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could be headed next. plus the debate over tiktok. congress calls the ceo on the carpet. will the calls for a ban grow louder? what about all of those entrepreneur who say use tiktok to reach customers? we'll talk to a creator about the impact of a potential ban. first let's check in on the markets. stocks are higher with a strong performance for tech. there you're seeing it, the dow up half a percent, s&p up three-quarters of a percent and the nasdaq up 1.33%. >> let's bring in dominic chu and kristina partsinevelos. >> we've seen the momentum get zapped the last two or three hours. to give you some context, remember we lost 66 points on the s&p 500 yesterday at the close. if you look today, shortly after 11:00 a.m. eastern time, we were up 70 points in the s&p 500.

we had gotten back everything we lost and more yesterday. and now we've seen that deterioration happen. you can see right now only up about 30 some points giving back half the gains we've seen today. one of the reasons why is that bank trade that looked so stable earlier on this morning has now lost a lot of steam itself. check out some of the regionals, the most embattled one in the western united states. we're talking about of course first republic bank. higher at one point, now lower. look at pac west, even schwab is lower on the day as well. we've seen a real deterioration in some of those regional bank stocks over the course of this trading day. one bright spot that we are seeing, accenture, i.t. services. better than expected earnings report but it trimmed its annual forecast. so why is the stock up? one reason, because they have announced job cuts. sadly enough 19,000 jobs will be

cut. that's roughly 2.5% of their workforce. so you've got the cost-cutting measures in place. also if you look at accenture, the commentary is businesses are starting to spend less on tech services. i'll send things back over to you. >> tough on employees, but investors do like to see that focus on cost efficiency. two big names in fintech heading lower today. let's get right to kristina partsinevelos. >> let's talk about coinbase. there is a possible s.e.c. action over securities law. the s.e.c. argues certain crypto assets should be treated a security and, therefore, regulated like a security. earlier this morning i was able to interview the chief legal officer from coinbase who disagrees with the s.e.c. who says the commission has not responded to coinbase's request and they welcome a legal

process. shares are down 14% today and we're seeing a rare divergence between bitcoin as well as coinbase. bitcoin is up 3%. normally it would be trending lower. shares of payments firm block -- block saying they will not be distracted by short seller tactics. block is down 14.5%. >> kristina, thank you very much. switching gears now, let's talk bonds for a little bit. u.s. treasuries moving lower as investors digest the fed's decision to raise rates at this week's meeting. our next guest says he expects the fed funds rate to come down sooner and faster than the fomc suggested in its announcement. he also thinks the u.s. 10-year and 2-year bonds are buys under the current circumstances. welcome. good to have you become with us. what did you hear that the

market doesn't seem to be hearing, or what is your intuition that tells you that the fed fund rate is going to move lower sooner? >> good to be with you, tyler. in terms of my expectation for the interest rates moving down, there are three major factors. one is if you look at what has happened yesterday from before the powell press conference and then going on to the conflicting statements that were made by chairman powell and secretary yellen at different conferences, come on to today, what has happened? the entire yield curve has shifted downward. 2-year, 10-year, 30-year have all moved down. i think the downward curve of the yield curve is going to continue. that means that irrespective of where you are on the yield curve in terms of your investment, you are going to get a capital gain if you wait long enough. second, i think we are heading

toward a recession. and the recession seems even more likely after the recent interest rate policy and what i call the total mismanagement of monetary expansion in 2021 and early 2022 when the balance sheet was doubled even as zero interest rates were kept despite an economic recovery. so that is also going to cause a recession and bring yields down. and third, you have a bank in crisis. surprise, surprise, with this kind of economic management would would that be a crisis? but it is. and the banking crisis is inherently disinflationary. that's a third major reason, tyler, i look for more gains in the fixed income market. >> there are some people who would say that the banking crisis is inflationary, not

disinflationary because there have had to be credit backstops put in place and liquidity sent into the system. how do you answer that? >> that's a great point. yes, liquidity will be injected into the system. the question is the flow of liquidity, how does that compete with the fall-off in aggregate demand that is coming on the other side. banks are going to be unwilling to lend and dom talks to us just a few minute ago on your program, tyler, talking about how regional banks are again taking a hit. if you have a small, medium-sized company, depending on that bank for a loan to be extended to you, you're going to be disappointed and that is disinflationary, irrespective of the backstops that the fed -- >> the credit tightening, the unwillingness may be too strong a word, to make fresh loans is

going to be disinflationary. contessa. >> that's very well put, yes. >> so right now you think the 2-year and 10-year are buys. i went back over your column before the fed hiked rates another quarter percent. it's very clear from your perspective you're skeptical of the fed's ability to navigate quantitative tightening amid the banking crisis, amid inflation and whether that can come down enough, all while avoiding a serious recession. so if that's the case and yet we're seeing yields on the 2-year and 10-year. we're down around 3.44 on the 10-year today. the 2-year down to 3.88. at the beginning of march, the 10-year was above 4%. the 2-year was above 5%. at what point do you think that these treasuries are no longer a buy.

