welcome to ""power lunch." everybody. alongside kelly evans. one stock's warning you may not have heard about, but could be telling a very important story for the markets. >> well, plus, a spectacular failure or is it

sp spacex launching its first starship for the first time. before that, a check on the markets, call these session highs? the nasdaq about a quarter of a percent today. >> let's get to domenic for some of the movers of the day >> so, the lows of the session were down 32 for the s&p we're generally positive off that level we'll kick things off on the moors' side. the biggest decliner, at&t, the revenue slightly miss. free cash flow is the concern. it came in below expectations. at&t did reaffirm its full-year forecast those shares down 10%. on the positive side of things, the steel things, companies,

nucor one of the biggest gainers in the s&p helped along by strength in demand from nonresidential construction customers, dynamic to watch there fellow steelmaker, steel dynamics delivered results viewed as more upbeat. all thanks to strength in its steel and metals recycling unit. steel dynamics, nucor two of the biggest gainers. >> now from the new york stock exchange >> lam research is one of the best performers on the s&p as well as the nasdaq interestingly though lam did lower its forecast u.s. export restrictions on the sale of certain technology to china. and the overall weakness in the

chip segment earlier this morning, in their earnings report, tmc is calling for a bottom in the second quarter of this year with a gradually recovery in the second half that's helped by apple's new iphone 15. lam is helping kla up almost 5%. applied materials also up by 5%. tesla, at least 9.5 lower on a more than 20% year over year drop in both earnings and net income >> thank you very much we are a week into earnings and our next guest points out an unnoticed but critical warning from a major company that we don't often talk about could have big implications for

jobs jim, you're focused on a preannouncement, a warning let's call it from the tech reseller cdw, what did they say and why do you see it as so important? >> so, cdw's a great company, they beat expectations for years and years, when they say something like this the other day we pay attention that it instead of the tech market being flattish for the full year, they're expecting it to be down higher single digits. >> mike, if jim is correct and there's a broader industry statement here, it could have big broad implications for the tech sector the tech sector really led the market if the first quarter. >> tyler, it has implications

for able and willing maybe smaller to mid-size businesses are able to continue it feeds into those concerns it's also worth noting that the average tech stock didn't do anything in the firstquarter i think we're all on alert for something like this. the wave of slowdowns and weakness running through different parts of the economy in a kind of asynchronous way. home building -- the reason the market has remain somewhat stopped and the cyclical parts of the market have taken a breather. >> we talked about charles schwab being a beneficiary then svb problems hit.

would you move to the sidelines until we have more clarity >> i think they're in great shape. the metric we look at most closely is net new assets to the firm and in the first quarter their clients as well as new clients brought a $130 billion of net new money to them so the trust is there. it's a great franchise. >> final thought from you, mike, as you look forward over the next couple of weeks, what are the risk points for the market >> well, i mean, clearly we have the bulk of earnings reports yet to come. so far the hurdle has been low, companies have been able to beat it in general, i do think you have the possibility for more potholes from that direction you're starting to see a little bit of ratcheting up of concern priced into the market on the debt ceiling, sort of standoff, we know this drill, we know it's

never paid to buy credit protection gebs the government people are doing it because of just in case sense out there i can imagine those things working against the market at least potentially and look we've had slowdown data points coming through in the form of unemployment claims today. the question is, are we slowing down to sort of a flat line or a stall? or something worse where it's a recession? second-half earnings assessments are under a more threat. >> thank you very much now yields are falling today on those weak economic numbers jobless claims, rick is polling the traders about this at the cibo. >> if you look close here, all matureries at the and initial

jobless claims were the worst since january 2022 philly fed, down eight months running. lowest level since may of 2020 leading economic indicators an even dozen months in a row, negative, the weakst month over month since april of 2020. there's the setup. jason, what's going on here? >> yeah, it seems like with these weaker numbers the market kind of wanted you know the fed to stop all the rate increases, that's not happening maybe the market is a little spooked by that. >> i like going to the macro and everybody's saying potentially recession, yes or no, do you believe we have a better than 60% chance of recession? >> i believe we do so few companies the top 20

companies in the s&p have accounted for 90% of this rally. not everyone's participating there's a bigger likelihood that we see some downside in near future. >> maybe thinking that bad news is priced into the stocks. jason, thank you the exchange, back to you. >> thank you very much we appreciate that coming up, two corporate stories we're watching, first tesla's income and earnings dropping more than 20% from this time last year, the question is, is demand slowing? while everyone seems focus on tesla or apple, stable staples like mcdonald'ars e sometimes overlooked that stock has been hitting new highs including earlier today. we'll take a look at both stories as ""power lunch"" continues. use a hybrid cloud solution to connect data across multiple systems globally,

