they want to go home at night. >> thanks. >> frank collins that does it for "the exchange." i will be back at 5:00 double dose of chart of the game, think gaming and a land far away tune in 5:00 p.m. eastern. mean time "power lunch" starts right now. thank you, melissa see you live at 5:00 welcome to "power lunch" with contessa brewer i am tyler mathisen october living up to its reputation, stocks fall after yesterday's historic rebound with volatility gone wild. a market veteran will tell us why he is betting on big gains over the next year and the stocks that will lead the way. deep freeze, the once hot l.a. housing market, turning a little bit chilly. buyers and sellers at odds deals coming to a halt we'll talk to a realtor on the front lines that says this is

unlike anything she's seen before. all right. tyler thank you for that stocks are lower after the university of michigan consumer survey showed inflation expectations increasing. the dow had been up 390 points at the high today, now looking at down 263 points off nearly a percentage point the s&p 500, has fallen 1.7% and the nasdaq leading lower down 2.2% off by 235 points yields again getting higher. the 10-year yield breaking through 4% up from an earlier level of 3.8%. and then we are looking at the financial sector, holding on to its gains after earnings reports from some of the biggest banks jpmorgan, wells fargo, citigroup, all getting a lift. look at jpmorgan is up by 2.5%, wells fargo up 2.8% and citigroup up 1.2%. look at morgan stanley down almost 5% on an earnings report that went the opposite direction. leslie picker tells us why the

divide, what the results tell us about the health of these banks and, i don't know, leslie, what does this say about the looming threat of recession? >> oh, yeah, the "r" word was on display today especially on the earnings calls, but as you mentioned, jpmorgan, citi and wells fargo, able to notch beats in the third quarter thanks in part to rate hikes driving boosts in so-called net interest income a profitability metric defined as revenue from loan making minus what banks pay out for deposits for the most part those ni, figures and guidance came in better than expected for firms more exposed to volatile markets and investment banking like morgan stanley the quarter was tougher because of their business mix morgan stanley posting a miss and declining top and bottom lines thanks in part to a slump in investment banking and muted equities trading in particular recession as i mentioned top of mind for the bank executives who spoke on the calls today

here's citigroup ceo jane fraser who said the u.s. economy remains resilient, but they're seeing signs of slowing. >> it's all in a question of what it takes to truly tame persistently high core inflation. now history would suggest that that will be quite a lot, and for some time. therefore, we could well see a mild recession in the second half of '23. we believe the u.s. economy is well positioned to withstand it, all else being equal in the geopolitical arena that is >> her comments and timeline echo those of ceos of jpmorgan and morgan stanley on their respective calls today as such, the banks stowed away hundreds of millions of more for loan losses and remain conservative with capital as they brace for what's to come. >> leslie, even with today's

moves you're looking at the banks still trading at roughly book value, so what does it take then, i don't know, to get investors over that hump >> yeah. so despite all the commentary about macro, analysts will say there's still this overlay of uncertainty, overlay of what the future brings. jamie dimon spelled it out on the call there is a probability you see a soft landing there's also a probability we see something more adverse and more of a severe, hard landing it's just very unclear exactly how all the cross currents are going to play a role we heard that from all the banks. investors want to see some clarity on that and capitulation in the stock prices and banks pricing in a recession themselves before they feel compelled to dip in. >> leslie, thank you appreciate that. our next guest is putting his money into jpmorgan and says the s&p will make its way higher over the coming year let's bring in doug butler, portfolio manager and senior vm managing director with rockland

trust. tell me why jpmorgan chase, what do you like about this bank at this moment? >> at this moment, you know, again, what they did today was they actually shored up their balance sheet, took additional reserves, they've really built out, you know, a fortress that can withstand a recession if it does, indeed, come but, they also have, and you saw that with morgan stanley, they have exposure to the capital markets, they have exposure to main street america, and we think they are the best franchise and also the most attractively valued stock. now citi, the citi ceo on earlier, citi is a very inexpensive stock, but we don't love their positioning as opposed to jpm's. >> where do you see opportunity? >> you know, we're seeing -- we see them as actually for jpmorgan, the opportunity, we think is -- we think there's significant upside, especially because we're not as convinced a

