just minutes ago hitting i was texting and baing that just now >> i dawant to touch on the nasdaq one more time because we did give up 11,000 for the first time in kwietd some time 420. it's startling to see a three and three-quarter percent loss 2.5% i'll see you in a few hours. "the exchange" is now. >> thank you, scott and welcome to "the exchange" everyone we have another big market sell off on our hands i'm -- the 10-year yield and mortgage rate surging. oil turned positive with the big rate decision due in 42 hours. but first, let's kick things off this hour with dom chu and the very latest on the markets that's a lot of red.

>> it doesn't look good. it's been a very down session all day so far and remains that way. and even with a near 700-point loss on the dow industrials, believe it ernot, that's still towards the middlish part of the trading range. at the lows of the session, the dow was down almost 900 points around 899 points was where we hit the les, at least so far today. the s&p 500 underperformer from the dow. and the nasdaq composite was the real underperformer. a lot of that has to do with interest rates overall the interest rate picture is key because it does drive growth trade and valuation. at these levels, you have to go back to april of 2011. that's the highest level again for rates since aprilf 2011. that is a huge reason why many of the technology stocks are in sell-off mode.

iffy with flip the screen over to the mega cap technology trade, there are a handful of names you want to fecks on with reguard to what's happening. amazon, microsoft, apple, nvidia and tesla. on a waiting basis, they are having varying effects on the nasdaq trade at one point today, given amazon's 5.5% drop, it's having the most impact on the amazon trade. but among the biggest mega cap stocks are the ones to focus on. they're draving a lot of the down side action this is very much about the economic narrative this idea that maybe a recession is in play maybe higher fuel costs and everything else is driving the stock that maybe the economy will slow down among the worst performers are the travel and leisure stocks. caesar's entertainment, norwegian, american airlines,

live nation down 6.5 to 12%. it's severe to the down side for economically sensitive names i'll send things back to you >> thank you ver much. let's talk more about the sell off and what it means for investors. >> you've been worried about inflation and said you've been watching expectations in particular is that what's changed here? >> it's what is driving markets. we're going to set issal somewhere between 1 and 9% right now i think the market is pricing in that inflation long term is going to be 3.5% not the 1.5% you saw in the last decade

until then, with we're going to be in for pain and adjustment because it's unsettling markets. forget if you were in crypto that's been decimated. the valueff their home they're feeling shaky about. where is the market if wing from here what do yeah say to people looking for a real-world amflation hedge and they've got i bonds maybe but what else do you do right now >> we've been spoiled by years of stable inflation. i don't know how many people manage their lives and it's high and unstable maybe a couple of years before people adjust to it. i think the reason there's so much of a disconnect -- if you

look at the actual numbers, unemployment is low. people are doing well, at least, on paper and how they feel about the future, that comes from the fear inflation has brought into each of their lives. >> maybe a year ago we could have talked about what the fed could have done. it's the fed responding to inflation, not inflation responding to the market but that's what they bought for themselves when they decide tad wait and see last year >> well said so, building on that logic, does that mean they could and must do something about it, just with a bigger lag or consequences >> absolutely. the pain is going to be greater because they waited a year but i don't see a way out. there is no painless way to get

out of an inflation spiral it's got to be recession. it's no longer weather it's how long and how deep >> what would you like to hear from the fed chair or in wednesday's press conference >> i think everything has to be focussed on inflation. you're starting to see the language at the fed change and from janet yellen change i think it's k45i67ged a little too late for them to be able to change the script. but for at least the near term, the focus of inflation, inflation, inflation >> which is bad news if you're at the bottom of the food chain, which is why inflation is -- if you think about regressive taxes, they can be no more

regressive tax and inflation i'm afraid the paep whool feel the pain the most are those whacan least afford it >> if you're most concerned about low ncome, it's equal orbate forrer a concern than inflation. for investors sitting down 20%, if they're lucky that's the average investor from recent highs they've heard professor seagull saying a year from now you put cash to work, you're going to feel okay about it what would you say as far as a market call and underpinings valduation wise about what is going on is >> i don't share aurpt mmp that stocks always win in the long term i remember my history outside the u.s. i invested nin nikkei in 1988, you're still waiting people have to recognize even long term there are risks in stocks i think at some point in time,

