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 crude

continues its climb. plus, from pinterest to bed bath & beyond, a change in the c suite could be changing the outlook for stocks we'll trade the names in today's three-stock lunch. kelly? >> eamon, welcome. hi, everybody. the market is all over the place today. the dow is upo 200 points and th nasdaq is still down 11. the s&p is still poised for its worst first-half return since 1970 even worse for the nasdaq, and big tech which was hammered yesterday is holding up this afternoon. j.p. morgan reiterating its overweight on amazon, the shares over 2% and apple, microsoft and meta also in the green mcdonald's and goldman both getting an upgrade and the analysts saying the shares will do well in a slowdown and that's helping a 2% lift. eamon? >> we'll start with what's become a complex and some would say confusing energy market right now. the war in europe showed us just how fragile our energy infrastructure is and the

response has been felt across its entire complex some of it in a way that we might not have expected. it's certainly a headscratcher here crude has taken up 65% for the year taking the sector with it investors quickly moved into coal, as well. the average coal stock is up anywhere between 46% and 140% this year. flipping the narrative, you'd think that with such high oil prices, the alternative energy world would be skyrocketing, but it's not the solar etf is down 11% this year with major solar stocks like sun power, sun run, first solar, they're all down 25% in 2022 and none of the clean energy etfs, none of them are higher this year and one of the biggest names and the global clean energy etf is down 11% and the odd dynamics don't stop there. a new report predicts u.s. gulf crude exports will hit a record

this quarter that number expected to top 3.3 million barrels per day exceeding the pre-pandemic record exports have risen in the last three months because washington's decision to release 180 million barrels from the strategic petroleum reserve and more are sold from international buyers attempting to sanction russian oil. let's bring in ryan kilduff, the cnbc contributor john, explain this to us do you think with gas prices so high and oil so high that you'll see a skyrocketing market in solar, but we aren't seeing that, are we and i think john is frozen here. kelly, as we wait for john to get unfrozen here we'll talk about the mystery of why it is solar is not doing very well in the market where you would expect it would be rid now we'll move along and kelly, why don't i toss it back

over to you? >> sure. we'll circle back to that in just a moment, i should say as we keep an eye on the whole energy complex you would think that under pressure the airlines would be doing better and those shares are firmly in the red as the sector struggles and bernie sanders now wants to take action against the airlines over their cancellations. let's go to our own phil lebeau. phil >> he wants the potential of potentially massive fines to force airlines to improve their performance, kelly here is the proposal that senator sanders has sent to the d.o.t. and it is unclear whether or not this will get much traction with secretary buttigieg. he would like the d.o.t. to fine airlines 15,000 to 27,500 per passenger for delays depending on how long the delay might be, whether it's domestic or international and he would like them to be fined $55,000 for some canceled flights and

reimburse passengers for meals let's have a reality check when it comes to cancellations? are they up compared to june of last year? yes, but not dramatically so we crunched the numbers through flight aware and right now the industry in the month of june averaging 6 00 flights that were canceled, i think it was 656 of last year and they're not up dramatically compared to last year 613 flights are delayed every day. that is the average for the month of june. on average about 51 minutes and that's the same length of delay time that we saw in the industry last year and similar to what we saw before the pandemic. >> nonetheless, there were people who are saying the airlines have to do better even with united and delta pulling back their schedule starting july 1st a lot of people think this weekend is a recipe for a lot of

delays and cancellations because of how much has been already booked and whether or not the airlines will have the staffing in order to complete those flights and the wild card in all of this, guys, is weather. if we get some type of a storm that pops up somewhere that will add to the cancellations and the delays are out there, but i will suspect that we will continue to see these types of proposals or complaints on capitol hill over the next several weeks because it will be an ugly summer in terms of staffing and in terms of cancellations and delays for flights. >> phil, i suspect there were politics at play because you have people involved in this dispute who are potential democratic nominees if joe biden doesn't run. put that aside for a second and talk about why it is that they can't get their act together i fly a lot and it seems like covid is behind us and they know what the schedules are going to

