a very long time and most districts on the inflation front reported robust price increases and three districts reported moderating price increases and they did retain pricing power one last thing, half of all districts included some customer pushback whether it came to higher prices. tyler, i don't know. the first signs of inflation out there, and not because input prices are down because there's some difficulty passing look higher prices and maybe a sign of some equilibrium beginning to establish itself in the labor market when it comes to available workers and hiring them at a wage that's still profitable for businesses. >> very interesting as was the

interview with the president of one of the feds earlier today and very clear insights there. thank you very much, steve liesman. let's turn now to the markets and our next guest is taking advantage of the volatility to help him identify cheap stocks and there are a lot of them. mike vogel, ceo of cap trust welcome. good to see you. >> hello >> your work is trading up stocks that are trading less than eight times 2022-23 earnings these are multiples we haven't seen and some multiples are down three, four times earnings and we just haven't seen those in well over a decade >> look, it's an indication of the deep skepticism about earnings we all know what's wrong we all know the fed will overtighten and they will overtighten until something breaks and jamie dimon said we've never seen this before and you were saying we don't know what will happen here and we took a look at it and there's 12.5% of the russell 2000 that

trades less than eight times 2023 earnings and that's up threefold from a year ago from 4% of the total to 12% of the total. it's just an example of the deep, deep skepticism that's going on all i know is that given how difficult this environment is to understand and predict and some of the uniqueness of it and we've never seen it before i kind of want, at least for some of my portfolio the call option on the fed being right and that's not happening and they don't see a whole lot of that, some of the ideas would give you that. >> mike, it's interesting to hear you say they'll overtighten it i mean, i still remain concerned that they're going to undertighten and that the much bigger risk is that inflation is around with us for a lot longer than people expect it's a lot more than what they're doing right now and not if you look at nominal gdp and they're way below anything resembling neutral and having to do a couple of half-point rate

hikes in the next couple of meetings this year >> it depends what you mean by not tightening enough. here's the challenge, they can tighten enough so that we can see the economy roll over, but inflation remain, and that's the worst part, right? you get a recession either economically or an earnings recession that really takes the legs out of the stock market and yet inflation is there, and that's the biggest worry i think the fed's credibility is at stake and i think they'll do their best to take care of the inflation that they can take care of that which is driven by productivity and labor they can't do anything about the price of oil, for example. >> out of that 12% of that 3,000 that are trading at that low multiple, you have landed on three. next door media group, williams-sonoma and jefferies financial. what is it about those three that makes you more sanguine about them than some others? >> the first thing is, we next at companies from a multitude of

angles and valuation growth rates and capital use. we love people who really understand how to treat shareholders well and we think all three of these companies do that williams-sonoma has turned itself from being a mall store company to being an omni channel dynamo they're trading 3.2 times ebitda at the moment, okay. so we understand the furniture business will slow down next year if the economy rolls over and housing is weak. great. good does that mean you trade at four times ev >> so these things appear to be really depressed and next is nexstar and these are your abc, nbc and cbs affiliates, and we know the advertising market will be weak and these are really smart, capital allocators and they're raising their dividends and buying shares back trading at eight times earnings and we have

an election coming up in '04 and they're actually trading at five times earnings if you estimate out to 2024. a really neat opportunity to buy something pretty cheap if the bottom doesn't fall out, you can easily get a double here and the next one is jefferies and a wonderful investment bank taking market share from one of the biggest players and really inexpensive and yet we all know that yields are slowing down and we they'll make up for it and they're paying multiples for these names and it's a deep out of the money call option on the fed being right and that is not bringing the economy down to its needs and so that's really the story, and i think it's -- believe me, guys, you will never find these in kacathie woods' portfolios >> you can say that again. i have to ask you a question, has anyone ever told you that you could pass for a manning brother? [ laughter ] you look like cooper manning,

man! >> cooper is not the one i'd rather be, but that's okay i take that, as well no, nobody's ever said that, but that's an interesting first. >> interesting perspective. >> some people say i look like kelsey grammar because of this expansive whatever it is. >> i get it. >> thanks, mike. >> i like cooper manning he's my favorite i love his commercials everything he's put up with. all right. coming up, the tech sector layoffs are redefine being the office reindustry. a new report lists the companies that can withstand the shift and those that are vulnerable. plus, is the smart trade too short? energy, and the best performing sector this year by a mile a chartist says yes. he'll tell us why. as we head to break a look at the chip stocks that are lower across the board 2.5% now we'll be back in a moment.

