>> so put it in your pocket, get a better tax rate than on traesryes. >> jason >> goldman sachs the stock is only down 1%. i like it here >> good weekend, everybody even you, weiss. wish you the best. that does it for me. "the exchange" begins right now. ♪ ♪ thank you very much, scott hi, everybody. i'm kelly evans. here's what's ahead on this friday the fed's number one concern apparently is playing the inflation dragon, that's what former fed official richard fisher says. our economist today says he disagrees and why we will see another rate hike. will that do more harm than good and it comes as the credit cards are getting real on main street. we'll hear from one business owner and the challenges he's facing and how it impacts his

plans. we have the next challenge with an $11 million reward we have the details. before that, i feel like every day this week we stood here and said the climbs are modest >> and it's three days in a row for s&p 500. that's maybe the reason why stock market volatility is languishing at lows for the year right now. overall, the dow industrials are flat on the session, but down 17 points, almost unchanged the s&p 500, 4129, the last trade there, just about unchanged, as well the trading range has been tight. up six points at the highs of the decision, down 16 at the lows so towards the middle of that range right now. the nasdaq composite, flat on the session.

12,058, the last trade for the nasdaq composite index a key focus this weekend has been on the regional bank ic c - picture. let me just show you, quarter end to quarter end, this is a sampling of some of the more notable regional banks that reported names like pnc showed gains despite the turmoil we have seen zion's bank down 3.5%. u.s. bank down 3.5%, as well western alliance, down 11% there. but overall, regional bank deposits have shown some sort of stability. and for the most part, many ceos and cfos have said things did remain somewhat stable in the month of march in the wake of the silicon valley bank and signature bank collapses the alabama based lendor is down about 3% now, one of the

underperformers in the s&p it came out with earnings that missed estimates it did beat most analyst estimates with net interest margins and incomes overall. so a regional bank to watch here and the main event you can argue is going to be next week on monday and tuesday that's when some of the embattled west coast lender also report first republic reports after the bell on monday first republic has lost 91% of its value over the last year pack west has lost 2/3 of its value. so big headlines monday and tuesday. >> and western alliance the best performer so far given the stress still showing up in banks, is the fed overall being too easy about the stresses in the banking system and the impact in the real economy? steve liesman has more

>> fed officials have delivered a uniform message all week inflation is too high. while they are watching the banking system, they suggest it's not bad enough to stop hiking but some key market indicators show the banking system has yet to return to normal. they raised questions whether officials are factoring in banks into the outlook seriously enough here is new york fed president john williams from wednesday here is a line from the new york fed's section of the beige book. >> the banking index is down again today. 25% below its level before the failure of silicon valley bank you can see that in that chart the fed reported yesterday that borrowing from the new bank term

tu fund lending program actually rose in the last week, though you can see there at least off its highs. finally, the funds rate in january, tells you what is going to happen for the full year, it fell sharply after svb it remains depressed about 100 base points below where it was kelly, there are some key market indicators that haven't convinced that everything is back to normal >> i think that's important. the bank stress is not being relieved quickly so this is way higher than normal it likely implies the credit

availability pressures are very much with us >> yeah. normal is zero, kelly. and not to correct you here, but you also left out the discount window that is another -- i think it's a total of $140 billion out there between the discount window and the bank lending program. and first of all, the program doesn't exist. discount window is around zero, maybe it's a couple billion dollars in there but it's not normal to have any takedown of that so there is still some stress out there. we don't know which banks it's from so you look at the stock prices, which is constructive. dom was talking about that you're hearing about stability, but not back to where we were before so the question becomes for the fed, what is the economic fallout? how serious is that going to be? how much are banks going to entrench just not seeing a return to

presvb days in any of this that we are looking at. >> steve, thank you very much. our steve liesman. as the fed tries to weigh another rate hike in two weeks, balancing the inflation signs, here is the former dallas fed president richard fisher and what he had to say >> it's hard to slay this dragon once it gets out i do think that's the principle purpose of the central bank. so 5%, 4% inflation unacceptable you have to move to the 2% target >> joining me now are my guests. welcome to you both. cathy, let me start with you i take richard fisher's point, but everybody would say the only thing the fed cares about is the banking crisis is fixing that, too. so this might be kind of on the back burner, but data shows it hasn't gone away >> yeah, happy to be with you, kelly.