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welcome back, everybody. for years tesla has been at the head of ev charge but with more and more players in the space its supremacy could be at risk the company is feeling it. it's cut prices as demand slows. phil >> when you look at those margins, gross auto margins in fourth quarter they said look we

think they're always going to stay north of 20% for the foreseeable future that's not what happened in the first quarter. look at how much they come pressed over the last year the gross auto margins excluding credits were 30.0% the average transaction price, what they're selling the vehicles for right now, on average it was $47,207 in the first quarter a decline of $5,367 compared to fourth quarter, in one quarter it went down more than $5300, now elon musk has said, look, i will sacrifice margins as long as i can continue to keep the volumes up and continue to sell vehicles 1 million vehicles is their guidance and their target. here's musk on the conference call talking about his decisions.

>> we want to keep selling as many cars as we can. this is a good time to increase our lead further and we'll continue to invest in growth as fast as possible >> as you take a look at the shares of tesla they're the worldwide leader in ev shares. they've got a little bit of a cushion there. bottom line is this, guys, we're in midst of an ev price war. we're definitely seeing it in china and some semblance of that here in north america and you're seeing it also in europe. >> sacrificing margin for market share, how does a 19% margin compare with for example ford or gm >> well, you got to -- let's take operating margins, their

operating margins they're probably double what you could get for ford or gm right now so, yes, they're still among the industry leaders and really among the mass automarket players they're the industry leader that said, the reason the stock is under pressure is because there's very few on wall street who can say with confidence where they believe the margins will settle out. at 18% 17%? does it down go to 15% >> obvious math tells you that if you cut costs and you do don't -- if you cut price and you don't costs your margin is going to go lower? maybe there are cost cuts that he could effect in. >> well, that's a tricky area. look, they already have among the lowest costs of goods among any of the automakers in the ev market they are leveraging that as much

as possible. we've seen that what's happened. whether it's with lithium or other commodity prices and they continue to expand they have a new plant coming online in the next couple of years in mexico, their idea is -- or their goal is to build a low-priced model out of that location you know, this is what you have to do if you're going to continue to expanding your ev volume and your development in products >> phil, a quick mention, some word they weren't present at the shanghai auto show, there's so much more ev competition in china, one area despite having a major factory they've lost some ground, do you think that becomes a big problem for the stock going forward? >> well, first of all, i don't think it's big deal they weren't at the shanghai auto show. i've been there in past years, they've had a booth there.

that doesn't hurt their perception of being the leader in ev. the bigger deal in china, a, you've got a ton of competition and b, a lot of competition is chinese and the chinese government is doing what it wants to do in terms of supporting and helping out its companies there. we're seeing that in terms of incentives, et cetera, i think, guys, we're starting to head towards a world where these markets are becoming much more regional ized here >> absolutely. phil, thanks we appreciate it >> phil, thank you. mcdonald's reports earnings next week but before the company gives their spin on how things are going the franchisees have weighed in we know what they're loving and what they're hating. kate. >> the stock mcdonald's

continues to fly higher and higher battle tested for its performance in previous recessions thanks to its low price point. the quarter coming up we'll hear how the cardi b. and offset meal performed around the holidays. the company also announcing a change to its big mac. you mentioned that recent survey from equity research taking a pulse of a small group of owners, they're feeling confident about the next six months, scoring $2.47 out of 5 the company implemented a new grading system, overhauled its system

once again as you can see investors really piling into the stock. back over to you. >> what about menu items, kate, is that part of this, you know, discovery process? >> yeah, so mcdonald's had a chicken big mac out in the uk and canada, in the survey, the poll asking franchisees saying should it be sold in the u.s.? 80% said yes it's more profitable but some warn now isn't the time. they have that better burg in place. back and forth there chicken big macs it seems like they do want it. >> the new whopper at burger king is flying off the grill >> yeah, burger king is in a very different situation mcdonald's is strong

burger king is in turnaround all of these names are going to be on watch in next year or so because consumers as we said tend to flock to them during these downturns. they could wind up doing well in the next six months to a year. >> kate rogers, thank you. still ahead, danger for elon musk after a successful launch spacex's new rocket exploding in air. is this launch good or bad news? we'll be back after this on ""power lunch.