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while the overall labor market is strong, a growing number of companies have announced hiring freezes and layoffs, names like meta, twitter and amazon they have high exposure to the tech industry. let's bring in john kim with bemo capital markets an important angle here and how

much of a hit are we talking >> thanks for having me. i would say tech offers leasing has been one of the few remaining bright spots in the market over the past several years and last year he accounted for 22% of office leasing in the u.s. in the reesence quarter so when we're talking about companies, we're doing large, expansionary leases often in big developments and they're cooling off in hiring and that could be a major issue for the office reits. >> you have kilroy, and vornado. >>, jbg smith is in d.c. and vornado, their largest tenants is meta and they have a big development here in new york where you would think a lot of that expansionary space would be taken up normally by tech companies. >> and so as you look at those

throw or across the office reit universe, metaverse, whatever verse -- what kind of earnings impact or revenue impact could this pullback have with them >> well, the nice thing about office is they're long term leases and typically 5% to 10% of the leases expire every year. so it is relatively safe from a cash flow perspective. we may see some lease terminations occur if companies decide they don't need the space anymore or in some cases go bankrupt, but it's really about the perception of the companies and the growth profile a lot of these companies have been growing a lot through developments and that's been the one bright spot in all of the office reits and if those aren't able to attract tenants then -- >> do they build those developments on spac, working on the assumption that there will be tenants that will fill them

>> typically not typically they would be leased anywhere from 20% to 50% and there have been developments in the past cycle and it's the remaining 50 that typically gets the higher rents and no certainty that will happen. >> right what do you think about the exposure overall, john would you say the reits and higher rates and what we've been talking about, office reits should do well just talk us through the macro factors here and how that leaves you feeling overall with the space with the aster ifshisk the tech will be underperformers. >> costco up, that means there will be less supply and typically rents will increase in that timeframe that scenario is still playing out, but office came into covid already with a lot of struggles given higher vacancy, and higher

tech apps and they were expanding and so the concerns on office have really accelerated as have a lot of things during covid and now we're seeing that pullback in tech demand. that really takes the leg out of the stool for growth. >> and the essex proper they you've downgraded to market perform because of these exposure reasons thank you for joining us. >> john kim. while tech may be cutting employees, how are other industries retaining workers amid the mass resignation? that's in today's working lunch. plus the pool side view. mortgage demand falling to 2018 levels is housing hitting a slowdown? the ceo of hayward weighs in with what he sees from consumers, and in a rough spot, dustin johnson facing backlash from sponsors after agreeing to compete in a saudi-backed golf atur th story when "power lunch"

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welcome back to "power lunch," everybody. the consumer discretionary sector is lower today, but still up 8% in a week, but one stock not participating in that rally,

pool corp. it's the only stock in the group lower over the past week even though it is pool season that industry like many others is getting hit with higher costs that threatened to eat into earnings diana olick spoke with the head of another publicly traded pool company. hi, di. >> hi. i spoke to the ceo of hayward industries and the largest manufacturer of residential pool equipment to get a word on his company's sagging stock price. >> inflation has hit our industry just like so many others what i think we're seeing is still heightened demand and interest in building out the backyard and creating that back yard oasis, but what we're starting to see is folks have a budget and perhaps what they thought they could get for that budget, maybe they're not getting everything. >> he said what they are getting is still being delayed, thanks to continued supply chain issues >> we still continue to feel some pressure by transportation and logistics is nothing close

