almost all of them this is a cyclical list. deere is right on there. >> bill? >> rockwell automation, a stock expecting double-digit growth. as wages go the, more automation. >> i'm looking at the dow barely holding on to. "the exchange" is right now. thank you very much, scott hi, everybody. i'm kelly evans. welcome to "the exchange." stocks are falling again today on fears that fed tightening will lead to a recession could they still engineer a soft landing? someone says yes, if they stott raising rates right now. europe's energy crisis, opec doesn't increase production while the price cap on oil is going into effect. will it make the u.s. an even bigger player. plus the perfect chart, our technician tells us the one

stock charlotte that looks good, almost too good. bob pisani has today's numbers hi, bob. >> so great to see you back. i love seeing that beautiful face of yours on tv again. i wish we were up today. everything is down essentially 1% and it's because we've had an issue with the jobs report, stronger than expected, ism services stronger than expected, but don't worry, by and large we've had a great quarter. first our technology here, crm, microsoft, weighing on the dow right now, broadly -- i would say broad com and semithe other weak group are finances. goldman sachs has a big conferences tomorrow this is one of the big ones that everybody watching american express will kick it off in the morning we'll get an update on how the

consumer is doing. that may have an impact to why -- the other weak sector is apparel, loudered their earnings estimates. this is the second time in the last couple months they have done that, so all aparity make respect you lower. target, which is apparel heavy, also on the down side. so considering, kelly we've had two reports here, a jobs report and ism services, we're only down a few points past the thursday close it's still not bad, considering bev this topsy-turvy world >> great point, bob. it seems that the consensus is the fed will tighten this into a recession, but they could pull off a soft landing, even though

that's not what most seem to expect steve liesman is here to explain, steve. >> kelly, welcome back the strong jobs report, bob mentioned. strong factory orders, and another data point that beat expectations and provided the daily -- careening towards a recession, but the outlook this morning showing mousse, but not all here's the data. 57% of their members had greater than 50% chance of recession 23%, though, see a 50% chance of a soft landing we have it's the fed rates is designed to close the economy, that's why they look for recession. something in the jobbo jobs report could prompt the fed -- here's what i call the minority report it's strong jobs, hard to have a recession without a sharp -- peaking inflation, gas prices

are now lower than they were at the start of the russian invasion of ukraine, and tighter credit spreads, improving supply chains, and cost of living increases from the government to social security recipients thomas lee writing, the u.s. economy has been incredibly resi resilient, and soft landing is on tap, but not necessarily a rise in unemployment a key to the soft landing outcome, the fed has to recognize it's possible, let it happen, and stop tightening before the recession becomes inevitable or unavoidable. >> but glean that from what chair powell said last week, that that's the direction the famous hawk may be heading >> i don't know. i don't know that he knows i think there's a possibility out there. what's out there, kelly, you are a famous reporter from "wall street journal," you start keeping stuff in your notebook, and sudden gather strength

there was the retail sales report, boom, higher than expected we did a cnbc wrap it update, this story had some mass to it i don't know that it's the odds-on outcome, but i think it's worth a consideration, giving the preponderance. >> we have the right person, he's skeptical michael dara is the chief economist and microstrategist at mkm partners when you were pounding the table for the fed to hike, when you were warning that inflation was coming, what changed and why do you think they now need to slam the brakes >> hi, kelly, great to be with you again. the fed was way behind the curve, and what's changed is this rapid succession of 75 basis-point rate hikes, so the fed has really caught up

you know, with that comes risk of a downturn. that's the current debate. i think we all hope for a soft landing. nobody want -- but i do think it's an increasingly narrow path or window as chair powell puts it, to a soft landing scenario there's one indicator in particular that i think investors should take note of. it's this deepening and broadening inversion of the yield curve. it's real ly difficult to walk away from that picture highly confident of a soft landing. it's increasingly unlikely, in my estimation. >> when was the moment they went from become too far behind to have gone and done too much? was there a meeting? i thought up until now, everything was on board with go 75, go 75.

