welcome to "power lunch," everybody. alongside kelly, i'm tyler mathisen, glad you could join us on this warm and spring-like thursday at least it is here. coming up, money and politics, the biden administration regulations are under fire auto companies unhappy with the new emissions rules and they're not the only ones. and a flew business lobbying group forming a chamber of commerce alternative set to push back on what it calls future killing tax policies. big changes in the employment picture remember when older workers were retiring in droves some of them are coming back to the office and employers can't wait to hire them. also, working from home could be another relic. jpmorgan demanding some workers come back to the office five days a week, we get to all of that but first let's check markets. stocks at session highs. dow up 311 nasdaq leading the way up 1.9%.

let's go to don chu for some details where the market is going. welcome back. >> tyler, thank you very much. we will start off with the skies. friendly or otherwise, now, for delta airlines, they're down about 1% right mow, it has been a bit of both today, lower on the day so far, off the session lows, but it was positive at one point earlier on this is america's biggest airline by market value. it posted quarterly profits and revenues that missed analyst estimates, but its current quarter forecast was more bullish and delta said it expects record advanced bookings for the summer so a little bit of push and pull for delta, down about 1% sticking with consumers, travel and leisure, one of the best-performing stocks in the s&p today is wynn resorts up 4.5% the casino operator is up thanks in part to more optimistic analyst commentary out of wells fargo, where it is being named a top pick with an overweight rating and a boost to the target price to 134 dollars it was 128 they like amongst other things positive momentum for the las

vegas gaming markets and end with a check on gold prices which have hit a fresh high for the year in today's session. still over $2,000. $2,058 per ounce it is helping propel upside moves in many stocks look at freeport-mcmorn, two of the better performing stocks in the s&p. also the gold mining etfs, tyler, kelly, the van ec gold miners, etf up 3.25% watch gold prices. back to you. >> thank you very much. more on today's market move and the nasdaq leading the way than year so far but as we have discussed so far, when big tech rallies, it is often the small handful of stocks that pull the index higher microsoft, apple and nvidia, accounted for half of all of the returns in the s&p, from january through march. and that is concerning to our next guest malcolm etheridge is a cnbc contributor and executive vice president at cic wealth. and ron insana joins as well,

cnbc senior analyst and commentator and co-ceo of capital partners and more. >> or less >> or less. >> malcolm, let me start you with why should we be concerned that the leadership in the market seems so narrow? >> yes, tyler, it's concerning because when fewer stocks across each sector are participating in that rally, it means the rally is more likely to fizzle out and the market is more vulnerable to a pull-back. this is coming from someone whose own personal portfolio over indexes toward tech so i'm happy to see the s&p up and carried by these names but concerned when we see three stocks doing all of the heavy lifting because there is no way to get out of the way when the trade goes in the other direction? >> you share that view, ron? >> to a point. although we've seen the market breadth expand a little bit. it is a bit of a breadth thrust. >> okay. >> that's what they call it. >> okay.

>> that's a fickle term. but i think my bigger concerns are really around not so much of the narrowness of the advance but what the head winds are still facing the market, whether it is earnings, the fed, a misread on inflation which i think is still taking place, i think those are even more profound issues of the markets going forward. >> malcolm, let me turn back to you. on earnings, we will start getting some of those bank numbers, i believe it is tomorrow actually. one of the areas that is sort of, sort of stands out to me is what the banks will say about loan origination and the tightening of credit standards and what that could mean not only for the stocks, and the market, but for the economy. >> yeah, i can imagine the bank ceos will want to tell us everything about how well capitalized they are and how diversified the customer mix is and trying to separate themselves from the contagion of svb and everybody else and they're getting their moment to

come out and talk about why they're different. and i think to your point, what's more important is just how little they're leoparding now, because they're having to tighten lending standards. at the same time, deposits have been fleeing from at least mid-sized and community banks, where, you know, on one hand we have to worry about our long-dated bonds coming back to bite us, and also now, we can't lend because lending standards have to be tighter, and rates are significantly higher, so the big six bank i know are going to be in good shape, they probably weren't lending that much to begin with in this space because they traditionally lend less in small and mid-sized business arena than the local banks, and that's for good reason, because so much business is hyper local. but i think that they're going to want to focus the majority of the conversation on the details that don't really matter too much to us as investors, but they will want more, they will want to reassure investors one more time that their banks aren't exposed in the same ways. >> malcolm, a quick follow-up to

