good tuesday morning i'm sara eisen with carl quintanilla. setting the agenda for us today, jpmorgan strategist warning it is the calm before the storm for stocks are they right we'll have newburgher with us. the plunge in nat gas and this recent revival in crude. hertz ceo with the push into evs and summer travel demand can they keep up meanwhile, another busy session to start the week.

4111 s&p, got a bounce out of jolts, which came unexpected implications from the labor market and what the fmoc will do lost some ground as we settled dow has down to the tune of 0.50%. >> it goes to the 9 million level instead of the 10 million level. still plenty of openings out there but that's the lowest in a few years. but that will be taken as good news on those fighting inflation. wage gains were a worry. let's start with calls out of wall street. jpmorgan strategist warning about the calm before the storm. saying investors should expect a reversal in risk sentiment and the market retesting last year's low over the coming months the money of flow from equities to money markets is continuing b of a saw the biggest outflow last week.

mike santoli, how do you square that >> people are cautious getting behind the big cap index some moves into money market funds is out of bank deposits. it's not strictly stuff that was in the market being circulated out. but it shows you that people are generally, i think, reserved in their sentiment here what i really think also is going on here, and we can talk about what store they might be anticipating, i don't know it will be all that stormy, we could get a pullback from the top of the range, but the reaction to the jolts is the indication that bad news is no longer good news this idea that anything that looks like companies retrenching, it had bond yields crashing, the short-term two-year yield really go down quite a bit. all of a sudden, you have to wonder if we're at that point when lower yields is no longer great for the overall market it's been the case for a while small caps have been suffering for a good deal. the rotation has so far worked the question is, can it at this

level, right it was a lot easier three weeks ago when microsoft was at 250. microsoft at 290, can it have a lot of upside impetus to offset whatever we have to price in in terms of a cooling off of the economy. >> that would be validation but mike wilson at morgan stanley, be careful what you wish for, right? >> i agree that's the case be careful what you wish for if all of a sudden the economy is in a slide the fed will arrest with cutting rates the pause comes before the cut and so the pause is what i think the market has been looking to anticipate and essentially try to get prepared for and positioned for, whereas the market performance around applause is actually pretty good except in the year 2000, when you had a very different dynamic and multi-year bear market and ultimately a shall dough recession. >> all right thank you very much.

jpmorgan ceo jamie dimon releasing his annual investor letter today warning inflation could stick around and to brace yourself our next guest agrees that inflationary decline has a ways to go. joining us is private wealth managing director and number two female investment adviser in 2022, holly newman croft good to see you again, holly. >> grood to see you. >> you're still defensive. you don't feel any fomo from the first quarter rally? >> it's so annoying. i'm so negative. we are defensive i think the market is up on this exuberance the fed might pivot quicker than expected and start to not only pause but lower rates some time this summer. i think what the market is really discounting is if the fed were to pivot and make that move, why they would be doing that inflation numbers are still too high the labor market is still very strong we have a ways to go to slow this economy down. so, if they were to pivot to

quickly, i think that would be because there was a crisis in the financial markets. >> so, you guys are still banging the drum on the inflation story, even though inflation expectations have really come down and there's increasing evidence that it's slowing. >> it's coming down. and the jobs number this morning came down. it's still double what it has been on average the last decade. and inflation, remember, the fed's target is still 2% we have a long way to go to get there. it's just -- perhaps this is a case of slow and steady wins the race we just need to be patient as we all know, the market is not the most patient vehicle. >> so, does defensive mean cash? i mean, does it mean highs are in for the year? >> defensive means underweight equity allocations it means taking advantage of the interest rates we're seeing in the fixed income market, which are close to long-term equity returns with much less risk. we do think, and i think your show this morning talked about we expect a downturn in the

market and we want to be opportunistic about entering risk assets like equities, going back to our target allocation or even overweight at opportunistic times. we think the market will present that a lot this year. >> when what happens >> when the fed doesn't turn and pivot and the market recognizes that rates are going to stay higher for longer. you know, also with the banking crisis, we think that's the equivalent of an additional rate hike of 25 or 50 bips. i think once all of this settles in and the exuberance of the expected fed pivot, which we don't anticipate, i think the market will come down and it will be a great entry point. we want to get back into risk assets but at the right time. >> we've talked a lot about corporate cost discipline and head count reduction and the year of efficiency does that mean this upside risk to earnings for, if not this year then in ex? >> there's a lot of pressure on