>> that's a great question. again, thank you for reading my write-up carefully, contessa. i would say to you that in terms of having a credit event, which is what we are experiencing, i have written repeatedly over the last eight to ten months we are going to have a credit event and that will cause the fed to switch policy. and that's exactly what is happening. and in terms of the last couple of days, the fed situation and the fact that they are in a corner is leading to the yield coming down. i don't think that is going to change any time soon, contessa. >> all right, thank you. appreciate that. >> thank you very much. coming up, fintech in focus as coinbase falls today. tech check is next. and then tiktok blocked? the ceo is trying to

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12 minutes past the hour. block responding to the short seller report that is taking down that stock today. let's get to deirdre bosa out west. >> that short seller would be

hinden berg. we intend to work with the s.e.c. and explore legal action for the factually inaccurate and misleading report they shared with our cash app business. hindenberg are known for these attacks to allow short sellers to profit from a declining stock price. hindenberg narrows in and block came a success because of the cash app. venmo had this peer-to-peer payments. it had better profitability and a cool factor that became a phenomenon in the culture. but the founder and ceo jack dorsey often talks about his mission to serve the underand

unbanked. hindenburg said they did embrace that but a specific segment and he said criminals. dorsey has pointed that how hip-hop artists wrap about using cash app and how they use it in scams to traffic drugs and even pay for murder. the short seller knocks that profitability that made cash app more appealing to investors than venmo. hindenburg fueled that profitability and points to accelerated losses and after pay which was block's $29 billion acquisition. i had to check that number five times because it happened at the peak and it seems like so much money for a fintech company these days. >> did some of these issues potentially plague some of the cash app or block competitors? >> like a venmo? >> yeah. >> venmo hasn't been as profitable and haven't been able

to capitalize in the same way and that's why you've seen block pull away. venmo is still widely used and its total payment volume is so much more than that of the cash app but it hasn't been able to get those profits in place. maybe this was why. >> in the reporting you just gave, there were a lot of allegations of criminality, of the app being used to finance murder and all kinds of things. are there specifics in this report? >> i mean it is largely anecdotal, and that's what the street is taking notice of as well. yeah, they even made a compilation of music videos, rappers using cash app and talking about it for things that are illegal. but is there actual evidence to point to that? not that we know of yet and that goes to what square block is saying now, they're going to prove this wrong and there's no

merit to these allegations. that's why the stock has maybe come back. it's down as much as 20% but a lot of notes say this doesn't really change it. these are concerns but we don't know how many transactions violate fraud rules. >> deirdre bosa reporting from san francisco. news alert on walmart. pippa stevens has the details. >> walmart is cutting hundreds of workers at e-commerce fulfillment centers. this is to, quote, better prepare for the future needs of customers. those layoffs will focused at five fulfillment centers across the country and comes as walmart anticipates slower sales growth and lower profits in the coming year. walmart not the only one cutting costs. amazon earlier this week slashed 9,000 jobs. stock up about 1% right now. guys. >> thanks very much. ahead, detailing ford's ev

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welcome back, everybody, to "power lunch." stocks are still higher right now but the dow especially losing a lot of its early gains, now higher by 141. it was up more than 400 at one point earlier today. bob pisani has been covering the action for us at the new york stock exchange. bob. >> tyler, the good news is tech is still holding up and leading the charge. the bad news is banks are again losing steam. a lot of them are back where they were two weeks ago. let me show you the dow industrials. we were up earlier a little bit more. united health is on the weak side. jpmorgan is flattish right now. i want to show you big tech rallying. look at these numbers here. nvidia, microsoft, intel, all up rather dramatically over the last month. taiwan semi conductors up 10% so

far this month. all the holds for lower rates is what's moving these stocks so that's good news. here's the bad news. office reits, some of the bigger names, a lot of the big apartment reits, all 52-week lows. not just concerns about offices, but even apartment reits are doing poorly but it's the banks that have no stability at all. we were hoping for a little bit of a bounce today, but that's a new 52-week low for comerica. zion, not only are they not rallying, they are essentially back to the lows where they were about two weeks ago when he had the first signs of this. i just want to show you where we are on the month for these big names. most of them are down 35 to 40% and no bounce at all. we are essentially close to

