calendar all in all, positive news out of ukraine. let's hope the madman in moscow is long gone by those december 5th sanctions. there's your oil price chart we're going to leave you with a market that's up we're in the green see you tomorrow po"power lunch" starts right now ♪ welcome to "power lunch. i'm seema mody here's what's ahead. cathie wood says deflation is in the pipeline it's a longer term threat to the economy than inflation plus the utility sector hitting a new 52-week high today, but the headwinds facing the industry are growing, including people falling behind on their bills. we'll look at the stocks that can still provide stable

returns. first to tyler and a check on markets. >> investors are pushing stocks higher on the growing confidence that inflation may have peaked there you see all three of them, the industrials up three quarters of a point, the s&p by 1%, and the nasdaq leading the way by 1.22% energy, information technology, consumer disregucretionary, the your best-performing sectors ulta right now the stock everyone seems to love for stocks to move higher, our next guest wants to see a big bounce in economic growth but he's got three things that could threaten stocks and the financial markets. matt mayley. what other three things? >> there could always be anything that can hit us right

now because we're kind of moving into the second wave of the bear market and that's when these things -- you know, warren buffett has said it's when the time goes out that we see you've been swimming naked. that's what happens when the second wave of a bear market hits a couple things that i thought with they could come up with what would cause some fore selling not only in the crypto market but also in the -- which would causing selling in the stock market, we also have this big issue of corporate debt. we have mountains of corporate debt, historic levels of corporate debt when you have the interest rates moving up the way they have been and the way the fed says that they're going to keep pushing them up, that's going to create some problems there. and then finally we have the situation in europe which as brian just talked about, hopefully will get better with this -- the things -- you know, hopefully getting better there for ukraine and russia being pushed out but the problem is if that

doesn't happen they're looking at a recession and a deep recession. it's hard for us to think that we're going to avoidfurther slowdown in economic growth in places like europe and china are slowing down further. >> i find interesting is your focus on the rise in corporate debt let's dig in a little bit deeper and put numbers on that if you don't mind compared with 2007/2008. a lot of companies are less heavily levered than they were back then, particularly financial companies. maybe it's only the financial companies that are less heavily levered. >> that's it, tyler. it's the -- the financial companies are much lever levelled overall, corporate debt is up to almost $11 trillion. that's an all-time record high same with global corporate debt. it's over $22 trillion now these are the type of numbers. a lot of this debt -- some of it has been long term but a lot of these companies

have debt that has to be rolled over in the next two years and if that's coming on at higher interest rates, that's going to cost them more and have an impact on their earnings in some cases, it could have an impact on whether they're able to keep going as an -- >> in the face of all of these headwinds, stocks are extending last week's rally ahead of the august cpi report where we will learn in the fed's antiinflation campaign is starting to work how should investors be positioned ahead of that key economic data point? >> it's such an economic point whether it should be or not because it's always hard to know what's going to be coming forward. but it is going to be one that the market is going to pay close attention to to warn people about a little bit, the fed is not just fighting inflation right now we have to remember they're fighting two things, they're trying to get interest rates and

the level of their balance sheet back to what its natural levels should be. it's not just the inflation issue. they took interest rates down to a ridiculous level because they pumped massive amounts of liquidity in the system. that means that we're not going to be able to keep with those kind of 20, 22 times earnings. 2.4 times sales. the market is trading at 2.4 times sales. that's higher than it was at the top of the internet bubble and so valuations have to come back down as the natural level i guess my point is, if it moves up, the natural level of valuations is going to have to come down and i think that's going to create headwinds for the stock. >> put a sharp point on it, bring it home from third base here you're saying that the rally we've seen in the last five days, six days is a mirage and that you expect the market to turn lower quicker >> i do.