earnings for us as financial advisers what that means is using money managers who are going to do fundamental analysis on each company that they're investing in the last decade was a decade of free money, increasing valuations, not a lot of care or concern for fundamental analysis this market requires real due diligence. that does favor active management so that the stocks that you're buying, the management teams can afford the leverage, withstood operating through periods like this with pressure and higher lending costs. >> so, let's talk about what you like, fixed income, alternatives and what you're telling your clients to do. munis still? >> we still like munis high yield we still do like but up on the credit spectrum within high yields. with higher rates there's a higher rate of default but we are overweight fixed income we are overweight alternatives again. analysis on which private equity funds and managers you're going

into, the discrepancies between private equity funds and bottom is much greater than even in the equity space so, you really have to have a lot of care and concern for where you're investing your money not only how. >> holly, we just wrapped up women's heritage month in march. we didn't get to talk to you had a lot of live hearings i did want to ask you, because you are consistently one of the top ranked female financial advisers in the country. and i know you've made it a mission to court female customers and clients. the economics here are completely changing. what have you found? >> they are. it's interesting we're on the verge of the greatest wealth transfer in our history. and women today control over 50% of investable assets and that will go up between 65% and 70% of investable assets this decade the financial markets generally have favored males

they're morre relevant, more prominent. we're seeing with women controlling more wealth, the emphasis is not only educating women, giving them confidence, but also selling to women and attracting women, which is different than speaking to men and, i mean, i speak to interns, i speak to housewives, i speak to stay-at-home moms and encourage them to have confidence in their questions. no question is too dumb. and to stick to their belief know what's important to them and be able to convey it to anyone they work with. >> when you say the greatest wealth transfer, you're talking about boomers to the younger generation had. >> exactly we're going to see many more women, not only from a high net worth client perspective, but also women are staying in the workforce longer we're seeing, you know, women-backed companies they're a very small percentage of companies today, but that number will continue to grow. >> there's obviously a lot of research done that they trade

with less frequency, right does that mean less volatility >> they trade with less frequency, that means it's more tax advantage, that means they can stick to their knitting, they have less of a knee-jerk reaction statistics show women have often better returns i don't want to say that to you. you're a little outnumbered. >> i'm well aware. it's not a mystery what does it mean for spending patterns back to your conversation about the fed and yields, is that an assumption that spending holds in dimon's letter this morning looks at a balance sheet at the house hold level that is still pretty good. >> it is good. you know, everything changes every day. so today we are just -- we're in line with being cautiously optimistic and having a lot of opportunities this year to putting more money to work. >> it's great to see you and catch up thank you very much. holly newman kroft. still to come this morning, nat gas coming off the worst

quarter ever, plunging again yesterday after opec announced those surprise production cuts we'll be joined by the ceo of williams after the break they handle about a third of the nat gas that's used every day in this country for clean power generation, heating and industrial use "squawk on the street" will be right back ♪ great estimations ♪ interesting piece. let me bring in my expert. mmm... so many scratches... oh those are from my car keys. such a rich history. yeah. this won't do well at auction. but at at&t, it's worth a brand-new samsung galaxy s23.

wait really? mmhmm. what about this? at&t's deal is back. wow. everyone gets a free new samsung galaxy s23 with a galaxy phone trade-in. any year, any condition.

marking the end of the worst quarter on record for natural gas and april is not proving any

better, down another 5% yesterday. with weather warming up, our next guest seize a potential for near term rebound in price let's bring in alan armstrong with the company that handles a third of all nat gas it's great to have you back. some people, i got to tell you, looking at these charts for q1, somebody said, does this thing ever go up i imagine you do think it does. >> yeah, i think we just have to look back to last summer where we saw gas at the $9 to $10 range to see how quick this market can shift we were about as far out of balance being short in storage last summer as we are right now natural gas in storage it does shift pretty quickly we're just seeing the response, i think, in price. one of the key things about this, though, is really the reason we got so short in storage last year was

infrastructure and the fact that mount valley pipeline, which was expected to have been completed several years ago was delayed once again last year and so the market had to really twist and start producing out of haynesville rather than the marcellus to keep up with demand, and they've done that very effectively you're certainly seeing the response to that in market supply. >> i know you've been asked lately about the spread between what nat gas has done and what crude appears to be doing right now. what do you make of that spread? does that narrow does that close? >> you know, really there's not very many drivers today that keep gas and crude oil linked all that way whoa pretty much independently produce most of the gas here in the u.s. is produced as dry gas. about a third of it is produced without oil. the two are no longer very well linked, actually

