coal companies booming with the stocks best performer of any sector energy transitions are hard and take a long time especially if everybody wants a big home to crank the ac wish the markets were hot. ice cold "power lunch" will pick up the coverage that's next we'll see you tomorrow thank you very much. we have a sell-off on wall street probably aware already welcome to "power lunch. we have got inflation proving persistent treasury yields spiking. investors betting the latest consumer price report keeps the fed on the aggressive rate hiking path. we will break down the inflation report what it means for the sectors of the market and why inflation is no longer just about energy

prices. >> certainly are important as brian ran through. a today's sell-off wiping away about three days of gains. dow, s&p 500 and nasdaq lower. nasdaq the worst of the bunch down almost 4% the dow the best but down almost 3% the communications sector down more than 4% as tyler mentioned as stocks fall bond yields are rising. yield on the 2-year rose to 3.7% to its highest level since 2007 w >> clearly the bond market expects the fed to stay aggressive on rates as the cpi comes in up compared with last year when the markets expecting inflation to cool a little or

transitory so popular. let's get to steve liesman with on this cpi report and what it means. hi, steve. >> hi. the august inflation number making a huge disappointment for markets looking for peak inflation. all of that going the wrong way. i won't read the numbers the chart shows every number above expectations the most important is core cpi that's the withone. how did we get here? gasoline down 10.6%. food coming in hot housing is a third and apparel. not seeing the inventory, the bloated inventories in lower prices by the year end the market sees the fed over 4% and the peak fund rate risen to expectation

of 3.45. ticked up from the 4% before the meeting and the market pricing in a 33% chance of 100 basis rate hike next week. i think it's overstating the case but how concerned the market sees the report today. >> you look at that and you see that the core was up .6% >> right. >> yeah. so really that tells you that the heart of it, the things that strategists and investors use to forecast the future is not moving the direction or as quickly as they would like to see it >> yeah. you are right to emphasize that. food and energy is issues out there with ukraine on both accounts that could be explained but the idea that it's inside the core of the measurement here tells you that we are not getting the disinflation that's needed

some people say there's exaggerated aspects to the report that didn't capture the disinflation of other reports. october 13th, write it down on the calendar is the next big report it is all you can do go ahead. >> i was going to ask you a quick question you said that housing as a c constituent of the index higher than expected and hears that housing prices are coming down are rents still going up or house prices overall are still rising >> rents are going up and takes time for this higher rents to work the way through the system. housing inflation was late to show up in the cpi and la it to go away and some people are concerned the fed could make a mistake. what if housing costs are coming

down and takes time to show up in the index i want to say 4% and stay there and not go too far. >> thank you >> i remember a line in the banal book about the housing that we keyed in on from the fed. energy which just a few months ago the driver of rising inflation saws the fall. pippa stevens has that report deeper for us. >> second straight month in energy costs that relieved some cost facing consumers. overall energy prices fell 5% in august compared to july. gasoline prices down 10.6% while fuel heating declined nearly 6% and a different picture in the energy services sector electric prices increased by

1.5% and utility pipe services which is natural gas rose 3.5% been two months of falling prices and energy costs up about 24% in the last year and that's lifted utility and energy stocks, only two s&p sectors positive this year why both down today but the least among the s&p sectors. a number of utility stocks hit multi-year highs yesterday despite some recent weakness within energy some up big year to late. occidental more than doubling. >> seems so many strategists on often look to the energy patch for some names as possible buys today. i know your focus on commodities but how closely can we tie what's going on as we watch th price of gasoline and falls fuel

to what then happens with the equity stocks? >> it is only two months so we don't have any indication of a long-term trend at this point and stale lot of factors but the energy companies have emerged from the pandemic with a wholly different business proposition they want to retain costs and return money through buybacks and dividends. if the prices come down they're above the last year. a couple years ago with the new formula to keep the costs under control investors say they look attract i have with oil and natural gas falling from the highs. >> thank you very much so what does today's inflation number mean for your investment? let's pick it up with peter anderson at anderson capital

management and jeff kilburg. peter, you have a boeb to pick it seems with the fed. >> i worry what the fed might still overtighten. i understand what's happened today and the market reaction. but there is a delay with when the fed takes actions and then when we actually see it in the marketplace. tyler, we have started to see receding inflation in many sectors. let's talk lumber. almost crashed as we know there's no fed intervention on lumber prices and other commodities. say october comes around say the fed has tightened 75 or 100 basis points what will the fed say then i think what we need to hear from the fed is just a simple