that, i see that you, to some extent are expecting more weakness at charles sha bchwab using it as a buying opportunity. >> i bought into schwab on weakness because i think 31% down is where we first got, we broke through, the 52-week low, and established a new one, where we're now 40% or so off of the highs. to me, schwab is a brokerage masquerading as a bank it is a brokerage first and a bank second. i think that's gotten misunderstood by investors a little bit who are looking at the 333 billion or so of long-dated bonds on the balance sheet, and probably during earnings next week are going to worth something with a two-handle on it think that is a mistake to focus solely there simply because they have liquidity in other places to tap into and allow the long-dated bonds time to mature. in these types of circumstances where we have a schwab who is a

brokerage with a bank, higher interest rate periods like this one are actually a big wind at their back, right? they're able to lend against and make money on the cash that sits on deposit between trades. from all of their retail brokerage clients. >> ron, should the fed hold in may, and go away >> they should have held in march, or january, or december yeah, look - >> what is the old cliche? >> sell and go away. >> you sell russia, yom kippur, we could do this all day >> but i think we have the ninth straight month in which wholesale inflation came down. we peaked at 11% today it is 2.7% year over year. you know, i am a broken record on this. as we both well know and all of the data, with the exception of oil - >> people don't know what broken records are. >> spotify >> you're right. >> a broken wheel. >> the wheel of death. >> unending stream how's that >> that's good

>> but i don't know what the argument is. and again, the same people come up with the same argument. there is too much core inflation. there is still too much super core inflation there is still too much underlying price pressures and when you look across every category, they've all come down markedly, and i don't understand again why they're so fixated on this in the way they are i went back yesterday and looked at inflation in data in post world war ii, post world war i environments and more analogous of the 19 7 0s, and it took two years for inflation to go away, and it shocked the world with the two big events and now we have the pandemic and the war in ukraine i think it takes time. and certainly we're seeing that. >> malcolm, thank you very much. >> ron insana -- >> that's it >> i think we're done. >> what was that breadth thrust. >> yes >> advance decline line looks a little better on a sustained basis. >> learn something every day.

>> thank you. big earnings are the next big obstacles for the markets, jpmorgan, well, citi all reporting tomorrow christina has more on what we need to know. >> kelly, it's time to bank on because financial earnings are more important no, they do not have the largest market cap, but according to infinity, they have the biggest impact on the s&p 500 during earnings season given their 20% weight even when compared to health care and big tech, financials comes out number one analysts are expecting a q1 earnings growth of roughly 4% year over year that means growth for the first time in five quarters, but still far less than the 7% growth projected at the start of this year another surprising factor in our research is how few earnings estimates for the big banks like jpmorgan, citi, came down, post silicon valley, as well as regional bank fallouts bank of america the outlier with estimates dropping roughly 2% after march 10th there are concerns though, we have been talking about

deposits yes, we did see movement from regionals to the big players but estimates show a potential $49 billion net outflow in q1 which does sound bad, but the deposit levels are still expected to be higher than pre-pandemic levels. the big question now is where is that money going you've got money market funds. safe bets. consider safe bets, mutual funds, that offer higher rates, and then direct treasury bills noe in other words, depositors are having a spring awakening moment, and barclays calling a sleepy depositors and realizing they can make more yield in these big banks so if you're wondering right now on the name to watch it would be the large of largest of the banks by market cap, jpmorgan, because it is also the bank that has the biggest impact on the s&p 500 post-earnings, only second to amazon, with amazon comes out with earnings >> it is definitely a

bellwether thank you very much. still ahead, new emission standards for automakers, just the latest regulation that has companies feeling a little set up now a new lobbying group is forming and trying to fight back. plus, a must watch segment if you thought the apple watch would kill the high end watch market, you're wrong it is flourishing. thanks in part to tiktok ckt er lunch" will be righ ba 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