severe down recession. one of the things we think is, we think that the upside is probably being under priced. we think there's sufficient strength there and we also think that these additional reserves, you've seen they came in under on like non-performing assets and bad loans and they're reserving but they may end up releasing these before having to take them, assuming we don't get major default and we don't get a major either geopolitical hit or major economic hit of the fed pushing it sort of even past the 5 level you're starting to hear talk of that that to us seems unlikely. >> but you mentioned three things, if they happen they could scramble all the eggs, right? >> oh, yeah. like i mean, it's funny, jamie dimon i think a week ago talked in europe about like the market could be down 20%. well, yeah, it could be. it could be off 20%. sodo we think the odds of it

being down 20% from a year now or up from 20% are the same? no we think there's a two to one odds in favor of the market being sufficiently higher, above the 4,000 level on the s&p next year relative to it being down below 3200 >> that's something to look forward to that's good. i feel better now. >> christmas comes early. >> doug, i like this i mean, let's talk -- you mentioned something that was sort of interesting to me, while citi is well priced, you don't like its franchises as well as you like the franchises or i think that was -- maybe my word, not yours. >> yeah. >> what is it that makes them less desirable than jp >> citi is more exposed internationally. probably -- and we're still not sold on necessarily a huge european recovery, huge south american recovery. we've seen poor performance out of latin american countries.

i also think, again, jpmorgan has a better positioning in the capital markets. they have deeper penetration than the main street america, so i think that outside of bank of america, which right now doesn't have quite as great a balance sheet as jpm, we like jpm the best they're the own bank we currently own in the portfolio. >> so let's talk about other stocks then, i see you like merck and you like next terra energy, run through those quickly. >> merck has gardasil and it's done fantastically with its core franchise, but what we think is under valued is sort of the animal health friz the vaccine franchise we think people are wildly discounting that. >> okay. >> we think that's under valued. >> next terra? >> the renewables piece we think

you're getting that right now. the core utility business is worth 50 to $55, probably 53 to $55. stocks trading today, yesterday it was trading at like 73. we think the renewables portion of nextterra is worth between 40 to $65. >> and there you're seeing it trading at 72 right now. doug, thank you for that appreciate it. >> all right thank you. >> higher in a year. americans expectations for inflation rising in october. that according to the university of michigan, which is a closely watched indicator for fed officials by the way it follows yesterday's hotter than expected cpi report for september. in a new cnbc op-ed, our next guest says there's plenty of evidence prices are falling across the economy ron insana is senior analyst and commentator and schroeder north america and joins us with his deflation checklist. where are you seeing it?

>> disinflation checklist. >> disinflation. >> i'm not ready for deflation yet. there are a host of areas where we're seeing goods prices begin to fall, inventories accumulate, shipping times and costs fall dramatically to prepandemic levels on the good side we're seeing disinflation for a lot of different items and that's important in so far as it will eventually feed into both cpi headline number and the core as you mentioned earlier in residential real estate, places like los angeles, prices are beginning to come down and that's true in major metropolitan areas rents are lagging but will get there and start to put downward pressure on cpi as well. >> do you think that fed is paying sufficient attention to these indicators that you cite, which are more present and forward looking, than the numbers that are in the data that, for example, that came out yesterday or the day before, which are backward looking >> right

no, 100% i think they're looking in the wrong direction in so far as you look at the new york federal reserve own global supply chain pressure index that has turned lower with respect to having to do with global trade, shipping times, container costs which last year were $20,000, this year 2300, and we're seeing all that supply chain disruption evaporate. retailers as we've discussed in the past accumulating large inventories and have to discount prices going forward even commodities, look at gasoline and oil, after that brief opec pop that we had a couple weeks ago, we're back down $3 today and falling. so gasoline is going to start coming down again and, so i really think that the market, whether it's inflation expectations away from the university of michigan, which have ticked up a bit but still well anchored around 2.3, 2.4% when you look at treasury break evens and the like, the market is telling us inflation is coming down. >> but ron, where we saw the

problem is with services inflation and wage inflation how do you think that you start to see a disinflation in those areas? >> well, charles schwab put up an interesting chart a while ago, and it showed that wage inflation is beginning to roll over as well so when you see that, which is what the fed is trying to break along with the services numbers, the service numbers have to come down if the economy slows. there's no way you can maintain a higher cost of services if the economy were to slow significantly or in the words of jamie dimon, we slip into recession, then automatically -- >> do you think it propels automation here. i've read in like i don't know the top jobs in every state, two of the three are drivers and cashiers, both of which have the potential to have automation come in and be disrupters in the sectors. >> cashiers already. >> mcdonald's, right. >> mcdonald's has robots making