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welcome back, everybody. let's go to bob at the new york stock exchange for more on today's trading, marnkets in th red. >> 4120, 4144 a very narrow range overall for the s&p 500. we're losing some of the leadership particularly things like energy stocks, energy had a fantastic run, oil was 83 last week, now it's down to 77 or so. these oil names have been down all throughout the week. that's a problem because that was a big leadership group

regional banks, huntington bank ceo on they're down today but they're up 2%, 3% for the week stabilization is going on with the regional banks home builders are having a great day in fact a great few weeks here treasury yields are helping and great reports from dr horton today. so here's where we are for the earnings 20% through. 80 companies reporting so far. 78% are beating. that's about the average the average that beat is 4.9%. kelly, if you want to know where things are going, q2 q3 q4

earnings are stable. a little stability we need data for the next week or so before those numbers are going to move. kelly, back to you. >> that at&t in particular oil is also down today what about opec, what do they call it, pippa, opec plus? >> yes a couple of things going on here, first from a technical perspective, the run has been too far too fast creating a chart gap which is now pressuring oil it did fall back below that $79 level which had been a key level of support, the next level here to watch is the 50-day moving average. if it crosses below that then the narrative has shifted in favor of the bears on the fundamental side, one thing to watch is diesel

futures. diesel is known as the workhorse of the economy, it powers trucks and heavy machinery. jb hunt said earlier this week their volumes were down by 5%. it's kind of almost flashing the warning signs. >> if diesel's doing that, going down, what does that tell you about the economy? >> well, it means there's less demand for goods so jb hunt's ceo says people are still focused on services than goods. they need a recovery in the economy particularly the goods economy in order for their numbers to improve and so diesel's kind of the first area that starts to show those cracks since its trucks -- >> you think of the inner connections of the economy, okay, well, you want to know how the economy -- well, look at demand for diesel fuel, because

if trucks are carrying less and making fewer runs the demand for diesel and it tells you that the economy is not firing on all -- it's interesting stuff >> last year there were fears of a diesel shortage. >> exactly >> all right, pippa, thank you very much. google making some changes to better position itself in a.i. jennifer elias has the details >> reporter: >> that's right n the last hour, google ceo sent out a company width e-mail describing a number of changes that will position the company to compete in a.i. as this time where competitors like microsoft are increasing, you know, what users can expect going forward in its potentially threatening google search engine

today's announcement they're merging two separate groups together, that's deep mine company google bought in 2014 mostly has been separate as well as google research which has been internal, bringing the two together historically have had reported tensions as they try to remain independent is going to be interesting and it's the latest reorganization we've reported that will hopefully the company hopes will positioned itself to compete as a.i. accelerates at a breakneck speed. >> jennifer, thank you let's get to contessa brewer now. democrats on the senate judiciary committee are moving to advance judicial nominees even as diane feinstein remains on leave

greenland is losing ice at a devastating pace researchers used 50 different satellite estimates and found the ice melt is in hyperdrive, ice sheets are shrinking at record rates more destructive weather events cause more ice melts it looks like las vegas is getting a professional baseball team, the oakland a's will buy almost 50 acres near the las vegas strip to build a stadium the baseball commissioner has thrown his full support behind the move las vegas is rejoicing oakland not so enthusiastic, the mayor said all talks with the team are off and the city is moving in a new direction. the a's still have to work out the partnership. they hope to be playing in their new home by 2027 vegas as a sports capital.

tyler did you ever think you'd see it >> here's the thing, that stadium had better have a roof and be highly air conditioned. >> yeah, i think that's the plan, a retractable roof look at phoenix, they know how to do it there you sit with the roof open when the weather's nice outside. despite banks the fed and the even the white house doing everything they can to remedy americans' bank failure fears most remain unconvinced. that story is next ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry,

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welcome back, everybody. the bank crisis seems to have dissipated for the moment and the big banks report a stabilizing event. a new survey finds still less than half of the public feel that their money is safe steve is here with the results. >> americans deeply divided when they think their money is really

safe that represents a big change from the great financial crisis just 47% of our respondents in the survey tell us they're totally or mostly confident their money is safe. that's a big drop from the 65% who were confident when we asked the question a few months after the failure of lehman brothers in 2008. democrats changed their view with 63% confident confidence of both ind pen dents and republicans fell sharply with just over a third feeling confident. sa% said they were unsure. it's unclear why so many americans lack confidence in

