lunch" to explain. over to tyler. ♪ ♪ welcome to "power lunch," everybody. why don't we say we join kate at that $50,000 a table club. i have no crypt onto spend i'm tyler matheson how quickly things turn. that's energy, folks, the hottest sector of the year now in a bear market like so much of the rest of the market and we will break down the sector and the moves in those stocks another sector that is changing fast, that would be housing. mortgage rates rising at the fastest pace since 1987. are cracks starting to form in housing? we will tell you that story, kelly, later this hour >> it feels like miami even up here today so hot and so humid outside, and even heating up for the markets

and the dow is on pace for an unprecedented 11 down week and 12 the s&p tenth weekly loss, and these things have never happened before the nasdaq on pace for also about a ninth weekly loss in 11 for the first time since 2002, but we are seeing some green across the board on the nasdaq in the final hours of trade. the price of oil, look at this as it continues to accelerate to the down side. we are down almost 8% on wti crude or more than 10% this week snapping a seven-week win streak and a lot of people watching this for key reversals in the energy space and also in inflation and interest rates even in the broader market on that note, let's go over to dom chu with a look at the sudden and sharp decline we've seen, dom, in the energy stocks. >> as tyler mentioned, this whole idea that you can see, the energy sector overall, excuse me, fall by that much in just seven trading sessions that's how hard it's falling, 21%. if you look at the way things

have shaped up losing energies that we're talking about because over the last year, this is the energy sector spdr. one of the big ones that attracts the energy sector overall, kell. from the energy levels from last august up to the highs you're talking more than doubling so what does that bear market look like so to speak from the top that you were seeing there all of the way to the bottom that's 21% overall and that's the reason why you're seeing at this point here, so many oil and gas exploration, they're the ones that have had one of the worst performances overall and they're down 24% from the highs that we've seen so far the energy stocks bottom line have taken it much harder than oil prices themselves and the commodity itself among thing exploration and production companies, the notable ones and the ones that we've talked about often that have seen the big fall from grace. each of these stocks have hit at least a 52-week high just in the month of june and within that group, devon energy, they're down 28%

eog resources, down 25%. we get to some of the bigger names and the integrated oil names like conoco philips, a quarter of its value lost, but i want to highlight the relative outperformance in big names like chevron and exxon over here. the reason why is because they are only, and i say this a little bit tongue in cheek, only down between 18% and 19% as you can see here as we talk about the pullback in energy there are traders and investors that are looking towards the mega-cap, the large, integrated upstream and downstream names and the ones that extract into ground and turn it into fuel as a way to play the names as you play energy like many investors do when it comes to the value trade they look to chevron and exxon as well as smaller e and p producers. we'll meet a couple of people that have energy trades in their picks today. our next guest has an energy name or two on his buy list largely because of his dividend

there. let's bring in michael clairefeld welcome. good to have you with us >> let's talk about what dom was just talking about what is your hypothesis as to why these energy names and a lot of them are e mro raising names and why have they fallen so much so quickly >> energy has seen a huge move obviously up in the first half of the year that which were driven by fundamentals before the war, and which have only become exacerbated by that i think it's not surprising there's profit taking, but we actually think the fundamentals remain pretty robust and we're particularly focused on natural gas. natural gas prices have moved up a lot in the last six to nine months and i think in the last couple of weeks, investors have been focused on this lng facility that went offline and reduced the amount of gas and that's the short term gas prices while that's been happening and

if you look at the forward curve, they continued to move higher and what that reflects is that we've had restrained gas production in the united states and we have more global demand for u.s. gas so what we see and really our focus today and we're most focused on the pipeline companies and williams, which say natural gas pipeline company which has sold off 15% to 20% and it offers a dividend yield which will have terrific growth in the years ahead, and driven exactly by what we're talking about and is a pure play natural gas company has a powerful role to play in the energy transition and is an es gwynner as investors realize that it plays a critical role. >> another is enbridge on your list >> enbridge is another best in class north america infrastructure company and it yields 6.5% today which is a solid, well-covered that we expect to grow in the mid-single digits and they have nice