admission that, yes, we are still tightening however, we do observe and acknowledge that there are signs that this is starting to abate and if we see enough of that we'll change our policy actions. i think that would work wonders for a road map what they think. >> how does that strike you, jeff sounds reasonable. >> it does i'm cautiously optimistic. i don't see panic. what's interesting and i think peter is right it is a comprehensive lens we are bothered from the cpi data mortgage prices down 25% during the pandemic everyone buying used cars

that's abating there are other ways to look at inflation potentially abating but the federal reserve won't do 100 basis points they have the ability to be nimble but a year ago they were buying assets. until february of 2022 they need to get the september meeting at 75 basis points and find essential tangible names like utilities, consumer staples. go in and buy what you like and use. >> exactly i want to pick up on the point before peter what do you like give us exact names if you can within the spaces or otherwise. >> look at archer daniels, oracle not a lot of tech names on today but the blue chip tangle names

buy what you know from the '80s. this is buy what you use embrace this change from growth to value i know growth had a run but you have to have a large cap blend hat on some of the sectors that haven't got a lot of love like health care, these are names to be repositioned so this is a great opportunity to rebalance, reposition because we are going to get the fed meeting in the rear-view mirror and then a rally in q4. >> let's hope that passes over your fighting irish this weekend. >> oh. >> peter, you give thumbs up to caesar and thumbs down to subjects carvana and netflix. >> netflix, in real estate they talk about location, location, location with netflix it's three things

programming, programming, programming. i think we can all agree that netflix has taken quantity over quality. do you know they were the ones that made the most movies last year yet they have the worst ratings of competitors i don't have to go into a balance sheet with a company like this. i think it is destined to fail unless they revamp the programming. with carvana it is - >> don't they have "ozark" >> and "the crown. >> i don't disagree because i don't know that -- >> certainly is a -- >> the series, they have some ones that hook you i almost said something else there. >> maybe you want to watch them over and over but it is a hit

based business. >> the kids watch the movies over and over again. we crush netflix. >> you know the lines by heart. >> right. >> just moving on to carvana, do you know that they had to raise $3 billion on the dlans sheet? debt had to raise another 3 under extreme stress this spring and tell me how this math works. $6 billion in debt and ebitda is negative 750 million there's just no way unless you can pull a rabbit out of a hat on that. apollo has taken about a billion of that debt they have in my opinion mixed track record in terms of success so i don't see a happy ending for that. >> hail caesars and down on carvana and netflix. thank you. coming up, the cost of

eating at home up 13% year over year sharpest increase since 1979 looking at the impact on the consumer and retailers we'll talk about the sell-off, f inflation and this environment in a first tv interview ever nasdaq falling 4%. a look at whether the charts are pointing to more selling ahead our lunch coverage of the sell-off continues in two m minute's time. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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welcome back to "power lunch. coverage of the market sell-off. cd's cpi report showed overall food inflation ticked higher last month, 13.5% year over year largest 12-month increase since 1979 retailers that sell groceries are all down today with costco by 3%. joining us to talk about the impact is managing director and senior analyst at oppenheimer. seeing the action in a stock like costco, food prices may be going up but going up everywhere is costco not a good bet as an excuse me and picking stocks >> yes i think it is still a good bet

today the stock is down due to higher interest rates. trading at more than 35 times earnings the business benefited from inflation. we think they saw a 7-point cost benefit. >> costco does tend to have a higher income consumer in some cases. you have to have a membership to go there and probably price conscious at the same time if you have a membership, if you like buying in bulk and being a wholesale member, is this a beneficiary for consumers in that regard if exconsumers thatg there are not suffering the most >> i think it's significant value to consumers so more middle income consumers will go to costco for the value. saving at the gas pump and

groceries 20% plus i think this environment plays to costco's strength similar to what we have seen the last two to three years. >> give me a thought on dollar general and where walmart fits. >> yeah. dollar general is a topic for us in this environment with significant inflation you could see trade in to the dollar general and the dollar store channel as consumers seek value. dollar general called this out in the q1 report and then in q2 called in trade-in they see a customer making $100,000 shopping at dollar general versus what they have seen historically. it is extremely well positioned in this economy. walmart is really a mixed bag. on the food inflation side walmart is also going to benefit.