fries or at least experimenting with that. amazon has a robot that can load a thousand packages on a conveyor belt per hour it's funny i did talk to cathie wood at an investor conference, she's on the deflation side of this with innovation i'm on the disinflation side i think with artificial intelligence, machine learning, robotics, all those things over the next year or two are going to come at the economy faster than people realize and will help at least go some way in solving the wage issue we have today. >> i thought it was interesting yesterday, coming off of i know you and i were in las vegas but at separate conferences to watch the speculation over the markets and why we were seeing the off turnaround what's your thought? we need to buckle up and get ready for more of that >> probably. i mean it's interesting, larry summers with whom i openly disagreed on the inflation issue and on fed policy, is now talking very openly about

emerging market bonds breaking and that developed nations are not doing enough to ward off a 1997 or 1998 style emerging market debt crisis if that's true and the fed is getting closer to raising rates to 4.5 or 5% something will break and we'll see increased volatility you know, it's interesting that larry has been pushing for higher rates but warning of the consequences of going too far too fast because some bond markets, what the japanese government bonds, 10-years haven't traded five days and the i illiquidity in the uk. a mistake there and the fed has to stop >> ron insana. >> insana conferences in las vegas. >> did i just -- i just gave - >> yeah. >> she was at a gaming conference i was at a financial conference. >> guess which one was more fun. >> well no, i had a great time, actually i lost a couple hundred but -- >> i walked away a winner and

tripled my money ron insana, i -- listen i cover gambling as a sector i should know something about it. >> next week again. >> let's talk. >> we digress. speaking of falling price, pretty dramatic declines in food commodities, increased costs what are you seeing? >> this week's cpi and ppi readings both showed that food costs remain stubbornly high if we take a step back and look both longer term and on a granular level, you can see the commodity costs specifically are trending lower according to data from bernstein during the third quarter prices for beef and pork fell year over year coffee, milk, wheat and cheese do remain elevated, but they are starting to come down. now this is notable because surging input costs have been a major headwind for restaurant companies and they've passed along some of that to consumers in the form of higher menu

prices domino's said yesterday during its earnings report it expects food costs to rise between 13% and 15% this year. that's actually somewhat good news as research noted those estimates didn't go up compared to the second quarter, meaning during a tough stretch the outlook is not getting worse. >> as we look at this beautiful graph you have here, the prices of beef and pork are actually lower than they were a year ago, year over year price change, but the others, it is merely that the rate of price gain is slower than it was a year ago but by any standard when you are up 20% year over year on coffee, 19% year over year on wheat, on milk. >> quarters. >> you have -- >> quarter to quarter, you have higher prices. >> you can see they're starting to trend lower but no doubt that they're still high however, any - >> and rising.

and rising. >> but any relief, tyler, is really good for the restaurant industry because 33 cents on every dollar in sales is thanks to these input costs and beef and pork are a major source of inputs for restaurants so veen while some of the other ones are high, they are starting to come down and so if we look a little bit less on the month in month -- >> silver lining >> but what's coming down is the rate of growth in prices, the rate of upward change in prices. i agree that's better. 20% price gain in coffee is better than a 49% price gain or 82% price gain but not as though my coffee is getting cheaper. >> i keep talking about people turning to store brands because those brand names are getting expensive. >> yeah. >> thank you. >> food for thought. >> oh. brilliant. we like that. >> thank you we're watching the market. who isn't watching the market. the dow at session lows.

385. we're going to talk about housing paralysis. buyers panicking, sellers not budging. we'll talk to an l.a. realtor who says this market is like nothing she's ever seen before retail sales stalled last month but there are three stocks that could be profitable short-term trades which theyre a later on power. we'll be right back. can get it on us at t-mobile.ss apple business essentials with apple care+ is included so you can easily manage your team's devices, here, and here. all on the network with more 5g coverage. it's the ultimate business trifecta, with the new iphone 14 pro on us. only from t-mobile for business.