i do i think it's -- with the market has become a little bit oversold and the sentiment has -- quite negative so almost not quite as bad as it was in june. but still pretty low and that has created this short-term artificial bounce if we get a good number tomorrow, maybe it bounces a little bit more. but the valuation levels are too high, whether it be 18 times earning, price to book, 2.4 times sales. those have to come down. it's not the end of the world. it's going to be a normal healthy process. as chairman powell says, it's going to be a painful one as well, i'm afraid. >> matt, thank you thanks hawkish comments from fed officials have not held back the bulls, but will that change with the release of tomorrow's inflation report mike santoli with that story for us from the new york stock exchange we've seen this divergence will they get on the same page >> it's interesting, seema it's hard to know exactly what

is the, quote, correct level for equities as they become accustomed to the two-year above 3% right here. just to put some numbers on what you mentioned. equities up 5% or so in the s&p 500 in the last week at the same time you had half a dozen fed officials speaking in very hawkish tones and getting the bond market to price in a hike in september. that's next week the reason those things can coexist is investors believe they can see the destination, both in the level of the short term fed funds rate and when we get there. and that's probably months way the market is bidding correct before it's saying that we've got ton a point where the fed can pause. this time it seems as if they're a little bit closer and the linkage between what yields are doing and what equities have done is a little bit looser because economic numbers have come in somewhat better than feared therefore, the idea that it could be some description of a soft landing is at least not out of the question the way it might have seemed in june. that being said, it's still a

trading range market we've had one of these rallies before we extended it and then did roll over a little bit. so nothing is determined yet and there is some suspense about that number tomorrow. >> ahead of that, the s&p 500 holding on to 4100 mike, thank you. ahead of tomorrow's cpi report, there's a growing debate around deflation and whether it's a bigger risk for the economy than inflation elon musk tweeting that a major fed hike risks deflation cathie wood says gold and copper are flagging the risk of deflation. the surprise could be deflation in the cpi and pec deflator by year end it shows it's already here 5 of the 9 regions in the u.s. outright price declines in july's cpi report. gas prices are down 25% since their peak used car prices have dropped for

seven consecutive months rents have declined since june and china seeing its slowest growth in august is deflation already here? joining us now for his take on this debate is bleakly financial group. pleasure to have you on "power lunch. cathie wood, elon musk, are they right? >> let's separate out goods and prices core goods prices have been decelerating for the last five months and we'll see further evidence of that tomorrow. services prices, though, continue to accelerate when you blend them together, inflation is slowing down, no question but the question really is, to what extent does it and how quickly does it? do we go back to pre-covid levels of inflation soon or it's going to take awhile i still think it's going to take awhile the 20 years leading into covid,

it averaged 2.8% per year. there's no such thing as deflation, disinflation when it comes to services. core goods prices averaged zero. so i think we're in a structurally higher inflationary environment that will settle out probably next year around 3 to 4% and the belief that we're getting to pre-covid levels, i don't see it happening. >> does that make sense that both bank of america and goldman sachs have raised their expectations for the next fed policy meeting, now expecting a 75 basis point rate hike versus the 50 they had initially been estimating. >> they still seem intent on raising 75 but we're now -- whether it's 50 or 75 and whether they raise 25 or 50 at the meetings thereafter, we're getting into treacherous territory with these rate hikes keep in mind, it was the fourth quarter when the fed funds rate

got to 2.25, 2.5 we're about to take it above that level it will be only the second time in 40 years that the fed funds rate is going to go above the previous peak in the fed funds rate there's a game of chicken that the fed is playing with economic activity and them believing that they're not going to slow it too much and the markets are worried that they will. >> so, peter, i assume that what i'm hearing you say is that you disagree with cathy woods who says the surprise could be deflation in the cpi by year end. i assume you disagree with that. she says the leading indicators of that, declines in gold and copper are flagging the risk of deflation. let me ask you what the hell deflation is does deflation occur any times prices decline a little bit from already elevated levels? in other words, is what we have been witnessing in energy

prices, for example, deflation >> the better word is disinflation if oil prices go from 50 to 100 and then go from 100 to 95, that's not really deflation. >> right. >> it's disinflation in that prices have come off the boil. but that's going to happen we had a massive spike it's going to fall back down again -- >> it's going to correct, right? why are we fearing that? we shouldn't fear that, should we that's more like stock prices getting elevated and then coming back to a more reasonable level. >> right we want prices to slow the rate of gain. i think what cathy is pointing out, we're getting to the point where the fed is threatening economic growth to the point that they're going to overdo it with this tightening and that the economic recession as a result will be worse than the -- than the inflation that they're trying to contain. >> do you share that view? are you worried about that