you have to think about entering the market you have tabe selectbive i take the one good news is great companies were out of reach because of the pricing and many will come within reach but it's going to take a lot it's going to take guts to put -- press the buy button because i think you need selectively invest in stock swzby disciplined enough to say i'm going to invest 20% of my cash every three months for the next five months and that mightby the only way you get at the market, other would you're going to sit on cash essentially for the next decade. >> and you don't think it's anal gs to japan's bubbling >> no, i don't think so. but my pushback against stocks is they stocks always win in the it long term they stams don't leave open the chance that could happen

i don't think you should plan for a catastrophe but you need escape hatches if you're in crypt oe, catastrophe is unfolding in front of your eyes >> and you warned about it months ago great tosy you nyu. after friday's hot inflation number, the case for a bigger rate hike is growing jeffries saying we believe the inflation data are game changers we are this changing our call and expecting a 75 basis point increase barclays noting the may cpi was shorter than expectations. we expect the fo mrkts c to hike 50 basis points by next meeting. 75 could seem to im34r50i panic. 50 on the other hand might seem like they're not falloying the data bill, welcome. what do you think and predict they will do >> well, kelly, you said ask

3450e three months ago in march what's wrong with raising rates by 100 basis points? i said the market isn't ready for it right now they're daring them. but powell is not a voleker and a lader. i don't expect he will take up the challenge and say let's ge75 because the markets are anticipating it, we need it. instead, he's going to say i promised 50 and i'm going to give 50. as the it data gets worse, we're going to do more >> you phrased that interestingly. i heard prom a number of traders who agree. they think the market is saying to the fed go ahead and do something bigger here. that's not to it say it's priced in fully but there's an opening, isn't there? >>b absolute hey and they're in a mindset where they're convinsed it takes a deep recession to knock this inflation out of the numbers

and unfortunately, mark sdwhts fed itself is underappreciating how important the balance sheet tool could be. they tightened policies nicely and a lot of small business lons are, inventory loans that would crush the economy they could preserve the recovery by saying we're going to accelerate the balance sheet and raise 75 basis points. >> do you think they're being gun shy because of the repo crisis that happened the last time around in 2018 and 2019 >> absoolotly. the great unknown for all of us in the financial markets is what impact will an accelerated price have on the repo market and the plumbing of the financial system whatever happens, the one thing we know we can dais fix it but the one thing we have to set out there is the fed is credible in being an inflation fighter.

the fact it's not using all its tools is, to me, shameful. >> so, we could say if you were on the fomc, you would descent in favor of a larger balance sheet reduction, maybe not so much on the rate side of things. what should they do to get ahead of a problem you heard professor articulating quite well that they need tad get ahead of a year ago >> a year ago is a year ago. looking forward, the fed has got to say i'm go tag take up the voleker challenge and say i'm going to lead. unfortunately chair powell doesn't have that personality to do what it takes to get rid of inflation. right now the last thing the fed wants to see is inflagds expectations getting unanchored and wer with on our way to letting that happen. >> what about those whasay is it's an energy market problem and maybe the white house should take the lade instead? >> that's what we said in 1970s

because it's really this market, that market, i mean. you can always find some markets more excessively priced than others but the general problem is way too much demand for the amount of supply out there. the fed's job is to cool supply and demand and the fed has not done that. >> well hear from the fed itself in about 48 hours time now to the most unimaginable headline of theiary, the mortgage rate, which was below 3%, has surged above 6% and then some let's bring in diana olick with all the details. >> that's the first time we've seen that since 2008 the average rate came in at 6.13%. a note from matthew graham who said it was hard to calculate this said lender quotes are ranging

from 5.6 to big points to 6.375 with no points because some lenders want to get the five in there. we started around three and a quarter. now we're over six that means the monthly payment went from around $1400, at the beginning of the year, to $1945 in just six mikts. it's no wonder the home ticker itb is getting hammered. this includes home improvement companies like lowe's and sherwin william withes not only have they shot up but home prices are showing no relief and we're starting to get wind of increasing inventory one final note, a little ovr a year ago, the monthly cost of owning and renting were virtually identical. and that's as calculated by john burns real estate consulting

now renting costs 8 -- owning is $1800 more than renting. higher than since the turn of the century. >> usually $600 dlr r more to own verses rent. and now it's 800 more. >> and we've seen that with multiand single family rent. so, rent is becoming less affordable we're not seeing enough supply in the singsal or multifamily rental market. what are you going to choose pick your poison on owning verses renting >> everything pointed higher fascinating new numbers and big headlines. thank you very much. coming up, bitcoin slumping back to below 23,000 and shares are sliding as well. y with have details on all the crypto sell offs next. plus only three dow stocks are

pause aativeb for the quarter. and one of them is still a buy we have the names he's looking at, including one takeover target let's get a quick check on stocks the dow is down 200 off the low. the nasdaq is back below 11,000 on a nearly 4% sell off. russell -- and the 10-year note at 344 we're back in a moment you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine.

