side, number one, but secondly, amd. earlier, i had some put buying in there earlier, which is 78 strikes that expires on friday in the short term, looking for a push to the down side. >> very pleasant that does it for us on the halftime report. i'll see you tonight at 5:00 for "fast money. meanwhile, don't go anywhere "the exchange" with kelly evans begins right mow >> thanks. hi, everybody. here's what's ahead on "the exchange." the s&p is about to book its worst half performance in over a century. will it be a different story in the back half? it has to be, right? we'll look at the dynamics with june about to draw to it a close. plus the great crypto unwinds. what steve weisz is referencing. he joins us to explain why and what he sees happening next.

and forget the safe haven sectors, we look at why it may be time to play offense and the names to include in your portfolio. dow's in the green bob at the new york stock exchange >> it's two steps forward and two steps this week as there's not a lot of trading pattern here, not a lot of momentum and it's causing a lot of confusion with the trading community s&p 500 has been a very narrow range. about 3800 to maybe 3840 or so. for that's narrow range. dow's up fractionally here i so consumer staples like proctor, good and health care like united health are helping out. nasdaq is having problems because semiconductors are a bit weak we have a bunch of semiconductors at new two-week lows and xp semiconductors, all

52-week lows oil reverse in the middle of the morning. woe were 113 or so, went down to 111. all the big oil names, including exxon. all these oil companies have been choppy, moved to the down side about 3%. new lows expanding a bit today we have two down days. carnival's having a horrible day. they get a negative report saying the cruise line stocks could lose all of its value if recession triggers another demand shock rather aggressive down grade there. honeywell 52-week low. martin marietta also 52-week low. cost issues a big concern among the earnings reporters today mccormick came out and cut their full-year outlook. they've seen higher concerns in supply chain issues.

that's a 52-week high i believe right there. there's still an issue and bed bath & beyond, just a disaster steep inflation, fluctuation in purchasing patterns. and i think you're going to hear a lot about the cost concerns when we really get into the heart of earning season in about two weeks. >> and we'll have more coming up with one full trading day left, time to look ahead to the back half of the year my next guest says these three areas of opportunity for investors. and let's bring in museum cio and global investment security head statistically, let's think it's got to be possible to repeat the terrible firsts-half performance we just had but where to we go from here? >> we doubt history repeats itself but there's three things we're focussed on. that's inflation when will it peek?

and valuations, where we're at historically we're seeing cracks in demand destruction from richmond fed, consumer coned fdance, michigan survey the taming of when it will moderate is unclear. earnings are the real risk we don't think they'll show crashes from the reports but the outlooks are going to be murky and estimates haven't come down it's the e and the pe at risk. historical averages are reported for the market but until they show signs of brakes and we can see the fed take the foot off the gas, i don't think we'll see beyond 4200 on the s&p. >> art hogan yesterday was saying he thinks earnings will go higher, actually. which bucks the usual trend. but there are plenty of people who at least think they won't fall much further from here. what makes you more bearish some >> first quarter, we did see

across earnings. it's third and fourth quarter where we're worried. it's going to be the companies that have pricing power to overcome the already peek margins and cost pressures but you need to be selective i think estimates and positive revisions are going to be much tougher to come by >> so, it's funny because these two issues came up with art yesterday. we talked about earnings and whether they're revised higher or lower and 16 times forward multiple? does that seem reasonable to you? or what are you anticipating >> about average in terms of historical valuations. it's how deep it will be and i think market multiples go lower also it's more of a moderate to soft recession going forward. i think they're not terrible but is the e accurate?

and i think earnings are the risk here while valuations have already moved down year to date. >> final point, to go back to your first on inflation, it was interesting. look at the 10-year. we're back to 310. a lot of this seems to come from the surprisingly negative cpi print out of europe. to see it drop at all was a welcome sign at the same time, you have this upward push on energy prices so, where do you look for the inflation story in the next couple of months and the implications for the fed >> we expect energy prices to remain high. we eare starting to see cracks i the narrative. i think that does eventually lead to inflation leveling off the question is when will we see it consistently long enough for the fed to stop seeing such