has the mistake not occurred it's a mistake only if they continue to do what they're doing. >> i think the mistake was simply overbaking it initially it's really difficult to calibrate perfectly and engineer a soft landing soft landings require preemption we didn't have that we had a situation that was continuing to be denied by many commutators and policymakers initially when inflation started to take off, the view with the transitory crowd was don't worry too much about it. so the fed ended up falling way behind the curve when you're focused on lags indicators, you end up in these book-or-bust cycles. we need to think about why the fed is now in this predicament of really difficult task of

engineers a soft landing. >> in other words, the idea they were so far behind, they have to slam on the brakes those of us not being worried about being tyke enough, jeffries says look at the labor market, what's going on with wages, and we're still talking about really strong increases into the first part of next year, and is that why we won't see the fed eager to say, we'll step back here >> i have a weird outcome -- can we take a bigger shot to see his cool dog i would chill to have a dog as cool as that [ laughter ] the point i want to make is we have to get the economy back to where testifies. we have to reemploy people with i have to come to a new equilibrium levels that gets people in the jobs where they're needed i don't think that the fed really should be ought that

involved in trying to stop that process from happening we have too few workers in that country, maybe we'll get to the right level, but i don't think we should stop it from getting there, and just on what mike was saying, i've been on board the scenario of the cooling economy, but i keep waiting for it, like waiting for gadeau i feel like i'm waiting for the labor market to come down, and income and spending numbers we had were fantastic, as were the retail sales numbers the second half was stronger than the first half, despite all the rate hike out there. i don't know i'm waiting for the recession, and i'm thinking maybe it doesn't happen. >> i hope you're right about that, steve. you are right about the resilience, in particular in the labor market you know, oddly enough, that

could set us up for fed over-tightening in the deep long term than widely anticipated the ron is the fed will keep going until the weakness is in the whites of the eyes of all the strong indicators. where we are seeing weakness is some of the more cyclical areas t last week's ism missed slightly house is in a free fall, a tiny percent of gdp, at least directly, but it leads it was booming coming into the v-shaped recovery. >> mike, can i chime in real quick. guys in the back, if you have a housing chart, we're still doing 1.4 million units. i mean, that's still pretty strong everybody talks about a housing recession. people have held on the to the bulk of the gains they've had. i get that values are declining,

but not substantial lower than before the pandemic. you go back to 2019, 2018, we're actually above that level of 1.4 million. where is that response >> well, if you look at the housing and durable goods share of gdp, it tends to peak about two years before a recession it's been in a fairly significant down trend we have six consecutive quarters of real residential investments contracting. >> fair enough. >> it's not showing up in the jobs data yet, but the fed is pressing forward with ongoing rate hikes, the money supply data from narrow to broad is now very weak and nominal, but especially real terms, so i think those three things, housing, yield curve, and all of that was booming, coming into the growth recovery. it's all rolled over very hard

in terms of when to call it quits, and i'm afraid a hard landing scenario is more probable than not. >> so final question, mike if the fed says, you're right, we take your point, what do we have to do to get to the soft landing? what do you think markets have priced in? do they have to immediately stop raising? do they have to start cutting rates? what would it take >> i would be pausing here and waiting for more information obviously that's not going to happen, because the fed views that as too risky, given that they have already overshot the inflation target so dramatically they're really in a bind here of their own making i would slow it down, if not halt, on the rate hikes. i would be looking at more forward-looking data points, in addition to what we just discussed. focus on the tips inflation break-even market. those spreads were going up dramatically as the fed inched into tightening and started off

too slowly, and they've come down to that i would -- 240 basis points on the ten-year tips spreads that's essentially consistent with the pce deflator at 2%. so forward-looking price level indicators suggest that the fed has tightened sufficient >> again, if turned coming from anybody, but to come from you in particular, mike, it's a big point to highlight michael darda, thank you and a big thank you to you, steve, sir coming up. one technician talks about this chart, the setup has been so good, it's actually time to sell but, first, dan yergen set today marks the end of the global oil market of the last

three decades and beginning of a new era for world oil. what that new era will look like as oil hits session lows there he is, brian sullivan, live in brussels with the fallout from the opec decision e great to see you the sanctions may have already found add way around it, is that right? >> good to see you as well welcome back, kelly. after the break, we'll talk about if 1.5 million barrels of oil stop coming into europe, where will they get it the sort of secretive and potentially very dangerous way that russia may be trying to get around the sanctions and reporting on them buying up a bunch of oil tankers some pictures of some of these reported ships, only here on cnbc, and it's right after the break.

