this morning we await fed minutes just seconds from now. about 18 seconds markets will -- are well off the highs of the day. >> dow off 150 points. nasdaq had been up 1%, gave up the gains. two year yield back over 4%. and the dollar is weaker let's get to steve liesman with the details from the fed minutes now and market reaction. >> minutes to the reserve meeting in march show that the staff shows the effects of the banking turmoil would likely lead to a mild recession later this year. saw the recovery in 2024 and 2025 the staff had previously seen the recession of a possible alternative to baseline forecasts now seems to have elevated that to the baseline forecast expecting inflation to step down markedly this year and slow sharply next year. we don't usually begin with

staff but this is a big change right now. the forecast is tied to the banking conditions which are uncertain. it also says the fed officials themselves in the meeting saw banking turmoil likely leading to tighter credit conditions and saw banking turmoil likely weighing on growth, jobs, and inflation. the outcomes were seen as uncertain in the meeting the banking seen as limited as it did factor into policy and would factor into policy they said if they infect jobs inflation and growth in the absence of bank stressors, fed officials would raise outlook for the funds rate and it caused them to lower the outlook for future funds rate. inflation risks weighted to the upside one more thing, it's also seeing the labor market as tight, wages

slowing only gradually and inflation seen as unacceptably high. >> i'll pick it up from there steve. thanks very much we'll get more reaction from the fed minutes. but first a couple of legendary investors speaking out on the fed earlier here's what warren buffett had to say earlier today on "squawk box." >> i don't know what they should precisely do, nobody does. they follow conventional wisdom and all that, sometimes it works out, sometimes it doesn't. but since 1942 we made all kinds of mistakes in this country. we'll continue to make them but somehow the system works pretty damn well i'd rather own stocks than bonds over many years. >> chairman ed heiman expressed some caution this morning on the economy. >> in the recession camp you have the rates, inverted yield curve and money supply contracting. you need to take a step at a

time and i feel confident the fed should pause and see what happens. >> let's bring in diane swank now. good to have you with us where are you on whether there will be a recession or not are you with ed hyman or not >> i am, actually. and i think, you know, the stresses that we've already seen are additional tightening in the pipeline and there are unknowns out there of how much tightening it will be and i actually would prefer the fed take a pause. i wish they had taken a pregnant pause at the last meeting because we don't know how much credit tightening is in the pipeline but i think that's very important because that's going to really delineate who wants to hike rates one more time at the may meeting and ho does not. i think we're likely to see another quarter point rate hike. it's not come down as rapidly as

the fed would like and they're going off the assumption that it will remain more sticky. that said there are many people on the fed breaking and saying we need to take in these financial conditions i was at the economic club yesterday with austin goldsby and he was talking about the need to assess the conditions and get perspective on how much tightening is in the pipeline and how much heavy lifting that credit tightening will do for the fed. >> steve, did this morning's numbers change in any way the market's anticipation of a rate hike in may? and what do you think, not only they will do but what they might say in may >> i don't think it really changed very much. you did have the headline coming down a little bit more than expected but it's the fed and fed chair appointed us to the core and the core didn't show as much improvement tyler, i think we should maybe -- i'd like to talk about this issue of the fed hiking

while the staff is forecasting a wiled recession. i don't know if it's the same thing as the president overruling his joint chiefs of staff about going to war or whatever, something like that. but the staff said mild recession as a result of the banking hikes, banking stressors and the fed went ahead and hiked anyway it sounds to me like diane sided with the staff, i know a lot of other folks would have so an interesting development that the fed decided a mild recession as forecasted by the staff was okay relative to the need to fight inflation so they went up a quarter anyway i think that's a pretty important and significant development. >> i'm glad you flagged it since mary daily said today we'll avoid a recession. these are the fed minutes but we have the fed staff projections that steve is talking about of a mild recession later this year what are these two separate

