some pain. but i think we'll be fine and i think i can't wait for the next 10 or 15 years. >> we are very pleased to see you again. >> andrew, thank you for all the great guests. i know we have more through the day. thank you everybody for joining us. >> i'm going to be there. you and me. >> i am carl, jim cramer life on the new york stock exchange. more chatter about whether this rebalancing can keep a rally going. the futures have lost some gains. watch for g7 headlines, nato and opec.

trying to build on the first winning week of june. still on pace for the worst first half in decades. the world leaders pursuing multiple sanctions against russia and this hour, don't miss our interview with fcc chair talking everything from markets to esd. we will start with markets heading into our last week of trades for the first half of the year. so much work being done right now. >> i think the rebalancing, i do think that last week was significant because if you see a continued decline in commodities, this could be a moment that is good because we are going to say wow, then they continue. it looks like they are too tame, it's a recession. we are right in that. you have this rebalancing. there is a level of confusion that i think many of us are not used to coupled by the fact that it's the worst market.

>> only two winning weeks so far this quarter. out of 12 or 13. pretty remarkable. >> we just talked about the depressing nature of the market and the country, some of that is roe v wade which is not really our area, i don't feel i can the spokesperson or anything. but some of it is just the idea that no matter what you do, it's regarded as being worthless. then there are other companies that are so hostile to washington that it doesn't matter what they do, until there is a general week. we are going to speak to the chairman about what happened with chris. again, a sense that many people that had. there's a lot of disbelief in stock right now.

>> the point about the short term stuff, clients have asked whether this will continue into early july. there is a fear that the market was hired to a level that forces their participation with some noting that level would be around 4200. >> we were at 3000 last week. he is worried about 500, 5%. the part of the euchre is 2 to 3. i find that the research, almost every bit of it is positive. because in part, there's been a stabilization of earnings. but at a much lower level. so there is a belief that the cuts are almost done, and if it weren't for the fact that we

still have this problem of finding jobs, the visible thing is we can't find enough this, we can't find enough fat. that is with us. the only way you are able to get better is that the economy really slow. >> we do have continuing claims, wage growth slowing a bit, obviously some layoffs and hiring freezes. the potential for a recession. >> the signs are there. the safe course of action would have been to say maybe is transitory but we are not going to take the chance. but it's not. would that have precipitated a recession? maybe. but if it did, it would be less severe than the one that is coming by virtue of what we have to do now. >> are we in a recession right

now? >> never say never. i think we are right now. >> intellectually, we are in a recession. >> here's what i say, i bank with ken pretty much all my life and he admits that he's wrong, he's been right about this period, i feel very concerned that they have to stop been constrained by 75, whatever. if the data is weak, then fine. but if the data is strong, he may have to do a meeting. i like the direction of commodities for him but there are too many signs. and that worries me. >> even if for example, copper in a bear market.

they have to stabilize. some that are plummeting, the fact that we have great job growth is true, that's is going to save us. we have to continue to have job growth. we start having layoffs, that's going to be different. >> we are watching a lot of headlines today. leaders set to announce a potential price cap on russian oil. looking to heighten some of these sanctions with imports of gold, basically trying to cut off whatever revenue they are getting. >> china is buying, india is buying all the oil they want. this is not like 1997, this is

all political. a huge part of it has been eliminated. but i would say that every single sanction has failed. because there is no sign they're going to stop. and i do believe that if the west lets them get away with this, that anyone who goes nuclear -- if we decide we have to be fearful of every nuclear nation, will be fearful of iran, will make deals with countries we have no choice. this has to stop. and i think that when i listen to what the sanctions are about, these don't have anything to do with what putin cares about. he cares about taking back ukraine. and it doesn't matter. he's got the divisions.

i know we are finally starting to say, more of the weapons that the uk needs but there's another school of thought. we talk about these sanctions as if they matter. >> you do have the g7 today saying as long as it takes. humanitarian, military, diplomatic, financial. nato saying we are going to put 3000 troops in readiness positions. >> i just find that if you don't give mariupol -- zelenskyy what he needs, he will lose. the russians have unlimited muscles. if you want to find a way to

create a sanction, find a way to be able to reprogram those we should have everybody working, anybody who has potential to reprogram this. they missed by a mile. they could aim for something and they will miss it. at the same time, we think that these sanctions matter. and i think that as long as india and china buy their oil, it doesn't matter. they are exporting more oil now than they did. you are saying there is no sanction that it's really tenable. >> the only sanction is to send every piece of artillery that they need, long-range artillery that the russians have is very effective. i've seen incredible

declassified pictures of the javelin blowing up tanks. but where are the new ones? why isn't united states sending them thousands of javelins? why are they still stuck with weapons from the 70s? why don't we do what we would do for any ally. which is to send them the current ones. one of we give a blank check to help them? >> g7 did voiced concern over this transfer from russia to belarus. and then zelenskyy saying we love the war to end before winter but now is not the time. >> winter, they are all for the germany and france will capitulate and do a 1938 munich style conference without zelenskyy. i think the germans are tougher

than that but i do have to believe it's time for him to come out of hiding. >> and basically say what? >> she is the only person that putin has ever listened to. she has to step forward and say we are going to re-commission. i know you can't, my understanding is that they are obliterated. they have to, because they just don't have enough energy. we have to accept the fact that if we don't send them, we are sending them a fraction of what the soviets sent to the north vietnamese. a fraction. it's not right. >> you have been saying this since the beginning. give them what they want. give zelenskyy what he needs.