be, how come they can't get this together >> a couple of things are going on here. by that i mean there are not enough pilots and key pilots you can't just take any pilot and put him in any plane or her in any plane they have to be certified for a particular aircraft and it makes a difference if they're a first officer or a captain it is an intricate system. i talked to a number of people who say why don't they have pilots on standby who can just sit in and jump into an aircraft it's not that simple there are rules in terms of how often they can fly, how many hours in a day, et cetera. and in addition, there are also issues with flight controllers the faa and the d.o.t. are both saying look, we're not the cause of delays around this country, but there is an issue with staffing in certain areas, new york and florida that has contributed and the airlines say it's contributed to some of the cancellations in those areas that they simply can't handle the number of flights that were

originally scheduled into that area, and you add on to that eamon, you mentioned covid is over what happens if someone gets sick, if it's a flight attendant, pilot they're out of the mix. the airlines say they have reserve pilots who are ready to go, but this is a complex situation. the bottom line is this, you've got the pilot shortage and you've got the staffing shortages and all of that is just -- it's coming together where people are saying you scheduled too many flights for the summertime and that's why we see the airlines pulling back the schedules. >> the fact that sanders is coming after them now suggests that the scrutiny will keep going. how do you expect the airlines to respond by canceling more flights? maybe leaving people without options or what? >> they'll scale back their schedule they're already doing that right now and i wouldn't be surprised if we see more of this for july

or august and let's see what happens as we go into the fall when you see people flying part of the issue here is that the airlines, a, are not highly thought of by many consumers they don't like the flyingence s experience, but on top of this, guys, most passengers flying right now they booked these trips in march, april, maybe early may. they have been waiting for so long to take these trips and they're paying a hefty price in many cases because the ticket prices have gone up. so when their flight is delayed they're much more vocal than perhaps you would have been in the past i'm not saying that this is all politics, all right, then let's hit the airlines where it works in the pocketbooks and they this pays on, that it's the millions in payroll support monoen

similar on what we had during the pan themmic. >> you would not be going through what you're going through right now. >> when the payroll is up on the ended, they had to make cuts in taffing and that's why with we're seeing the politics. >> thank you for that fascinating issue and we definitely have not heard the end of it. from jet fuel to gasoline let's go back to the energy conversation and bring in john kilduff, cnbc contributor and founding father of capital we talked about this at the open and explain this weird dichotomy because i don't get it you'd think with surging gas prices you'd have a banner year for solar and wind and yet we're not seeing that. so why is that >> good afternoon, eamon i'm sorry about that before, but

let's just say there's a lot of trepidation for some of these renewable systems given how intermittent they've proven to be when it's crunch time spectacularly not too long ago in texas when the grids are out in the winter and we were on pins and needles just a few weeks ago with the heavy heat wave that ripped through texas, that the grid might not hold up, but it did, thankfully and renewables are a big part of it and there's not a lot of enthusiasm for folks right now because of the situation that we've seen people be in, not just here, but in the uk and europe eventually. >> how much is the timing and short term it's easier to double down and increase production where you're getting it in things like solar and wind and certainly the supply chain hiccups are hitting the

renewable space and count on your gasoline completely after having range anxietiy and the like, given invasion situation, on certain economic outlooks there's not a lot of new embrace of renewable systems and the government will have to step up yet again and take a winner here and encourage folks to get into that space much more heavily. >> tell us about these oil exports from the united states because a lot of people are not used to that it was during the obama administration that we even allowed oil exports to go out of the u.s. market. why is it that we're continuing to allow exports even in the teeth of what we see here in terms of high gas prices is that political or about our allies overseas or is that about the mix of oil in our refineries at home? >> for starters, it is the mix and most of the shale is light and sweet and not suitable for

