every war is a war against children. please give now. hi, everyone welcome to "power lunch" alongside kelly evans, i'm tyler mathisen glad you can join us on this thursday coming up, stocks holding on to gains in march it's tech leading the way. the nasdaq up 4%, and the gains are even bigger for tech's big four, apple, amazon, alphabet, and microsoft. all up about 10% or more this past month can they continue to lead the way or are valuations getting a little stretched >> plus, wall street bonuses taking another hit a big one down 26% from last

year we'll talk to new york state's comptroller. first, let's check the markets as we're in the green, hanging on to some gains the nasdaq especially, not the russell, though. >> let's talk about some of the individual movers. we'll start with charles schwab, kelly and tyler. right now, worst performing stock in the s&p 500 down about 6%. due in part to analysts over at morgan stanley who cut their rating on the retail brokerage and bank holding company it's now equal weight. it was overweight tomorrow the target price goes to $68 it was $99 they cited amongst other things less visibility for customer deposit outflows and an increasing regulatory landscape. those shares down 6% also more bad news on the jobs front. roku shares have reversed course and are now marketly lower to the tune of around 4% after gains earlier on they're cutting another 200 jobs or roughly 6% of its workforce the second round of layoffs, the

first of which occurred last november for a similar number of employees. roku down 4% we'll end on kohl's which is up 4% after their ceo recently disclosed the purchase, yes, purchase, of over 90,000 shares of company stock worth over $2 million. that's by the way his first insider purchase since taking over as ceo earlier this year. that'sdriving that upside for kohl's, up 4%. >> thank you very much for a closer look at the technology, let's bring in kristina partsinevelos who is in the house. >> i'm going to talk about the naz daz because it's already up 14% this year and on pace to break a four-quarter losing streak, but what's behind these big swings of course, large cap tech. look at the month to date performance of some of these names. microsoft, amazon, apple amazon and apple up over 9%. you can see, or 7% for amazon. 9% for apple 12 for microsoft

the reason i bring these names up is because of their weight on the nasdaq and s&p 500 here, what i mean by that is the weighting on the nasdaq 100 of these large cap names like amazon, apple, microsoft you can see, amazon, almost 14%. apple, 12% microsoft, 12% down here, added netflix just for context. just over 1% a huge discrepancy when we see either of these names go up, the nasdaq tends to follow and then, it's a similar situation also at the s&p 500, given tech accounts for at least 27% of the s&p 500 compared to energy, which is not even 5% apple again has the largest weight, 7% amazon is up there, microsoft, 6%, but same situation when these names tend to do well, you tend to see some of the movements happening on the s&p 500, and clearly, these indices, the s&p 500 and the nasdaq, have a weight problem. and something to keep in mind when we talk about market

swings >> give them some ozempic, right? >> that was a joke we talked about upstairs yes, we're on the same page. >> leave it to me. thank you. all right, let's take that as our first topic in today's tech check that would be the weight problem. >> not mine. >> not mine. >> speaking for friend here, my friend the s&p these tech stocks are so they go, so go the nasdaq 100, so goes the s&p 500, and more >> especially apple and microsoft. and look, what we saw last year, all these names took it on the chin fell, especially meta, fell 50%, 60% last year. apple, a little better, but they took it on the chin. they showed their cost cuts. by the way, cost cuts aren't done we have seen second rounds of layoffs at names like meta and so forth google could be next apple has yet to do mass layoffs. they're giving investors what they want. then, as bob pisani likes to

say, there's a belief if the fed pauses, that's going to inject a lot more rockal fuel into them to grow faster like we have seen the last decade or so. >> this is going to be likely for the nasdaq 100 the second best quarter in more than a decade it doesn't feel that way why don't i feel it's as good as it is, number one. and or is that partly because a lot of the gains were backloaded they came in the last three weeks. >> it's been happening since the beginning of the year, too march has been incredible for these names. don't get me wrong, month to date, but it's bib the story since january 1 of this year and again, it's because they took such a big hit. apple was a $3 trillion company at the beginning of 2022 it has yet to reach those all-time highs again so yeah, there's a belief out there that there's room for tech to grow. there's also the idea that the banking crisis, you know, rears