>> i think the fed is now pushing the envelope with their rate hikes we have become a very interest rate sensitive economy that has been trained to deal with low interest rates with low inflation. now we're in a higher inflationary environment and a higher rate environment that disrupts this sort of world that we were in going into covid and the last year before they started hiking rates aggressively. >> if you look at the sectors, the companies -- some of the biggest names this earning season that i talked about, the threat of rising prices, it was kimberly-clark, prorktcter and gamble i'm wondering if this trend continues, what that means for these companies? >> we're reaching a point where the term elasticity is being raised a lot in their company conference calls how much more can they raise

prices before consumers push back and on the consumer products companies that have some leeway with respect to price increases, they're already acknowledging that they may be reaching the point where customers are going to say, you know what, we're going to trade down. we heard that with kroger on friday when they talked about their private label is increasing share because people are pushing back on some of the name brands. instead of buying the name brand, they're going to buy the store brand to save a little bit of money the higher end consumer may not. but walmart said they have higher end consumers who are shopping there >> they'll get a lot more evidence tomorrow -- or clarity on that tomorrow thank you. he's basically an economist. coming up, a utilities tug-of-war, the sector which is hitting new highs benefitting from a stronger dollar but also facing consumers falling behind

on their utility bills the top analyst on what this means for investors. plus, the roblox ceo tells cnbc its ad strategy is going to help diversify the revenue stream there the stock surging 20% in a week. one analyst says that's not enough initiating coverage with a sell rating a look of shares of neo which are up about 10% por ncwi brit ckweluh lle ghba the ey entrepreneurs access network has a tremendous impact on my business because it's given me networks, access to capital, and access to opportunities. the level of coaching that i get has had a tremendous impact. it allows companies like mine and others to grow, and it closes the wealth gap in this country.

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welcome back to "power lunch. utilities have been a winning trade so far this year outperforming the broader market as more investors seek out value plays and a hunt for high-dividend yields the sector has limited exposure to the stronger dollar there are growing headwinds. a growing number of americans are having difficulty paying their energy bills due to sky-rocketing electricity prices, extreme weather, and now the risk of power shutoffs somehow should investors this utility tug-of-war sophie, it's good to have you on today. i want to get your reaction to this data we received from the national energy assistance association showing that 20 million americans are at risk of seeing their power shut off across the nation and of that, 3

million are anticipated to see their power shut off by the end of this year. >> thank you for having me yeah, it's definitely a concern and this is a concern for utilitiers who just emerged from the disconnects after covid. historically, i think that utilities and regulators tend to work these things out. the utility companies offer some sort of payment plan, a form of assistance to their customers and try to avoid the disconnects in particularly vulnerable communities and we expect this will be the case this time around as well with respect to the utility bills, you're correct that we see the headlines about superhigh utility bills, but in a lot of regions it's a lot more moderate and we've been seeing some regions in the country where utility rates are down year over year so i think those impacts will be

largely concentrated in the -- >> just on that specific note. if there are more shutoffs in the coming months, which utilities specifically do you think are most at risk, most vulnerable >> i think to your point, right, this is the lower states, right, you're looking at places like california, new york state or the northeast, massachusetts so the utilities that operates in that state those will be the utilities exposed to those regions that could potentially see some impact from that. on the other hand, on the other end of the spectrum, you see regions where rates are more stable or maybe going down and those are in the middle of the country, colorado, wyoming, montana, places like that and the utilities exposed to those

