the yields have been on the rise back again, although that has already moderated here, 291, the short end of the curve also popping. oil, not much of an increase on opec, coming off the lows, actually firmed up coming into 9:00 >> might get a slight increase there. we'll find out the news will break and hopefully i'm here to do it. >> absolutely. see you all tomorrow "squawk on the street" is next good thursday morning and welcome to "squawk on the street." i'm dab dab with gym carl has the morning off let's look at futures before we get start at the nyse niles 30 minutes from now we are looking at what would be a higher open. potentially a nice move on the nasdaq our roadmap this morning starts with warning signs

jamie diamond yesterday, but we're still talking about it, talking about an economic hurricane potentially coming brian moynihan, the ceo of bank of america, he says, hey, hurricanes come every year >> but he's in north carolina. >> plus sheryl sandberg is out at facebook current meta platforms. why jim thinks it marks a moment you'll want to pick up some shares and i want to talk hedge funds. tiger global down another 14% in the last month let's start with the markets and the economic warning signs at least from the likes of jamie diamond. we've talked a bit about this at the end of our show yesterday, jim, leslie picker was covering it, youcovered it on "mad money" last night as well. now we have moynihan coming out and saying, you know, not excite as bad a weather as you might think, mr. diamond. >> not a lot of people talked

about what he said when things were good but the stop jumped from 123 to 130. all he can talk about is this hurricane. he's picked the one word that has scared everyone. i was at a dinner last night and guests came away so i talked to every person. every person at the restaurant in my part of the room said it could be a hurricane i said i don't know. last week it was sunny this literally was one of the most crazy mixed messages i've ever seen. it's time for jamie diamond to come on and -- >> clarify i guess to your point, we were showing it, only last monday, so, what, ten days ago, he was talking about storm clouds potentially dissipating. then yesterday, not today, yesterday, thank you, brace yourself for a hurricane he did say could be mild or

could be -- >> a mild hurricane. >> or heavy winds or could be incredible flooding. >> what matters to me is which one do you think was most scripted >> i don't know. >> if it's scripted, then -- >> it's been thought about as opposed to -- >> exactly some people when they are off the cuff say some words that they might regret. david, this could be tense >> moynihan as you said we're in north carolina, you have hurricanes that come every year. he's just not seeing it. >> he's not. >> he, to his credit, whether right or wrong, has been consistent >> look, he's been the consumer's strong. that is true we don't see -- we're going to get to chewy at a certain point, because consumer strong, consumer strong, dog food, doesn't matter you get consumer strong on almost all the retailers obviously target, did they have

the wrong merchandise, but we've had almost every single retailer, unless you have bad fashion stuff, a la american eagle outfitters, super strong >> and bank of america certainly is as good as any source to sort of get that from >> i agree with you. >> he and jane frazier, in her last interview at davos, talking still about how much cash that's in consumers' -- >> the ceo of wells fargo, do you know how many people comment on that i did not mention that >> sometimes we tend to do that here at that desk and we want to get everybody in >> we're changing it >> charlie scharf, the ceo of wells fargo. >> one of the largest banks in the country. he's saying we should be focused on losses and criticized loans

the lowest at wells fargo. i think you have to go back to the stagecoach days. >> stagecoach with john fortt would be fabulous. who's the director >> john fortt. >> oh, he was the director i'm sorry, who was the -- >> well, on the one hand >> all right >> we're 9:04 and haven't got on the gamestop yet what is the deal >> i don't want to talk about them yet i want to talk broader markets gamestop is a sideshow let's talk about them a little later. >> you're right. we have been getting mixed messages every day, and. it's annoying because what will happen is you'll have a company that our viewers might actually know, which is c3ai. >> i remember when it went public >> another debacle at this point, revenue well below the street

mongo db is good, but what's the commonality? all the price targets were set in the halcion days, back in november no matter what you do, the only price target bump i saw today besides chewy was costco that just confirms a lot of what i feel about, which is costco may have had one of the great quarters and nobody cared because rich gallanti, the fabulous ceo, was on vacation. we're all used to his cynical, incredibly funny comments, like people said what's going on in shanghai pickled cucumbers. >> yeah. >> just drops it there >> last night on your show, you went from names that have fallen -- i've forgotten how much you mentioned it yesterday as well >> "jeopardy!" you had it on? >> i was working out of my 30 rock office. there were other people in the office

>> no. >> i couldn't believe it >> i thought that place was evacuated. >> i thought maybe they were mannequins, but they were real i didn't speak to any of them. i was doing work there and had your show on you went through so many of these names that have fallen dramatically then i'm looking at tiger's last 13, and this is a long time ago. they had annaplan and app loving they have -- then we'll move on to the bs. block and bumble sese >> c3ai. we can confirm tiger down 14.3 in may

i talked a lot about hedge funds. i was talking a lot about them in may, jim, and the context of they were sellers and they were reducing risk a la, for example, co2. but not everybody papparently some of the numbers i'm getting are atrocious and are taking them to level where is you wonder how they can really save their business when you're down more than 60%, as was chase coleman at tiger, one of the great growth funds, by the way, public and private, remember, one of the largest private investors, and, you know, i don't know enough about whether it's the fully blended number overall, but the numbers are just staggering at this point, jim, and you do wonder -- >> people are they billion-dollar funds >> huge funds. >> down 50%. people at home have to recognize this is highly unusual >> yes, it is. >> that is just terrible

>> it's a terrible reflection overall i think in some ways of the industry and what's happened to the industry. >> we focus on these firms >> you talk about some of the stocks that are down sharply do they make money because they were just risk takers? and obviously leverage was working right for them but they weren't really great stock pickers, because something has gone wrong here lately, namely, you know, one very prominent hedge fund manager i won't mention by name says this is an embarrassment to the industry it's leverage. it's not doing your hedges properly it's bad stock picking not sure what happened in may. i thought these hedge funds had taken the risk off >> institutional month, university -- >> yeah, of course by the way, they have a great track record for many years. now plotkin is done. it's become a family office. and mr. cullman has never spoke within me. i don't really know him. unclear what that means. he had more money coming in

recently he put some of his own money in. maybe you slug it out for years and get back >> people may be saying why is my stock down so much, and it could be liquidation of some of these funds, i don't know which ones are open, where you end up with just this extraordinary endless selling pressure on the names i talked about last night. >> right >> endless selling pressure. and think own every one of these. david, they own all of them because it's what they wear. sprint the runway, david >> yeah. >> do you know how many people rent the runway on my team at "mad money"? that's what they do. a dress is too expensive that's not a business. it's more of a dry cleaner >> no. no >> these people will hate everything they're just negative. >> we did get handed a piece of paper to bring people up to date on microsoft earnings, jim >> what? >> it's in your hand take a look at it.

