priced >> the loss of those trips that's a huge drop in foot traffic. our kate rogers reporting. while cracks may be lower end in the lower end consumer, higher end is spending strong and going big on classic cars. we'll have more details coming up on "power lunch" which begins right now. ♪ ♪ kelly, thank you welcome, everybody, to "power lunch. i'm tyler matheson kelly will be back in just a sec. here's what's ahead on a busy friday a new survey says half -- half of all u.s. companies plan to cut jobs and others hiking pay and we'll take a look at the uneven jobs market at this make or break moment and people are being asked to go back to work in office after labor day. generational plays and different generations have the same goal, to make money. our market pro has a list of

stocks for the short, the medium and the long term. >> hi, everybody the s&p is on track to snap a four-week win streak and it's down 1% and 1.1. the dow is down 235 points and it's technically the outperformer and the nasdaq, the worst performer although off session lows and it's down 2%. the dollar index hitting a five-week high set to post its biggest weekly gain since 2020 general motors is reinstating its quarterly dividend which it suspended at the beginning of the pandemic and watching shares of gm, tyler, up almost 9% for the month. >> all right, kell, no doubt the market has had an impressive run since the middle of june more than 12% for the dow, a whopping 15% for the s&p and the nasdaq our next guest is worried that the rally will come undone especially after next week here to tell us why is scott

nations. he's the president and cio of nation shares and the author of the new book, "the anxious investor" that might drib all of u us why do you think the market is on thin ice if that's a phrase i can use and what happens next week that may confirm that >> rates decided to ease a little bit and why did rates ease i think we got fixated on gasoline prices. we saw gasoline price xhes back a little bit and while that made it a whole lot easier to fill up the car, gasoline, tyler is only 5% of the cpi basket if you look at other components, food is three times that and food is expected to increase this year by 10% housing is eight times and kay

shiller was up 10% year to date in may and look at what the fed is likely to do, what chairman powell is likely to say in jackson hole and what they're likely to do the rest of the year we expect another 125 basis point increase in the fed funds rate by the end of december. and so even though the ten-year yield is up 3% good luck hanging on to that level if we add another 25 basis points to the fed funds rate and that's all really, really tough for stocks >> so you think another 125 basis points are you then suggesting a half point in september, a half point in november and a quarter-point cut in december? >> something like that right now the market is 50/50 on whether or not the september increase will be 50 basis points or 75 basis points, but the market is pretty well aligned with the idea that we'll get another 25 basis points by the end of the year and so that's going to be tough.

>> so if you're concerned about the durability of this rally, do i -- do i infer from what you're saying that you expect the market to go down as we head into the year or tread water as we head into the end of the year in other words, how do i make money between now and then or how do i preserve, conserve money between now and then >> i would stay away from high-beta names and i would focus on names like staples. if you look at the xlp and the consumer staples and the ten biggest names are all companies that make the stuff that you have to have or they sell the stuff that you have to have like procter & gamble and colgate, palmolive, coke, pepsi or cigarette makers and so low beta names, defensive names is where i would focus and tyler, you were kind enough to mention my book. investors have to look at their own bias because situations like this it's really when we can fall prey to them.

we overreacted and investors ove o overreacted to gasoline prices falling and when it came to meme stocks in bed, bath and beyond in the news this week and there are biasses that we talk about in the book and tyler, unfortunately, every single one of them hurts investor returns and not a single one makes you a better investor. >> when you say herd, you are sayi sayi sa saying h-u-r-t and when everyone seems to have their foot on the gas pedal, hey, i'm along for the ride so i want to ask about gas prices because there's clearly a very vigorous debate about where the gasoline and oil will stay at current lechls, fall from current levels or go back up as we go back up as we go into the

winter months and while gasoline or fuel may be 5% of the cpi, you've got to concede that it is a very potent 5% because people are confronted with it a couple of times a week when they go to fill their tank. they see the numbers changing in front of them. you may not remember what you paid for a box of cheerios i guarantee you, it's a lot higher than it was a year ago, it has an outsized psychological impact 100% and that bias is availability bias. it's easy for you to recall what's going on with gas prices. you don't have an idea whether or not your house is up and down in value over the past few months and you know what gas prices have done and you're right. energy prices are a big component in everybody's budget and so we do focus on them the problem is we over emphasize when we focus and we think about the availability but back to your specific