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changing fast. two months ago as part of our powerhouse road trip a realtor said deals were starting to slow and today they're at a standstill as buyers panic let's bring in stephanie, broker associate with equity union in los angeles and southern california stephanie, welcome, good to have you with us. is what's happening here that buyers are afraid that prices are going to come down, down, down, so they don't want to put in at one point $3 million on a property that will be $1.2 million in a few months and sellers haven't gotten the message they have to ask for lower bids >> so absolutely, so what's happening is the sellers are starting to get the message, but they're definitely resistant because they saw neighbors get incredibly high prices a few months ago what happened in this shift -- and i've been doing this well over 25 years here and i've never seen it happen quite so fast -- so a loan in march for a

million dollars, would have cost a buyer around $4100 a month that same loan, is now at about $6500 a month. the affordability can't keep up. where a year ago we had prices just climbing, interest rates were so low so the buyers weren't afraid to spend. put what's interesting is, people found it psychologically easier to over pay by several hundreds thousand dollars than right now, they can get a much better value as prices are shifting so we have definitely seen about 10 to 20% decline since march. i would say that, you know, there's no bell that goes off at the top or at the bottom, but i would definitely say that march would have probably been the peak, if we were to try to - >> prices in your market are off 20% since march? >> so i have a very specific property and i could give you stories all day long, but yes, a

property where in march it would have sold for $1.2 million all day long, listed it at $1.2 million because they were late in getting to the market and we tried, we adjusted it to $1.1 million then to $999 and sold it for $980 that's 20% it's like that in all prices >> going back to the previous segment we were looking at a change in the rate of change of prices, are prices higher, despite this decline, are they higher -- are the transaction prices hig average than they were a year ago still or are they not? >> yes we are probably back to some time in maybe first or second quarter of 2021, it's hard to say exactly where, so the good news -- that's what everybody forgets -- the good news prices are still higher than where they were they're not as high as that cre shen da we experienced it's still unaffordable.

>> what breaks the logjam here sellers becoming more reasonable about the market that is, not the market that was or the market that they're hoping will happen or is it that mortgage rates -- i mean, we've sat at low mortgage rates for so long, that i mean, people in the last ten years f you bought your first home, that's all you've ever known is rates below 4%. >> absolutely. that is part of the real estate gridlock just about anybody who purchased since 2012, they're in the 2.5 to 4% range. that's a hard thing to give up what we're seeing now is more mandatory seller than discretionary sellers. a year ago people, everybody was like let's get a bigger house. it will cost in many cases, it cost them the same or less because they were trading out of a 4.5 or 5% interest rate to a motor expensive home but at 2.75%. it was worth the shift

so now, those people are like, you know what, we're good where we are, we're going to stay put, but the people who need to sell or really want to sell, are making the move. another thing that we're doing in our market, and we haven't done this in years, but i'm asking every one of my clients that has a low interest rate, is your loan assumable? everybody looks at me and says what we haven't done assemble since the '90s but if you have a -- i have a client who has a 2.75, 30-year fixed loan we'll have the buyer assume that loan and they'll have to get a small second for the difference because the price is too great, the seller's equity is still too great for the difference, but it's about getting creative i've also started having where we're factoring buying points so i'll have ply seller buy points and when i say seller, it gets financed into the loan but it becomes part of the overall package. it brings the payment back down so you can get a maybe 5% --

>> really creative for the buyers and sellers you have to wonder whether the banks facing this are like anything but that. stephanie, thank you for joining us we appreciate that coming up on "power lunch," east of wall street, investors closely watching the result of china's national party congress. we'll lay out what you need to know and why you need to know it. it's been a wild week for stocks the spy closing up 2% after starting the session down 2% for only the fifth time in the history of the etf we'll trade the biggest movers in today's three stock plunge. stocks are trading near session lows the dow off more than 300 points, almost 400 points. as we head towards the closing bell