i'm not clear it will have any real impact, but we want to share it this is microsoft. >> this is what benioff said would happen with salesforce they want to get ahead of it this is going to hurt the stock. people are going to say wait a second, why did i sell it, everyone knows this, it doesn't matter >> i'm looking at an additional fx impact on the company we talked about how strong the dollar is. 18 cents a share for intel lent cloud, 11 cents for what they're calling more personal computing. overall, a 46-cent fx impact share for their revenue guidance range. >> benioff said this is unprec unprecedented. >> on operating income it looks like 30 cents a share, 25 cents net income, jim, if i'm reading this properly.

additional fx impact and therefore a revised guidance range of what is now a net income or dill lulted earnings per share, make it easy for microsoft that is now 224 to 232 for the fourth quarter of fiscal year -- >> any company that has a lot of overseas can do this because of the dollar the problem is the first guys get hit, right, but benioff explained it well. >> he did. >> he said i've been to tokyo, it's entirely the reason why i did not bump what people wanted me to bump >> investors overlook fx >> that's what i'm saying. microsoft could have applied this the way benioff is, but they don't like that amy recognizes this is a trend and get ahead of it but people sell it and don't realize why the third week everyone has this they say, oh, microsoft, buying

opportunity. i have my 12:00 conference call today for my club. >> it was april 26th when they provided guidance last, and the additional fx impact is cal lated through the end of may and actual results for the quarter may vary because things could move the other way >> people are going to sell out. >> about a month's worth but we can bring up the dollar. >> let's look at the dollar. this is the kind of thing people at home have to recognize, that in three weeks everyone's going to be asterisking this >> there it is >> and there you go -- look at that >> yeah. >> that's what we're going to penalize microsoft for yes, if azure was slowing or desktop was slowing. desktop is doing pretty well but let people freak out so we can buy more microsoft >> finally, let's move on to meta >> everything is going to be down

>> i did tease you saying it was a buy with sandberg's departure. >> i spoke with her last night there are a lot of people on that team. >> there are. >> she did not by any means have -- after 14 years, she said when she joined she would do it for five years she ended up 14. she is instrumental in sales that does concern me but not a reason to sell people will say that microsoft is going to send all these down. >> even if it's fx >> it's a preannouncement. >> but it's not about, as you said, not about reduced demand for their product. >> that's why i say if you're selling on this you'll look back and say why did i sell this?

usc has done hard work making reals. reels. coordinated with instagram he's working when the met ta, which has not advertised it that i know of -- >> you wrote something there about why it's a good time to buy. >> yeah. and i think went you look at a company like facebook, like meta, and you've been at it and at it and at it, and now you have to be at meta and you're an advertising person, she's very philos philosophical. >> she's a millionaire, isn't she? i think so how could we not be? >> we are not. i can't speak for you. you're closer. >> no. >> neither one of us is near it. >> but i will say this, she did

do a lot and a mainstay of instagram and facebook some say that's going to go down i'm going to disagree with that. >> an awful lot of advertising >> an outlier. >> microsoft is microsoft. >> microsoft is microsoft. >> the most profound thing you've said on the show. >> microsoft is microsoft. i would go out >> someone at dinner last night said did you really like david faber? >> you didn't answer >> i said i hate david faber >> do you think david faber is a complete idiot >> i said no >> we have to go still to come, we'll have an exclusive with fed vice chair brainerd her first interview since being

elected. jim was right. the nasdaq looked like iwas t going to be up >> nope. >> amy hood, thanks for nothing, cfo. thank for nothing, amy >> back after this bel is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire don't like surprises? [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly.

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news on ford from phil lebeau >> it prepares to ramp up for greater production in the next couple years, specifically with electric vehicles but also with internal combustion engine vehicles, the company announcing it will be investing $3.7 billion, adding 6200 new jobs in michigan, ohio, missouri, in addition 3,000 temporary jobs are now going to be to converted into permanent positions so when you look at this expansion by ford, again, over three states -- michigan, ohio, and missouri -- a number of things are at play there will be a new commercial ev built in ohio they'll expand production up to 150,000 units annually of the f-150 lightning. that expanded production happening in michigan. they're also going to be adding or retooling for the next version of the mustang as well as for the ford ranger pickup

truck. so that's on the ice side. the bottom line is this -- as you look at the ev market, and ford in the first quarter, end of the first quarter in the third position in terms of ev deliveries, we'll see what happens in the second quarter. so for ford, this is all about getting up to producing 2 million electric vehicles annually by 2026 you have to put the pieces in place in order to ramp up production down the road also with regard to ford and sales, we have the may numbers in, down 4.5%. not a huge surprise. it was a lackluster month across the board for all of the automakers when it came to sales. the annual sales rate for the month, not total sales, but the sales rate for the month, 12.8 million vehicles that's much lower than what a lot of people were expecting kind of raises some questions about whether or not we may be seeing the start of some demand destruction out there. >> wow phil, i have to tell you, in light of yesterday's mortgage

numbers, it's the fed. i think you may be thinking you're winning is there anyway that can be related to semiconductor shortage or is that just straight-up supply and demand? >> hard to tell. it definitely is related to the semiconductor shortage, jim. it's a tight inventory market out there. go out to a dealership right now. it's hard to find what you're looking for. that clearly is still a factor here i think one month is not enough data for us to say we're seeing demand destruction but it is weaker than people were expecting >> phil, thank you phil lebeau. up nt,ex we'll keep moving on here, take a quick break then get jim's "mad dash" as we count you down to the opening bell we're back after this.

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it is the news of the morning, but it did turn the nasdaq as well, microsoft giving us an fx update through may for its fourth quarter, fiscal year '22 fourth quarter, and given the move the dollar, obviously they're taking a hit we'll have a lot more on, that get jim's take in his "mad dash."