question, if we think about where crude oil was in the beginning of the year and it was $78 a barrel and maybe that's the target and crude oil may have another 8% to the down side and that would get us over the or past the bump in energy prices because of the unfortunate war in ukraine >> yeah. here's my advice for the winner with gas prices where they are split the difference on the thermostat, you, your partner and your spouse. just split the difference. i may say let's put it down at 64, and my beautiful, wonderful wife might say -- split the difference >> thanks so much. >> it works now, too, with the air-conditioning. >> yes, it does. >> could it work in the office, she asked? as the debate over whether or not we're heading into a recession continues one argument that's been made is that the job market is too strong to support a huge slowdown in the economy, but what happens if the rosy employment picture starts to

shift? a new survey from pwc says it's shifting now with layoffs and rescinded offers becoming more common joining me now is bushaun setty. he has analysis. it's good to have you. where are we seeing a deviation from trend here the most starkly? >> thanks, kelly what we're seeing here is executives in our survey, u.s. feet is focusing on growth, leaning in on growth and looking at where they can grow additional revenue and additional customer acquisition and that is confusing given where we are with gdp and other indicators and what's also confusing is while they're looking to,a tr attract and ret additional levels, over 50% say they'll be making layoffs this

year and paradoxed around the job market continues with really two sets of workers. >> anecdotally, i hear it from people who say on the one hand, my firm seems to be, you know, not that confident right now on the other hand, i hear people getting raises and promotions and they're increasing certain types of benefits that they're offering us, so they feel confused over whether they should be bracing for impact or asking for a raise >> yeah. one thing there is they're looking to invest in district transformation and conduct m & a activity and lean into the customer experience. all of that needs specialized, strong talent and it came out of the top risks and there isn't enough talent out there and the ability to attract and retain talent is very, very important and we also have to manage the

inequity of potential layoffs or potential fear and anxiety of the workforce. >> what are the size of the companies that you questioned here >> they're all industries and all sizes and including many large organizations that have been in use around the return to office in those areas and you're seeing sectors and challenges in areas like tech, where they're saying we need to grow we also need to manage it, we look at health care and how do we find work and how do we bring it back to work? >> bushan, i'm curious, if you can give us insight into new work as tyler mentioned, a lot of companies are bringing more people back. how is that going to change the

dynamics for those employees if they would rather a new job, and for those who are going to have to get used to this new reality. what's really clear is hybrid is here to stay most organizations are figuring out how to make hybrid work and that isn't mean five days a week and it could mean two. it could mean three and they're also understanding that they want the permanent basis and 70% are actually increasing permanent growth so again, it looks confounding and looks confusing and the organizations are having to support every lead they can so they can get access to talent, but have also driven the creativity and innovation with the human connection which is why many want team back in the office >> busha numbers are, we'll leave it there >> a new era of nfl streaming.

it begins next week. amazon is home to monday night football that a streaming service will be the sole carrier for a package of national games. we'll take a look at what's at stake and what you need to get used to, but first a c suite shake-up and it's what we're trading in today's three stock lunch and before the break, hershey, consolidated edison and southern company ♪ ♪ i was having relationship issues with my old bank. next to no interest, the fees... it was just take, take, take. so i broke up with bad banking and moved to sofi checking and savings. now i get higher interest, pay no account fees, and get my paycheck two days early. break up with bad banking. get 2.00% interest, pay no account fees, and get your paycheck up to two days early. download the sofi app and earn up to $300 when you set up direct deposit.