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and that's as today marks an important day for energy markets. the eu sanctioning on russia oil officially go into effect at the

same time a price cap is also being complemented, including the u.s., this all as opec decided to not increase production the very latest, brian. >> reporter: hey, listen, there's a weird narrative going on i can't wait to hear your conversation with dan yergen about it yeah, for this winter. the real challenge will be next winter, when more than half the gas filled up from russian gas was filled up this year. we'll talk about that tomorrow i think dan is right, today is really a new day for europe. europe basically sanctioning itself, saying a million and a half barrels of oil will not come in, russia is saying, hey, don't worry about it, we're not going to sell it to you or any nation with a price cap. where exactly is europe going to make up the oil? there will be demand

destruction, so the demand for oil will probably go down, their economy will take a hit, so maybe that need will dumb off, but let's just assume it sort of stays the same let's cut it in the middle, a million four, where do they get that maybe a couple hundred thousands from kazakhstan, a little more from norway. those are some estimates we have seen, but that still leaves a hole of about 500,000. the price foss brent crude, this show potential going up. targets can be wrong as we go into today, right now, when the sanctioning hit, there are refineries, run in germany, one in italy, who effectively sell we're not sure we're going to have the oil to make fuel, diesel needed to power trucks. there's a lot going on today, a new day for europe, and really the world. >> russia, are they getting

around the sanctions, or he they really having a effect >> reporter: i completely forgot that thanks for queueing me it's been a long day we have a document showing a bunch of ships, old tankers, about ten days ago we did some work, research, to look at a number of ships to undisclosed buyers it doesn't mean any bad actor necessarily. it is a little unusual, and there's been a ton of sales. more than 70 oil supertankers sold so we have a pictures of a couple ships sold recently we're not exactly sure for the uses, but there's been reports ussia building it a secret oil navy, so those can ship their own oil, not a ship that needs to be financed or insured,

that the sanctioning may kick in on i'll say this, these ships look like they should be bound for the scrapyard, but instead they'll likely be put back on the high seas. we'll track them to see if they are fled going to get russian oil. you also risk, kelly, an environmental disaster with all these old ships out on the north sea. a lot of heavy stuff it's a serious time, but let's be honest, it's the holidays, europe is in for a rough road, so welcome back. we came here for you, kellie we thought we would end on an upbeat note, with all the heavy stuff, i wanted to send some christmas cheer. welcome back, kelly. i don't have a ship for, but i have a join christmas tree. >> i was going to say, as you were talking if front of those building fully illuminated, brian, are the lights out across

europe, or are they going to be on for the christmas season this year >> listen, they're going to be on, but i'm going to tell you something on a serious note. we'll do more on wednesday tomorrow we'll focus more on natural gas. we'll be on the water at lng, and wednesday the renewables you know me, kelly, i talk to everybody, whoever it may be every single person i have talked to, taxi drivers uber drivers, restaurant tours, business people, all of them say their electric bills, feeding bills have double or tripled, not getting increases in pay, if any, many are talking about their family members losing their jobs it does risk a deindustrialization of cars, chem chemicals, even things like wind turbines, where europe is the leader how do you make those energy-intentionive energy if

the energy is not there or two expensive. scary question for next year brian, thank you so much so as the sanctions and the price caps move forward, will it permanently ultimately shift the power. will it work let's bring in dan yergen, s&p improbable add author of requests the new map." dan, great to see you again. brian just gave a comprehensive read there, but he illustrated this odd situation, where you have people talking about a crisis, experiencing a crisis, and yet at the same time wondering if they have avoided the worst outcome here >> first of all, welcome back, it's great to see you, and brian captured the stark navy of it. i think he's quite right, this winter will be tough, next winter could be tougher, but right now the focus is on oil,

and this is really a historic day, the global market, developed with the end of the cold war, you know, who knew that the u.s. was importing half a million barrels a day to make our refineries more official it's over, and now we have a partition oil market, the stakes are going up and really the battle is beginning. >> why do you think today is such a profound day? >> because we're switching from one era to another in general, the supply chains, backing away from globalization, the fact that russian oil -- europe is russia's biggest market, they're saying no to it. by the way, brian mentioned diesel in february it's going to be even tougher, because europe depends a lot on russian

products like diesel so, you know, this is just the beginning. alexander novik, he threatened again on sunday russia will not put up with these price caps and will battle them brian mentioned all those tankers that have been bought that the russians will use, and the threat the russians have, at least they have threatened it is, is to hold back on oil supplies, make the markets tighter. we're definitely in turbulent, uncertain waters do you agree that the u.s. comes out here strong in the case of it's geopolitical managing of this, and also strong in terms of its stance in energy markets. i don't know if you caught the "60 minutes" piece about the french president, but he seems updebt about many of the sanctions from the biden administration, and maybe it's a