things and what is the typical interplay between them >> there's no question the staff briefing is really important but i think also we have to sort of go back up and remember what the fed released for their forecast in the last meeting in march meeting and that was 0.4% growth essentially a recession in 2023. so the mild recession scenario is many the fed, although not huge by any measure but enough for nber to declare it a recession. the fed had that already baked into many expectations and felt that was necessary they don't always say the quiet part outloud the closest they came was the 8 minute 34 second speech by jay powell at jackson hole but also when jay powell first used the word softish instead of soft a

year ago when referring to the landing. when it comes to the fed's perspective, many thought they would need a recession, which is why we've been betting on a recession. bottom line this is their goal the question is can they calibrate it the doves are voting more in these meetings this year the doves, many are coming back saying we're willing to take a recession, but we have this additional tightening do we need to go that far, this fast. that's where the break is going to be. so you could get a rate hike with dissents. that's going to be a mixed message to financial markets but you're already hearing it in the communications from those that are going to be voting at the next meeting. >> steve, react to what diane just said. and i'm looking at the words from ed hyman, he forecasts a

recession and it wasn't a gentle one either he pointed to banking stress, inverted yield curve and a contracting money supply, which is sort of the third ace in the hole that comes onto the table here so take that mush of a question and make a souffle out of it >> well, first of all, this business about a mild recession. i don't know how you can forecast it. it's like saying i'm going to jump into the mud hole and i'm only going to get a little bit dirty. once you're in the mud hole you don't know how dirty you're going to get i don't know how you know it's going to be mild these recessions can have lives of their own and have dynamics all their own. so i wouldn't necessarily bank on the mild recession bit. i don't buy the money supply thing. i'm an agnostic on the money supply thing one of the first things you

learn, things with the m equation in it didn't help you understand monetary policy at all. it was a change made in the early '90s and i'm reluctant to go back to the time when m aggregates helped us understand it i'll leave that to the side. the issue is, why do you hire 300 economists if you're going to ignore them that's the question i have today. if they say mild recession and that's baked in. i disagree 0.4 is the same as a negative number. i would argue if you're headed for a recession gs, you know that has an impact on inflation. it speaks for reasons for caution and the fed seemed to ignore that. and just real quick getting on what you were talking about there. i think there is, as diane was expressing, a dovish wing developing because there is dovish sentiment out there. >> i see diane nodding there

we have to leave it there. thank you both very much. rick santelli over there with the traders, what's the word >> the word is that volatility, we'll get to that in a moment but look at yield, intradays of twos look how much more work we've done to the down side especially paired up with a two day chart under 4% for the most part after the minutes. the minutes were fascinating but old news according to traders. ten year note yields hovering at levels close to lowest yield since september. not to mention the dollar index already on pace to close at the lowest level since february 1st. but open that chart up it is teetering on levels we haven't seen since april of last year. let's find gem what's going on? here's the deal we had the minutes. what did you think what did your shop think >> no news is good news.

it's a nothing burger. nothing means up >> when it comes to cpi, in my opinion, we could argue about a tenth on core year over year but generically it all moderated so is it moderating fast enough tell me the trader's perspective. >> we went 0 to 5% it doesn't matter, we're still lack lagging through the economy. it's spring, the flows are back. hedges are long put, short call, short stock. as we get towards expiration, the dealers are buying that stock. >> they have to cover back their shorts and it cycles up going into expirations your final thought if it isn't as important whether it's 4.75 or 5.25, the ultimate terminal rate what's your biggest issue? >> the fed has to take the wealth effect out of the market. they have to come back and talk the market back down

take yields back up that have been over done on the back end of the curve i ks pect that as we look forward to early may. >> and i look forward to hearing from the cbo about you on big our current fiscal debt is compared to 2022, it's $400 billion higher. stop spending if you want inflation to go down back to you, tyler new numbers about the treasury about the deficit. >> treasury releases statistics about how the government is financing itself this month thestatistics show that the federal deficit swelled by about 96% between march of last year and march of this year essentially standing at about $432 billion in march. it satands at about $1.1 trillin for the first half of the fiscal year government spending rose about 13% even as revenues coming into