ad aggressive rate hikes? but we don't expect to tasee consistent, moderate reductions in inflation print for a while now. >> i'm locking through here. you talk about stocks obviously. but you have plays you like in credit like some of the high yield mineies. real assets, farmland. i have to say it's one of the conversations the past year or two, with everything going on with inflation and covid and apocalypse now and all the rest of it, i'm curiouses if you want to recommend anything for individual investors on the real asset front we wouldn't normally talk about >> the themes we're talking about are where are you really getting paid to take the risk? where really are we getting the best risk/reward this is publics over private because publics have priced in a lot of the real-time issues. credits on high yield and municipal bonds are looking quite attractive think about farmland

we know there's higher food prices, this leads to higher crop prices, higher land values. they have built in escwlalators for inflation and sufficient cash flow. those are alternative areas we're finding value. >> try to hire someone to run a farm let us know how that goes. it is a huge discussion point. quickly on your stock pick i see valero i see salesforce everything's been tough. >> the balance of growth and value here growth stocks tend to perform well during periods of slowing economic growth, which is what you expect we're not talking about conceptual companies these are solid companies like salesforce and cloud computing and we like energy, tight supply demand still isn't back at 2019 levels valero tend to benefit as more

barrels come out of the ground and also the spr reserve should expire in october. all that is positive for energy. >> it is shockingly high, astronomically high in a name in that space thank you for your time. appreciate it. meantime, nato leaders are in spain for one of the most consequential meeting in their 79-year history. it's already having a major impact on global defense spending look at lockheed and raytheon, significantly out performing the market northrup is up almost 20%. kayla. >> reporter: kelly, allied countries are bolstering their defenses against russia, which they've now officially declared as the most significant threat to the transatlantic nato is multiplying the reaction

forces united states is going to thootd 100,000 troops it already had in the region part of that will be in poland with the first permanent forces on nato's eastern flank and guided missile destroyers to spain. turkey's president has said he would press president biden. they met to advance a deal for new fighter jets a senior u.s. official denied they were a quid pro quo for turkey joining the alliance. even so, a pentagon official gave clear indication the u.s. was on board, saying it would be governed by the normal contracting process but the u.s. supports the modernization of the fighter fleet. and stoeltenberg was asked if they could join nato like sweden and finland. >> i think it's very clear

allies are prepared for long hall wars are unpredictable but we have to be prepared for long haul. >> stoltenberg is giving another press conference as we speak but he's been consistent in nato saying ukraine must negotiate the end of the war itself. >> and when should we expect finland and sweden to actually join in and what's russia'ses response going to be some. >> the kremlin has said it's the defensivive alliance that poses the most significant threat to the region so, hitting back at this expansion. experts say possibly this fall member countries are discussing it very vehementally this week in madrid and pretty much everyone's on board now that turkey's concerns are alaid. although all legislators have to approve.

>> in madrid with the very latest still ahead bitcoin remains down 70% from its all-time high back in november with celsius treading water and providing lifelines to other players, is the whole ecosystem crumbleing before our eyes and consumer staples are usually stable the new strategy and stock pick coming up. dow up 52 points, s&p down eight, the russell down 1.5% the 10-year yield back to 311. we're back in a a moment hon? woo-hoo. you've gotta see this. the weathertech's here. (wow, that was fast.) [helicopter hovering] weathertech is the ultimate protection for your vehicle. laser-measured floorliners, no drill mudflaps,

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welcome back to "the exchange" ebitcoin's dramatic drop is being felt everywhere in the crypto system. kate rooney has the details and what it means for customers. >> we spoke to half a dozen celsius customers locked out of their accounts some invested their entire savings and retirement money they first heard their accounts would be frozen june 12th. celsius blames extreme market conditions they later said the process would take some time

no comment >> most of the people investing in crypto are like me. it was money that was hard earned and because we want to get to the point where we have a more financial stable life, we're sometimes will withing to take more risk but it's not worth it >> investors like alex, you just heard for 18% yield. it's not a bank. customer deposits are not insured. that money was put into other high-yield crypto projects it began to unravel as crypto prices began to collapse and it's a reason investors say they trusted the company we often see him in a t-shirt that say this is not our friend. they say the lakely outcome is bankruptcy as investors will be