>> after the break, we will talk about this brace for spirit airlines, frontier, iss weighing in as well. got some calls this morning on autozone, coin, a lot more after the break. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone

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iss does recommend. >> i think that their deal is anti-competitor because it creates a carrier that can stand up to other carriers, as opposed to i really do think jetblue is terrible. i have to really look on this, i really have to know what i'm talking about. but i do have some very good sources that indicate this is a favorable one from the

government. from the point of view of creating a nationwide competitor. there's been way too much combination and not enough competition. would it solve the problem that phil talks about? no, that's a pilot problem. but i think this is a bold move. he wants to win that vote. and i think that the frontier interview this morning was fantastic. >> we talk about the demand and the amazon over bids capacity. we are not going to meet these pilots ever again and they let them go. >> they made a bad mistake. look at china. there are some industries that budgeted for 2021 and 22 and the budgets were that there is

no vaccine. others fought and didn't lay people off. a lot of retailers did not. this cancellation, i don't know how people feel like they can travel. i just don't. >> the blame game between the carriers and department of transportation. tsa traffic on friday, almost 2.5 million. >> i know that the theme parks are just booming. all i can say is that people are traveling as if -- they are spending everything they have. if there are layoffs, it's going to be one of these moments where you will see the economy go down because everyone is spending their

savings. and people are going everywhere. i do think that if your 401(k) has a substantial amount and you are going to rely on that, you have to go back to work. i see a lot of people going back to work. their savings have been cut by 30 or 40%. they're seeing a lot more resume gaps, where have you been for the past couple years? i was in the dominican republic, but it's time to come back to the real world. >> and the real world needs you. i don't like what i see in terms of the divide between how much you have to pay, i just hope they recognize that, a lot

of it is china and a lot of it is russia. it is cosmetic. >> they are richer than they've ever been, gdp cut back by us. but the russians have a lot over barrel right now. i don't understand why people think we are deathly forced to broaden our nation's about what's possible. >> we will come down to the opening bell. here's a look at futures.

when you work in it

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the chairman of the fcc, they must file more people, reductions. i think that we have all watched this, we have all watched the world come down. we ought to be concerned, they have to step up.

gary to tell us who is really going to regulate this business. it seems like the wild west still. it's been more than a year. it's an astonishing piece about how things are off the rails. >> meaning wild west, no regulation. >> how stable are they? and i know that the chairman is concerned. we need to hear it upfront.

they see the revenue base down. difficult choice between shareholders and i have watched how coin base handles the press. i don't pay for dinner going. >> we will also get to their upgrade. that is coming up later in this next half hour. just minutes away. we are back in three.

salute to veterans independence day terry bradshaw: hi, i'm terry bradshaw rocky bleier: and i'm rocky bleier. col. greg gadson: and i'm col. greg gadson. terry bradshaw: on this independence day, our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who are no longer with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy. terry bradshaw: tune in to salute to veterans for discussions about the issues our military veterans face daily. salute to veterans presented by navy federal credit union, verizon, sap, visit us online at www.salutetoveterans.org

they lowered the target 950. >> more money than the stock price.

they are losing money, but i also find there is a very damaging report that i'm going to ask about, the house committee thing that they basically -- the report is not good. >> they were definitely over their heads. >> we need to know whether the commissioner feels that maybe something should be done. i don't think you can go and say whatever you want and expect that a year later that it doesn't matter. >> making their losses a bit more manageable. they keep the accounts, when

you talk to young people, they don't -- almost every company, it doesn't matter what it was, they bought it. all of those are down substantially, all good companies but they all got too big a market cap. people realize that they really shouldn't be reserved for the way we handle seasoned companies. and the losses are just humongous. >> too many unicorns. very good conversation. snowflake is an amazing company. talking about how they don't

have that model. deals, they bought on margin and they discovered it. >> yet another topic of discussion. the opening bell. celebrating the bitcoin strategy, celebrating its 20th anniversary. people were worried going into it, highest since mid june. still the worst month in about a year. >> there's a lot of things that go on that i think people thought the government was involved in or examined.

it's just kind of wild west. maybe they are trying to break tether. these are things that we don't want financials to make their job even harder. but it's certainly a possibility when you see these things. maybe everybody gangs up and decides to break bitcoin. then what's the impact? or maybe dangerous. >> sounds like you think there is the possibility of risk. total market cap. who owns it is a generation,

the reason i say this is a generation left, and that was it. they left. and they missed great opportunities. i don't want that to happen again. i don't have a tattoo that says anything, i just worry, last week i had mark zuckerberg, and that doesn't reflect anything good about the mega first. that doesn't reflect any of the

balance sheet. apple has gotten to be, the bargains are the ones that i question whether amazon didn't get cheap. and as peace today about prime. those stocks have come down mightily. >> would you take a long oil trade in favor of something? >> the dean of the group said it is going to hang around at 100. what you want to do is you want to be in the oil fortune and take that dividend. but use that as a hedge against the commodity explosion.

which is certainly a possibility. see my >> shanghai demanding -- declaring victory over covid. if china demand comes back, everyone is ignoring nike. what a great story. fedex is another one, there are some spots that are working so well that got so cheap, then there are other stocks. china is up five straight weeks, that has been working, i

know that howard schultz is trying to figure out the next level of starbucks. i know he's trying to figure out how to make it so that the workers are well compensated. he will pick a great ceo, and i am all in. what's been great is to hear him turn away from third-place, hang out, use the wi-fi and chill. let's get the people through and in and out. >> iced coffee has fallen off a cliff at dutch brothers, but they're having their own problems. i actually just think that that

may be the bargain. simply because i didn't expect china to turn like this. china has decent numbers. there is a cell today, the stock is up. a lot of good things to say, wasn't just olive garden that was good. i actually think some of these companies, they have seen downturns. they are not worried because they lived through downturns. what do you do? they are under the desk.

one name to watch today, chewy. that is the highest since mid april. that company has made a nice recovery. that last quarter was kind of business as usual. it's impressive. there is a company that has paid its dues, so to speak . and i can see maybe owning it. they remain something that everyone has a couple, they did some work for me at pet smart and said the people went to two was the highest ever. >> i believe it.

i hate taking a shot, it's not what we are about. bit going back 21,000, could the crash accelerate? so much else to talk about. i'm so glad to introduce the head of the fcc. always great for you to come on the show, thank you so much. >> good to be with you. let's just get right to it. you have been adamant that there should be some degree of coordination about trying to make it so that we have more clarity on crypto currency. where is the state of play?

