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cracking. weekly jobless claims rising after a week report on payrolls. now the markets are waiting for the big government employment report. that will be out tomorrow. look at what these labor pains could mean for the fed and in turn for the markets. for today, stocks are mostly higher. the dow jones just turning negative. for more on today's movers let's get to christina. >> reporter: we are still closer to those levels of the day despite that little drop in the dow that you are seeing. the nasdaq is on pace to snap a three-day losing streak. when you talk about the week the nasdaq and s&p 500 are expected to and this three-week win streak and unfortunately close in the red. the dow has dropped seven points but is still expected to end on a positive week for the third time in a row. let's talk about energy and

healthcare needs. they are leading the pack this week. clearly defense as he mentioned investors digesting the recent job data. they are getting a little bit defensive. communication services big tech and the regional bank today pushing higher ahead of upcoming earnings starting next week. first republic, western alliance both released about 3% higher. western alliance said the deposit outflows are stabilizing. investors do like that. speaking of that, j.p. morgan downgraded comerica to do patrol with a price target of $44. they originally had a $70 price target. that leads to concerns of deposit growth. their shares are around $40.35 at the moment. micron leading the nasdaq 100. it could be up by the dip mentality after they got hit by china's warning that it was looking into security risks. shares are up about 3.8% and.

>> let's get a little bit more on jobs jitters that are hitting the market. jobs data showed 228,000 new claims for unemployment in the latest weekend the revisions to previous weeks adding to concerns as we look ahead to the big payroll report. explain these numbers to us, steve. >> i will do my best. let's start off with the headline. the department of labor issued revisions to jobless claims that told a very different story about the job market. it shows it was weaker than previously believed. there's a seasonal adjustment in the jobless claims that shows that since the beginning of the year there were 212,000 more applications for unemployment insurance than originally reported. it was the largest upgrade since 1991. what economists thought was a flat number is now a rising number. the department said surging claims during the pandemic created pretty big distortions

in the seasonal adjustment so it brought those back down. believes they have corrected them now. this raises the question whether the consensus for tomorrow is overly rosy. they said a once hot economy is showing signs of a slowdown. indications show none of the seasonal growth we've seen in prior years. here is their numbers. they show the number of employees working shifts shifted down compared to february. last year it did not show such a dip. forecasters keep getting the job market will slow. the job market remains resilient. this shows some real potential slowing with questions of whether it is enough to stop the fed from hiking. >> that is the pertinent question is what does this mean for the fed. >> the jobs number themselves

even in relation to the number of claims is not enough. we have to see it happen was inflation. the root that they see a slower job growth and economic growth that means less wage pressure and less inflationary pressure. all of that is a process. it's a process that we know is taking more time. >> were you surprised to see the level of revisions? >> i have never seen them before. >> the idea that these are corrections, at least in part driven by trying to make up for some of the distortions of the pandemic. does that fly with you? >> that makes sense. the data has been massively messed up by the pandemic. it is going back and forth for a very long time. even the job numbers that we think are right, we don't know how strong the job market is. what would you know is we have lost a lot of workers trying to bring a bunch of them back. that means 98,000, 100,000 more than that every month.

>> we are not done with you. you will stick around. the jobs report tomorrow and equities, we will talk to scott. what do you make of these jobs numbers and the possibility that tomorrow's big report may show slowing in the jobs market? is that a kind of inversely good news for equityholders? >> i don't know if it will be good news. i think it will foreshadow what earnings are going to do. economies are shredding as we have seen. you seen a huge amount with technology companies will say we need to cut cost. let's start with wages. what will be next. willoughby cap backs? cutting back on travel that's where we will see the next quarter will be really important. you don't really hear anything because it's been quiet. that's where investors are getting a little bit more defensive. you see money moving to

healthcare and staples to wait and see what the cyclicals will do and what the echnology will do and also the services sector. >> it also seen money moving into fixed income for a change. >> absolutely. when we had the little banking crisis, it was in impetus to move money sitting in .1% of the banks because people were not sure it was good to be there. money has moved into treasuries and money market funds and i think the counter of the wait and see. there is so much pessimism out there. it is very negative. we look at what companies are talking about. we have not really seen that big issue that maybe comes with commercial real estate or something else. it could be some opportunities here if you are a long-term