to what it was pre-pandemic and we continue to feel some input cost pressures we've put several price increases as has therest of th industry out into the marketplace and they've been accepted, but we're not back to anything close to what we would expect. >> as for pools being one of the pandemic plays that's now on the downswing, holleran argued that the pilgrimage to southern states, warmer climates, helps the pool industry going forward. the share of newly built homes being built with pools is actually rising and as with hayward's stock which is down 40% from a year ago -- >> it is dip depressed and what i focus and the rest of the team here is control what we can control, and i do think the strength of this business is really the 80% of our revenue that's driven off of the very resilient, non-discretionary after market with upgrade opportunities with remodeling opportunities, with new technologies and connecting that

ad >> holleran added that investors focus on new pools when the real money to be made is in the aftermarket and that's upkeep, upgrading and remodelling and for that, revenue is quite strong investors tend to misunderstand his market back to you. >> i have a relative in the pool business their backlog was a year or something like that, and people were going for all of the extras because they thought they were going to be confined to their homes. do you have a sense of how it has come off of that crest in percentage terms >> it's definitely come down when it comes to new pools and pool renovations especially. he said they have been seeing a lot of pool upgrades because so many people were using their pools and i remember doing a story on a company that was helping people rent out their pools to other people and it was pool heaven, but now people are dialing back on what they're doing and they are, of course, still using those pools and that's where all that equipment and upkeep comes into their

play you can see the after market be after market in servicing and so forths diane a thank you. let's get to kristina partsinevelos with a cnbc news update. >> thank you here is your cnbc news update at this hour. government officials say dozens are dead and dozens missing. the category 2 storm downed power lines and triggered major flooding and landslides. agatha was the first pacific hurricane of the season. fbi director christopher wray said the agency thwarted a cyber attack on worston children's hospital last year. he alleged that hackers sponsored by the iranian government planned the operation. wray told the cybersecurity conference that if the hacking had succeeded it would have been one of the most despicable cyber attacks he's seen. >> and a 25-year-old ohio woman was gored by a bison at

yellowstone national park after ignoring rules to keep a distance of at least 25 yards. the visitor suffered multiple injuries after the animal threw her ten feet in the air. she was then transported to a nearby hospital and nbc news now is reporting that the woman has died from her injuries back to you guys. >> thank you very much i've been to yellowstone and those bison will come extraordinarily close to your car. >> you can't mess around >> you cannot mess around with them and i remember going outdoors to take a run and there was a bison oh, i don't know, as far as brian is from me? >> what did you do >> i try to stay away from brian, as much as i can. i went back inside and through the door because i didn't want to mess with them. anyway -- >> he or she would have run faster than i could have ahead on "power lunch. dump the pump, one technician says he is short energy and long the s&p. he'll explain why next.

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can't even read it, man. come on in 90 minutes left in the trading day. we want to get you caught up on the markets, the stocks, the bonds and the commodities and a technician who says the run is done for this year's biggest winners. you know who he is and we'll find out why he feels that way, but first to bob pisani at the new york stock exchange. robert >> do we want a strong economy or a weak economy? nobody can seem to decide. the market kind of fell apart at 10:00 a.m. with the manufacturing data it was stronger than expected. immediately bond yields shot up and they're afraid the fed will keep aggressively raising rates and that's a bit of a problem. do we want a strong economy or a weak economy do you think with the higher bond yields, no, banks, and regions financial, for example, or u.s. bancorp, for example, they went down as well they're not really rallying that much you think the market's worried about the economy or the fed

raising rates and you go into defensive stocks like pharmaceutical stocks or consumer staple stocks wrong on that one, too they went down, as well. so merck, procter & gamble, johnson & johnson, for example, they're all weaker in the day. the staples and defensive names in the dow jones industrial. finally, you think if you're worried about the fed aggressively raising rates on this data, tech stocks wouldn't do that well well, guess what salesforce, microsoft and apple and salesforce had good commentary overall and holding up, but they're stalwarts in the dow. the bottom line here, tyler, things are not exactly working out logically the way everyone would think and that's what's making traders a little bit nuts right now. back to you. >> bob, thank you very much. let's go to the bond market where yields are rising as inflation keeps clocking in a little bit high. rick santelli. rick >> yes look at the intraday of twos and tens zoom, zoom, zoom