types of region. and so i think those names are the ones where you want to be at this time. >> so let's talk about the individual level here in the homeowner or the renter who has to pay utilities this winter you've seen gas prices go from $3 per million btu to i think it's $8. how can those costs not be passed onto consumers and cause them to pay potentially much, much higher bills and then potentially result in more defaults or deferrals on payment? >> right so there's two sides the electric and the heating bill with respect to the heating bill, electric to some degree as well, some of the utilities that

recover they have storage, right? they tend to fill that storage during the period of lower prices so they do not pass it on to the consumer on a one to one basis. wisconsin energy, for example, has significant amount of gas storage that they can utilize for that and help mitigate those increases. over time, if this situation persists, of course you will see that passed onto consumers but that will be different because different gas hubs in the country are priced differently. some differentials are much higher the gas in the northeast is going to be a premium to gas in some other regions in the country. in the pacific northwest, some of those the customers may benefit from it, right so it really does not -- it's going to be -- the impacts are going to be very original and you really have to concentrate investors have a chance in the

states with -- >> okay, sophie, thank you a lot to have digest there thank you. this is why a lot of energy advocates are reinforcing, they're saying look at the risk of a power shutoff this is why we need to switch to solar and renewable energy, make that a reality something that all households can use. >> as opposed to relying on a commodity. today's clean start, antrell home revolution. we're taking a look at one start-up building energy-efficient 30-story factory buildings piece by piece. breaking in just the past few minutes, goldman may be on the verge of hundreds of layoffs. we have those stories coming up. go production. go faster and safer. emerson automation software helps breakthrough medicines

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the two worlds of diana oleck, they're colliding today, real estate and climate change, because real estate accounts for 40% of global carbon emissions when you count construction and operation of buildings

that's why so much new technology is focused on reducing those emissions diana, the two lives of diana olick with one look. this is part of her continuing series on climate start-ups. >> look, in order to make a dent in the massive amount of real estate emissions, we need to build buildings better and build better buildings and that's what a start-up called assembly osm says it's about to do. >> we're using the tools of aerospace to design these buildings. so we're modeling the buildings at a much higher degree of detail. >> reporter: using the same software of boeing for design and constructing the pieces in factories, they claim they can reduce carbon emissions in construction. >> where people in the aerospace industry make wings and engines and the fuselage, we have people that make bathroom pods, kitchen

bodies, floors, walls and ceilings and we assemble them like this and clip them together. >> reporter: the off-site assembly reduces the amount of fuel-burning trucks on site by 70% and the buildings are made lighter and tighter through the high-tech design reducing later emissions from heating and cooling. >> while it may look like just another modular construction company, i think it's a sea change. >> reporter: rse is one of the company's investors. >> what they're doing is borrowing technology from aerospace to the automotive industry and almost starting from scratch it's similar to what tesla did >> reporter: assemblies cost about the same as traditional construction but it's faster and it's what the market is now demanding. >> a lot of these nice to haves have now turned very quickly into need to haves for developers in major youurban

markets. >> reporter: total funding so far, $62 million the company is focused first on apartments and hotels and expects to build its first projects in new york city, the bay area and los angeles what also differentiates it from other builders is that while others do low-rise buildings, assembly is focused on high-rises that will offer the biggest impact on the housing shortage and climate change tyler? >> thank you very much we appreciate that very much let's go to christina now for a cnbc news update. >> thank you, tyler. president biden traveled to boston's logan airport to talk about improving the nation's infrastructure and why air travel deserves special attention. >> the united states of america, not one airport ranks in the top

25 in the world. what in the hell is the matter with us? it means commerce, it means income, it means security and we don't even rank in the top 25. not one single airport ukraine reporting another missile strike on a civilian target this one hit a police station setting it on fire officials say one person was killed and four injured. the white house repeating today it will continue to help ukraine defend itself against russian. and severe downpours in milwaukee. it caused a school bus to roll over no students were injured the milwaukee suburb set a record with nearly 10 inches of rain yesterday seema, back to you. >> thank you. ahead on power lunch, an expanding metaverse. two companies in focus today, roblox bringing real ads to

virtual reality, but one analyst still is not bullish plus, starbucks looking to create a place for customers to grab a mocha, but in the metaverse. how does that work xtieupe both of those stors ne ever wonder what everyone's doing on their phones? they're investing with merrill. think miss allen is texting for backup? no she's totally in charge. of her portfolio and daniel g. she's building a greener future and he's... running a pretend restaurant. and phil? phil has questions, but none of them are about his portfolio. digital tools so impressive, your money never stops working for you with merrill, a bank of america company.