gas is considerably lower cost at this price on a btu basis it's about 15 times lower cost and, obviously, a lot cleaner from a carbon emission standpoint the two really don't stay connected very well anymore. >> how much has the -- has your outlook as a company, your plans, your financial outlook, changed as a result of these persistcy lower prices >> yeah. you know, our business is through-put. we focus on demand and demand comes from lng growth, which is continuing to grow pretty dramatically and the picture for that continuing to grow. we also one of the primary drivers is electric generation or power generation. and with an expected warm summer, we might see some response there as well you think about our business, it really is moving natural gas

so, we like moderate prices in a way that keep producers healthy on one side but keep demand growing on the other certainly, the u.s. is extremely well positioned to be a major exporter of natural gas. and i think we will continue when we see these kind of low gas prices and the amount of growth and supply we have in the u.s., i think it gives the world confidence that the u.s. can be a major supporter to its allies of lng export. >> but hasn't it been a struggle getting approvals in washington, d.c., pipeline expansion, building new infrastructure? is there any relief there or is that still restrictive >> the good news is, people are really starting to realize, particularly political leaders in washington are starting to realize how important our infrastructure is. we have plenty of low-cost natural gas supplies here in the

u.s. really there's no reason for the price rise we saw last year other than the lack of infrastructure and that really caught people's attention last year when we saw gas prices -- gas goes into so many things like agriculture, it's the primary deep stock for fertilizer a lot of people don't realize that plastics are the major driver for plastics is also natural gas. so, it has had a major impact on inflation last year. and now that we're seeing that come back. but the good news is, that really caught some people's attention. and i think there's a lot more focus now on infrastructure. not just pipelines, but as well electric transmission needed to bring on renewables as well. and i think keeping those things coupled together is going to lead us to some pretty important permitting reform that's desperately needed for the benefit of our country, frankly. >> not to get too far into the weeds, but we mentioned earlier

today the developments regarding nato and finland i just wonder how you think the story of supplying europe with lng, it changes in the six months ahead, if it does at all? >> yeah, you know, it takes a while to build out lng infrastructure, and it takes time to build the pipelines that -- from our producing areas to that. so, we do have to make sure that we can enhance that. the fact is, again, we have plenty of low-cost natural gas supply available here in the u.s. and what we're really missing is getting that infrastructure built to help out our allies so, it does take time but there's a lot of work going on i think right now there's about an increase expected of about 23 dcf a day by 2032 and 15 of that bcf per day of that will be in lng exports. we actually, given the amount of projects on the drawing board today, i think we could actually

see that exceeded. and particularly if people continue to have confidence in the u.s.'s ability to produce low-cost natural gas supplies. >> finally, alan, just to return to where we began on prices, just because it's been such a stunning move, what's your forecast here? >> well, you know, it's kind of interesting right now if you look at the first -- we just settled april. came in at $1.99 for the april settlement on 9 mets and if you look at the first four months and the forward curve for that right now, we're looking at a price of $2.92 for the entire year and while it seems shockingly low we're sitting here right now, that compares to, if you look back from 15 -- 2015 through '22, the price was $3.27 on average so, we're about 11% or 12% off of that pricing. and for the year so, not extremely low. the good news is, our producers

here in the u.s. have proven their ability time after time to be able to rein in costs but that is a real challenge right now and something that's a bit distinct from prior periods. everybody thinking about price, is the fact that the cost of drilling and completion has come up because we've seen a lot of discipline imposed in the oil field services group, trying to keep out of the boom/bust cycle and not overbuilding that. that has kept prices about 30% higher than they were in 2021. obviously, that will have some long-term impact on prices >> we'll see if we can hold this 2 handle oday, alan. it's been a fascinating quarter at least great to have your input appreciate it very much. >> thank you very much, carl appreciate it. >> alan armstrong joining us from williams. by the way, as we approach session lows, valero, marathon petroleum down 5 >> cyclicals are selling off,

energy, industrials, and materials making a big move lower. the dow is down 200 points we've taken a turn caterpillar down 4.5%. boeing is right there. financials are getting hit as well what's working defensive, health care, utilities and communication services up a little feels like we went from a positive read on the job openings coming down to some worries about the economy. up next, one country pausing interest rate increases after ten straight hikes to further examine the impact on inflation. will others follow suit? that story next when we talk about the european close. plus, we have an interview with the ceo of hertz, the company making a big push into the ev space, predicting nearly 2 million electric vehicle rentals in 2023. can they meet the demand we'll be right back and we'll continue to follow the selloff on wall street the s&p is down 0.50%, bringing us down 0.20 for the week.

it's the cyclicals at the bottom of the market. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of

people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. (vo) businesses nationwide are switching to verizon business internet.

