your pick. last word for shannon. >> eaton, we got the stock two weeks ago tied to the super subcoming in from investment and earningses perspective for the next three years >> we mentioned we're watching a turnaround on wall street. that does it for "halftime." "the exchange" is right now. thanks for watching. and we will, frank, watch what's going on, on wall street, welcome, everybody, i'm teel irmathison here's what's ahead, after two days of really spectacular gains, the bears are back in town and one of the guest says they're going to fight to keep control of the markets the four names she's buying right now and the catalyst that will end the tussle. >> plus, the twitter deal back on, that was big news. and the question today becomes what is elon musk's master plan. he may be taking a cue from the chinese. we'll explain that one ahead

and a food and beverages edition of "earnings exchange. we've got constellation brands and we begin with today's markets and bob pisani at the markets. >> believe it or not, we're at the highs for the day. let me show you the moves,s dow jones industrials down goldman, weighing things down, jpmorgan, same situation s&p 500 was 3722 about an hour and a half -- 21/2 hours ago look at that rally, 45 points or so highs of the day led by energy there. nasdaq was also weak during the day but it, too, sitting at the highs for the day. believe it or not, 1%, better than it was two hours ago. let me show you the nasdaq 100 stocks, tesla is the second worst performing stock

we're still waiting for the details on the musk deal with twitter. docusign is the worst performing 52-week low. meta has closed to a 52-week low. netflix, that stock has gone nowhere for the last couple months not a big factor advanced micro, that's not far from a new low the real story is in the energy sector we have these aggressive owe pec plus production cuts it's pushing the energy stocks around look at exxon, it's a rare day where you see exxon up 4%. chevron is lagging, aft pa, halliburton and the ap production companies doing really well. let me show you a full screen that shows the last three days of trading action. most of the pick names are up 7, 8, halliburton, apa, exxon, chevron, these are just the last three trading days and we got word that was going

to be an aggressive rate cut pushed over at owe pec plus. you see the big moves up there elsewhere, i just want to note the real estate investments just having a horrible year of course, higher rates hurting them some of the new lows on some of the big apartment rates and that's been a major, major problem this year, those rising interest rates >> tyler, back to you. >> bob, thank you very much. bob pisani, stocks sliding after the s&p 500 posting its best two-day rally in two years the next guest says the tug-of-war not over yet, because the bears get hold of the market and rarely let go. joining me nancy tangler nancy, good to have you with us. we tested the lows, we go through them again >> i was wrong last time, tyler,ite thought we saw the evidence that inflation had peaked and actually we did do

that and that scared the fed so they came out tougher than ever. this narrative we keep hearing, mary daly today, saying again, that they are going to stick with it and continue to raise rates. i'm not arguing that they shouldn't. i just think it's a question of pace and that's what the market is terrified of just as they pated too long in the past, now they're going too quickly, seeing that data come through. >> yeah. one of the analysts that we speak to repeatedly on fed day said his worry was that the fed was going to start too late, hang on too long and go too far. it feels like an awful lot of people feel that way that they started too late, that they may raise too much and stay there too long >> i think that's right. i just attended a piece of our clients called monetary policy in the rear view that's what will we have we have a group of individuals that are looking at data efforts that have come out and not

anticipating which direction we're moving in. so that would be a coincidence, or consistent with what your other analysts have said, which is they are going to go too long or too hard and that's the fear. >> yeah. >> so, to that end, i think we do easily readjust >> so, we can look at data, and the fed looks at data and indicates some of the things the fed would like to see are beginning to maybe take hold in other areas. the data around quite so definitive and so forth. but one of the things that's interesting, you say that capex in technology and robotics spending is something to watch and that may be one of the drivers or the balloons that lifts the markets out of this morass >> i think that's true i think we'll learn very quickly when we seal third quarter earnings from the tech companies. particularly the cloud providers. that's one of my main ones now

and cyber security which ceos have said is the top spending authority. networks is how we play that once this sort of fear over tightening sort of subsizes, then we're going to turn our attention to growth and we're going to be in a slower growth environment than now the gdp just came out 6.2% for the thirds quarter so that doesn't sound like a recession then, of course, we got the iss services and that doesn't sound like a recession but there are other places where we're seeing indications that we're in a recess >> some of the jobs openings numbers are declining. >> right >> seeing a little bit there you mentioned service now and pallet low alto networks, i get those two. how does cvs health wedge its what into that list? >> we're have the portfolios with dividend growth always since the 1980s that's not new for us, cvs a

reliable grower, it's in a safer more reliable growth area, health care, g-resources, my other name, one paying a $3 and last year, paid $5.80 in special dividends and we still think the story has a long way to go in traditional energy and the majority, 95% of reserves are in the u.s. there's a lot to like about it and it's down from its highs >> let me ask you a question about cvs health, what is it, what is it in your view the best part of your business today, and what is the growth driver going to be for that company in the future because i just have this opinion, it's just me alone. i don't think we need another cvs store. and there are plenty of them, they're good, you know, but, you know what i'm saying? >> no, i totally do. and they have have fabulous ceos, so that's one important thing to pay attention to.