its head again that these are the safer names to be in so that's another thesis going on here. >> and these two are not exactly going yay, kumbaya, we're the biggest. they're at their throats, apple and microsoft. >> and even google and microsoft, even, and i know we can talk about this, this cloud complaint going on in the eu so - >> this is alphabet versus microsoft. >> correct basically what happens if you can't win, you go to the eu and complain you saw this with spotify. they complained about apple music, and because eu regulators are more amenable to making changes versus what we sear in our lawmakers and regulators, so i was not surprised to see google was complaining about the cloud dominance of microsoft overseas in europe because they have these package deals they can sell to enterprises and say we include all of the office apps, we include this, that. google can't do that so now they're putting forward

this antitrust claim, hopefully they want to pull spotify here and think they can get movement overseas because they're not going to get it here >> let's talk about ea laying off people what's going on there? >> more efficiency but look what we saw last year i'll go back to restoration hardware i know this is not a video game company, but they told us the pandemic boom was a fluke. that fluke is over now we saw, that's what we see in gaming as well last year, the holiday quarter, gaming was significantly down year on year because people are getting out there, spending on different things ea in particular, they had to delay one of their big star wars games. don't stuff me in a locker for talking about star wars, but that's a huge money maker for them and they had to push it off until next quarter, so that's one of the things going wrong. and again, just like we have seen from every other company with these layoffs, it's efficiency, efficiency, efficiency that's what investors want to

see. >> you wonder, there's kind of the cost cuts that take the company back to its pre-pandemic size then there's the cost cuts that maybe go beyond that most of the time what we're learning so far is companies in some ways even with the big cuts going back to where they were pre-pandemic, i don't know where on the spectrum ea falls >> you have to also look at where the cuts are it sounds like they're being really strategic they have their hands in everything they backed off some of their mobile gaming things which was interesting. it sounds like that's where a lot of the cuts are. they want to focus on what they need more than anything, a great mobile business, that's why microsoft wants to buy activision, but also the key blockbuster titles if you can't deliver those on a regular basis, you're going to be punished. >> it's very much a driven business, just like the movie

business, absolutely >> good to be with you i'm going to see you later this evening at our tech event summit >> going to be fun >> good to see you >> mushave lost my invite. >> it's in the mail. >> you can join. i'm inviting you >> our next guest raising the caution flag on the tech run saying tech investors need to be careful of stretched valuations. let's bring in surratt seffy, managing partner at dcla, also a cnbc contributor that's a lot of letters. kn to have you with us you think tech is now stretched overvalued if so, by how much >> you know, tyler, when you look at video, and these all stocks we own. we own google, we own nvidia, we own microsoft. we trimmed nvidia a couple weeks ago. it's up 83%. the valuations of some of these companies are remnant to where we went back in the pandemic phase because investors are saying, we're going to see a slowdown let's go back to this playbook

you know, we had some hiccups in the financial sector, so what is safe and yeah, these are safer companies, but when you're trading in a microsoft in the high 20s, same as apple, it's going to be hard you're going to corrode out other investments. that's where you have to be careful. we do own them but not in the size of the s&p 500, and if you made some profits, there are other areas of the market that hasn't performed five stocks in the s&p, i feel like this is deja vu all over again, that are riding the s&p when you have 490 stocks or so that are flat to down for the year >> so i guess when you say the valuations are stretched, you cite nvidia, which has come back dramatically, 83%, you say boy, they must have been super stretched three years ago. i mean, compared with where they were >> yes and no. they have also -- they have had earnings growth in the last