collecting pennies on the dollar five state regulators are investing celsius and the only federal regulator mentioned is treasury financial crimes enforcement network, the antimoney laundering group no mention of the sec. we also reached out to celsius, the ceo and law firm no response. >> those whose funds are dated on the platform, experts think they're not likely to get anything back. if they're lucky, pennies on the dollar it may drag out for years. the last analogy is where that was-the situation. people either didn't get their funds back it was years later and because it is a situation with lending, they could be unsecured creditors and in that case, they may be at the back of the line >> kate rooney now, all that is continuing to

corrupt crypto eprices and hovering near 20,000 and 1,000 respectively but my next guest says this feels like the 2018 leveraging in the housing sector. except who will swoop in now to save the day mike, it's good to see you again. feels like a rerun so, where do we go from here >> we're experiencing basically a dual-based leveraging event. both macro deleveraging and tight monetary policy and a micro deleveraging event within crypto which very much represents what happens in the housing bubble where credit standards deteriorated significantly and it was really a result of this strive for yield. so, you had, as in the mortgage crisis, they went down to lower quality borrowers and we had a

similar situation where you had large scale platforms, etc., where they needed to sustain user growth, valuation levels in the market they were providing in their capitol staging round and to do that, to then generate net interest margins, which is what they're able to generate on their deposits, they had to go further and further out the risk curve to see the things that were not meant for this time of yield environment. i think analogizes well to what happens in the housing crisis. >> we know how that story ended with taxpayer funded bailouts. some financial firms swooping in to buy others. we're starting to see a rerun now. do you think it assumes, because of the deep pockets, that j.p.

morgan what happens to sessious, what happens to all the rest of it and doesn't seem like there's a bailout coming >> so, we're risk managers we understand and acknowledge that risk. from a private investment standpoint, we manage around this kind of stuff but for platforms that grow it all costs, that's where you experience a lot of the issues and the off shore traditional lending is probably the most worrisome and being unwound as we speak this is a distressed scenario. when you have cash in these environments, there's atralktive opportunities and you have -- obviously you -- there's a lot of news around who they may or may not bailout. when you go beneath surface, it may look good for deposit holders but not equiaty in the company. what you're seeing is a broad

based assessment of the markets. trying to assess underlying risk in the market. >> i was going to say how do you take advantage of a situation so you can buy something now? city group was trading at rock bottom levels but it's not a whole lot above those levels 15 years later today. so, where does block tower see the opportunity? >> it's across the board there's interesting parts of the market happening where you're seeing spreads blow out, the ad vent of new investment technologies where you can take traditional credit bringing on chain and these need to be unwritten at a very conservative level. so, the world was moving toquickly. yields were getting done too quickly and that culminates in something like we're seeing today. i think it brings it back to

being able to have the time to underwrite an investment and structure it well. and this is crypto native and asset managers i've spoken with most of their special situations heads they're all trying to figure out exactly where they can deploy their balance sheet, take their traditional structuring and provide the space. we want our industry to come out of this stronger this is an 18-market cycle again. not as bad at 18 only difference is we don't have an accommodated fed and a macro environment that was a bit more strong than back then. >> and the digital conference last week, you were there standing room only crude and if crypto makes it through to the other side and able to say we figured it out on our own. we didn't need hank and everyone

else to come to the rescue i guess my final question is this,b for the people at home going people tell me to bet on east for the long term as specifically as possible, where are the places you think are the safe havens or cheap buys here? >> for the foreseeable future, we'll be forced to figure out on our own because regulators are growing their education base it was an incredible turnout which i was happy to see my alma mater doing those type of events there are interesting parts of the market being developed and unfortunately the gift and the curse in an early stage asset class is just that there's air gaps when there's no liquidity. with liquidity coming out of the system, it's going to be lower

bringing private train on credit and you should not confuse size with maturity. and the reality is most of the things happening, as you mentioned are still technological and experiments happening in real time crypto's not going to break out of the range without traditional assets leveling off. i wouldn't say we're going to jet higher from here but i would say use a broader macro back drop as your guestment entry point for crypto and in the interim, there's interesting trades to be had and professional money managers have a lot to do >> comprehensive, think they did it

coming up the semiconductor eph. 80% of the names have hit 52-week lows in the past two weeks but could the space benefit in the second half of the year we will explain that plus 15 years since the launch of the first iphone. how tim cook took apple to the next level and we want to show you the closely watched five-year break evens. about eight to ten basis points. 2.65 expected annual inflation one of the lowest levels we've seen this year in a posivite sign, they're less concerned about insistent inflation now than a few week withes back.