fdic insurance it could be part of a general decline of trust in american institutions from views on the supreme court to congress. and now the fdic. >> the confidence in all kinds of institutions is low let's zero in on a regional bank that's been holding up very well, huntington bank, columbus, ohio, trading a little bit lower. the ceo of huntington bank joins us welcome. a simple open-ended essay question, how's business >> business is good. as you saw with our first quarter earnings beat we had good revenue growth. long growth will be in mid

single digit we created a lot of value i think during this interim six weeks just by doing the things that we do well, executing our strategy and our plan. >> you're seeing deposit inflows, that's good you got a diversified deposit base, that's good. positive is better than negative loan growth is better than no loan growth. >> it is with the general sentiment that the economy may be slowing feels about right to us, our customers have some degree of increased concern in the last 60, 90 days from where they might have been at the end of the year. >> curious if you could talk about deposits and noninterest-bearing deposits >> kelly, we've had a focus on what we call fair play banking

for the last 12 years. it's a very, very significant effort on our part to make our customers in an advanced stage, we have easy to use accounts we offer a lot of value to our customers and we expect to grow our checking account customer base, both consumers and bidses every year and we've been doing that for more than a decade just executing the plan >> absolutely. having a plan on depoise sits is going to obviously pay off that part of crisis seems to be moving to the sideline as it moves to credit quality. your colleague said they're still leaning into the residential space. multifamily, single family how are your exposure broadly speaking where are you still eager to let

it ride? >> we're a source of strength in communities. the regional banks like huntington are very important to the cities and towns we serve. we'll be a strength for our customers. having said that, we've got a little over 13 prkt of our portfolio in commercial real estate, half of that 13% is in industrial and multifally. we feel very good about those sectors. we think we're well reserved and we've got very good relationships we're not particularly worried about office that's the sector that gets most of the attention 50% of the average on office we're well positioned. where we're trying to be very careful in commercial real estate broadly because interest

rates are up, cap rates are up, value is lower and then just a couple of other business areas, health care for example, long-term living, the inflation over the last couple of years in wages has caught up -- rei reimbursements haven't caught up with that. >> steve, that's interesting we appreciate it very much today. >> thank you >> still ahead, lost in space. spacex's starship rocket ter ering a mid-air explosion afits historic launch. why the next frontier for the space industry still seems light years away we'll be right back. we dissect the market from every angle. helping to build portfolios that redefine what's possible. because investing isn't one size fits all.

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and book your free hearing evaluation. spacex's long-awaited starship rocket suffered a mid-launch explosion >> well, it was about five miles away from the launch site when it lifted off in crowds of thousands gathered here. there was a moment of tension while we were watching it for it

to lift off. we saw the engine ignite and it started to slowly rise in the sky and disappeared into the texas sun. shortly after that, they issued the flight termination system, which detonated the rocket and caused it from going elsewhere, but this was a largely successful flight in spacex's view because of the fact that they were able to get it off the ground at all. >> michael, were they planning to blow it up the whole time >> they weren't necessarily planning to blow it up but this was a rocket that was going to be destroyed one way or other. it was aiming to fly to the coast of kiawaeh off of hawaii a rocket that stands nearly 400 feet tall twice as powerful as the saturn 5 it will give them a lot of da to move forward and make more

progress despite this opportunity space has been a tough frontier financially speaking ron epstein is a research analyst at bank of america how significant was today's launch for you >> of course it's a significant factor, like michael said, i think any way you measure it it was largely a success, that scale and scope of this you can't underappreciate it two-times the size now i would imagine here not in the distant future they'll have more success space is hard. you hear that cliche again and again. >> why do you need a rocket that big? >> yeah, by having that much volume you can bring the costs to get things into orbit down.

spacex has been on the frontier of reducing the cost of getting a kilogram into orbit. they have a broader mission, they want to go to mars with this thing and refuel it in space. reducing the costs, to get a kilogram into orbit has birthed an entire space industry and allowed new concepts in terms of satellite technology, earth imagery and other things to take place. so this is all part and parcel of the revolution we're seeing in space economy. >> do you think we need a lot of consolidation now and what's the takeaway from virgin's orbit debacle? >> what's going on more broadly in the space space, we'll see consolidation, dealing with things running out of financing like virgin orbit.

some of it will make it and not -- >> is it an investable space if so where are the best investments? >> yes, absolutely investable. the companies that we like right now, rocket lab is a huge one. one of two companies that have been very successful then if you look at so much the big -- northrup gugumman >> ron, thank you so much. very insight ron, bank of america securities. coming up, phones, plywood