>> this is a highly speculative class. we have known this for a long time, the ups and downs of this asset class. and hundreds of other tokens. many of these offer the investing public, or they're hoping for a return. just like when they invested in other financial assets. many of these have the key attributes of security. some, like bitcoin. i'm not going to talk about any one of these tokens.

working together, there's two great market regulars in this country. a little bit different remakes, approaches, working together with the banking regulators as well. there is work to be done there around what is called stable going. there's a lot of work to be done in the protecting public. trying to operate, they are potentially noncompliant. >> there is one that is regarded as being perhaps not as transparent as we would like. if hey told us what they were really in, wouldn't that be

better for everybody? >> transparency is a key part of the investing formula, part of the basic bargain. you know something about the company's. and companies make additional filings. and the public gets to decide what risk they want to take. that's the basic bargain. >> similar to stable coins, you get to see what's underneath, what's really below that one-to- one relationship. the public has come to understand except for in very unusual times, they get a dollar for dollar.

it's a seminal moment, because it's for securities, you put bitcoin in and suddenly that kind of endorsement makes us feel very comfortable with the asset that is bitcoin. are we to comfortable? >> there's a lot of risk in crypto. what we have in the u.s., is we have this concept that you have market regulators to help protect the public against fraud and manipulation and when there's a group of

entrepreneurs that are selling something to the public, we've got this great idea, that when you do that you have to have basic disclosures. full and fair disclosures. that's what they do really well. and so that's what we have. right now, you have hundreds if not thousands of these tokens that have the basic attributes of raising money and having a group of entrepreneurs you might have on your show saying comehither, we have a good idea for you. we've got unfortunately a lot of projects that are noncompliant. >> of all the pots that you have boiling at the fcc, china,

yesterday, and viewers be comfortable in thinking crypto is the top priority? >> you would want me to pick among my daughters and i want pick among the projects either. it's a great honor to be in the role i am in. we ever see hundred trillion dollar market.

move forward so that the investing public always getting to decide what risk they want to take but has that full and fair disclosure and we protect the bends fraud, tribulation, human nature is human nature. >> i had the privilege to read the house committee on financial services came this weekend, all the things that you just said are what robin hood did. every single one of them. i want to know whether it's too late to do something. because you know the ceo testified that risk management processes worked to keep in compliance. and they were nowhere near in compliance. and what you do with a company who ceo comes to congress.

>> i'm not going to speak to anyone company. let me step back a little bit what we learned about our stock markets in january 2021 and with the agency is trying to do. we put out a report last fall on these matters, we should have -- why were investors just told you are shut out, it had to do with the money in those, a proposal to address clearing

and settling. we want to put out some rules around shortselling. there are some things about the transparency so that the markets know more about when investors are selling a company. the structure of the equity markets themselves. they don't have that transparency, the lifeblood of competitive markets. the staff still working on the recommendation, i look forward to rolling that out with the support of other commissioners and get public comment on how we can level this playing field. >> in the time since you agreed

to come on, the number of ceos that have called me, we are really trying to figure this out. what do we do to try to help you make it so it is the priority? >> these ceos that are calling you are currently making disclosures to their shareholders. and those shareholders measured in the tens of trillions of dollars are reading those disclosures and trying to make sense. but those are frankly sort of fragmented, they are done in different ways. so that's where they have a role to help ring standardization. we got thousands of comments,

we are going to assess the cost and benefit. this is in many ways what those ceos ought to want, help to bring some consistency and comparability so that one company is not greenwashing and making assertions and getting the attention of shareholders in a way that they wouldn't do. >> there was a long period where they made some very aggressive targets. are you happy that that seems to be over? i remember they would never have allowed me to make any sort of estimates.

you can't make this, you can't claim this. are we done with that? public f an alternative to initial public offerings and there is a bit of, if i call it, arbitrage, lack of a level playing field so we at the sec have a role to play to level that playing field to make sure investors are protected and the promoters of these black check companies often took 20% of the estopped so there was a lot of juice going to the promoters and there is still 400 of them, jim that are looking to buy some private companies they're looking to do who is called a despac. and we got good public comments

on a proposal that we also put out. we will assess those public comments and try to bring a little more level playing field and protect the public in this space. >> well, mr. chairman, thank you so much for coming on and touching all those discussions that are so important for our investors. it is great to see you thank you, sir >> good to be with you >> we did get bitcoin moved on that interview low 21k, as you single it out as a commodity. >> i think it's clear in conjunction with the cntc. it's right in this bailiwick one thing i know about chairman gensler is he knows more about crypto and has taught it more than anyone in the world and i think the crypto peoe

don't understand that they have an sec that's run by someone who is smarter and tougher they don't seem to recognize it's a commission and the commission should be feared and respected and i think those who do not fear and respect the commission should not be doing their business publicly raded. >> it's also interesting to hear him talk about the sec and structure that's almost double barrel we'll see, it's hard to pin him down on the time line. >> no, but he knows more than they do and he is the com commissioner, not them >> sign up with jim and find out at cnbc.com/the club or use the qr code on the screen. it will take you there bonds, a little defensive posture overall, the dow is down below 3900 yields did get a short bounce on