much of the gulf coast refining pros pkts which relies on the crude that used to come from venezuela, for example, and it would wouldn't be to cut off of the fuel supplies and we are the reminder for democracy these days where we used to be the arsenal of democracy. >> there are some politics or geopolitics in this one. explain where you think prices will go from here given everything that you just laid out. >> we are in a major crunch time right now. this is the height of the summer driving season this weekend. there will be strong demand, record driving and we continue to see now the rebound in china's involved and covid restrictions and there is a big chunk of covid positioning to the number refiners which will be down the road here and there are a lot of moving parts as usual and there's a bit more

higher to go and maybe we'll touch 120 one more time and i think we'll see some real release as we go deeper into the year in late august and the early fall period. >> the driving season begins this weekend are you driving anywhere and taking your gas-guzzler and only go as far as the golf course >> thank you still coming up -- >> reits are often considered a safety play, but real estate developer don peebles told us not all reits are created equal. which should you own and which should you not some stocks have seen their valuations cut in half this year why now might be the time to buy and as we head to break, shares of general mills at an all-time high after its earnings beat one of the best performing spltaes stocks over the past year.

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welcome back to "power lunch. i'm kristina partsinevelos, reits and equinix are among the worst today. this as jim chanos says that brick and mortar shareholders because of competition of cloud-based servers. there will always be some demand for hybrid solution, but arguing that physical data center reits

are overvalued compared to the cloud giant. for instance, amazon trades at 64 times forward earnings higher than microsoft and equinix and digital realty trust both above 080 >> wow i didn't know they were up that high >> discrepancy. >> real estate developer don peebles says he thinks office reits will remain challenged for a while, but he does see another opportunity. >> new york city is over 20% vacancy factor overall in terms of leasing, not necessarily occupancy. occupancy is only about 40-some-odd percent right now, mid-40s at best and so what you will see is more sublet space on the market and that will depress rents even further if i were to look to invest i would look at the gaming business and any reits i would

look at is in the hospitality sector especially the hotel reits focused on leisure and hoelth ownerships. >> he was bullish on gaming, as well joining us for a deeper diep, alex goldfarb. reits are pretty sexy and whether you're shorting them or going along niche areas. where do you think opportunities lie? >> it's interesting, and first, thank you, kelly and eamon for having me on it's funny at real estate we have to be always optimists, right? it's never been a better time to buy, whether they're high or low, we're always an optimistic bunch. i was listening to the earlier people that you had on and i think there are real issues and there are also opportunities take, for example, retail. that was a sector that was much maligned and pre-covid and everyone destroyed physical retail and nobody guild to the mall anymore and suddenly covid happened and people realized in order to get their hand sanitizer, wine, toilet paper

and the local shopping center was their only option. what's funny is that 15 years ago with the housing bust, retail development basically stopped, so we haven't built a new shopping center in basically 15 years retailers overnight realized that their store fleets were their best option to get their option to customers and instead of focused on ecom they went to the brick and mortar if you looked at shopping centers and even the malls simon, they're being booing solid rent growth and solid demand and it's something that we've never seen before because again, the supply, people missed this about and your fellow don peebles mentioned it in new york and supply is critical when looking at real estate and when you look at retail, we've had no new supply in 15 yards and that does wonders for landlord's ability to price >> in new jersey we have american dream mall and we're saturated, but the sunbelt is where both he and you are

bullish. apartment reits and office reits and do you agree that it will be challenged because of work from home >> we'll take the office in two batches and new york has a lot of availability. mayor bloomberg promoted the far west side which provided a lot of new product that was desperately needed and the stock in new york was over 60 years old and unlike other global cities like london, new york is pretty hard to build new and the acceptance of the far west side is what drove s.l. green to build one vanderbilt which is arguably the best building in all of manhattan and it's been a success. they have rents of over $300 a foot that said, there was undersupply as was noted when you go to the west side of l.a. it's almost illegal to build anything new, you have santa monica, brentwood and beverly hills, very little product gets built and all of the people who occupy the buildings are people who live