52-week lows on all of these names. that's the big concern. we've got, contessa, a fed lending facility to help these banks out to post assets at 100% of the value and people still don't seem to believe there's an end to the story. >> there's so much fear where this is concerned. masterful job managing equities and microphone adjustment all at the same time. now let's get to rick santelli in chicago. >> yesterday's fed meeting had so many moving parts. we had janet yellen going in one direction after the market somewhat appreciated what the fed had done in terms that it could be the last hike. but if you look at the 2-year and 10-year, one thing should dramatically win out. if you look at a chart going back to september, you could clearly see that they are now

very close to a very similar formation. we hover near the lowest yields on a closing basis since september. what that has done, two years have led the race down in yields and made the 3-month to 10-year spread near the most inverted back into the '80s, the new recession spread. it's four basis points away, minus 125, minus 129 is the bogey from january. if you look at what's going on overseas, bund yields and 10-year u.s. yields are getting closer together. as you see on this chart, they're near the closest they have been going all the way back to mid-2020. and this is very key, especially considering our fed led the way. finally if you zoom, you can see even though bund yields are getting closer and closer together, another few basis points, they'll be the closest going all the way back to 2014. tyler, back to you. >> rick santelli, thank you very much.

oil closing for the day slightly higher, right around $71 a barrel. >> it was a volatile day and we did see oil take a leg lower but still around the $70 per barrel level. the earlier we had a drop in the dollar but we had another inventory build yesterday so that does remain a challenge for the market. jeff curry at goldman sachs said this financial contagion has not moved into the physical market and so despite that big 10% drop we saw last week, nothing has actually changed on the fundamental side. the supply demand is still the same was it was before the banking fallout so he is a little more optimistic than others on the price direction. energy stocks are following oil lower. pioneer natural resources and marathon oil were both upgraded

to buy from citi. they said to really focus on companies that had catalysts. so for pioneer that's productivity in the second half. for marathon oil, that's international gas exposure. >> solar stocks going in the other direction, heading higher today? >> last week was the worst week of the year for them so it's partially a relief rally. one ismosaic solar is going to -- unless one more name getting two upgrades this week. let's get to seema mody for a cnbc news update. >> here's what's happening at this hour. a far-right extremist was sentenced to three years in jail for directing people to the office of nancy pelosi. the federal judge in the case calls the actions of riley williams utterly reprehensible. in houston a suspect accused

of holding hostages several days in a motel was shot and killed by fbi agents during a rescue op rags. all hostages are safe and no agents were injured. and in tel aviv, police using water cannons as thousands of protesters blocked a main road with some members of the military joining ongoing demonstrations against benjamin netanyahu's plan to weaken the judiciary. the country's defense minister now wants the prime minister to drop his proposal. we'll be watching to see if he does so. still to come, we're monitoring windchill where the monitoring windchill where the tiktok ceo is testifying before

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welcome back to "power lunch." the ceo of tiktok testifying before congress today facing tough questions from members of both parties. the company is fighting to avoid a nationwide ban here in the united states. julia boorstin has the latest for us. julia, what did you hear?

>> well, the ceo showed intense frustration and criticism from both sides of the aisle. that sending shares soaring. those companies are competing with tiktok for ad dollars and eyeballs and would benefit if it is limited or shut down. the ceo addressing concerns about the app spreading dangerous content and even causing death. two representatives showing videos during the hearing, one showing a gun and threatening violence against the committee saying the video was left up for 40 days, another video encouraging suicide. but it was the questions about the privacy of u.s. user data and questions about chinese government manipulation on the app that were front and center in the hearing. he acknowledged that old u.s. user data is not yet secure.