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welcome back a chamber of conflict is brewing, former trump attorney

general bill barr joining a new business group, taking aim at biden administration regulations. the group is meant to serve as an alternative to the u.s. chamber of commerce. our brian schwartz is here now to discuss why now, brian >> well, you know it is really interesting, it is post his time in the trump administration, this particular new business lobbying group, the american free enterprise chamber of commerce is looking for big players, particularly in the republican party, to jump on board, in midterm, to bill barr, basically an adviser to them, when it comes to potentially challenging in court some of joe biden's business regulations >> what is their distinguishing characteristic that is going to set them apart from the positions of the chamber of commerce which represents big businesses and main street businesses, or mid-sized businesses. >> well, they would argue that they are actually really trying to push more and more of the small business side of lobbying. now, that defeats the merits of what they're saying publicly and who their members are when it comes out who they are, but

that's what they're saying, they're claiming they're the alternative to many lobbying groups as a small business opportunity to the chamber of commerce. >> is there an impetus that there is a perception among some on the right that the chamber of commerce isn't red enough? >> well there,'s been a huge problem between chamber of commerce and certain members on capitol hill, including house speaker kevin mccarthy, and steve scalise, the house majority leader. this very told us, i think a month ago, how the kmam ber of commerce is persona non grata.in their offices and that's where it stands with many leaders of the house gop and the chamber of commerce so of course, there are some in washington who are looking for an alternative turned ally in the business world, and that is this - >> what are the sticking points that have caused such a rift >> the big thing that stood out to them, the people who are municipal leaders in washington, republican leaders, is the chamber of commerce did endorse democrats in key elections over the past one or two election cycles that has raged some, as high as

i said, kevin mccarthy and has gotten to a point where they're saying we're not going to deal with the chamber of commerce anymore, we will turn to something else, it could be this group. >> is there any sign of the chamber itself attacking back and saying if we're now being attacked in this way, that we're going to change going forward, or are they doubling down? >> i don't think there there is any indication there will be a change in the way they operate they're full steam ahead they are still the biggest lobbying group in the country, maybe the world. they won'ting changing muchb of what they do they are almost saying, the way they come off to me when i hear from them we're okay not getting access to kevin mccarthy office and steve scalise's office, because their there are still allies on capitol hill who will engage for them. they only speak for their offices and we already have allies >> let's switch gears and talk about a topic that is going to be front and center in the lobbying world over the next couple of years. and that is emissions, the new emissions standards, the battle brewing, as the white house yesterday announced the

strictest auto emissions outlines to date the goal is to drive ev adoption the standards and deadlines achievable for the businesses impacted here to discuss is jim, economic analyst policy analyst at the american enterprise institute. already, jim, several attorneys general in a variety of states led, most notably i believe by the west virginia attorney general, have come out and said that they are going to challenge these rulings from the epa, which go even farther than the ambitions of president biden in this area. >> yes, this is, remember the fight about the gas stoves this is going to be a far more contentious issue. i think it will ultimately be probably one of the core issues in the next presidential election and that is a problem with doing this kind of thing via regulation as opposed to congress acting. if congress passes something, it's hard to undo it if the epa issues a regulation,

somebody else's epa can undo the regulation there's a lot of uncertainty for business. >> if a gop president comes in, in the next election cycle, i would think that one of the first things they would do would be to overturn this. and we have just seen, with respect to mifepristone, the abortion pill, the power of a federal judge at the stroke of a pen to abrogate, get rid of any regulation of the regulatory agency, in that case the fda, and in this case the epa. >> it would come up in the 2024 presidential election and i'm sure if you're a republican nominee going up against joe biden -- >> you bet your tesla they will. >> you will be banging your drum, that the biden administration has proposed regulations that in theory could hurt business at the end of the day. >> this is kind of -- the rules as written govern, they don't say you have to build more evs,