growths coming from the same dynamics that i talked about on the natural gas side with the oil pipelines in north america and what we think is particularly impressive with enbridge, is nearly half the revenues are tied to a ppi adjuster as inflations are going up they're raising inflation. >> correct me if i his heard you. i thought when i asked the first question about why energy has come down the way it has, the energy stocks, that is you said that the fundamentals in the market remain pretty much as they were two weeks ago, so if they haven't changed, what has? is it just sentiment you mentioned the sort of catch-all phrase, profit taking? >> i think what's happened is obviously with the recent fed meeting and with the people focused on rising rates and the impacts that will have on the economy, i think people are more concerned about the demand side of energy and appropriately so and we've made a couple of

observations and it's not that elastic. people use things like heating their homes and cooking and driving and things that tend to last even when the economy weakens so there will be some weakness and not a ton >> what's driving so much of the strength and energy has nothing to do with demand. it has to do with almost a decade of dramatic undersupply and the dramatic underinvestment. energy companies have not been investing much in new production the last five to seven years, in part because of the economics and oil and gas, and all of these companies have got into trouble and you compound that with esg which is society and investors saying i don't want to have growth with fossil fuels. so we believe that the real driver there is more about supply than demand and that's

why we say not much has changed in that regard >> is it possible -- is there any reason why crude you couldn't settle in the $80 to $90 range. is that tru? >> i think it's absolutely plausible and a lot of people get focused on what's happening in the stock market, but i think most investors should be looking more at the former curve and when we say that, what we mean is the stock market is where oil is trading today, but when you look at where it's trading a couple of years out, and that's a really healthy price for oil as spot prices come down, you know, that will weigh on sentiment and it's not -- when youio see oil down $5 or $6 in a day it's not surprising what it will drive the earnings and cash flowses is in that forward price. we see an ablgs active price for

oil depand and that's why we do remain consistent. >> it is down $13 a barrel today so that partly explains what's going on thank you so much, michael we appreciate it have a great father's day. michael clarfeld >> fresh volatility injected into the market after a 75 basis point rate hike by the fed and a risk of recession, has wall street reached a be careful what you wish for moment? cnbc contributor adviser ron insana is out with an op ed saying that current market conditions indicate something is about to break i've been looking forward to this all week, my friend as the dust settles, what do you think about the landscape? >> well, kelly, as you well know, we've seen some areas of the economy start to break whether it's housing and we've seen that across every housing metric that exists right now, whether it's the crypto market and whether we're seeing strains

in the sovereign debt market and whether you're seeing japan struggle with its policies against a tightening federal reserve and the market's gone from pricing and rising inflation to the risk of recession. so these are these pain points at which at least in the past, the fed has, if not stopped raising interest rates, taken a pause and reassessed so i think this notion that it's everything is on the table with respect to raising rates, i think that's true up to a point. all other things being equal and i just don't happen to think they're equal. >> we had david kell ey on fed day run and the classic mistake of feds through time in memoriam is they wait too long and do too much for too long. is that a possibility here >> well, with all due low pressure to individuals who make statements like that, they think the fed needs to do much more to rein in inflation even though

supply disruptions around the war in ukraine and the lockdown in china were complicating the picture and we've heard a host of academics and wall street economists who say the fed should have gone earlier and they should have raised rates 100 basis points >> that's so easy. a year ago, most people -- i have to sayest mo of the people who were coming on here were using the word of the year and that is transitory they were not, not, not, not calling on the fed to move right then maybe by the end of the year some were. >> if you look at larry summers and some of his acolytes, they were suggesting the fed was behind the curve and in 2020 hindsight not knowing at the time what we know now and it's very easy to say that the fed had waited too long and they criticize him for going too far. i think the amount offer wellian doublespeak in the economic community and i think that we're at a point where something like