couple years just the multiples that came back down and now they're going back up again because investors are looking that and saying, you know what, if we're going to have a slowdown, these are defensible companies i don't disagree with that the fear is if we're in a slowdown coming in, you're going to see advertising pullback, corporations pull back, the consumer pull back these companies are not fortresses that are not -- again, i'll go back to the pandemic we're not going to be orordering more online. you're going to see a pullback, and valuation will matter. even if interest rates come down, you'll look at earnings growth that's where if you have all this competition in the cloud, huge competition in advertising, that's the issue, and these companies have hired a lot of people they're still not back to where they were pre-pandemic so expenses will do it, but earnings are going to be important and you need operating leverage especially if you see things like advertising come

back down. it's hard to sustain 25, 30 pes. >> so morgan stanley, these are a couple names you're looking at and two of the worst performing sectors of the year, down 6% year to date broadly speaking. why do you think gsk can start to work now, and morgan stanley in light of obviously the headwinds in the banking sector, wh why is this a name that people should look at >> gsk spun off their consumer business, trades at less than ten times earnings they have a huge pipeline of vaccine drugs. and again, in the pandemic, we didn't really focus on that, the fda was nots looking to approve many of those. so that's the pipeline coming through. they have good drugs in hiv. a solid balance sheet, 4% yield. secular grower when you look at morgan stanley, a very different puppy than the rest of the big banks. they are not a big deposit bank. 10% of their earnings or less

from net interest income 60%, wealth management they're going to be a big beneficiary of assets moving from some of the smaller banks they have a huge focus on return of investor capital, and the part we haven't seen at which, which is capital markets activity, m&a, there's one of the big leaders. almost a 4% dividend yield, and they don't have that issue about deposits moving because mostosir deposits and a majority of fdic insured. it's much more of a different bank than another regional bank that is susceptible from money moving from depositors >> always good to hear from you. sensible and understandable. we thank you for that. >> good to see you guys. coming up, palace intrigue at the magic kingdom how disney's bob iger is giving

florida's governorthe run around, and crisco's comeback. we have the details when "power lunch" continues power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market.

welcome back the battle between disney and florida governor desantis has taken a new twist. ceo bob iger seems to have found a way around the governor's major power move let's bring in julia to explain

what's happening >> well, kelly, score one for disney and the ongoing battle between the media giant and florida governor ron desantis. but they have been battling over this special tax district that disney has had since 1967. this is a district and it has a board that's responsible for the approval of infrastructure projects at disney world as well as things like trash collection. so here's what happened. the governor's new oversight board is now accusing the previous disney controlled board of transferring much of the board's power to disney back in february, including veto powers over improvements or changes in the park, which is most essential. now, disney defending what happened, defending the agreement signed with the district as, quote, appropriate, saying they were discussed and improved in open notice public forums in compliance with florida's government in the sunshine law desantis' office shooting back saying they're going to fight this and that, quote, the new

governor appointed board retained multiple financial and legal firms to conduct audits and investigate disney's past behavior so it sounds like, kelly, that desantis' camp will be taking this to court. this will be fascinating to see how it all plays out >> a big distraction it sounds like this is -- let's put it this way, how much is really at stake here is it existential to disney's operation? >> no, it is not existential to disney's operations. they have also been planning for this for some time ultimately, it's probably cheaper for the state of florida and more efficient for the state of florida to let disney manage its own trash collection and plumbing and the like. the question is whether it's really in florida's best interest to take over this, but it seems like when it comes to the important decisions such as signing off on infrastructure improvements which is something you have to do a lot in a theme park, sounds like disney got that power back. >> so the members of this board, repeat for me, because i'm a