but the health care side, the clinics, i would not go to one of those clinics, but all the mcco millennials in my office do. >> yeah. >> they're leveraging the acquisitions >> it's not the gatorade in aisle 6, it's the the other parts of it. >> nancy, good to see you. >> you too, tyler. for more ideas and analysis, be sure to tune into the cnbc special "markets in motion" that is tonight at 6:00 p.m. eastern time interesting program. in a bigg geopolitical blow o opec plus, team coverage around the world for this brian sullivan in opec headquarters in vienna, tail la tachie with the biden

administration response. brienl, let's get to you, this 2 million barrel a day cut may not be 2 million barrels a day, i'm today, but you'll explain that, but certainly bigger than we expected, right? >> yeah, i mean, the chatter began a few days ago, first off, when they announced they were in person, they had virtual meetings for 2 1/2 years, then somebody said, energy world, you come back to vienna. started to chat around 1 million barrels a day, then 1.5 million. we got to 2 million. and this is important, it goes to what you just said, the headlines are going to scream opec plus cuts 2 million barrels a day. not technically true that's the head line, but to your point, the reason -- we're going to actually probably have about 900,000 barrels, physical barrels per day, taken off the market that's still a lot i'm not minimizing 900,000 that would be one of the biggest non-covid consults ever.

but the reason the headline screams 2 million and an actual number probably 900,000, is because the number of opec and opec plus producers were not meeting their quota. in other words, they were not at the level they were supposed to be anyway. so you really don't take them into account it's only the big producers, saudi, uae, kuwait and a few others that are going to be taking the hit there was a press conference, by the way, and i asked prince mohammed bin salman, if the strategic reserve until any way disstew disstewart ed -- distorted th pricing market here's what he had to say. >> i wouldn't consider it distorted, actually, it was done in the right time, and if it didn't happen, i'm told that things might be different than what it is today >> so, there you go, that's the

saudi energy minister, we're going to actually sit down with him in a few minutes it is a big deal one of my best friends, get over here, jumping in on these random guests all day, what lena, thank you for sticking around. what's your take on what was happening today? >> it was anticipated. >> 2 million >> i think we had that word this morning, that was the word, 2 million barrel a day cut as you pointed out it's looking more like actually a 900,000 barrel a day cut when you look at who can actually pull back production but from that standpoint, the white house, it doesn't matter at this point whether it's 2 million or 1 million, we have to wait and see >> do you think we're on the march, that close to 100 a barrel -- >> i look at december. and my question is we're looking at a situation where we have the

european embargo, and no other oil oil. we have a whole different other set of oil that would make it difficult to move russian oil. and there's a lot of uncertainty what we could be looking at in terms of disruption come december >> thank you for the impromptu interview. tyler, the december sanctions, the eu-proposed price cap and the release of the sbr going on for months now now, we've got the cut, now, the energy war, whatever you want to call it it just appears to be ramping up oh, by the way, the deputy prime minister of russia who was the energy minister was here in this building today highest level russian official to visit europe since the war and the sanctions began. quite the scene here in vienna, austria. >> amazing great to have you there on the ground in the room where it happens. brian sullivan, thanks again

we look forward to your interview with the saudi minister as well bria vienna today's cut coming after voting to sway the reduction, t kayla tausche with it. we now await the policy response from the white house, what is it >> reporter: well, tyler, we're starting to see glimmers of what that could look like there are a bunch of ideas on the board. democratic senator joe manchin has called for permitting reform to spur production here. we also have a statement from the white house suggesting and calling on congress to essentially lessen opec's power potentially with changes in opec's trust law to potentially take some of the power away from opec that's a very difficult thing to do but something that the white house has put on the table