(woman) it's a perfect fit for my small business. (vo) verizon has business internet solutions nationwide. (man) for our not-so-small business too. (vo) get internet that keeps your business ready for anything. from verizon.

trading overseas in europe stocks higher as we head towards the close. euro stocks 50, setting a new high for the year. results from an ecb survey show consumers are more optimistic on inflation as eurozone ppi, wholesale numbers, ticked lower this morning the story abroad today we're focusing on is down under, australia central bank, pausing interest rate increases to assess where they are. it's a big deal because the debate is, will the fed follow suit australia and canada were leaders and now they both paused the statement from the governor, philip lowe, a lot of people would suggest, hey, maybe powell should say something like that, the decision to hold interest rates steady this month provides the board with more time to assess the state of the economy and outlook with considerable uncertainty and continues to talk about how interest rate

increases hit the economy with a lag, so we need to see what those lag impacts. powell does say things like that but they're clearly focused on the inflation story. meantime, discussion in canada, they were trying to avoid a situation where they end up hiking too much and end up doing harm to the economy. i've seen charts that sort of lay over bank of canada moves and fed moves. they match almost always with a short advance, right >> right. >> so, they do tend to lead. i think the question for the fed at this point is, are they confident enough that inflation is coming down are they as confident as the market, which appears to be much more on the disinflation story and are they worried enough about the uncertainty right now caused by the banking system issues clearly powell mentioned a lot in the last news conference. we'll see tighter lending standards, we'll see an impact on the economy that's why the market then jumped to cut. maybe the market's overdone it, but may now is a tossup.

it's almost 50-50 of whether they go again. >> that's why the jitteriness on both sides let's get a news update with seema mody. >> here's what's going on at this hour. f finland becoming the 31st world of the biggest security alliance nato has now doubled its border with are ush sha finland's membership shows a strategic and political blow to putin. the s.e.c. is suing the founder and college financial platform frank related to the company's sale to jpmorgan in 2021 former ceo is accused of defrauding jpm by misrepresenting the number of users on her platform and creating fake accounts it was shut down in january and the two parties traded lawsuits alleging misconduct. the justice department announced criminal charges against her. voters are heading to the polls today in chicago in a

runoff election for mayor. progressive brandon johnson has racked up support from bernie sanders and elizabeth warren while moderate paul vallas won dick durbin's endorsement and endorsed by chicago fraternal order of police. outgoing mayor, lori lightfoot, lost in first round of voting in march. after the break, a rare bearish take on costco a look at why wells fargo is telling investors to lower their expectations on this one. want to take a quick look at gold near the highs of the day the highest level in more than a year gold prices above 2,000.

(vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once and get closer to iconic landmarks, local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort.

welcome back a couple hours into trading, stocks just off session lows as we're down 225, holding 4100 let's get post to post with bob pisani. >> the jolts report had a bit of an impact on the market, particularly cyclical stocks i've been talking about caterpillar the last two weeks it's had a huge run. 214 to 230 in the last six or seven trade sessions opened today at 230 and straight down, right from the open, 230 down to 219. particularly after the jolts report boeing did the same thing. other cyclicals, here's john deere, virtually the same thing happened opened at 386, went to 415 last week and opens at 415 today

straight down. that's a big move for john deere. low volatility stock, but straight down from 415, particularly after the jolts report oil also moved down. oil had a nice run, went to 82, dropped down to 80 after that. oil stocks had a great run the last few days, particularly yesterday. there's chevron, dow component, 155 to about 170 in five, six, seven trading sessions down today, most of the big oil names also trading down. the other big story of the day is the regional banks, which had been stable last week but are now starting to trade towards the lower end of the trading range they saw last week here's a good example. all of them are doing the same thing. there's m&t bank m&t was right around 120 it opened and went straight down here the lower end. it was 117 to 122 last week. and you see here, now below that 117. all these stocks are starting to trade below that yes, the technical matters because people watch that. the volumes aren't particularly