but effectively they do, because they require that the fleet standard of any manufacturer meet certain emissions targets, right? >> and if they don't hit those targets, they can be subject to fines. so they say here are these targets, it's up to you how you meet them, and obviously how they're going to meet them is by changing the mix of cars they sell now, of course, as automakers will tell you, they don't have complete control over. that people have to want to buy these cars now, i'm not sure if this is going to be meaning bigger tax breaks down the line although there is a whole infrastructure around this are we going to have the grid capacity to deal with this new future will we generate the energy to generate this new future it wasn't that long ago california was telling people, stop charging your cars because we don't have enough energy. >> the marketplace, as you say, the market may say no, the ability of the country to build the infrastructure may not be there. we were talking about this yesterday. and so there are lots of bumps

along this road from point a to point b? >> it is interesting too, is where we're going to see the auto industry land on this right? frankly, there are, you know, many - >> they know it's coming it is just the time line. >> but they have beenreally pushing out. at least from the pr side. how much they want to do more and more. >> look what gm is doing look at tesla. mary barra, the koze of gm, is she going to be interested in something like they have close to president biden, is this how it is going to go? hoops maybe she is thrilled. the oil and gas industry is something to keep an eye on with this. >> and a final comment on that, how much pour do you think they're going to have to push back here? >> listen, this is going to be amazingly contentious issue. i was sort of joking about the gas stoves it's going to be -- listen you have these, you know, we talked about the attorney general, you are going to have republicans who are going to view this not as just sort of a

business regulation, bad for growth issue, they will view this as, i guarantee, this is also going to be a culture war issue, because you're looking for the kind of issue that is going to get people riled up for economic reasons, cultural reasons, this is it. epa can say what it want, the president can say what he wants, there are a lot of other factors going into this and maybe eventually the supreme court. >> and it is a very interesting point, it could be part of the broader culture wars that go on here, that people don't want to be told that you must effectively buy this kind of car as opposed to that kind of car. >> and people along the coast will understand, if you have to drive 50 miles to work, which is not uncommon in big states, that is a little less practical, and to at least feel like those concerns are being validated and not just brushed off with those people with no experience with that way of life. >> the s.e.c. has been proposing a climate role and it has not gone into effect and there is a pullback moving

ahead because of the threat of legal action against the s.e.c so the other question is will there be legal pushback against this and will this stall this before the election? >> and to go back to the earlier reporting, the fact that this legal entity, with "legal" in its name tells you it will be fought in the courtrooms on a multitude of fronts. >> ideally you want the market to lead us the way to go. >> i believe it is >> that's my sort of enterprise thoughts for the day >> brian, thank you. jim, good to see you, sir. >> you bet, thank you. still to come, let the good times roll many might have believed the luxury watch market iseawi dd th the advent of the apple watch but tiktok is bringing it back to life. we'll explain. ♪ welcome to a new era of flight.

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welcome back to "power lunch," everybody. stocks are near session highs. the nasdaq up 2% big moves here bob pisani is at the new york stock exchange covering it all for us bob? >> ron insana was talking about a breadth thrust, what he means more advancing than declining stocks that's what we have been getting all week today, three to one advancing to

declining stocks a lot in the consumer area today. earlier in cyclical areas. we have a breakout in the s&p 500 folks. this is year to date we're at the levels we saw in mid, early february, 41, 47, 58 59, and early february, breaking out of the range in the last couple of weeks, some of this, i mentioned earlier in the week, cyclicals like industrials but the last couple of days, consumer names have been strong as well. so that's what i mean, a very broad rally, mcdonald's at a new high, nike has been strong, starbucks is good, and even today some of the travel names, some of the hotels like hilton have been strong i would say tech is doing well today but not a lot of breakouts. the breakout stock in tech is meta we are 1%, 2% from a new high on meta believe it or not. after a terrible year last year, it had nice momentum microsoft, apple, amazon, also have been positive. you want something that really has quite momentum behind it, consistently strong, i think health care, and i know not a lot of people get excited about universal health

