>> we should point out that apple has ended. it is lower now on the news of more of etc. open proprietary chip >> and it will be delayed, thanks for watching. thank you, stocks are re retreating the dow was in negative territory a moment ago it is pretty much unchanged. you have consumer discretionary at the top of the market alphabet, meta, all doing well

today. we are up two tenths of 1% crude energy is giving back a little bit staples, together, and health care all weaker. the chinese internet stocks are soaring today and fewer lock downs in the major cities. nio continues to be higher we saw a big slide coming up on the story. a brand new call breaking down the three keys to investing in a bear market. he'll join us with the thoughts on volatility and the market. >> and marriott has been out we'll talk to the ceo about his

take on the state of travel. what are the main highlights with a new n 2 chip and the company is jumping on the buy now and pay later program. joining us now is collin what is the big headline for and the chip issues are there. they are doubling down on products we look at some of the chatter out there and i think this is really them focusing on software and privacy.

>> is there anything that you didn't get that you were expecting to get maybe more on the arbr front out of today >> yeah, arbr, we have to see how the conference plays out that is one where i expect maybe you to highlight that. i think they're laying bread crumbs for what the strategy will be. >> down 18% for the year, how much do you care about the software updates hardware is where the renew driver is, but it's important for the eco system, right? >> i care quite a bit. if you're a holder of apple you care that the ecosystem remains in tact.

there is 30 million developers tuning in. so they pay, and you great hardware and inknow va tiff applications and that will keep bringing consumers to the platform >> i think there is a technical iron or death cross that happened on friday with apple after 4% slide >> so you know the iphone ref flew be growing in single digits, right? for the fiscal year. and this will be a problem having more expensive components there are issues with the broader economy slowing down, right? if you're a bleefr in the services, in the high teens, you have close two billion ios

devices out there and that service and revenue will just keep layering on and on. apple is very healthy. there is nong wrong with the platform but it will be butchy for a few quarters >> you're pretty bullish in this company, is there some butches and demand issues. it is all about the iphone 14. and the quarter billion iphones out there still not upgraded and i think a lot of this is priced into the stock they are oversold here >>. >> you said that was the big announcement, dan. what does that allow apple to do in the middle of a global chip shortage bhop does it hurt and what does it mean for apple

products >> it is no longer just waiting for intel to pick up the phone they're beating intel at their own game dlould be an innovation perspective and i think that is just giving them more and also in the margin perspective that is another talent. they in the rearview mirror. >> interintel is barely moeing,t is it a game changer in your view it is a big part of that silky smooth experience, but thinner, lighter, and faster will not be

enough of a selling point. >> can i tell you what i'm most excited about? i feel like this is a big deal maybe not in terms of selling product, but the ability to retract and edit text messages on imessage. especially the retracting one if someone has not read it. i feel like that can save some problematic moments. >> i think it is important and i think maybe musk is listening in twitter in terms of that ad. >> i don't know what maybe since we have you we can ask what you think is happening there, but now he is really threatening through a finaling to provide this deal. i know you're not a lawyer

>> our view is he is trying to walk away from the deal. he got cold feet i think this is cascading into a whole other issue in terms of them plays it out. i think he is trying to talk down the deal. but this will be a ufc battle in court between twitter and musk if they go down that path. >> they are a long way off thank you for joining me, apple today dipping lower after the developers conference and is now higher the dow down 25 points right now. >> i think we will have the biggest summer that we have ever seen in our so 103 year history.