ten-year up ten basis points up once again and boy, the 290s seem like a distant memory we have high inflation, high food prices and housing is dented and the one saving grace? jobs, jobs, jobs, right? not necessarily. bob is right we got a smidge better on headline ism, however, the employment index went bilow 50 and even though prices paid moved down from 84 and change to 82.2 consider this, it was at 46.5 february of 2020 pre-covid. i think you add all of that together and then the bank of canada will raise rates second 50 in a row to a rate of 1.5% and a hawkish statement and there goes your interest rates and if you look at a year to date of the canadian dollar. so this is the dollar versus the rooney and we are nearly unchanged on the year and that doesn't sound so intense, does it well, it should because two and

a half weeks ago it was at 130.5, and now it's 126 and the dollar is taking a shellacking on the luny and it happens to be an 11-year high. tyler, back to you >> rick, thank you very much let's turn to oil now. the price is higher today as china gets back to business. pippa stephens has just arrived at the commodity desk with more. pippa? >> tyler, shanghai lifting its lockdowns is a major boon for the demand side of the equation and the market is still digesting the eu's agreement to ban the majority of russian oil imports by the end of the year now while this is certainly important, an even bigger blow would be a ban on insurance and re-insurance of russian ships which is being considered as this chart from kepler shows russian oil is till finding a buyer with a whole lot more going to ind ia and china targeting insurance would change

that 90% goes through london-based insurance providers. so basically banning imports to the eu is region-specific while the insurance measures would disrupt global trade wti up half of 1% and brent crude around 116.38 and nat gas, tyler up almost 7% at 8 bucs and morgan stanley said today it could hit ten bucks and certainly not welcome news and utility bills already spiking. >> it is just one facet of the natural gas story. natural gas is a constituent of so many things to plastic and so many things we buy, it is beyond just your hitting and cooling. >> and our next guest says he's shorting the xle energy etf and says the charts are pointing to an intermediate peak joining us is carter worth,

founder and ceo of worth charting there is more money to be made, i will pause it by being contrarian and going against the grain than there is by going with the consensus this is an against the grain call based on the charts explain. show and tell, will you? >> sure, tyler i think before we look at the charts, we know that all of the fundamentals would argue for much higher. capacity is restrained summer driving season is here and you banning 90% of russian imports and covid-ending in china, how come oil is up a fraction from where it was a year ago >> i want, we're down from where we were three months ago this is the question how much is priceded in in that famous six-session mup the crude went from $90 a barrel to 130, the last days of

february and the early days of march when the invasion started and we're here at 115, three months later with much worse news i think a lot is priced in and i don't see it going much higher this is the s&p 500 energy sector and it is dominated by exxon and chevron, and you see the arrows does it have to fill where i've drawn those arrows no, but that's the bet i want to make it's relative performance, the sector to the market ask one of the parts to the whole if you look at the next chart and it's a ratio chart and it's simply what a relative strength line is by the s&p and so what we know is there are no drawings there and no an tnotations, but you can see how far above the 150-day moving average we are and it depicts it. this current spread than it was in the '08 pick.

so energy stocks went on to relative performance peaked in aers 05, and this big move now, a lot is priced in on an intermedia basis i think everyone's in and it's right to take the road less traveled. >> that is a very clear -- i am -- i am speechless. that was so clear. >> me, too >> carter worth. do you have a question, kelly? >> i do, carter, and it's this i take your point that at the very market point when none of us can see the down side is usually when it happens, the market inflicts the greatest pain and you look at the trends andment inially, i can't see how this energy market doesn't at least remain tight and it kind of reminds me of housing prices and i don't know if they go up further from here, and i can't see how they drop off either and that's sort of how it feels with energy right now >> say crude just stays here, but it is kind of interesting, right? that in six days going from 90