they do accuse care hospitals, for example, but it's been a terrific performer and molina, humana, have been strong this week, other providers, like boston scientific, have been strong as well that's the group to watch right now. back to you. >> robert, thank you very much. let's turn to the bond market now rick tracks the action from chicago for us, as usual >> yes, tyler, you know, we had initial and continuing claims this morning, and i still harken back to last week, when we had all of the revisions, it was a question at one point whether continuing claims had enough horsepower to get above 1.7 million. look at this chart we have now had four consecutive weeks, after those revisions above 1.8 million, covering at the highest levels since '21 if you look at a two-year note yield for today, new high yields, low prices, as i speak, and you can see it there on the chart, we finally have gone into the territory of a higher yield, it was the last maturity to do

so why, is that so fascinating because you benchmark it against yesterday, on a two-day chart. a much more aggressive response after cpi was soft than ppi. what's that telling us that short maturities aren't leading the way higher, after inflation data that is significant. and if we look at the difference between u.s. 10-year, and european 10-year, that distance is shrinking now hovering at the tightest it has been in nine years and finally, the dollar index, no surprise. with interest rates most likely peaking in the fall, and at least on the mid to long maturities, where we see the dollar index about to close at a one-year low kelly? back to you. >> thank you. let's turn to oil. we have the numbers. four or five-week winning streak >> yes, it is. but oil is pulling back today after a strong session yesterday. closing at the highest level of

the year it also got within striking distance of the 200-day moving average which it hasn't crossed above since august before retreating a bit. now down 1.3% at 82.17 turning to nasdaq, it is under pressure today, and back below the $2 level, for natural gas, the report today showed an inventory, 33% above last year some specific stocks to watch. bp, starting a $9 billion offshore platform in the gulf of mexico and it is the company's first new operation in that region since the deep water horizon explosion back in 2010 meantime, solar stocks are also on the move today, with tan up 3.5% solar edge and enphase up 7% after hsbc initiated coveraging with a buy rating. and there is a buy call on enphase, the company's earnings report later this month.

>> thank you very much. we want to turn to a developing story people have made an arrest of the murder of the cash app founder bob lee. we have been following the story. mckenzie >> i have been in touch with officials in san francisco, and a city supervisor there confirming the arrest was made early this morning local san francisco news outlets are reporting that police went to emeriville, california, a suburb 15 minutes outside of san francisco, to arrest a man in the fatal stabbing of bob lee. jail records show the 38-year-old was booked on suspicion of murder at were 19 a.m. today media reports and a linked in profile indicates that the man is a tech entrepreneur in the bay area up until this morning, the narrative that lee's death was a product of the san francisco spiraling crime program and media believe he knew the suspect and police believe the murder was not a random act, although they hadn't offered further details as of yet. police are holding a press conference in about an hour. i will be monitoring that. >> do we have any knowledge or

any hint of how these two may have been connected? >> well, they both were tech entrepreneurs in san francisco and part of what people have been saying about lee's death, the fact that he had just move to florida back in town in san francisco for a couple of days just on business and it really created this narrative in the last week that san francisco was a lawless city and now we're seeing a departure from that idea and it seems they knew each other. >> he moved to florida because he was concerned about safety? or quality of life issues in san francisco? do we know >> actually his ex-wife spoke to another news platform and says it is the exact opposite and she thought it was unfortunate that people were creating this conversation around san francisco's spiraling crime problem and if you look at a homicide right of historic trends it is well down, and come up in the last few years >> mackenzie, thanks for following the story and following the press conference as well. appreciate it. >> thanks. let's get to the cnbc news update. >> good afternoon. the news update at this hour the justice department appealing to the supreme court to help

protect reproductive care. the u.s. attorney general merrick garland seeking emergency relief from the court after a federal appeals judge set restrictions on a widely-used abortion pill. the women's tennis association is set to return to china this year, ending a 16-month boycott. this despite an unresolved investigation into assault allegations on chinese player, in a statements the wta says the organization has received assurances that players and staff operating in china will be safe and protected while in the country. and a group led by the co-founder josh harris reportedly reaching a reported $6 billion deal to buy washington commanders football team, this as the nfl continues investigations into sexual harassment allegations made against the team's executives. more on that story and how it stacks up against other sports deals, coming up. >> it is a biggie. seema, thank you. ahead on "power lunch," enjoy your twilight years. companies are giving older

