of health services and here we are six months later, they had a deal for one medical and now potentially this deal for signify shows that this time they're much more focused and really mean business here. >> between the regulatory challenges and the technical challenges, we'll see if they're able to integrate and figure things out that will do it for the exchange "power lunch" starts right now ♪ ♪ jon, thank you very much welcome, everybody to "power lunch ". with courtney reagan, i'm tyler matheson markets are down across the board this day and the nasdaq getting hit the hardest off 2%, so is this the end of the summer rebound or just a pause on the way, perhaps even higher plus the interesting split in the energy markets oil well off its highs down today back below $90 a barrel, but natural gas continues to

soar 14-year highs there. could that gas head higher this winter and what it might mean for you, the consumer, for inflation and the economy. courtney, welcome. >> thank you, tyler. as stocks are lower across the board. the dow down almost 600 points and the nasdaq down 2% some of the big names leading us lower and netflix is the second worst performer on the s&p 500 and cutting the stock to sell after its huge run meta and amazon also lower chips one of the worst groups, intel, lam research and nvidia lower and every sub sector is down today and a couple of materials' names are outperforming. >> lots of data, some speeches and earnings for investors to watch this week culminated, of course, later in the week by the whole jackson hole central banker conference. we have powell's speech friday out there. a lot of things to pay attention to and joining us with her look ahead for the week is stephanie

link, chief investment strategist and portfolio manager at hightower investors and also a cnbc con tributor welcome back let's look deep in the week to the jackson hole event it's been virtual the last couple of years and i suppose people will be there this year what are we expecting out of that >> i think that you will hear a lot of fed officials speak at jackson hole it's not going to just be powell i suspect, tyler, i think he's going to sound -- this is powell, i think he's going to sound hawkish because quite frankly, inflation is everywhere and that's why it's so interesting because we do get a couple of reports that will actually show us that exact thing that inflation is still very persistent. within the gdp number and the second revision number mid-week, we also get the chain price index and that will be up something like 7%. down from 7.5% year over year, but still a very hefty number

and of course, you get the core pce number on friday along with jackson hole and the year over year number, and again, it comes down a bit to 4.7% expectations and that's versus 4.8%, but the fed wants that number to be two. so i don't know how they're not hawkish, quite frankly, and i really don't think that this pivot move that we saw from the june lows, i don't think they pivoted at all >> core pce is the measure, is it not, that the fed allegedly pays the most attention to without getting in touch with our deep inner wonks, what's the difference between core pce and some of the other maybe less esoteric versions of measuring inflation. what makes the core pce different and so important >> i think it's less volatile, for one and broader for two. quite frankly, i don't really want to look at core, and i want

to look at the headline number because food and energy are a real problem these days and even coming down and there are still stresses for the consumer and so i just think that the headline number and the core number is all high and that's why they have to raise. >> stephanie, i want to get your takes on what's going on in the broader market and it does sound like you are concerned with inflation and the concerns haven't gone away, but to see the nasdaq down 2%, does that feel right to you? the sentiment is negative and especially today >> we've had a lot of data over the weekend, right between the war in ukraine and the bombing and of putin's right-hand person's daughter so that kind of sparked it we have sports shutting down in the uk and we have supply chain issues potentially and think, you have interest rates. interest rates are backing up. over 3% and that's not good for

long turation assets and you know this just as well as i do and they're technology and growth stocks and they're getting hit the most they rallied quite a bit off the june lows. >> let's dance through a couple of names that you've had your eye on this week with earnings and nvidia and two retail names is there are general and ulta. ulta seems to punch above its weight on portfolio managers' list i hear it mentioned a lot. it is such a good company. well run they have the right products and different price points, low, medium, high and they have the prestige theme, as well and they're capturing a lot of growth and the only thing is it trades at 20 times earnings. estee lauder in the united states had a very good number, and so i think they'll do a 10% to 12% top line number when most are putting up mid-single digits >> quick thought on nvidia before we change subjects here

