>> this is going to be really tough. i mean, look, we know costs are high and supply chains are tough and because supply chains are tough there's been a lot of inventory builds and some of it has been done on purpose and some of it is inventory that people don't want anymore. >> court, thanks near session lows on everything. that will do it for "the exchange." "power lunch" starts right now. i'm seema mody in for kelly evans. a big hour of "power lunch" ahead. stocks getting hit hard after the fed warns of rates for longer how to protect your investments and whether dividend payers are the best place to hide, but first we get to tyler with a check on the market. ty >> welcome, seema. welcome, everyone. the hawkish comments from fed chair higher sending all 11 sectors of the s&p 500 lower let's take a look at the dow,

the s&p and nasdaq on pace for the biggest one-day drop since late june. there you see the numbers and if i can see them, we'll bring them for you. they were down about 700 on the dow. the s&p 500 off a 3.5% decline tech the forecast for interest rates go meta and apple down 2% and that was most drive driven after jerome's, could this mean a recession is looming whatever it takes to get inflation down our next guest is looking to tech and defense for safety. jason ware is a partner and cio of albeon financial. jason, you say the worst is behind us on inflation, but

there looms another risk it is a big one. it is called recession when, how pronounced and what will the effect be on stocks >> good to be with you we believe the worst of inflation is behind us and as far as the looming recession to come as we look across the broad preponderance of economic data, to us recession is a high probability and somewhere at 2023 at this point the reality is that this is likely to be a fed-induced recession meaning that it's probably going to be more garden variety more business type of recession as opposed to something that is put forth by a crisis that oftentimes makes those recessions more difficult and deeper to endure we would anticipate that it should be fairly mild, fairly typical and stocks have not priced that in and will likely be pricing that in in the coming weeks and months we're starting to hear warnings

and we're starting to hear about companies planning to slacken their hiring pace and so forth what stocks will be the ones that will be most vulnerable if we move toward a recession and the stock market starts to discount >> great question. you have to avoid the cyclical areas of the market and those most sensitive to the business cycle, if we are to see a macro economic recession and those industries would have the most revisions to their profit and probably the most impacted and there are areas that you can build a portfolio around and even with the recession calls and it's not about going all in or all out and making the wholesale moves and it's about tilting it, and we like large-cap techs and we think that's likely to perform on a relative basis better than

cyclical areas of the market and should continue to do poorly during recession, but also add to that some low volatility as a factor having lvhd is our preferred etf in volatility and giving the intersection of that factor. i.e., low volatility with high dividends. we think given the macro, a recession coming and the fed as we saw in jackson hole that's still pressing on the accelerator. >> what kind of stocks are in lvmhd. >> great sector is utilities and consumer staples and real estate and heavy those three sectors and you will see johnson & johnson, pepsi, dominion energy. >> gotcha. >> what do you think about commodity-driven stocks and certainly energy the best performing so far, and now oil is trading on its concerns and gold on track for its worst week in a number of months. >> yeah.

so i mean, commodities are very sensitive to the economic cycle as you noted we are seeing to some degree some softness on the demand side as a result of the slowing macro. the fed is making that situation worse by continue to press the accelerator. i think those are going to be sectors that are going to be very difficult to own, whether it's energy, materials, commodities, producers they'll see very large revisions to their profitability in the coming quarters and the stock market will reflect that in the share prices painfully for those in the sectors >> did we mention that among the defensive names you like are defense stocks >> yeah. lockheed martin is well, and going up in response to the brutal war in ukraine, but the reality is that it also not only does it have a defense business, but it's a defensive stock in that its beta is quite low and that's the goal here in tilting the portfolio is to tilt beta out and staying fully invested

and lockheed martin has a beta of .25 you can see today it's performing on a much more -- better on a relative basis >> simply put, for people who might be newcomers and not familiar, a beta of .25 means that that stock will move -- >> relative volatility >> relative to the market at one-quarter of the pace. 25% of the market volatility got that right >> that's correct. >> i got it right on the s.a.t >> you did. >> thanks, jason >> appreciate it, guys >> one stock in focus is apple shares taking a leg lower this afternoon on a political report that the department of justice is in the early stages of drafting a possible anti-trust complaint against the company. this would not be the first time apple and the government would come to blows. with us to discuss cnbc tech correspondent steve kovac and oppenheimer, and steve, let's start with you