the government fell by about 3%. a big part of that is the cost of servicing the federal debt. interest payments up 32% and the government is now estimating that it could pay around $900 billion in interest alone just this year treasury officials were asked whether some of this data changed their expectations for when the u.s. could exhaust its extraordinary measures and could see, you know, a in new deadline in the debt ceiling debate officials said no this is all in line with their forecasts, no new expectations but this is all going to be up for debate in the coming weeks, tyler. >> kayla, thank you very much. coming up, a hot button issue. shares of cirrus are down after reports that apple is going to use less buttons on their phone.

the white house releasing the most stringent auto emissions to date. we'll talk about that when "power lunch" returns. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

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when it makes a minor decision it can have a big impact kristina partsinevelos is here with us to dive into the chapter. what's going on? >> the stock is down is 12% right now because one popular apple analyst put out a report today saying apple is no longer going to change their buttons on their iphone 15 to a solid state. what that means -- >> what buttons? >> i know we had a huge discussion upstairs about it we found the iphone 8. this button you don't need to press done so iphone 15 were supposed to have these buttons on the side. >> instead of the volume up and down. >> yeah. you're pushing and it's not working. so according to an analyst, apple is going to stick with the

original button because of technical issues in the production line which is causing cirrus logic to drop because they're suppliers for these buttons -- >> nonbutton buttons. >> 88% of the revenue comes from apple so it's a big deal. >> why not just put zippers on. >> exactly >> there is a reason behind this, tyler. >> give me a reason. >> you're like what's wrong with a regular old button >> i am. >> years ago when apple first started doing this they told me it's china chinese customers love to keep their phones in pristine condition because it's seen as a prized item they want to resell two, three, four years down the road there's a perception the more you push the button the more it wears out over time so it damages the resale value there's no mechanical button, it doesn't wear out.

>> most people put a case on and have the reason the side buttons get stuck is the side button and the case you get slip paj. so to use a nonbutton button -- >> they're case sensitive as well >> so that means, what you have to buy more products to add to your iphone to get a new case like we had with all the i pod beats and cables cirrus logic, the fact the stock is having the worst performance in two years shows like you talked about at the top the power of apple and how many suppliers play into these iphone 15s. >> and revenue dependent this is one of many suppliers but 88% is not nothing. >> we talked about usmtc last hour part of the apple ecosystem, if you will and one of the things that surprised people, going back to the big picture demand here.

sentiment on apple has turned kind of poor they say if we're going into a downturn, these are still expensive so we see apple and taiwan semi having a post pandemic slump they're not able to with stand what seems like the post-pandemic turn towards the softer economy at the same time. >> two points. we have to keep in mind apple is the biggest client for tsmc. i know there's a difference between the iphone 15 expected to be pretty good, versus let's say the apple macs and pc shipments that have not been good they're creating the 3 nano meter chips, that's supposed to be a positive for the company and help ride it out. >> we should ask our viewers whether they prefer button button or nonbutton. >> remember when president trump got if new iphone. >> on twitter or something. >> yes. >> we moved away from

blackberry i loved blackberry >> we forget, right. we get used to things after a while. >> i have an electronic vehicle that is largely operated by a touch screen, okay i will say that the touch screen is fine. but there are some things that -- >> phil lebeau was talk about this they're trying to differentiate themselves these way. >> it allows you to get the frustration out. if it's not working press it a lot. >> i have a lot of frustration. >> and to your point about the demand story we'll find out on may 4th how well the iphone demand carried over in the fourth quarter to the first quarter of this year seeing if the demand held through. >> maybe that can put concerns to bed about the stock or not. may fourth. >> be with you >> i knew that date. >> it's a hot button. >> christina and steve, thank