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>> a new era for the national football league begins on thursday when amazon broad kakabroadcasts a game for what it is paying a billion there ares a year. for more on how amazon will be changing the game, literally, let's bring in cnbc.comma alex sherman. good to have you with us >> everyone gets the idea that the package is going to be on amazon, but there are a lot of viewers who are maybe not technologically proficient i'm thinking of my father in law. i like him he's great, but he does not get how to find amazon prime on his tv set do i have to subscribe to it i get it if i'm an amazon prime customer where do i find it on my set >> so it depends on what user

interface your father-in-law has. >> you already lost him with user interface >> right yeah so let me simplify this. most remote controls come with a button that has a microphone on it, so if he just says into the microphone amazon prime video or thursday night football, he will be able to tell if his cable provider, which i assume he has legacy cable if he's watching you on cnbc. >> every day he watches kelly and me every day. >> many of these cable providers now have amazon prime video baked in that's where the user interface comes in so amazon has struck deals with a lot of the major atv providers including our parent company comcast where you can get prime video through your set-top box it will just throw you to the third party. >> so start there. start by talking to your thing >> i don't even have one of

those at home, do you have a talking one? >> i have a talking one. >> i don't know. >> i can say get me kelly evans and up you come. [ laughter ] >> if i don't have that i have to go to my smarttv function, right, and click on the icon. >> right you will either go to your smart tv when has your own user interface or perhaps you're like the tens of millions of people that have an amazon fire tv or a roku or an apple tv. >> and i go there. >> exactly that's not him, but we've confused about 80 million people now, but they'll find it they will get there. >> that's right. >> so overcoming the user interface issue is one hurdle for them they have probable rethe greatest football announcer, in my view ever in al michaels calling the games for them along with kirk herb street.

are they going to have break through technology, a wrinkle that will make their broadcast stand out. >> so i was able to see a demo of what is coming and part of this great aspect of streaming does allow amazon to do some things differently than what we've seen the thing i'm most excited about is the idea of next-gen stats baked into the broadcast this will be particularly easy for folks that have an amazon fire because it comes with a remote control where all you need to do is click the down button it it is it right on the screen to watch next gen stat, but the players will be wearing aws chips, amazon web services chips that will allow you to figure out things like what is the quarterback's time to throw and how has that been changing during the game? or what is a player's yards after contact.

i'm a big 49ers fan so i want to see how long will it take trey lance to throw the ball. this has never been available are for fans, so for football nerd, i think that's exciting. >> i think i'm drafting trey lance first. i'm not telling everybody. >> i don't know about that, but -- >> so let me ask you a final question what if i -- people tell me this all of the time. what if i just don't have the bandwidth to get the streaming without buffering or interruptions and things like that what if i'm not there yet. >> so if you are in a local market, those games will still be broadcast over the air. you can actually watch on a digital -- >> if i live in chicago i'll get to see it, but it's only for the two teams playing. the bulk of the audience on any given week are local market, so

you can see that amazon is preparing for a raft of potentially unhappy people voicing their concerns on twitter in week two, ever that first game of the regular season realized that they don't have a strong enough bandwidth to stream it's not amazon's fault, per se, so those customers will have to make a decision if they can to find an alternative way and that involves, you can go to a bar. >> no, no, no. >> you upgrade your comcast. >> you have one we can talk to. >> yeah. exactly. >> all right, alex we will all be watching on that thursday night we'll try and find it. i know i can find it i know where it is and maybe i'll go to jim's house and help him out. alex, thanks, man.

see you soon. >> let's check out shares of moderna. they're down, and they have demand for covid-19 vaccines and we'll take a look at bioas a whole and we'll take you to pebble beach for a car auction robert frank is there live for us robert kelly, these cars behind me literally rolling on to the auction block right now. the big question here in monterey is whether classic cars are an inflation head or just another risk asset that is headed for correction. we'll talk to the lltocoecrs themselves on whether they'd rather be buyers or sellers this weekend coming up after the break.

>> time now for our weekly etf tracker. we are looking at biotech etfs which had outflows of $50 million. profit taking could be a factor here we've seen strong performance since the june lows and there are also stock-spike news. ilumina got hit hard, and moderna down 14% this week so as for the specific etfs. i-shares biotech down 3% the spdr biotech etf down 7% this week although it's up 35% over the past three months and

kathie woods is down 13% this week and flows follow performance and no wonder we're seeing red across the board. the data comes from the partners that track inside from the etf hub. now to seema mody for the cnbc news update. good afternoon a british national who was a member of the islamic state terrorist group has been sentenced to life for killing two americans and taking two dozen hostages he was found guilty related to the death of four americans. jim foley, peter sutlef and kayla mueller. three men have been indicted in the killing of mob boss james "whitey" bulger. nearly four years after bulger's killing the men were charged with conspiracy to commit first-degree murder. he was 89 years old when he was