investor. >> it is interesting to think about what a soft landing is for them the stock market point of view. you can think about it from an economic point of view which is the fed is able to be back inflation without causing a recession or a major increase in joblessness. i think the stock market way of thinking about it is, can you get through this process with companies still remaining profitable through this process. when you ask if this is good news or bad news, be careful what you wish for. if i told you that the fed was going to cut rates he would be happy but the fed is going to cut rates because unemployment is up by a percentage point. the economy is not just slowing. here is really the question. you think about landing a plane you have to go through 10,000 feet and then 5000 eet before you get to the ground. >> i don't know if they have a job growth chart in the back of the plane changing the payroll numbers, we have been writing

very high. we need to get back to 150,000. it seems to be the market has priced in through normal all the way to what was abnormal. getting beyond that and crashing right away rather than the potential for the plane to re-level out. >> the first thing you mentioned when i asked about whether these numbers could inversely be good news, he said it depends on earnings. let's point to a couple of companies where you think earnings may be underestimated or you think they will be resilient and strong. >> one of the things that people are not really looking at our spinoffs. here you have a defensive company that has a lot of upside growth in their products and cost trading at a below

market multiple and paying off debt. i like that story and i think it can provide value. the other one is comcast. if you look at the recurring revenue of cable and the ability to raise prices 2 to 4% a year and you have the upside of nbc universal there that really if you look at some of the parts does not have a lot of value considering what's happened to the streamers. comcast has had a solid balance sheet with management focused on buying back shares. at the end of the day it's a family run business that really cares. in an area where we could get some turbulence, we want companies that are what i think the market is underpricing that have potential to grow and then you can actually sit back and say, if the market does pull back i can purchase other companies but i want to get other companies that are

quality at the same time. >> thank you very much. steve is still sticking around to talk about the jobs report. make sure to tune in tomorrow morning for special coverage of jobs in america. the markets may be closed but squawk box is working. >> we are calling it great friday. >> 8:00 a.m. eastern time. let's turn to housing and other lending issues were higher rates have dampened optimism and supply continues to be a headwind. our next guest says buyers are facing a tough environment. we will get out of this sooner rather than later. let's bring in the founder and ceo was a platform lendingtree. doug is also a friend and fellow supporter and suffer of

the virginia cavaliers. i know you were with me when furman hit that shot. >> we are not angry. we are happy. let's talk. >> it is great to be here. >> let's talk about where you see lending whether there is gross or leveling off, residential mortgages, home equity lines, refinances? >> you are all just talking about the fed. it is clear that the fed is getting what the fed wants with the housing market. what you are seeing is home prices have leveled off. they are not rising like they were. in some markets, including san francisco home prices are actually down by 10% or so year- over-year. application volume is down a lot year-over-year because rates are up a lot. what you have now in the homebuying segment, imagine you

own a house. it has gone up in value but you have a 3% mortgage from several years ago and you want to move. most consumers focus on the payment that they will have to make so you will have to find a much cheaper house in order for that to financially pay ff for you so you sort of have a stall. there are not a lot of new homebuyers buying and the sellers are not necessarily selling and so what you have on the lenders side is lenders are moving into home equity very aggressively and getting very creative with the types of products that they are coming out with. for example, the six month arm which we have never seen in the market before is now out there. >> what do you think would unlock it? >> i think it is either rates

falling or home prices falling. if rates fall the affordability is there. if you think about it, we always like to focus on how can the borrower benefit. if you are refinancing because your credit score has gone up, you may be able to get up better rate than you had before. if you are refinancing to take cash out that probably does not make sense at these rates. it does not make sense as i talked about before if you are going to get a higher payment by purchasing a new home that's not really a benefit to you. you really need to benefit to be there with home prices coming down or rates coming down. >> how do you figure out or how does the market figure out where the sites meet? you have a chunk of the increase of the monthly payment is a higher interest rate and the way to arbitrate is that is a lower price. today meet more towards price