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long time for bed, bath and beyond it takes it to a neutral they have a report on the 29th the stock has moved all the way down to six. but there isn't a hedge fund that i know of of a research firm that likes this it's made a lot of mistakes. we have to see with nikkei, this is the one that people are talking about. >> right it's a pretty decent sam pressampleing. micron as well >> i hope to have micron on friday morning these are considered

bellwhether, consumer spending we have to see if anyone pre announces, like the orcas, we're not going to make the numbers. so these next four days could be treacherous. >> despite a rebalancing >> how about tonight >> secretary raimondo. this is defense. whether the video i showed you that's declassified. we need chips made in this country. thank you. >> this is the window. jim, we'll see you at 6:00 thad money" 6:00 p.m. eastern ti e dow is down 95 don't go anywhere.

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>> good morning, i'm trying to start with week with green arose. pre-market was up, the dow is down 68 as we are into our final week of the month and the quarter. getting good housing data. let's go to diana olick.

>> well, carl, pending home sales rose slightly in may up 0.7% with april that beat expectations of almost a 4% drop and sales are down 13.6% from may of last year this index from the realtors measured signs, contracts, shoppers out in the market in may. while rates have been rising since the start of this year, they fell back slightly in may from a high over 5.5% on the 30-year fix to 5 and a quarter they shot back up in june. that brief drop as well as a bit more supply on the market may have helped buyers get in. the economists suggested in the release, it was a blip saying the housing market is a transition because of much higher mortgage rates. regionally, sales took the biggest dive in the west, which is where home prices are highest. june may be a different story as agents and builders report a

real pull back in demand >> all right thank you. we are 30 minutes into the trading session. here are the three big movers we are watching at this hour. starting with spirit airlines, under pressure after announcing plans to accept the latest takeover bid valued at $2.7 spirit is down over 6% switching to healthcare, pfizer and biontech are on the move after the companies announced their omicron-based booster shots generated and improved immune response against the variant, pfizer flat at this hour finally, we are keeping an eye on shares of 3m. the company could face billions over the combat ear plugs. we will continue to watch that story. 3m trading at per share. >> kayla tausche joins us so

far. >> reporter: good morning. the war in ukraine drags on and challenges the west's resolve to continue punishing russia amid a darkening economic backdrop. well today, several countries announced say in would try to squeeze the revenues by banning russian gold exports the g7 saying it will put tariffs of other russian goods and block critical defense product. the white house announcing the g7 will pursue talks on a price cap. national security adviser jake sullivan said he expected finance minsters to make rapid progress, but he couldn't say with personty when it would take effect as leaders raised an economic stake. they heard another impassioned plea from president zelenskyy to win the war against russia by this winter. leaders releasing a lengthy statement saying, quote, we will continue to provide financial,

humanitarian, military and diplomatic support and stand with ukraine for as long as it takes. while many serious talks took place behind the scenes. there were lighter moments for the cameras. here you see the uk and canadian prime ministers joking about leaving their jackets on or off and suggesting they should do bare chested horseback riding in a challenge to vladimir putin. and while russia has been the center of most of the discussions here in the bavarian alps, china has also been looming large. jake sullivan, the national security adviser said that president biden had briefed his counterparts open the white house' position as it relates to china and says he expected president biden and president xi would be engaging directly in the coming weeks >> it came in quick. although, we got a nice flurry of headlines today nato is sort of next up on deck. i wonder if those headlines may

be a bit more muscular regarding ukraine at least >> already, casual, we have seen a very serious tone from nato, the secretary general saying the alliance has increased its rapid readiness forces to 300,000, previously at 40,000 the main event that this nato summit will be the discussion around the plaics from sweden and finland. while they are not send at this summit, jay sullivan says he expects there will be an incredible amount of momentum in that direction >> thanks. kayla tausche joining us meantime, s&p global cutting the growth forecast saying there appears to be quote, cracks in the foundation here with her outlook is bridgewater's kiev strategist, happy monday, good to see you. >> good to see you, too. >> i know your general vow is the market continues to be

pinning its hopes on something resembling a goldilocks soft landing, which in your view is relatively unlikely. i guess the question is when do they come around, if they do >> right now, we are seeing it coming through corporations and large buybacks and the retail investor as we continue to see the real economy slowing we are expecting to see a real economic recession in 2023 we think there will be a risk. the retail investors will pull back some that removes a level of support from the market i think what is so difficult about this particular cycle is the fall is a function of the rising discount rate we haven't seen pass-flows affected yet as the real economy slows, the fed continues to tighten, both the rates and quantitative tightening. we think you are going to see that bleed through to earnings as we see that earnings

direction, so to speak, that will be the next flight lower. we don't expect to see a bottom until the fed tightening cycle is behind us >> so we were talking to cramer a few moments ago about what we used to call a pre-announcement season in advance of earnings in a couple of weeks. is it too early has been felt at the corporate level. it was telegraphed through communications and arnings is that more of a back half story? >> i think that's a good point at this point i expect it to be company specific the companies more exposed to europe, sfrex, are feeling more of the slowdown that's coming through their companies exposed to interest rates and the housing sector might see it more there. so i think it will be hit and miss in the early days of this earnings season. but i do think it's pretty reasonable we can see cautious earnings guidance coming out of the season and the question to me is, how much does that start moving