little thick, the members of the board were appointed by desantis >> originally, this was a sort of disney appointed board. or a board that was favoring disney, but desantis came in and appointed his own board. what's so funny here is it looks like back on february 9th, the prior board, the disney controlled board before they handed over control to the new board, they arranged some things to make sure that disney, the company, did not lose control over the most essential decisions. so what's kind of funny to me is it's been months since then. it sounds like they're just realizing now they may have accidentally signed over some powers back over to disney >> so the governor is angry as a wet donald duck, i guess you would say here, right? >> i will let you come up with the metaphor, but i will say it does sound like he's threatening legal action we'll see if it's solved in very carefully papered by disney, because it sound like disney

knew what they were doing. >> all right bob iger all right. julia, thanks. coming up, an april fools rush to sell a new tax on sales of million dollar mansions goes into effect april 1. so sellers are kicking into high gear to close deals by saturday. plus, trickle effects of the regional banking crisis. could it cause a major slowdown to hotel construction? we'll be right back.

welcome back to "power lunch," everybody. markets in the green but off the best levels from earlier this morning. on this next to last day of the first quarter. let's go to bob pisani at the new york stock exchange for more >> we had started at the highs for the day right at the open, have been drifting lower the primary problem has been financials regional banks have had a great week, rebounding off 30% drops in the middle of march however, late in the morning, all of that started reversing. so key corp, m & t, zion, comerica, these are the usual suspects in the regional banks all were up at the open and are now trading down they're still up for the week. they are still trading towards

the higher end of their recent range in the last couple weeks, but they have lost a lot of energy the volumes here are much, much lower than they were even a week ago. some of this perhaps may be due to the fact schwab was down today. maybe not. maybe they just ran out of steam essentially. but that's the essential point for understanding what's going on in the afternoon. the other thing is the longer term trend for the weekly trend, and that is a real noticeable move up in some of the cyclical names so for example, industrial stocks, airlines have had a very good week. they have not been good performers this year or this month, but most of the big names, delta, southwest, alaska, united, they're up 5%, 6%, 7% this week. that's a nice move up. then, other cyclical names, consumer cyclical names, forld and gm, not a good year. but they, too, up 5%, 6%, 7% and other deeper cyclical names, material names like mosaic and freeport, those are the two

general leadership stocks in the material group, also up 5% to 7% there's a little bit of rotation going on that i think is healthy. i did mention tech they had been a leadership group. nice to see the advance/decline line moving up chart of the week, it's one thing, you want to understand what we have gone through. there's the vix, started at 19, the first of march went to 30 in the height of the banking crisis two weeks ago now back exactly to 19 kelly, back to you >> bobbic thank you. let's get to the bond market we had economic data, what's going on, rick santelli? >> you know, i find it fascinating every thursday morning, of course, looking at continuing claims. first of all, we're all assuming whether it's seasonality or whatever other variables may be impacting certain data points, that they're spot on maybe in a year from now, when we look back, there's going to be a variety of issues that might have put some of those numbers off their gps, but it is all we have to contend with.

we had another week where below 200,000 on initial claims, below 1.7 million on continuing claims and as you look at a two-year note chart, you can see at 8:30, yields popped a little bit how much does the market pay attention to this? pretty closely if you look at a two-day of two-year, the high yields today are above yesterday's high yields, and we're still hovering in the thick of the range. let's go to the furthest end of the yield curve, down to a 30-year bond you can see its two-day chart is completely different yes, it reflected the 8:30 eastern slight rise, but all in all, never came anywhere near yesterday's high yield, and indeed, we have traded below yesterday's low yield. this really does underscore the dynamic the fed has to deal with and all the issues of the banking have pushed yields down in the short end, but there's still much more buoyant in general, the curve is reinverting. if you look at our yields versus

ten-year boon yields overseas, it's the closest it has been, eight basis points to the closest it has been in nearly three years. it will affect capital flows especially now that we're closer to the end of our tightening cycle. kelly, tyler, back to you. >> rick, great point thank you. a new tax on ultra expensive home sales has the wealthy racing to sell mansions before the start of april always something robert frank is here to discuss. is this in any particular place or where >> it's los angeles. and you say there's always something. it's california, always a new tax around the corner because this is a new mansion tax. a tax passed by voters in november it goes into effect on saturday. it's a 4% tax on any home you sell that's valued over $5 million. 5.5% tax on any sale over $10 million. you can imagine a lot of homes in bel-air, beverly hills, pacific palisades are wail above that mark. these sellers and brokers have