i think the large fallout from this is even if we don't have a banking crisis, we're going to have tightening of lending san francisco d tightening of lending standards. and that acts as an additional brake on the economy that cred sit the lubricant that keeps the economy running. so the fed doesn't know how much tighter conditions are going to get. as of q1, 40% of the banks were tightening that would have been indicative of a recession in the past and it may still be that my guess will be the share of banks tightening lending standards goes up quite substantially. that said, inflation does remain elevated and sticky. we look at the super core services number, which strips out housing just below 6%. so it does look like we're going

to get one more rate hike. but my sense is we're going to pause for a long period of time to assess what's happening in the banking system >> yeah, even earnings aren't giving us signals because we have had a bunch of guidance problems proctor and gamble only have a quarter left citi last week only reaffirmed 2023 13 companies that have given guidance, 9 have been below consensus. so this is -- so far, this is a little early, but it's telling us the outlook even corporate america is giving, is looking down beat. >> absolutely, kelly as it stands right now, q1 earnings for the s&p 500 are expected to contract by 6.5% if that number holds true, it would mark the worst quarterly

earnings since the second quarter of 2020, when the pandemic started so as we look out over two years, the investment opportunities jump out rates should be lower, yields should be lower, inflation should be lower, markets should be higher. but the next three quarters, things are going to get choppy as the economy slows, earnings continue to get hit, and lending continues to be depressed. >> so question -- do you then start putting that list together and wait for lower entry points or would you be doing anything right now? >> trying to time the market as we know is an exercise in futility but i do believe if you start looking at those beaten up sectors, communication services, that really took a hit during 2022, they may look very attractive two years but until then, look at the more defensive sectors, staples, industrials, or health care. those that pay a good dividend >> so we have seen people go

back into tech now that is maybe running out of steam, and everything more defensive is priced for that so not a lot of people want to be piling in at maybe 25 times earnings if you think -- like you said, i don't know when the right entry point is it's not a perfect sell at this point. >> let me give you a couple of examples cummings, the large trucking supplier, only trading at a forward multiple of around 12 right now. you look in the health care space. merck only trading at a 16 multiple right now so there are attractively valued good dividend payers with strong balance sheets that should hold up well during a recession >> cathy, we did get this kind of countertrend data point this morning. i think it's in the market pmis. showing firms trying to reach prices again give us some context around this result, if you can

>> yeah. well, we do get these flash readings, but they don't have as much of a history and really a correlation that we can judge with the overall trend of the economy. what we are seeing from the ism measures and also you look at the philly fed manufacturing federal reserve, manufacturing sector is still contracting. it has been for several months service sector is doing better we know that people are still traveling, and sort of catching up a little bit from covid but if good side of the economy is really struggling i'll just say one other thing, if you look at the breadth of the leading economic indicators, the subcomponent of that, only two of the ten have increased in

thel last six months, the equity market and the other eight are declining. so really it does look like this recessionary dynamic is in place and continuing >> to circle back to richard fisher's point, since we have to slay the inflation dragon, is it being slayed do you see that? >> we don't. looking at consumer prices, the cpi reading, it will be 4% by the end of the year. pce prices, that will be a little lower so close to 3% that really takes us to the end of the year. you know, keep in mind, it's the core numb they are the fed is focused on right now energy food prices to move around a bit but the super core service numbers are sticky, even when you exclude housing. >> kevin, final word here as we head into the weekend. i haven't mentioned the debt

ceiling. i don't think anyone looks at this and goes -- unless they are waiting for entry points i don't know what else there is to say other than this adds to reasons why that the vix is below 17 right now >> i would anticipate volatility picking up as we get closer to the debt ceiling deadline. since 1960, congress has met 78 times and increased the debt s.e.a ceiling or changed the definition, that will likely happen again when the fed stops raising rates, opportunities will abound in the stock market again. >> thank you both. now, while we always focus onlayoff onlayoffs, much of the banking stress is hurting smaller businesses across the country. kate rogers is here with a