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lower. the dow industrials relatively speaking with the least steep declines there's dow laggards american express, apple, chevron among the worst performers on the dow at this hour and dow for good or bad measure as the case may pbp to frank holland for the news update. >> here's your cnbc news update for this hour. the federal policy that prevents the deportation of immigrants that came as children will continue at least temporarily. a judge ruled the version of the daca program can stay in place with limitations he set. another ruling on the program last week drew protesters in washington after six months in space, four nasa astronauts are coming back to earth. their capsule has unducked and is expected to splash down off the coast of florida this afternoon. durango, colorado, a large unwelcomed guest was found under the deck of a house. it's a bear as you can see weighing as much as 400 pounds

it took a tranquilizer dart and wildlife officers to get the bar beer. the actor who played hag grid passed away he played a crime solving psychologist in a villain in two james bond films coltrane was 72 years old. back to you. >> sad fuse. thank you. putting together a retail shopping list. the group setting a low bar of late with names like nike missing the mark on earnings but mewinext guest has a list of nas thin ones to watch just ahead. we'll be right back with that. ey you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours

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all right. coming back now, we have fewer than 90 minutes left in the trading day. let's get you caught up on the markets. the retailers that could weather the headwinds facing that industry, as we hover around session lows, kristina partsinevelos with more on that. >> well, let's talk about yesterday's short-term oversold rally not repeating today with hotter inflation dynamics a big theme. the nasdaq, we are as we head into the session, it's dropping

more 2.67% on track to end the week in the red. we've got bell wetters like apple, amazon, and microsoft having the biggest impact. the tech sector dealing with the fallout related to rules on chip makers doing business in china this could amount to the biggest shift in policy towards shipping technology since the 1990s it has a trickle effect across all sectors or tech sectors and why chinese tech names like baidu, pinduoduo sell off today. the chinese etf suffering the longest losing streak since last april. then you have another hurdle for high growth stocks, 10-year yield we did see climb above 4%, higher yields can hurt tech firms with high valuation based on future profits. right now i've been going back and forth, only four names trading positive on the nasdaq 100 like kraft, comcast, splunk, just some of the few, but in the

coming weeks a flood of new earnings reports and investors will be looking for more evidence on whether a bottom is here guys >> i know a lot of fingers are crossed. let's get a check on bonds heading into the weekend, christina mentioned the 10-year hitting above 4%, hovering there rick santelli. >> yes it is. indeed, 4% has been kind of the wild spot in the whole long end of the curve let's start with the 2-year up about a handful on the day and 20 basis points on the week. it is starting to ease off a bit and there's very little doubt the higher rates have been one of the reasons that stock market has turned red as they start to dip maybe that will change in the final hours as you look at a 10-year, you can see exactly what contessa is talking about. several times this week, once at the end of september, we've toyed with 4% on intraday basis, but the truth is, we haven't closed above 4% since october of

2008 we want to pay close attention to a significant level, technically, and 4% comes into play on the 30-year bond its week to date chart we did dabble intraday over 4%, touched 401. we haven't closed above that level since 2011 finally it's all about liz truss and her government and tax plan put forth on the 23rd of september and as you look at the gilt chart from the close the session before that on the 22nd you could see the bank of england and the buyback program the gilt ends up about 85 basis points higher. it was right around 3.5% today it's around 4.35% as you can see on the chart here's an interesting fact and the same time frame for the pound versus the dollar. even though the pound is a bit lower it was around 112.61 on the 22nd of september. it did the best on the week thus

far, up about three quarters of 1% versus the dow index up half of 1% against the majors, better than the euro and the dollar/yen contessa, back to you. >> rick santelli, thank you for that. oil sliding is pippa back at the commodity desk give us a sense of what's happening. >> commodity prices are falling across the board today, for oil specifically, we had three major demand forecasters slash their outlook, opec, the eia and the iaea slashing their demand outlook based on macro headwinds that coincides with the lockdowns in china so there are many bearish headwinds this week for oil. wti down 4% at 8564 with brent crude down 3% at 9172. natural gas is also in focus here, posting an eighth straight week of declines for the first time since 2001. you know, we've seen record

injection in the past two weeks and right now we're in a seasonally week demand period for natural gas as we have moderate fall temperatures these declines are dragging on energy stocks, the worse s&p names. >> retail sales stalled out last month as consumers felt the pinch of higher rates and inflation, but despite the headwinds facing the sector our guest says there is a short-term trading opportunity. jonathan at baird, we are hearing alarm bells about how much inventory these stores have in stock and whether consumers are going into the holiday shopping season with less expectation of buying. why are you sort of bullish on getting in right now >> yeah. thanks for having me, contessa as a fundamentally driven analyst projecting the next few quarters is as challenging as ever there's a lot of supplier risk,