what is the company saying are they expecting another lawsuit from the doj and i can walk you through what we do now. there have been reports about the doj's investigation into antitrust activities by apple for about two years now, and it largely focuses on the app store and apple's market power there particularly the fees that apple takes from other developers including some competitors in other services like music, for example. we've heard companies like spotify and the dating company match complain about these fees saying it's unfair especially when apple competes with them in certain areas and apple for its part has been trying to lower the fees a little bit on some of these developers some people think in response to all of the scrutiny they've been getting from antitrust and by and large it's the larger ad companies that are complaining about this and stand to benefit. by the way, seema. they are actually head of the

united states and looking into these issues they pass the digital marks app including the upon tor ask require apple to allow others on the platform these aren't the things reportinging and meta has been sued and so has alphabet. >> it follows a report with the information that apple is very likely to face an official antitrust lawsuit from the doj should investors start to price in the regulatory risk shares are down 3%, i think. >> i don't think it is material to apple's overall performance when you have the app store to mid-single digits to apple's total revenues and if you, say you cut the 30% app store fee to

15% and you know, apple doesn't really lose half of the app store fees and those lost fees or lower fees will flow back into our ecosystem the other ways and for example, apple is building a more robust advertising business and some of the saved fees for ad developers will fall back to apple than some of the other ways in the same form of high-margin service revenues >> is it -- just as a matter of opinion from you, martin as i understand it, apple collects a fee when a developer downloads their act. one of the things that apple does, if you want to get special powers for your game or whatever, apple also takes a fee from that. is that crooked? is that fair

>> the rationale is it's purchased through apple's own payment system yes. so you can argue that apple should open up the payment system to third parties so others can charge lower fees for purchases, but the reality is consumers are lazy they opt for the most convenient wayfor them to pay to get thos virtual items, so apple by default will be the most convenient solution even after opens up the payment options for third parties. >> i'm one of those lazy consumers. if i want to sign up once i want to sign up once and have it all go to the same payment source or system that i use. >> steve, i wanted to ask you, whether the doj decides to proceed, there is apple and epic games and i believe that's coming up this fall. >> that is a separate case, but it is related to all these issues and apple won most of the accounts in that case and they are going against the one count that they lost and those issues

will be playing out in that separate case and this is on the doj level, and i do just want to talk about what martin was talking about here is that in that payment system that's another angle to it because if you're making a case against apple and an antitrust case against apple, you will say by apple taking those fees from potential competitors it can stifle innovation and make it harder for another company to compete with apple >> the side that apple was this let form all of this money didn't have the an store and support it by taking those fees. apple will make that argument throughout the process with the digital markets. >> good to understand, and good color as we try to understand what the doj does next steve kovac and martin yang on the apple news

thank you for joining us today. >> our coverage of the sell-off continues with the dow now down 735 points coming up, global dividends hit a record in the second quarter at&t, simon property, pioneer natural. they're some of the biggest players in the s&p 500 and not all are buys right now we'll tell you which ones are. and no glut, no gory a longtime market watches he may object to my describe. cnbc and moat aic upon stun, and give us some fertilizer for the market "power lunch" will be right back

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welcome to the fastest internet on the largest gig speed network. are you crying uncle ed? no! a little. only from xfinity. unbeatable internet made to do anything so you can do anything. as the market sells off, the dow down more than 700 points and the nasdaq off more than 3%. 3.1% right you in. some investors are looking to dividend payers for safety with global dividends at a record, we are trading some of the highest players in the s&p 500 at&t simon property growth both have 6% dividend yields and pioneer natural resources have a yield, and cnbc contributor to trade and the dividends.

let's start with at&t, a beleaguered stock. sometimes dividends can be a sucker's game, right, jeff [ no audio ] >> i think we're -- i think we're not hearing jeff, but i can hear him say yes, tyler. you're exactly right that was a brilliant point you made we got him back! you have a 6% dividend on at&t and it's easy to get suckered by a juicy yield. >> 100%. >> at&t is a buy >> if you look over the last three years, tyler, it is not a buy and it's been down 30%, and i want to be a buyer here and you have to understand where this fits in the portfolio and we have to understand this is part of a diversified approach inside of volatility and if you look at at&t, it dipped back below its june lows and it had a recent scare and they weren't able to collect one of their

bills when they used to send moose and rocco out, a similar situation and ron thanky says there will be cash flow. they'll still be a buyer here and they'll pay out 40% of the cash flow, but this is a tough stock. >> what are your thought, jeff, on simon property group which also has a 6% yield. >> seema, think about the reit so 6% yield is attractive and if you look again, they had a haircut. and that's a significant pullback,y have to consider where does this fit in the portfolio because do i want to be i a buyer of simon's group, as well. we're seeing about a 200-base point uptick and their capacity near 94% and we're seeing people