closer look. kate >> while owners aren't necessarily hearing no from lenders, the environment is shifting and weighing on optimism take a look. >> reporter: for some businesses on main street, the credit crunch is real while capital is available, getting it is difficult. se >> it is where banks are asking more questions and it's harder to get loans but i also believe that business development is being stifled because of the interest rate raises so we aren't expanding in ways that i would want to, because i have to pay 6.5% interest on a loan that a year ago i would have paid 3% on. so that is limiting my development and our ability to expand >> reporter: for sellers, the issue predates the collapse of

silicon valley bank and signature bank the most recent report for the month of march shows a drop in the ability to get a loan. analysts say the figure is unseen prior to recession. what's more, recent data from the national small business association shows a third of owners say lending terms are less favorable, and more than half are not able to obtain adequate financing >> so kelly, what does this mean for small business optimism? owners say they're concerned, because despite success, the idea that he night not be able to access capital in the future is stressful >> give me the granularity about his specific business again, because that was so interesting. >> he works in computer consulting so he had a business for 17 years. he said we're profitable, growing, and now we're being asked questions i've never been asked before

a simple -- what would have been a simple yes on a loan prior to this has now become yes, but we need x, y, z from you. very different environment >> did he say which bank or banks he's dealing with? >> yeah, we didn't get into names, but smaller, community banks. what i'm hear from a lot of small business owners. banks are being less forgiving with repayment on the regional level and increasing lines of credit some are just concernedn't the fdic deposit cap just so much is swirling out there for small business owners. >> it's not like he started a year ago 17 years, that's a proven track record can you imagine? >> yeah, one more important thing for viewers to remember, this has gotten tough post pandemic it was much easier to get money in 2020 prior to covid and then 2021, about 80% of businesses said they got harder

and were having more challenges. so this has been going on. when you throw into the mix the collapse of these regional banks, what does that mean for the future uncertainty aside, getting money is getting harder and harder for these companies. >> kate, thank you for bringing that to us coming up, mcdonald's hitting a new all-time high today. why are the restaurants performing so well right now we'll ask former yarden ceo clarence otis after this break and also discussing the latest $11 million competition and to weigh in on the ai mania here is a look at the markets, which were more positive this morning. dow is down last check we'll be right back after this

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welcome back to "the exchange." restaurant stocks have been given investors plenty to chew on the index up 7%, and mcdonald's and chipotle next month, which both report earnings

chipotle up 30%. mcdonald's up double digits. let's get more insight clarence otis, former ceo of darden restaurants. >> thank you >> we're talking about the pressure is on the consumer, and are we heading into a recession, inflation. why are restaurants having such a great start to the year, or is it just a stock market mirage? >> no, no. i think it's real. restaurants have seen very strong sales growth. really across the industry when you look at casual dining, for example, black box and nap track reported that same restaurant sales growth from march was up 5%. and that came after a very strong three months prior to that, if you took a look at darden reported and what they reported for their brands, as well as for the industry now, that said, traffic is not so strong. so, again, in march for example, casual dining, same restaurant

traffic was down 3.5%. >> wow >> so clearly, pricing is in that mid to upper single digit percentage growth range. >> that makes a little more sense to me obviously, that you would have pricing offsetting weaker traffic clearance i know investors like profit margins, but is that sustainable? it feels like we're at the end of the road to pass along price hikes. >> i think it is when you look at the market leaders in the restaurant industry, they took the opportunity during the pandemic to become much more efficient from a structural percent. so they did things like develop and introduce menu items that had stronger margins so all of those things, plus the leverage that you -- the operating leverage you get from sales growth, helps offset what has been missing to high single

digit inflation and labor and food costs so i think that all bodes well >> yeah. >> that said, of course, there is a -- there's been a rebound coming out of the pandemic and so a burst of pent up demand, that will clearly ebb over time. but -- and we will dissipate even more, if you think about economic weakness. >> right, right. let me ask about this, because you have some great granularity. there's one data point, as we see chipotle is the only name in the red today, but the fast casual check averages are starting to approach those of casual dining value eaters tell me about that that must be like a ten-year trend. we all know how expensive some of the options are if you get the steak or whatever at chipotle, it's almost $20 to walk out of there. >> a very important point.