around there if you go to l.a. half of the time is spent on the 405 or the 10 and you want to minimize that and office becomes critical. one thing that the people miss in this depth of office and training of the next generation or sustaining corporate culture, you need to work together so, yes, workplace flexibility and working from home is wonderful, but if people don't go to the office it's pretty hard to get ahead and also for new employees and every company wants diversity. everyone notes to hire new people who are new to the industry it's really hard to train and hire diverse fit you're not getting people together at the office >> alex -- let me jump in here really quick we have not much time left and i have this question i get that you're an optimist on real estate and we talked about the supply issues in commercial real estate and office, but i wonder when you think we'll see the bottom here of the office market because this is a long lead time, right? companies make these decisions about office space years and years in advance

so it seems like we might not know fully yet where the bottom is because we haven't seen companies finally grapple with what happened during covid. >> you're absolutely right office definitely has challenges and there's no question, tenants don't feel like they need to be in a rush to sign deals. it's bifurcating the bulk of the activity is at the brand new buildings that have undergone levy ren raising and a company like we work everyone thought we work was for dead a couple of years ago and their occupancy and their space utilization far exceeds traditional office right now, why? because people like that flexibility. if you look at sandy pathani has done since he's come into wework he's cut a billion and a half of expenses he's also gotten out of leases that saved about $9 billion in future liabilities on the other end, you have companies like boston properties that drive their earnings through development and that's a big story. the reason why they're so successful is they target life

science and the heavy tech notes where their buildings were pre-leased before they start look, you're right if you're an average landlord with average buildings, life in office is not much fun and you did mention sunbelt apartments and it's incredible, two years after covid they're still getting rents and double digits and the real estate conference saying if tenants want to renew at 15% they have others coming in north of 25%. >> the bottom line here, alex. you think office market not dead yet. alex goldfarb with piper sandler. >> no worries. thank you for having me on. ballooning debt and growing doubt from investors, is it anything, but smooth sailing for cruise line stocks we'll look at when the rough waters can calm down we're going back into the home for the last installment of the housing cost calculator. you won'beevt lie how much more

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>> welcome back, everybody we've been following it for weeks and we've reached the final part of the housing cost calculator and an inflation gauge of what costs what

we've walked through the foundation, the bedroom, the bathroom and the kitchen today we're looking at the living room and the backyard, in honor of july fourth especially. let's start with the family room, everything from lumber to cotton and electronics we have tvs up 13% flooring only up 4%, actually. couches and sofas up 8% and drapery up as high as 14%. the tv prices are due to a rise in key component costs floor prices are among the highest in 40 years, believe it or not even though the increase was relatively small moving to the backyard, two things needed for the summer eamon knows it and barbecues are up 10% and pools are up 17% according to lazy man grills component costs are up 30% to 40%. healthcare insurance up 30%. that's all factoring in. we'll check back in to see how the prices change over the next few months >> you wonder how mortgages will

play into it when you're putting a kitchen and all of the things that people do when they get a cashout refi and get money, and they won't be doing these things and you wonder will that play into prices? do you have less left over i mean, we have rooms that were empty for years when we bought our house. >> swimming pools here up 17%. that's astonishing and during covid, you saw the huge demand for swimming pools and everybody wanted to put a pull in at 17% >> the irony the stocks have been huge beneficiaries, but of course, have been selling off and normalizing and they're not capturing the 17% and now they're normalizing, too >> everything is more expensive. >> are there any winners here? >> i don't know. flooring that's the smallest increase is the big winner let's get to contessa brewer for a cnbc news update contessa >> hi, eamon hi, kelly. here's your cnbc news update

biden has ordered additional bases and assets to be set up in poland, romania, and the baltics and the u.s. will base an air artillery brigade in germany amazon is limiting contraceptives to three units per customer in the wake of demand customers who order emergency contraception on amazon still face a wait. plan b displays an estimated delivery range of july 19th through august 6th and bed bath & beyond is shaking up its leadership ousting its ceo, but the retailer could have another change in store and it remains open to the potential sale of buy buy baby financial advisors are looking at the company's future there. of course, the stock down 30% today. >> contessa, thanks so much. coming up on "power lunch,"

we'll get you caught up on the markets and giving back some of last week's big games and a big group of names you know down big this year. check out tradedesk, caesar's and trupan on. after the break we'll be joined by someone who says now is the time to buy these names. stay with us