earnings expectations? >> yeah, rebecca, as to where you will be putting mo into work right now, i see you are bullish on overseas market, a place we call specifically. china the k web index the best month of the year. i'm curious if that is a market you are looking at >> yeah, so we are looking for better equity returns out of the china and japan over the coming quarters i think that's partly because the valuations are so unaggressive so to speak versus the u.s., but also that policy-makers have a lot more room to maneuver we are seeing continued monetary easing out of japan and china and china, in particular, i think trying to hit the growth target i think we're hearing it on the policy-maker comments i was putting a pause on the

tech regulations, also opposite up investor's comfort to look at that sector again. >> how would you look at oil right now, of course, below that all-time high of 128 to hit this year now $106 a barrel, how does that play into your global market pieces, especially now as we watch the g7 try to put a price cap on russian oil, especially for companies like india >> so i was talking to our commodities team last night without the price cap. it's baended about europe the last few months. if you look at russian-related crude, the euros is trading. it's a deep discouldnt already russia is still finding buyers for its oil through places like india and china. at the end of the day, we think the policy-makers are trying to do everything they can to slow

inflation to hurt russia to end this war, but we think the measure is being announced right now, unlikely to do much to move the needle on demand and supply for oil. so we don't see this as likely to materially change our view on oil, which is still looking for prices >> reuters did a piece about bridgewater and bearish bets specifically can you comment about what you see coming for europe? obviously, the danger signs are quite plain given the possibility of gas supplies to be cut off even further? >> exactly carl in europe's case, they're even more relinet on energy imports from russia and imports broadly from russia and ukraine. a lot of their production requires that so if you get even more limited supplies coming into the region, if you have a greater and greater risk that you will actually have to have investor production shut down for certain sectors or curtailed

significantly. so there is even greater stagflationary risk. the ecb says they will start raising rates at their july meeting to curtail those inflation precious they are doing it across a quick backdrop and the risk that that combination of slowing growth and rising interest wrats ko creates that divide we saw if 2011-2012. they are trying to figure out ways to pre ven that fragmentation from happening, to exs a bais bait a crisis so far -- exacerbate a crisis. so far we won't see that movie playing out again. at some point as early as this year >> some of the summits have greater urgency. rebecca, great to see you as always appreciate it. as we go to break this morning, take a look at the roadmap, including comments a moment ago from sec gary gensler

about crypto and the state of the markets. plus, trying to travel this weekend? so are millions of others. we will be speaking later this hour >> and finally, holiday growth rebound. a check on the art as it looks to snap more than seven months of losses, a big show still ahonead "squawk in the street." don't go away.

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arc innovation etf, kicker rkk on end, today's move lower after the etf popped more than 18% last week. if it remains positive, it will be another big rebound and the end of seven consecutive months of losses, zoom, roku, tesla all three outperforming the market in the month of june >> up 11%. frontier reaching a new merger agreement with spirit airlines as they struggle with high demand but not enough workers. fill le beau has that story for us hi, phil >> when you look at what's happening with spirit. it's clear spirit has made it clear, frontier they believe gives them the best opportunity. they accepted the latest bid after the market on friday, shares trading 8% lower. after 10% drop in shares of

frontier group it's talking about the renewed bid accepted by spirit and why they believe this will ultimately be approved by shareholders and regulators? >> from a consideration perspective, the spirit deal with frontier is 51 to $60 in value. once they benefit from the 500 million in synergies and get to more multipleles the jet blue, all you are getting is a reverse term nation free it's pretty simple math. >> if you are keeping score at home, there are two times frontier has been send formally by spirit four times it says no thanks to jetblue. the terms 14 frontier and spirit, frontier matched what jet blue put out as well as the dividend to shareholders payable

upon the approval. by the way, those shareholders vote on thursday meanwhile this comes at a time when we are headed into the fourth of july travel weekend. it's not likely to be a good one. the delays which is irritating a lot of people, getting to the airport finding out they won't be flying for a half hour whatever whatever it might be that's a relatively calm weekend. i know you are looking at this saying calm, with that many cancellations. we're not major storms air traffic control remains an issue, particularly in new york and down in florida. you look at the major airlines keep in mind, they have reduced their schedule since january i wouldn't be surprised if you see further trimming with united last week i wouldn't be

surprised over the next couple of days, couple of weeks, back to you >> these cancellations aren't defined. the downstream effect of these cancellations are worthwhile, i'm curious. when do any signs of easing in the coming months? >> i do not think it will get better until the fall travel doesn't people made up their mind, they are booking anywhere from 8-to-ten weeks in advance a. lot of people were booking these early may, april, often, they were book them in march, sometimes february so they made up their mind, we're going, it's expensive, we're going that will carry all the way through labor day. does it continue after labor day? i'm not so sure. i think that's the first time we will be out of a period where we see a flurry of cancellations or delays on a particular weekend

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>> pending new home sales on the rise, despite rising costs and rates for consumers. our next guest calling the latest rate hike necessary but not executed efficiently let's bring in the co-founder and ceo, jeremy, it's a plaech to have you on today >> it's a pleasure being here. thank you. >> in watching the latest housing data and j.p. morgan announcing it will be citing cyclical changes in the housing mortgage market. you are one of the largest lenders in the nation. what is are you seeing right

now? >> what we are seeing is the fed getting things under control they're doing the best they can with the tools they have what we are seeing is a stabilization of interest rates. we've seen two years of interest rates extremely low and fortunately right now, is we're seeing velocity of interest rates rise, it's unprecedented and causing havoc. whether it's mortgage industry, real estate industry, the entire housing industry is taken back right now. >> i imagine i was curious, what percentage of your business were clients looking to refinance and how does that business hold up if rates continue to rise if they apply for a loan, i don't want a loan for 6%. >> no, you have to be in dire straights, having you know a considered amount of debt, to put yourself in a 3% to 6% most consumers today have refinanced down to 2.5 to 3.5% rate we're seeing it decline this