then there's this, in a statement earlier today, a joint statement from the national security council and the national economic council saying the president will continue to direct pet tree yum releases as appropriate to protect american consumers and promote energy computer and he's directing the director to support any additional responsible actions to continue increasing domestic production in the immediate term. now, this is a change in posture just yesterday for the biden administration when the press secretary said definitively there would be no additional releases considered from this strategicreserve, no the president and his top aides with that existing drawdown into november, it was supposed to end this month, but now it's going to be ending after the midterm elections. from gas buddy, saying that the exact on the opec decision could be between 15 to 30 cents per

gallon for american consumers. while that's just a fraction of the decrease that the administration has been touting in recent months it certainly undercuts.message of the white house and democrats as they hit the campaign trail, trying to argue that they're easing the price measures that's why the white house had a concerted effort in recent days, an 11th hour effort to try to convince counterparts overseas, members of congress, as well as companies operating in the industry there would be drastic effects on the economy but clearly that's a message for opec that fell on deaf ears. >> kayla tausche, thank you very much we'll be watching all day from the white house. thank you. all right. coming up, owning financials in a rising rate environment should be a no-brainer but not every bank is created equal. up next, we'll speak with the head of wafed. plus conagra all reporting earnings before the bell tomorrow morning

we've got beverages, we've got spices, we've got everything those additions of the food and beverage explain we'll be back after this this i"t ehae" os hexcngn c cnbc 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 and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business.

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♪ well, the fedding tightening

main street may be finally getting a little relief as gas and home prices come offer the summer boil. one beneficiary of rate hikes and increased consumer banks, this year, washington federal has seen income rise 6.6%. despite rising rates loan demand remains strong with loan originations up 18%, year over year, this past june and wall street is taking notice, regional banks outperforming big banks and the broader market in 2022 with us, the president and ceo of washington federal. or wafed, how are you, brett >> i'm doing well. >> good to see you let's talk about two areas particularly sensitive right now. one would be mortgage loan growth, what are you seeing there? and then commercial real estate, what are you seeing there? >> yeah, there is no question that the fed's actions are

having an impact, right. we have seen, as it was announced earlier today, the mortgage rate on the 30-year fixed rate mortgage all the way up to 6.75%. that's more than double what it was a year ago so the demand has plummeted. for us, our applications are down over 50%. and i think that's better than industry, in totality. >> what about commerce real estate, what is the demand like there? >> yeah, commerce real estate, the demand it seems almost unquenchable it clearly, the increasing costs of financing are having an impact but the reality is in the majority of commercial real estate is housing-related. whether that be multifamily housing whether that be, you know, retirement homes, so forth. and we're still seeing our markets, 95% occupancy, multifamily. and year -- year rents of 50%.

even though the deals are going up, it's harder to pencil for the sponsors >> so builders are still building which is what builders do, right? >> builders are still building and that's exactly what builders do one of the things that we're hearing about anecdotally, we're hearing that some of the large national builders are looking to sell some of their inventory of lots to the multifamilies, to the build direct category just because there's so much demand for rental units and if you look at what's happening in terms of affordability for new single family homes with 6.75%, more people are going to be looking to rent than buy >> let's go down to the main street level and what you're seeing there among businesses who are taking out commercial loans. they're not commercial real estate, they're not mortgages. these are business loans what are you seeing there among the businesses that you service? is there any flattening of demand are they postponing capital

improvements what you can tell us >> yeah. just like everything, we're seeing in the economy, we get mixed messages some people are clearly pulling back people are nervous about the auto work, right is the recession looming, what will a recession look like while others are seeing record profit margins, we were just speaking to local restaurant owners in see seattle, they're having their best years that they've ever had, not only from the revenue, but income standards. and the other thing, the hotel industry, coming outside of the pandemic, hotels are doing nominally well, occupancy is up more than they have since 2019 and report profits, they're able to cut back on the labor because the profit margins are higher than they've ever seen

>> two quick questions to conclude number one, you operate in eight states, mostly a spine down the far and intermountain west with the exclusion of california. which state is, in your view, the healthiest right now, i bet it comes down to nevada or texas? >> you know, it would be hard to say which of nevada or texas utah is also doing nominally well we are so fortunate to be in the eight western states you look where people want to live it's basically our eight western states we're seeing that migration as we have seen it and i believe we will continue to see it. the majority of state governments have been pro-business they've taken the pandemic seriously and they've said, we're not going to close down and you've seen it in the economic vitality of the state >> there probably isn't a city in america that has seen greater real estate price increases than seattle over the past two decades, let's say are you beginning to see, with mortgage rates going up where