or higher rate? >> i am not sure that i know. i think it is good old fashion supply and demand. what you are seeing right now is on the right side there is a definite variability in rates. competition matters and you see lenders willing to take lower and lower margins. i think on the rate side it can definitely help more than it can on the buying side. honestly, that's not my expertise. >> one more question. there's some amount of home sales and homebuying that will happen regardless of the rate. do they right now keep their homes off the market waiting to see where things shake out? at some point can neither side hold the line anymore? >> some people do, but most of the time people will sell because they cannot afford to

have two homes at once. people will generally sell and move and take the pain of what you have and what you need to do. the good news is also if you are moving there are some markets that are actually getting more affordable. we have seen a lot of people move into more rural areas and low cost areas at much lower prices to find the benefit for you to save money. >> it was great to see you again. i have a feeling you will be spending some time watching the masters this weekend. >> it is the best three days of tv in america. have a great weekend. he starts to charge by the minute so it gets expensive.

news coming down from the irs. >> the internal revenue service is mapping out how they plan to deploy $80 billion in new funding over the coming years and also to revamp their outdated technology. the irs said they will hire 19,000 new employees in just the next two years including 7000 and enforcement which would expand audits primarily to high net worth individuals, complex partnerships and high net worth corporations. they said enforcement had fallen by 30% while filings have increased by 14%. the growth of the category has grown by the most and the irs estimates it could unlock $160 billion in what it calls evaded taxes. they are also hiring customer service personnel to cut down on wait times, engineers and data scientist with the goal being digitizing tax returns, archive records and communication between the irs and filers. that means that potentially

very soon no more of those letters piling up. >> thank you very much. coming up, if the economy enters a recession many shoppers may trade down to walmart. now the company is working on ways to keep those customers when the economy pls aulgain. shares of levi strauss are down more than 15%. we will have a full retail wrap up, next. what if you could make analyzing a big bank's data... no big deal? go on... well, what if you partner with ibm and red hat,

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walmart look into the future. the company betting big on automation to boost productivity and profits. melissa is back in the studio after attending the investment committee meeting in tampa. one of the things that stood out to you is how much automation walmart is bringing to its distribution centers. >> yes. walmart emphasized how they are using innovation to boost profits and how it will be a major push as they try to squeeze every drop out of sales. of course, as sales are moving online they become more expensive. they are looking at ways to do that more smartly. one of the ways is moving things along with automation. >> that implies fewer people. >> that's a question that came up. i asked the ceo and he said that he does not anticipate it will shrink the number of hits

but it may trickle into other parts of the company. instead of having as many people at fulfillment or distribution centers that are being automated, they could be helping with ticket orders are be personal shoppers at the store. >> how much of today's fulfillment is automated this way versus how much they want to have fulfilled this way? >> for walmart it is still extremely early in the process. we saw one of the distribution centers, but ultimately they plan to roll that out to the other 40 of the shelfstable nonperishable distribution center so things like diapers and soup in cans. we saw them taking them out of trailers and putting them into pellets that were organized by

department so that when they arrive in the back of the store the worker can unpack them and get them to the shelves more quickly and make it possible for personal shoppers in some cases or customers to get the item. >> let's move on to levi. margin decline forecast for 2023. they say promotions are a factor. >> what we are seeing with levi is that inventory continues to haunt them. inventory is high year-over- year. it was up 33% which is better than the 58% of the last quarter but that is still a big number. what that means is they are dealing with excess goods to sell in an environment where a lot of wholesalers like walmart are ordering less jeans and fewer items. that means that they are stuck with it. >> the store shelves are already full. interesting story. we will talk more about the inventory flood in a few

minutes. growing signs of a recession may see data pntg oiin to a slowdown. jobless claims rising. we will get the trader's take next. we will be right back. s in the t 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 ♪ ♪ a cyber-attack can grind everything to a halt. cisco security keeps your company