high that tells us, carl, that demand is not particularly strong, even though the stocks are moving to the downside how is the jolts report to be interpreted? if you want wages to signal it's coming down, it's good in terms of signs of a potential economic weakness, not good. i think that's why the cyclicals were weakening back to you. >> we didn't even mention we got the jolts, pce, ism yesterday. factory orders, too, got overlooked lowest year-on-year in two years. >> weaker than expected. you add it all up and it's the sign of a weakening economy. the fact the market couldn't hold a rally on the bad news, which is the mode we were in, shows that maybe the market's getting a little too excited that the fed is going to pivot and we're going to still have a soft landing when really we should be thinking about what this deterioration in the economy means for earnings and for growth >> you sound like mike wilson. >> well, that's his case -- that's his thesis. >> yeah. >> it's moved against him. the market's run up.

he's had this really negative call, but clearly he said the weaker earnings and the recession isn't priced in. on a day like today where all the cyclical stock, those tied to the economy, industrial, materials are weakening, that's what you market is telling you lower yields, too. speaking of notes, one note catching our attention -- actually, two bearish calls on costco one from wells fargo, the other from gordon hashkin saying it looks posed to have another u.s. comp wells around two since expectation is already low, wells says, we may need to see weakening in the multiyear trend to see a negative stock reaction gordon cut their comp forecast they said it could be weather but also what they called the cnn effect of the silicon valley effect, at least in california where foot traffic has been softening. >> it's a tough one because costco is usually pretty defensive. they have a big food -- food

inflation has been high, sticky. but it worries around general merchandise which costco sells a lot as well, and also weather sensitive. there was a note in wells fargo about refunds, why march was not as good of a month for consumers as we saw, perhaps, in january, february, tax refunds and the like we haven't seen a 2% comp from costco in a while. this would be a disappointment i thought it was unusual because usually the street loves costco. they love that subscription model. this doesn't do a whole lot except for go up. >> the other one in that related space is burlington. loop today goes to buy they were at 200 they go to 225, arguing that inflation is hurting customers and they will be looking to look for value, at least in the apparel space. >> a lot more in retail downgrades worries about the consumer. up next, speaking of the consumer, can the travel industry keep up with the big demand we've been seeing given all these headwinds? we'll ask the ceo of hertz when

he joins us on the other side of the break. we're keeping our eye on etsy, upgraded to overweight from neutral piper sandler positive on the company's financial model saying it can tactically increase its take rate. read more on cnbc.com. we're back after a quick break. down 200 or so on the dow. more than 0.50% on the s&p we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

welcome back as the busy summer travel season quickly approaches, let's get to

another company that has a pulse on the market. that's hertz stock's up about 4% this year. it's had a rough 12 months despite growing revenue every quarter last year. so, can it ride an expected travel rebound this summer joining us for an exclusive interview is hertz ceo, steven scherr it's great to have you back on welcome. >> great to be with you, sara. >> what are you seeing on demand feels the market is starting to worry this boom cannot hold up forever, given some of the big economic headwinds >> well, as we look forward to the summer, i feel that concern is misplaced what we're seeing coming out of the first quarter is continued strength and demand and accelerant into bookings and, you know, strong price support in terms of where we are renting cars i would say that's agross all markets. leisure has been strong, continues to be strong the corporate business continues to play strongly and i'd also say if you look at

25% of our business being inbound travelers, so non-u.s. travelers into the u.s., that continues to grow. europe, latin america, and last -- and lagging a bit will be asia but we're starting to see that as well >> with all that demand, steven, do you have enough cars? some anecdotes of travelers that got stuck waiting for cars >> well, cars remain in short supply we have enough of a fleet coming into the summer to sort of meet the demand we're expecting remember, we're also seeing continued strength in our ride share business this is where we rent cars to uber and lyft drivers. but on the leisure side, i think we'll meet the demand we expect to see this summer and i think some of those demand indicators are not just in our book you know, if you listen to the airlines, delta air lines in particular, they're forecasting very strong demand into summer we obviously play and pivot off of those that they bring to the

airport. but i think we've got a significant number of cars we've participated in the used car market to buy low mileage, good condition cars at lower prices than where the new cars are. obviously, you saw ford and gm with strengthening year-over-year supply. still well below 19 but we're in a position to have enough in the fleet to meet the summer demand. >> so, that's interesting you mentioned about the used car prices, because doesn't that also hurt you as used car prices come down and you have to sell off part of the older fleet, just not earning as much >> well, remember -- yeah, it's interesting. we were mid-2022 at a peak we saw considerable decline in used car prices through the back half of '22. we're now into week 14 or 15 of this year, and prices have only known to go up we have seen price increases in used cars over the last several months and i would say that there's a