>> no, i think nvidia, they negatively preannounced, right we have the numbers and we just want the macro color commentary. we've been hearing all quarter long pc week and it's terrible it wasn't getting any worse, on the flipside data center are growing quite nicely i just want to hear more about what the macro tells are from the company versus the actual numbers and i don't expect big fireworks. >> all right steph, thanks so much. i know you're going to stick around as we continue the conversation. >> yeah. >> tech was a big leader coming off the june lows and we mentioned that and the last few weeks we've seen some of that rally stalled and it is down 9% in the past week and could this be a technical breakdown and we'll bring in carter worth, and he knows all about what the charts are telling us. cater, give us insight into what you're seeing and what's going on with tech and what you think may foretell about what's to

come here. >> stephanie just toucheded on it, the weakness we know the s&p was up 19% actual low to high, right? from june 16, but the nasdaq 100 was up 24 and apple is up 36 and 19, up 24, 36 and it is too much without a pause. unknown question, is this a pause or is this the beginning of a real route to the down side my own hunch is this and there's no way around this and the nasdaq 100 index at the end of last year completed 16 years of positive return. the dow jones going back to their history in the 1890s and it's a heck of a thing and it's where all of the growth and all of the innovation and the world is in many ways and the problem, of course, is when you're that big a leader on the way up

you're also a leader on the way down we know the correlation with the s&p 500 and the nasdaq 100 on a one-year, five-year basis always 85 to 90%. whether it is because of interest rates rising or because they can't sustain that kind of move off of the low, but they're under pressure and i think there's more to come >> got it. carter, we know we'll hear further details from nvidia and stephanie was sort of going through the commentary matters there. i don't mean to throw you a big audible, but anything you can tell us there as you watch the semi names within the broader tech space what we already know about nvidia and when we may still find out and what that means for the rest of the chip stocks and by and large the tech sector >> semiconductors in general are sort of beta, right, in cyclicality within tech and

they're in many ways sort of the first to move on the upside and they do it with vigor and my own hunch is that semis are going to continue to be weak and that they are likely to inform the overall tech sector. nvidia is just one of the big ones >> the nasdaq 100 is up and some of the numbers are hugely and gaudy returns over the last 13 years or so, 39%, 32%, 36, 19 -- even though the nasdaq 100 is up off its lows significantly, it is still down for the year do you expect it to end the year negative for the first time since, what was it 2008 >> it would break the 13-year run. i would say it is inevitable let's do 99. i would say the odds of it beaten down are 99% and 1% for the chance that it somehow comes to life.

>> stephanie, i want to give you the last word and carter looks at things from a technical perspective and points out a good moment on charts here and anything you want to add as we talk specifically into tech going into what we may are hearing from jackson hole. >> yeah. i think tech and com services, if you add the two together it's 30% of the s&p 500 weighting and that's enormous. i got underweight semis in the spring because i was very concerned about double ordering and oh, by the way, what did we hear from nvidia and 20 percentage points and that's huge and i think you'll see double and triple ordering as the supply chains start to ease and they are starting to ease. the one big caveat with tech enterprise is holding up fairly well and so i do want to have a barbell approach we have some value and some growth and i like a sccenture o

the growth side. i know he's not going to like them and i do like the fundamentals of both companies very much especially on the booking side for both companies and on the value side, ibm gives you a 4.8% yield and it's got cloud within it, and then -- on com services, i am suffering with meta because it's not been a great trade, i to think longer term that the advertisers over the long term will want. it feels all ofly wash out to me pick your stocks, value and bar bell it. >> and the fundamentals take into account your opinions from boot to boutique why macy's are trying to rethink the mall and head to smaller pastures crude continues to dip while

natural gas prices continue to heat up and we'll explain why and what it means for the stocks in those sectors now take a look at the dow and session lows or there abouts and 661 off 2% declines in a couple of the other major indexes we'll be right back. ♪ ♪ discover sound that can truly move you in the 2022 grand wagoneer. awarded best driver appeal by j.d. power.