been racing trying to do anything under the california sun to sell these things one home enbeverly hills, $16.5 million. they're throwing in a brand-new bentry or aston martin if you close by saturday. there's another home we showed in bel-air, $28 million. they're paying a million dollar bonus to any broker that will bring them a buyer and close before saturday. people really want to get this done if you sell a house for $20 million, you're paying a tax of $1.2 million on that sale, so it makes sense to get a deal now, especially because this already was a weak market. the high-end market in los angeles saw a sales decline of 50% in the fourth quarter. it's already a tough market without the sales. >> sales down 50%, is there an explanation for that is it inventory, what is it, just people aren't buying? >> it's all these wealthy people with a lot of money in venture capital, in the stock market, and they just want to -- they're sort of pulling back and want to

wait for prices to settle down they're cash buyers, not mortgage sensitive, but they see what's happening in the asset world and want to wait for prices to come down. >> they should go to one of those auctions your were telling us about >> interesting they're so obsessed because in your example, okay, maybe the tax is $1.2 million, but they're going to pay a broker $1 million to offload it >> mark wahlberg sold his house for $55 million in february, but that was a $32 million price cut. obviously, that's ten times the tax he would have paid, but people get crazy they actually would rather take a cut in the price than pay that tax. >> they want to avoid taxes at all costs. i'll throw in a bentley. >> just to avoid the tax >> it has to have ramifications too for the economy and for the tax base more broadly i would imagine. >> it does that's the point people are waiting to see does it cause more people like mark wahlberg to move out of the state? this is the last straw, i'm

already overtaxed. unclear how much it raises and whether it does fix the homeless problem. brokers are saying a lot of people will leave california because this is it >> already taxed enough. >> you could put people in and solve two problems at once thanks, robert >> let's get to bertha now for a news update. >> here's what's happening at this hour. a federal judge in texas striking down affordable care act provisions that require health insurers to provide some free preventive care services. the ruling could jeopardize coverage nationwide for over 100 million people those relying on those preventive services like screenings for cancer, as well as hiv prep drugs. judge o'connor has issued a numberf rulings targeting obamacare in recent years, many winding back up in the supreme court. the federal reserve and treasury

department are finding wells fargo nearly $100 million for violating u.s. sanctions between 2010 and 2015, wells fargo allegedly allowed an unidentified foreign bank to make prohibitive transactions on one of wells fargo's platforms the foreign bank's trades involved parties in jurisdictions subject at the time of the transaction to sanctions regulations. >> and the navy's blue angels arriving in lakeland, florida, for one of the largest aviation conventions in the world the aviation squad roared into linder international airport and are preparing to put on a number of practice shows and demonstrations over the coming days at florida's sun and fun convention always amazing when you see them fly over tyler. >> thank you very much ahead on "power lunch," hitting a wall street -- getting a wall street bonus is falling

by 26% last year, according to a new report, new york state's comptroller will join us next to discuss that and the impact on tax revenues plus, the yes network launching a stream service to give noncable viewers access to yankee gesam we'll talk the state of streaming when "power lunch" returns. aaron judge already has a home run. what if you were a trendy apparel company facing an avalanche of demand? to ensure more customers can buy more sherpa-lined jackets, you call ibm to automate your it infrastructure with ai . now your systems monitor themselves. what used to take hours takes minutes. and you have an ecommerce platform designed to handle sudden spikes in overall demand... as in actual overalls. ♪♪