decoupling you know, the price at which we rent cars is not inextricably tied to where used car prices are. we see used car prices go up that means our fleet is ever more valuable. remember, even at elevated used car prices, they are still less expensive in terms of bringing cars into the fleet than are some of the newer cars again, we're constitutional buyer of new cars. but we always want a fleet inside the demand curve. and the used car market, you know, presents a source of considerable flexibility for us to source cars. >> speaking of new cars, stephen, i know cramer this morning was fascinated with an update on your ev strategy, what it means for tesla and i guess in a period where people are beginning to question the adoption curve in the face of lower gas prices, does that change the equation for you? >> well, it will be interesting to see exactly what the sort of by-product of the opec decision

is in terms of where gas prices move now but i would say adoption has been strong. let me just say, for example, our rental of electric vehicles, tesla and others, into uber and lyft, that business has doubled year over year and it continues to be a source of strength and it is, obviously, not entirely correlated to what we see in the sort of normal rental market but the adoption through rental cars is very strong. it's a unique opportunity for prospective buyer to test drive an electric vehicle in a more meaningful and substantive way and we have seen, you know, the ride share drivers like i mentioned, uber and lyft, when they rent an electric vehicle from hertz, they tend to take home about 10% to 15% more in income per month by virtue of all elements of that car whether it's a subsidy that comes from the company itself, uber or lyft, or higher gratuity paid, or just an attractive price point for them to enter

with minimum, you know, maintenance or other expenses. so, we see adoption continuing we may be the affordable entry point for electric vehicles for people, you know, and seeing that adoption tick up. >> how much higher rental prices do you pay for an electric vehicle than a nonelectric vehicle? what gives you the confidence that people will continue to do that >> yeah. well, it depends on the market and the channel we're renting that car in through the uber and lyft and the rideshare driver, you know, they are paying on a per day basis a lower price than what we rent those cars to leisure and corporate travelers. in part because they rent over a month. and our costs are lower because we don't need to touch that car five, six, seven times we pass some of that cost over to them in the form of a lower price. and so that continues to be attractive we do see premium, as much as 20%, 30% relative to combustion

engine car in the corporate and leisure market i would also say take up among corporate travelers is strong in that many large corporates are compelling their employees to use electric vehicles because they satisfy some of their own esg objectives in that program >> so, is tesla delivering them to you in a timely basis >> tesla is delivering cars on a timely basis we also have polestars and we're quite excited as we start to take delivery on 155,000 electric vehicles from general motors that will play out over five years i think as mary barra has said on several occasions, any time a prospective gm owner rents a car from hertz, they are twice as likely to be a buyer of their cars we're excited about that because general motors is going to offer a wide range of models at different price points and it gives our customers choice, which is what this is all about.

>> yeah, no, i remember, we did that joint interview when that was announced with mary and you. >> that's right. >> stephen, thank you for the time today it's good to get an update stephen scherr. >> great appreciate it. >> good to see you. coming up next, tech ayoff this year have now surpassed the entire total for 2022. more than 166,000 employees laid off. ape is joining the long list of companies making up some of those numbers we'll get that story after a break.

(cecily) it's probably gonna take us a while to move this sign. (vo) better hurry! get welcome unlimited for just $25 a line. (seth) it's guaranteed for 3 years. (cecily) you get a great network and save money doing it. (vo) this offer won't last long. only on verizon.

ap ap apple deirdre bosa has that for us. >> interesting thing about apple doing some small layoffs it just underlines how well managed and disciplined apple has been relative to its big tech peers apple has not had to cut as much because it didn't hire as much amazon and meta doubled their workforces while google's each grew by 50%. for apple more steady, 20% bump, more than a 40% increase since 2020 it's not that apple is immune to a slowdown revenue is expected to contract, and it is making cuts around the edges like trimming budgets and pausing hiring on some teams, laying off contractors but if big tech has become a safe haven for the markets, apple is, of course, the poster child at the end of 2022 had