only when they complete their data storage project in their work with oracle. only then chinese employees cannot access u.s. data and that is said to happen later this yore. >> stay with us as we bring in ed lee. ed, i don't mean to be cynical here, but do the merits of the case at this point really matter? in other words, is what really matters here the politics of the case? people on both sides of the aisle saying i'm tough on china. no, i'm tough on china and here's how we're going to take it out on this company. >> tyler, your cynicism is well founded. yeah, it's all about the politics. these hearings have always been a moment for these guys to grandstand but this bipartisanship was astounding. also it was brutal if you looked at it carefully. he was taking the brunt -- tiktok is taking the brunt for

two things here, right? sort of the pervasive problems of technology altogether as well as the challenges coming from china, right? so i think they just unleashed all of their anger and frustration around these issues in this one hearing against this one man and this one company. so yeah, i think politics is really what's the biggest factor here. in terms of the facts, in terms of whether data is actually being shared or used or manipulated in some way, we don't know, right? so i think that's what congress and ultimately the biden administration will be looking for is the potential for this harm versus the actual harm as they did with huawei. the huawei ban was founded on that idea as well. we don't really know exactly what if or they're doing with this equipment but that they could is the issue. >> two things strike me about the political risks to this. one, if you were to ban a certain type of car or golf, you would have your constituents outraged.

150 million people using tiktok, julia. are the lawmakers unafraid of the political backlash here, because much of that audience is too young to vote or just, don't and, two, when you look at facebook and twitter, we know that those platforms were used by bots to influence americans' behavior in the 2020 election. so why aren't they under the same amount of scrutiny? >> well, there are a lot of questions packed in there, contessa, but i think there was a notable push to reform section 230 in this testimony today and in this hearing in the sense that there has to be some sense of these platforms being held accountable. what section 230 does is means the platforms are not liable for the content on their platform. if there were a section 230 reform, that would be challenging for meta, twitter and snap but primarily meta and twitter more than the others, so that would be challenging there too. so there's no question that more

reform of some of these laws could be challenging for the other tech companies. the real focus of the hearing today was on china. question after question after question about how much the chinese government controls, whether the chinese communist party has influence, which tiktok is a chinese-owned company. so many questions centering on china. and that's what differentiates this debate from that which i heard when i was reporting on all the times mark zuckerberg was testifying about the questions of manipulation on his platform. so i think that's why it's being treated this time around. >> ed, i was sort of stunned to hear what julia reported, and that is that, quote, older data is not yet quarantined. this all awaits kind of a process involving oracle. it won't be done until later this year. i mean that would certainly add fuel to the fires of those who would like to ban tiktok,

wouldn't it? >> it absolutely would. you know, sort of decoupling this data, i would have thought that it would have happened a while ago. so the reporting there is actually -- you know, is important to point out. beijing also didn't tiktok any favors by saying we won't allow any sell or divestiture of tiktok. how much does china control the control? clearly a lot if they're issuing that statement and making that presumption. >> so what's the next step, julia? >> a baton is being passed back and forth between the executive branch and now congress. one reason we haven't seen more decisive action is in part who wants to be responsible for shutting down an app with 150 million users. it seems there will be a congressional push and also waiting to see what is called for here.

i think it's going to be a full-court press to push for change in the way tiktok is managed. there's the question of whether or not there should be a full-out ban of tiktok and it should be shut down. the more complex conversation is what if tiktok -- if there's a forced sale of the u.s. section of tiktok. what does that include, what does that entail? does it include the algorithm that bytedistance does not want to sell off. and they're wondering whether there's going to be a ban if there is a forced sale. >> julia, stick around. ed, thank you for weighing in on this conversation. what really is the heart of the matter for people who use tiktok is it can be a big money maker. we saw a crowd of tiktok creators gathered in washington protesting a potential ban because they say the platform

provides their livelihood. grace williams is the ceo of slimes boy grace. so her business becomes sales, reviews of toys and food. grace, i understand 80% of your income comes through tiktok. could you move all of that to another social media platform? >> so i think it's extremely hard to at the level i'm on now at tiktok to just change to a different platform. most creators do use all different platforms just in case something like this does happen, but most creators do heavily rely on that platform and tiktok is that for me. so from going to 2 million on tiktok to my other platforms which don't have nearly as many followers, it's definitely a big difference. >> when you're watching the ceo of tiktok testify on capitol hill, what's top of mind for you? >> so top of mind for me is like what to do next, what the next

steps are because i do heavily rely on tiktok. being able to show my products and just chatting with everybody. so that's the number one concern, when is this going to happen, how much time am i going to have? it takes a long time to take that platform that i have and that community that i have and move it to a different platform. the other platforms do have completely different algorithms. like you see this long form content and i don't specialize that at all. and so it's going to be a big, big change. >> julia. >> grace, i'm curious whether or not you see opportunity in the instagram reels format. i know that most tiktok creators also cross-post their videos on reels. and i know that meta, instagram's owner, is really making a big push to try to bring creators like you over to the platform and make it easy for you to sell products on their platform. this is something youtube is working on as well. do you see opportunity in both of those opportunities right now, both youtube and instagram