you very much. coming up, morgan stanley has its eyes on the clouds updating mongo db to buy they see more room to run. we'll be right back. (seth) not to brag, but i just switched to verizon. (cecily) wow! (seth) and i got to choose the phone i wanted. for free. (cecily) not that you're bragging. (vo) switch and choose the phone you want, like the incredible iphone 14, on us. (cecily) on the network worth bragging about. (vo) verizon you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

welcome back to "power lunch," everybody. stocks are higher across the board following the fed minutes we reported at the top of the hour for reaction from the new york stock exchange let's go to bob hey, bob >> 3 to 2 advancing to declining stocks the fed minutes did not change the stock market direction in the middle of the day. but a lot of discussion around banking turmoil likely leading to a recession later this year they're not acting like that in the stock market because they're trading cyclical stocks higher that would go against any recession this year. so stocks like eaton cummins dow inc. some of the material names are trail trading to the upside as

well travel names are trading to the down side. american airlines are expecting earnings 1 to 5 cents. the street has 5 cents so that's pressuring all the airlines. they're going to report, april 20th i believe and delta will be reporting this thursday so might get earlier comments from them about the airlines you see the cruise lines also weaker also helping the overall markets, not just cyclical names but also consumer stocks pharmaceuticals like merck have been doing well. and broader names like nike, proctor and gamble are doing well on the verge of breaking out, you get over 4124, the last few months on the s&p 500 you get to the range early february the last time we had strong momentum so kelly, that would be the

4120, 4140 to 50 range or so which is right on the verge of breaking out right now kelly back to you. >> bob thank you very much. let's get to bertha coombs now for the cnbc news update. >> here's what's happening at this hour. the biden administration put forward new privacy protections for women crossing state lines to access abortions. the proposal aimed at shielding women living in states where abortion is illegal is intended to prevent their health information used to investigate or sue people who obtain or facilitate abortions juul will pay over $400 million to settle claims by six states and washington d.c. that the vaping company marketed its e-cigarettes to under age teens. la leticia james said juul will also under go restrictions new york alone will receive

$100 million over eight years. and buckingham palace officials confirm today that prince harry will attend his father's coronation. while meghan, his wife, will remain in southern california with their two children. king charles iii assumed the throne after his mother, queen elizabeth's death last year. charles' coronation will take place may 6th at west minister abbey. that's going to be a big day in the uk >> that will be cool to watch for sure thank you very much. ahead on "power lunch," the biden administration outlining strict new emission standards. could it put the card before the horse in terms of the battery before the new vehicles. especially as most consumers aren't ready to adopt evs yet. listen to what warren buffett had to say about carbon emissions earlier on "squawk box." >> it's a normal problem, an ever present problem and really needs somebody that understands

the dimensions of it and what can be done with carbon capture. but you will not -- you will be producing more oil in the five years from now or about the same amount and if you spent trillions of dollars now, you'd still be needing it you can't change the world that fast ♪ at morgan stanley, we see the world with the wonder of new eyes, ♪ helping you discover untapped possibilities and relentlessly working with you to make them real. ♪ because grit and vision working in lockstep ♪ puts you on the path to your full potential. ♪

welcome back, everybody. the biden administration proposing the toughest auto emission standards yet phil lebeau has the details. hi, phil >> tyler, you know the epa doesn't have the power to tell auto makers you must build more electric vehicles but it can set tail pipe emission standards and doing that for 2027 and 2032 and lowering the amount of emissions that it will require by 2032, it's essentially saying you're going to start building more electric vehicles. the cut will be 56% cut in emissions if the tarts are achieved by 2032 evs could make up 67% of

vehicles sold to hit the standards. can the industry get to that level of penetration in sales? right now just 7% of sales are evs. so there's a gap between what is expected and what the biden administration is pushing for. so you see an influx in the number of assembly plants, battery, cell manufacturing facilities this is just a snapshot of where the industry is right now. this is what's in process. what's being built in this country, everybody i talked with today said that is not enough. that will have to be doubled if we get close to hitting the emission standards with more electric vehicles sold by 2032 tesla no doubt is the beneficiary of the tighter fuel emission standards they have no emissions coming