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any, you know, pullback that we're seeing is very consistent with the rest of the industry in discretionary parts such as hard goods, et cetera and i think, you know, until the macro environment symbolizes, we should expect to see a similar trend and momentum for the rest of the year. >> let's get to a "mad dash. that was the ceo of chewy, the focus of the "mad dash." >> it's really important as a metaphor for this market what is he saying? he's saying there's a really

strong consumer versus difficult operating environment. so what you want to try and do is -- people think that chewy has done this, but david, also, 23.5%. people were betting on a big shortfall. they didn't get it they're introducing care plus, an insurance business. developing brand loyalty why? so people don't think all they doefr do is deliver pet food, which is not a great usiness >> it's also reflective of what we've seen in the last six months down 100 bucks, down 5% for the year >> it is part of that tilt of companies that people got very excited about, they saw a lot of boxes on the street, chewy, so they bought the stock, chewy jim, there's a big influx -- because more people have pets.

>> another pandemic effect a lot of people got dogs, for example. >> it's a bit of a short squeeze. it could last a while. in the end, it's because the stock is down so much. [ bell ] >> look at the realtime exchange looks like we'll have a fairly positive open until we got the fx guidance from microsoft celebrating energy accept it. >> i have. the catbird seat what an unbelievable time to be in that business >> yes >> so let's pay attention to some small caps that are good. by the way, people looking at domestic companies with very

little or no jump, of course exposure and they'll buy it. they'll buy kroger today you know what i mean small caps market watch had a good piece about how small caps are the best valuation in years. >> small caps. >> yeah. i don't know you always see me saying it's over, go buy a small cap etf >> right >> the cheapest they've been in at least 24 year, and i don't want people to go pick a small cap that is mimicking this >> let's get back to the story of the morning, which we got to at about 9:08, which is of course that updated guidance from microsoft simply saying we gave you guidance on april 25th, and then the dollar continued to strengthen, although recently it's been weakening a bit.

>> yeah. >> so through the end of may, we felt like we have to update you because of what we'd previously seen, 228 to 235 a share for the quarter, the fourth quarter, fiscal '22 it's now 224 to 232 a share. so a reduction of let's call it, what, four or five -- >> not that much >> but it is 3.7% out of the stock of what was before the beginning of trading, a $2 trillion market value company, one of the largest in the world, and also investorslooking at other things you started this with salesforce and benioff the other day, citing currency as well. >> it was great. people said there is a disappointing forecast, and he said what am i supposed to do? i just came from tokyo still letting the yen fall am i supposed to say, what, there's no demand? demand is great. let's extrapolate. the company i think of, travel

trust, we talk about this at 12:00, procter & gamble. they are often cited as being the most currency sensitive of a lot of companies i'm sure there will be some wise guys selling it, betting that proctor will have to do the same thing as microsoft if they do it today, you'll be lucky. if you wait till the end of the quarter, you have to work. everyone will be able to say i'm used to this, i know it, i'm not focused on it. but microsoft is a great american company, and when they put out something, people expect it and microsoft is down a lot >> a big move on that kind of adjustment to earnings per share based on the movement of the dollar but if you buy that today, the dollar is not going to fall again tomorrow they're not going to preannounce tomorrow. >> no, they're not you're selling it today, why because others are selling it and that's what you do that's money management. no

it's wrong money management is what you're doing with tiger >> yeah. speaking of, we have more details on tiger there is a letter out. i did not have it. bloomberg has it there are a lot of different things going on there. i've talked often about private investments. obviously vision funds, the largest private investor tiger, so many enormous positions and it has done so incredibly well in terms of being fairly early, not venture money but for these many growth companies, many of which are now public but the questions are, how do you mark them? what's happened to them? what's the impact on the overall portfolio? he is now essentially -- chase coleman, the man who runs tiger. brought back memories. my old colleague ron insana and

i, when we interviewed the original man who ran one of the most successful hedge funds and then got into things that were not necessarily his core competency, took in so much money, was enormous. i'll never forget, b sitting down years and years ago, i broke the story and he knew robertson well and we both interviewed him. historic, when he was closing tiger. then you have these guys who are still young but young out, tiger cubs, he's the most successful of all of them is chase coleman in many ways but a horrible year. and preventing investors in his private fund from getting out, potentially making a side pocket he is going to allow you to redeem more than you would from the public equity side he's also reducing fees by 50 basis points through december 2003 >> why is he taking that >> according to the letter, we take seriously our recent performance did not live up to

the standards we've set for ourselves in the last 21 years and that you rightfully expect our teams remains maximally motivated -- maximally i don't know if he was previously but now maximally motivated to earn back recent losses >> you can't feel bad for rich people. >> he's a multibillionaire it depends on where they've invested >> i have to avoid those stocks. >> i don't know what happened there. it's on the private side as well down 14 from may i have other names too light street down big numbers, another well-known hedge fund. i don't know, jim. you would have thought many of these guys and ladies would have gotten out the way la font did. got out. i'm stepping aside >> tles ooh two kinds of

companies that could have lost you that much money. companies like the home builders still coming through strong. or all these companies that became public and they seemed so interested, right? >> yeah. >> like the growth companies, i have a webber, i'm going to buy the stock of webber. i have a trigger i'm buying that stock. okay there its go what kind of shoes you wearing i'll buy that. it was nuts. >> look for the -- these are so dated. it's every name you've heard of. >> not teladoc please >> hold on >> there's like five companies i'll call yo back. the second doctor. i'm getting a third opinion right now. >> nope.toast, twillio, uber -- >> i said that when it came out.

excellent number the stock was up look at this, david. and the stock is up 10%. oh, wait second. it's 18. it traded at 82. >> goodrx another one you mentioned. >> oh, my gosh fantastic. you get a coupon goodrx with a coupon it was at 48 in september of last year. now it's at 7. is that a 5 to 1 >> 6 to 1. >> data dog is the chewy of -- no >> lightning round here. >> it's kind of a -- >> that puts me in mind of gamestop of earnings or lack thereof, really, is a better way of -- reported >> forget it, david. remember i told them they have

to go and crypto wallet. all about the crypto wallet, yeah buy crypto second. that's okay. i don't have a patent. baird commented on it saying anyone tnintendo good. higher cash balance. david, all told, forget it, david. forget it. gamestop >> no q&a. >> give me the pen knife david, this q&a doesn't exist. why don't you take some -- how do you do -- >> i'm sorry >> no q&a on the gamestop conference call. >> okay. explain to people why that's important. >> because analysts used to cover a company and they can say, well, wait a second, i want to know, you had a $2.08 loss, we were looking for a $1.16 loss, why do you say sales are

