pippa, thank you very much our pippa stephens if you thought energy was expensive, try buying a home we'll go to austin, texas, and a snapshot of the market there and our latest installment speaking of which, "power lunch" begins right now kelly, thank you very much welcome to a friday "power lunch. welcome, i'm tyler matheson. excuse me, i have to clear my throat a little bit. snap's stock tumbling 35% today. excuse me. weakest sales ever painting a grim picture ahead of meta and alphabet a big rally ahead and our market pros this hour say all of the bears are making him bullish. he'll tell us which stocks are higher. >> bless you, tyler.

the nasdaq is down 2.2% and snap is not helping and snap shares, we'll show you a little bit in a moment down 38% and taking the social space down with them. the s&p is down 1.25% and the dow at session lows down 220 points or more than two-thirds of 1%. the s&p had claimed 4,000 earlier and the nasdaq well below 12,000 today, as well. some of the worst-performing stocks are meta, data dog, alphabet and docusign. we're seeing meta down 7% after snap's results even though our guest last hour said they could be a beneficiary of some of the ad trends that he's seeing twitter shares turned around after their own disappointing results. they blamed uncertainty after elon musk's acquisition of the company. the shares are up three-quarter of 1% and that has raised eyebrows >> let's turn to the big story of the day which is snap the social media company falling nearly 40% on pace for its

second worst day ever going back to may when a company guided down on the exact problems that sent the stock tumbling again today. on the call yesterday, snap's cfo said as input costs rise for companies around the world, quote, advertising spending has been amongst the first areas impacted we have observed a fairly steady deceleration in the demand over the past year. what's next for snap and the digital ad industry? for more on this, let's bring in sarah sarah fischer of axios you have a smile on your face and i don't think too many from snap do now. what did this tell us about the digital ad market that we didn't already know >> there are a few things. one, it's not declining. it's decelerating and what we are finding is the big digital players are getting the spooks the people pulling out of the market are pulling quickly in

digital first and that's because the contracts have plusses and you're able to pull out which is if you want to pull out of television and a media channel you may not be able to yank your dollars and that's the biggest learning here and the other big learning is for the big, digital players that are starting to diversify revenues and snap chat just introduced a new subscription feature over the past year. those things are not growing fast enough to make up for these giant losses twitter is down 1% in revenue for this quarter compared to last year. if the subscription offering was moving as quickly as i thought they would they probably wouldn't be in that position are we beginning to see, sara, the first signs that the big are going to be okay and get bigger and the fourth, fifth, sixth-place players are going to struggle more? >> no. i think everyone will feel this hit and that's simply because the economy slows, the entire ad

market will slow and that's going to impact everyone i also think the big elephant in the room is tiktok if you were to have removed tiktok, then yes, i think meta and google would have had optimism to look forward to, so you have this big giant and they don't report publicly and break out their numbers and you start to eat a lot of the market share. what you will see is everyone has a slower second quarter and it will look worse for some of the smaller players. especially some of the younger players. if you think about it, snap chat said its revenue would be 50% since it went public a company like meta that went public a decade ago, you won't see that percentage just because it's an older company. >> we talked to doug martin last hour, and i want to call out the weak performance of facebook and google because he was saying a lot of this was just brands pulling back and not necessarily

a slowdown in direct ad spending and has historically performed well during downturns and if so, you would think meta and google were two of the beneficiaries. >> i watched that interview. when you need to diversify your revenue away from spending it a lot on the spend side, and so that should benefit tech giants over traditional players the challenge, though, kelly, what i mentioned before is that those ads are really, f efficiet and they're easy to pull and next quarter and the fourth quarter, the performance advertising companies like meta and google will benefit and the shock factor hits them the hardest in the beginning and if you remember going back to the pandemic this is what happened back at the heart of april and march and that's when they halted their plans and it was the tv companies, so i think

you're right and i don't want to see the advantage come through, and it made me think of something, sara, would these tree to harden up their contract you're trying to spend more on the lat forms for the long term strategic relationships and it's something they've opinion toing for a while and the reason that taeszers can have that commitment up front that they can guarantee that inventory to their partners google and facebook, they have a few phipps with content and they can't forecast that they'll have a big show that's of the something in time with what's happening right now. >> sara, very complete report. sara fischer, appreciate it.