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. welcome back to "power lunch. bankers responded to proposed regulations. steve liesman has that news and joins us now from washington >> reporter: tyler, thanks very much just before the 2:00 hour, kayla tausche came on with information from the white house about changes they intend to pursue in response to silicon valley bank. those changes include rolling back some of the alterations to the dodd/frank bill that were made during the trump administration, but the bank policy institute, which represents some of the biggest banks in the country, has a statement from its president saying, quote, it would be unfortunate if the response to bad management and delinquent

supervision at silicon valley bank were additional regulation on all banks that would impose meaningful costs on the u.s. economy going forward. the fed has barely begun its promised review. this is a strong feeling of ready, fire, aim so tyler, a very strong response from banking association there to these proposed changes which come as indicated in that statement, before the fed on may 1st and the fdic on the same day are scheduled to put out their reviews of just what happened. kelly. >> all right >> thank you, steve. >> thank you very much steve liesman there. >> wall street bonuses are meantime taking a hit as rising rates and recession fears have caused lower profits that was before this year. some new numbers out today have the new york state comptrollers office showing 2022 bonuses down 26% from the year before and returning to prepandemic levels. here to discuss is tom denapoli. wel welcome. >> thank you, great to be with

you. >> so this is always kind of a weird one, right because are we supposed to be cheering for ever higher bonuses when a time of inflation and people suffering or do we say, well, you know, the economy is dependent on it it would be worst if they weren't up there i'm curious your overall read? >> it's a little bit of both we depend on the securities industry and their profitability to contribute to their taxes and really, no surprise that the average bonuses are down, $176,700 that's a pretty good bonus although it's down significantly compared to last year, last year, the bonus was at a record level. we would not see that continue we are back to pre-pandemic numbers. so sure. it will have an impact on revenues, but i would also point out that it was anticipating

those projections for the state budget and the city budget as well so i don't see any impact in terms oour financial plans >> you knew it was coming. you forecasted for it. i assume the forecast will roughly match what the results have been. but how much is the revenue -- let me call it shortfall, or change year to year, do you know >> well, in terms of bones, the average is $240,000 last year. in terms of the overall contribution when we talk about wall street contributing to the state revenue, it's about 22% of our total state revenue. keep in mind, that's all taxes so not just the bonuses. so bottom line is, you know, we'll be okay with this turn the question is the volatility as we move forward >> but the point i'm driving at obviously, and i think we would agree on this, it is a meaningful thing for you and

your revenues that bonuses are down and down as much as they are. >> yes but again, it was not unanticipated. the real question is as we go through the year, overall possibilities in the industry. what are the implications of interest rates, inflation, volatility, coming out of the banking crisis, hopefully we're coming out of it what does it mean for the next year >> can you tell us about two really important kind of trends right now? number one, how many people are back at work, how many offices still have a high percentage of vacancies, and do you see any change in that trend are you going to exert any pressure from the state office and number two, what about people who have relocated in many cases elsewhere during the pandemic do you hear, observe, see any of those firms or people coming back or do you think they're gone for good? >> keep in mind, the numbers we're tracking, we actually have

an increase. so i think the issue there is that for new york city's percentage of the securities industry jobs, that's where we have a small percentage than 15, 20 years ago it's not that we're losing head count, but as a percentage of the national securities industry, our percentage has been going down. i think what that suggests of new jobs being created, many are being created in other states. so that's a concern. but again, i moderate that by pointing out the employmen numbers have been going up year over year. decisions are being made moving forward. that's a fair question no doubt, we all know, office space is going to be affected by this these jobs generally have a higher percentage of return to

office employment than other sectors. >> i want to squeeze in one final quick question if i might. what has happened to new york state's borrowing costs as interest rates have gone up? are you having -- is the state having to pay more on its bonds? if so, how much? is it meaningful, is it a meaningful amount? >> in terms of the current borrowers, i haven't seen a meaningful impact. it's something we'll have to pay close attention to that. the challenge is overall for new york, and i think that's something we need to address we have advanced a specific proposal on that reform in the state. i think new york has to do a better job of capturing how we manage debt. we have a statutory debt cap that we set aside.