from their vehicles, tail pipe emissions. so it doesn't have to make changes. and as far as the other ev startups as i call them, rivian, lucid, not much of a change in the shares today, guys you might think why not? this should be good news for the all electric auto companies. keep in mind we get the new ev tax incentives kicking in next week and some of the vehicles made by some of the companies may not be able to benefit from that so that's the -- you know, the two motions going here one beneficial, the other one, they've got a ways to go. >> why would they not qualify? because they're too expensive? >> either too expensive. in the case of fisker, first vehicles are made in europe, they don't qualify so there's a number of things kicking in next week that will make many electric vehicles initially qualify only partially or not qualify at all for the

new tax incentives. >> thank you phil lebeau as just explained the new proposal, will this speed the switch to evs. nearly 7% of new car sales in the first quarter were ev, a record high. but a new poll shows a fifth of americans are very or extremely likely to buy an ev with respondents citing lack of charging infrastructure as the primary obstacle here for more is michelle krebs and andre shepperd it's great to have you both along. michelle, let's start with what we know about how much of the -- i think it's safe to say we've all been surprised as the speed to which globally we switched to evs. will america always lag? >> it seems like that. i think we're asking a lot of the consumer one of the biggest obstacles to ev adoption here in the u.s. is the price.

the average electric vehicle costs $58,000. that's lower than it was last year at $66,000. but it's still higher than the $48,000 of a new vehicle so it knocks a lot of people out -- the math knocks a lot of people out of the market. >> sure. so basically even though respondents themselves are worried about ev charging -- price can be solved. the government can start handing rebates out right and left and it seems what people and consumers are saying they're skeptical that even if they could afford an ev that it's ready for show time. >> right the second obstacle to adoption is the ev charging infrastructure it's growing but one of the big complaints we're hearing now is that when people get to those charging stations they aren't maintained, they're broken so we have to not only build out the charging infrastructure we have to figure out a way to keep it maintained. >> can the charging

infrastructure be ramped up sufficiently in time to meet what appears to be very ambitious plans from the biden administration which could, of course, be reversed in a new administration >> right and good afternoon, thanks for having us back on. so we think that is the case you know, according to bloomberg there were over 10.5 million evs sold last year in the u.s. the number was over 800,000 which represented a 70% increase year over year, that's despite the economic environment we are in as you eluded to evs in the country accounting for 7% of all vehicles sold. but places like california that number is higher, around 19% so we are seeing an up tick in demand and we expect that to continue and we remain bullish fromon ri and lucid in the long term the issue we're seeing is production and supply.

they've both guided on how many vehicles they expect to deliver this year, rivian, 50,000, lucid, 10 to 15000 tesla is guiding to deliver 1.8 million vehicles this year so they're still the market leader although we are seeing that market share begin to diminish in our view, that's a result of them no longer having the best vehicles out there you look at lucid they've been a i believe to achieve a battery range of 520 miles just confirmed by the epa we think that's important. so it's interesting to see how quickly the companies can continue to ramp up production. >> tesla are in the 320, 330 mile range but my question was about the charging infrastructure. not about the production because the thing -- i own an electric vehicle and i had installed a rapid charger at my house. there are a lot of people for whom that is not a viable

option and they -- the only option they have is to go to a commercial charging station, which may not be convenient. and as michelle points out, they may not work they may be broken or they may be full. if you have all these new cars coming online. we have charging stations here, we have about a dozen of them. but if 50% of the cars in our lot are electric in five years, those 12 stations aren't going to be sufficient >> right and that's a big point of concern. interestingly enough, 85% of charging in this country actually takes place at home as you know, though, one of the big points of emphasis from the infrastructure or jobs act is around building the ev charging infrastructure to accelerate the adoption of evs we have to simultaneously build down the charging infrastructure and that's why the government has allocated $7.5 $7.5 billion of funding that