they are, are you beginning to see some slowdown in price increases? or maybe even some price declines >> we are seeing had some decrease in prices, not only a slowdown, but some decreases in prices but i think that's healthy tyler, we went too far, too fast you know, if we end up with 5%, 10%, 15% decrease in prices, i think that's okay. as you pointed out in the intro, that's good for consumers. one of the things that people don't fully comprehend is the amount of cash sitting in bank accounts for both businesses and consumers. going into the pandemic, there was, i think, what, $13 trillion sitting in governments on u.s. banks. today, that number is $18 trillion in deposits so, i think as you see some softening in some of the asset classes, you know, residential real estate, i think you'll see buyers swoop in. >> brent, good to see you as always, brent beardall of

washington fed, thank you. >> appreciate you having me. the dow a flicker of positive there for just a moment i noticed at the end of that interview, i think it's back negative now but we'll follow it still ahead, what does musk got to do with it if he wants to turn to wit entire a superapp. what does it mean? does it have a cnce hafor success? we will debate that when "the exchange" returns after this about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often

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right now down about 37 points but back above, notably 30,000 which we cleared yesterday rate-sensitive sectors, real estate and utilities, they are among the worst performers today. and in fact, energy is the only one of the 11 s&p 500 sectors that is in the green right now and there you see it, perhaps, responding to what brian was reporting about earlier today that production cut in oil pushed through by opec today all of the mega cap names are lower in technology like alphabet, apple, microsoft, amazon and most conspicuously of all tesla. down 4.25% tesla tracking for its third straight negative week and its worst once since may now mr. frank holland who is back with a cnbc update. hey, frank >> tyler, thank you. here's what's happening, the court agrees to expedite the

justice department appeal from documents seized at former trump's florida estate court orders briefed from both sides must be complete by december 17th. president biden landing in florida. and fema saying ian is perhaps one of the most cost ly disastes in 20 years. and for the first time in 20 years, a russian cosmonaut is lifting off. headed to the international space station, among the crew, nicole mann will be the first native-american woman to orbit earth. and on the news tonight, easing the health of nurses with robots how to fight off stress and fight burnout, that's 7:00 on "the news. still ahead, consolation brands, conagra and mccormick

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welcome back, everybody. time for earning exchange.

today, we head to the grocery store. we've got the action, the story and trade on constellation brands conagra and mccormick first up, we've got constellation brand shares down about 6% this year, outperforming the staple it's secr staples secretaries off by 12% vice names that can typically hold their own but with a spotty revenue record beating in 10 of the past 20 quarters will the current slowdown mean another miss frank holland has the story. hey, frank >> hey there, tyler, the question when we look at constellation brands is guidance most companies revenues, i'm not saying it doesn't matter here, but it's really about guidance, especially when it comes to beer business which is 80% of overall. there were thoughts with constellation brands it might raise the guidance, but they just didn't. there were deals with company's

founders, i don't want to get in the weeds with that, but -- and this is a good but -- a rare good but in this economy constellation brands has actually had a boom over the last three months. the sales of their products have outstripped the rest of the beer industries especially when it comes to products like modell la and corona, both of them exceeding it in beer in a recessionary environment coming up on the call, important to note, comments about recession from the ceo, bill nuland on the last call, he said, beer, especially when it comes to luxury beer which technically corona and modell la is, it seems to do well in an inflationary environment, they still believe that and will we see a guidance raise >> and with us, a cnbc contributor, delanno, what do

you think about constellation? >> tyler, constellation is one i do not own, if i was holding the stock, i would look at it's trending where the staples sector, it's averaging trading above. but on the positive side, as frank spoke about the beer, actually do have a 13% presence in the wine market in the u.s. which is obviously strong, stronger margins and cash flow on that side what can give investors pause, 39% ownership in canopy growth, which is a trade that's volatile so, holding here, i think there may be a little bit of bump where people take profits if earnings are strong. so, i would hold if i'm an investor here. >> let's move on to conagra brand. shares lower by 3% this year food and grocery items seeing spikes conagra, frozen foods and plant-based offerings last quarter, but with budgets tightening, will the positive

momentum continue. let's bring in seema mody for the story. >> tyler, we did hear from sean connolly who said if and when a recession unfolds, you'll start to see the consumer eating out less and opting for cooking at home and spending more time in the home the question is that's exactly what he's seeing in the third quarter. and echoes what he saw from walmart ceo, where he said consumer is under pressure and in some cases trading down, opting for canned goods. that will be what investors looks for when conagra reports earnings this is a popular dividend play, officering 4%. but with the two-year, a similar amount, it much more about buyback and allocation plan. year to date, stock is down, yes, 2%, 3%, but vastly outperforming its peers and s&p 50020% decline >> seema, stick around, we'll