so one of the things that we have been seeing that reflects the environment that we are in, is trading back. so from casual dining in to quick service. that trade is really to traditional quick service. the fast casual, because that check is really starting to be compressed, when you look dinin lot less the stronger players like chipotle will benefit, but those that aren't as strong, when they are starting to push up against the check averages and casual dining eaters, olive garden, texas road house, they're not going to get that benefit. >> yeah. i know you are bullish on mcdonald's tell me why texas road house and burger king. i see the reporting about the whopper, and i respect everything that patrick doyle has done at domino's

we know he's involved at burger king is that a sleeper hooer to watch? >> it is, it is. somewhat you are hearing on burger king is some very positive signals they have done a lot of work to improve their core food offering so that is important they have also done some work on their operation. so they're faster, and that's also important so i think you will see continued strength there texas road house has long been a value leader so in this kind of environment, you would expect them to do well same thing with olive garden the report for the first quarter, which they came out of -- out with last month, so their first quarter most recent quarter would have been december, january, february. olive garden, long horn, steakhouse had strong numbers. so those market leaders that really lean into value do well but i think the industry itself will do better than anticipated

in a weaker environment. so the other thing that we have seen is that the pandemic accelerated retirements. people in their 50s, 60s, even into their 70s, that's a very important age cohort for the food service players especially. so they have more time, more money, and that will be a tail wind that will help offset some of the head wind that we may see from the economic environment. >> a fascinating point clarence, love it. thank you for joining us today really appreciate it >> thank you >> clarence otis, former ceo of garden restaurants still to come, sell in may and miss the summer rally? one technician says stick it out until september. plus, is the housing market slowing or growing has it gone too far too fast we'll look at that and here is the dow's map

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unlike her sister. there's more than one way to treat your sleep apnea. if you struggle with cpap, look into getting inspire. inspire. sleep apnea innovation. learn more and view important safety information at inspiresleep.com. welcome back to "the exchange." fractional declines, but it's still significant, because we are about to have the dow and s&p's worst week since march 10th that's when the svb collapsed. the dow transports are on track to post back-to-back positive weeks for the first time since february, hovering just above the 50-day moving average. again, this goes counter to some of the other leading indicators

moving in the other direction. shares of amazon up 3.5% among the best this the nasdaq today. this comes for all the wrong reasons. it's a similar scene for tech. whole foods plans to lay off several hundred corporate employees. and speaking of layoffs, got to talk about lyft today. shares popped more than 50% over here on this "wall street journal" that it's cutting at least 1200 jobs, 30% of its corporate workforce. i wouldn't imagine that includes drivers. it turned negative and only up 1% so cross currents to watch here. lyft shares are down 70% over the past year. and bitcoin, a new two-week low, below now the 28,000 after being above 30,000 just earlier this week it's still up about 70% since jan 1. let's get to courtney raegen now. >> reporter: here is your cnbc news update. at least one american has been

killed in sudan as fighting between the sudanese army and a rival paramilitary force continues. the department issued a warning against travel to sudan this week over 400 people have been killed since the violence began the department of homeland security will establish a task force to examine how ai can be used to protect the company. the dhs secretary said ai could be used to better detect fentanyl shipments to the u.s. twitter has dropped labels for government funded accounts joe biden and others saw labels removed and it dropped controversial labels to like npr. bye-bye, blue check marks. >> thank you very much up next,pr xize founder peter diamandis on his latest $11 million global corpsmpetiti