welcome back to "power lunch. i'm kristina partsinevelos at the nasdaq shares of amc plunging over 38% after the country's largest movie theater chain issued new preferred equity units it is hitting by words that cineworld is filing for bankruptcy after ryan cohen sold his shares of bed, bath & beyond questioning confidence in said companies and the sell-off prompted by rate concern, but what's going on. every amc shareholder as of end of day last friday was issued new share for every amc share they owned amc shareholders technically are worse off. on the screen you're seeing $11 plus $6.40 less than friday's close of 18.02 and amc has warned that they could issue more ape shares even though

shareholders voted against the issuance of the new equity at their last shareholder meeting >> interesting so much for listening to what the shareholders want on that one. >> macy's gap and nordstrom are going small and getting away from the malls macy's is accelerating its plans of opening smaller stores after market by macy's after a change following the pandemic, so are these retailers able to reinvent themselves and is it the end of an era let's bring in jan niffin. i do watch this fascinating and for those that don't follow retail's ins and outs perhaps as you and i might, explain to us why a retailer like macy's if they're seeing their sales fall and go more online don't just close their stores altogether or at least in kind, with the sales increases that they're seeing

online why do you need stores at all? >> that's one of the best questions and macy's answered that when they started this closing prment and they said wow, we thought this business would go online when they close the store. not only did the people not take that business and put it on-line, but they reduced their purchases they were making online online sales went down and the store sales went away. they said wow! these people buy from us because they know the store is there and they buy a lot more from us if there is a store there and they can buy online so when they look at it we better be careful about which store we decide to close and they have to evaluate the store and say if we close it and we lose online business, maybe we should just keep it open even if it's not doing so well instead of sitting there with the 165,000 square-foot store

and maybe we can build a 35,000 square-foot store and have a cheaper store to operate, newer, fresher, make it more fun for the customer, smaller staffing, but still accomplish all of the things they need to to keep an online business. so you can see them doing it right now. they're already moving to build the smaller store and drive the online business with that smaller store. >> not just macy's of course kohl's is talking about doing it, too. and without any inventory at all and it seems to be working with them and they have this flywheel, and when they see sales falls or traffic stores at some of these department stores. how do we evaluate that with a new smaller footprint as investors as we're listening to the calls in the commentary and should we not be discouraged and expect that the metrics are going to fall and it doesn't mean that things are going that

poorly for department stores and is it just the model's changing. >> the model's changing for a long time when we got in the business when you were born, our stores were 600,000 square feet and they were in downtown locations and they were in big cities and sometimes they were even more than that. by the time i was running the store process we were running down 164,000 square foot stores and by the year 2000, it's been a continuing thing as the business has had to reinvent itself and now with what macy's has 40% of its sales online, the store's 40% too big unless you'll drive the sales through the store. so the game now is have a smaller store and also drive as much of it through the store as possible so if i order online and you send it to the store and i come pick it up that's a lot cheaper process for me >> so, jim, maybe you know or maybe you've got informed

conjecture what is the nexis between closing and underperforming a store, say a macy's and a decline in online sales because that location that's near you is no longer there. why would online sales fall as well. >> nobody knows for sure why, but it works like this you have this big billboard that's the store so the customer knows who you are and they trust you, you're there and part of your lives the other thing that happens is they know they can bring that product back to the store. >> a-ha. >> put it back there, right and maybe pick up something else and for sure it's a return spot. so it drives their knowledge base and their feeling for the store, this whole effect of you're part of me. i'm part of your process, and when you take that away, and everybody's figured it out,

right? amazon wants stores, that you do more business online if you give them the store, too. thp is across the industry >> plus you have a higher chance that you'll have an exchange or pick up something additional. >> jan, that's all of the time we have today, and we'll have you back thanks again. >> thank you >> coming up, amazon web services goes hollywood. the tech giant tapping a slew of celebrities in a new cybersecurity push we'll look at why now and why it could be a boost to a number of non-amazon stocks. plus, speaking of amazon, goldman sachs crowning its earnings season winners and amazon is among them we will trade that and two of their other top names in today's three-stock lunch. "power lunch" is back after this

welcome back to "power lunch. shares of amazon falling 3% today. the company reportedly making a play for signify health. those shares popping as united health and cvs are interested in the home health services provider and amazon looking to

spread its wings in other ways, of course. frank holland has that for us. what else do they want to buy, frank? >> it's not what they want to buy, but they are going a little bit hollywood. 90% of cyber attacks are caused by human error and not sophisticated hacks. amazon is launching this psa with hollywood mega stars, michael b. jordan, tessa thompson on ways to prevent attacks and bring more understanding to multi-factor authentication i'm not just going to drop it. i'll explain it and that's when you require to enter a code you receive by email and text to gain access to a website or network. this is a light-hearted spin o data security, but the problem is very serious. according to the fbi, losses of cyber attacks have been 383% over the past five years amazon's chief security officer is the goal to help consumers feel just more comfortable with the transition to the cloud.