good sign that the u.s. is so aggressive here, it seems to have the pole position. >> certainly macron and more are going on about the u.s. subsidizing its oil -- so macron has been vocal but u.s. shale is really important. u u.s. lng is a bulwark of european energy security is joe biden the new energy czar i don't think so i think it's a more contingent situation, but certainly we have some high cards in the fact that we are now the world's largest producer of oil and gas, giving us geopolitical advantage, which we didn't have when we were the largest importer of oil. >> are you word that the strategic reserve is running too

low, it needs to be shored up, and we could have future vulnerability? >> i think we still have 400 million barrels a day. we can't imagine, unless something totally catastrophic happens, but i do believe it has to be build up the administration's plan is to build it up when oil prices are cheaper. >> do you think they'll be cheaper substantially? >> no, i don't think so. i think the opec countries, opec plus does want that $90 floor, but i was speaking to steve liesman and you before, and of course gdp and what the federal reserve does, will have a big impact if we do have a global recession s. but right now what we see is the oil market -- can you imagine it responds to every single piece of news about covid lockdowns in china, and if they're lifted, that would bring

in significant demand. >> it highlights the difficulty from the administration's point of view. dan, we'll left it there thank you for your time. agreed to see you, dan yergen. unless you were living under a yak, the netherlands knocked out the usa from the world cup, but the real knockout could be over the supply chain of semiconductors. the one our technician says was almost too good. that's why it's time to sell "the exchange" is back after this

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. the dow has about 430 points, nasdaq the worst performer. here are some of the movers we are focused on silvergate is down after a morgan stainly downgrade they're saying the stress in crypto is driving uncertainly. the shares down more than 80% since january. also, tesla falling 5%, as they plan to cut model y production in shanghai. on the bright side, morgan stanley upgrading the airlines to overweight. they say 2023 could be a goal i lox year for the carriers. still not much of a boost to the trading behavior today.

let's get to kate rooney for a cnbc news update. >> hi there, kelly welcome back here is your cnbc news update hackers linked to the chinese government stole at least $20 million in u.s. covid relief benefits, according to the secret service the chengdu-based hacking group stole funds in over a dozen states this is the first public acknowledgement of a pandemic fraud linked to cybercriminals. the department of homeland security is once again delaying the full enforcement of real id security requirements. the action was originally supposed to go into effect back in 2008, but has been repeatedly delayed since then. and nike is cutting ties

with kyrie irving after the nba start promoted an anti-semitic film on his twitter account. the decision comes after a month after the shoe a sportswear suspended their contract with irving after he refused to denounce the comments. still ahead, my next guest says there's one area in the market that's looking particularly good. plus, it's been a bad year eir reits already now we're seng more signs of stress pop up don't go anywhere. "the exchange" is back in two minutes.

welcome back to "the exchange." the big tech names tend to dominate the headlines, but not the recent comeback. that's actually been the small caps the russell 2000, for the year, only a 17% loss for the russell, compared with a 27% drop for the

na nasdaq let's bring in brian smolik, good to see you again. where do you think is the best opportunity for small-cap picking? >> we like -- you want to concentrate in names that have a good demand picture, can still do well in rising rates and the valuations are quite defensible. there are three or four stocks that we like that we think that fits the bill. one of then is ken sail, which is an ens insurance company, they're able to take up pricing well above inflation last quarter they took up pricing around 8% above inflation. the street is at about 20% -- we they they can easily exceed

that celsius is another energy drink company. they have a deal with pepsi, which should allow them to compete those estimates. >> at least in the case of celsius, up 53% this years, and kin sales up these have certainly been a sweet spot could even they -- listen, in a recession they're going to all trade down do you have a recession playbook >> that's been the playbook this year, trying to be agnostic with the macro.

we do think the macro picture is improving, and that inflation is moderating, getting a little -- so we want to get ready to play offense. >> interesting okay, so with all of that said, i take your point this has been the kind of year that stock picking has worked, because the macro back drop has been so poor two of the names, the bancorp is up maybe 14% thissee, calix, they're down 10%, so these are two relative underperformers what would you say to people who are more worried about banks, for instance, or want to know whether it's going to turn things around? >> with the bank corp, they're asset-sensitive. with their loan book, it's highly securitized

they have already guided to a number than -- the stock is around $30, so you're trading under ten times earns for in excess of -- they're going to beat those numbers kalix, the demand picture has been great they sell equipment and software to world providers, there's a big stimulus plan that's really hitting its stride next year, and they haven't delivered all the products they have wanted because of supply chain, so we expect margins and revenue to pick up. that's the common theme here i think all four of those companies deliver 20% earnings growth, even if you're in a recession. brian, thank for rejoining us br brian smoluch.