risks of demand shock as you mentioned, but as you know, stocks and the market overall reflect both fundamentals and s sentiment and in our note we highlighted five points to investors why we think sentiment reflects a lot of risks we see when you look at the stock price declines we've seen for this group down 50% year to date and twice the market's decline when you look at a couple bellwethers like nike having lowered the bar for the group in our opinion, we think a lot of fund risks may be in the stocks here, and it certainly requires a certain risk tolerance we expect a lot of volatility to continue in our view we see some opportunities emerging more on a three to six month basis. >> you like a couple of shoe companies, not including nike which is way much more than a shoe company, but deckers and crocs, largely in that area. >> yeah. that's right so to be clear, we do like nike,

maybe not as much in the short term as the three we highlighted today, given some of the challenges that brand has in china, but the three we highlighted have some factor of fundamentals that we think can help whether the storm and/or are structurally better business models comparing over the last few years. we also think valuation for the three we highlight ready compelling deckers has more than $25 a share and cash on the balance sheet. we think is not getting credit of the ugg brand and the specialty brand. that's one we like a lot here as a quality name crocs is more controversial. the valuation is much, much lower here we think the market is pricing in a 20 to 30% cut to croc sales and much lower profitability and also not giving credit for the newest brand they acquired last year, the hey dude brand

frankly, all of the market indications seem to be holding up well for both brands and we think the expectations are over blown here to the downside. >> your third pick we didn't mention, vf corp, vans and north face and a lot of outdoor, the dicky's part with the exposure to the workforce, right? >> that's right. bf corp is a portfolio of 12 brands we think the portfolio is well positioned and certainly better positioned than in the past. virtually all of the brands except vans are on a strong trajectory including dix ki's and we think the market is over concentrated on the vans brand we spent time hearing about the new strategies, meeting the team at vans. we think a fundamental turnaround there is certainly possible over the next few quarters and the stock is trading at valuation levels on a forward 12-month basis that rival back to 2008 and 2009 levels

you throw in a dividend yield approaching 7% and we think the sentiment is too low the stock is a consensus short idea here that i think over the next two quarters strong potential to improve. >> just turned positive as you were talking jonathan, thank you very much. appreciate that. sa. coming up, we've seen chinese tech stocks lag the market this is china's communist party congress comes together for its rare and important meeting we will give you the latest on that next stocks losing steam as we head into the close an hour and a quarter left the dow down nearly 400 points

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china holding its national communist party meeting this weekend. president xi, there are investment opportunities and implications seema moody looks at how your money might be impacted.

>> investors want to know if president xi jinping's anti-corruption campaign and crackdown on tech ha that has challenged its biggest companies and stopped the $34 billion ant group from going public if that will continue. it's had an impact on the market, the etf down 58% the 69-year-old leader in office since 2012 and is expected to be granted a third five-year term this sunday she will deliver a speech where he'll -- xi will deliver a speech to outline goals after sweeping restrictions on the industry calling on the country and manufacturers to become more self-sufficient, less reliant on the united states. larry hu wants to see how leaders strike a balance between security and development given the sharp deceleration in the economy will beijing make growth a bigger priority we do get third quarter gdp

results from china on thursday analysts estimating a 3.5% rise, well below the target set out by leadership this year. >> how might this weekend's event or this week's events change attitudes towards emerging markets' investments overall? >> we have seen accelerating outflows out of emerging markets over the past month much having to do with a stronger dollar, a tougher economic backdrop. if the speech and the meeting over the next week does not prioritize growth that could give investors a little bit more trepidation when looking at these markets. specifically for the msi market etf china matters and makes up 32% of that etf. what china does, its outlook for growth has an impact on the broader emerging markets trade. >> thank you very much. all right. still to come we're going with the swing of things here markets took a volatile turn creating leaders and laggards. we'll trade some of them in

today's three. you're seeing the markets down, the dow jones industrials just hit the 400 mark just a few minutes ago. we'll be right back. ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity.