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welcomybody. the crypto free fall continuesw 23,000 16% off the highs. worse and the pro shares bitcoin etf down and the next guest called the drop a few weeks ago saying the crypto winter is just beginning. with elcome in founder and of delta block chain. this is undeniable you think this could get worse still? >> thanks for have issing me b absois lotly i think we have starting seeing this go back prices going down and we're going to see more town y with were always looking for crypto earlier this year and i strongly, truly believe we have not seen the bottom yet.

>> is that just because prices -- how long have you been in the space did you say this has gotten to crazy? we need a shakeout >> yi've been here since 2013 an this is my third crypto winter is this the bottom yet but the all-time low i do believe, as i called around two or three weeks back, that we're going to see bitcoin going around early 20s and i truly believe what i said earlier that i do see an all-time low for bitcoin and three digits and that's not because i'm doing a market prediction and i want to make sure it's financial aed vice but i truly believe we're going to see the market sentiment take over

we're going to see big defy projects losing liquidity. and that just keep on having the sentiments of a trickling effect >> so, what about those who curse the day they heard about crypto or the rest of it this is still your livelihood? you've been through this before. what happens on the other side >> i still feel it was a very blessed day, the day i heard about crypto it's just like any other market. we're talking about mortgage securities, mortgage prices. before that, talking about inflation and fed prices it's similar to that we see market volatility the new asset. we see a much higher volatility. for the builders in the space, it was never supposed to be speculated currency but we truly believe in building great products for the builders in the space,

this is a perfect time to build products of all the staking and pegging for stable coins to defy prauld product said we're seeing we started with the big hype in the nft market. >> so, is this a moment to get in early on an asset class or was the whole thing a joke enabled by fed liquidity and for those -- what are some of the ways you think are best to build long-term wealth in this space >> really smart questions. i truly believe this is a long-term platform if you believe, don't hold the speculative currency believe in the technology behind it and believe there are going toby products on the decentralized system and that's going to drive prices and the

value of those tokens. i truly believe this is early to go the-question you asked me is this just a joke i've been asked that question, not long agein 2019 and 2020 i truly believe that every time there is a reason for people to lose their faith in currency as we saw during covid time we move towards what we feel like is safe and secure and they decentralize and it continues to be in the destabilized ecosystem >> seems like the current ecosystem has shrinking to do. and coinbase rescinding offers and that kind of thing what does that tell you? >> first of all, i want to say blockify, amazing company they're building and even invest -- there's a

growth phase where you really expand your team and then the market doesn't support it and you have tastart planning for three years to hold. where you do want to expand but probably not into a lot of marketing. and i think that's what we see with blockify. there are [ inaudible ] we saw today. the great thing is if you see comments from the ceo and founder, it's clear we're going to service our customers we're not failing. just making sure by the time the next bullish market comes, we're on the top >> you have a gut feel for how long crypto is going to last this time around >> i think we're going to see a spike early next year. gas prices continue in the winter but i see overall, end of next year or midiary after that, is

when we announce the bullish market >> thank you so much we appreciate all your time and insight today. still is ahead, we're tracking the sell off in the tech stocks. we'll tell you what to watch for any signs of a potential turn around here's the heat map with booing, sales force. to satisfy cravings from tokyo to toledo? so you partner with ibm consulting to bring together data and workflows so that every driver and merchandiser can serve up jalapeño, sesame, and chocolate-covered goodness with real-time, data-driven precision. let's create supply chains that have an appetite for performance. ibm. let's create. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates,

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welcome back to "the exchange" everybody. take a look at the nasdaq-is below 11,000, down 4%.