94, like 95, 97 and 98 where something can go wrong and force the fed's hand and stop them to do what they were doing at the moment >> so, ron, what should the fed do now what do you think is going on and what should investors do >> well, listen, if we're getting closer to the point where the rate can't get the terminal rate above 2%, you will have a big buying opportunity in long-duration assets, whether that's bonds or stocks and that will come around and it has to be fairly obvious that something is broken and you saw the emergency meeting of the central bank trying to figure out how to cap interest rates while it's tightening monetary policy whether it's in crypto or european sovereign debt or something goes off the rails market wise and we restart the

cycle in a period of time and it's what we saw in '95 and '98 and in 2003, they had to stop raising rates. >> talk to me about bonds. i was with a panel last night and as bad a year as it's been for equity stock owners, as bad of a year as it's been for crypto, it's been a bad year for bonds. >> the financial times has a staggering piece out today about how the performance in long bonds in the u.s. are the worst on record in the first six months of this year. >> right >> we've seen junk spreads on average go out to over 500 basis points and there's $100 billion of junk debt and david faber had out this morning that it was 10% more than comparable treasurys putting that debt in stressed territory and carl was talking about it, as well and you're getting to the point where default risks could be rising and other event in risks will be

out there that the fed will take into consideration whether or not you want to. if you go back long enough, you've seen the stress points where the fed was decidedly intent on raising rates to correct a certain situation and was forced to stop and that may not happen at the understand of the next meeting, but at the end of the year they'll have to make a decision to make a pause >> and if you hear the word pause or sense it's coming, what do you do? >> you buy everything in sight that's not on the risk curve >> you bet your -- you know what >> well, 50, i believe was the -- >> 50 was the word -- i remember rowan and martin's laugh-in. ron insana, have a great father's day >> you, too, my friend >> stocks are about to close out the worst week since the start of the pandemic and the selling may not be over yet.

a top technician tells us where the s&p is heading and names a one-time pandemic darling about to break out plus, if you're seeking safety, we have some health care names to consider. we'll get into that as we head to break, a look at some of the grocers led by kroger today that had its cut. and kroger on track for its 'rba 29.ek since01 wee ck in a couple (vo) get verizon business unlimited from the network businesses rely on. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (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. [phone: starting route.] technology helps us navigate to work. [phone: go straight.] but, to navigate the complexities of modern work... [phone: turn left.] ...you need more than technology. you need cdw. [phone: you have arrived.] so we'll implement cloud based

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call today. welcome back to "power lunch. it's been a brutal week for stocks having its worst performance since march 2020 our next guest says the downside risk is elevated and it is pointing to two names that could be bright spots for investors. craig johnson is here and he's piper sandler's chief market technician good to see you. you're overall cautious still? >> we've been cautious for a while. i still think there's more downside to go, kelly. when we simply pull up a chart of the s&p 500 it's pretty clear of the top formation that has been formed and as you measured that out as a technician would, we suggest at least another 5% downside and the level worth circulating here, kelly is around 3500. we think that's probably where we can find some footing in here, and kelly, at these levels here are stats that we find

absolutely amazing we have less than 10% of the industry groups that we follow that remain above a 40-week moving average we have single digits in terms of stocks that are in any form of an uptrend in our work and we've got nearly 80% of the industry groups that we track that are making 26-week new lows so you have to look at this and say how much is priced in. >> right >> and clearly quite a bit has been >> it sounds almost like capitulation and only the bottom, we might be 200 points away here and those of the longer horizon might feel fine buying and let's take to emblematic examples and zoom and ollie are popping up on your charts what do you see there? >> zoom is the pandemic roundtrip is what should put this one as a poster child and it's plunged 80% since the october highs and at this point in time i'm not sure how many sellers are left and we come back to a large area of support

here for zoom at this point and from our perspective, i can see in the charts with the nice downtrend reversal and we see a 50-day moving average and we can see the move back up to 174. so not a bad move from where the tock is trading at right now right around 107. >> so right now you're sort of next level to watch on the s&p is 3500. if you spin back the movie kwooet six weeks ago" what was your level to watch then >> spinning it back six weeks ago, tyler, it was 500 to what we're looking for and then let me just add to this. >> interesting >> i agree with the prior guest you had on that if we give any indication of softening from the fed and pulling back on these rate hikes this market will go a lot higher i'm not changing my year-end price objective of 4775 because i don't think we're going to see a lot more down side and i think eventually when there's a fed pivot or we start to see some

improvements here, this market is going to work its way higher nicely >> so let's turn then back to ali's. i assume you're bullish on, craig? >> i think ollie's is a good company to be buying right now it certainly looks like a bargain. $3.6 billion market cap company. margins have been stabled, slightly improving and from a technical setup i have a nice downturn reversal and we're moving back above the 50 and2 hun-day moving averages here and the next resistance level will come in at 7350. not bad when the stock's trading at 57 now and also putting a relative outperformance versus theship 500. >> sure. >> let's highlight what you're saying about energy here because we're starting to see a raft of bearish calls piling up to the sharp downward move, but you