in line? but what happened is how did software get to be -- collectibles decent business. but, david, when you don't have any q&a, i think you tend to be suspicious that the company may not be as forthcoming. that's all it doesn't matter because gamestop -- they could be up -- on the worst quarter possible they could be up 20 because it's some sort of like paris commune. like berlin 1919 >> you want to explain that a little more to people too? >> well, it is a class struggle. the people who buy it think they're attacking rich people. >> gabe plotkin from melvin has become a family office >> look, i have to tell you, and

a terrible way to invest is to think you're getting hedge funds by buying the stock. it's better to invest because you like the company >> what would the stock trade on if it was trading purely on fundamentals purely on its ability, the company's ability to earn money in what is obviously a changing environment for key products, still selling games out of a store? >> well, you know, let's say we had strauss. >> ceo >> a lot of people buy things online now he would say the same thing. bobby -- >> acquisition >> they sell some firmware and as you would know, nintendo is still backward the great corey barry is looking at a fantastic number at best buy, saying as long as you have that hardware component in demand, then you have a

business do you have a business worth $8 billion? probably not but you have a business. what you have to do is measure it versus best buy and do a sales analysis for the comps i did not do the comps this morning so you didn't know it would not be. >> it would be less. >> unless you really think that the m&t business is a fabulous person you didn't cover the person -- former employee of next ft marketplace first digital asset insider trading scheme in the southern district of new york, jamie williams, u.s. united states attorney for the southern district of to new york, michael driscoll from the fbi have announced, wow, wait a second, indictment charges, daniel chastain, formerly with ozone networks for basically front running. >> don't you think insider

trading? but no real security it's interesting they're bringing -- >> maybe nfts are secure maybe this is a way to secure them >> tokenizing and securitizing are certainly similar. >> by the way, salona, wasn't that supposed to be the currency we were all going to use at the store? tumials 10%. blockchain mike navarro on the phone. >> i want to move you on to oil and gas because you spent a lot of time on the show last night talking about it as well exxon and chevron we keep an eye on, down but not sharply according to sources -- >> i'm not symptomatic i don't have it. i have pcr >> i had it recently i have some munlt. opec reduced output by 216,000

>> barrels more. we're pumping a million barrels. last i looked, it was supposed to be strategic not trying to get so it our oil prices get down they haven't been able to. another one like the microsoft dollar story, much ado about nothing. what matters is where the russian oil is going and there are enough countries that are willing to abet russia by buying their oil, it's kind of meaningless >> as you pointed out, the eu sent $30 billion to russia since the invasion >> a conservative number >> that's not all profit >> putin is historical he cares tremendousably about happened in 1940 in the encirclement battles i think he's stalling for time until it gets cold, then he will shut off the natural gas and he thinks that you're okay. >> better figure out a way,

europe >> that's why the lng story is so important. >> it is >> mongo db up almost 1% >> we do have a bit of a climate change issue some people want to deal with. you don't seem particularly concerned about it >> okay, so, what do they do shut down the noncarbon nukes in order to -- >> germany's decision to decommission >> billy raised his eyebrows where is angela merkel >> i don't know. >> is she with jack ma >> i don't think so. interesting pairing, though. perhaps it will be. >> who knows caught up in a hurricane says dimon. >> exxonmobil, june 22nd, we have to change the date, june

22nd same time, right, 8:00 yeah thank you for that we'll have a lot more as we get closer >> i want people to understand -- >> a very important documentary because it's dealing with all of these issues we talk about every day, namely how do you produce more in a world where you have to leave lot on the ground if you burn it all, we'll far surpass the goals of paris in terms of -- not goals, we'll blow through them. >> david, how many hours training did you get before you went on that >> i had eight hours of helicopter ditching training people think these companies are reck less. anything but they're the opposite. >> we have to move on. >> it's not june 23rd, it's june 22nd >> thank you >> staying at 8:00. >> yes apparently the january 6th hearings are a primetime event on the 23rd. who knew perhaps bob pisani knew because he knows all, especially about the markets.

>> helicopter ditching training. that i want to see give me the outtakes. >> we have it, bob we'll show it. >> that i want to see for sure by the way, you look great in dark sunglasses and a hardhat. we were doing fine until microsoft came out after 9:00, lost 20 points on that, but it's not that bad right now look at the sectors. materials have having a great day. mosaic is doing great a,, otheri names doing great in that group, freeport-mcmoran boeing doing well. taking a breather as oil was down modest move down in tech look at megacap here microsoft is costing about 45, 55 points on the dow right now not that dramatic. remember, you're talking about, you know, maybe 2% in terms of how they reduce their earnings per share estimates for the quarter. this was on the dollar, not on a

fundamental thing. modest move in the rest of the tech sector. elsewhere, you see some of these food stocks that are a little bit weaker i see hormel made some comments. bird food could hurt supply chain for turkey here. consumer stocks a little to the downside hormel, tyson, some of these other food names to the weak side here. as for what the market wants right now, two things. number one, they want the supply chain issues to ease up and it wants a soft landing supply chain, some pretty positive comments in the last few days diamond is pushing past the shipping shortage. they said the manufacturing is more at normal levels, volkswagen talking about better semiconductor supplies the news is trending better in this area. the role problem is the goldilocks problem what is that right on the data we need. if the data is too strong, the fed is going to keep hiking. put up the next full screen. if the data is too weak, we have

recession fears. people are having a hard tim putting this all together. there's not a cohesive narrative. everything keys off the inflation data yesterday we were down because the ism was too strong and everybody was afraid the fed would keep hiking. job growth slowing, the market more concerned about the fed hiking at this point here. friday's economic data is going to be really important again we want to show slowing but not too much slowing ism services, we want 56 that's fine because it's down from april at 57 but still up, still growth, over 50. nonfarm payroll, 328, that's goldilocks because it's lower than last no but not dramatically we have to figure out if we can get strong numbers from these, really strong economic data way above, david, we'll certainly roll over again right now. it's just a very difficult confusing time getting the narrative straight but again, goldilocks, let's get things right in the middle and

the market will be fine. david, back to you >> bob, thank you. bob pisani before we head to break, a quick bond report if we can do that take a look at how treasuries are faring. the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility.