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welcome back to waurlz jpmorgan announcing that senior level managers will soon be required to return to the office five days a week and warned other employee not to fall short in the in-office expectations. the latest to scale back from work from home marking a shift away from the pandemic air namesake and some wonder if their jobs are worth the sacrifice and maybe it is time to search for talent elsewhere with us is the president and chief career strategist at the bousy group. it is great to have you here and "the wall street journal" highlighted the trend and companies hiring older workers, they may take longer to trade but more productive. >> and more predictable. >> 5.5 million people left the work force and 3 million were boomers and left for a variety of reasons but it was always suspected that some of them would find their way back into

the work force, just not in the role, profession or industry they left. so the pendulum is starting to swing back the other way, and we're seeing not only an interesting on the part of employers in this better understood demographic, but also boomers are saying, yes, i will work two or three days a week, but the requirements, and what they're looking for, are different than when they left. >> one of the things that strikes me about this, you would think for a lot of boomers returning to the work force, they would want the kind of flexibility that companies are now pulling back on, so is there, you know, do they offer something different from younger generations? and are they more willing to go to the office? or do they want the same things as younger generations, it's just that employers might say hey, they're probably going to be a little bit stickier if we offer them a job >> yes, stickier is a great word so when you have people in the baby boomer generation who are looking to come back to work, they're probably not going to come for a year and then leave they're going to, if they can find a role that meets their

life needs, they're likely to stay whereas, employers are experiencing gen z being very willing to, if they don't like what they're seeing or not getting what they want, when they want it, they're the first ones to bounce and say i'm going to try something else. so boomers, baby boomers are more understandable, they're also looking for flexibility now we have all kinds of evidence in the market that a lot of companies are pulling back on hybrid or remote work. but i think that the pendulum is going to settle somewhere in between and there will be plenty of hybrid-type work, or work from hope, work from anywhere type roles available and i think those are the ones that boomers gravitate to the most. >> which leads to the conversation that jpmorgan has called managing directors to the office five days a week and to monitor those who are still allowed to be on a hybrid work plan, to monitor their attendance more closely, so they're not taking advantage of, you know, you're supposed to be in three days and maybe out two,

or in two and out three. do you suspect that many more companies are going to follow the jpmorgan example and require more workers to be in the office more of the time >> yes, what t-is very interesting to watch the last couple of years, because as the pandemic ebbed and flowed and waned and people were trying to figure it out, there were a lot of attempts to get people back into the office. kind of we're going to try it and then going back. but jamie dimon has always been the one who has been out there saying this is not okay, in any, or rare circumstance, so i'm not surprised that he is the first one to come back and put his foot down and say everybody back, he is starting with the senior level, very senior level of managers and saying the expectation is five days a week, and so he's kind of putting his toe in the water there, and i know that other companies are going to watch, how does this affect jpmorgan's culture. do they lose people? are they able to attract and retain the people they want?

there's a lot of temperature checking of what people are willing to do, and so we're in this watching sausage getting made behind the scenes era of going back to work, and so, you know, certain jobs i think will fall out and land where they are always going to be remote or work from anywhere tech, sales, things that are done that do not require collaboration, will probably stay there for the most part there are certainly other roles where you really do need to be in the office, so employers are still trying to figure that out. >> my sense would be that if you're a managing director at jpmorgan chase, you're fairly well compensated, and so you probably will go ahead and come back into the office five days a week and not leave >> yes. >> i mean i don't think they're trition rate would be as high. >> what are you going to do? are you going to go to a similar bank >> you are probably going to be needing to be in five days a week as well. >> very interesting. >> exactly.

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welcome back, everybody. tiktok helping create a whole new generation of luxury collectors, gen z and millennials suddenly pouring into the watch market. robert frank has the details hi, robert. >> tyler, i have never seen a supply/demand imbalance in luxury like we're seeing right now in watches so if you go to the big three, rolex, cartier, and say here is $40,000 i want to buy a watch, they will tell you we don't have any or if you're very lucky, it will take at least two years to join the waiting list. as a result, those watches are trading online, the pre-owned versions, for two to three times the brand new retail price. >> what? >> in this market?