return to work, but this is one of the biggest players globally. they have new projects coming online in paris and tokyo. maybe we'll see china open up and attract asset, but remember, this is a reit that makes a ton of sense and one piece of the puzzle and it's at a deep discount >> remember two years ago, seema, people were talking about the death of real estate and the death of stores and so forth here it's 94% occupied globally. i think the next stock we want to look at is pioneer natural. >> so you're going to ask me, tyler did i not wear my helmet in the last year of football, and i did. i put a sell on this name. this name has had a sensational, just in the last month you've seen pioneer go up 30% this is like a reit. it pays off 80% of the cash flows and here this is the leading s&p 500 dividend we like energy, but i think at this moment in time, you have to

book profits and you have to consider that there is a buyback program and q1, they bought back $250 million and after such a wonderful run, you have to sell this and book profits and look for lower entry, but remember where dividends fit into your portfolio and you can't get lowered by a dividend yield and if you're getting 12% and the yield goes down 30% i'm pretty sure that is still losing, ty. >> if you own it, look for opportunities to book profits. if you don't own it, look for a better price to get in, right? >> exactly we've owned occidental instead of there and all of the energy and the tactical model that i am the portfolio manager and we booked profits last week with energy we think demand is still going to be there and i don't see a recession and pigs get fat and hogs get slaughtered it's an old term we use. >> our first guest fromm alveon

and nothing too dramatic and it will be hard for them to make that prospect. what do you say? >> i disagree. look at the u.s. treasury marks. they're not buying into the hawkishness that these equities are with the selling price that we're seeing so i think we're half way through and the last meeting and we have to take a big, deep breath and continue to see volatility, but the fed, i believe they will do chicken the walk i don't i don't see a recession. jeff gilbert have a good weekend. >> you too. >> fed shares getting stuck as the fed fights inflation the dow is down about 750 points the nasdaq down 3% and every sector in the s&p 500 is lower

this week except energy. a gain of more than 4%, plus he sprae interest rates, we'll diver into the housinging sector that could hold up amid a downturn we'll be rhtac ig bk. our clients come to us with complicated situations that occur in their lives. for them it's the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times,

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welcome back to "power lunch. time for our etf tracker uranium has brought in $1.7 billion in net inflows and it comes as prices as other forms of energy soar have led countries to take a look at nuclear energy germany, for instance, is considering deleggaying the nuca power plants the global x uranium 11%, sprout has two etfs and uranium minors both with double-digit gains and the data comes from partners at the track insight and you can find it in the wilshire etf. let's go to bertha coombs with the etf.

>> the justice department releasing the affidavit from the fbi search at mar-a-lago earlier this month among the concerns for the justice department and the trump officials might flee or destroy evidence before the warrant was served authorities began distributing iodine tablets to residents near ukraine's zaporizhzhia nuclear power plant in case of a radiation leak amid fighting around the complex it was temporarily knocked off line because of damage to the transmission line. >> it's been one month since a lucky player won $1.34 billion in the mega millions jackpot winner still hasn't claimed the fortune and the massive jackpot marked the largest lottery price in illinois and the third largest lottery price ever won in the u.s the winner has one year from the

drawing to claim that money. hopefully they're talking to financial advisers and getting everything all set and setting up their charitable trust. maybe that's it. >> maybe -- or they're looking through dumpsters to see what they did with that ticket. >> it would just be awful. >> on the very rare occasions i usually -- >> you have to check >> i forget. i forget >> all right, but i didn't play this time. we'll see what happens. >> ahead on "power lunch," much more on the market as fed chair powell sends stocks sinking especially tech stocks the s&p 500 down 3% and nvidia, alphabet, amazon the biggest loser on the index, however is not a tech stock, it's a biotech seagen down 7% and reports its talks with merck and it had been rumored at about $200 a share

and the shares is are down now about 150. "power lunch" will be right back les! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles. without ever wondering if you're getting the most out of your trip. because you are.