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this is impacted by foreign exchange that is what we could not see. we've had to conceal about $600 million of foreign exchange changes, and if you look at that fee acceleration of, for example, the yen since march, i've never seen anything like it >> that was perfect. that's benioff with you a couple days ago after salesforce reported earnings. light of what we got from

microsoft those. f-exheadwinds will hurt or earnings. >> people realized it wasn't false news, it was false interpretation of news, so people were selling microsoft. i'll tell people in my 12:00 meeting, buy it. real quick. >> the company rang the bed. it's a niche company j jim fitterling. first of all, when we come back, we get sara eisen and we al gsoet lael brainard keep it here (shelf falling) the aflac pre-pain show. aflac! paul is about to suffer a shelf-inflicted injury. luckily, aflac will help cover his unexpected medical bills. aflac! maybe you could use the money to buy a step stool. i have a step stool.

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exexpectations, down. >> now we're going to get the final durable goods. up 0.5 extransportation, it dips by 0.1 of 1%. finally capital good orders, a proxy for business or capital spending, staying up 0.4 as expected, but still a tenth better, and finally, if we switch from ex air orders, it's up 0.8 all interest rates are up on the session. once again, we see that the two 70s are a sedan memory and in europe their two-year is at 11-year high yields ten-year is at eight-year high yields the negative numbers seems to be

disappearing on the security side in europe awfully quick david, back to you. >> thank you, rick good thursday morning. welcome to another hour of "squawk on the street. i'm here with sara eisen carl and morgan both off this morning the nasdaq went positive now we got this news we seal guidance on the tech-heavy nasdaq first up, we're 30 minutes into the, and as david mentioned, shares are under pressure, just cut its q did up 4 guidance, more on that in just a moment.

hpe shares are under pressure, revenue also coming in fairly short. don't miss an interview with the kreismt:next hour on "techcheck," with the stock down pretty sharply now we're watching meta, as sheryl sandberg announces she will step down from her role this fall, but will continue to serve on the company's board of directors. joining us to discuss that is early facebook investor, and sometime critic, roger mac i nammee in a world where executives are

based on what they do -- facebook, when she got there, had no business model, and it found one, and she grew that magnificently. at the same time the company did enormous harm and sheryl did nonto prevent that i think she had the power to cause the company to behave more socially structurably, and i think she'll have a legacy that has a very positive thing for investors and very negative thing for everyone else. roger, what would you have had her do age if she had, would it have affected the shareholder side of the question >> indisputably, what facebook

needed would have had a significant effect on earnings she was faced on a difficult challenge. at the same time, she had a lot of opportunities along the way to do things difficult live. when the company was in myanmar and accused of facilitating an ethnic cleansing, the company could have easily changed its strategy where it does not have any presence, it could easily have decided they did not want to do harm, because there was no economic impact. in the united states obviously they could have done a lot to restrain the disinformation. there are a lot of things as chief office, she could have done i think she chose not to,

because doing so would have affected earnings. >> we don't know exactly what she's up to, but roger, to the stock, when this news broke, the stock fell 4%. what do you think it means internally for facebook operations and for investors, given she presided over such a strong period of the facebook growth >> yeah, i believe that sheryl sandberg is an extraordinarily talented executive, particularly with respect to the domain of growing a salesforce what facebook did over the past ten years really is extraordinary. at the same time she's been replaced by somebody who comes directly out of a part of facebook that's responsible for increasing the engagement of the audience there's just no way to overstate the risk of that a person coming from that world

is not somebody whose first regard is the interest of society. it's somebody who's there to squeeze the last inning out of any user using the product from a shareholder point of view, that is likely to lead to more of the same, which is to say, they're going to earn as much money as they can from the business, but at the same time there's no reason to expect the company to be a better corporate citizen. >> so no change in your opinion as a result of her departure in terms of the plan they've been following? >> no, i think it could get wors but i don't think it's going to get better. >> do you think she was a break on some of the -- in some ways things that would have been even, as you point out, worse for society? >> well, there are activists who believe that is true i don't have personal experience with that, being there are people who shares my goals, who believe sheryl was in fact at the margin restraining fierce,

at least someone you could talk to i do believe that will be lost completely i think the company's isolation from its critics will now be complete, where sheryl at least maintained some communication with some of the companies. >> i they analysts are using "leaning out" a bit. it's run up to multiyear highs the good news is that it's turned around. no one really knows how to hedge against the multiyear moves, and everybody knows how global they are. >> sara, when i think back to

the days when i managed public funds, the one experience that markets do is this overwhelm your senses. you get completely focused on the first problems that emench you tend to be slow to react to the rest i think many viewed microsoft as one of the safe havens as they were to get it -- that's the only possible explanation i can think of as you say, let's face it, what the dollar has been doing, that's been in plain sight why so many would not have connected it to microsoft beats me i think you can look forward and say, when this is settled, their market position will remain unchallenged >> finally, just to come back to

meta, you know, the one thing that seems to unite both sides of the aisle, as they say, roger, you see some bipartisan unity on is opposition to big tech there are some bills working their way through the senate and the house. i'm curious of your thoughts, as the exit of sandberg, where this all ends up in terms of potential legislation that could curb the company >> i think you're asking a great question theres no question that sheryl sandberg was responsible for building facebook's government operationspiece, which han candidly been an extraordinary shield against regulatory intervention her departure may in fact have some impact on that long term. i don't know her natural successor is in that role.

joel kaplan, who runs that group, or nick clay, the figurehead on the top of it, if they're responsible, i think you'll see a continuation of the same tactics that they have used but i believe the klobuchar bill against self-preferences, that has the biggest chance of passage. facebook is vulnerable to this as well as google, as well as microsoft, as well as amazon, and apple. so all of big tech is tarred with this brush. that bill does seem to be the one that has a shot of getting a floor vote before the mid terms. a small but really important step forward we'll see, you know, if sheryl's

departure makes them effect i have greats inside, roger, and something we'll keep close track of >> speaking of someone else keeping close track, the fed is definitely in focus. lael brainard recently called it the most pressing challenge. here to discuss, and her first broadcast interview since being confirmed by the senate as vice chair. lael brainard. madam vice chair, welcome to the show >> nice to be here. >> we had an adp report showing half as many jobs created, second month in a row that small businesses actually lost jobs. how are you interpreting the signals on the economy keir getting? it's a bit of a minxed message