>> the customers feel better about their security when they've got full visibility into what they're doing which is one of the core 10es of tenets of o in the cloud and it sure does. >> analysts say this isn't about what amazon wants to buy, but it is also about what they want you to buy and it can help adoption of alexa in-hope devices and it will be no model 2023 gm and acura vehicles the mainstreaming of cybersecurity also helps stocks that focus multi-factor authentication and cybersecurity measures including okta, verify me and zscaler back over to you >> do you feel more confident on alexa based on what amazon is trying to do do you leave it on in your house if you have one? >> i don't like home devices at all, and if someone has them in their house, i want to know.

i'm going to be honest and i do work with amazon, but i don't want a big speaker listening to everything i say in my house >> so if you come over to my house i'll have to disclose. >> yes >> in writing. in writing, tyler. >> whatever you say may be recorded in this house >> i love it i hadn't thought of that anyhow, frank, we'll turn it off when you come over >> i appreciate it >> see you later, man. let's get to bertha coombs for a cnbc news update >> hey, tyler. singapore is set to decriminalize sex between men by repealing a colonial-era law singapore's prime minister is vowing to protect the city state's traditional norms by introducing a constitutional amendment that defines marriage as between a man and a woman elon musk has sent a subpoena to former twitter ceo jack dorsey in his legal fight with twitter

dorsey actually supported musk taking a board seat and then tweeted his support on the day the deal was announced saying in principle i don't believe anyone should own or run twitter. however, elon is the singular solution i trust i trust his mission to extend the light of consciousness interesting turn and flash flood warnings are in effect in dallas, texas, eastern dallas was hit with more than nine inches of rain within six hours during an average, dallas has seen a total of eight inches of rain. oh, that's tough sledding there. the storms are getting worser and worser >> they really are and that's worse than the flickering lights >> bertha, thank you >> ahead on "power lunch." oil prices are coming town and the good news, nat gas continuing to soar yet divergence and what does it mean for the sector?

plus, court? >> we know that oil prices are already part of the inflation equation and a new cnbc poll says there could be a new player to contend with. student loans. that story next and take a look at the markets and right now we're still sitting near the lows and leading to the declines of big-cap names among the laggards and the nasdaq down almost down 2.5% "power lunch" will be right back (vo) give your business an advantage right now, with nationwide 5g from t-mobile for business. unlock new insights and efficiency, with leading ultra-capacity 5g coverage. t-mobile for business has 5g that's ready right now. when traders tell us how to make thinkorswim® even better, we listen. like jack. he wanted a streamlined version

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we have 90 minutes left in the trading day. if you'd you'd like it, we can shorten it if we want to, with the xhod sxits the reversions we're seeing with oil and gas. stocks are lower across the board today, as you probably have been watching the selling picking up slightly this afternoon and the dow industrials down about 650 points that's, i think, a little off the lows the nasdaq giving back one of its gains and it had a nice run off the june lows and this is maybe, the fourth session in a row where the nasdaq is down the s&p sectors are all lower and even with the decline in tech consumer discretionary is the worst performer.