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stocks are higher but off the best levels of the session take a look at the dow up 158 points s&p higher by 31 nasdaq holding on to nearly 1% gain the biggest gainers in the s&p, apa, bristol and gilead. a little bit of health care there. shares of american express are just off session highs after the company's cfo said goods and services spending continued to look very strong and that amex's business is performing well. drawing your attention to oil, seeing another day of gains back near the $88 level 87, 88 traders citing iranian nuclear talks that are hitting obstacles and an embargo on russian oil shipments. >> thanks very much. roblox is looking to make its mark in the metaverse. the stock is up over 20% in the

week after announcing plans to expand its ad business roblox ceo david baszucki shared his strategy to monetize the virtual world. >> what we're building at roblox will ultimately be used many times a day to stay connected, younger people will stay connected with their grandparents we're prototyping using roblox in our office as a communication utility. we have an optimistic view and we view this ultimately as a -- not just a playing tool, but a tool where people learn together, where they work together and where they use our -- where they use roblox as a utility to stay connected. >> our next guest initiated coverage with an under perform rating saying the current stock is overvalued. senior region analyst at cowen you just heard the ceo with an optimistic viewpoint is it a practical one?

>> well, it's -- it's certainly a viewpoint that we understand the metaverse is being talked about by a lot of companies. roblox obviously being one but facebook, google, microsoft are all talking about the it as being the next iteration of the internet and achieving a dominant position in the metaverse would be incredible value creative the question is, you know, can roblox do it against that kind of competition over the long run. that's where we're a bit sceptical. >> it's the ant versus the elephant do you see their products morphing in such a way that they can become, quote, a communication utility as ultimately not just a playing tool where people learn together, work together and where they use roblox as a utility to stay connected. is this -- i go back to the question, is that a feasible goal or are they just playing

out of their league? >> well, i don't know that i would say they're playing out of their league they have some impressive technology i think it's possible, right, there are a lot of things that are possible in order to get people to want to use roblox as a virtual meeting space, you're going to have to convince them it's better than zoom zoom is pretty good and effective. or other video channels. why is meeting in a virtual world space going to be more efficient and more effective that's a sale that won't be easy to make, you know, particularly if you look at where vr technology is right now. it's just not very consumer-friendly. so i think the tech solutions to that streaming being another one, streaming interactive entertainment is still a ways away >> the street seems to like roblox's plans to jump into online advertising, a way to diversify its revenues

stock up 1%. what do you make of that move? >> it makes sense. they have a 58 million daily active users that's a lot of people you can advertise to now, a good chunk of that is people under 13 that you -- you can't really advertise too we've been covering the video game business for close to 20 years. that entire time people have been talking about inserting ads into video games other than some of the most causal games on mobile devices that have very short play times, advertising doesn't work in interactive media because it takes players out of the interactivity, it takes them out of emersion and players don't like that. and roblox being a virtual world is much more akin to that than it is to, let's say, candy crush. >> underperform rating just quickly, your price target? >> $31. >> what would give you more confidence to raise that it's trading at 46 a share now. >> it's a very long-term

position the competition for the metaverse is going to take a very long time i think they have to prove that they're more than just a video game platform and you do that by attracting more users, by attracting a broader range of users and by monetizing them better to the extent they're able to do that, we would reconsider our position but right now we don't see it. >> senior research analyst with cowen, underperform rating on the stock. starbucks making its move into the metaverse the company saying its wants to create the virtual version of its famous third place using web three technology kate rogers has more virtual coffee, kate >> not just yet, tyler tomorrow does mark starbuck's first in-person investor day in several years. the company kicking things off with a few announcements this all under the vision of howard schultz's reenvision of brand. it's building a place called