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call today. check out today's stealth mover, it is door dash ray monday james initiating coverage with a market perform rating they meef thestock's risk reward

is now at higher levels. it is up about 7%. today the company joined other hotel operators at nyu's hospitality conference joining me here first on cnbc is tony capuano great to have you here chris said it is one of the best summers he has lr seen and he has been in the business for a long time. i informs davos and i was looking at our forward bookings for computer in the last couple weeks their 50% of where we were in 2019 >> why do we have to test to come back to the united states from aprod >> that's a great question

so many of the markth that were locked down so forcefully, they all reopened and we continue to have this requirement. we have been very engaged with the administration i met with secretary romando a few times and she really recognizes the power of travel and tourism. today the administration announced new number that's are encouraging. i think the recent spikes we're seeing have given the administration a little pause. you to test before coming to the united states and you have to, it's complicated you have to do a video test, an antigen test, are they holding back visitation. >> i think is just one more necessary step for but those not

expe experienced international travelers it gives them pause. >> is that something achievable in your view >> i certainly hope so i think it is one of the most desired destinations in the world. people talk with great enthusiasm about some of the great cities here. new york, los angeles, and chicago and i think we have to do what question to make travel more and more seamless. >> the drop is when you look at memorial day weekend, the metric that we focus on, we were u up about 25% in 2019. our recovery is being lead by our luxury portfolio we were up about 30% in rate you asked the right question and

i think as long as we're delivering on service that can be challenged in markets where labor is difficult we continue to see remarkable prices >> people just paying the higher prices and you're not seeing push back? >> no, it varies by mark and leisure and coastal test y -- destinations some of the urban market that's have not come back as quickly. >> everybody can raising interest rating around the globe. are you seeing any kind of slow down or any real impact? >> it could be fear of resection, increasing fuel prices the volume of demand out there, the two plus trillion dollars of sayings in the u.s. is driving

volumes. >> we're down about 30%. but one of the things that will make it harder to answer those questions going forward is a blending of trip purpose if you check in on a thursday, friday, saturday we're not interrogating. so what we feel more and more comfortful about is that it may be more difficult for me to tell you a year ago we're seeing it in our booking pat patterns thursday and sunday which were the shoulder days are the days of the week that recoffered the most >> it used to be friday and saturday was leisure, monday,

tuesday, wednesday business. monday, tuesday, wednesday are still on their path to recovery but thursday and sunday are nearly fully recovered that suggests that folks are combining business and leisure travel >> what else >> i think adoption of technology, we had tools, mobile check in, mobile key, text functionality. but by necessity when folks were worried about social distancing, we saw that. >> what about free breakfast, is that gone? >> no, it will be in certain brands, but i think food and beverage will be different though >> and you have a new initiative on diversity it has been a big focus when it comes to ownership of ho tells

>> our associates and our guests, our investors, we always had a great track record on diversity. if you look at ownership diversity numbers they look terrific, but there are certain under served groups. black ownership, female ownership, are lagging, and we this this initiative is a great catalyst to drive those numbers. >> getting access to the capital and the enders thank you for coming by. >> let's give you a check on where we are in the markets. the dow underperforms today. the. up 0.2%. communication services are your sectors and the nasdaq is up 0.2. apple turned around and is now up as well after the break, the world's

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big developments in the fight against cancer and it is moeing some of those stocks as you can see. >> we were just showings a s astra zeneca and gilead. and you can see that today they

were both down even though both your positive updates. gilead was more modest, but astrazenenca got a standing ova ovation. that is something that doesn't happen very much then there is always the immuntherapy with companies like merck and bristol meyers also there has been a big question from enves tinvestors the company's pipeline we spoke with their chief medical officer about keytruda and the pipe headline in the future here is what he said

>> it will continue to expand other the course of several years but we have 20 mechanisms in action. so having keytruda has the foundation for so many different kinds of cancer enables us to leverage that for future clinical trials with newer agents >> something that we heard from everybody at the conference this weekend is this is the first time they're back in person in two years and that changes the nature of the conversations they have about the new cancer treatments and how they could better prepare coming up, the market reversal dow is down about 34 points. we'll be back.