b beaten to death. he was placed into general population, a move that sparked heavy criticism. >> nasa has identified regions of the lunar's south pole for astronauts to land it's targeted for 2025 this will be the first time astronauts will set foot on the moon since nasa's apollo 17 mission in 1972. tyler, back to you >> it's impossible to believe it's been more than 50 years now. >> i thought the exact same thing. >> seema, thanks classic cars have been racking up double-digit price hikes and rapid sales as collectors view them as inflation hedges robert frank is where he belongs. he is in monterey, california, with some very beautiful cars and some very affluent customers. robert >> that's right, tyler behind me these cars are headed off to the auction block, more than 400 million cars slated to

sell this weekend and we'll talk to the collectors about where whether these cars are an inflation hedge or they're more like speculative stocks that will be sensitive to interest rates. here's what they said. >> they're all on an unusual trajectory the really great ones will continue to go up and the not so great ones will plummet. >> everything is going up, whether it be classic cars, vintage, exotics you would be hard pressed to find one at retail anywhere. >> a year ago on my birthday i bought that car and it's a year later and i'm selling the car because we still have a very strong market and a groundswell of interest in vintage cars. >> and guys, we just ran into a well-known collector, the great reggie jackson he thinks right now is a good time to sell >> i've been through the good and the bad. i've been fooling around here

for 50 years now, and i've caught a couple of the waves and i've missed it, too, just like everybody else so i would say it's a good time right now because the younger crowd seems to be getting involved in it and wanting to put their money in a place where they think they can create some investment >> mr. october is selling seven cars, but he won't be carless, tyler. he still has about 40 cars still in his collection after selling these seven here at mecum auctions. >> reggie looks terrific my goodness. he must be in his 70s. what is the car right behind you, robert? >> this is a ferrari a12 what's interesting about this one like the newer ferraris and this is a fairly new car and selling 30% above the current sticker price and one of the things driving these classic car prices is to buy a new ferrari today, you'll have to wait at least a year, maybe a year and a half and the, quote, pre-owned

used ferraris are selling for so much more than this car. >> isn't that the truth? robert, thank you very much. enjoy the day. ahead on "power lunch," raising children is always an expensive proposition, but inflation is making it more so we'll have some new, eye-popping numbers. >> and we are looking for opportunity mno matter your tim horizon and the stock picks and the short, the medium and the long term. "power lunch" will be right back what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq if you have this... and you get this... you could end up with this...

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welcome back, everybody. 90 minutes left in the trading day and we are pretty much near session lows and it looks like we'll snap a win streak for the s&p. let's get you caught up across bonds, stocks, commodities and how to position your portfolio no matter what stage you're in let's check on the markets the dow is up 283 points and the nasdaq is down right around 2% which is near session lows and the russell 2000 is doing worse today, but most important news is that the dow and s&p are on pace to snap their four-week win streak in terms of what's working, saved safety trade leaving the market and utilities trying to go positive the semi stocks are among the worst performers

amd, nvidia, lam, micron and this is just in the recession today. they just can't seem to make up their mind, lately the bond market, a clear signal, we're ending near 3% on the ten-year even though we started sub 280 on bad data that came on monday and the tone has firmed up as we've moved throughout the trading sessions and in terms of energy closing for the day, this we're finding some stability and crude hanging on to this $90 level with wti, and we are closing the week for slight losses and huge news here. now about a 10% pop after u.s. regulators have now authorized berkshire hathaway to buy up to 50% of the common stock. federal energy regulatory commission and they wanted to make a purchase and they received it and you can see the shares responding in kind. short, medium, very long term? investors have different timeframes when deciding what