starbucks odyssey. starting today, employees and starbucks reward members can sign up to be first in line for this launch later this year. it's going to allow them to earn and purchase nfts to unlook new benefits and immersive coffee experiences. last quarter, the company has more than 27 million rewards members in the u.s. which gives it a large pool to test this out. also incentivizes people to sign up and gain access other restaurant brands have also launched in the metaverse while some others are laying the groundwork to do the same in the future like mcdonald's and panera more to come tomorrow at the meeting on what this future looks like the new ceo was announced earlier this month who will be training under howard schultz. until next spring, the two working together this is the first of many announcements to come under howard's new vision. >> you mentioned other brands who have tried effectively this. how has it been working out?

>> i think chipotle has had the biggest success. there was a burrito rolling game and there were some in-person things that you could redeem getting that burrito to eat in real life. it's connecting the metaverse with things you can do in real life it worked with younger consumers and we know all of these brands, restaurants, retail, et cetera, are trying to get younger consumers to stick with them early on -- >> a burrito rolling game with roblox >> that's right. >> kate, thank you, ma'am. appreciate it. >> thank you. jim cramer will be sitting down with starbucks founder howard schultz live in seattle tomorrow tune in tonight and tomorrow for all of the coverage. still to come here on "power

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when goldman sachs introduced the apple card in 2019, it was a huge boost for the company's consumer business. but now goldman could be facing a subprime problem here's the story what have you found? >> so, yeah, the curious thing, if you look at goldman sachs credit card business is, you know, there's a thing called chargeoffs that's what happens when a customer doesn't pay their credit card bills for six months or longer. if you look at the chargeoff right, it's the highest in the industry if you look at issuers with at least 10 billion in loans. so it's up 2.93%

it doesn't look that high if you compare it to jp morgan and bank of america it's approximately twice as bad as those firms which have far bigger books of business if you take a step back and ask yourself why that is, their percentage of subprime users is actually relatively high it's at 28% which is, you know, more in line with companies that are known to be subprime card issuers. >> so is this because they made the card so available to so many basically to apple customers, iphone users and so forth and didn't quite put the due diligence into credit-checking the way they might have. >> that's what you might think at first blush i would say you talk to people who are familiar with this business and they say, look, our underwriting is proper it's not like we're taking undue risks. but if you look at any business in the first two or three years

of standing up a new credit card business, you're going to get a lot of people who sign up for a card because they neat credit. there's a natural aging process. in the first two thor three yeas there's going to be more losses. the question is, is the timing -- >> let me ask you one other thing. i have this card, and i pay it through my apple wallet. and i must say that you need to -- i don't know whether they send me reminders that i have a due balance. i must say it's a little bit difficult to remember exactly when your balance is due and, oh, i better go to my wallet an check it any thoughts there >> it's interesting, it's -- at the onset, this thing was created to basically ping you and to make sure that there's less chance that you would go late and go in default

the fact that you might be having difficulty knowing when it's -- >> i may miss the ping i don't know. >> you're worried -- >> there's another story i wanted to get -- that you established today about goldman sachs potentially laying off employees in the coming weeks. what can you tell us about that? >> well, you know, back in june, you know, we said if you look at the ipo volumes, everything has fallen off a cliff at the same time if you examine head count figures, they've shot up there's been a hiring binge as there's been a bull market in wall street talent the math is inevitable, there has to be job cuts and we're reporting that goldman sachs is planning on cutting, you know, somewhere in the ballpark of 1, 2% of their 47,000 employee base some time this month we're talking about job cuts across the firm and in the -- you know, sort of several

hundreds of employees size. >> i know as you reported here, the ceo will -- coming up ahead of a board meeting where he may be asked about the health of the consumer business. for now, thank you stock down about 10% this year still to come, bristol-myer surging. we'll trade that name and a couple of he itoy'otrsn das three-stock lunch.