reels? >> i do because they are very fast growing and they definitely want a lot of creators come over. they just did a program where they pay you for those short form videos. but it is very, very hard because i'm so focused on tiktok. i believe that instagram and youtube don't favor if your content is coming from tiktok. so i'll say my videos and repost them because it's so hard to focus on filming for three different platforms and for those algorithms. so i am repurposing my content on to those platforms. because it's not my main one. instagram wants you to film in app and edit in app and everybody is saying to follow those mandates to push on those instagram reels. it's definitely a big change. i would have to focus on both, tiktok, instagram and youtube

and film the same video but on those three platforms to have the algorithm pick it up and push it. >> i really like all the slime behind you, grace. >> thank you. >> my question is this. what is it that makes tiktok so much your sort of lead platform? and what makes it so compelling to your customers that that's where everybody seems to gravitate? what is it about tiktok that makes it so? >> so i think because tiktok is like the hype of the social media app now, instagram has been around forever, youtube has been around forever. so people saw this and thought, whoa, this is awesome. they beginning of tiktok, people would blow up overnight from having zero followers, to millions of followers, literally within a week. it's crazy how fast you can grow on tiktok. but i think it focuses on being able to communicate and really be able to have personal interaction. i feel like on instagram and

youtube it's a little bit more professional or showing the good parts of your life or the good parts of the business. with tiktok it's a lot more personable. it's like socially acceptable to be able to go on and show all the hardships other than this on what people share. it's really more personable and you feel like you're talking to your friends. on instagram it's more of like a show, i guess. >> i love your slime and i love anybody who can say that facebook and instagram have been around forever. i would love to trade places with you. all right, thank you very much, grace. we appreciate it. >> of course, thank you so much. take a look at the dow right now. it's been around almost forever. barely higher right now, briefly turning negative. it had been up 480 points at the high. coming up, a better look at ford's ev road map. but first we head to break. throughout the month of march we celebrate women's heritage,

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matching your job description. visit indeed.com/hire quick update on the markets. the dow has turned negative. the peak of the day up 480 opponents. the s&p 500 lower as well. you're seeing the dow jones industrials off by 90 points or so and the s&p has dropped by a quarter percentage point. the nasdaq is still hanging on to the green but just barely, up a quarter percentage point when it was up more than 2% a bit earlier. so we'll continue to watch this. a lot of skepticism around the

fed, what it's doing and whether it will take a toll on the economy as a whole. ford predicts it will lose $3 billion on electric vehicles this year. a painful part of the company's transition to evs. but it still expects to hit profitability targets as a hole. phil lebeau spoke to the company cfo about the company's guidance. >> when you look at their guidance today, i think people can take a little something away from this. if you are skeptical about evs and fords ability, you can say they lost $2.1 billion last year. sure, they say they're going to be profitable but i don't buy into that. that's if you're skeptical. if you're optimistic about ford using the cash they are generating, the legacy business, that's what they called ford blue under the new divisions. $7 billion. ford pro, they kill it when it comes to commercial vehicles, $6 billion. they're expecting reaffirming

their guidance of 9 to $11 billion. but it's that ev component. that's what people are focused on. >> if they're projecting profits of 9 to $11 billion, people are still buying gas engine machines. >> you bet. >> so why is ev the big shiny thing for ford. >> well, it's not just ford, it's all automakers. it is the future. that's where we're headed, whether you believe it, five years, ten years, 15 years, it is the future. ford believes they can be profitable with electric vehicles. so if i breaking it out into divisions they think that there is clarity and will be clarity when they move towards profitability, which they're targeting 8% profit margins by the end of '26. they haven't given much clarity. they believe if they can show people, look, we are profitable in evs, then perhaps people will give them a greater multiple. that's what they're hoping for.

that's what all the legacy auto makers are hoping for. >> i believe i was looking at consumer reports comparing a ford f-150, a conventional truck and a ford e f-150. the price difference is vast. >> it's not just the difference in price, it's the cost component. >> making the car. >> the cost of making the car. the battery is killing them on the f-150 lightning. >> how are they going to make that gap compress? >> sure. well, that gets to the heart of how are they going to be profitable with evs. and what they say is that over the next four years, they will turn a negative 40% margin on their evs into positive 8%. how? a couple of areas. one is going to be scale. as they build more, as they build more of their batteries, you add that and increase your sales to 2 million by the end of 2026. at the end of this year they think they'll be at 600,000. and then they say we're going to

drive down costs with design, engineering, as well as the battery. they believe all of that gets them to profitability. but, you know, the real question for ford, especially after the fourth quarter, is, look, you had a real cost problem in the fourth quarter and that's in your legacy business. how can we be sure you've going to be able to get rid of those costs not only in the legacy business but as you move to evs? >> interesting stuff. we'll be watching, phil, thanks. we'll be watching, phil, thanks. up next, eth lily! welcome to our third 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. 92% still active? seems high.