year revised in comparison to the last two years >> jeremy, what does that mean for the work force in that business from is a piece on our website this morning talking about the potential for layoff itself a and the financial sector in the back half of the year, given what we have been told about, how mother-in-law is 2re7ding and some of the major money center banks >> we are already seeing major layoffs throughout the industry. i think they continue to see more layoffs throughout the industry as banks and you know imbs try the right size for capacity at the beginning of the year, we had a tart rate or target volume now we are seeing a decrease unfortunately, we seen a lot in the industry, unfortunately being laid off the rates at wizard far too quickly to make any adjustments necessary. >> right when you look at the futures markets that are counting on rate cuts in 2023, is that

something that the industry is actively looking through, towards and what that might be in terms of some semblance of relief on the market >> so i think we just heard that for the first time, last week. that was something we hasn't heard of we, obviously, have been looking forward to it. today i think the consumer is out there trying to purchase a home they may be at a side lines for quite a while. it could be 12-to-18 months before we see normal rates come back >> aside from the increase in pending sales that we saw the data coming out today, prices have not really moved. i am wondering if you are seeing any signs of that changing in the coming months, jeremy. >> i don't know if we will see price of homes go backwards. we may start flattening out, which could be great for the entire industry. 20 to 30% gains year over year i don't think any income of an average consumer out there is

raising that much. you know, at the beginning of the year, take a look if you were approved before a thousand dollar home, 17,000 in a monthly payment. today that team is up around $700 you are looking around 2400. if you look at this in manner, you take about $125,000 of buying ability off the table a $400,000 home you are approved for, today you are approved for a $275,000 home. >> what does that mean for new york and miami that historically have been hot. >> those seem to be the outliers there are four or five throughout the country it should be the steel city, gaining in appreciation and if people want to live there, i think they're definitely going to you are mainly seeing you know middle class being shut out right now from affordability standpoint

>> yeah, housing stocks trading higher jeremy, we appreciate you joining us today >> thank you very much, guys as we go to break, take a look at the biggest gainers, as we got choppy action. the dow is down 71 definitely leading the pack and some staples the number one slot. a t relomo market action after the break, don't go away.

>> good morning, i'm bertha coombs just 30 minutes ago, the u.s. supreme court expanding religious rights of government employees with a 67-3 ruling in favor of a high school football coach in washington state. he sued after being suspended for refusing to stop praying with players, the latest stream court ruling to narrow the separation of church and state for schools. three people are dead, two

others injured after an amtrak train crashed into a vehicle obstructing rail traction. the fire service says the contra costa sheriffs office is handling an investigation into that deadly incident and cost cois recalling 400,000 of sun umbrellas, according to consumer safety commission, product safety commission, according to report, the lithium batteries in the solar panels could possibly overheat and cause a fire for hazardous burns. back over to you >> brenda, thank you let's take a check on markets. stocks pulling back in the last week of june bob mpisani is joining us >> a choppy day in trade, the market leader last week, now is nost take a look here energy, commodities in general, metal stocks were in a down trend.

they tend to be trading to the upside we had a rally in tech and consumer discretionary they tend to be on the upside. it's hard to keep the theme here travel stocks had a couple nice updates and have reversed, they are classic consumer discretionary stocks down, the rally in tech has been very, very tentative we had apple and microsoft, rallied six or 7%. for the most part, they are flat-to-down here. any new highs anywhere yeah, it's all in defensive areas. three new highs on the s&p 500 all pharmaceuticals, lily, bristol-myers and merck. the nightmare scenario remains stagflation, you get high inflation, into growth at all, that itself the issue when you hear people tuque another leg down in the market right now the important thing is what's happening with commodities we are seeing declines in

commodities. bulls are hoping this trend continues. you see oil, you see copper, the big etf on base metals all to the downside notably all of these hit their highs in march. meantime, we will have a quarterly rebalancing the end of this week. the end of the quarter, rebalanced, a lot of people have been noting the lopsided situation. the s&p down 13% we seen treasury prices down 4 four, five, 6% pension funds will rebound and hopefully that rally will continue one of the things that happened on friday, though, we had an enormous volume day. the russell was all rebalanced here on friday we had 20 billion shares traded on friday. believe it or not, that is the third highest volume day in the history of the stockmarket carl, the belief here is a lot had to do rebalancing this week, may have taken advantage of that

huge ocean of lick quiddity. that's a good sign people need lick ququidity. moving the stock and without moving the price we'll see if we get a heavier volume towards the end of this week >> definitely dramatic chatter strict around. we want to get your opinion about what gensler said about crypto and spacs and investment, talking about more regulation. take a listen. >> right now you have hundreds if not thousands of these crypto tokens that have the basic attributes of raising money from the public and having a group of entrepreneurs you might have on your show saying come hither we got a good idea for you that's okay in america, if you comply with the laws and we've got unfortunately a lot of projects that are non-compliant.