>> in this market. with everything going on customers are furious. so i sat down with the ceo and asked him, look, are you deliberately restricting production to manipulate prices to jack up the prices, and here's what he told us >> you want to blame the market. we are not doing anything with respect to make the price go one way or the other we make a certain amount of watches that we think could be accepted by the world and say this is the right number, then the market is free, and will do whatever they want. >> they only make 50,000 watches a year that's always been the case. and the problem is that it is huge demand that we're seeing. >> where is the demand coming from >> it is coming from the most surprising place so when the apple watch -- >> people who don't need watches. >> when that came out in 2014, everyone said the mechanical watch market is dead it turns out it wasn't dead and it is the young people, gen z,

millennials who became during the pandemic obsessed with mechanical watches >> like records. bringing back the watches and watches. >> manual transmission cars. as we talked about, tiktok, social media stars created this wave of people that just went crazy for these watches, and prices went up, all of these online sites you can now buy and sell them, and also get educated about watches, so there is this brand new generation that literally revived the entire watch market and there's way too many buyers for supply right now. >> how do you buy a watch in this market? is it an all online trans action how do you know the providence of the watch and that it is not a knockoff >> that's the problem. most of the transactions are occurring online there is a frenzy online for certain models that are nautilus, the rolex daytona, those are sort of the big ones, that people love to buy. the momentum watches they're the momentum trade

and there's a lot of untrustworthy occurrences online and not a lot of credible information. it is a little bit of a wild west and that's why the watch companies are trying to do it themselves, and bring in pre-marketing in sales to give it more trust. >> thank you fascinating story. breaking news on a story we brought in the last hour on the exchange let's get to the details with kayla. >> kelly, a 21-year-old international guardsman suspected of leaking troves of classified documents in recent years on some private social media channels has been taken into custody by law enforcement officials, according to officials who spoke to nbc news. that arrest happening in just the last hour. and we are expecting to hear from attorney general merrick garland on the latest in this investigation, and next steps for this case. the department of justice has had a criminal investigation ongoing into this leak, and the

pentagon is also reviewing the protocol around the dissemination of classified documents, as well as the national security implications of the documents that were released, and in some cases, altered. we will bring you more as we have it, but that's the latest for now. back to you. >> i'm sure we will find out more about this in due time, but i think there's a lot of questions about how someone in his position, reportedly would get access to documents of such sensitivity. >> yes, he was reportedly serving in an intelligence wing of the air national guard in massachusetts. he was reportedly arrested in massachusetts, at his home earlier this afternoon, kelly. and certainly, someone in that intelligence unit would have had access to some of this information. but one of the major questions that is arising now is for how long did he have this access and some cases, it was reported that he had been disseminating some of this information for up to two years, meaning that he

had been in possession of classified information at the age of 19. so certainly, we need to learn more about exactly what his division did, what his role was, and how he came into possession of some of these incredibly sensitive documents. >> absolutely. thank you very much. now, to drama in the drug space. we will get a check on biotech movers when "power lunch" returns. there's the ibb, popping 2% today. we're back in a moment (cecily) you're looking pleased with yourself. (seth) not to brag, but i just switched to verizon. (cecily) so you got an awesome network... (seth) and when i switched, i got to choose the phone i wanted. for free. not bragging. (cecily) you're bragging. (neighbor) oh, he's bragging. (seth) who, me? never. oh, excuse me. hello, your royal highness, sir... (cecily) okay, that's a brag. (seth) hey, mom. i gotta call you back. (vo) switch and choose the phone you want, like the incredible iphone 14, on us. (cecily) on the network worth bragging about. (vo) verizon lomita feed is 101 years old this year and counting. i'm bill lockwood, current caretaker and owner.