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. welcome back, everybody. just 90 minutes left in the trading day as june rapidly draws to a close let's get caught up across the markets on stocks, bonds, commodities and we'll hear from someone who says now is the time to buy the names down 50% this year let's begin with bob pisani at the new york stock exchange. bob? >> about break even although the dow is doing a little bit better midday take a look at the s&p 500 a fairly narrow range to 3840 throughout most of the day here. we've had a few lows we've had interesting moves on technology stocks as a modest rally in tech going on in the middle of the date and it's not helping semiconductors much and we have lows in very big names which includes nvidia. nxp semiconductors and they

haven't participated in the mid-afternoon rally. same as oil, it was down 114 and mid-morning it dropped to 111. it was down 103 almost at the open and look at that at 88 and a rapid move to the downside this has been very choppy, the sector in the last four or five days a bunch of news out there including carnival, negative, unusually negative and morgan stanley essentially cutting the price target to $7 for that and a lot of negative comments from the honeywell, dow component and that's a bit of a surprise, and also the 52-week low so the question here, kelly is can we avoid this issue with stagflation, and of course, we'll get some very important inflation reports. >> it does feel like we're in a holding pattern, thank you >> the yield on the ten-year has been falling and do you blame

europe for inflation data for that >> we blame europe for everything and we reached 2.25 if you look at a month today, we almost hit 3.5 mid-june and we can't hold any of these sell-offs and the yields seem to come back. why? i think central banks every time we look to see their strategy. you have to scratch your head and think about recession, you really do, and if you look at tw a two-week of booms, they almost hit 180, 1.80% and next week when we were trading at 3.25, they were 1.65 back down and can't hold the yields higher one thing is fragmentation how can they possibly have a multi-speed quantitative easing when they need a quantitative tightening i'm not sure the market get it if you look week to day, the euro versus the dollar, 68% in

the index and it's pushing the dollar near 20-year highs, fresh ones and the dollar yen only 13.6% of the dollar index, but you can see the dollar's ready to make a new 24-year high against that currency. back to you. >> all right blaming europe for everything. thank you very much. what about for oil and energy. you can save that, too oil prices are down as they close for the day and the focus is on the recent move for metals and pippa stephens at the cnbc commodity desk pippa? >> starting on oil to snap a three-day winning streak ahead of tomorrow's meeting between opec and its allies. that comes amid growing calls that more supply needs to come online but the group is expected to stick to their plan of increasing output of 650,000 barrels per day next month wti is down 1.6% right around the 110 per barrel level and

brent crude down 116 after touching 120 did i want to point out the underperformance in metals and all down and giving back q1's gains as recession fears grow which would lead to weaker demand and the metals markets have also been better supplied recently and remember, it was the supply shortage fears that were a major factor driving q1's gains. copper on track for the worst quarter in more than a decade with aluminum, kelly, tracking for its worst quarter. >> pippa, thank you very much. >> turning back to the market, there are members that are down 50% or more this year and that's where the next guest is finding opportunity. let let's bring in peter with theantersen capital management no way these are broken stocks and maybe broken business models, where and why do you see opportunity? >> well, kelly, i call it the

50% club and it's not necessarily an enviable club to go on to these are stocks that have lost 50% of their value since the beginning of the year and chartists, you know, that's a whole other discussion that we should have another time i don't quite believe in chartists and i think it's a mathematical entity that doesn't necessarily belong in investing. >> now you just picked a major fight. all of that to the side. tell us what your process is that turns up stocks that could be attractive buys here. >> well, these three stocks i mentioned the trade desk companions and caesar's. annualized revenue growth of 30% to 50% over the past year and none of them shows any change in the sales momentum going forward, even through the pandemic and now through a possible recession and these companies are so robust in their