middle and higher income consumers shop there more for value but lower and middle income consumers have less discretionary income so it is really a mixed bag for walmart. >> to the point about the $100,000 household income to dollar general i think walmart saw that with the growth in food with households with more than $100,000 i want to look big picture as we talk about inflation we know that it's higher for a number of reasons. not all can be controlled by fed. if we are going to see a strike in the nation's railroads, consumer facing retail goods, what does that mean for the holiday season, the supply and

or the prices that consumers will be paying >> yeah. it again makes the supply chain more complicated it is hard to say exactly how this end up playing out but to the extent to have shortages it can lead to more inflation still too early to reach a conclusion on how the strikes affect. >> thank you for joining us. >> thank you. all right. up next, in today's sell-off here in theist it is spreading overshares we have details on that next plus check out the chinese internet names deep in the red not that much deeper than a lot of american stocks "power lunch" will be right back

we lost about everything trying to pay for prescriptions. we spent our whole pension but couldn't keep up. so my husband just stopped taking his medicine. and then he had a stroke. i can't get back what i lost, but thanks to aarp, a new law will protect seniors with a cap on their prescription costs. that could have changed everything for us. i'm just grateful that no one will have to face the terrible choices that we did

got a news alert on oil and the white house. brian? >> thank you very much got some headlines here from a senior white house official about refilling the petroleum

oil reserve. i'm going to read it i apologize. below $080 for oil we will buy and not sure how much. the white house official continues. we will not make a policy change to a buy on an occasional dip but when prices are down on a sustainable basis. so what they're saying is remember this. we have been selling from the strategic petroleum reserve since the spring about a million barrels a day why that will have to be refilled what the white house is saying to bid this out to oil companies. how much will you sell it to us for? looking for a discount from american oil producers to be strategic and opinportunistic.

when that will happen we'll find out but breaking news about refilling the spr. >> does that tell you anything about what the administration thinks about the direction of oil prices >> kind of tells you what -- sorry. fiddling with the wire tells you what they are thinking about the direction of oil prices and want them to go lower to refill this up but oil companies can sell the oil for what they want they can basically come and make a bid at 60 bucks. maybe an option type process they certainly can do. yes, it is the impression that the white house not only wants oil lower but sees it going lower or the companies being willing to sell it for lower. >> thank you big sell-off on wall street as inflation is hot and more than

anticipated. the assumption is the fed will have to be aggressive on interest rates hurting stocks around the world. seema mody is tracking the global markets. >> not just the fed to react but goldman sachs forecasting that the european central bank to opt for another 75-basis rate hike european stocks reverse the initial gains breaking a three hch day winning streak and now down 15% from the 52-week high now trading at its lowest level since march 2020 at around 12.4 i spoke to signal a special situations fund saying default expectations are rising across the continent implied by credit loan obligations

let's take a look at the currency market. the dollar with an upward climb affecting the emerging markets tracking for its eighth monthly decline in nine. led by alibaba, down significant weakness there. >> yeah. i was going to ask you for the chinese internet names anything other than a bleedover that's pulling them lower? >> i was looking for company specific doesn't seem to be investors perhaps scaling back the exposure. >> thank you let's get to frank holland for a cnbc news update. >> here's what's happening

russia spent at least $300 million to influence politics since 2014 according to a u.s. intelligence review which is declass if ied white house official said the covert financing are shared with other nations in connecticut a jury hearing evidence how much alex jones should pay he said he believes the shooting is real but said the comments are protected by free speech. east of los angeles, what started as a disturbance call turned into a flash flood nearly sweeping away a mother and children the officers worked together to get them out of harm's way courtney, back to you. >> thank you. veinvestors feeling the wor. optimism seems to be fading. is there opportunity out there we'll speak to the co-president of morgan stanley next

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just about 90 minutes to the close on this brutal day for stocks lows across the board. the dow down nearly 1,000 points that's 3%. s&p 500 off by 3.3 the nasdaq down more than 4% some of the biggest names hit the hardest. meta down nearly 9%. netflix you have 6%. amazon and alphabet slammed big. and a group of stocks leading the way lower, names like whirlpool, caesars, lennar, bath & body works oil prices down about 2% today the energy sector of s&p 500 down about 1%. we saw interesting data in that from the cpi report as it's fallen and will see how that moves at the end of the session.

let's get to rick santelli tracking the reaction in the bond market to the cpi report. hi, rick. >> you know, what isn't going on pretty much. looking at an intraday of 2-year that sums it up. all maturities looked similar. we are on pace to close at the highest yield close since 2007 in a 2-year. 2s, 3s, 5s, 0s, 30s all at new contract high yields only two that aren't at this point are 10-year and 7-year we need to pay close attention to both at the moment, especially 10-year anything under 3.48% isn't going to get us there. why is that so important because that will release a lot of pent-up selling according to the technicians.