would still be a buyer here? >> absolutely, i would when i go back and look at long term charts on the energy sector, we are reversing five, ten-year downtrend reversals as i take an xle, weave had clearly overbought conditions lately, but it hasn't changed trend and in my world, unless we're changing trend i'll stick with the trend because it's the winner and i see relative outperformance in the energy ak and i think it will be leadership and got to get your perspective. craig johnson. >> very interesting. very, very interesting urther ahead on the show, the economy is getting home sick investors pouring out of real estate etfs. prices for each part of the home, each part of the building parts of the home climbing higher due to inflation and with

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for all-day comfort and energy. find your relief in store or online. time for the weekly etf tracker. we focus real estate etfs, $682 million worth of outflows in the past week ending yesterday obviously, the main driver has been rising interest rates, which has led builders to getting bearish on sentiment a souring sentiment, as we say right there and a huge drop in demand for mortgages that are way down the vanguard real estate etf, you want to see some bad numbers? you will see them right here

5.15% for the week same for the real estate sector spdr it's down about 5% look at mortgages. the real estate is different you have mortgage rates and mortgage etfs down 13% there and the vaneck mortgage reit about 14%, as well, for the week the data comes from our partners at track insight more information available on the ft wilshire etf hub. meantime, let's go to dom chu with the cnbc news update. is there anything chu doesn't do >> tyler, it's the dead of the summer so we have a lot of the things that we'll be doing cross-platform wise. anyway, the house's january 6th committee is now saying it is cooperating with the justice department by sharing transcripts of its interviews. two days ago the doj sent a letter to the panel saying it is critical it get that material. yesterday the panel's chairman was noncommittal on the manner when asked about it by

reporters. amid widespread expectations the u.s. supreme court is preparing to overturn roe v. wade this month, the iowa supreme court cleared the way for lawmakers there to severely limit or ban abortion outright in the state it reversed its own ruling just four years ago that iowa's constitution protects abortion rights u.s. airlines are canceling a lot of flights for a second straight day almost 3,000 flights have been canceled just since yesterday according to tracking service flight aware airports with the most cancellations are those in charlotte, north carolina, along with laguardia and newark liberty here in the new york metro area carriers are blaming bad weather and a shortage of pilots as a reason for those cancellations kelly, i'll send things back over to you. >> yikes dom, thank you still ahead on "power lunch," looking for insurance amid health care volatility our next guest says some in the group could be good safety plays

and failing the test of time the stocks that have seen valuations return back to pre-pandemic levels in today's three stock lunch. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. at adp, we use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪

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weave got about 90 minutes left in the trading day and we want to get you caught up on all of the market activities, stocks, bonds, commodities and where to find opportunity and portfolio protection these days. i'm going to guess we're going to go to dom chu dom chu on the markets >> all right so, tyler, let's begin right now with what's happening given the week that we've seen in downside volatility some of the bulls and investors are just a little bit relieved we're going into this weekend possibl possibly to the upside capping off march 2020 during the pandemic sell-off. we'll cap it off on a positive note if we see these gains hold. we've still got an hour left of trading today. things are tilted toward the higher end of a relatively calmer action day. the dow is high as 240 points and as low as 274. the notable bounceback is almost 2% at this point after losing 4% yesterday. the three key sectors leading the way, communication services, discretionary technology, those

three sectors worth nearly half of the s&p 500 it's a reversal of yesterday's action stocks like enphase, norwegian cruise lines, etsy and caesar's entertainment are among the biggest gainers and they would recall they're among the biggest losers and american express and capital one are up thanks in part to an upgrade, and they see the sell-off as now pricing in a worst consumer spending backdrop and could provide an entry point for the stocks on the flipside, kroger, walmart, kraft heinz and archer daniels midland under pressure after being relative outperformers yesterday and a bit of a reversal, ty. >> thank you very much, dom chu. >> i'll turn now to rick santelli and i've been thinking that we should end our weeks with rick's riff, and i'm going to ask you, you can weave in whatever you were going to say in your report, but i'm just going to throw this one up there