about 90 minutes left in the trading day. let's get you caught up on stocks, bonds and commodities, and we will begin with bob pisani at post nine. when you look at stocks, bob, right now on track for their worst day in two months? >> yeah. really since the june 16th low we are essentially at the lows for the day and whenever you get these comments from powell where you have growth concerns or you get interest rate scares it's always tech that gets hurt the most and it's also speculative tech that moves down the most so you have big moves down here in unity, block, teledoc, and this is all kathie woods, broader tech more profitable tech and big tech down 2%, 3%, 4% interestingly, apple and microsoft usually hold up better they often perform in line with the market on down days and that is happening today you see nvidia up pretty big and

still weighing on them beating inflation mr. powell said involves some pain to the consumer and homebuilders are definitely getting hit today and we saw pulte, dr horton and remember, we saw big moves with some of these names and lennar was 64 and it's now come down of a little bit these stocks have outperformed the overall market curiously, gold stocks are getting hit. that's not what's happening here what's happening here is they're anticipating slower global demand overall slower consumer and that means less demand for gold big sales in india and big sales in china around gold, so it's a lower demand here and a bad day for everyone and i want to remind everyone, for the quarter the market is still up nicely. the s&p 500 is up 11% and even the russell 2000 and the transports and the technology-ridden it's down, and

hopefully we're up for the quarter. back to you. >> thank you now to the bond market which is reacting to powell's speech and a key inflation index that did show pricing frpressures ar easing in july and rick santelli tracking all of the akction. >> it's been's day for global sovereigns in general. if we look at january of next year and keep it simple, what we see now is that a price of 9634.5 and it's getting very close to its june 14th low contract close at 9631 only three and a half ticks away remember, the lower we go in fed funds futures the more tightening is building in so some of the good will seems to be dissipating although it's in shorter maturities and look at two-year note yields and it's up two on the day, up 16 basis points on the week and very much

in tune with the hawkishness of our fed chairman however, as you go through the longer maturities and the equities market and the notion of possibly slowing. only up a half dozen basis points on the week and finally, when we think about the dollar's strength we should think about the weakness driving it. it was below parity since 2002 and since that happened on monday every single day has closed below parity. seema, back to you >> the dollar surge in the month of august should not be overlooked >> oil is lower on the day and much of the energy crisis in europe pippa stephens has that angle. >> that's right, seema >> european natural gas has been on the move all week hitting a series of new closing highs and today it surged to a record of

403 in numbers it's equivalent to $100 of mnbtu and here in the u.s. we're paying about 932 and in europe, trieseses are more than ten times as high and putting that price in oil and it's about $580 per barrel according to the institute for energy economics and financial analysis european natural gas is now 566% more than a year ago which is driving up power prices across europe italy, france, germany, parts of the nordics and the uk all grappling with what's shaping up to be a record month for electricity and just today the uk regulator raised the price gap by 80% meaning consumers' bills are going way up the new prime minister will need to take urgent action with the response that will match the scale of the crisis.

>> pippa, thank you. fed chair jerome powell warning that the fight will cause some economic pain and our next guest says there's evidence that the central bank's strategy is already working. >> let ate bring in ron insana, commentator and senior adviser ron, always good to see you. why do you think the fed is most low done >> well, we are starting to see the inventory builds of consumer goods in particular and retail clothing and whether it's automobiles to a certain extent and we're seeing industrial production and motorvehicles rise sharply and semiconductor chips are moving up in terms of available supply and housing >> oops! it looks like we've had a little bit of a satellite issue there with ron insana. if we get him back we'll let him finish his thought there, the main thought -- we -- we maybe

are seeing some inventory buildup in lots of areas and -- >> nordstrom, they've been talking about that >> we'll take a quick break. we'll go back out to jackson hole for more reaction to fed chair's hawkish comments sending stocks lower and we'll hear from getta gopinath you can listen to power lunch on the go and listen to your favorite podcast app follow and listen today. lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers

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softer labor market conditions will slow down inflation they will bring pain households and businesses these are the unfortunate costs of reducing inflation and a failure to restore price stability would mean far greater pain. >> i don't know how much of that you heard. i didn't hear much but the last part, anyhow, that was jay

powell speaking this morning at the fed summit in jackson hole making it very, very clear that tackling inflation is priority number one, even if -- even if it dings the economy along the way and that's why stocks are selling off right now. the dow near its session lows if not at them down 750 points and 2.25%. steve liesman is in jackson hole for more on the fed chair's stance today steve? >> tyler, thanks very much, and i am joined by a special guest g gita who we have known as the chief economist for the imf and that's a move up or sideways either way, you were in the room today when chair powell was speaking did you hear such a hawkish tone from him >> chair powell appropriately came across as being firm and resolute about bringing