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welcome back to "the exchange," everybody xprize is out with its next

challenge to tech, to find new ways to detect and suppress wildfires. this comes with an $11 million award. the rise with ai and other tech is presenting unprecedented opportunities. joining me is peter diamandis, founder and chairman of the xprize foundation. welcome back >> pleasure to be back good to see you, too >> we have had the wettest, rainiest season. actually, because of all the wildfires, i heard from people in the startup space looking at that just as they were hoping to get funding, the wildfires went away for a season >> they're coming back and stronger we doubled the number of wildfires in the last four years and it's continuing to get worse. i don't know about you, but i'm sick and tired of this, you know, the definition of insanity is doing something the same way over and over and expecting a different outcome. we have to change the way we are fighting wildfires it's billions in damages,

hundreds of lives lost it's time. we are living in a time of technology, and this xprize is challenging innovators around the world to find a fire at inception, at the point of ignition if it's bigger than two meters or moving, it shouldn't be, put it out within ten minutes, right? that's the goal here we think that technology for that is very definitely possible >> be careful with my backyard during the summer season, we get that fire pit going. so one of the questions about wildfires, a lot can come down to the brush clearing before hand to make sure that there is not a lot of tender there, and this is what i always appreciate about technology and innovation, could it offer us a way around some of these entrenched political fighting, by fighting new and different ways of identifying fires when they

break out, treating them, we get heartburn watching the chemicals and everything else, and keeping them from spreading from being so severe. >> yeah. listen, the -- dealing with extra brush and clearing forests and all of that, forest management, is still going to be here but the challenge is right now we're fighting fires, wildfires, destructive wildfires, the same way we did 50 years ago. that is what needs to change so our goal here, this prize is two parts. one is detection, and other means of detection, as well as, you know, imagine having a thousand square kilometers, and if there is a fire that's not registered that is bigger than it should be, that you know it will be put out on its own autonomously and this is a chance to save lives and we just announced today, i don't know if you remember, palmer lucky is now running a multimillion defense

company, and palmer's prediction is there is no question that making wildfires a thing of the past exists. this will incentivize teams to do just that >> that would be amazing i hope they would get all the possible accolades, whatever is compelling >> my call today is for teams around the world, if you are an innovator who wants to make a difference, go to xprize.org we expect to have hundreds of teams with lots of different approaches the first time also ever, kelly, we are inviting people to add to the purse. it's $11 million today if you want to contribute $10 or $100, the money goes only to the person who wins the competition. so you are insentivizing someone

to solve a problem so kick in $100 to the pot >> great idea. so let me ask you while we are talking innovation when you watch ai and the rollout of these chat bots, the promises, the challenges, where is your mind going in terms of problems that will now need to be solved? do you look at this from a furmtly skeptical point of view or position of xiexcitement >> the work i do with xprize is about abundance. these technologies are going to enable us to up jift every man, woman and child. google today is the same for the poorest and wealthiest child ai is going to become our physician. it will become our educator and level the playing field. the best educator on the planet is going to be ai teaching your child based upon their favorite color, whatever they want.

the best diagnostic people in the world is going to be ai. there's 7,000 medical journals published every day, medical articles how many did your physician read ai will have read all of those so they will demontize education and health care. are we going to challenge this of course we are i'm less concerned about the ai being evil it's more the human application of it. but it's the same thing with any new technology >> it's funny, i sort of similarly -- i look at it the same way the only question with this one that i have that really bothers me is this idea of garbage in, garbage out. when wikipedia is informing these language models, it's multiplying that problem >> you're 100% right these large language models are based on consuming all the information that we humans put

out there. and it's as good as it gets and as bad as it gets. there's a great book i just finished reading called "scary smart" and it says we have to be careful about how we interact with each other and machines, because as parents of this new -- i'll call it life form coming online -- you know, we're training them, teaching them on the information that we put out there. so it's not some ai, it's us we're reflecting back on ourselves the corners of the internet >> that's really interesting the final question, i am curious, as we talk about the startup ecosystem. a lot of the liquidity has vanished because of svb and other problems how bad is it? >> well, listen, money is not flowing free in those golden rivers and silicon valley. but the expense of starting a company is now lower than ever

before these ai systems, large language models, are allowing entrepreneurs to get new companies up and going faster and cheaper than ever before will we have a dry spell i run a $500 million venture fund, and we are being very careful with how we use our capital. we are investing in longevity and ai but the good news is, today, as an entrepreneur out there, you can start a company to a large degree on sweat labor, and the platforms that are available at very low costs so i think we will have a lot of innovation, especially in health and especially from ai hopefully wildfires, as well island tired -- is it true that nicotine is as good for longevity? i'm not talking about cigarettes do you know what i'm talking about? people are taking these capsules or whatever. >> nicotine is a neuro