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lunch. coinbase plummets after the s.e.c. warned potential■ó securities chargesñi could be coming. kb home surging on a surprising beatlpñr for fiscal q1. and chewy lower after active users fell year overñi year and deutsche bank downgraded to hold. expecting further growth to be5 tepid, at best. here to help us trade ld three names, courtney garcia from paynexdt( capital management an cnbcñr contributor.

you havejf a sell on xdit. why?c@ cf1 o do. several reasons for this, but coinbase, in general, has alwayr had regulatory concerns that becamelp a lotok more prominenth the ftx collapse. the s.e.c. did come outq with a notice which there may be possible securities laws violations and you have competitors it come into place like lppaypal, fidelity got int pit coin andlpjf ethereum tradi. you seejo, consumers shifting t bigger platforms that don't have as many regulatory concerns.ñr add on top oft( that, this compc a dividend. in this environment isn't a company you want to be adding more money to.■ for all those reasons,lp i woul stay on theñr sidelines. >> that's a lot offtñreasons. let's move on to kb home. tell us about that one. >> kb home i'm actuallyx: optimistic on. i have a buy here. i have remained oh(x5%mq%■ on the home builders, despite what people are having concerns on. we're seeing this just recently.

home buyers are coming back in. there's this huge supply and demand issue. when you saw in january mortgage when you saw in ■anuary mortgage you seelp how many people are flooding back in to buy homes but there's not enough homes in there. people who have homes don't want átz and be stuck with a 6%, 7% mortgage so thexd home builders come in there. after seeingfá things like kbfk expectations. i think you'll continue to see this, as we see rates come down later this year is really going to benefit them. and you're seeing concessions from some of the xdsuppliers, which is going tolp benefit the margins overall. >> our final name today, chewy, what do you have to say about chewy and whether to buy or sell? >> chewy i have a sell on, which hurts me a little bit becauset( i'm sure i have dog food waiting for me outside right now. they have a really impressive net sales increase, butñi you a seeing their customer averages and they are facing a lot/■

competitors right now. you're seeing the pet sales industry is huge, about $120 billion industry. you're seeing your amazons, your starting toxd get into that business and will likely take away their customers, unfortunately. this is a company which hasn't had a full year of profitability. i think for all those reasons, as much as i loveñi chewy, i wod stay on thet( jfár"elines. >> their customerñi service reay ise1lp impressive. the amount of time and energy they spend dealing with customers and making customers feel valuable is notable. >,ó i have to try them. >> they stand r 1éx> the customer isn't go! anywhere, i'll tellok you t(tha >> goodx÷( to know. thank you for the recommendations there.ñi >> busy day on capitol hill. in addq(u=9■ tolp tpet tiktok c congress is about to hear from congress is about to hear from treasury secretary power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless

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with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back. treasury secretary janet yellen may have worsen yesterday's selloff with her comments about banks andxd in a few minutes she'll testify!u■ o budget and economic outlook. the bank crisis could be front and center. kayla tauscheñi joins us. >>ñr this annual

testimony, much of tzj questioning yesterday on the administration is regulators are responding to weakness inr midsized banking sector.xd secretary yellen, in one exchange, she said there would be no blanketwcr5a■guarantee, a least no blanketu■3w■ guarantee bank deposits was being discussed. that comment appeared in contrast fromok earlier comment from herok andw3ñi5a■+■ fedko■ powell that sdmofts would be protected. bu! that nuanceok underneathu■ government would backstop deposits if there was a run on v banks. e1 caseq by case strategy expects another shoe to government would step in. they clarify the remarks. >> she is sort of diverging from what powell is saying, is that the heart of it?

>> she's saying essentially there's not any sort of new policy that is being -- that is beingñis7■ discussedjf among th administration. but sheçó and both powell have said regulators could come to the rescuee1 to backstop deposi, people should feel confident about their deposits, but nothing to change that in theñi meantime. >> thank you. good to see you. markets turning negatively, although the nasdaq is hanging ondo a gainu■ ofe1