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the nasdaq is down half a percent and oil is near session lows right now epa, devyn and valero are some of the worst names valero down almost 6% and airlines are falling as travel stocks keep getting slammed. american, united, delta, southwest on pace to their worst pace since the pandemic hit. and now senator bernie sanders is calling on the transportation department to not only demand refunds for passengers whose flights are delayed but find the airlines for delayed flights and for scheduling flights they are unable to staff, we'll have much

more next hour on power lunch. meanwhile, let's get to contessa brewer for a cnbc news update. the supreme court says justice stephen breyer will step down, soon after the last decisions of the current term are handed down. ketanji brown jackson has already been confirmed in and will be sworn in to take his place. erick adams wants prosecutors to investigate rudy giuliani and whether the former mayor filed a false police report when he claimed he was assaulted by a worker in a staten island supermarket. giuliani said the slap felt like he was being shot with a gun adams says the video says quote, the guy basically walked by and patted him on the bag. 6 houn,000 casino workers are threatening to walk off just before the kick off of july 4th weekend. the deadline for a new contract has expired for five casinos although negotiations continue

on the higher demands. they estimate it will cost a million or more per day. i'll keep an eye on that one >> wow thank you very much. still ahead, my next guest says the time to play is over a look at the sectors and the clinth s likes right now, inudg istock down more than 30% the name and why it's time to play offense that's next. so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. ♪ in any business, you ride the line between numbers and people.

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welcome back consumer staples have been a bright spot as they look -- and what's been a pretty bad second quarter. monster beverage up 16%. campbell soup up nine. but my next guest says the time to play defense is over. for more, let's welcome in the chief investment officer at matrix asset advisors. what's making you feel so bullish here >> you've just gone for one of the worst forecasts in decades and we othink a lot of the negative has been discounted we expect to see relief in the second half.

we think inflation is breaking by the october time frame. the key to investing is to invest for what is likely going to happen rather than what has happened we would not play defenses now we've had a lot of the consumer staples. we're sellers of those and wer wrr redeploying the money to things that have done poorly a lot of it is going to come back nicely. >> i don't feel that cyclicals have been a big favorite of yours. i feel like it's been bigger, more boring, for lack of a better term. what does your portfolio look like for the front half of the year what made you position that way? >> so, we're a bottom up manager but we were finding opportunity os in the consumer staples we took pepsi off the table earlier in the year. sold general mills, kelloggs recently and we're redeploying that money into things that have

been beaten up air product and starbucks. technology has been beaten down. woe think there's pretty good places to put money there. meta we think is going to be a good place to be cisco very good place to be. there's select health care that have done poorly drug stocks have done well but companies like med tronnic or zimmer have done poorly there are very good valuations prospects over the next six to 12 months for the business and if you can get both favorable, we think that's a good place toby we would not chase the first-half winners >> you sound confident about selling a company like general mills. why should people taking that as a sign that staples will keep working, why do you think they're misinterpreting that >> you don't want to look at what has happened.

the reason we like staples is we thought they would do well during a difficult environment we thought they would be able to -- or they had been navigating inflation well. they were the first to get hit with logistics and inflation problems about six months before anyone else. but the stocks have done very well so, normally they'll sell at, say, 14 to 20 times earning. they're at the high end of their valuations now we think they're going to continue to be fine. but if consumer stapleals can go up another 5 to 10% and other areas are up 20 to 30%, we think you have a lot more upside as the market continues to go down and we're wrong and the market continues to go down the next year or so, the consumer staples that have held up well are going to be the next legs to be hit they had done great but in this most recent sell off, they gave

back a lot of their gains this year you don't want to just look at something that has traditionally been a safe area if valuations are full, you want to take your profit down >> wore with at a juncture where it seems half of the investing world -- a third think we're late cycle and the next step is recession. in which case you're right when the sect -- and the middle space is probably hoping it will just stay that way. and the final third is the camp you're more in, which thinks this will give way to a more cyclical rally even for those watching this from the macro point of view, what would allow us to kind of restart the cycle and avoid a recession? >> so, part of our outlook is we're looking at the next six to 12 months. we think inflation is starting to show signs that it's going to break. commodity prices in many areas are coming down significantly,

less labor inflation real estate is going to slow the kpesz inventories walmart and target have are going to cause discounting in apparel as inflation breaks,ee 24i7k it's going to allow the fed to be less hawkish in 2023 and right now the markets pricing in a recession. we think we hopefully can avoid that recession and if we can, you're going to have the next leg of the economy not robust growth but should be reasonable growth. you're getting really good companies at 12/14 times earnings and that's a good place to be. >> and tech plays, starbucks is in there david, great have you on thanks so much still ahead shares of lvmh falling about 19%. but despite rising inflation and recession concerns, their demand remains strong we'll hear from the ceo and get a check on surprising pockets of