look at intraday 30. we had an auction today. 30-years went quite well but that's because investors had the luxury to see the cpi data fed fund futures this is a january contract it started on january 31, 2020 you are not going to find a lower price. get this from january, from september to january of '24 every month the fed fund future contracts all 14 making new contraction lows and that means the highest amount of fed tightening built into the system finally one would think that the dollar index would do well when interest rates do well there's the chart to prove it. can't keep up with the types of inflation that the fed has to control. .75%, maybe a 1% seems to be a

possibility for the september meeting. back to you. >> thank you. what's next for this market and this economy as inflation continues to stay hot? rates continue to move up. who better to ask than a respected name on wall street, andy sapperstein in new york for a first interview. tell andy not to be never vous. >> thank you so much i don't think he can hear you. i will tell him, tyler says don't be nervous. >> that's good don't think of the elephant. >> you are -- it is great day to have you because you are in charge of morgan stanley's wealth management that spans investor types you have the self directed market, the old smith barney, wealth management. given today's sell-off and the

volatility in the market what is investor sentiment like right now? >> what i would say is investor is very rational right? what you don't want is people to buy and sell when they're nervous but think through the cycle. that's what markets are. wealth management and an adviser gets investors to think about the life goals, the lives. they set them up such that that they can achieve the life goals and don't worry with markets like these so in a day like today where we are watching the tv for the cpi index to come out with baited breath we don't want the clients doing that but enjoying the lives and seeing that nobody likes to see red there's a lot of engainment and phone calls to advisers but rational and reason.

>> you are getting inbound while the main focus is this morning at the barclays conference you talked about net new assets at the firm and set a target that may be responsible for helping provide a floor to the morgan stanley stock today but of course nearly everybody is in the red today. does that come from organic growth acquisitions you have had a lot of very successful acquisitions within wealth management. >> we have set ourselves up. we are a category of one look like nobody else. grow like nobody else. we have a business like nobody else and through the acquisitions we are a powerful player. self directed and the workplace channel and the world class

advisers that we have. we have grown by $650 billion organically. i said expect us to grow by a trillion dollars every three years not counting the market. the way we think about ourselves, we are a scale and a growth company. >> any acquisitions you would like to see? >> we are good at acquisitions we look for good strategy, great culture that would fit with ours and disciplined about process and integration of the partners into the organization so that to the client it looks like one integrated, one client experience and basically what we have done. if others fit that mold we would do them. i talked about this morning

which is really exciting is to be innovative on the platform and going out to talk to fintech organizations or tech organizations that are innovative and want to be really good to integrate the technologies into the platform and even not doing a whole company acquisition we can further the innovation. >> through partnerships. >> yeah. >> speaking of acquisitions and this morning, your peer at jpmorgan talked about a 50% drop in investment banking fees in q3 are you seeing the same and expecting the same guidance? >> we are seeing definitely a moderation of activity but a lot of really good conversations between bankers and clients. at times like these where sometimes i think and it is true with all client businesses is

when there are difficult times even if there's a lower level of activity you can cement the good client relationships and you can really -- clients are much more engaged and we see with the advisers and prospecting activity goes wrong because it's true with investment banking and advisers why when clients who haven't been prepared for difficult markets like this realize they should have been and see others have been they reach out and can really grow the business. >> let's talk about workplace culture. banker culture gotten attention with return to the office, taking away freebies like coffee and layoffs potentially. do you think that your workforce is the appropriate size or do you like the peer goldman sachs

expect to potentially see some cuts >> we feel good. we are a disciplined management team we think about expenses all the time same holds true for the capital deployment right now in this environment we are -- we have no immediate plans for layoffs. we'll always tweak along the way but right now we feel pretty good. >> can't let you go without asking about succession plans. you are one of two candidates rumored to be in running for the top job. anything to share with us? >> i don't know. what i can say is i'm a fortunate person i love what i do i love morgan stanley. james is an amazing leader management team is some of my

greatest friends we push each other and been together a long time and had a lot of success together and the culture here is we know we have a job to do and get it done. >> first interview and hopefully will see you again soon. join us again. thank you very much. >> thank you look forward to it. >> back to you. >> thank you. we are near session lows the dow off 1,000 points 1010 right now s&p 500 down 3.5% or 142 the big loser is nasdaq off 500 points or 4.3% at this hour. some of the high growth names hit the harder clik cloudflare, docusign, datadog. semiconductors down. there you see them