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stocks are falling as we head into the close for this wrap-up of what has opinion a wild week for stocks really led to some outside gains and losses moderna and walgreens, two of the best performing stocks this week, and lam research one of the worst. let's trade those names with craig johnson, chief market technician at piper sandler. moderna is up 13% this week. what's your take >> my take on this, contessa, is that the shares have been essentially consolidating for the better part of about six to nine months. actually february and march time frame. really good support at the 117 level. i know the shares are up 47% year to date, 75% up for the all-time highs, but there are some fundamental things there that look constructive you had the exercise of the $250 milestone and technically the stock is just not breaking through that support at 117 so i would rather be a buyer here starting to nibble at the shares, and i think ted tentoff

at our firm has got this right and with the $214 price objective, i think the risk/reward looks pretty good. >> wall green's boots alliance up 10% on the week or it was on that note. >> yeah, tyler, you look at this, and the stock is still, by all means in, a downtrend, a well-defined downtrend going all the way back into the early part of 2022. that said, the stock is has been very oversold. if you look at the shorter-term momentum metrics like rsi it got oversold, starting to show a bit of convergence in improving and i think you have to trade into this one, tyler, back down to the resistance line and 509-day moving average bottom line, we'd be a buyer for at least a relief rally back to $35. >> then our final name on the list, lam research falling 14% this week. what's your take, craig? >> i think this is a buyer beware stock at this point in time if you look at the longer term kind of weekly chart, it is a distributional top that has been

made here in lam research. you clearly have got some fresh challenges with the u.s. putting new curbs on china technology, and you're also seeing disappointing earnings coming through. really it has stoked concerns that there's going to be further downside here in the semiconductor space, so as i look at this name, it's sort of a poor risk/reward at this point in time. any sort of break bloat 295 level is going to leave support at 225, contessa, so this is one i've got to pan at this point in time and wait to try to find some identifiable support because one doesn't win trying to catch the falling knife. >> let me ask you about stock markets today here, craig. you've got the dow jones -- the dow actually sort of falling in this range of 380 to 400, 410 or so what's happening with the markets, and what do you think we're looking at starting next week >> i look at market like this, and i say technicians are even more important today than they ever have been if you look at yesterday's price action, we hit a 50% febribonaci

trade level and right up to the closing lows today it looks like an inside day and backing and filling right now. from my perspective this market is so incredibly oversold. it's due for a relief rally that being said, that doesn't mean it's all clear it just means that we're probably going to get a pretty good rally that can take us back to 3900, maybe more and that will happen between here and year end still a downtrend, still have to be careful and still a buyers beware market. >> craig johnson, thank you for joining us today from piper sandler, the chief market technician with us today. >> tips and tackles up next. we've got two other stories we're watching we'll hope to bring those two, but number one, of course, we're going to watch the market for you as we round up to 3:00 eastern time with one hour of trade le tgofto

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okay folks, welcome back, by the way, watching noir big swing for stocks been that kind of week, amazing week really. the dow was up 390 points very early in the session, but a session low a short time ago as the stock market barometer was down 424 points, contessa, now down 376, a point and a quarter percentage. >> we have one hour and one

minute left to go in what's been this wild week the dow on pace for a gain the s&p 500 and the nasdaq in negative territory if you look at the whole week. you have oil falling today, energy is the weakest s&p 500 sector eqt, cotera and pioneer among the big decliners there. you can see them now look at eqt down 6%, so is cotera pioneer natural off almost the same and things getting even worse today for a couple once hot stocks which have just fallen out of favor, beyond meat down 8% and peloton down 15% serious concerns about the future for both of these companies, and, remember, when we're looking at the markets as a whole, a lot of our experts are telling us now, tyler, have you to look for the strong fundamental and the leadership you believe in. >> how many more 15% declines can peloton take or beyond meat? i mean, at some point you get really close to equity

>> you have to think there's a lot of investors looking forward to taking a breather this weekend. >> yeah. >> and maybe disconnecting >> what a week we've h.it continues now as we finish the week up and round into the close. thanks for watching "power lunch. "closing bell" starts right now. hope you have a great weekend. >> yeah, another big intraday reversal this time to the downside. stocks are pulling back as we wrap up this wild week on wall street we are sitting at session lows right now. this is a make-or-break hour for your money welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand, down 350 or so on the dow. started the day higher as you can see. it's been dropping ever since. the s&p 500 is now down 2% which means we are weaker overall for the week, just giving you the week-to-date right now, down 1.17%. nasdaq sent 2.5%, also weaker overall for the week the small caps down 2.25% as well check out the bank stocks. some mixed action to