will be al row indallocated to to build that infrastructure the goal is to reach that 500,000 number by 2030 because what we're seeing is the biggest cause for concern for people is this range anxiety so we have to build out the infrastructure that's what we're working to do as a country. >> just as a final comment, the market this year how important is 2023 or what do you think is the most significant? some of the tail pipe rules don't go into effect until 2026, 2027 what do you expect to happen meantime >> this is the first time that ev sales surpass the 1 million mark we expected they'll continue to keep growing, whether it gets to the big numbers we're talking about early in the next decade, that's the question. >> that's a headline in the meantime michelle krebs, andre sheppard, thank you both for your time

today. >> thank you >> thank you. still to come, inflation seeming to cool quite a bit. but are we still facing an inflation? the dow losing nearly all its gains, still ithn e green. but the s&p and nasdaq are in the red. "power lunch" returns after this i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones

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welcome back to "power lunch," everybody. today's cpi data came in cooler than expected. causing some on wall street to believe that the latest read on inflation could make the case for a pause in the fed's rate hike regime. warren buffett weighing in with his opinion on inflation earlier this morning >> inflation is always a possibility. by "inflation," i mean extreme inflation. it's a possibility i mean, just look at the countries and what they've done. >> so how should you position your portfolio in this uncertain environment? our next guest is making a case for dividend growers let's bring in michael, good to have you with us, michael. the dividend companies that you recommend, they have the beauty of having some insulation against market turbulence and a steady income that can blunt the effect of inflation. >> that's exactly right.

it's a challenging time for investors facing two separate headwinds on one hand a slowing economy and concerns about what that could mean for earnings and a possible recession and on the other hand we're trying to position you know for continued inflation and rising rates. and in a vacuum you probably choose different tools to deal with one of those factors versus the other but we don't have that luxury so today, it's uncertain how things play out and we're positioning against two distinct headwinds high quality dividend growers are a good place to be the up front yield provides strong down side support and the dividend growth provides meaningful headwind against rising rates and preserves purchasing power >> i don't know if this is your bailiwick but how much longer do you think we'll be confronted by high or rising interest rates or are we in the ninth inning of that cycle >> i think we all have our

opinions on this, but ultimately this is an uncertain world and business really the beauty of high quality dividend growers in a time like today is that you don't have to be right on that call you don't have to know whether or not rates are going to, you know, eke here and ultimately decline and by the end of the year or whether they're going to stay higher for longer so we try to position ourselves here with an appreciation for everything going on in the macro economy but not in a way we're dependent on one outcome to be successful. >> some of these names it can be hard to find them at good prices do you think now is a moment of opportunity? >> i think we do think there are attractive opportunities in the marketplace today. clearly we're not at a point of significant distress like orpoiother points in the last couple years.

we think there's opportunity in the stocks today american tower has been a terrific company and terrific growth stock for a long period of time and it's had a pull back for six months it's a good entry point. in a stock it's hard to find attractive times to add to it, it's a good one. it yields 3% today and come bo compounded dividends in double digits for a period of time. but as we look beyond this year the fundamentals are intact and this continues to be a terrific business one year from now, three years from now, five years from now. >> we'll leave it there. thank you for your time today. appreciate it. >> thank you after the break, a couple of key analyst calls today. we'll cover them all in three stock lunch. don't go anywhere.