off a good bit and nxp semiconductor about 7% apple and microsoft and alphabet 4% or so lower meta 8% down netflix 6.5. let's bring in senior technology annual u.s. at jeffries. welcome. why are high growth names and high-tech names whether mega tech or smaller so prone to major sell-offs when interest rates go up? >> thank you for having me i think there's concern that there's risk that the businesses are slowing. many of them acknowledge the weakness but when there's one rat in the kitchen there could be another we think there's more room for number cuts across tech. you have to let the storm pass through. i think many in the tech

industry are just late late to call out what they're seeing we have had multiple companies through tech earnings season say everything is fine you just look outside. see the clouds on the horizon and european and the u.s you can see what's happening in the backdrop in demand falling the industry is notoriously slow for acknowledging it i think many investors understand that. concerned there's another round of cuts that will come we think into 2023 that could be the black ice for tech industry where they clear the deck and so we highlighted many of the valuations have been recognized that are down but ultimately can take into early q1 of '23 for the deck to be really clear and everything to be derisk. >> let me see if i take what you said which is very, very

interesting in a hypothetical portfolio. sound like you say there are more rats in the kitchen and will start to nibble at the rice and it's probably not going to clear until the first of the year so what do i do if i have technology holdings? are there areas of technology that you feel are at lows now that make them safe enough to invest in? >> most of the tech is off between 20% and 80%. this is embedded where's the bottom in the fundamentals we have that yet to come ultimately i think for longer term investors this is the time to start nibble away at this bloc again, i don't think it's worked through it the strategy is we are down so

much but the next six to nine months will be teurbulent with the financial crisis, the names tend to rise pretty quickly. no one can call the bottom it is impossible to call and be a bottom picker but we have had a major valuation reset and comforts to pick away the moves but ultimately as they say in flying there's a lot of big cumulus anymore blus clouds on the horizon. >> of course you cover the biggies. some of these big mega cap names. if you are looking to get in opportunity with a higher risk profile is there a sub sector or specific names to put on the buy name if you stomach the turbulence until the first of

the year >> yeah. we like microsoft. you go up scale in terms of quality why go to the larger caps household names. microsoft, amazon. nvidia, motorola solutions networking analyst covers. there's a handful of names that are good stories and then i think you basically scale into as the market comes off come into the growthier, exciting names like the datadogs and still made from a valuation perspective have room to settle in and no doubt the best fundamental stories so i think we are in wave one defensive stories with good growth and then wait and step into the riskier assets and i don't think we are ready to take on wave two yet. >> thank you for joining us.

nasdaq down 4% or more on the session. brent, thank you. let's stick with tech. getting hit hardest. nasdaq 100 negative for the month bumping key technical levels let's bring in todd gordon, a cnbc contributor for some technical analysis what are you seeing coming to the level, comes to support numbers as we watch tech tumble? >> absolutely. i think we have s&p up first and then nasdaq if that's okay just looking at the long-term trend, i speak this way to investors. take a step back and take a look at when's happening. think about everything that is happening. four-decade inflation. political environment. so much going on only 17% off the highs in the s&p. right? if we are going to roll over the

hot cpi number will punch us through and look at the breakout level pro-covid at 3400 in the s&p but i think we have focusing on tech and if we look at this longer term nasdaq 100 chart there's two main areas of support longer term. moving 192 period moving average and that's just 48 business weeks times four, basically a presidential cycle moving average. that comes in at 12,200. then you have uptrend support, just a simple trend line at 10,500 in the nasdaq so those are longer term supports but if we break down to the daily chart of the nasdaq, sort of a ski jump pattern i call it. we sold off sharply. we moved through channel resistance we're coming back to hold support. and that could be an area where we do find support, again with horrible, horrible sentiment out there.