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welcome back to "power lunch," everybody. shares of sarepta therapeutics down on some drama surrounding its gene therapy, here to explain it is meg tirrell. >> there probably isn't a biotech name that hasn't been more dramatic over the past decade over the last two months you can see an example of this roller coaster ride, it's about their gene therapy for muscular dystrophy. you can see that back in february, the stock rose quite a bit. that's because the company came out and said it did not expect the fda to convene a panel of outside advisers in order to review this gene therapy application, but then the stock plummeted a month later as they said actually, there is going to

be an fda advisory committee now stat is out with a report today saying that fda staff was leaning toward rejecting this gene therapy until a top fda official, dr. peter marks intervened, and so now there is a lot of sort of bearishness around this may 12th advisory committee date for sarepta expecting that because the fda reviewers had been potentially negative about this that at least that's going look negative it's all going to happen in a few weeks. >> that is sort of why we have this fast forward share decline today. want to talk about last night, the update we got on the case surrounding mifepristone what happened exactly? what are the implications for the broader drug industry? >> this has been something the industry is watching closely because of the potential implications on fda's authority generally to regulate medicine this comes after friday a federal judge overturned the approval of mifepristone one of the drugs used for medication abortion the drug industry said if they can do it for this drug, they

can do it for any drug last night a panel for judges for the appeals court came out and basically said you can't overturn this specific approval because it was made more than 20 years ago. it's too old, so they did not uphold that part and the drug is going to stay on the market. however, they did agree with the lower court's decision on some restrictions on the drug, and so the drug industry is not satisfied with this. they still say the same risks exist. >> did i read somewhere that the court effectively allowed restrictions to go back to where they were in like 2016 or this medicine >> yes. >> i don't know what those restrictions were, but. >> no, that's exactly right. over time this drug was approved in 2000, and you know, in 2016 and subsequent years, the fda changed things about how it was allowed to be used, essentially loosening up how it could be used. >> loosening. >> this court said 2000 is too far back, but 2016 is not too far back those things can stay. >> so you can go back and reimpose basically restrictions circa 2016 on that particular drug interesting. >> this is expected to go up to

the supreme court, this legal process will continue. >> sounds like it. wow. >> meg, thank you very much. >> thank you, guys. $6 billion for a tubd role football franchise that story is next i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪

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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 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. the long saga of the sale of the washington commanders, formerly the redskins is reportedly over. josh harris reportedly paying

$6 billion hai harris and his group already own the 76ers and the blue devils. >> one more step towards putting together that sell a line amtrak along that i-95 corridor for this particular group. now to put that in context, if this deal were to happen it's being reported by multiple news outlets, not yet a done deal no paperwork has been filed with the nfl or otherwise if it were to happen, just how much is $6 billion or just shy of $6 billion as some reports say it could be put in context for the biggest kind of franchise sales? we put the wall together for you to show you just how much it is. now, the denver broncos is still the standard right now, the highest ever paid for a franchise just about 4.65, $4.7 billion rob walton in that group put that together. that was the huge deal the phoenix suns for $4 billion. the mets, steve cohen and his group there, $2.4 billion, the

brooklyn nets at $2.4 billion, and then of course david tepper and the carolina panthers in the nfl for $2.3 billion we're talking about a lot of money here, but what it comes down to, tyler and kelly, is if this sale were to happen, it just kind of solidifies, if you will, this idea that this is like fine art. there's a scarcity value towards sports franchises, if you look at the money that was paid for any of these franchises and then what it ends up selling for later on down the line >> i forget what snyder paid. >> i want to say it was around $600 million. >> that's a 10x. >> it's been a big point of debate this week, you heard what marc lasry said about selling out, whether he thinks sports franchises will hold their value over the next ten years. he's now questioning. >> what's interesting about this is this group that has been put together for this potential bid. >> it's harris, it's mitchell rails. >> and tyler i know you're a

commanders/redskins fan, this is huge for the washington fan base because mitchell and steven rails are local or the danaher group, might have a big community impact. >> interesting in those five franchises that you showed, three of them were bought by let's call them private equity wall street guys thanks for watching "power lunch,". "closing bell" starts right now. thanks so much welcome to "closing bell," i'm scott wapner live from post 9 at the new york stock exchange. this make or break hour begins with a big rally on wall street, another inflation read coming in cooler than expected, and here is your score card with 60 minutes to go now in regulation time tech surging today as the year's best performing sector looks to take its next leg higher, discretionary and communication services leading the broader market higher today. a pretty strong day across the board as well, helped in part by the fact that interest