underpinnings that the outlook for them is tremendously positive, yet people are throwing them out with the battle water just because right now we're in such an unusual stage and i'll talk about this now for probably two years, but i do believe that this stage is confusing the most logical investors and they don't have the time or actually the courage to look at these companies in n more detail the way i do >> caesars is the covid reopening play and everyone wants to get out, gamble, have fun, play and that makes a lot of sense and talk about trupanion because that's medical insurance for cat s and dogs the pet boom was a covid thing why are you saying that one is actually a buy here? >> full disclosure, i owned that stock prior to covid and held it through covid, so i want to tell you that i bought it with the

early intention of not going into the pandemic and the fundamental appeal of insuring pets has always been very strong in this country and actually across the world and two important things that are happening that they're being totally ignore side chewy and aflac have signed selling agreements with trupanion. so they're going to cross-sell in their 50 -- or a huge number of customers, millions of customers, 50 million to 60 million customers are going to get flyers in their deliveries saying have you ever considered pet insurance? so just think of how that will multiply the top line revenue growth of a company lake this and trupanion issing to it slowly this has not been roll out all at witness and they're doing this thoughtfully, and gradually

and i mentioning for patient people and you would not invest in them if you need at least a year horizon, but the positives and the members of the 50% club are that they will probably gain 50% from this point on you just have to have patience >> trade desk, trupanion, caesar caesars and a fight with a chartist peter, thanks for joining us we appreciate it. >> pets and gambling >> speaking of pets and gambling are down 30% in june and one analyst sees more rough water ahead and even where it hits zero that's coming up next on "power lunch.

shares of carnival cruise are down 12% to about $9 a share today. that's $9 more than it could be worth in the worst-case scenario now according to one analyst seema mody is here with the details. seema? >> kelly, wall street analysts have been reducing their estimates for cruise lines over the past few weeks today morgan stanley outlining

an extreme scenario in which the stock could fall to zero dollars a share. they point to weaker pricing trends and the upcoming winter cruise season relying on asia where restrictions still exist plus higher oil prices taking aim at margins he writes if the high yield market closes and if there is a demand shock that causes trip cancellations or weak bookings carnival plans to refinance $2 billion in the coming months if the stock continues to fall the prospect of raising more debt or issuing equity does rise at a time when it is getting more expensive the goal for carnival is to continue filling ships and explore the sale of underperforming brands like sea borne which the saudis are in discussions to buy and confidence in wall street that it is able to steer this company towards profitability. kell >> just a shocking and eye-opening thing to see wall

street analysts who can be pretty conservative with something this bold. so all of the cruise lines took on debt to get through the pandemic it's not just carnival >> it's not just carnival. all three, royal caribbean, norwegian and carnival did what many companies would do in that scenario, when your industry is shut down for 18 months they have to go to the debt market to raise billions of dollars of debt if you were to look at the metric, norwegian would be the next in line to potentially be facing some type of risk again, this is a scenario a lot of highly leveraged companies are in and it comes at a time when the high-yield bond market has been drying up in recent weeks and that's raising concern about the ability to refinance some debt as those maturities expire kelly? >> seema, thank you very much. seema mody. three companies with headlines from the corner office eyd,disney, bed bath & bon

and disney, in a gossipy three-stock lunch coming up.

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welcome back it's time for today's three-stock lunch, companies whose ceos are in the spotlight

amongst turbulence ben silverman stepping down after more than a decade the stock is down over 40% year to date. bed bath & beyond replacing its ceo after another quarter of declining sales. shares there down 20% today and more than 60% this year. and disney renewing ceo bob chapex's contract, sales down 40% just this year let's bring in the portfolio manager with gradient investments. we start with pinterest. >> the pinterest ceo stepping down, digital ads and sales of home decorating items. people are focused on away from home experiences, going to weddings, grad parties, garden parties, you name it this has hurt their ad income. as evidence of this we've seen