picture. >> i think that's exactly right. we're getting some signals of strength on retail sales, but perhaps looking at cooling elsewhere, as you noted. of course, with our number one challenge being the need to get inflation down, we do expect to see some cooling of a very, very strong economy and we'll be looking, in cooling demand in moderation. so you think we're starting to see that already >> i think it's too early to say i'm going to be looking for a consistent string of data on both the strength of demand, labor market coming into better balance, and importantly a stream of decelerating inflation data to feel more confident. >> we got some commentary

yesterday from jamie dimon, and it looks like in just a week he's gone from seeing storm clouds on a horizon to a hurricanes in term of the economic outlook i wonder how you real that. >> well, it's certainly the case that there's a fair amount of uncertainty. we've had some pretty big shocks between russia's war on ukraine, lockdowns associated with covid and china but what is clear is we need to get inflation down. i think there's a path to do that where growth mott rates, the market comes into better balance. we have twice as many job openings than unemployed in though circumstances

historically businesses have brought down hiring, reduced openings, rather than necessarily laid off workers, so i think there's a path where we can see demand cooling and inflation coming down while still being strong we're certainly going to do what is necessary to bring inflation back down. that's our number win challenge right now. we are starting from a position of strengths the economy has a lot of momentum the other factor that i think is positive, business balance sheets and household balance sheets start this process from a very healthy position. inch what about inflation, which you say is your number one priority there are some signs that may

the supply crunch is thawing a bit. are you willing to say that we have seen the peak >> so, on inflation, i'm going to be looking to see a consistent string of decelerating monthly prints on core inflation before i'm going to feel mosh confident that we're getting to the kind of inflation trajectory that will get us back do our 2% goal in terms of our cool, they're ry effective in cooling mand we are raising rates financial conditions have tightened a lot, much tighter than they were pre-pandemic, for instance so you can see that there's room for businesses to bring down

markups for merchants to compress, for demand to rotate back to services a bit away from those really hot durable good sectors and for inflation to -- we don't -- and those are the ones that are leading to high prices there we have less ability to -- >> how long do you think it will take to get to the 2% inflation goal >> i think it's very hard to predict with any precision right now. we're in a very unusual period with shocks from the war, shocks from covid that have severely disrupted the supply side of the economy but i do have confidence that the tools we have are starting to have the desired effect in terms of cooling

demand you you can see it in longer-term yields, so that monetary policy transmission is working through a broader set of financial conditions, to keel demands and bring inflation down over time. >> it is starting to work, and the market is expecting two 50 base-point hikes in june and july would it make sense to you to pause or to shrink that rate hike and make sure we don't tip too far into recession >> from where i sit today, market pricing, with sort of 50 base points potentially in june and july, from the data data we

have in hand seems like a reasonable path. further out, getting to september, it's a little harder to say we'll have four more prints on the labor market, four more prints on monthly inflation, which i will be watching very closely so i don't have a really clear sense yesterday of where we'll be in september, but if we don't see the kind of deceleration in monthly inflation prints, if we don't see some of that really hot demand starting to cool a bit it might wet be preept to have another meeting, where we proceed at the same pace if we are seeing a deceleration in the monthly prints, it might make sense to be proceeding at a slightly slower pace right now it's hard to see the case for for a pause we still have a lot of work to

do to get inflation down to our 2% target. >> what if we do go into recession, how would you s respond? >> well, of course policy is not on a preset course it will vary and respond to the data so in the world where we see data coming in with gradual deceleration of inflation and a moderation of demand, you could see continued pace of tightening that might be similar to current pricing, if we saw downward shocks, we would respond accordingly, but there are risks on both sides. >> well, q2 kicked off this week

i'm curious what you think that would have >> it's very important to keep in mind that not only is the federal reserve raising rates, but also shrinking the balance sheet that process kidding off yesterday. we're going to ramp up over three months coming into september will then be at a steady pace of about $90 billion on treasuries, 35 on mortgage-backed securities as that process proceeds that also has the additional effect of tightening financial conditions. markets have probably priced in some of that it's hard to precisely quantify that, but the course of running down our balance sheets, some analysts suggest maybe the

tightening we're doing is not just through the rate increases, but also through balance sheets shrinkage. >> certainly investors are well aware of that fact s&p about 15% off its highs, so some real pain out there many of these individuals stocks down a whole lot more than that. there's the idea that the fed put is dead. i was just curious what you make of that and if there is a certain point where it gets too ugly out there where it does impact financial conditions and the economy. you guys would say enough is enough >> well, we certainly do take into account financial conditions that's part of the set data and conditions we look at, as we

make judgments about further tightening and how we think about how that's transmitting to the decisions that are made. of course. >> it is an important part of that mechanism it's the longer rates that will effect household decisions, as mortgage rates are very important. so it matters a great to us, and of course we thought we are very attentive to financial conditions, but right now very focused on inflation, our number one challenge we will take the actions necessary to bring inflation down to our 2% goal. >> one of the ways you are doing that is in the housing market. i'm curious what you are forecasting here prices still appear to be out of the control.

you're right there's a mixed picture mortgage rails have been made -- there's certainly a lot for first-time home buyers. so, on the one hand, home sales, we're watching those very closely. there's been some softening there, but as you noted, the recent house price print, which is a bit dated, still shows extremely hot pricing. so mixed picture there, but surely that is part of the tykening impact on the economy i know that's one of the hears

global growth is clear ly i'm just wondering if the global economy goes into recession, which looks more likely, if the u.s. can escape that. >> you're right to call attention to the global picture. you're not just seeing tightening in the u.s. you're really seeing a global tightening cycle you're seeing those very high inflation numbers on globally, certainly in europe, in canada, elsewhere. so a lot of central banks are tightening to respond to the same inflationary pressures we are. yes, i think you will see some slows abroad europe is dealing with some complicated challenges, with the russia/ukraine war just on the border, and the price implications of that, and, of course, china continues with its

lockdown policy on covid, which is both damping growth in china, but also snarling supply chains more broadly so, yes, those factors are also going to weigh on demand in the u.s., and be part of that store of moderating growth ss in, and you willy inflation that comes down to tart, and strengthening or dollar. is the dollar getting too strong for you? i know it's part of the process. >> we don't look at any particular asset value in the digitally, and of course treasury takes the lead on that issue. we just look more broadly at a pattern of overall tightening of

financial conditions and how that transmits to the moderation of demand, bringing it back into better alignment with supply, as the u.s. economy gets on to a more sustainable trajectory and inflation come back down. >> more of an answer than i thought i would get. thank you so much for joining us. >> nice to be with you thank you. david, the big headline, and she mentioned it a few times, the number one pliers is fighting inflation she's not willing to say we have peaked on inflation. and she said while conditions have tightened a bit, here's the most important thing -- the case for a pause in september doesn't look that strong right now in other words, they're more concerned about inflation than they were about the economy. it's important to hear that. she's number two at the fed. she has a history of being a

little more dovish the message there to the market is we're going to keep going it doesn't sound like they're looking for a pause. >> and it looks like the markets have turned on those comments. and saying 50 basis points in september. we'll see. >> we'll see we also talk with qt, quantitative tightening, which is also helping to fight inflation. we're starting to see some cooling in the imply, for instance we mentioned the adt report, but she doesn't seem worried about it i think the message to the market is the fed put really isn't there. >> we didn't really get an answer on that.