is it teaime to bet against the media company? he's got a hold on snap and lowered his price target to ten bucks today. brad, welcome. do you want to build on that point? are the stocks like facebook and google being unfairly punished here or not? >> yeah. thanks for having me i don't think so, honestly you know, we do a lot of channel work and talked to many, many advertisers, particularly the smaller ones that are disproportionate contributors to google and facebook's business in particular and these guys change behavior for one of two things one, they're getting a revenue hit or two, they're trying to seek better return in other channels based on our checks to date we're definitely hearing it's number one they're either seeing impact or expecting impact and so they're bracing for it, they're changing

and making decisions today >> so you are going on the record for all of those who are saying this is a snap problem and saying, no it ain't. there is a broad pullback in ad spending happening and they are a victim of that >> yeah. i mean, we've been doing this channel work pretty consistently now for the past six months and it's related to this specific topic and more on the record for the past three months that these cracks have begun to form was the headline wea've been using, so yes, absolutely >> are these cracks going to become canyons and are we in the early advertising pullback >> yeah. it's interesting i think one of the things we focus on is we try to get a sense of how many advertisers have pulled back as well as how much each advertiser is pulling back percentage wise and best as we can tell, we last published on june 23rd we estimated that one-fourth of

the small and medium-sized advertisers we were connecting with which was a sample size of 600 to 8 00, and about one-fourh started to pullback, but they hadn't seen a full revenue impact so our call was basically, like, a quarter have pulled back as of today and we think that could get progressively worse. >> you said these are small and medium sized advertisers can you give me some names of the kinds or the particular individual companies that have actually been pulling back as you check the channels >> yeah. we actually speak with agencies that are broad based and will work with two dozen, 50 or a hundred of these guys and that's the types of folks we're reaching out to. >> that's what they're telling you. they're telling you, as agencies that are actually buying the space that the medium size companies are pulling back and we're beginning to see the 25%

or whatever it was that number you cited just a moment ago. >> exactly >> and to tyler's point r brad where do we go from here >> yeah. we're in a period right now that depending on what type of business you talk to there's good evidence brewing that the consumer is starting to show signs of deterioration at&t said yesterday that people are suddenly not paying their cell phone bills on time very much to the degree that that weakness starts to creep into these small and medium sized enterprises we focus that so much because it is so important to facebook and google's business >> yes, it's logical that you would see more advertisers cut spending three-quarters of which is still to come >> three-quarters of which is still to come, and that will explain why a stock like meta is down more than 7% today. brad, thanks for joining us. >> thanks for having me. >> brad erickson

>> a down outlook. >> that's what the stock is telling you. >> that's right. >> the powerhouse road trip will tack us down to texas. austin, to be specific one of the hottest housing markets now seeing a rise in inventory and a drop in pending sales. we're on the ground there to discuss whether buyers are now in control or at least a little bit, and while the housing market cools just a bit, redecorating is taking off williams sonoma, rh, our house all up more than 20% this month. a look at whether the spending spree is just starting and speaking of spinning, take a look at shares of american express. it is leading on the back of strong earnings with the company saying that travel and entertainment spending came are roaring back in the second arr.qute "power lunch" is back after this how's he still playin'? aspercreme arthritis. full prescription-strength.