inflation down and making sure that inflation expectations don't anchor and that was an important point and he said it would take time and that he sees the rates staying at close to 4% for most of 2023 so i don't need people to jump the gun about rate cuts and so on at this point >> gita you've been around quite a bit, and i don't remember a fed chair or central banker talking about pain on the way. what did it signal to you? >> what it signaled is recognizing that there are tradeoffs in recognizing and bringing inflation down. >> there will be short term pain and if you don't bring inflation down durably then there will be much more longer term pain and that's what you want to avoid. >> the signal that i heard and i asked him at the last press conference, how does the possibility of a recession change or not change your outlook for policy when he says look out for pain,

you can tell me if i'm wrong about this, if there is a resessions you have to keep going because you have to bring it down in the primary objective. >> the extent of the slowdown is still unclear, but i do think that what he said today was that, you know, we have to keep our eye squarely on bringing inflation down and that may come into the cost of -- sort of become a single mandate section at a time. that is the priority rid now recently it brought down u.s. growth and how bad do you think it will become globally because the united states is not the only central bank raising points and potentially raising them fast >> yes we recently downgraded it, and these are the three major economies and the u.s., your area, china are all stalling to different degrees and the data

we see in the high frequency data for the third quarter shows growth and momentum slowing. gas prices have gone up a whole lot more and recently for europe the fed tightening has certainly been strongly signaled and interest rates are going up and there are 85 central banks that have raised rates in the last year and continue to do so, and in china, in addition to covid and the shutdowns, we also have the real estate sector which is in crisis and the slowing momentum is also coming from there. >> didn't mean to go down this road, but i keep getting asked the question, how is it china is undergoing separate approxpolicies and stimulating the economy than the rest of the world? >> a few things are different. firstly in china, the amount of demand stimulus is smaller than what we saw in other parts of the world. their consumption basket has more rice in it than wheat and

rice prices haven't gone up as much and that's why inflation has been weaker -- or is lower >> very quickly, and i want to get seema in here with a question you just talked about inflation in the conference there and it was very interesting to say we don't really know where it comes from >> think what we know now is there were multiple factors when they mri a role ask it was to figure how the how much emimbalance and in a world where recovery is strong and think, you have russia's invasion of ukraine. i think we're still in that spot and we're trying to figure out how much slack there is and how tight it is and it's a major challenge. >> gita, i know that imf has played a role and now that we know that interest rates are perhaps rising faster than expected as powell alluded to earlier this morning i'm curious, which nations do

you think are most at risk right now? >> we've been saying that we have about 60% of low-income countries that are assessed to be either already in distress or in high risk of debt distress. we have now 20 emerging markets whose debt is trading at distressed levels and to be clear, these are not systemically major emerging markets, but we have many countries coming in in sri lanka and the others so this is a major concern at the same time with growth demands slowing and that also is having a negative effect on these economies in terms of how much they can gain from their exports. >> seema, brilliantly took it exactly where i want it to go, gita, but i'll ask the question less diplomatically. are you worry about the e debt

>> you are right we are at a point in time when we have a global growth slowing and it has implications for countries that borrow in dollar terms and we have commodity prices that are high that are a major concern. so i do think that we will see more countries that need help in terms of debt relief and debt resolution, but as of now, we don't have any kind of a systemic market debt crisis, but i think the situation is not there yet. >> one more question, gita can you talk briefly, i'm sorry, about the extent to which the imf is ready to step in and help in the rebuilding of ukraine >> i think there are many steps and we look veriy engaged with the ukrainian authorities and how we can help the country. there is, of course, the more immediate need which is how to make sure that they're able to

meet their macro, kind of stabilize the macro economy without going into hypoinflation and then later on will be the question with we are continuing to engage with us. you have to visit twice a month, we need gita more often and to understand the complicated things happening abroad and the fact that it's here in the united states. >> i'm in favor of that. thank you for bringing us this interview. >> thanks, seema >> we are looking at stocks at the lows of the day. the dow is currently down 786 points lower than yesterday despite the fed chair's hawkish comments on inflation. homebuilders are getting no relief big losses for d.r. horton and

pulte. we'll get the take on the once-hot housing sector. take a look at shares of electronic arts and the stock is among the few names in the green today. reports that amazon may be looking to buy the gaming company, electronic arts, however sources have told cnbc's t wd faber that no such deal is inheorks more on that of course - you'rea cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