ford announcing it will cut about 3,000 jobs we are hearing more and more job cuts lately and in the bond market we are also seeing selling. when you sell the bonds, that means the prices go up and the rates go up, excuse me when you sell the bonds, the rates always go up and you have to think that through. above 3% for the ten-year. meantime, there continues to be a divergence in the energy markets and u.s. natural gas surging to a 14-year high amid surges in europe while crude oil is lower once again amid growing demand concerns. west texas international, brent down about 5%, 6%, respectively in the past month. natural gas up 17% in that time and has nearly tripled over the current time of this year. for more on where we go from here, let's bring in john kilduff. he is the founding partner at

again capital. kilduff, again, john, welcome back oil. >> good to see you, tyler. >> do you see oil turning around and moving higher unless china -- if china does not come back and boost demand? >> yeah. we need the economy globally to get its sea legs back and for china in particular to straighten it out its situation before we can see, i think, oil prices head back higher. that's the real turning point here, tyler and we're watching europe and it's a parade of horribles in terms of energy across the board and here in the united states, too, we're worried, as well we have some weak gasoline demand weeks and they've been rebounding again as we close things out and the demand has been a real question mark, surprisingly so as everyone has sorted out this equation in the aftermath of the russia-uks

crane war. >> we don't know what could happen between now and the end of the year both in terms of the chinese economy and in terms of the war in ukraine and what might happen there and so global demand for oil is a big, big question mark on lots of levels. could something happen tragically bad in ukraine, oil can go way up again. let's now switch to gas if we might. how much should americans be preparing for sort of a doubling in their heating bills this year >> for now that's looking very likely, tyler. the market, though, arguably is ahead of itself. for u.s. consumers now, strictly for u.s. consumers, and i have to make an important point here. the u.s. natural gas supplies and storage levels are excellent and they're good i shouldn't say excellent. they're good and it's a siloed commodity. our price shouldn't necessarily

be reflective of what's being priced in europe and in asia for natural gas supplies simply because it's not like crude oil or refine products where we can flip a switch and send out our supplies to locals it's stuck here and stuck in the fields and the natural gas supplies are ten% above the five-year average and that's on the realm of normal and we'll go through the next several weeks where the pace of injection of gas and storage typically accelerates, tyler so we've been lucky, to a degree in the energy space from a consumer's perspective all year and we haven't lost russian supply and the natural gas numbers are favorable. we haven't had any hurricanes. so again, if we had the winning streak continue, i think the worst-case scenario which the market is pricing in right now doesn't come to pass >> john, this is courtney.

natural gas seems to have certainly more volatility when it comes to weather ore weather expectation and i know you mentioned concerns and fluctuating temperatures and what is the price of natural gas telling you that the market is expecting to come and do you think those expectations are correct? >>. >> it's one of those times when i like to joke that the market is more nervous than a long-tailed cat in a roomful of rocking chairs at this point they're really pricing in court, the worst-case scenario that we'll get a massive hurricane or an early cold snap that some of this heat that's been with us all summer particularly in the middle of the country persist, but again, the storage levels are look and the natural gas production continues to rise and the market right now is -- this is historic and typical and you

get it in march and april well ahead of the driving season. i think you're seeing a similar thing right here and the high price point for natural gas which tops out 12 to $14 a unit and i think we slide from there if the situation continues as it is presenting right now in terms of the fundamentals. >> okay. so if we don't get major hurricanes and if the winter isn't quite as cold then we may slide down from these peaks of 12 to 14 thank you very much, john kilduff for being here >> energy has been one big driver of inflation and we all know and we see it, feel it and pay it and canceling student loan debt could lead to more inflation. sharon epperson joins us with details from a new cnbc poll sharon, this always gets everyone's attention because so many of us still have those student loans. >> 44 million borrowers, $1.7 trillion, yes many people still dealing with

their student loans and education secretary miguel cardona has said the biden administration has talked about student loan forgiveness many worry that canceling student debt could have some unintended consequences. a majority of americans 59% are concerned lone forgiveness will make inflation worse that's according to a new survey by cnbc and momentive. >> the concern is borrowers would have more money to spend, driving up demand and driving up inflation and that concern, though may not hold true for some meanwhile, views about whether student debt should be forgiven were mixed in this survey. more than one-third of adults, 30% say there should be no student loan forgiveness for anyone only those in need should have loans forgiven and 32% want loan forgiveness for everyone who has student debt the biden administration has already approved $32 billion in student loan relief so far and