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so boost your bottom line by switching today. comcast business. powering possibilities. welcome back to "power lunch," everybody. we're on the next leg of our powerhouse road trip with the photographs of the both of us there. that's all right >> i need a tan. >> we'll look at the markets and how they're changing today we go to austin, texas, according to the most recent report the median home price is th

$536,000 69% of homes being sold above asking price there for more, let ate bring in janet spinelli, founder and ceo of spinelli residential group powered by place nice to have you with us how does today's market compare to last year's >> the market has been for so long incredibly weighted toward the sellers. that's what we experienced the last time you and i talked and even just a little different lease, it is now a negative situation for sellers, but that is just not the case i keep hearing in mainstream media, some mainstream media that prices are tanking, but what we're seeing in austin is a reset on the list price and a buyer's opportunity to finally be able to negotiate >> are you finding that inventories are coming on the market at a faster pace than let's say, last year

in other words, is the count, it used to be two weeks of inventory. how much inventory is right now and what's normal? >> sure. we were praying for inventory last year and last year we were discussing record-setting home sales numbers. 12 months later, it's a different conversation the inventory is now a two-month supply on average, thankfully and the topic is the triple-digit gain and active listings and that's really come about because the current properties that are on the market are not being absorbed as quickly and then we have new listings coming on to the market, but still the median price points are average sale prices up13.34% from last year >> i guess two questions, jeanette, but maybe they're related. who is selling and are the sellers lowering prices? >> oh, my goodness there are all types of people that are selling

there are still people looking for opportunity who don't have to sell, but they know that they'll show up. so, yes, there are those sellers and the people that need to sell all different price ranges i think what we've seen a lessening of are the top price points or the upper 5% of the market our $3 million and plus sellers have maybe pulled back just a little bit they don't have a need to sell, but more of a want to sell and inventory is increasing and active listings are up 145%. that's quite a bit we needed an inventory and we had the opportunity to be able to negotiate so we're not seeing them put into this pressure cooker and they made a decision sometimes in a few hours or a weekend. >> right >> so i'm assuming, then, that this all implies that sellers

are having to be more realist being about their pricing and their expectation, but houses are move on and off the market less than they did you're beginning to see a little bit while the market is still hot, a little bit of that overheating dissipating. >> that's correct. i think, tyler, previously aggressive actions were pushing prices up and now that upward pressure has ceased. so i wouldn't call it necessarily that we're seeing price reductions or markdowns. simply, it's unrealistic and unsustainable expectations and they're being corrected to realistic and sustainable expect eggs and certainly, we see reductions in some sections of austin austin, like most cities are made up of a multitude of

markets and sellers have readjusted in the price. >> final question, quick one what percentage of houses are selling above asking price and what percentage of houses are having multiple bid or bidding wars >> we're still seeing most homes reaching the 99% of list price, but that truly is a function of the sellers and their listing agents having conversations in advance so that they price right to begin with. >> right so i assume that implicit in that there are fewer bidding wars where there are multiple bids and stuff goes off in two days jeanette, thank you so much. continued good luck. i know you like inventory, and i hope you get it. stay cool down there in tex. >> thank you very much thank you for your time.

>> you've got it >> some areas of the market are downgrading like crypto. microstrategy has bottomed from may 12th and teledoc off 50% from may 12th and big gains, but still down for the year. can these stocks continue to run even if or as home sales slow. we'll talk about that, and let's take a look at the markets with fresh session lows for all of the averages and the dow is up 253 points and the nasdaq down 2.25%. we'll be right back.

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to anyone that thinks they know what "nope" is about i would say... nope. you got a summer blockbuster on your hands. it is so hard to predict the mind of jordan peele. lunch. mortgage is slowing, but that is not stopping people from redecorating and money is pouring into home furnishing stocks making this the new hot part of the housing-related market courtney rgas more hi, court. >> the home builder etf, the xhb is up 13% from july well outpacing the s&p 500, retail-related home stocks are hotter and this comes as morgan stanley forecast slowing revenue growth in the home furnishing space through the year 2025.

sales of home furnishing stores were among the strongest categories in june from may according to the latest retail sales report williams sonoma shares were up 27% this month, pottery barn, west elm and others and reiterating its forecast for the balance of the year, and while rh slashed its forecast for the year citing high are interest rates, lower luxury home sales and continued fed tightening, investor aren't discouraged rh up 30% year to date. rh shares up 28% and still well shy of the 52-week high. b of a says our house web traffic is well ahead of competitors up 32% year over year at least in the first 11 days in july floor and decor up this month and the more volatile players in the space, their financial performance when i'm talking about volatility are getting a