energy leaving the decline, even though oil turned positive, energy is down 5% and the only one of the 11 sectors not down 10% from the highs but it is getting close. consumer discretionary down. and etsy and underarmour among the biggest laggards you can see 10/11% decline cans in hotel and leisure expedia down 6, 7, 8%. and airlines down 9% the big three on pace for their worst march since 2020 proclam is higher jet fuel prices crude did turn positive. it's around 121 there a barrel just below the level, up a quarter of 1%. gasoline futures are still above $4 the national average as you

know, above $5 a gallon for the first time ever. at the high end, it's $6.43 in california now to tyler mathisen. >> good afternoon, everybody the house's january 6th committee has wrapped up the second public hear ogof the month. republican liz cheney set the stage, with aids to former president trump who said they had told him the 2020 election wasn't stolen. >> you will also hear testimony that president trump rejected the advice of his campaign experts on election night. and instead, followed the course recommended by an apparently eneebriated rudy giuliani who just claimed he won and insist the vote counting stop to falsely claim everything was fraudulent >> the white house says president biden was not a close contact, as it fined by the cdc

of canadian prime minister justin trudeau, who has tested positive for covid it's his second infection. the two leaders did both attend the summet of the americas late last week. and mick jagger has tested positive for covid, forcing the rolling stones to cancel their concert in amsterdam jagger, who's 78 and still can't get no satisfaction, performed last night in liverpool, part of their stones 50 europe 2022 tour tonight, why there's new criticism of the border policies kelly, meantime, back to kwou. >> coming up, coal's dropping as they search for a suitor either way we have that next and we have financial planning tips to help protect your money. >> here's a tip for your money, your future.

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uhh. mini boss! yoo-hoo, mini boss! welcome back, everybody. the dow shutting 900 at the low. we're just off that right now. the next fwes says all hope is not lost he's actually sticking with old tech you see some of the names there. he's the dmeef vestment officer at the baunsen group can you weigh in on this kind of top-level discussion about being in stocks at all right now are you going to be sitting pretty because we could be in for a prolonged period of pain >> i think in a year people will

kick themselves and that's not to say things won't be 20 to 30% higher in the year, it's to say it's intended for long-term investors and for a long-term investor to miss those points as which there's distress is to take away a ton of the long-term gains to come for being in stocks and one year, three year, five year, you have to ride out certain periods of volatility. i think everyone knows that. i think history speaks to it quickly but it's hard. and you have to find thing taz do to make it less hard. don't make it overly speculative. nasdaq-type names is hard to bear but with we think there's a better way for people. >> are the 70s a good analogy? what are the lessons for investing in a high-inflation environment where you don't know how long that environment is

going to last. >> the federal reserve was much less interventionist in the '70s people are going to say that's a bad or good thing. when you have the 74 or 75-bear market we were three years removed from the last vistages oz of the gold standard. so, the world has changed a lot in the last 48 years i know that because i was born in 1974 and right now people are primarily trying to guess what people are going to guess about what the fed does. people have to look at fundamental value. we do that by looking at dividends and cash flows and can companies are going to give that great return >> if you look back at the 70s, it's disconcerting that even the deep recessions didn't stop inflation? does it point to something we're still going to have to grapple

with today >> i believe so much of the inflation is in fact supply side given and even what voleker did in the early '80s, think gets a lot of attention, butty with miss out on the incredible supply chain issues, deregulation there's a lot of things that can solve some of this inflation headline inflation is the problem. people eat, people drive but there are supply side solutions to a lot of that so, i don't think it's going to require the fed to put us in a recession that last as long time, like early '80s and mid'70s. >> outcome of midterms, maybe next election and then wru have to game through those scenarios. you do have a bunch of stocks that you think have value right now. run us through them and why. >> i mentioned kohls and it's funny

we do not get engaged in merger arb traus. it's 40/41 right mow however, there's a sort of possibility of an immediate push higher and if that falls apart, we still like it. for it's not a merger our way it's fundamentals. $1.7 billion of free cash flow last year. 1.2 billion the year before and they have a difficult second quarter, which they have three of the last five years now the stock is trading six or seven times earning. we have to look to free cash flows as value investors, a 5% dividend yield we like this in a take out or not. >> and ibm and -- same thing do you think your returns are safe >> ib dodefinitely and we would