>> they will never really talk about it, but it doesn't seem they're particularly worried about it. >> the market is listening s&p turned around. it had been positive, nasdaq as well had been positive you can see the reaction still to come right here, we're going to take you live to arkansas, as they welcome back the shareholders event i've been there. >> me too. one time. >> what interviews have -- ♪ anything you can do i can do better ♪ >> just trying to keep up, david. you're the gold standard. >> thank you we'll check in with art cashin to get his comments, and maybe his take on the comments from lael brainard. don't go anyway.

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welcome back this is your cnbc news update at this hour. five people were dead, clown the gunman, who opened fire inside an oklahoma hopped police say the gunman was armed with a rifle and handgun and appeared to have died from a self-inflicted gunshot wound residents of the southern mexican coast have begun cleanup

efforts. the stronger hurricane ever recorded to come onshore in ma may. four are still missing. a baby has been recovered safely after her mother's suv was carjacked in south los angeles. according to law enforcement officers, the child was ini'm with her mother when someone jumped in and stole the vehicle. it's unclear if the vehicle was left unattended. the baby was found several hoyer later and rue enighted with her mother all's well that ends well. >> dom, thank you. the country's largest retailer walmart holding its big week of shareholders event courtney reagan is down in arkansas, of course, with the latest >> reporter: sara, an awful lot has changed since it last held

its shareholder week inflation is at 40-year highs, fuel prices at record highs, consumers have seen shortages. now, walmart is often a beneficiary in times of high inflation, or in times of a recession, but investors are wondering if it will be different this time around, and if the retailer continued to manage costs with a new cfo coming in. it's not just more expensive to buy goods, but to sell them. that was echoed in the most recent quarterly results, which called out profit pressures, appeared triggered a sell-off. the pandemic, of course, also tested walmart's omnichannel investments with also warning. now consumers are emerging, and e-commerce growth shows. while walmart launched its

online membership program, walmart plus in september of 2020, they've been light on the details of how it's going. a key question for investors, is it taking hair from amazon in for all the -- the stock performance has underperformed the broader s&p 500 in the three years since it celebrated the shareholders week. walmart shares of 22%, but the s&p 500 up 46% over that period of time. this week's focus is celebrating the accomplishments of the past year, but investors, of course, really want to know, what is the game plan? what is the strategy and the path forward >> do they still do musical performances >> reporter: yes, that will be tomorrow in the arena at the university of arkansas i'm curious to see if it's all

pomp and circumstance and celebration of years past, or if that's changed too it's always a surprise who will be the performer and emcee, so we have to wait and see on that one. >> courtney, thank you at a meeting that both sara and i have one attended. >> and i don't remember the musical guests i don't remember mine. so far the holiday-shortened week has been a tough one for f.i.n.s. it's on pace to snap what would have ainning week. it's down about 35% year to date affirm is one of the biggest laggards in the group. yesterday it got crushed, but today it's up a bit. still a double-digit decline >> yeah, with concerns about the changing credit cycle. after the break, we'll talk

with art cashin. the market moving, confirming that the pause is not really consensus within the federal reserve. the dow is down about 224. we'll be right back. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

focusing on the workforce this time, steve liesman has the results for us steve? >> good morning, david they find it was a great reshuffle of the labor force a massive shift of jobs that still echos today in an effort to understand in a detailed way change to the workforce. the survey uniquely surveyed online 1200 employed people, 400 people not in the workforce, but not retired, an additional 450

people who retired during the pandemic we'll bring you the results over the next several days. let's look at what happened to people laid off. 27% of those currently employed were laid off. a massive number, really 50% of those not working were laid off 2 25% were also laid off 40% went back to the same company, but 49% switched jobs or a different company a female wrote in response to the surveyed, was laid off from job, had 21 years, called back, then laid off again. i believe for good

i was having health issues i had a knee replacement, so just decided to retire there was the 65 also it meant more work at home. the survey shows the trend is expected to remain in place. and then it came back down, but notice we're not expecting to lose at all, 43% of those employed expect to be working at home even after the pandemic end. 80% currently employed are satisfied with the salary, but 60%, they can leave their job now, and find another good job, so it's unclear from the point of stabilization, which is what the fed is looking for next week we'll show data on the critical question, whether those who left the workforce will be coming back and what it would take to draw them in. >> that's what i was wondering

from your anecdotes there, it seems like a lot of people just left altogether, retired i wonder if that totally changes the way the labor market is going to be going forward, whether it's harder to control this wage growth >> well, what we definitely see, both in the data and a lot of the anecdotes, is that the layoff combined a lot of times with a health issue, with that happens to people over 60. they have a health issue, maybe they have enough in the bank, maybe help from other people, and they say, you know what? i'm done but what we'll show next week, there are ways and means by which they could be brought backpart of it is pay, but a lo

it is lifestyle and flexibility in the workforce we'll talk about that on tuesday, sara. turning back to the broader markets, stocks are under pressure nasdaq holding on to gains, actually building on that. joining us is ar cashin. always eager to talk with you after yesterday 'big rebound not sure if you heard the interview with the vice chair, but i thought she was pretty hawkish, at a person who doesn't always sound hawkish. >> i think you had her on about four to six weeks too early. she wasn't going to answer your direct question, because they're just starting out. i think what you're going to see, toward the end of the month, you may see more companies coming out like