bullish bid in july. online marketplace, wayfair up 30% this month, still down 70% year to date, to be fair bath and beyond shares are up 16%. these have struggled mightily with the turnaround and supply chain pressures that are out as of the end of june tyler? >> they look at the month to date and they sound very nice for them and certainly if you look at the year to date numbers and he's been crushed. furnishing names are hot and home depot and lowe's not so much why not? >> they're higher, but not as hot as the home furnishing names and that's just some of the reluctance and concern about what is really going on in the housing market, and i think those stocks are just so much tied more so to the overall housing market and less, maybe to consume rers diskregszary spending and so those names are

a little bit harder hitter -- i shouldn't say harder hit that's not quite fair and they're not up as much as the home furnishing names. if you're doing home improvement and the labor tight and the material costs are up substantially, as well >> courtney, stay cool see you around >> thanks. let's get to bertha coombs with a cnbc news update. >> good afternoon, tyler a rochester, new york, police officer was fatally shot after the city declared a state of emergency over gun crime the 29-year veteran of the force later died his partner was shot in the lower body and was released from the hospital. american airlines saying it could take up to three years to get back to full nationwide capacity due to an ongoing pilot shortage ceo robert eisen telling investors that demand for air travel, quote, is at record levels, but that the airline's

travel schedule remains impacted by supply chain disruptions. otero warns an image will be stamped in recognition of her leadership in new mexico's movement for women's rights to vote and her pioneering role in politics the quarter is is the to roll out august 15th as part of the u.s. mint's american women quarters program it's a four-year program that started this year focusing on women's accomplishments and contributions to american history. i'm going to look out for one. >> it would be cool to collect them >> wouldn't it >> thank you, bertha ahead on "power lunch," so bad it's good? he sees a rally into year end and speaking of bearishness, the nft craze has slowed dramatically in the past year and leading to crime in the digital world. that story ahead when "power

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we've turned lower i was going to say sharply lower and maybe not quite today, and the dow is down 267. let's get caught up on stocks, bonds and why it could be the most bearish thing out there bob pisani, let's kick it off with you >> there was a bit of a reversal today and we topped out at 95. immediately the market moved down a little bit and maybe justifiably so bond market was weaker in the last day or so and concern about the slowing economy and that's the debate what side of that debate are you on and you can see the s&p here. what a great week, we were up 2% at the open. let's call it a tech reset and that's actually what's going on because we've had phenomenal runs in technology stocks. i keep highlighting this has been the last week and a half here and you see the reversal today and all of the growthier

sections and tech and general and communications services all weaker here. i just want to show you the semis that are down today, but what a run they have had and nvidia which was at a 52-week low was up six day in a row and they're giving back some of the gains. you see how choppy the action is and they've put together strings of upside some days and what's leading today? well, all of the stuff nobody's wanted for the last couple of months and consumer staples names and these are defensive stocks and nobody wants to buy these. they want to buy growth, but the game is hard to play right now so on days when it's more fearful the defensive stocks tend to do better. the big question for next week is what's apple and microsoft going to say can you make an argument that the fourth quarter numbers will hold up a little better even if the third quarter is weaker? we've had a tremendous run and i mentioned ark innovation up 30%.

look at these moves in the last four or five weeks here and these are big moves and the more defensive sectors are aren't doing anything and the energy and commodity sector are down. so everyone wants growth in the last five weeks. the question for next week, guys, is can anybody actually promise some growth even if it's just the fourth quarter. this will be the most important week of the third quarter next week guys, back to you. >> rest up, bob pisani let's turn to the bond market when we've had a pretty good week given that the ten year was down 275 this year, rick >> yes it's unbelievable. not only has it been a big week with yields and volatility and it's been a big week with negative data and just think bob mentioned the pmis and first look at second quarter good-bye and that will be huge on the throws of a fed rate hike on wednesday and if you look at the year to date of the vix it's coming off of yesterday with a

meager bump and as you look at the year to date chart, keep in mind, there are three tops there was a top in march and each top is a little bit lower and it doesn't look like there will be at least from a technical standpoint and any big bounces and one week of terns and it's hovering down on the day and down 13 on the week and on pace for the lowest yield close in two months and boons, boons were flirting with 1% today. they had a close below 1% since the third week in may. definitely at a 103 underscores. that weakness is being the big issue that investors are trying to price in and it's not only that it's the fact that europe, they're acting like things are normal, but to be so close to the energy situation that the russians put them in just makes the markets quite nervous. back to you. >> since i'm back on a friday for a charge, quick question, quick answer what is your takeaway.