the education department says it's working to improve existing programs to make it easier for borrowers who qualify to get their debt discharged. tyler? >> sharon, thank you very much cnbc did a student loan survey back in january 2022 how much did respondents viewed change since then? >> quite a bit, tyler. we found that the 5,000 or so people that were surveyed in january of 2022 when asked if their financial situation had gotten worse about 29% said that it had when they were surveyed in august of this year, early august, about 39% of respondents said that their financial situation was worse than it was two years ago. so we are seeing a lot of americans with some significant financial pain that they're going through and student debt certainly is not helping the situation. >> deterioration there sharon, thank you very much. see you tomorrow >> absolutely. coming up, a clean start for

the airline industry how one company is trying to make jet fuel more environmentally friendly and the big money that it's attracting to and take a look at the markets right now. there you see, big, red blocks with big negative numbers and nearly 2% for the dow and the other index is down more than 2% and as we head to break, remember, you can listen to us on "power lunch on the go" and listen to us on the broadcast app. follow and listen today. okay season 6! aw... this'll take forev—or not. do i just focus on when things don't work, and not appreciate when they do?

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by now electric cars are pretty much mainstream, but electric airplanes not so much that's why finding cleaner jet fuel is so important in the meantime do i ana olick has the story of one company making clean jet fuel out of carbon in her continuing series on climate

start-ups. hi, di >> yeah, ty. the company is called 12 name for the carbon 12 isotope, the most abundant on earth and valuable into something else, something clean. >> what we're doing at twelve is we take the co2 that's being emitted and already in the air and put it back into useful products >> from fuel for mercedes-benz, the company is taking on carbon emissions and transforming them into cleaner products. it just announced a collaboration with the airline and microsoft to advance production and use of twelve's e-jet, a low-carbon jeet fuel. >> our process takes co2, water and electricity as inputs. we use the electricity to break apart co2 in water and then we have catalysts that recombine the elements to make new products >> flanders says the aircrafts

would not need to be changed in any way to accommodate the new fuel which he said has up to 90% lower emissions than conventional jet fuel. that's huvenlg for airlines trying to reach aggressive e memissions goals. >> we have goals and five steps to get there and it offers the big of the opportunity to all of those steps to take a meaningful leap into the 2040 goal. >> it's not just jet fuel fueling twelve's business. >> the amount of co2 that is out there and the amount of industrial products that we can make from co2 means that the revenue prospects for this are enormous as well as the climate impact >> twelve is backed by dcvc, capricorn investment group, carbon direct, chan zuckerberg initiative and the breakout ventures and munich re and element ventures and total

funding to date $200 million the new climate for business in the just-passed inflation reduction law also will benefit twelve there's a provision called the sustainable tax credit and it's a scalable tax credit for producers and blenders of sustainable aviation fuel effectively to reduce the price of that fuel courtney >> very valuable stuff thank you for bringing us that >> goldman sachs talinlying up e numbers and the list of winners and among them, amazon, uber and meta are they right we'll trade them in today's three-stock lunch. "power lunch" is back in two

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goldman sachs out with stock winners. amazon which is down 20% year to date uber which has fallen more than 30% and meta down about 50% this year all these names are lower in today's trade as well. let's bring in todd gordon, a cnbc contributor todd, let's start off with amazon obviously under some pressure here today as tech stocks broadly are the worst performers in today's market. what do you do in particular

with amazon and why? >> i hold amazon i like it. it's about a 30% weighting in my growth portfolio don't forget we've seen a major rotation into tech and consumer discretionary but this is just a pullback amazon has had its own problems. it's been underperforming about two years. look, they have an unbelievable logistics distribution network they had obviously some problems in q1 and 2 earnings, issues with fulfillment, too many employees, but their margins are strong if you look at those last aws margins, their growing revenue is 27% and traditional business is only 3.6. so they're really doing well they're moving on the media front. they're doing this testing with a tiktok feed app. i am encouraged, i own it. if we can hold about 125, i'd consider adding to it and i think the consumer will be okay. >> let's move on to uber