to 130 up 45% and the people are already trying to figure out the collective wisdom and what this means down the road. well, he will make us pay in rubles or not. he will do this. demand will be tight and yet that was 130 and we're at 115. what news comes out now to get us to 130 to 150 >> wouldn't it be nice >> i was going to say, if there was some kind of breakthrough or resolution with the russia and ukraine, could you even imagine what we could see in terms of downside again, i don't know how likely that is to happen. >> well, exactly, but there is that anyway, and then the shares themselves, look, they were hate as they should be. they've had two years of massive outperformance, but it just seems a little full, a little steep, a little crowded and too far too fast. >> very interesting. i think the point here really is if you look at what the charts are telling you, they're telling

you exactly what carter -- i almost called you charter. carter the charter >> there you go. >> trademark that. the charts are telling you what you're saying and the fundamentals tell the story, but fasci fascinating stuff. thanks for the explanation, carter. >> carter is with charter. >> that was quite a call next, today's working lunch. one benefit for companies and help retain employees and as we head to break, remember, you can now listen to "power lunch" on the go look for us on your favorite podcast app and follow and listen along today

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imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing. a tight labor market has employers asking what perks and programs employees truly value today jon fort brings us with a company with one of several making headway in fertility benefits >> yes, tyler. tammy's son is co-founder and ceo of carrot fertility bringing

fertility health care into the mainstream as a women's issue and an issue for families of all kinds. she became aware of the need six years ago when she was going through the process herself. >> i went through my own fertility treatment. i went through multiple rounds of fertility treatments and it was egg freezing at the time my egg freezing cycles were each cycle didn't produce as many eggs as i had anticipated and intended, so it was a very long experience it was a very expensive experience it was a very stressful experience, and i think that, you know, that's really how i found -- how i founded it and a deep curiosity and respect for the role of fertility healthcare in our lives >> tammy started out in public

polic policy working for vice president gore and now in the private sector and now she's trying to expand the concept of fertility benefits to include workers that weren't included in the past, and now it addresses menopause and low testosterone and she argues that these benefits help with retention. >> fertility health care benefits is top of mind for so many employers for three years straight, an average of 96% of members who use carrot, tell us that they are more likely to stay longer at their employer because of access to carrot that has never been more important for our customers than right now where there's a great resignation happening, where the labor market is incredibly competitive and competitively tight and as we move into

menopause the expectation is changing around what a standard compensation and benefits package looks like at a modern company. >> now a big part of what tammy's trying to do is shift fertility benefits from being a boutique benefit for tech workers to being a mainstream resource available to everyone including warehouse and retail workers. as the economy gets shakier and the labor market loosens, we'll see if her argument stays as strong i'm fascinated about this, one because i went into it in an earlier life time. is she fundamentally an insurer? if i am employed by comcast, does it cover fertility, men paus opause with carrot and i as an employee get to elect that >> she's working with insurers to put together the package of benefits. >> i see

>> it's more of an enabling mechanism, so that's why she's expanding not just with fertility benefits classically, but also into menopause, into low t addressing a broader swath of the workforce. >> that would be my observation as this becomes more mainstream and it undoubtedly will, more people dealing with these issues, why can't your traditional health benefits expand to offer these exact things >> there are so many start-ups focused on the same area, there's kind body and maven, for example, and they're trying to expand access to the benefits and companies are more interested in this now than they have been in the past and partly because they're understanding it's not just a woman's issue and there are couples looking for sperm donors and egg donors and it's a family issue. >> that's working today on a documentary on men on ausz that

one out of 12 women around the world will be in menopause, and it is quite scarce, and it is an undercut medical issue and straight fact. in medical schools obgyns spend three days of the whole time studying menopause >> a big gap when you know there's a big gap to fill -- >> fascinating stuff >> thank you >> still to come, extra credit in today's three-stock lunch by now hitting a wall, the credit cards and slowing mortgage demand can hit non-bank lenders and we'll look at three stocks and we'll look at three stocks in the fin world after this. ♪ ♪ ♪ ♪ ♪ ♪