get back to you, delano, what do you think of conagra >> yes, tyler, another one i do not own, i like the valuation better trading at 13 times, and seema mentioned consumers a big one here obviously at stake, they've got a big problem with supply change issues and price production on that side. in july, management raised guidance that was a strong side they were showing strength in demand, and demand keeping pace. this is one that i would hold or buy, if the investor has cash to do so. >> all right let's move on to mccormick, shares are down more than 25% this year. the spice company cut four-year guidance last month, saying high inflation and lows, they're pinching profits seema, can mccormick bounce back from this bland outlook sand

delian deliver a little pepper? >> yes, more people during the pandemic were at host, testing out recipes, baking. we did see the supplies but supply chain issues, rising imports, that has dominated the story. the company has cut the financial guidance for the year twice. expectations are a little lower for the company. we'll see if the company can provide a story to wall street, that in this environment when prices are rising, consumers are looking for options as they try to make dinner for their families >> what do you say for mccorporalic >> i actually do like spices but this one underwater, because of what seema was mentioning, the supply chain issues which management has realized and obviously said and doing things to combat this but they also have china plant locked down to deal with last quarter. and they even mentioned demand and investors don't want to see, and sales growth that same sort

of strength that we like to see. this one, i would be cautious on for investors. >> all right delano and seema, thank you. 1,000 bucks a month, no, it's not for a scratch-out ticket price, it is what some americans are now paying for auto loans we'll dig in ttohe staggering numbers next when "the exchange" returns in two - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing.

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details. so $1,000 a month for a car. >> first time i heard about this, tyler, we had a few of these a few years ago, i thought, who are the people doing this well, a lot of people are doing this this is data from edmund's, look at the increase in percentage of auto loans that these respective months that included $1,000 a month. last month, 14% of those who took out a new vehicle auto loan said, yeah, i'll write you a check for at least $1,000. we went to adams toyota, in lee summit, missouri, out of kansas city, we talked to them and see what are you seeing in terms of taking out $1,000 loans, they said not only are they taking out the loans but increasincrea they want to spread out the payments as long as possible, even seven, eight, even ten-year loans. bottom line, more and more people are just comfortable with these payments

>> i believe the average car sale last month, the car was about $50,000. so, you're talking about at least 50% of the people on any sort of sport utility, any sort of truck are going to be at $1,000 >> here's something else to think about, as you take at the ev automakers, and we're talking, tesla, rivvian, lucid the average is $50,000 edmund's is saying, 1 out of 4 people who said, yeah, i want an ev committed to paying at least $1,000, at least, $1,000 a month. remember, the sales rate, tyler coming in 13.8 million for the year you look at retail sales, about $12 million every year in the u.s., 80% of those are financed. we did the math, this means 1.3 million people this year, at the

current rate of 14%, are going to take out auto loans with $1,000 a month payment think about that >> yeah. it's just staggering we heard earlier that people have a lot more cash so maybe more people are putting more cash down or they're able to buy a car with cash. >> sure. >> but the point remains people are going to be stretched, aren't they, in trying to make the loans? i wonder what we'll see two or three years from now in terms of repossessions. >> right so, when you're asking about repos, delinquencies, defaults >> right >> that's a lagging indicator. >> right >> and we talked to people at experian, we see that and that kicks in, but people ultimately say, okay, i can't make a payment. an interesting thing, tyler, in the great recession, we saw a lot of people who said i'll walk

away from my home before i give up my car or truck >> that's an interesting dynamic that we saw for the first time during the recession >> very true people would have the electricity turned off before they give up the car >> phil lebeau, thank. still ahead, twitter unable to eke out a second day of gains against the broader selloff, despite elon musk to buy it. the shares up 6% agency the cap hovers around $39 billion. we will dig into how the billionaire could upend the social media company, next "the exchange" will be right back

- oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments

that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing.