>> bob, we couldn't pin him down on a time line for policy. he moved bitcoin lower this morning. >> i think the important thing is it is still not clear, for example, who has control over crypto exchanges we know bitcoin is a commodity but the exchanges are different and he's also still not given any clear ruling on the bitcoin etf. there is a lot of pressure for him to do something about that but his posture -- even today, his posture is very, very clear there is substantial risk here he seems disinclined to improve a bitcoin etf. that's one of the withins the bit don't community soured on him. >> historically, they focus on security in a perfect world if they can create an architecture that pinpoints regulation, over time, it can provide more confidence to investors in crypto >> look where things are going it's not going his way, exactly. the bill introduced a short

while ago, is that very much gives most of the regulatory authority to the cftc. i'm sure there was a battle and interesting story how it appears they will control a large part of this. the crypto community clearly favors regulation by the cftc, not the sec at this point. >> bob, on a completely unrelated topic. we spent a good part of the morning talking about challenges in travel and under staffing and it's clearly not a dynamic that's limited to this country >> i spent a week in the south of france. a wonderful country and wonderful people i wouldn't advise traveling there. i got stuck on the tarmac for hours in london. they literally could not find people to staff the plain. they were flying people in to do that we got stuck on the tarmac in marseilles in the south of france for hours on a sudden air traffic controller strike. literally the pilot comes on the

loud speaker and says, ladies and gentlemen, the air traffic controllers have walked off the job. we have no one to talk to. we cannot take off imagine this, you can go 30 years. we sat for hours before they finally came on and said, all right. we have someone to talk to, they're clearing us. that's the delays you are facing right now. a wonderful country. >> i am going to europe in two weeks. i am waiting for a cancelation at the same time, we know the appetite for travel is so strong right now. does it stop people? phil lebeau joins us in a couple minutes. >> thanks, bob another story we are watching is russia tdefaulting o foreign debt for the first time in a century, unlike countries like grease and argentina, russia has the money, that is benefiting from the skyrocketing price of oil the problem is sanctions that have been put in place by the

west are preventing russia from paying bond holders. the path forward is a little less clear bond holders certainly could take legal action. carl, it's called the acceleration clause. we'll have to see if that is something they would like to do. but the people i have spoken to, contracting russian bond holders very closely they sa i the idea that bond holders would take russia to port in the middle of the war seems highly unlikely. so for now, they'll probably stay put >> interesting, so many dynamics pushed, the g7 putting a cap on the price of russian flow and stop imports of gold from russia, just to limit their financial fire power if you were talking to cramer, trying to get more weapons in the hands of ukrainians before the fall, before more leverage from russia regarding natural gas as we said talk to becca earlier in the hour. >> they're becoming more creative in the path forward,

not just looking at sanctions, clearly isolated russia from the payment infrastructure now they have to think a bit beyond that. >> the money is still flowing. take a look at the nasdaq, higher chip names, qualcomm, analog devices, micron earnings later in the week, definitely leading the charge after the break, we will talk travel, glen foggyle on the heels two.5 million passengers on friday a. post-covid high don't miss it. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.

>> air travel is on the rise, u.s. transportation security administration reporting they screened almost 2.5 million passengers on friday, that is the highest daily number of february 2020. this comes amid a massive amount of delays due to a drop in staffing shortages to navigate all this, booking

holdings and ceo glen foggyle is joining us now welcome back >> hi, thanks for having me. >> well, many are calling this the summer of travel we continue to track the delays. they are a decline in bookings what are you say something >> no doubt, anybody has a cancelation, it's upsetting. no one will write an article or have a show that talks about how travel is perfect and everything is fine. that's not very exciting if there are terrible cancellations and issues like that, it makes news. that's what people are seeing. but they are seeing people want to travel and pent-up demand makes people be safe to travel ongoing. people are doing it. we are enjoying that benefit right now. >> but what would you say is the issue right now? the airlines are blaming the faa for under staffing

the faa says the airlines ship 54 billion in pandemic relief. you are ahead of the booking operator, what is the main issue here >> it's a mixture of everything. we are seeing not just in travel but every industry what we have is an incredible dislocation. we have supply chains upset throughout the world in this situation, where we had a great decrease in travel, feel were in those jobs, went out and got other jobs it takes time to get back if, trained, up to speed and get them out doing the work. it's the same thing with a government person who is an air traffic controller or a person putting bag news a plane it's a shortage of people, getting them back into space and up and running it isn't happening fast enough the demand is back >> speaking of demand, i wonder if you are seeing some fares, at least in airlines, maybe on the back side of the air holiday

after back-to-school, for example, where they're beginning to reign in some year-on-year advances is that happening? is there any sense they will feel out the possibility of price elasticity >> when you talk about post-summer travel, it's hard to look at that data and read anything into it because a lot of people really count on getting their summer travel set up and they do it and then they think about the next trip so for now, i wouldn't read a lot into any data in the fourth quarter. i'd wait to see how the summer goes and start looking at that >> the downstream effect of airline fairs skyrocketing it's up 40% this year compared to january 1st how is that affecting how much americans are spending on hotels, vacation rentals curious about the ancillary effect you are seeing right now across travel? >> as we talked about our goal

if may about our first quarter results, look, the expense of travel is way up, no matter it being an air ticket, a hotel, car rentals, way up. the fact is, look, we are seeing inflation everywhere, including all parts of travel. some say i spent all this money now on travel. i can't afford a nice hotel. we're not seeing that at all in fact, the fact is most people have incredible savings over the last couple of years and they've benefitted from all the programs and they were not able to spend so they saved the money. now they want to spend it. we're seeing people are absolutely willing, able and going to travel right now. >> then there is corporate blend. obviously, budgets willing laid out for 2023 i wonder if there is caution setting in we got nearly 40% of workers on certain days here in new york city i wonder if that's translating to employees' willingness to travel for work. where are we on the cooperate

rebound? >> i think everybody is still wondering, what is the new work going to be in the future? are we going to be in this hybrid world we sometimes go to work. sometimes we stay at home. in that situation people say well, thursday, friday, i'm in the going to the office. i will take the trip for four days yeah, i'll see more travel because of that, nobody really knows. the flipside is when you try to think about business travel in general, people especially the cfos are looking at, hey, do we need to spend this money on travel because we're doing these wonderful ways to communicate through all these different zoom type ways to do it so maybe we don't need to spend this much money on business travel right now there is a great deal of uncertainty in the area >> there is a market cessation in a soft landing for the u.s. economy a. lot of bulls out