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welcome back the old world is moving into a new. the first big u.s. vineyard it's ever purchased robert franks spoke with the ceo and joins us with the details and a check on strong demand we're still seeing in the high end, robert. >> indeed. moet hennessy announcing a deal to buy celts that's the legendary name in napa and sonoma valley they're fames for the insignia brand that retail said over $300 a bottle i just spoke with with their chairman and ceo they have about 25 brands including cloudy bay he says sales in europe are especially strong.

that's surprising given all that's going on in europe. he said european demand is on fire same for japan in u.s., they are seeing a slight slowdown in the lower priced products but medium and high end, revenue growth of 8% in the first quarter they did have supply chain issues he said those are largely resolved they do expect a, quote very strong second quarter. so, that's going to be good news for shareholders but sham spain shortage. they can't just make more of it. the demand balance will continue at least a year or so. the champagne they co own with jay-z, that is, quote, exceeding our expectations and in japan and the south of france.

shaping to be a great second quarter for both moet hennessy and jay-z. >> that was like an education in 60 seconds so much to unpack. let me ask you this top-level question and maybe the companies answered it before but it's not every day we find a high-end alcohol business in the same group we find a high-end luxury pervaer of handbags and the rest of it. how important -- having all of these businesses, which they do have huge portfolio. does it make sense to be this big conglomerate >> it's really important from a profit margin perspective and geographic perspective the stock is down largely because of china as a company, it's very dependent on china but the moet hennessy business is really strong in the europe and u.s. u.s. accounts for 40% of moet

hennessy' business it's a great geographic stabilizer, especially in the second quarter you're right it's a sprawling company they play in so many different fields they just bought tiffany but it works, from geographic and product portfolio perspective and i think wore going to see that in the second quarter. >> from jewelry to accessories, they know their high-end customer robert, thanks so much we with appreciate it. coming up, happy 15th birthday, iphone we'll look at how it evolved to the anchor product, one of the biggest products in history and what the future holds for the company and the stock.

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here we are 15 years later and apple's future is still tied the iphone it all started on this day in 2007 but when tim cook took over in 2007 that iphone became a juggernaut $192 billion that's how big the business was last year alone. almost half the revenue tied the iphone how did apple get here when cook took over, first bringing it to more carriers and verizon and t-mobile then spreading it across the world. giving the iphone hundreds of millions more customers. but around 2015, they started pinning more digital businesses, services businesses to the iphone and this would be the next phase of hypergrowth. leverage the iphone install base now at about a billion people to squeeze more sales out of each user

and boy, did it ever work. accounting for $600 billion of sales. they linked the iphone to hot products like air pods right to the iphone and not necessarily because apple is selling more units but because apple made them more expensive. top models now start at 1,000 bucks. again, the story of the last 15 yours, all tied back to the iphone, all it's adding digital driver licenses or letting you delete i messages, it's to keep you locked into the ecosystem and upgrading. what's next? there's rumored iphone hardware service, so called apple prime, expected to juice sales even more >> interesting i appreciate you're siting tim cook and many of his decisions and strategies as the reason of

the success for the iphone i feel once jobs created the product, the rest is history but the story is way more complicated. >> of course jobs is the creative force and what i said is nothing to diminish his role in making the product. but it turn the into a juggernaut and he didn't expect it to turn into this phenomenon and boy, did it go off from there >> what's the hardware thing that's coming? >> there are reports are that this fall, i call it apple prime, like amazon prime you pay an annual or monthly fee and not only do you get a bundle of all of the services, you get a new iphone every year, too >> wow every year instead of upgrading every five years, they can rope you in and tempt you just like amazon does with prime >> that's a glimpse of what could be next.