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welcome back, solar spots. the circus, things like sun run

and ring technologies. a two-year exemption for solar products imports from southeast asian countries. we spoke about the tariffs on the industry >> they have never worked at any government any time in human his tour but we seem to keep trying t them the current ones are a complete fail dwlaur is not working at all and we need policies in place. >> the industry is definitely happen today look at that stock, one of the big winners on the news. the white house also spoke about the defense production act these moes come as the world of course deals with rising energy pricing stemming from the par in ukraine. some of the top picks that fit

the hold include facebook, bank of america, and morgan stanley joining us now is the leader of the quantitative strategy team talk about how you're standing for these winners in this market >> these are keys to navigating the bear market, the first thing to recognize is that this is a bear market and we think that you're potentially closer to the end than the beginning when you think about what stocks you want to own, you want them to damp n en volatility.

most importantly in this environment of buy backs, as well as thinking about valuations a lot of these names really had, you know, enormous mark downs in an environment that has seen enormous markdowns in the first place and then of course lastly in terms of value and values really clearly one of these theks in the eye of the beholder i think if i told you six months ago or a year ago that the largest social network was ant a be reclassified but then you have the characteristics. and depressed valuation that make people take public stock in others >> some of the banks that i mentioned? also value plays?

we see them where they are and the market is pricing there and they are likely to benefit, but the key is avoiding a recession. they have been heard on the basis that on the economic slow down was enough to return as a recession and we don't think that is the case. >> why are you so confident to base your picks around that. >> well, i think first and formost, the employment picture remains very, very strong.

you don't see readings in terms of unemployment or wage gains. it is in this kind of environment, really being something that eminently leads to are recession the other thing that we point south that there will be a benefit from china reopening that is ongoing right now and lastly the credit markets that lead most to most economic downturns in the last few years, they are certainly different they have been tightening in recent weeks >> you have two homebuilders on this grscreening of the stock list what is happening on trades, are they just too good to pass up? >> essentially that is the case

there. you know, we all know, that marks tend to discount conditions six to 12 months in advance and they continue to be very, very good earners, they continue to return money and they're trading at valuations that already price in that degree of slow down, a nonrecessionary slow down. >> thank you for joining us with individual picks and strategy. >> take a look at where we stand now, the pressure today is on, staples, technology, and health care, but it really is not all of technology. nasdaq is doing well thanks to internet names you have some of the chip nirms under pressure

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zl >> what is wall street buzzing about today? they were siting concerns about the poor treatment of pigs in the pork supply chain. i spoke to a ceo last month and asked him what he departmented to come from icon's proxy fight. >> i have no idea. we really don't know and we're super proum ofproud of what we have done around animal warefel

and icon got 1% of the vote against 99%. in a statement icon said there is a reason for dropping his fight saying he believed the results would be the same. it is not quite the track roerd of some of his famous financial battles, but it brought more amendment to the treatment of pregnant pigs in gestational crates general mills say they will faze them all out for pork. pregnant pigs got a lot of air time crowd strike, a big winner after a bullish analyst call stocks up 4% that plus apple taking on buy now and pay telar companies. we'll take you in the market

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and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ we are now in the closing bell markets we'll break down the crucial moments of the trading today and julia borstin on the latest musk-twitter drama you have sales force, amgen and microsoft playing the big parts today. where do you think we're all 15% off of the highs, about 26% off of the highs in the nasdaq how much work is done as far as the correction >> i think majority of the work

is done but that doesn't mean that we go up from here straight away i think we will shop around for the remainder of the summer and there is nocatalyst in the nea term excement for some upgrades we're seeing we're dealing with just daily headlines. sell all market, and then the next bit of news is the buy. so i think you have to be prepared to just hunker down >> i think in news today, and lack of fundamental news is the ten-year treasury yield is back up 33% we have gone away from negative interest rates and i think overall stocks are taking it pretty well today, pom paired to where they would have been a few months ago >> agree and especially the nasdaq, right?

that held up very nicely in recent market trades but sort of more resilient which is good news, but i think also we're starting to warm up to bonds we said in august of 2020 that bonds were risk ier than stocks. but now at these yield levels there is an entry point for some investors. i think you will start to see money shift somewhat and we saw it last week and last month. there is still a lot of cash remaining on the sidelines >> a big day for corporate deals as well. let's go to apple. the company announcing a number of new developments this afternoon including a buy now and pay later service that sends shares of affirm into the red. steve, some of these product and software announcements were expected, right? so anything come as a surprise

to you and others following this today? >> the buy now and pay later thing was reported on earlier and was expected but if you look at what thae doing there is a buy now and pay later thing, the ability to tap your iphones together to do peer to peer payments, and then they really stated their goal saying hey, we want to get rid of everything in your wallet and put it on your i fiphone they're making progress with some of that, but it really stuck out to me how the wallet in your phone is coming close to the one in your pocket.