monthly average users trending negative from plus 30% last year's first quarter to minus 9% in this year's first quarter meanwhile, they've been lagging on investments and technology. the new ceo has been google's president of commerce and is viewed as a highly capable person in the space, but we'll wait on this sell for now >> what about bed bath & beyond? >> bed bath & beyond, that's been history the last couple years of consumers focusing on the home furnishings including high-ticket appliances everybody has the counter top fryer, whatever those things are. >> the air fryer >> yes bed bath reported a drop in same store sales and a much larger than expected loss for the quarter. they're now in survival mode,

appointing a board member, new chief merchandising officer. they probably need a lot of new chiefs in there. i see no path to earnings growth right now. bed bath & beyond is just a bet we are not willing to take that's a sell. >> marianne, your next name is disney, right? >> disney is where we saw a ceo have his contract extended and that may help alleviate fears of another ceo change possibly this follows on bob iger's departure so they want to see stability. the future visits i think are rather sticky. who wants to tell the family we're canceling that trip? >> not me. >> they announced the shanghai park is reopening tomorrow, june 30th it might be june 30th there already. their espn division has a new

deal with formula one which could also help. we see the valuation as reasonable at 17 times next year's earnings per share. that's at the low end of its historical range and we'd be a buyer. >> investors want stability. thanks so much for being here. >> thank you >> one buy and a couple of bails. google and apple may soon have to remove tiktok from their app stores we will have the latest on this isresse ghafr urrit te th bak get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, 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. space. the boundary of human achievement.

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the fcc pressuring apple and google to remove tiktok from their app stores the latest on this battle with china. hey, deirdre >> this all has to do with tiktok's parent company bite dance being a chinese company with access to american consumer data the commissioner carr joined us today to discuss his concerns. >> most people look at tiktok and they say what's the big deal it's just another viral video sharing app, and that's just the sheep's clothing as you walk through it is a sophisticated tool for harvesting this data one thing we do know right now the ccp is running one of the most widespread data gathering operations out there and tiktok has repeatedly said, don't worry. your data is stored in the u.s we've come to find out through some of this investigative reporting is, in fact, according to tiktok employees, everything is seen in china

>> he's essentially calling tiktok a surveillance tool and citing a buzz feed report that indicated bite dance had access to data as reisn'tly as this year alphabet and apple have not yet responded to our request for comment but commissioner carr says he wants a statement from them by july 8th tiktok does say, quote, we will gladly engage with lawmakers to set the record straight according buzz feed's misleading reporting. our engineers can be granted access on an as-needed basis under strict controls. now, guys, if this all sounds familiar especially to you, eamon, that is because it is commissioner carr was nominated to the fcc in 2018 by the trump administration which, of course, went after tiktok as well to little avail we will see if anything happens this time, guys. >> and, deirdre, i wanted to ask you about that he is the senior republican on

the fcc. the trump administration went after tiktok they didn't do anything. they talked a lot about forcing a sale never actually happened. the biden administration doesn't seem like it's made up its mind. is this one fcc commissioner trying to push the issue in a private sector way and push those companies to do what the government seems unable or unwilling to do here >> listen, tiktok is an extremely target this is the chinese company with access to sensitive data i was surprised, eamon i thought more progress had been made it was only earlier in june of this year tiktok said it was going to move to oracle infrastructure and oracle servers. i thought that had already been done clearly things didn't really happen during the trump administration and they are slow to happen this time around as well we'll see if this makes a difference, but it is one fcc commissioner, brandon carr, that signed this letter >> if this actually happened it seems it would be the best thing for meta, rivals, competing

apps >> the politics are fascinating. every teenager, every 20-something is on tiktok all day long, as far as i can tell that's a huge group of americans out there who would be deeply upset if anything happens. >> they're not as big a voter turnout base tiktok your way down to the ballot box >> thank you for watching. >> "closing bell" starts right now. stocks have been bumping up and down and another choppy session on wall street the most important hour of trading starts now welcome to "closing bell." i'm jon fortt. sara eisen will join us later in the show here is where things stand in the market right now well, you know, bumpy, like i said the dow up fractionally. the s&p down just a little bit the nasdaq also down just a little bit the russell, though, having the worst day of the four, down almost 1.5%. and check out the action