for you to spike what have we learned this week, rick what have you learned? >> oh, boy, tyler, that is the perfect question because i actually have the perfect answer. >> good. here's what i've learned this week that no matter how you squeeze a water balloon to try to mold its shape, okay? it pops up somewhere else and that same analogy should be applied to central banks central banks have tried to manipulate to massage, to push and pull interest rates to where they thought they should be. only to learn that ultimately, they can't control markets they can't control interest rates and they certainly can't keep investors from moving their money from areas that they don't think can satisfy the risk/reward parameters case in point, let's look at all the ten-year yields across the globe year to date here's our ten year. it close at 151 and it's up 171

basis points and boons, they're up 184 basis points and the 10-year gilt in the uk is up 153 basis points the japanese yen, of course, we know the problems there, the japanese government bonds is the big reveal here because they settled at seven basis points and they are now, get this, at a whopping 22 basis points so they're up a total of 15 basis points so what i have learned i've learned that you can manipulate those interest rates, bank of japan and it comes back to haunt you and here's where it goes let's take a look at a chart of the dollar yen going back to 1998 because it's virtually at a 24-year low. how did i do, tyler? i loved it i loved it we'll make it a date every friday what santelli learned. >> sounds good. >> have a good week end.

happy father's day let's move on. big declines for energy stocks, oil big declines there back to $107 a barrel. $107 sounds like a relief, but not much, pippa stephens. >> let's start here with oil falling about 7% it's now down at nearly 10% on the week, snapping a seven-week winning streak the macro concerns really hitting oil today as the market reevaluates what a slowdown means for demand and the stronger dollar definitely not helping things wti is down 7% at 109.44 brent down 5.7% just under 113 turning to nat gas that's down more than 6%, right around 7 bucks yesterday it was above $8 and for the week it's now down more than 20%, and we can compare that to european natural gas which is up nearly 50% for the week

moving over to gasoline futures, that is falling more than 5% and down about 9% on the week. a lot of moving parts here, but that could point to some relief at the pump with the national average right around five bucks according to aaa that is down slightly from tuesday's record high. looking at energy stocks which just briefly dropped into a bear market just now before recovering slightly down here about 20% from the recent high on june 8th, but one bright spot, though, in energy tyler, today is solar stocks and the tan invesco solar fund up 6% still in the red for the week. >> we have rick's riff and we have pippa's pep talk thanks to the producer jgeno, the human genome >> and not this guy, not chad morganlander he's not spooked at all. how are you, man >> i'm doing well.

thanks for having me on. >> you're not spooked,i are you >> no, i'm not this is a process that we go through. the economy is decelerating and the probability of recession is going higher you want to be in staples as well as in healthcare. i think that healthcare companies in particular can do quite well in the second half of 2022 so we're overweight healthcare that's sort of a safety play, isn't it, chad traditionally, it has been it is a safety play when you have the probability of a recession and if the economy destabilizes, but overall, these are companies that even if there isn't a recession, we believe the valuations and organic growth are going to be quite r robust and we can see these companies go quite high. valuations on health care right now is the multiple 15 times and

they're ripe for a good return. >> we have three names in that area three is pfizer and one is j & j and three is medtronic they also have nice dividends which is what seems like every financial adviser we talk to is stressing today. absolutely we run a dividend growth portfolio and for example, johnson & johnson has a dividend above 2% the dividend growth could be between 6% and 7%. they're splitting the company into two, so you can see an unlock of shareholder value there in 2023. the multiple is not too expensive at roughly 16 times again. they have a ripe pipeline and a quite robust pipeline on the pharmaceutical as well as the medtech side so we are overweight johnson & johnson. another medtech name that we

like and that has had short term issues, regulatory as well as supply chain issues, but this is a really terrific opportunity to get a great company at a really reasonable price and that's medtronic trading at a forward-looking multiple at 15 times and very little debt on its balance sheet. we think over the next three to five years, revenue could be 5% and earnings growth of 8% and just a really nice, blue chip company on medtech's side. and the multiple below ten times right now due in part because of the covid property their revenues have gone up for over $30 billion in the last 10 years, but we think that as they show some progression within their pipeline, we could see good, strong, organic growth and revaluation from a p-e stock from a multiple below 10 to 12 >> you mentioned regulatory