$165 billion and when it reports this month it is expected to increase dividend and expand its buyback program. and finally, if this isn't a flex, i don't know what is tim cook appearing on "gq" released yesterday there it is. looking suave. his counterparts at meta, alphabet, amazon, are facing tough questions about overhiring, overspending cook called silicon valley's quiet visionary. part of the more than 6,500 were profiled, it was dedicated to that rumored ar vr headset he stopped short of confirming its existence. he says it could empower people to achieve things they couldn't achieve before, accelerate their creativity, guys >> there's a curse of being on the "forbes" cover i don't know about "gq." that's not typical for ceos

especially talking about weightlifting. that's pretty good, deirdre. on a serious note, do you get the sense there's more cuts coming he said the companies were serial hirers and expanded so much where are we in this cycle of layoffs? >> i mean, you rarely hear wall street analysts call for more cuts at apple. with this safe haven status has that image to protect. you can imagine investors would get worried if you saw apple cut its workforce by more. there's the simple numbers behind it. it didn't hire as much as the other guys we showed you the chart that showed apple increased workforce by 20% compare that to meta and amazon that doubled their workforce and, yes, revenue profile to go back to it how he is slow and steady and is not trying to make a splash a second mover advantage he's become famous for. you look at that and you don't

hear those calls because it didn't overspend and didn't overhire during the pandemic like big tech. alphabet, i think a lot of folks are wondering if it doesn't need to cut more. >> all right, deirdre, thank you. it's an interesting comparison deirdre bosa, thanks wall street is bziuzng about lamborghini's new hybrid 217 miles per hour we'll have all the details next.

what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create we planned well for

retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

welcome back lamborghini unveiling its first-ever plug-in hybrid that can reach speeds of 217 miles an hour robert frank is at the lambo lounge in new york city with details. >> i want to be in the lambo lounge, whatever the that is >> hey, guys this is as you mentioned the first plug-in lamborghini. it is unlike any other hybrid you've ever seen in addition to its three electric motors, it has this giant v-12 naturally aspirated engine in the back altogether 1,001 horsepower, 0

to 60 in under two seconds, top speed over 217 miles an hour now these super car companies like lamborghini have a delicate balance between wealthy buyers who love these big, emotional engines these cars are famous for, and the future of the auto industry, which, as we all know, is going electric. >> the team worked hard on this car for years and the reception of the customers is positive in two years. on one side, they recognize it's a true lamborghini and on the other side fear about having a hybridized car >> reporter: every other car will have some form of electri electrification. the first true ev not expected for another five years right now all of their models have a waiting list of at least one to two years, and the demand, despite what we see in

the banking sector, volatility in the market, for all these cars remains strong. >> the resilience of our customers due to everything that is happening in the last 24 months is incredible we don't see any downturn in the order intake in buying cars like ours, and this is a good sign. >> reporter: now you want to know how much? the starting price for this car in the u.s. will be around $600,000, but that's only if you can get one, because right now they're already sold out for the first two years of production and so if you go and buy one today you're likely going to wait at least three years if -- if -- you can get on that coveted list guys >> robert, it's fascinating. i do wonder how it compares with the decarbonization over at ferrari. it's interesting to watch that whole movement move into this particular space of the auto market >> reporter: it is and how these

companies are going to differentiate themselves from, let's say tesla, when it's fully electric fascinate to go watch ferrari with their hybrid earlier. this raises the stakes with a v-12 plus electric >> $600,000 for a three-year wait list. when a deal. robert frank, thank you very much really cool inside the lambo lounge k carl, we continue to fall since we've been on, since we got the job openings data, which was weaker the original impulse was to buy on that, weaker data, the fed will have to move less we've moved into a period of worrying about the economy, down 250 on the dow financials are getting hit the hardest on worries about the economy. >> valero down 7%. caterpillar, the big dow laggard, got defended at bofa. they said, look, opec defending

oil prices, china, mining supply chain, no longer a problem that's not helping today. >> no, it's good news. >> a moment ago we looked at how 330 has been defended i think four times so far this year. >> lower yield and a weaker dollar reflects the concern about the economy. not excited as much about lower interest rates thinking of weaker earnings and weaker growth >> to post 9 and the judge guys, thanks so much welcome. i'm scott wapner front and center this hour the goldrush as the precious metal tops $2,000 this week for the first time in a year and a move from our own josh brown today to take advantage of that run we have that and how the investment committee is playing this market. joining me for the hour right here at post 9 josh brown, stephanie link, and jim lebe lebenthal. let's check the market we've been in the red for much of the