>> is it preeshed by investors and what does it mean? it is a type when they have been melting down >> yes, but every time they add something, it's not so it is a massively profitable business, it is just to sell more iphones. it is just an added bonus thek this is all about softtware today. we had some new hardware announcements, the new n 2 chip that is powering mac going forward and the mac book air i saw tim cook looking at it, too, it looks really nice. >> good, glad you're there to take a first look at some of this cool stuff. thank you. nancy, what do you do?

>> i think the take away is that tim cook, has been a really measured, responsible, this stock is all about the ecosystem and that's what we believed when we got into it almost ten years ago so you want to pay attention when they're making these subtle changes because they will become dominant in each space that they focus on i love the buy now, pay later. i love the whole fintech aspect of what they're doing. >> even now? >> yeah. >> even at this point in time. >> i do, yeah. >> even if they buy square >> i hope they do. >> why square? >> because i think square is the industry leader in terms of innovation and just the broad range of their products. their investor day was quite encouraging but it hasn't shown up in the stock. i think what you're seeing in this market is if you're in a

certain space, whether you're the industry leader or not, you're getting painted with the same brush so we had held back. we trimmed back very aggressively on apple because we had -- we've had it for a long time but i think now that it's settled in here, investors not in the stock can use this as an opportunity, this recent decline as an opportunity to own a company that you just want in your portfolio i call it a stock to own for a lifetime. >> like cramer, own it, don't trade it he says on apple. the drama between elon musk and twitter is heating up. musk's attorney writing that the social media company is refusing to hand over the data necessary to determine the number of fake accounts, which gives musk the right not to complete his $44 billion deal for the company but twitter responding that twitter has and will continue to cooperatively share information with mr. musk to consummate the transaction. we believe this agreement is in

the best interest of all shareholders we intend to close the transaction and enforce the merger agreement at the agreed police and terms julia boorstin joins us. what should we make of the latest back and forth? >> well, sara, it looks a lot like elon musk is looking for a potential out for this deal or at least at the price that he committed to pay we can't talk about this deal without looking how much lower twitter shares are right now than they were when elon musk agreed to buy them at $54.20 a share. the stock trading at a meaningful discount to that right now. it looks like musk is looking for an out but the company is making it clear they are not giving him an out and do not want to renegotiating the terms. i think we could see this go to court. twitter shares trading at $39.50 right now. there is a $1 billion break-up fee but it's essential to remember that elon musk waived the right to do due diligence. >> yes. >> which a buyer would typically

do if they were acquiring a company. so this could very well go to court. >> i know he doesn't talk to us. he doesn't talk to normal media outlets. but is there any sense of why he wants to back out of this, julia? i thought fixing the fake bots was one of the reasons he wanted to buy the company >> yes and he has said that he believes the amount of fake bots is as much as five times as high believes it could be 20% of the activity on twitter. twitter has said it's less than 5% so he sees something dramatically more than what twitter has disclosed. i think you have to wonder and look at what has happened to all of the tech stocks and twitter in particular since he originally made this deal. he probably feels like he is paying way too much based on what happened to the tech sector since he committed to $54.20. >> it's got to be, nancy, about the price, right you've seen a complete meltdown in some of these places like

snap and meta and twitter out with results. >> i think the space has been disappointing for the reasons that many of us understand here again you've got a snap that maybe is not an industry leader, disappointing, and then you get a sell-off in facebook but twitter is its own problem we've been out of the stock for years. i just find musk fascinating he certainly is frustrating, but i find this whole, just the way he's approached this and combatting management and the board, i think it's going to be very interesting i think julia is right, we probably will ending up in court. but not without a lot of fireworks before then. i think it's fun to watch from the sidelines. >> clearly you are not an investor in twitter, correct, nancy? not touching it? >> we're not i wouldn't be enjoying it that much. crowdstrike is outperforming the tech sector. morgan stanley raised its price