issues with medtronic and as i recall, there may have also been product liability issues that may have been resolved, but there may have been productivity issues with johnson & johnson. multihundreds of millions of dollars in settlement costs. >> is that a risk with this sector that investors need to really take into account or are those risks fundamentally a cost of doing business for pharma companies, for medical device makers and the like? >> well, that's a great point that you're making we believe, as well that is a risk, but it's factored into both of these companies, the valuations we've included over a $20 billion type of liability for johnson & johnson and still continue to believe that the multiple is quite attractive, but once again, you not only

have that type liability, but you also have pricing disputes with the u.s. government and that always is a major concern, but we think that if you looked out three to five years all three of these companies, tyler, that you could be hand some ofly rewarded and also get a rising income stream overall. >> i'll see you running around the straights of new jersey, chad, in my neighborhood good to see you, man >> absolutely. good to see you as well, sir >> have a nice father's day. that's chad morganlander, washington cross, kelly? >> after the break, we're breaking out the housing cost calculator to show you how much prices are rising for every single aspect of the home. we'll be right back and as we head to break, you can now listen to power lunch on the go. listen for us on your favorite podcast app. follow and listen today. with directv stream i can get live tv and on demand together: baseball, ghostbusters,

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so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ ♪♪ making friends again, billy? i like to keep my enemies close. guys, excuse me. i didn't quite get that. i'm hard of hearing. ♪♪ oh hey, don't forget about the tense music too. would you say tense? i'd say suspenseful.

aren't they the same thing? can we move on guys, please? alexa, turn on the subtitles. and dim the lights. ok, dimming the lights. your record label 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 welcome back, everybody. today we continue our housing cost calculator. our special series we run through each part of the home to see how prices have risen true the past year as

inflation has taken hold we'll take you through rooms today, starting with the bathroom those tiles and costs are up 15%. vanities are up 15%. faus f faucets are up 13% projects in general are often 30% higher than a year ago because the average labor cost increase is 18%. so that's the bathroom moving on to the next area, the bedroom. mattresses are up 8% in price. bedroom furniture broadly up around 13% if you can even get it clocks, lamps and other decor up around 6%. so there's some moderation next week we'll take a look at the living room and the backyard >> prices going up by 6%. >> that's your source of nondouble-digit price pressures are clocks >> among with those clocks -- costs, rising rates are causing many to ask whether housing could be facing another foreclosure crisis diana olick has more on that hi, di

>> the short answer is no, but there are red flags, and i'm going to show you a whole lot of housing stats all thanks to black knight to explain why. for the 53.5 million first lien home mortgages in america today the average borrower score is a record high at 751 it was below 700 back in 2010 and thanks to the run-up in home prices recently, those borrowers have record tapable home equity which is how much you can take out of your home and leave 20% in that's a collective $11 trillion up 34% from a year ago and record low mortgage today and that's a significant cushion in case home prices soften or god forbid fall and little equity as opposed to the great recession when one in four homes were under water. what about the riskier loans and there are 2.5 million adjustable loans today, compare that to 13 million in 2007 just before the subprime crash

today 1.4 million of those are facing higher resets and yes, those are at risk, but back then about 10 million of those are facing resets. mortgage delinquencies are at a record low just under 3% of those currently past due and that's fewer than before the pandemic and the real risk right now, recession if people start to lose their jobs and can't make their mortgage payments then we have real trouble back to you guys >> how much, diana, is it likely that the flexible rate mortgage, the variable rate mortgages come back and it won't be just 2 million of them in two years it will be back to 10 million of them >> you know, we have seen an uptick in adjustable rate mortgage demand over the next couple of weeks and they carry interest rates so as people are stretching to afford this housing market they're looking to those loans, but remember, these can be fixed five, serve, ten years and they're fully underwritten now not like during the great recession or before then

yes, we account see the shares and it's still really low. just 8% of mortgages today compared to 30% back before the crash. more risks coming for sure, but not nearly as bad as it ever happens was. >> i think i've had every type of mortgage there possibly is. including my first one at 12% -- >> i was nine. >> i'm a little older. so i was 12 and you were nine. >> diana, have a great weekend >> up next, a biotech and outperformer today we will highlight the biggest movers next and take a look at shares of matchgroup the stock trading at all-time lows nobody wants to date nobody wants to go out and went public in 2015 it is now down 47% this year we'll be right back. >> sad >> crypto crashed. >> crypto.