have liked the stock $50 higher as well. it's one of those long-term type companies that makes things people have to have. you talk about a hybrid of value and growth, similar to microsoft, that it was so cheap stwh stock has been down for so long, it was showing up in value indexes, yet had a high growth potential in the cloud ibm is pure value play but they're a major player in cloud with the red hat acquisition done significant things in block chain. the side of block chain that can be meaningful and make people money. we think it's a 5% dividend payer with stock price appreciation in front of it. >> we appreciate it, david, very much still ahead, the sell off in tech is persisting

apple's in the low 130s. up next, what it will take for each company to turn things around as we head to break, here are the biggest laggards on the nasdaq 100 we're back in a moment

welcome back amazon falling 6%. apple is in the low 130s each has their own special reasons for these struggles. steve. >> i really wanted to break down what's going on with each individual company so, let's start with apple down 24% so far this year and over 2% this year. down as much as 3% the biggest concern here how much impact are covid shutdowns in china having on sales. up to 8 billion there could

beimpacted by the shutdowns in china and wore looking for signs that the covid surge is ending and if they contain demand for the iphone and amazon town down as much as% they increased capacity too much during the pandemic. they need to manage their inventory better we saw that with target. report last month saying they're be toing to sublet 10 million square feet of extra warehouse space. and meta sliding another 4% today, losing users for the first time last quarter. and competition with tiktok is creating more head winds along with the privacy change cans and they're struggling to monetize their own tech editor and that's not going to help much and we have microsoft down 2%. for that, it'sl all about the cloud.

and they revised guidance down earlier this month, due the strong there causing the head wind and alphabet down 3% battling comps and slowing growth, especially on youtube. not to mention effecting a lot of the internet companies, concerns as consumer demand shifts from goods and services >> it's a la-la pulosau. >> it billsoils down to covid >> yes what's the buzz these days about tech do people feel like -- forget crypto winter. is this telling us we're going through tech winter? look at the layoff announcements we've started to see where do we go from here >> i was in san francisco all tweak cover the apple event. it's funny to hear from the older guard who's like we've been through this before

we lived through 2001, 2008 wasn't as bad. healthy companies are going to be okay. it's growth company as, like uber, who are going to have to show real profits now. every day it feels we have another tech company saying we're going to freeze hiring and we're seeing that at microsoft and other big companies. >> you could argue there are some companies with private funding rounds that maybe don't see public markets as an action. it doesn't mean the rug has completely been pulled out from under them >> start ups >> yeah. the larger ones, probably the bell weathers that will be able to get through this. in terms of the start-up culture that's going to lead to the next 5 to 10 years of innovation and new companies. >> we always think this is the time for the next google or whatever so many start ups is all crypto and blockchain stuff andy with know how that's fairing right

mow. ia need a diamond in the rough outside of that space and i haven't seen anything yet. >> so interesting. thanks for joining us. good to see you. coming up, what do the charts say about apple? according to one technician it's looking over sold could be a good sign. whether you have to act now and snap it up at these levels well talk about that and junk bonds and high yield bond etf, they're both gapping lower again. we're back to2016 levels as markets struggle we're back after this. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost. get verizon business unlimited from the network businesses rely on. if you invest in the s&p 500

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welcome back to "the exchange." the dow's down 575, the s&p down 500. that's what it laooks like as stocks continue their slide. and my next guest checked the charts and says margins are at extremes he has three names that could be poised to rally. real quick, ari, what kind of margins are you talking about? >> that's a good question.

i don't know what kind of tight margins i'm talking about. it's important to acknowledge -- it's a very bearish trading going on in the market right now. this is a bearish cycle. don't think it's run its course either think it continues through the summer months. is that with the s&p 500 down 22% from the january peak, down 10% month to date, i don't think today is the day to make overly bearish calls on the market, even down cycles don't go in a straight line and there could be some intervening rallies and downturn investors looking for opportunities in the sell-off >> i see where this is coming from market indicators may reach marginal extreme it feels extreme, it is extreme by some measures and we haven't attained a deep enough condition to suggest that a major low has formed still >> that is still correct i think that indicator is up

there, i understand, as well and have reached at a minimum levels that we'd like to see as terms of our market bottom checklist, and i think seasonals are still poor, so you have the headwinds going against us and they have the secular bull markets as we think about the fourth quarter so it's how do we get there, how do we weather the storm in the intervening period and it's based on time horizon. i want to talk about three sectors today with you two in terms was just leadership of the market. utilities and materials and they're using relative strength and in terms of long term rotation for those that can see through what should be some additional bouts of ongoing volatility, i think tech probably more so, large-cap tech does head up as far as an opportunity for the long term. >> okay, great you have specific names here and on the utility side, dti,