>> ty, last time i was on with you, i said no on uber and i warned on it from a technical point of view after earnings 31, 32 is a big tech resistance. we did wind up failing there they had good numbers. revenues last quarter grew 100%. they were making $8 billion. they went cash flow positive so there's good news there. the problem is their margins they run a 27% gross margin. they do 30 billion in bookings but only make about 8 billion. my big problem there is how are they goingto compete with the likes of tesla and apple and autonomous driving i feel like that's the only time they're going to be a long-term investment so i say no for now. >> todd, our final name is meta. what do you think about meta in the face of slowing advertising generally? >> yeah.

i've held meta i've reduced my allocation i have a 1.7% holding in our growth portfolio i think advertising continues to be resilient in small and medium businesses from a technical point of view i'd like to see these $150 lows hold, if we don't, maybe down to 120. it's a value stock right now they have $170 billion in assets and only 44 in liabilities 13.5 pe, trading 7 times forward earnings they're getting pushback on these reels thing but i think they have to go after tiktok so i actually commend them for doing it i might be wrong, but i'm continuing to hold it. and i'm bullish on their move into the metaverse there's some really good followings from their internal management about what they're doing in the metaverse i'm a believer. >> okay, todd. thank you very much. todd gordon says buy amazon, buy meta, uber, stay away.

thanks for joining us. we've got lots more on this big market sell-off with the dow now down more than 2%. exclusive new headlines from the saudi oil minister on crude supplies heading into 2023 that and more with stocks at ssn ws 'll be right back.

we've got a news alert on oil. brian sullivan has the details what's going on, brian. >> i just got off the phone on a rare and fairly wide-ranging

conversation with the saudi energy minister. the comments were on the record. here's the comments he basically made there was sort of an indication, and there's been some stuff in print today but i wanted to dive in a little deeper that perhaps opec could tighten at the september 5th meeting or perhaps even before then he has a great concern about what they call lack of liquidity in the paper markets in other words, those futures contracts that we show you right now. we've talked about this disconnect about the price of the futures contract and what oil is actually being sold for by the barrel and that gap continues to grow. i asked him directly, do you believe that the market is, quote, broken? that was my term he said, quote, by means of liquidity, yes meaning that that gap between the two markets simply is too high the price premiums are too much. so if you're an airline, guys, and you're trying to hedge out the price of oil next year for jet fuel, the price of doing that from a contractual

perspective has gotten so expensive which could mean you won't do it and could have extreme price moves. the saudi minister representing in many ways opec plus as a group. they meet on september 5th but the comments were pretty dramatic about a broken market, a physical versus paper market, and that opec may have to take action i took that and i'm going to editorialize here, we've got to go, but i took that as a possibility of a cut at the september 5th meeting or perhaps even something before then just my read but an interesting conversation. >> production cut. thank you, brian thanks very much, brian sullivan. well, nasdaq is at session lows more than 2.5% following a june rally dom chu is putting that one under the microscope. >> if you take a look at some of the chatter among trading desks, they're trying to figure out what the next leg is going to be and which stocks might be the

most vulnerable. if you look at the nasdaq 100 qqq etf, the big rally that we've seen may be starting to roll over. so we started to take a look and screen for some of the stocks that could have the most vulnerability in a broader pullback that includes those with the biggest rally since those lows we looked at the nasdaq 100 component companies. they had to have hit a recent 52-week low or worse just since the beginning of the summer, may 31st how many of those have rallied by 25% or more from those lows 14 1-4 companies fit the bill you've got stocks like advanced microdevices, amd, also apple and paypal holdings. focus on the right-hand side of the screen because that's where you've seen the recent rallies and a possible rollover. a lot of relative strength maybe they could be due for a bigger pullback. the single biggest rally off those lows comes from mercado

libre. check them out by the way, the rest of those 14 stocks on my twitter feed. >> i just tweeted it out, dom. thanks for joining us. >> and thanks for watching "power lunch." >> "closing bell" -- >> starts right now. stocks pulling back sharply as a new trading week gets under way. we are sitting at session lows the most important hour of trading starts now welcome to "closing bell." i'm mike santoli in for sara eisen. let's get straight to today's sell-off down more than 2% on all the major averages the s&p 500, if you look at the year-to-date chart, obviously a very aggressive rally off the june lows really accelerated in july it's folded back on itself and here's the area that we were all last week pointing out a normal pullback would get you down here that would show you tha