hweave more on the chip challenge, that's next on "the exchange." we're back in a moment

welcome back, on the soccer field, the rivalry between the u.s. and netherlands is over, but a different story when it comes to semiconductors, and the machines used to manufacture them kristina partsinevelos has more on that. >> it doesn't have to do with football right now think of it like a monopoly. it's the only company in the world that makes highly specialize the lithography machines they can cost hundreds of millions, and the u.s. doesn't want them in china in october, the punts has met new licensing requirements to stop the transfer of cutting-edge technologies to russian and chinese firms.

the equipment market is dominated by the netherlands japan and the netherlands have not been subject to new u.s. regulations. the netherlands and the united states had talks in late november about export restrictions to china, but no official promises were made. they contain very u.s. parts, which is week they could circumvent the rule. it's a similar situation in japan, and build products that do not rely on u.s. technology fortunately asml stopped selling to china back in 201, but the ball is still in their court >> what should they do now, then how much pressure will they be under? we're talking about 9 very vanguard, basically, right this is where, if we want to

maintain an edge over china, let's say, it comes down to these machines that they manufacture. >> you're asking what should the united states do if that is the kay, it's enlisting their allies it's a monopoly. the important thing is that for asml, china is such a large customer are they willing to give up that customer maybe not. once we start to see demand weaken, or go in the opposite effect, you have domestic politics playing into this the united states, europe that wants to build up their chip manufacturing capability, in doing so they'll need more asml machines as well >> have they basically played ball >> they've been playing ball for the past few years it's not just this year. they have stopped selling the advanced so the euv lit ography mobs, but could sell the deep versus the extreme ones, so

there's a lot of acronyms, but there's nothing stopping them. same thing for south korea, so the united states went at this in a unilateral approach, when some say it should be multilateral >> when you look at how involved and how flat it is -- for the audience -- it's crazy. >> you were telling me before, you and your husband listen to documentaries at home. >> it's fascinating. >> and it's imperative it's in every single electronic we make. it's a huge part of the story as we go forward as we electrify absolutely everything. >> kristina, thank you coming up, i love you, you're perfect, now sell

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welcome back health care could be your best or worst performer this year, depending on where you invested. the mystery chart we just teased hit as all-time high today, on pace for a fifth straight year s meanwhile, the s&p biotech etf, ticker xbi, we don't have to tell you if you're invested in it, it's on pace for its worst year ever. it's lost a quarter of its market cap my next guest checked the charts, says one of these is perfect but he's selling here. let's bring in carter worth. he's founder and ceo of worth charting i'm going to guess, carter, it's the eli lilly chart we're talking about because the xbi one i don't think we'd describe as perfect. >> sometimes people say why would you go against a good thing, stay long, be long. and that's a very important prin principle, is letting your winners run. and yet lilly is -- it's almost as if it's become a safe haven where people are hiding in a very dodgy market generally and

to to some extent in health care so the chart you see on the screen, that's from 2016 we're at the upper band of that well-defined channel but just consider this from the '09 low at $27 to where we are now at 372, lilly has tripled the performance of the health care sector and tripled the performance of essentially the s&p. at this point ironically even fundamental analysts, their price target is essentially 12 months hence they think it's worth exactly what it's trading at now at some point you take the road less traveled. you just fade something. and i think that's the circumstance now for lilly >> yeah, that chart looks like the left-hand side of mount everest or something what about the xbi then? if we turn to the biotechs, which obviously have had a tough year because of fed tightening, the conversation we had earlier, maybe they're going to ind coo of pull back here. does that create an opportunity or do you still not like the space? >> i do. it has all the elements of a

bearish to bullish reversal. in fact, consider this, that the xbi, the spider biotech etf, it made its low in may. and it's nowhere near that low whereas the s&p in october made a new low. the s&p and equities in general have a spring-summer low, may-june, and then they go below in october and now above but the xbi bottomed early it topped early. so within health care this is an area we like a lot >> last final thought, then. if you had to say where you think this fed macro trade is headed overall right now, what's your gut tell you heading into the end of the year? >> right i think consensus is overwhelmingly bullish seasonal periods, year-end rallies. we've done some polls and it comes out quite bullish. everyone's expecting an up december and while there's about only 19 sessions left it's all about what happens in the beginning of next year. and some of the most precipitous sell-offs of all time happen in january.