debt is one of those issues especially as we get into more uncertain economic times >> thank you very much for being with us today. tom denapoli is the comptroller of the state of new york coming up, a true trickle down issue the crisis in regional banking weighing on investors' minds still. we have seen the slowdown in rets, less lending, less construction can this hurt the hotel sector >> as we head to break, throughout the month of march, just two more days here, we celebrate women's heritage, sharing the stories of women leaders in business and those of our cnbc teammates and contributors here is suzanne schenck, seibert williams shank president and ceo. >> finance used to be the ultimate boy's club. but my career trajectory to ceo of a successful investment banking firm proves how far women can go when past leaders pave the way

one icon who has blazed trails for all women on wall street is muriel seibert, the first woman to own a seat on the new york stock exchange and someone who played a huge role in women's empowerment in finance i was fortunate to have her as a business partner and mentor for many years as a jewish woman on the stock exchange and an african american woman on wall street, we shared a kinship in our understanding of what it's like to fight for ane top and of the need to chge the state for those who came after us.

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welcome back the effects of the regional bank crisis hitting real estate >> hotel owners across the nation say regional banks are tightening reins on new loans. here's the owner of 20 properties in texas. >> acquisitions become less likely because now you can't justify the cost that debt now causes for your project. so those are much less likely to underwrite and become feasible

>> the hospitality sector has been challenged by higher interest rates and the increased cost of capital. analysts writing a slowdown in construction spending would hurt the big hotel brands, development pipelines as they focus on growth. wells fargo downgrading park hotels and zinnia, writing it's clear liquidity is weighing on invisters' minds following the failure of svb, both of these stocks underperforming the s&p 500. a number of new hotels in planning already down 16% this year compared to 2022. and analysts say fewer hotel openings could lead to higher prices for consumers the average daily rate has risen about 64% over the past year $316 a night, but it could go up even higher. >> there you go. inflation still in travel. >> that's true seema, thank you very much meantime, a whole new ball game sports networks and leagues betting more and more on streaming with yankees yes

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welcome back, everybody. dom chu is so excited to look at apartment rents under his microscope today

this is pretty shocking, dom. >> this what comes down to right now is this notion -- i'm going to walk over to the desk right now because the graphics we have are not working. so what we have are rent.com statistics about month-over-month rent moves, and it turns out we had in the most recent period that they track, a quarter of a percent decrease nationally so five of the last six months we've seen national median rents fall, again, fall, and they hit a peak back in august of last year the curious part about this whole process right now is i'm going to show you in the graphic the biggest metro area rent increases. so the places across the country where you are -- >> and of course they did. >> let's look at those first. >> we'll look at the decreases first. please don't cycle through this, producers because i want to talk to this. the biggest rent decreases are in places like minneapolis, st. paul, phoenix, chandler, arizona, austin, texas, oklahoma city, and in new orleans

so some of the biggest rent decreases are there. if you look at some of the biggest rent increases that we've seen they're in areas that you might suspect still demographically or trend wise have seen people migrating to them from the pandemic we're talking about places like charlotte, north carolina. raleigh is up there. and that's a great spot, pinehurst is about an hour away from raleigh. >> also with the takeover of svb a lot of people are making that joke lately about raleigh's kind of overtaking silicon valley. >> it's not just that -- >> and cleveland. >> and milwaukee. >> waukesha, wisconsin, also one that's a pretty big rent increase. >> just to be clear, a lot of people will say, no, no, no dom, this rent thing says they're still rising there's a lot of different ways to slice and dice the data no matter which one you choose, we're definitely seeing more downward pressure lately. >> what it does is might continue a trend we're seeing in other parts of the market whether it be in commodities or

elsewhere that might show signs, hopefully, that people are not going to be facing pricing pressure like they were. >> epi could be headed sub four. >> maybe not tomorrow, but soon. >> dom, you are an absolute trooper. thank you. >> my pleasure >> our dom chu r. the yankeears e getting fans to watch aaron judge home runs a new way. could it be a gnew lifeline for cable networks as well or another sign of their demise that's next on "power lunch. and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity (woman 1) i just switched to verizon business unlimited. it's just right for my little business. that lets you place, flatten, or reverse orders unlimited premium data. unlimited hotspot data.