what did you learn this week, rick >> the spreads in the market and the spreads in life. the spread is between reality and desire and that really sums up what we should be learning from europe as putin has them under his thumb. listen, mr. buttigieg, we all want to go green and take care of the planet, but it's not ready for prime time we need to concentrate on the fires that are raging right now! that's what's bugging me >> rick, thank you very much rick santelli. well, speaking of which, that's the perfect place to bring if pippa stephens with the latest on the energy complex >> there's been a lot of volatility this week a quick review here and we had the spike on monday that took wto above 102. we drifted lower over the course of the week and are now ending down 1.6% at 104.79 following the latest rig count data and also fuelling this week's decline includes the return of libyan production and u.s. gasoline demand as well as

recession fears. turning to nat gas, that continues to be the big story rising here in the u.s., in the uk and eu. there was perhaps a sigh of relief as russia resumed some gas flows, but rbc among those noting that gas remains president putin's weapon of choice and cuts could be coming. shares of schlumberger up 4% revenue jumped 20% year over year and the company raised its outlook amid drilling activity kelly? >> and a 4% dwayne ingain in th tells you it wasn't totally priced in. my next guest isn't throwing in the towel. he's sticking in with the 14% rally and it's all of the bears making him so bullish these days let's bring in art hogan chief market strategist at b. riley wealth art, are we in capitulation? >> we have peaks here and i

think we have peak pessimism and that reflected itself in the conference board and the consumer confidence and certainly in the bank of america's report earlier in the week talking about positioning and pessimism in the market and when you match that peak with peak inflation having rolled over we talked about energy in the last segment and we certainly have seen that in lumber, industrial metals, and all of that sort of plays into a position that likely happens at a bottom and not at a top. i think that you have enough pessimism in the market and nonbelievers that you'll have room for should upside, it's done a nice job of selling already and we've done a nice job of taking multiples down the board and the average stock is down 43% and the average stock is down 35% and i think you've got enough of the damage priced in for the bad news that might not come to fruition

>> the bad news that might not come to from you igsz. you have a year-end target on the s&p 500 of 4500 if we've got it how did we get there if we'll retrace half of the move from the peak to the trough and it gets us back to 4200 and that's something we can see heading into september so that 50% retracement would make sense, and i think what we also see is earnings estimates for the second half, at least for the 15% of the s&p 500 companies that have reported have not degradated at all the sample set is too small and next week will be very important, but if we have enough companies that beat top and bottom line and keep the guidance the same, we likely will see the multiple and it won't be that far a trip up to 4500 >> beating estimates is one

thing. growing profits is another are you worried that companies will have a harder time as we move into the fourth quarter and maybe 2023, not just beating estimates, but really growing profits? because that's one of the main drivers of stocks and stock prices >> yeah. for sure that's going to be an issue, but at the same time, the economy slows modestly and we'll also see better inventory levels and better supplies and better supply chain and lowering of inflationary inputs and all of that plays into better margins and think of energy coming down and how much it helps with transportation issues for companies. so i think that there's more good news than bad news out in front of us and we've priced in plenty of bad news >> art, what about those who say look at the bond market now, ten-year 275 you know, signs of things rolling over and the data, this, that and the other cycle turning. what's your response to all of that this is a year when we started with the ten-year at 1 and a

half and went to 3.5 and all of that happened within a quarter so the fact that it's settling into a 3.25 range with the data coming in slowly and the potential of the fed coming in the september meeting. i think the machinations of what's going on is as much a reflection of what we think monetary policy is going forward and not thinking and exchanging the july 27th and certainly the pace at which and the end point that the fed finds himself in and the terminal rate which they raise rates, too and that's what's getting priced in as much as the read through on the slower economic data that we've seen >> fair enough art, thanks so much. say hi to the interns. >> will do >> thanks so much. >> art hogan. >> coming up on "power lunch." the disconnect for telecom stocks at&t and verizon slowing and