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in today's three stock lunch, three consumer credit related names, the buy now, pay later companies like affirm facing rising rates and growing delinquencies. bank of america saying american express is undervalued as a pure play card issuer and nonbank mortgage lenders like rocket being pressured by a decline in mortgage demand as

rates rise let's bring in new street adviser's founder and cnbc contributor. welcome. good to have you with us let's start with affirm and its troubles what do you think of this stock? >> we know they have strong partnerships, but, it's hinging on that consumer, and we know the personal savings rate as a percentage of disposable income fell to 4.4% in april, the lowest level in almost over a decade coupled with soaring inflation, raising costs for the consumer that confidence is starting to slip if you look at the side of merchants, looking at what the retailers, they will be less to spend as advertised they're spending less. head winds on that as well it will continue to more than

likely struggle, tyler >> what about american express which is higher year to date >> i think that's a function of what the note was saying, a strong balance sheet, better valuations than a year or two ago. the down side risk to consumer is hedged on the american express side because we're still seeing one area of the consumer hold up, which is that travel area, an area american express does well in and you're mentioning the millennials and gen-z, which i think is a long-term tail wind for them that's a buy and hold for people it's been strong year to date. >> rocket mortgage, i was surprised -- not shocked -- that more than two-thirds of mortgages are made by nonbank lenders, not the wells far gose and the chases >> that is a really surprising stat that speaks to companies like

rocket mortgage, loan origination that is a headwind ifyou're looking at seeing tha there might be cracks in the how longing market starting to slow down with rates increasing the average price of a home up over 20% the past year you're seeing cracks the stock has performed well over the past year, year to date and also i think if we look at the valuations, there's no positive news flow that's going to be going out for rocket companies. >> thank you very much we appreciate it thank you. >> thank you, tyler. up next, billions of saudi dollars are trying to disrupt the world of professional golf the world of professional golf tours were busted and we still got a shiny new one.

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welcome back to power lunch. a new golf tour competing with the pga and backed by billions of dollars from saudi arabia dom chu has the details, a lot of intrigue surrounding this and big bald-faced lies. >> one of the biggest, most drama filled dramas in sports right now. big characters, big companies and leagues, and big conflict as well as massive amounts of money at stake, pitting the pga tour against this upstart league

backed by the saudi sovereign golf fund. dustin johnson shocked the world on the liv golf event. dustin johnson earlier this year said he was committed to playing on the pga tour. the tour says members of the pga tour are not allowed to play in these events now what they said is as communicated to our entire membership on may 10, the pga tour members have not been authorized to participate in the saudi golf league's london event. under pga tour tournament, they are subject to disciplinary action read into that what you will dustin johnson and fellow liv golf participant graeme mcdowell were sponsored by rbc. by competing in next week's event both will skip rbc's

flagship canadian open rbc not too pleased. it ended its sponsorship of both athletes in the wake of this the money is big each event on the liv golf circuit has a $25 million purse up for grabs and reports are that some participants have agreed to large sums of guaranteed money just to be part of this liv golf series. for perspective, dustin johnson's whole career, he has $5 million in prize money last year, and an estimated $74 million in lifetime earnings some reports say dustin johnson himself received a low nine figure guaranteed payment to bolt from the pga tour to go over to liv golf that tells you some of the money that's involved in this situation. >> nine figure payout? >> yeah. >> and greg norman is, what, the commissioner of the tour >> the ceo/commissioner of the golf series. >> presumably he got paid a lot

from the saudi golf fund to do this >> the issue is what really is the saudi goal for doing this? and is this a short game or a long game. >> if the purse is $25 million, that's double, roughly, what it is on the pga tour >> right >> there is some money that is not worth making or taking this is blood money. >> that's why this is so controversial. >> dom chu, thank you. >> thanks, everybody, for watching "power lunch. thank you, kelly and tyler first trading day for june shaping up to be another volatile one the most important hour of trading starts now welcome, i'm sara eisen. where we stand in the market, coming back a little bit here. the dow only down 121. this does not tell you the full picture. we've been down 400 today. up 282 today some wild swings you have the nasdaq outperforming, only down about a quarter of a percent, and the s&p down 0.4 financials and