and we saw that in the '73-74 bear market. right way we saw it of course this year, jan 4 i think you'll he see some very heavy selling. >> we talked about a mountain, maybe now a cliff. that's certainly something to bear in mind carter, thanks we appreciate it. carter worth still ahead red flags are cropping up in reits we'll tell you what they are what he they mean for investors and what they signal about the future that's next. we all have a purpose in life - a “why.” no matter your purpose, at pnc private bank we will work with you every step of the way

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that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart investors get smarter℠. welcome back one more thing before we go here it may not be front and center right now, but trust me, it will be there's a pretty alarming trend taking shape in the reit sector, real estate investment trusts, and just over the past month two major players in this space have moved to limit redemptions diana olick is here now with the details. diana? hey, kelly starwoods s reit is following blackwoods b reit in limiting redemptions in a letter to investors last week blackstone said of its 69 million

non-traded reit b reit has received pe e. he purchase requests exceeding % of nav monthly limit and 5% of nav quarterly limit. that triggers the redemption limiting that cordingto the ermz of the reit stauwood's $14.6 billion s reit headed by barry sternlicht has similar limits this appears to be less about the current performance of the reits with s reit returns and b reits around 89% it's more about concern with investors with the real estate sector in a rising rate environment. both s reit and b reit are heavy into multifamily apartments and warehouses now, alex goldfarb an analyst at piper sandler says it's been 40 years since we've had a hyperinflationary environment. the debt markets have shut down except for top tier. and the transaction market is also on pause. so despite these strong fundamentals investors are skittish just look at the public reits which are getting hammered equity residential, udr and camden are down over 30% year to date and camden has strong

fundamentals being in the sun belt warehouse reit, pro loggis, whose ceo told me recently his business was still very strong, also down just over 30%. kelly? >> and diana, sl green, manhattan's largest office landlord, now saying they're going to cut the dividend. >> yeah, exactly and as part of that also their fundamentals, though, are not as great. as we know, that return to office is not doing what people thought it might do. and we're just seeing work from home continue. and that's hitting the office sector very hard, especially in new york, where you're seeing tech layoffs as well and that's just adding to the concern there. >> where should we be watching next, diana, for investors who might be skittish about their exposure to these real estate sectors? >> well, you know, the problem here is that the stocks are not following the fundamentals so when you look at some of the fundamentals of these, look, apartments are weakening, rents are coming back a little bit but there's still plenty of demand out there. and again, for warehouse it is still strong you have to look at each sector by sector. retail is actually doing a lot better than a lot of people

thought. but again, those reits are still getting hit. so it's a question of when do the stocks catch up with the fundamentals >> could the fed change the story here or is this too -- is it something that's so large, driven by covid and all the rest of it as you've described, that even a fed pause might not make a difference >> well, look, a fed pause is going to help a lot of things like mortgage rates from going over 7% again which we saw last month and that is a big change for the residential real estate sector so when you're talking about apartments, it would shift the demand in that if they stop raising rates as much as they have and if that settles back we get into a different kind of atmosphere when it comes to home buying, renting, et cetera, single-family rental reits also a big part of that so of course it's going to have an effect no question. >> diana, thank you very much. again, important trend shaping up in that part of the real estate sector. our diana olick. now, speaking of redemption troubles, coming up next on "power lunch" we'll discuss what's next for sam bankman-fried and why he keeps speaking out publicly despite his lawyer's advice.

"power lunch" begins right now welcome to "power lunch. i'm jon fortt in for tyler mathisen, and here is what's ahead. russian oil caps kick in the global energy crisis enters a new phase. and it comes as china signals a broader relaxation of covid rules, potentially triggering a new wave of demand plus, meta's mega gains. the stock is up 35% over the past month trading above its 50-day moving average. a bull, a bear, and a debate over the future of this battleground stock and kelly evans, welcome back to "power lunch." >> jon, thank you very much. it's great to be with you today. hi, everybody. stocks are at session lows right now. we have the dow down more than 500 points right now that's a 1 1/2% drop, approaching 2% for the s&p 500 under 4,000, and more than 2% for the nasdaq meanwhile, the gains in the oil market aren't holding. this trade putting pressure there as well. we started in the