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markets are rising despite the jobs numbers we have been discussing. >> we are basically flat for the week. i want to show you my vote. caterpillar is the proxy for cyclicals. all over the place. it was to 12 a couple weeks ago. then it was 230. now 209. most of these defensive names have had a great week. they are starting to flatten out a little bit. everybody down here is trying to gain the jobs report. let me give you my take. the big fear is the hard

landing. we are expecting to 40. 150,000 would be good. goldilocks will be just moderately below expectations. not too strong but a little bit weaker. 200, 225. it is tough gaming this one out. here i am on the trading floor. those revisions going back years really change he complexion of much of the labor market especially considering many lagging indicators. these continuing claims are not to that. the irony is that initial

claims were lower this week because of revisions last week that were so much higher. if we close under at 377 yield that will match 10 years at a seven month low yield close. >> i don't know what traders are talking about regarding all the facts but big revisions. 40s closed in europe and we are releasing the biggest numbers ever after those revisions. >> it could be an interesting day tomorrow. we have had a 170 point rally since last tuesday. the market probably will like them raising rates. >> you believe that the numbers tomorrow will still keep the fat hot despite the notion that

claims have been taking up. >> that is my opinion. they have everything they need to keep raising rates. i think it is already priced in. we had a 25 basis point raise. >> do you think at any time this year they will be cutting rain? >> i do not think that will happen. >> once again i am in total agreement. if for nothing else they won't have to admit that they went too far. the electric vehicle races leading automakers to try to snap up the metals they need to build batteries. >> as the ev race heats up, we see more and more agreements. automakers are looking to

secure battery minerals. we are talking about lithium, nickel, and cobalt since they go into the battery. the map on your screen shows global reserves. as you can see, lithium is concentrated in south america and australia. turning to cobalt which is blue the vast majority comes from the democratic republic of the congo with some also in australia. australia and indonesia are top nickel producers we are finding and processing the heavily concentrated in china. that is one reason automakers are now working directly with minors. they want to move away from the dependence. it can also help exposure to the price risk. some also warning that it is a way to secure supplies. they also have agreements with

other resources. >> thank you very much. now for a cnbc news update. >> here is what is happening at this hour. house. kevin mccarthy and senate majority leader chuck schumer have invited the south korean rest president to address a joint session of congress on april 27. that is the day after his state dinner with president biden at the white house. rick johnson has been charged with bribery while being head of the state licensing board in michigan. he's expected to plead guilty to charges that he accepted more than $100,000 in bribes. it is one of michigan's largest

public corruption scandals in the last three decades. adult film star stormy daniels said she would absolutely want to testify against former president donald trump if the case goes to trial. she told piers morgan that she would look forward to that opportunity if it came about. the former president pleaded not guilty to 34 felony counts of falsifying business records earlier this week. ahead on power lunch, media companies looking for the golden groups and media companies purchasing properties with pre-existing large fan bases. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones

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welcome back. it has been about a year since one media merged with discovery. the stock is down 39% since. recently has been on a tear. most analysts are bullish about it. we take a look at its journey. >> it has been a roller coaster year since warner bros. and discovery started trading. just because the stock is down 46% from its 52 week high. year-to-date the stock is up 55% for outperforming indices

as well as rival media companies. despite those gains the fast majority of analysts are still bullish. 39% have a hold rating and one analyst has a sell rating on the stock. that looseness is driven by the ceo cost cutting and also anticipation of the merger of hbo max and discovery streaming platforms. he's expected to unveil the combined streaming platform on wednesday. research says that the transformation and combination of warner media and discovery creates a content powerhouse for the direct to consumer streaming services. we heard from deutsche bank who said they believe most of the pain related to the merger is behind them and they now see it as being on the offensive. >> that is an interesting story unfolding.