kind of stocks belong in their portfolio. some are a six-month trade and some are great forever investments and let's bring in lee mutual fnsen lee, welcome where do you want to start >> let's do short term because that's the most fun, right between now and the end of the year so if you're not a person that's really bullish on inflation coming down really fast, the first thing i'd look at is coca-cola. it's not that volatile and like a lazy friday trade. it's got a 2.7% dividend which keeps some people in there number two, it's a staple so if we continue to have inflation concerns and the other thing is, coca-cola is near its all-time high pretty much everybody has made money and let's look at autozone compare autozone with carvanna and you'll see what i mean carvana doesn't have profits and

autozone had a good quarter and they'll did a billion in buyback and autozone is near its all-time high and everybody in that stock has basically made money. so as inflation kind of comes down, used car inflation and the old stories come down, these are just short term on trade, but i think -- >> autozone, not autonation, right? autozone >> yeah. yeah >> let's move on to the mid-term picks and there are two financials bank of america and goldman what is midterm to you and why the financials >> well, you're going to have in my opinion, what do i know i think we'll have 3+ inflation and i don't know if we'll have 3% or 4% over the next two or three years. if we still have this nice inflation at 3+ percent the

banks will get a spread between what they lend and borrow at i've been long big money center banks since the outbreak of covid and that's where you've got to put your money if you're looking at something over the next few years versus a growth trade which is still going to be held back by the higher inflationary print, goldman sachs, it's cheap. you could have bought it near book value earlier this year advising billionaires is never going to go out of style i think once we get to next year we'll get merger acquisition activity and these are classic names and they're big gorillas in the field and it has to do with longer term rates, with rates being higher for longer. >> let's move on long term trade, very long term. how do you define it >> i thought you'd pick names like coca-cola for the long run. i'm curious what name you think fits the bill. the first one is amazon. i know people say amazon, what are you talking about?

when i look at the 13 hedge funds with the greatest of all-time traders the older guys that want to protect their money, i always see amazon in there as opposed to a hot stock pick. amazon is a bet that you never bet against the u.s. consumer. they just control u.s. commerce. it's like standard oil a hundred years ago. it's standard commerce, and even if 50 years from now they become sears and roebuck. when you have a company like that, they control something and i want to hold a longer term if they slow down on growth, they'll start paying a dividend and now let's get on to a big one. disney, come on. this isn't hard. disney is classic because you've got parks, right, which is warren buffett's see's candy and you can raise it any time you want and then you've got streaming that people just don't

get. >> let me just jump in, is there a chance though, lee that their content will go out of style now you could say maybe for political and cultural reasons and maybe there's more competition and maybe, there's other children's content, as well what makes you so sure that this will be a durable franchise for the decades to come? >> because babies are everywhere every year i see more babies. >> you're preaching to the choir. >> right >> i don't know if they're as everywhere as they used to be. >> put it this way, when you're a parent and you're sitting there with young kids and you want to sit on the couch and turn something on and close your eyes and take a nap and hear the sound of little giggles, grandparents and parents are going to choose content that they're familiar with and that they trust and they trust the disney brand, right? they trust it because it's family oriented. everybody is familiar with it and you can have a shared experience with the familiarity. my kids watch netflix, too, but

these are shows i've never heard of and i'm not aware of and so i think you have to think about multigenerational and the ability for pricing power and streaming and you have the content and let's also not forget you've got a problem with men age 18 to 54 that are out of the workplace, they're sitting around and they're watching "star wars" all day long and i don't think that will get old because we teach our kids what shows we want to put on. it's easier to watch disney than some other new content. >> so disney and amazon would be your buffett-like plays. >> that's it >> lee mutnnson, i'll never forget my son and the narcotic effect that "finding nemo" would have on him. >> joan and i could have a cocktail with some friends and he was transfixed. >> i'll try that one tonight >> maybe not a cocktail. >> yeah. okay extreme weather events may

become more common to know what is coming. predicting new technology aims to help them to get those localities prepared, rising risks is coming up on "power lunch.