target to 215 from 195 the firm believing the cybersecurity company is a good defensive play in the uncertain economic environment because protecting against cyber threats remains a top priority for the corporate world. frank holland joins us frank, we've another other cloud stocks hit why is crowdstrike immune and maybe some of the other cyber names as well? >> you know, not totally immune but we're starting to see a trend of cybersecurity being increasingly -- take a look at this, these are reports from crowdstrike, okta and splunk these companies generating a lot of cash and doing better than the estimates believe they would. also they cite increasing spend from the federal government. certainly not subject to that same pressure from currency and also from international customers. a very different story than we're hearing from a lot of cloud names.

they said their customers are spending less because of the stronger dollar. you mentioned the rising yield on the 10-year, now above 3% when you look at the last two weeks especially, cloud stocks underperformed cybersecurity they are doing twice as well over that same time period the biden administration put out data maybe about two months ago that more than a third of cybersecurity jobs here in the u.s. are unfilled. about 38% of those jobs are up fi unfilled one ceo thinks it's higher than that a lot of customers want to be aware of any corporate threats they are aware that the hackers in ukraine and russia had a lot of infighting, but hacking is an entrepreneurial pursuit and they believe they will get back to hacking, ransomware, et cetera, in the very near future.

>> frank, thank you. nancy, it makes sense that these cyber stocks would buck an overall i.t. spend or pullback better than some of the other cloud peers. how do the valuations look in these names? >> well, we've owned them for a long time. crowd is still trading at 135 times next year's earnings, but it is kicking off tremendous amounts of cash flow and it's the fastest growing company in the space. these are exactly the kind of companies that you want to own when growth is slowing these are reliable growers it feels a little off even though i appreciate the essence of the upgrade i would just be exposed where we are in some of the names that are still expensive in a normal pe environment, but not so compared to crowd. so palo alto, fortnet, these names you can get exposed to in space. cios have said security is the

least likely area they're going to cut in their budgets. >> they can't afford to, right >> they can't, you're right. >> and we saw that in palo alto's quarters a few weeks ago. we're building on some gains as we head into the close we're off the session highs. we have some strength in consumer discretionary we've got strength in materials, communication services, all 1% gains. industrials, utilities quickly, nancy, what is the best sector to be in in this slowing environment where we may or may not be going into a recession but we know we're going into a lot more fed hiking. >> if you own some of the large cap names and you marry that with large pharmaceutical also growing their dividends and sprinkle in a little industrials, i think you'll be happy three to five years from now that you've added some risk to your portfolio at these levels for the next three to five years. >> there you go. that makes sense

nancy, thank you as we head into the close, nancy tengler, thank you for being with me. ark innovation fund is doing quite well, up half a percent into the close it's still down really sharply, about 54% for the year but there's the dow. it's kinds of unchanged. you've got strength in some of the names like the financial names like the united health care, traveler s&p 500 higher consumer discretionary up more than 1%. tesla is doing well, etsy, wynn resorts and of course amazon.com off that 20 for 1 stock split is higher and just under $125 a share. energy, oil prices are a little lower. the other big talker of the day is the 10-year treasury yield back above 3%.

it is not just in the u.s., it's treasury, it's germany, it's italy, a lot of sovereign debt which is falling and yields rising something to watch as a risk factor there's the bell the s&p has a gain of a third a percent. small caps up less than half a percent. that's it for me on "closing bell." have a good evening. into "overtime" with scott all right, sara, thanks so much welcome to "overtime." you just heard the bells we are just getting started. in just a few minutes i will be joined by halftime's josh brown for his latest read on the markets. we'll also speak to erin browne who makes a bold new call on stocks, both for what she's buying and what she's shorting you don't want to miss that. we begin with the talk of the tape the world according to mike wilson who said this bear bounce can continue if only for a little while longer.