microsoft, and amending their outlook. the fed q.t. will kick in. she said it began yesterday, which is correct, but it will kick into force around the 15th. there will be a block of treasuries that will come due for refunding, and the impact will be felt last week i said there would be a rally, because of an indicator, the macd turned positive for the first time. i said this week it will see whipsaw choppy trading we'll see that continues into the beginning of next week then we may see the resumption of pressure on the market. >> yeah, to button up the fed conversation, what was important is she said a lot of people interpreted it as two to three interest rate hikes, not as a

reason for the fed to pause or slow down its pace of interest rate increases this is still a fed firmly intent on finding inflation, not worried about the financial conditions tightening. i think the question is, to what extent is the economy slowing? and to what extent is it priced into the market? >> as i said, i think you'll see that at the end of the month i think she felt that she couldn't answer your question any other way. she may in her heart agree with your apt assessment that if things start to go south, maybe 50 basis points and then pause so we'll see how it comes along. i think you asked her the question directly, it impacted the market, because they viewed it as a bit more hawkish, but i think she was just being defensive as the q.t. starts i think people completely

underestimate the importance of the q.t., maybe far more than the rate increases themselves. i think liquidity will start to shrink people will have to watch things like the repo rate and credit swaps. but this will be a bumpy and jumpy market i don't think we've made the lows from the year yet i don't know that they're drastically below this, but that play come toward the end of summer as we whipsaw back and forth. >> that's pretty bearish, art. thank you for the commentary, as always down to 3400 on the s&p. he expects more downgrades that we got from microsoft and other companies. people have been rating for the downgrades and the lower numbers. not sure necessarily on cap ex,

but on the demand side. another story we've been following is tiger global, the giant hedge fund, a big presence, of course, in the private market as a venture investor early on, i indicated to jim they were across the landscape, so to speak, in terms of where they're investing with private companies. that's two thirds of their aum, but news was sent to the investors this morning it's down about 52% in the public fund it's still a very large hedge fund down 14.3% during the month of may, which was somewhat shocking, especially given some of the hedge fund manager that i speak to continued to take a lot of risk off, and, of course, the month itself ended on a strong note from the markets, as we know having just terrible months.

they still managed to take in inflows with redemptions, but i did want to clear fit a couple things as well, in terms of reporting. they are not putting up a gate in any way or preventing people from redeeming however, they are changing the redemption process of giving a mix of cash and private holdings the private side of this, though, is so important. we don't talk about it as often, perhaps, but it's been a huge profit generator until the last year, we do wonder where are the marks on these private companies. they're based on the public peers. what do they look like but to see a hedge fund of this prominence down this much is shocking. >> i'm looking at the ark

innovation fund, and that's more exposed. >> it makes you wonder about all of it, were they ledged properly, and then the largest issue, they make all their money by taking lots of risks and being willing to do so, is it about their ability to discern the best investments >> you're supposed to be hedging. coming up on "techcheck" don't miss two big earnings with the ceos of hpe and c3 ai. don't go away.

let's take some oil. crude oil, let's take a look it is down of course despite, well, opec and russia agreeing to raise production. brian sullivan's got more on this i'm going to stop talking and let you start talking. tell me what's going on. >> by the way, david, i'm not sure i know exactly what's going on because there's a lot of math in here and nobody wants to hear a bunch of math on live television i'm going to do the best i can beginning in july, opec and allies like russia are going to

raise production by an additional 216,000 barrels a day. every day, they've been adding 432,000, pretty much per day per month. so they're adding 216 on top of the 432. saudi arabia is actually going to increase the most 200,000 barrel a day iraq, 71, jnigeria, all kicking in it did draw praise from the white house, maybe softening the saudi, u.s. relations a bit. there's your contribution. what's interesting, number one, it's a little bit, it's not going to be enough to necessarily blunt higher demand. the iea saying we're going to add 3.6 million barrels per day increase from april through august basically the summer, remember, they have summer in europe as well people drive more there as here, too, so an increase in demand. this will not be enough to cover that, which is why we're not seeing the price of oil come down a lot, but guys, what i

think is also interesting about this, in the quotas that opec plus put out, russia's actually seen producing more oil in july than in june by 20,000 barrels a day. more, not less >> yep what does that mean? and is that unexpected >> i think it is because it was, the reporting in the journal a couple of days ago, maybe they're going to break up opec plus and russia will get suspending, whatever term, a time-out, you'd like to use. the reality is that is not the case the group holding together, russia's a part of it. although i heard from a senior administration official, no names, saying the math should work out once that eu ban kicks in really starting in 2023. we shall see right now, the price of crude oil did turn out half a percent, still at 114.60, david

z >> and we know what the price at the pump is. thank you for helping to explain what's going on right now. appreciate it. by the way, speaking of oil, later this month, june 22nd, don't miss my documentary on exxon mobil. talk about a company that's been one of the most important for the longest period of time, it's exxon mobil. we got inside. we saw it all and obviously during this important moment of transition june 22nd, 8:00 p.m. >> not the 23rd. >> january 6th, the night of the 23rd >> we've got more time let's get to dom with a sector sort >> so, stocks are mixed this hour although the terribles sector remains a relative outperformer on the day. a mix of names leading that way higher including gold and copper miners f freeport, mosaic, water treatment companies, sanitary products companies, eco lab higher after ubs upgraded to buy

from neutral holding on to gains. that stock is up almost 30%. icwiithium players adopt stk th us here we'll have more coming up on this show.

i don't have a really clear sense yet of where we'll be in september, but if we don't see the kind of deceleration in monthly inflation trends, if we don't see some of that really hot demand starting to cool a little bit, then it might well be appropriate to have another meeting where we proceed at the same pace. if we are seeing a deceleration in the monthly trends, it might make sense to be proceeding at a slightly slower pace right now, it's very hard to see the case for a pause we've still got a lot of work to do to get inflation down to our 2% target. >> that was a money quote from

fed vice chair, lael brainard. it's hard to see justification for a cause. that is where the question mark is for the market. we know they're going to hike 50 basis points in june and july. odds went up 50 in september they don't see the economy weakening as a problem or as a reason to do anything different other than squash inflation. >> markets are back in the green. ever so slightly over to tech check now good thursday morning. welcome to tech check. carl has the morning off what an hour we have for you in the next 60 minutes, you are going to hear from five ceos qualcomm, service now, chegg, c3 ai those last two are getting crushed. both missing on guidance that's the theme you're going to hear more about this hour. plus, silicon valley