>> almost one year ago the remnants of hurricane ida rolled up the east coast causing catastrophic flooding across parts of pennsylvania and new jersey largely unexpected because general forecasts did not show how much rain would fall and how fast it would come, and i've never seen anything like it, to be honest with you, but no more. diana olick looks at how major companies and local governments are using unique, new weather prediction technology to safeguard their assets in her continuing series on the rising

risks of climate change. ♪ ♪ >> when tropical storm ida blew into new jersey a year ago the state was woefully unprepared. after all, it wasn't a hurricane, but deluge was incredible. >> it rained four inches in one hour during hurricane ida and we had a total of six and a half inches of rain in one storm event. the city of hoboken across the river from manhattan is only two square miles and home to 62,000 people it is increasingly home to flooding and it has put in protections. >> it's actually just a big drain? this park sits a a top a massive cistern that can hold 200,000 gallons of water so water can be held and released when necessary, but to optimize the system they need to know what's coming, so just after ida they started working with tomorrow.io, a unique weather

technology company that goes well beyond just forecasting when it's going rain >> everything is fully proprietary, we tell organizations, cities, governments, enterprise businesses how the weather will impact their operations in advance. >> hoboken will have parks like this one managing 2 million gallons of water on a daily basis, but what the new technology allows it to do is move from water management to emergency management. >> they are able to provide insights on when a storm event is going to occur, at what intensity, for how long and they can do really block by block forecasts. ♪ ♪ >> the firm works with clients well before they start forecasting the weather to show them specifically how future weather will impact them from operations to supply chains to staffing having such precise data of when, where and how severe weather will strike a region can

ultimately save companies hundreds of thousands of dollars of resources and waste some clients include the u.s. air force, the nfl, raytheon, uber, ford, delta and jetblue. >> we'll take an airline's operating protocol and upload it into the system and proprietary insights and dashboards that tell them exactly how it's going to happen. we'll tell the airline over the cows of a week and this is the time to do it to avoid delays or any safety impacts climate security is fast becoming part of global security as cities, governments and businesses start to build climate adaptation systems >> it is the new cybersecurity that's why tomorrow.io is sending its own satellite into space which will send data far more frequently than government satellites >> it will revolutionize the weather forecast for the entire planet >> tomorrow.io is not the only

company in the space there's also dark sky which was recently bought by apple, but these new companies are nothing like the legacy names. this is whether intelligence, model and planning and of course, prediction all of which takes place before a drop of rain ever falls. tyler? >> more and more companies are required now to disclose their climate risk so how will this, this breakthrough in technological forecasting play into that >> companies will now be able to show how they can mitigate this risk by having that planning and having that high technology by any of these catastrophes ever happen. >> they can go to shareholders and say this is what we're doing and this will save us money in the long run >> diana olick, have a great weekend. >> thanks, you, too. >> we'll spill the tea on movers, footlocker, deere and coinbase three stock lunch is coming up

next ♪♪ take the world by cloud. accenture let there be change.

time for today's three-stock lunch. we're looking at three names in the spotlight today. foot locker shares are soaring after reporting a smaller than expected comp sales drop and profit was above estimates the retailer also appointing a

new ceo. also deere trying to reverse course heading into the afternoon after reporting an earnings miss this morning they lowered the high end of their income out look. and bitcoin is below 22,000. let's bring in craig johnson craig, let's start with footlocker what a day. >> what a day exactly. so despite the downgraded outlook, the shares are up over 20% on the day investors really are focused on the new ceo appointment. technically you've got to look at this chart. we've come right back to the downtrend resistance line. we kind of went through the 200-day moving average just a little bit but the shares are pretty short term overbought so the way to look at this right now, in the short term investors are betting on the come with the new ceo but i suspect we'll get a better opportunity to buy this at a cheaper entry point in the coming weeks. >> all right let's move on to deere, which is the next one

>> in terms of deere, the price action quite encouraging after the earnings print and the guide down but again we are a little short-term overbought. this would be a stock i would fade right now had a great opportunity to talk to our options desk and writing some calls around the $400 range would make some sense. for us, write some calls, fade the stock, we'll get an opportunity to buy it at a lower price in here. and that brings us to coinbase what do you do with this one, craig? >> well, this is one that i think it's a very interesting stock. i've liked the stock quite some time but let's look at the recent price action. we've got a crypto weakness happening and from talking to some of the experts in the space, there's a variety of reasons as to why you're seeing crypto weakness from some concerns about exchanges in korea to canada legislation and those kind of things also sort of a risk off mood right now with the s&p sort of stalling a little bit short term the 200-day moving average