reliant steel and in big tech, you are talking about apple, what do you see happening with apple here >> yeah. so it's still in the penalty box, if you will it's below its moving averages what i like about it or what's showing up for us is how it's performing versus the overall sector if you were to apply apple versus the tech sector, it broke out to the upside on a relative basis and it's corrected back into support this leads me to believe that apple should begin to produce alpha again versus a relatively weak tech sector so tech is a low momentum area of the market and it's a culprit area and it's dragged on this market most heavily. the thing with low momentum that typically underperforms into a major market low and shows very strong returns at the turn of a cycle and makes for good rotation and you still need interest rates to abate here no signs of that today, you need

the market to stabilize and this is a longer term idea is better positioned to work over the long term given what we're seeing in how stocks like apple are performing versus their peers and versus the overall sector. >> we'll leave it there. is there anything that you'd read into the fact that utilities and materials are breaking out what does that tell you? >> it tellsi us low volatility exposure and utilities do well and on the materials commodity metals side, reliant steel, we mentioned, a hedge here should be inflationary pressures continue to linger some of these stocks breaking out of levels from a year ago, consolidating and holding their 2 hu 200-day moving average and continue >> i'm being hypnotized by the charts behind you. it's very soothing or not

soothing depending on your ideas. >> ari wald from oppenheimer the rising food stocks are hitting the restaurant stocks. the names with pricing power that can outperform. we have them next. ghostbusters, baseball... ♪♪ it's good to be back! that is one foul ball. let's do this! ♪♪ cross the stream! get your tv together with the best of live and on demand. directv stream. now save $30 over 2 months. this summer, dinosaurs are in our world. directv stream. pet dinosaur? i'll take care of you. ♪ ♪ [ growling ] [ screaming ] [ growling ]

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welcome back one more thing before we go. the restaurant stocks getting hit again today amid the broader sell-off and the names particularly sensitive to rising gas prices, well, those are doing the worst as consumers reassess spending even a stalwart like chipotle down 6% kate rodgers is here with the companies that have power. kate >> with inflation and focus gas prices above $5 a gallon, analysts are warning about restaurant slowdowns and others are standing up to these challenges during the last recession the average limited restaurants

declined more than 2% compared to more than a 7% decline for full-service restaurants on bank of america two names that were held holding up better were darden, parent company of olive garden. goldman sachs, cowan and bank of america picked higher income consumers and more insulation from chipotle that may be able to flex that pricing power and hang on to diners in this environment, but while many of those names have not yet seen the pullback, invests on are definitely watching. take a look at howard schultz just last week >> when i look at gas prices at 6 and getting to $7 we are on a collision course with time in terms of how long the american consumer and family can continue to spend at the level they are and so it's hard to be optimistic unlesthere is a to get inflation under control. >> now expect this to be a big

theme in q2 commentary and starbucks does tend to cater to the higher income demographic and he said we're on a collision course with time back over to you. >> we talk about pricing power and chipotle is a classic example of that and the stock has not -- it's better than some, but it certainly hasn't -- it's not like it's, you know, been a preserver of value. >> yeah. it's true, kelly if you look at mcdonald's it's still down 10% and it's certainly holding up better than some of the other names have had pricing power and investors are getting concerned because the meal may be more expensive at chipotle than it would be at mcdonald's mcdonald's tends to cater to a lower income demographic and that's why it held up well in the last recession and it's holding up well in this environment, but they all are getting hit hard >> thank you, kate rogers.

the national average is above $5 a gallon. one analyst sees a few things on the horizon that could push prices higher and that's all ahead on "power lunch" which begins right now hir, everyb, everybody. welcome to "power lunch. if you've been following us, you know that. the dow is down 600 points right now, and that is on top of an 880-point loss on friday and a slide thursday 48 hours from now, we will get the fed's decision right at this hour the big concern is a 50 basis point or half percentage point hike and whether that's nufr to fight back blunt inflation, but three-quarters of a point might panic the market and we'll pick into the fed's dilemma and all of the reasons for this sell-off. >> and many there are, tyler, thank you. tyler