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so they can do more of what matters. benefits. payroll. compliance. trinet. people matter. welcome back time for three stock lunch american airlines down big after warning investors of disappointing earnings ahead the stock is down 9% cloud database provider mongo db

up 8%. here is chief equity strategist at mai capital management. great to see you, chris. we haven't talked airlines what would you do with american or any of them here? >> well, there's a good reason we haven't it's a tough business, and it's certainly tough for long-term investing. even though the stock is down a bunch i'd still consider selling it here. it's lagged the group. it's an incredibly tough business as i mentioned but things don't get better than they are now plan planes are full and if any viewers have tried to take a summer very indication, fares are sky high if you can make money here, american airlines just said they'll make about 5 cents a share this quarter, you know, it's only going to get worse from here so delta earnings coming out tomorrow. i suspect they'll be better than expected and that might buoy the whole group and might use that

as a chance to get out of american with a little better price that you get today. >> your thoughts on mongo md which me minds me of mongo jerry. >> the upgrade from morgan stanley moving the stock today, tyler, was a thoughtful up grade. high risk, high reward name but it might be worth it the market was spooked last month with a low revenue guidance from the company, but the company is a notoriously low guider so i think they're sandbagging it the movement to the cloud is a trend that can continue strongly even if there is a recession later this year. so it's a speculation but i like it i would size it appropriately but i like the mongodb

>> dollar general, i think it was moved from consumer discretionary to consumer staples, and what would you do with the stock >> so, kelly, i like the stock for awhile i've been relatively pessimistic on the economic future in the short term so i think if we go into a recession later this year, it's going to be tough to find a retailer that can buck a trend of a declining economy but dollar general is exactly that kind of retailer. i put it in the same category as like a domino's pizza where when times get tough folks trade down to less expensive choices, whether it's pizza or whether it's shopping at dollar general instead of, say, walmart or target so that's nice, and i would add for the viewers it's a perfect complement to the go-go stock of mongo db. >> dg and db. chris, thank you >> mongo jerry in the

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plan includes $9.99 for ad-lite, l l-i-t-e. and $15.99 for offline downbroads and for $19.99 a month you can get the ultimate, that's four streams, downloads, and hk ultra high def the max streaming service launches may 23rd. shares down more than 3% today an exclusive interview with david zaslav coming up on cnbc with scott wapner on the next hour of "closing bell. >> very much looking forward to that as complex a transition as it's been by dropping hbo and calling it max but no one wants to bet against david zaslav. in recent years social media has been a minefield amid growing regulation, tiktok the

latest lightning rod in the space because of its chinese ownership in particular. many popular social stocks have been on the rise well, congress and the white house are raising alarm bells on china's part in tiktok according to new research, four of the top five most downloaded apps in the u.s. this year has chinese ownership, tiktok is number three, capcut its sister, we turned from showing this rundown for you, an editing platform for tiktok verds and also on the list two other e-commerce platforms called temu and shein. >> i have to ask the question, what separates them from the kinds of sanctions being contemplated by the government

>> tiktok usage maybe falls in reels. it all works out but it's so much more difficult bus four out of the top five apps are chinese owned so do you tackle this one problem and if so do you have to play whac-a-mole by tackling all the rest. >> catcut is also owned by bytedance. >> now they'll -- listen, the issue with tiktok is not that it's owned by the chinese but surveillance many reported it's doing on our phones. if the others are now subject to such scrutiny and come with the same result, again, the precedent has to apply to all. if tiktok turns out to be unique, fine hardly the only chinese app that's popular. >> someone will have to school me >> maybe me too. >> well, i don't know about you, but you're much smarter than i am why tiktok is favored over reels

and instagram. >> you can get on the platform and amass hundreds of thousands of views i did it with reels, they're working on it but not as good. >> folks, go and make tiktok videos and find millions of vollers. thanks for watching "power lunch. >> "closing bell" starts now. >> i'm scott wapner from post 9 at the new york stock exchange a lot of action. a big exclusive with warner brothers discovery's david zaslav rolling out its new streaming service and the make or mac hours begins with the markets and fed on a collision course one says enough is enough. the other says not so fast who will win stocks, it seems, aren't so sure your scorecard with 60 minutes to go in regulation. the dow led higher by industrials and materials, those