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welcome back to "power lunch", check out shares of c gen, america is considering a bid for the company. they do cancer work, the report saying no deal is imminent but that other suitors may exist as well. an it is spurring a nice day for biotech like bio gen up 6%, one of 15 stocks in the s&p 500 that

is higher for the week the spider biotech etf is up about 6% so if you have anything with therapeutics your stock is up, ty. >> all right after the break, we'll look at the names that lost their pandemic gains and while it was a very volatile few trading days with steep down days, there are some stocks that are soaring as we end the week, ending in the green. oracle up nearly 2%. beyond meat 5% neo up 15% and boeing up 9%. we're back in a few. ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks it gets a little old. i really should be retired by now.

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a number of notable stocks in the s&p 500 are trading at or near multi-year lows dish trading near levels not seen since 2009. paypal at lows back to 2018. intel at levels not seen since 2017 are they worth buying or steer clear. let's look at matt maylee. first up is dish and if i'm understanding you right, you see some technical temptations here but fundamentally as a long-term play, you don't like it. >> yeah, tyler, and by the way, happy father's day this weekend. >> thank you.

>> but dish is on a technical basis. >> the stock is oversold and it looks like it is hitting a double bottom here but i think the fundamental -- so it could be a very short-term bounce but the back drop is to dicey for me right now we have a situation where their revenue has been down, the big thing is their subscriber growth is down. and there is a fierce competition for subscribers right now for paid tv is a very mature industry. but the one thing too is that the government, one of the things that has done well in the last several years, has been broadening the broadband around the country. therefore people aren't going for dishes much. they could use their computers to get -- to get they want netflix or whatever else and that is just going to make it tough for them. the stock is not expensive but i just think when you're in a pature industry and the competition is as tough as it is right now, it is a tough one to buy for a long-term basis. >> that is how you get a stock below pre-pandemic levels and you're still bearish

the other name that you don't like of this group is our next one, paypal. why is that? >> well, paypal, i mean here is another stock that has fallen a lot. down 75% and the concern is we're heading into a recession i'll turn that down. sorry. turn it into a recession and that is something i've been looking for for several months now. but it is the stagflation or and that gives people less money to buy things their revenues is down, but also their new accounts have been falling. they were already falling before this inflation problem became a bigger issue now it is becoming a bigger problem and it is just hard for them to grow that new account growth to the degree that they want to i'd also note, taking a page from the jerry brothers, that we've seen some put buying but i don't want to be shorting this name. it is down 75% but i think you could get it at a lower price. >> i think that phone call was

from the ceo of dish network by the way. let's move on to a bullish name. finally intel. >> this is one that i think has to be in everybody's portfolio we have companies, back during the financial crisis, there were company too big to fail. this is a little different it is too important not to succeed. and the reason i say that is that it is national security issue. i mean, we depend so much on taiwan for our chips, intel is finally getting back into the chip business. with a lot of help from the government with this new fab in ohio and we have to have -- they have to be successful the government makes sure they get the contracts to be successful and they have a great new management team and the stock is not expensive, it is oversold this is one you want to buy. i haven't do it yet. but i'm going to do it before the month is over. a little bit every single month for the next six to 12 months because they're two important

not to succeed and when the next bull market comes along they are in a position to >> we'll leave it there. mal mayly thank you very much. and happy father's day. >> and to eric as well. >> thank you how are you celebrating? >> my wife has a secret trip planned. a surprise. >> a trip? >> a driving trip. i'll tell you on tuesday. >> "closing bell" starts right now. >> stocks struggling for direction as a brutal week comes to an end. though the nasdaq is seeing nice gains today. the most important of the trading day starts right now welcome to "closing bell" and i'm melissa lee in for sara eisen. we're higher across the board. tule leading the way with the nasdaq looking at a 1.8% gain so far in the session the s&p 500 up by .7% in terms of sectors that three week low in crude is taking the energy and the s&p lower today and we're seeing some