right around 11,900 on the nasdaq >> i'm sorry, we're above it that's the nasdaq 100. the overall nasdaq is about 11,700, right? >> right, yeah this is the mdx 100 so we're trading 12,148 in the ndx. so this is the area of support we've come a long ways off the lows again, everything that's happening right now, a lot of talk about interest rates and the dollar and all these macro impacts on the nasdaq. we can go in any direction you want but i'm staying bullish in my ra we have been short, we can put hedges on so i'm not talking my long only book. i can go to cash but i'm still constructive. >> one of your longs is tesla. >> i like it everything going on with elon and twitter, you talk about the

valuation but you look at the charts and that's why a good combination of fundamentals and technicals serves you so well, especially in a volatile, emotional market like this this is tesla. it's uptrend it's stronger than the broader mosch, it's unbelievable if we can break up around the 350 is the level, that's the breakout that should take us back to all-time highs you look at everything going on with tesla just unbelievable numbers reported compared to gm and ford the maurgins are three types th amounting. they're making more money with a half to a third of the cars delivered. consumer discretionary and tech sectors, believe it or not with everyone gushing with energy are still on a quant maodel stronge than energy in here. there's a lot of industries, travel and auto parts and autos and tesla is right there there's a lot of relative

strength so i don't want to be a cheerleader, but i say let's temper our emotion on the downside right now. >> todd gordon, thank you very much for joining us here today on this very busy and down day for stocks nearly across the board. all right, down 1,057 on the dow at 31,323. coming up, two important companies investors are watching amid all the volatility. starbucks and twitter of the twitter an outperformer today. we'll be right bk.ac

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welcome back to "power lunch," everybody. today's big inflation-fueled sell-off we want to get you up to date on a couple of stocks making news let's start with starbucks holding its annual meeting today and kate raurnogers has the det. >> cold drinks are about 80% of the company's summer portfolio and two-thirds are them are asked to be customized so they're reimagining stores for this issue, investing $450 million in north american stores over the next year to modernize them with new equipment, more efficient setups and reduce complexity also diversifying with more pickup, drive-through and delivery and mobile order and pay is coming to licensed stores, airports and supermarkets as well the company is also focusing on gen z and millenials who are

making up the bulk of its customer base. starbucks odyssey is more evidence of that there's more to come this afternoon. starbucks did suspend its guidance earlier this year as covid continued to weigh on its china business in particular so any updaetes on that will be of note. jim cramer will sit down with howard schultz, so tune in for much more on all of this >> kate, quick question here are there any signs of starbucks customers trading down for a cheaper cup of coffee? >> you know, it's fascinating. we heard howard schultz say this morning referencing economic data he was talking about cpi and he said they are immune. he mentioned being immune to any downturn or trade down from consumers. they had their best sales week in 51 years two weeks ago when they rolled out their fall menu, which has the pumpkin spice latte. >> i love my psl i wonder about labor and what's

going on with the starbucks employees. i noticed to your point about the customization of cold drinks, wait times are getting so long in so many of the starbucks at least in my neighborhood in new york city keep getting remaodeled have they having the workers that they need right now >> yeah, so they're definitely not seeing as much turnover comparatively with their own business and also industrywide they mentioned today but they are doing a lot to really improve the employee experience, because that has been a source of tension, particularly at some of the stores that are unionizing the union held a rally outside today of the annual meeting, pushing back on some of the things that were being announced. but they do want to make it more efficient for these workers. starbucks has something called the trier center where they test out new beverages and they're roll out something similar to focus on the partner experience and making that better for workers, more efficient for them, less complex as you mentioned, more customization, more mobile orders, all of these crazy drink

trends you see on tiktok, that makes it harder for people to do their jobs and they seem to be listening to that and wanting to improve. >> it often when i get a drink and it feels a little off, i feel bad asking them they're too busy. shares of twitter with a big bounce intraday and one of the stocks in the green. julia boorstin joining us with the story. what's going on with twitter now? >> well, there are two big headlines. the first one is that twitter shareholders voted to approve that elon musk deal. that is not surprising what is surprising and it also has to do with elon musk is the fact that the whistleblower in all of his testimony about his allegations that twitter misled the company's board and did not take adequate steps to protect the data on the platform, he did not mention the word bots. he did not talk about bots, which are central to elon musk's argument that he shouldn't have to go forward and buy the company. that is why twitter shares are up today, bucking that downward trend because it doesn't mean he has more ammunition trying to

get out of that deal. >> julia, thank you very much. we're going to hand it off here to "closing bell" with the dow down about 1100 points, nasdaq off 4.5% the cpi came in a little hotter than expected. >> very important final hour coming up. "closing bell" starts right now. courtney and tyler, thank you. stocks are plummeting as that hot inflation number sends a chill across wall street the dow is down almost 1100 points the most important hour of trading begins now welcome to "closing bell." i'm sara eisen let's show you where we stand on the market a more than 1,000-point sell-off on the dow 30 out of 30 dow stocks are weaker bigger drags, united health care, goldman sachs and home depot. those three together dragging

about 300 points alone but you've got everybody weaker.