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the new york yankees kicking off a brand new season of baseball right now, and fans have a new place to toune in and watch the action the yankees television home, the yes network owned by the yankees launched a streaming service for local fans making it the latest name in sports to offer viewers another option beyond their cable service. fans may like the move, but is it just another push to make cable tv a thing of the past let's discuss that and more with wall street journal reporter joe flynn. welcome, good to have you with us i'm wondering here, maybe this shouldn't be the first question, when the yes network does this, does this get them in hot water? because they've got lots of other contracts with multichannel cable companies whether they're owned by comcast or whomever, how does this deal square with their existing k

contracts? >> well, they price the streaming service at a high rate i believe it's 24.99 a month for the yes network direct to consumer option. so that's the needle they have to thread here because to your point, they don't want to alienate comcast, spectrum, all the people that carry yes. at the same time, they want to reach cord cutters, but they can't undercut their primary distribution methods, which is why you see a price tag that for some might seem a little on the steep side of things. >> it does seem high i think it comes out onto the yes network's plan for, what, $240 a yorear to watch i guess it's the wnba liberty and the yankees and i forget who else they have. the nets, they have the nets as well that's a lot if you have other subscriptions. >> it is a lot, and we're seeing this more and more, though msg network did the same thing earlier this month, and theirs

was 29.99 and they of course have the knicks, the rangers, and the devils, and it is going to be this challenge if you're a heavy sports fan but don't care much about the rets of entertainment, then maybe it makes economic sense, but i tend to believe that most hardcore sports fans are also the ones sticking with the traditional cable bundle because of they have all those regional sports channels. >> i might be connecting the wrong dots here. so we know the regional sports networks are effectively being wiped out. what happens to, for instance, regional news channels i don't know if this all plays in the same ecosystem. it just feels like there's more dominos that will fall from this than just, you know, hey, a few games can now be found on a different platform. >> certainly to your point, the regional sports network business is under pressure. the largest operator of regional sports channels, diamond sports group filed for bankruptcy this month. they are struggling to make payments to keep their deals with channels on the air, and

they want to renegotiate those deals. local news channels might mean a little bit of a different bucket because they don't have the cost structure. these regional sports networks play a lot of money for those rights, and if they can't make those payments, then obviously it becomes a problem also for the teams who rely on that money to meet their payroll. so it's much more complicated on the sports every cable network is under pressure from cord cutting to be sure >> how big an advantage is it for the yankees that they are the owners of their own sports network? many teams do not have that at all. >> that's very advantageous. that's basically what allows the yankees and their partners, which includes some small companies you may have heard of like amazon and red bird capital and sinclair broadcast group the flex to be able to do that versus other teams who don't have theirown channels and wor with companies such as diamond

or spectrum in new york, the mets channel, and that creates more headaches, more negotiations and everything to be resolved to go down this road >> all right >> fascinating. >> yeah, fascinating stuff there, playing our music, joe, thanks very much joe flynn. >> thanks for having me. and thank you all for watching "power lunch" on this opening day for baseball >> that's right, "closing bell" starts right now kelly, thank you very much welcome to "closing bell," i'm scott wapner live from post 9 right here at the new york stock exchange this make or break hour begins with more failure fallout for the banks, for the fed, and of course for your money. here is your score card with 60 minutes to go in regulation, nasdaq leading again there it is, 2/3 of 1%. more broadly stocks up for most of the day the s&p losing some steam as yet another fed pres signals more rate hikes are