♪ welcome back, everybody. shares of twitter giving bac some of yesterday's gains now that elon musk has proposed to stick by his original buyout plan the conversation shifts to what he plans to do with twitter. musk perhaps giving a clue on his own twitter page hinting he could fold it into a so-called superapp he calls x. and would that catch on with users and would that require him to buy up other apps as well asking a tech expert steve covin

here and joanna stern joins us as well. she's a cnbc contributor who i had the pleasure of running into last week at the globe awards in new york joanna, what is a superapp >> it's the dream of every u.s. tech company, it's a single app that has many apps in it that means you never have to leave that app to do everything. payments, shopping, get your news, message, it's all in one app. again, you never leave the app it's super >> it's its own ecosystem? >> correct, it's own walled guard. we have operating systems but there's the question what if one app can do what that operating system is already doing, right have the methods have the payments, have the infrastructure that allows the apps to talk to each other, or what they call mini apps in a superapp

>> steve, there are examples where this is rolled out >> yeah. >> most are in asia, china, korea and elsewhere. how have they done >> extremely well, the best champ is wechat, ana was sayingn do everything, you can text, hail a car, you can buy things both in physical retail stores or just shop online, like through amazon you probably have a separate app for all of those features. this has been tried in the u.s. to various degrees facebook is constantly stuffing features, taking them away, trying to how to build their own super-app even ftx has talked about it but western users don't seem to take it up the same way.

does elon musk have a decree sauce or game-changing way to convince us to use a separate app? >> this sounds like a cable bundle you subscribe to a super-app and you get everything um. are they pay apps, or do you get for them >> i think payment is core to this i want to talk about my electrician, plumber, baby-sitter for my kids. all of them when they bill me, they bill me, one central pank, so you can pay all these bills, places, as steve mentioned, shopping so to your point, it is a b bundle all of these stores, retailers, come to this app for an underlying payment structure the question clearly is do u.s.

or western users want this >> i would like the idea of only one password as oppose ooh posed to 75 or 80. that would be a real convenience. on the other hand, i think i would be very suspicious of having ceded so much of my digital life and my identity to one provider that's part of the problem, too. look, let me demonstrate how important this app is, tie letter when two years ago donald trump tried to take we chat away from the united states, we tried to ban it, because it's owned by a chinese company, there is a collective freakout here it's the only way chinese-americans with talk to their friends and family over in china. so there's so much tied into it. to your point, we would have to

ask ourselves if elon musk does turn this into our vision, do we want to give that much authority or power to one person or one company. it seems like western users have said, no >> final thought here, joanna. were you surprised to hear what elon musk decided to do? >> it never surprised me with elon musk. i was surprised to see this super-app idea when he did announce the deal, he was interested in doing more around the algorithm finally we're seeing some idea of what the app could be to him, but did someone just whisper that in his ear, and he said, yeah, let's tweet that today thank you both coming up.

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welcome back we want to get one more thing before we go that's crypto. bitcoin has lost more than half its value this year, but the drop in prices may not be as concerning as the fact that criminals are employing crypto-ajason technology to high illegal technology hey, kate. >> criminals are taking advantage of some of the new are technologies in crypto and the thousands of currencies out there. a research firm has new data on the scale of this. there's been roughly $4 billion in illicit crypto transfers, most of it coming from three key technologies first is decentralized exchanges. you may have heard the term defi

as well. but that accounted for about a third of all crypto stolen and coin swaps you don't have to open a new account, and as olympic posted, they cater almost to a criminal activity while cryptocurrency transactions are anonymous, they are usually traceability that's help law enforcement in some cases but moving across these different assets and blockchain, they call that chain hopping the treasury department is calling out chain hopping by name in an f-stop report last week >> so let me ask you a couple questions. i guess the criminals who are perpetrating some of these actions, some of them are into

ransomware, some into identity theft and other invasions, but i wonder whether a lot of them are into old-style money laundering. >> that's right, it may start with a hack and that's still the biggest category it's still from your classic stolen funds off an exchange that's the number one thing, but money laundering is moving to some of these bridges and also ink changes have looked a bit more like banks in recent years. they have followed the notice your customer laws that banks also have to comply with as a result, a lot of it has moved from the more classic exchanges that are highly regulated to some of the smaller exchanges offshore, and moan laundering is still a big issue.

>> did you watch "ozark" >> i love it marty bird would be all over this. >> just very quickly, yes or no, do the feds have the firepower to control this? >> yes, but the crypto industry has pushed back in the way they're doing it there's been some sanctions they haven't agreed with, but yes >> kate rooney, thanks we'll have more with strike founder and ceo jack mallers at 2:15, "power lunch" begins right now. welcome to "power lunch. i'm contessa brewer. here's what's ahead, breaking point, should the fed slow its pace of hiking we'll debate it right here, because there's too much at stake for the fed to get it wrong. opec plus, how much will