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big earnings mover on the menu today, at&t down sharply amex warnings investors it's bracing for a debt default finally dr horton one of the best performers on the s&p aftes lee, welcome at&t, is this a name that america shouldn't own anymore? >> it's like a dumpster fire i'm not as concerned about subscriber groups. anybody who is going to do low cost carriers has done it their cash flow is way off they couldn't get the earnings even though we have 18 analysts who know that thing inside and out. here's the problem, just like tech companies, the pelotons of the world, they pulled sales forward in selling handsets, androids, samsung phones

people don't want to upgrade they have payments that no longer exist if we're going to go into a slow down or recession, it's not going to bode well for the stock. let me get down to what everybody at home is thinking. it's that dividend that's why people owned it now you can buy three to six-month treasury and slightly below that dividend yield. i would love to buy this going the lows of 18 i would rather get a 7% dividend yield. if not, i'll just disconnect. >> let's hang up on at&t and move on to american express. should i leave home without it >> don't leave home without it i'll tell you why, if i had to own a credit card company, whether it's mastercard, visa, capital one, this is the only one i would own right now. management is still saying we're growing 15% revenues this year that's competent also, they had a blowout on their revenue.

i like they're getting gen-z and millennials involved in these gold card, platinum card, all that stuff that has to do with luxury buying. they have a higher end cliental. the rich keep spending look at hermes stock, it's on fire the issue with american express isn't the general slowdown it's if they can get young people to pay 500 bucks a month to get into a lounge i'm a business owner i've got the card so i can get into the lounge at delta and l.a.x. it's the only stock in the space i like. >> in the space. what about the home builder space which has been a strong spot lately. do you like it >> i do. a year ago or so i was on the show and asked about this stock and i said, if you want to speculate, this could be an early mover, but i was right and

i was wrong. i thought it was going to be popular right now because the fed might be cutting as it turns out, the stock worked out very well because, you know, we don't have any inventory. 30% of all inventory is new construction you look at dr horton, of course they're doing well because they have homes available to buy. it's not that i don't love it, but i was telling people if you want to roll the dice, do that i would take the profits off the table because it's doing well. if you're up 30, 40, 50%, take the profits on the table and move forward >> all right lee, thank you always good. always enthusiastic. still ahead, losing leverage workers were in the driver's seat, but job cuts, recession fears and the end of remote work

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one more thing, recession fears, job cuts, return to office all tipping the scales from workers back to employers when it comes to so-called leverage in the workplace. layoffs up nearly five fold to

start 2023, many in technology we just learned of some more job cuts coming this time in the media. we have more >> native digital media. it's for some of our colleagues at "buzzfeed" news and also "business insider. both of those news organization announced cuts "buzzfeed" is shutting down their newsroom completely. for "business insider," it's 10% job cuts i want to take you through the evolution of over the last couple years what the narrative has gone towards in 2021 and 2022, workers leverage here to stay. how workers gained an edge and why they won't lose it any time soon "the new york times" saying

workers are gaining leverage before our very eyes that's switched to the headlines that you're seeing closer to today. if you look at what's happening now because of job cuts, axios is saying media layoffs loom large. forbes ran something on "buzzfeed. cnbc.com talking about the layoffs as well. with the technology companies that have cut the workforce, the names -- there are more and more the reason we're talking about this now is because with those building economic concerns you're talking about a situation where workers feel more on edge. on this show over the last couple years we talked about work from home trends, hybrid

work trends, whether ceos could require their employees to be back in the office and whether employers could say maybe yes, maybe no or whether employees could say i'm not taking that job. >> how do you square those numbers with the fact that there's still job growth in the economy? >> when it comes to tech media and telecom, they're high profile. if you look more broadly across the economy, you're not seeing the same kind of job cuts in industrial parts of the market, manufacturing, leisure and hospitality. for the most part the revenge travel theme is on people are still traveling whether or not this is the early stage of something more dire is something economists are paying attention to. >> the story about the utah-based digital marketing company, they had a big town

hall talking about people coming back to the office the ceo sacrificed the celebration of an employee who had to sell their dog to go back to work. >> i'm a dog lover i would not want togive them u for anything in fact, i work to pay for them. >> thanks for watching "power lunch. welcome to "closing bell." i'm scott wapner at the new york stock exchange this make or break hour begins with the battle for ai supremacy. alphabet announcing what some are calling a major reshuffling as it races to fend off microsoft and others our tech reporter steve kovak