stick around. the key for them is content. companies now want sure things that come with a built-in audience. hbo with the rights of the popular game series the last of us. they are rebooting harry potter. amazon that big on brands like lord of the rings and tom clancy. paramount has star trek and is having success in the box office with dungeons and dragons. nbc hoping for a super mario brothers blockbuster thanks to its partnership with nintendo. joining us is elaine, staff writer. they are basically saying we will try to reduce our risk by sticking with brands that come with audiences attached. >> that's right. in some ways, this is from

talking to creative executives at studios and show runners and people making the content. you could argue that we are in one of the most risk-averse content errors right now because of this backdrop of the consolidation we are seeing with major entertainment companies and the economic downturn resulting in layoffs and the era of the pandemic that we are and where they are still trying to bring viewers back into theaters. it seems like a safe bet. you look at super mario brothers tracking for a $141 million domestic debut which is really solid. if you look at the box office number so far this year what are the big winners mark antman, creed three, john wood, these franchises have proven to be profitable. the same goes for last year when you look at how well top gun and jurassic world did. >> it is really an interesting

point. it's not just properties that come with built-in audiences. it is properties that can become long-term franchises. >> yes. it is all about what is this brand that we can build and continue to monetize. i also think there is concerned about superhero fatigue. you want to be sure that still fresh. top gun maverick was a familiar and beloved franchise but it had not have the movie out in so long that ended up working to its advantage. i would be remiss if i did not point out that the barbie moving had a trailer that just dropped and everybody is talking about it. it's a perfect example of a property that is based on an incredibly popular franchise but the first time in a live action film and with a very unusual take. the fact that the filmmaker is taking a very different approach to this i think that combination is familiar and surprising and what is driving

the interest. that will be released by warner bros. in the summer time. i think it is really important to see how do you keep things familiar and bring a new twist. >> what is for more familiar than barbie. >> absolutely. speaking of warner bros. the ceo just said last fall that they are going to have a real focus on franchises. we are looking at harry potter. there has been talk of warner bros. developing a live-action tv series around that title. superman, batman aquaman. these are the things that the company will focus on amid all of the cost cutting that they are looking for. this is where the pets are be in place. we don't see that just at warner bros. but pretty much every major studio network and streamer across town. even if you look at netflix where they have had the restructuring lately moving

away from the film and documentaries phase. disney has an enormous well in the marvel and lucasfilm libraries to draw on. i think it is also worth knowing that despite it generally being lucrative and reliable there are diminishing returns when you look at the way that the fantastic beasts franchise has performed or when you look at amazon's rings of power which according to a hollywood reporter report has only a 37% completion rate despite it being a billion dollar investment. >> as julia pointed out superhero fatigue is not to be underestimated as well. shares of comerica are down 40% as investors sold regional banks during the crisis. with the dust seiny emgl settling one calls it a strong by. does our trader agree? that is one of the stories we

are trading today.

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mario! what wiwoo-hoo!reate? [ ominous music playing ] woo-hoo! it is time for the three stockland. we take a look at a couple of stocks in the news. cost go down after reporting

first monthly steam store steals dropping. comerica is up after an upgrade from raymond james. mosaic is among the day's biggest losers after a downgrade from j.p. morgan. we have new street advisors group founder with us. let's talk costco which i think you call a by. >> i do like that. you just mentioned comparable sales are down. think it is good news for costco. they are primarily a food retailer which will show resistance to some of the potential weakening that we are seeing. also they are a generally higher income customer base. they have over 68 million paying subscribers our subscription holders. i think it is a goodbye if you look at what the future holds. >> let's move on to comerica,

upgraded today. what do you think? >> we already know so much is going on with regional banks and interest rates. the good side they have a lot of availability to use they are losing a little bit of deposits with the interest rates. so this is when i would stay away from especially with the volatility. there's still more to be seen when it comes to regional banks. i would be cautious. >> let's move on to the final name on our list which is mosaic. >> i would hold this. there is still a lot of geopolitical risk here. there are a lot of analysts looking at the risk and conflict that could potentially put pressure on mosaic.

the things i like about it. it's a strong income dividend play. that's why you want to buy. they are putting a lot of the free cash flow back to shareholders in dividends and sharing purchases. earnings are declining a little bit. >> thank you so much for being with us for three stock lunch for thursday. still to come, i will speak with the former fda commissioner.