but technically i kind of like the price action looks like a short-term bottom getting hammered out we have gotten right back to that -- slightly above the 50-day moving average and from my perspective i'd be a buyer of it down here from my perspective. >> so let me get a quick question in. we see foot locker going up 20% on the day on news, but a lot of the talk has been bed, bath and beyond and other meme stocks how do you -- how do you think about those, craig, or do you even bother thinking about them? >> no, i think about them and get questions about the meme stocks on a regular basis. from my perspective, i just don't want to chase some of these names. if you're looking at companies that have got small floats and they're starting to get the short squeeze scenarios coming on, i think you have to avoid them those are whittle maker type stocks if you're trying to short these names so i try to avoid them that's not really an institutional type play anymore. >> finally, craig, thought on the market breaking a four-week win streak

growthy names doing terribly the 10-year about to hit 3%. >> yeah, so we're still constructive on this market. right now the rally we've seen taking us right back up toward the 200-day moving average i think it's going to be like, as one of my good friends said, it's going to be like a rusty door we're going to have to push at it a few times but i think it will ultimately fall i'll just tell you, we've got a 4775 year-end objective. i think we're going to reach that and the breadth thrust we're seeing in this market remains terrific it's not at any sort of indication of stalling out at this point in time so we're a buyer on these little dips and pullbacks in the market right now, kelly. >> whoa, 4775. >> nice move. >> craig, thank you very much. we appreciate it. >> thank you. shares of bed, bath and beyond are down after ryan cohen liquidates his eirnte position we'll put the story under the microscope, next

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welcome back, everybody. stocks are fading as we get an hour away from the close the dow is down 329 points about, a percent that is the low of the day after some pretty good sessions over the past several weeks this one this week looking not quite so good. kelly. >> yeah, i would just add that we know it's very light volume, very thin trading.

interest rates are up, that's the clear story as the 10-year nears 3% stock story of the day, bed, bath and beyond. shares cratering 40% after ryan cohen's rc venture sold its entire position. the stock fell about 20% yesterday but it rocketed higher this month in general fueled in part by the meme craze according to cnbc calculations, cohen made about $59 million before a brokerage fee. >> he came in and got people on the board of that company, some of his nominees. he was the second largest shareholder of the company and now he is a zero shareholder of that company, which does not have a large market value and has quite a few challenges ahead of it. >> oh, the structural challenges are quite clear. so any hope, whether it's this company or amc or the hope there's a midas touch in terms of the actual way the company is run or in terms of the share performance now looks a little dicier. >> all you have to do is look at that chart of bed, bath and

beyond and you can look at a meme stock in realtime up, down, up, down. >> about the only thing they can do is issue equity act any word on that front about them doing so, here we are. according to "the wall street journal" it now costs $300,000 to raise a child. a middle class family might spend more than $18,000 a year on average, taking into account food, inflation, housing, hair cuts, sports, the whole thing. the calculation uses an earlier government estimate as a baseline we leave you on this note with intention, because miss evans is leaving us today to give birth in a couple of weeks we wish you all the best. >> thank you very much >> $18,000. >> yeah, no problem. actually i'll be at work on monday. >> you better hang on. we will miss you so much i know i will and all the viewers will too. >> thank you it's a weird -- i really appreciate it. i'm excited and nervous. all the emotions emotions for this article as

well i hate this stuff. it's just -- i know families who have tons of kids. they have one income and figure out a way to make it work. absolutely it's worth it. it's the whole point. >> have a wonderful time off. >> thank you. >> best to you and to your family. >> i'm going to try that microphone feature for finding neem owe tonight. >> give my best to eric and everybody. >> thanks for watching "power lunch," everybody. >> and "closing bell" starts right now. good luck from me as well, kelly. you're a pro hot summer rally cooling off today as stocks add to losses on the week we are sitting at session lows welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand in the market, down 1.4% on the s&p 500. only two sectors positive, health care and energy everybody else is lower. consumer, discretionary, financials, communication services, all at the bottom of the market the nasdaq is down 2% today, so that does bring us to negative territory for the week, down abt