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welcome back, everybody. home builders getting caught up in the sell-off as a rise in short-term rates pressures that sector lennar down 5%, pulte, toll, down about 5%. their forward pes are already low in the single digits for more on the damage in the sector, let's welcome ken leon of cfra. ken, welcome, good to have you with us. as you look at the home builders, you've got either a hold or a sell on a lot of them, and that is after they have taken it really on the chin. why do you -- why do they seem so moribund and not worth investigating to you >> great to be here. our conviction is because we look at the overall housing

market, 22% of the u.s. economy. we take a disciplined approach of macro top down and bottom up. we were seeing lots of red signals back in may and really scratching our heads two weeks ago when we saw mortgage rates below 5% and yet the economic data continues to be negative, 6% mortgage rates is what the industry and national association of realtors look for before the end of this year toll brothers reported this week and it was the last segment to capitulate, which is above $750,000 for a home. 44% decline year over year on net order value. so unfortunately for the group, home builders will not be the place to be. they are typically early cyclical groups in the stock market. >> so watch them at a later time when we get some clearer indication maybe that the economy or how the housing

economy, i could say, is turning in a different direction you've got a sell and a strong sell on rocket companies, mortgage company and zillow. >> again, part of that housing ecosystem, mortgage refinancing is down 65% year over year the forecast from the mortgage bankers association is very bearish looking into next year and you need volume really to drive those businesses zillow is looking really for a core business exiting the buy and sell homes so i think it's a failed company the bright note or the fork in the road is home improvement 98% of u.s. households don't move, and the wealth effect with higher prices means that they're not going to move to another home, but they're probably going to improve theirs. so we're positive on home depot with a buy and again,everyone is focused

on the fed and inflation with the cpi. 42% of the cpi is housing, and it's rents is a big part so we do like residential reits such as camden property trust, equity residential those are buys we have a strong buy on mid-america apartments, which is the sun belt market. so there's ways to play the housing market, but our research team at cfra is disciplined, particularly watching the macroeconomic and i think jay powell set the note of where we're going over the next 12 months for housing. >> although, ken, powell didn't really detail what exactly we should expect in the september meetings bostic said he's leaning toward 50 basis points, but without that level of clarity, i'm curious where you see home prices going from here many more economists are now expecting a bigger drop in prices as affordability becomes pretty tough with mortgage rates back up to 6%.

>> yeah, i love the question in two parts. first on rates, we looked at rate rise since 1990 it's kind of like apollo 13 back in '92 and '93 to get a soft landing. so rates are going up. it's also quantitative tightening, not easing and we're going to see $95 billion takedown of the balance sheet every month. $35 billion of that is mortgage-backed securities, so maybe 6% might be the base or we can go higher on mortgage rates next year. that's going to create some demand destruction. >> we're going to leave it there, ken ken leon of cfra, thank you very much it's good to point out that the housing market is not just the builders, it's the reits, it's the home repair and improvement and the mortgage companies always good to remember that. we are down 800 points on the dow, better than 2.4%. >> big sell-off on wall street the dow sell-off as tyler was just saying is intensifying. we are off 800 points.

nowhere to hide with all 11 sectors trading lower. only a handful of stocks in the s&p 500 are higher even the normally safe consumer staples are lower. still, stocks like hershey, general mills, campbell's soup are sitting near 52-week highs we've got much more on today's market action coming up. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market.

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draw your attention to the dow, it is now down 830 points the broader consumer discretionary sector among the key laggards travel names, airbnb, marriott, wynn resorts down 2 to 3% on the day. airlines, delta, united down a similar amounti when prices thi fall are coming down a new survey from trip advisor also finding that inflation is cutting into travel budgets. americans prioritizing nearby destinations take a look at the cruise lines. on the week they are higher but trading down today these stocks tend to be sensitive to higher rates given the debt they are sitting on and the need to refinance. royal caribbean down 3.4%. carnival down 5%, tyler. >> it's interesting. i have been exploring a trip for the holiday season this week alone, the fares came down by several hundred dollars. >> finally. >> finally

and from wednesday into yesterday, an additional $200 per person so what you just reported on i have experienced and you see it in the marketplace if you're thinking of booking, watch those fares. thanks for watching "power lunch, " everybody have a great weekend. >> "closing bell" begins right now. stocks falling hard as fed chair powell's jackson hole speech sends a chill across wall street we are at session lows the most important hour of trading starts right now welcome to "closing bell." i'm mike santoli in for sara eisen. let's get straight to our market dashboard for a look at these losses deepening as we go throughout the day the s&p 500, here's a one-year look giving back a decent portion of that rally we got from june. as we see it right now at 4080, this is at a point a lot of folks are looking for. this is the august lows set a couple of weeks ago. a lot of times you make a new low in a given month and it has peoplees