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>> welcome back to "power lunch," everyone a new platform, an old scam. criminals have stolen nfts in the past few months. hi there, eamon. >> hi, tyler you can call this a crypto crime spree, and trm lab business show criminals have stolen as much as $22 million in nfts using the social media platform just since may and on june 4th specifically there were ten account compromises targeting channels and they may be hitting new targets with names like secret llama, dummies and young eight club and the hackers are using tried and true networks. they're using social engineering techniques promoting a false sense of urgency and hoping to capitalize on a victim's fomo or fear of missing out on that next

big thing. chris is a former irs criminal investigator and he's with trm labs and here's when he said. >> these are all techniques that we've seen before and they've pivoted to a new arena and it's easily to potentially steal one nft that could be worth tens of millions and thousands of dollars. >> it makes sense that the hackers haven't put off in nft prices and since they're not buying tokens in the first place. they can sell them for any value at all >> the best ways to protect yourselves in nft land is the best way to protect yourself anywhere online. know who you're talking to and if it is too good to be true it probably is, and be very careful when you click on any of those lings. >> the asset may be different and i have to imagine the reason people are falling for these scams are the same as they ever were. >> that's exactly it it's a new format, tyler

nobody has been buying and selling nfts, and you get an email scam and you have the antenna up and you don't click on the link and in the nft universe and you're seeing all of this stuff coming at you and the software is different and people have their guard down a little bit because it's a whole new world and they think i have to get in on it and get into it quick and that's when they become vulnerable to the scams >> eamon javers, thanks. at&t and verizon, both down 10% this week after disappointing results and look at the dividend yields still hovering around 6%, but are these values or value traps? three-stock lunch is coming up next take the world by cloud. accenture let there be change.

welcome back, everybody. today's three-stock lunch focuses on the telecom trade and what a trade it's been verizon shares down 7% after declining yesterday, after the company said higher prices dented subscriber growth at&t on a barclays downgrade from equal rate citing credibility issues after they lowered cash flow guidance yesterday and t-mobile's results

on deck for next week. let's bring in the brave ari wald to navigate through these three tumultuous trades. let's start with verizon what do you do with it >> all right i will put this in the value trap category, and broadly spea industry, a telecom, a countercyclical industry, our feel is that group is going to continue to underperform against this market recovery scenario that we see playing out through the balance of the year. what's notable about verizon, this is a stock that's been trading below its 200-day moving average pretty much for the last 18 months. now, it did show some outperformance up until recent weakness simply by falling less through the year, but i think recent weakness is indicating that that long-term downtrend is resuming, and for all these reasons, that's why we think verizon is a value trap and should continue to trend lower.

>> let's go to at&t, much maligned at&t. what do you think here >> pretty similar take did a little better than verizon. it was able to rally above its 200-day average but i think recent weakness is indicating that safety stocks like at&t are becoming a source of funds as the market rotates into the growth pockets of the market so at&t as well, there's some support at 18, there's a gap and support at 17, that's a prior low. i'm more worried about the trend of lower highs going back to 2016 and that long-term downtrend is resuming. >> ari, stay with us we're going to interrupt for just a moment and go to eamon javers. tyler, steve bannon has been found guilty on two counts the trump presidential advisor was under trial here in washington for his failure to respond to a subpoena from the january 6th committee looking into the attack on the capitol

on january 6th of 2021 steve bannon found guilty now on count 1, willful failure to appear for testimony also found guilty on count 2 count 2 is contempt of congress, willful failure to provide records. now, you know that steve bannon was somebody that the committee did want to speak to we saw in the committee's hearing last night they played an audio recording of the presidential advisor to donald trump. in that recording what steve bannon was saying was that before the election, donald trump planned to contest the election results if they didn't go his way he would say the vote was illegitimate if he wasn't winning at a certain point on election night because that's the way things played out, you can imagine that the january 6th committee would have wanted to hear steve bannon's testimony on the question of exactly how he knew that was going to be donald trump's plan going forward bannon refusing to testify, now being found guilty we'll wait for additional maneuvering here in the court.