there would look at the travel sector and say, look, everything is just fine tell us what you alluded to this what does the forecast, bookings look like post-summer? are you seeing consumers slow down >> it's hard, because people don't do their planning until after they take their summer travel so trying to read anything into the tea leaves of the fourth quarter is very, very difficult to do right now. do i do agree, it will be interesting, if there is a recession, it impacts discretionary light travel that being said, we've never gotten through two-and-a-half years of the pandemic. we don't know if people will be saying i am not done yet i have more things i want to do i was not able to do over the last two-and-a-half years. i don't care if there is a recession or not >> are there certain brands that you think will do better, though, if we start to see the economy slow down significantly? when we look at a company like

marriott with 36 brands, the residence inn. the courtyard, versus a ritz do we start to see those specific brands prosper in the longer term? >> in the past, there is people that say, i still want to travel i can't afford as much i will trade down for something a little less expensive. again, people say it's way up. people wanting to treat themselves to a better experience, with may not see such a thing if there is a recession. again, we're in such a new world, all the new models don't fly so well. we will play through the next couple quarters. are people going to change the behaviors in terms of how they travel, where they're going to travel how much money they're going to spend on travel. >> not to get too granular, we did get carnival last week got a bit of a rally on the short-term basis because of the occupancy rate i want wonder where we are, cruises are paying a lot for the money they've borrowed

is that something if you did see in reversal in the consumer's mindset, would they target that first? >> well, it's interesting. the cruise traveler is one of the most loyal travelers there are. people that take cruises for travel, they continue to do it over and over again. in fact, even in the worst of the pandemic, they would not cancel, they woeft postpone it, take the trip a year later one is to get in the area of why people decide not to go on a us ceo. it is that pandemic problem. so one of the things that can be ricky is not the recession, but are we going to end up with a new variant that people will think of twice getting on a cruise ship or not we're not sure what will happen with the variant or not in the next order or two or three that's something i worry more about than recession >> finally, glen, we have been sizing up the supreme court ruling a number of companies weighing in i am curious this is now a new issue ceos

have to navigate, especially given how widespread your company s. i know you have offices in many states >> well, not that many states, but around the world you know, we are 300 offices or so around world. so, obviously, we have to set up benefits for employees in different ways reflecting whatever the local laws are one of the issues in roe v. wade is we have to look at our benefits now we have been strongly in favor of supporting women's rights, and we have progressed with all of the reproductive health benefits in the u.s., and now we have to look and see what do we do in certain areas where people are not able to get such benefits our benefits have always provided in certain circumstances pay for transportation and housing for certain types of procedures if you couldn't get it at home, you can get it where it is available. we have to look into that. and also, if there are any local laws and local jurisdictions

that then make us have to make changes. >> yeah, it's extraordinary times. appreciate you joining us. glenn fogel of booking holdings. >> meanwhile, robinhood and coinbase heading in opposite directions in the new call from goldman. leaving coinbase shares almost 80% off the 52-week high contessa is watching that. >> hi, there coinbase falling 9% after goldman sachs downgraded the crypto stock to sell it slashed its price target to $45 from $70 the reasons here tumbling crypto prices and trading volumes. bu bitcoin prices have plunged nearly 33% this month. also after the crypto exchange operator announced job cuts earlier this month goldman warns coinbase likely will have to make more cost cuts in this environment. shares have lost 23% of their value this month then the shares of robinhood rising slightly. goldman upgrading the stock to neutral from sell, saying the

stock has underperformed significantly since the previous downgrade, with shares plunging nearly 20% this month. all right, the analyst also says robinhood's net interest income could benefit from faster than expected interest rate hikes it warns fundamentals are still very weak and cuts robinhood's price target here by $2 to $9.50, carl. >> contessa, thanks. we'll keep an eye on the goldman piece today. >> meanwhile, snowflake shares on pace to end the month up more than 18% don't miss the ceo in the next hour talking about the business, the outlook, consumer demand and a whole lot more as the dow has gone green along with the s&p. don't go anywhere.

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it's been a brutal year for clean energy stocks. and rising rates are just the

latest hurdle for this group pippa stevens has been looking into this for us >> that's right. rising rates is the latest headwind for clean energy stocks higher rates today make future earnings less attractive, which is why we have seen weakness in growth oriented areas of the market including renewable energy this is just the latest concern for investors. policy uncertainty, supply chain issues, growing competition, and squeezed margins have also been cited for the downturn according to raymond james, the medium ebitda multiple among large cap clean stocks are 14 times forward earnings down from 20 times during the pandemic now, we did see a slight bounce last week, but the clean energy fund is still down 30% for the year, which would be the largest annual decline in more than a decade amid this weakness, analysts are point today some opportunities in the space morgan stanley saying the growth opportunity remains attractive but investors should focus on

companies with barriers to entry like aes and sun run also reiterating the buy rating on sun run but downgrading sun power and sunova saying a more selective stance on the group is warranted given heightened inflation and rising rates a lot of things to watch here. >> certainly we'll be watching closely. pippa, thank you that will do it for us on "squawk on the street. with s&p 500 turning positive, "tech check" starts now. >> good monday morning today, can socks continue this bear market bounce all the major averages coming off their first positive week in the last four. we're going to talk about where to search for opportunity in tech plus, as crypto firms search for bailouts one company doubling its valuation. is this the time to get in at the bottom or another example of fraught in the market. >> frank slootman is with us, the company a prime example of a