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struggle up more than 5%. best-performing group in the market and what a week from johnson and johnson agreeing to pay nearly $9 million to settle claims and eli leave the giving to get those and pick a run for his money with its own weight loss drug but some are calling the king kong in the category. the end of moore cove air restrictions. joining us now is dr. scott lee, former commissioner of the nba. i know investing is not what we have you on to talk about. i do wonder from where you sit, you think the changes in the drug pricing regimens brought on by the inflation reduction act are already being taken

into account by company management and investors. >> i think the egislation took the drug pricing debate off the table. this is a big ogre hang on the sector. now that it is clear with the government did, i think it is now priced into the stock. that is helping put a bit under the industry and there are going to be impacts. what is baked into a lot of the stocks right now is the impact on sales and the impact on rnd investing. you had to take own some of the estimates. companies will not have as much money to reinvest the market has not get insight into yet and the government does not have insight is how companies are going to shift around the investment to try to move away from sectors. they'll be subject to price negotiations, which are really price controlled into areas that are not going to be subject. if you have a compound, you have two indications for it. one might be for a condition

that is borne by people in a medicare population, diabetes or some other condition of old age. miller might be a condition borne by younger individuals companies might make a decision to go after the second medication rather than the first >> where they do not have to negotiate the price. keep that thought there about these negotiations, which is what is part of the .r.a., are really price controls. what do you mean? white? >> they put a guidance on how these are going to happen they will be some room for the companies to push back on that. they are going to reference price the lowest price on the market, even if it is a generic drug. they went so far as to say that companies cannot talk about the substance of the negotiations and they have to destroy the documents 30 days after the completion of the price negotiation >> because? >> they don't want to be bound by prior precedent. the government is saying, we do not want to be bound by prior

decisions but we don't want you to talk about our decisions and we do not want you to retain documents. >> let us move on to covid. is covid over? >> it is certainly not over. i think the cute days is coming to an end. we have many people coming to the virus every day. we still have 20,000 hospitalizations. we are able to better management. we will see new variance. we will have to divert -- 80% deaths have been 65 and above heard it is still impacting a portion of the population very severely. >> let us move on to johnson & johnson and the talc settlement. if i am reading you right, you feel that this was j&j trying to make a problem go away, a problem that got out of hand because, in your view, there were not enough studies or evidence to rebut the claims of the claimants in the cases.

>> there was not evidence to support the claims. the problem was that -- i was at fda would a lot of this controversy was swelling. we do not develop data quickly enough to rebut the claims it started to become folklore. once he got out, it was very hard to knock down. >> very quick thought on the king kong away law drugs. is it going to be as big as people say? >> i have confidence in lily's ability to market best. that could be quite profound for people who are overweight and have medical conditions related to that. >> it has already been approved as a diabetes drug. >> hopefully, for weight loss. it looks very good. i think this will dominate the category. >> scott gottlieb, great to see you. still to come, the hot topic on cnbc.com, a new exclusive. result of a supply-chain surve . that is next in aft

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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. remember when the supply chain issues and companies were complaining they did not have enough stuff to sell. many of those companies are dealing with the exact opposite problem, too much inventory. it is all sitting in a warehouse. we have the results of a brand new supply-chain survey. what happened here?

>> the consumer is not buying you had retailers overestimating. now it is just sitting. >> it is a cost. >> at a lot of money. the survey is important to both the customer and the investors because an inventory survived real-time tape data but it also increased inflationary pressure. warehouse costs are packed onto the consumer. according to the survey, it is not going away anytime soon. 36% they expect inventory to return to normal in the second half of the year an equal percentage are expecting this to last into 2024. in terms of dealing with the increased cost of storing the extra stuff, this is what the respondents are doing with the product. they are either putting the product into the warehouse is or they are putting it on a secondary market at a discount. this is going to eat into the prophet of the retailers.

the products that they are not getting on the secondary market there actually destroying the product. >> there is no advantage to discount the product because they've got to try and recruit as much cost as they can. >> exactly. >> thank you very much. closing bell starts now. have a wonderful holiday weekend. struggle welcome to closing bell. i am scott walker live at the new york stock and change. this hour begins with the final countdown, tomorrow's job report. all that is riding on the outcome. is labor market cracking? is the economy too? what all of that would mean for your money. we will tackle those critical questions this last hour of trade. here is your scorecard with 60 minutes to go in regulation. we do have some dip buying today as the nasdaq tries to keep its