apple shares soared under cook and it's been a different story this year for apple. shares are down 21% amid supply chain pressures and the post-pandemic environment and inflation and the rest my next guest is apple is not immune to a broader drop in consumer spending. josh kumar obviously, they are going to go through the macro landscape goes, but for how much longer can the company's valuation grow on the success of the iphone or do they need another breakthrough product >> kelly, thank you for having me on your show. so if you think about apple and the areas that are growing i'll throw out a couple of end markets that are working and are poised for a tremendous amount of growth. let's talk about cloud, personal electronics, thin tech and payments and of course, the media. as you know, these are hot

markets with large tents and a company like apple, probably in the world, there are lots of rumors, roughly 1200 people employed and we've written about that extensively, as well that this could be a $50 billion revenue opportunity and literally, this is the only company in the world that's tackling all of these hard to get into areas and has a presence in most of these areas outside of here at this point in time i still think the future aside are the issues with the economy and the future for apple is extremely bright given what it controls which is the entry into the iphone and the content that it can control >> that's a lot that they -- i mean, the car thing we've heard about for years. i mean, tell me, and i think what steve's saying about this hardware bundle could be extremely attractive and it builds on the success of the existing product what about the goggles could that be the next major

hardware platform? the next major category for apple? >> it definitely could be a new category for apple arbr will be a pretty exciting area and meta is making a pretty big place for itself with the amount of goggles that it has, but i think in that category, apple would be a me, too roughly 50% of apple's revenues still come from the handset. services are 80 billion of revenues, but if you think about some of these markets, thin tech payments and apple is a stealth player they're not really there you don't see them, but they have a huge presence to the i watch and monitor a bunch of stuff to help you out. i think those could be very exciting areas, as well. we don't see perhaps the goggle as being a gamechanger, but we see a lot of these other wears and the end markets as being a

game changer. >> a little harsch on the goggles there, but i take your point that this will be a competitive category, and is there a risk that they're trying to do too much >> no, apple is already into a lot of various and it's a large organization you have to think about how they play into the areas and they control the entry into the iphone for example, i'll cite idfa and last year they were able to cut out people like meta and others just simply from advertising on their phones apple controls that medium and they're their own device and they control the entry to it with that, they have the ability to show you things that they want to sell to you. they haven't done that in a meaningful way, but they can if they wanted to if you think about it, apple is the only company that i can think of that's proficient in both hardware and software >> there are a lot of good

software companies, google and microsoft, samsung, lg, sony. >> right. >> but nobody threads that gap together quite like these guys and all in a controlled environment. so that's the beauty about apple. >> it's amazing. maybe tesla. maybe tesla could do both, but to your point, this one in a much bigger, more significant way, apple har harsh kumar with pipe sandler. it's not just supply chain issues and we'll explain why this could turn out to help them t bk lfft ts quick break. researchers believe the first person to live to 150 has already been born.

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hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here,

there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. the semiconductor etf. the smh is down 16% for the month of june as it continues to take a beating, but that's not the only thing going lower for

the chips. kristina partsinevelos kristina >> it's prices for memory chips. when consumer growth stalls many chipmakers get hit and names like marvel and nvidia losing half of the stock value this year alone and with slower demand for consumer electronics that bringses higher dram chips and they're used in electronics. one research firm predicts memory chip prices could fall between 3% and 8% in the third quarter and that's accounting for inflation and when you have memory chip prices that fall, it could hit micron because they make memory chips and wall street has been pretty downbeat on the company thus far. it's not just about memory chips and gpus, graphic processing unit priceser also falling and that could affect companies like nvidia and amd the reason we're seeing the decline is mining as well as gamers and it's having a full effect on the stock's etf as well as smh.

i focus the stock's etf and the multiple compression has decreased 42% recently and the worst in the last decade and well below the 26% historical ave average. the interest is high is the big picture on course for an inventory course correction during the second half of this year you have rising inventory levels, slower demand and a weakening economic backdrop which makes for a compelling case. >> another sign perhaps of disinflation >> kristina, thank you very much kristina partsinevelos we'll have more on "power lunch" next hour which begins right now. ♪ ♪ welcome to "power lunch. i'm eamon javers in today for tyler matheson oil exports leaving the gulf coast could hit a record this quarter and that's the conclusion of a new report and it comes amid a domestic supply shortage we'll find out why and what that means for prices as cr