no information just yet on any sentencing, guys back over to you. >> thank you very much short trial, quick verdict thank you very much, eamon javers. ari wald is still with us. we've been going through the telecom names. t-mobile is up next week, ari. would you be a buyer of the stock here >> kelly, yes, i would. >> aha >> we got one that looks -- this is best of telco, t-mobile this is the one to own for exposure why? because it's been able to participate through prior market recoveries and rises in the equity market. and you see it in the trend as well so it's trading off in sympathy with the recent weakness in the other two, at&t and verizon. i'd be a buyer and 123 support that's the 200-day average if you're a long/short investor, you want to buy t-mobile on weakness and looking to sell

at&t and verizon on strength. >> and there we have it. ari, thank you so much great to have you here today, we appreciate it. >> he drained all three of them. speaking of slurpies, seltzer and sunday, those are kelly's weekend plans as well as three other stories catching our eye today. out l be right back to talk abthem don't go anywhere. "power lunch" isn't done with you yet. power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity

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7-eleven is adding its name to the list of companies laying off workers. the convenience store chain about 80 corporate jobs in texas and ohio the company is reorganizing following its purchase of speedway, which it bought for $21 billion in 2020. there you see some of the other companies that have slowed down their hiring lately. we used to say three is a trend. more than three and we've got a trend. >> you've got to be careful here because if it's a reorg or ford's layoff, it's a big pivot to evs or is it a binary slowing economy. the more people see these headlines, the more they worry they have to do it in their company too. >> in the write-up i read, 7-eleven said people were not

filling their gas tanks quite as often or they were spending more in gas so weren't coming into the convenience stores and spending money. >> bingo, which bripngs us to ou next topic fedex cutting back on sunday deliveries in some areas the contractors wanted more money and they say the spikes in gas prices made deliveries less profitable 80% of the u.s. population will still get sunday deliveries, but this is a story of high fuel prices and tension between a lot of the workers and the cost of doing business for what you think would be a beneficiary. >> i didn't know these were contract deliverers in some cases. that sort of surprises me. i guess i've been spoiled by sunday delivery. i never had it before and it's a treat to have. your package will arrive tomorrow tomorrow what do you mean tomorrow? >> i wonder if amazon will be able to keep going now that it's doing its own with the vans. there's an opportunity here, but they'll be facing the same cost

headwinds as well. let's talk about hard seltzer. it's a hot weekend everywhere across the country you'll wanting to inject liquidity, i'm telling you the hard ciders seeing softening sales. it's waning in boston for its truly hard seltzer also cut its full year forecast for the second time. the ceo of boston says consumers, especially 35 to 44-year-olds, kelly, are shifting back to light beers >> i'm so happy to still be in that category. >> which are less expensive than hard seltzers. hard seltzer sales down 18% after being up 11% in 2020. >> remarkable the stock has turned around. its at 349 maybe light beer got so uncool, it's cool again. >> i don't know that i've ever tasted one of those hard seltzers. >> you would remember if you

had. they don't taste very good not that i'm drinking a lot of them lately. not missing much either. >> see you on monday. >> thank you, have a great weekend. stay cool, everybody thanks for watching "power lunch. >> "closing bell" starts right now. the dow, s&p and nasdaq all under pressure but still on track for weekly gains the most important hour of the trading day starts right now welcome to "closing bell." i'm melissa lee in for sara eisen. we're off session lows but have sizeable losses in the s&p 500 we're down by 1.3% the nasdaq has seen the brunt of the pain down 2.2% with the wipeout across the board on social media stocks. russell small caps down 2% coming up an exclusive interview with sam bankman-fried with the outlook on cryptocurrencies and his big stake in robinhood let's get more on the markets and bring in lori from rbc capita