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okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq welcome back, everybody. time for three stocks. we sip on some of the beggest movers, including carvana surging higher, bristol-myers and numont after initiated with a buy rating at goldman sachs. here with us is david wagner let's start with carva in. a. it's been on a run lately. you have a more tepid view of it. >> i'm more tepid. if i own this stock, i probably wouldn't be selling it if i didn't own it, i would stick on the sidelines used car prices are falling,

interest rates remain a risk and i'm darn sure solvency will be a problem in the future. the report said it best, can you murser the intestinal fortitude. there's a short interest of 27%. it is company is paying 10.25% on over $3 billion of debt on top of that their biggest driver of gross profit, the securitization of the business, which has been nonexistent since may. it's very easy to be a bear. given the potential for some type of short squeeze on any incremental positive news, i probably -- if you owned it, let that ride. >> next up is bristol-myers. what do you make of the name >> i think it's showing you some type of fundamental momentum here this is a huge positive news for the stock. that's how you play the

pharmaceutical names it allows the company to commercialize which competing against imgen down 4%. they are raising interest into the future providing the fundamental momentum i spoke to. i think that's going to have a great quarter coming up. there's some short-term benefits the long-term benefit being in this name, they clearly showed they're committed to using their balance sheet to acquire more assets padding future growths. i think you saw that with the turning point acquisition. i think we're happy with the news being long from over the weekend. >> seema and i love the kitchen, but the connection to your voice is a little bad. i'm going to ask you for a quick thought on numont before we lose the signal >> no doubt. i never have been a fan of owning gold producers or gold themselves i get asked the question, why do i own gold

it's an inflation hedge. it has underperformed inflation. people saying, i want to own gold because there's some global havoc in the future. that's wrong, too. if there's a global havoc where you have to own the futures, i would rather own a firearm i would still be staying away from that with 5% yields. >> thank you very much we appreciate it david wagner. coming up, does disney have big plans for its streaming business find out what the ceo is saying. that's next on "power lunch.

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supplement plan. as we come up on 3:00, the dow is up 212 points here are a couple of other stories that caught our attention. wall street jobs once again in demand, it says, as hiring freezes mount. financial firms are seeing an influx of candidates from tech startups more than 75,000 tech-related job cuts have been announced so far this year. that's according to a layoff tracking site. even the giants like apple and alphabet have paused or slowed hiring mean meanwhile, financial firms had been expanding their tech teams as market volatility fuel trading volumes. layoffs could be coming to wall street as well, as was point out that goldman sachs may lead the way in job cuts. >> sort of a mixed story

if you look at the breakdown of the latest august report, business services added the most jobs in the month of august. and that includes financial services so, they're hiring, but also looking for ways to cut. >> my expectation, my supposition, i should say, is many of those wall street firms that are hiring are hiring tech people because they want highly trained engineers. people with mathematics, algorithmic backgrounds to do that type of work instead of the old bread and butter banking work. >> another story on our radar, l.a. times reporting disney is looking to merge hulu and disney plus in an interview bob chapek said the consumer dictates everything and that disney plus consumer wants more general entertainment. he added once disney buys comcast hulu's stake, they can figure it out. an interesting move coming.

>> it seems like such a fractionated market, anything that could make it a more seamless experience for the consumer would be a good thing. >> he said disney plus viewers want more content. perhaps it's a way to do that. >> thanks for watching "power lunch. >> "closing bell" begins right now. thank you. stocks are rising on wall street building on last week's rally as investors await tomorrow's key inflation report welcome to "closing bell." i'm sara eisen take a look at where we stand in the market up about 200 on the dow. another broad one as well. the s&p 500 up a full percentage point. every sector is green. energy, technology, consumer discretionary leading the charge apple is at the top of the list. we're going to talk much more about that move in a bit if you look at some dow winners, you can see apple is powering that index right now american express, though, chevron, united health, these are some of the big nn