stimulant, and it's bad when it's principally inhaled it is addictive. so i spent a lot of my time focused on longevity i believe the next ten years is the decade during which we will add 10, 20, 30 healthy years to our lives. it's been in decline because of suicide and covid obviously. but ai, quantum technology is coming, biotech is going to give us the tools to extend our healthy life span. and so i'm excited about that. i want to live and see as much of this incredible future coming our way as possible. >> you are helping shape it. you have turned the dow positive look at that >> awesome >> peter, thank you for your time today >> a pleasure, kelly >> peter diamandis with the xprize foundation. as mentioned, the dow is up half a point right now. coming up, shares of dr horton climbing 90% this week after blowout earnings and home construction etf is at

a 52-week high and tonight's last call with brian llan, suivhe will sit down with one person he's never interviewed, his ai self that's tonight at 7:00 eastern the cloud makes it possible to expand your infrastructure. but to make it powerful enough to connect your data wherever it is, you need cdw and netapp. cdw experts will work with you to understand your needs, then customize a netapp cloud services solution to integrate data management for all your clouds, helping you reduce spend, improve security, control data 24/7 and automatically detect anomalies. in the cloud, at least. netapp makes efficient cloud management possible. cdw makes it powerful.

welcome back plenty of people are pointing to home builder strength as a sign of economic momentum but is it the best reflection of the overall housing market let's ask diana about that >> so i'm going to steal the word from the chief economist who called the housing market "unique. that's putting it mildly it came after the existing home sales that showed sales down in march for the month and compared to a year ago. the issue is not so much demand but supply or lack thereof

of course, these higher mortgage rates. inventory is now 41% lower than prepandemic levels with just a 2.6 month supply, six months is considered a balanced market between buyer and seller the home builders we saw this week, you think they would be stepping up. with single family permits still down almost 30% from a year ago and starts down 28%. both did bump up slightly month to month, but builders are just still cautious due again to higher mortgage rates. the average on the 30-year fixed rose this week, now nearly half a percentage point higher than it was two weeks ago that caused a 10% drop fromhom buyers last week the builders, however, are getting some traction with incentives, especially mortgage rate buydowns. builder stocks got a boost from dr horton, report thing week better than expected earnings, with donald horton pointing to

builders benefiting from the lack of existing home supply we'll get the report on newly built homes from march coming up >> we know this is real demand driving -- there is a need for inventory if wish they had seen it coming the only thing i wonder, they're offering lower rates, 5%, whatever they want to call it. is that an incentive by another name who's eating that cost is the builder eating that cost? is it being hidden in the cost for the home buyer >> the builder is eating that cost upfront the expectation is that the buyer will be able to refinance to a lower rate if rates go lower. for the builder it's less than having to lower the home price that's the big incentive for the builder because they're getting the sale and they have a lot

more supply. so interesting to me, the number that builders have 30% of the supply of homes for sale right now. historically it's 9% that shows you how weak the existing home market sales are versus the new home market because they simply have so much more inventory that's why they're benefitting it's strange they're so nervous about putting more holes in the ground. >> that's a great point, love that data point. good to see you today, diana. still ahead, the dow could n snap a four-week wni seainngtrk. one analyst is seeing wins in the bull market. we'll run through the charts next as sleek as it is spacious. as smart as it is beautiful. introducing lucid air. experience the best.

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welcome back the s&p is on pace to close down my next guest says you could miss a summer rally this year. good to see you, steve no one really wants to be that bullishri right now what do you see in the charts

here >> thanks for having me on, kelly. we have a lot of stability for equities we highlighted that the s&p 500 was treading above its average and it's starting to rise. after that, we continue to view the trend as bullish if we continue to build this base the market is in and spend more time above the 40-week average, that would argue the market could be shifting. >> what do you see as we watch the ten year and overlay that with what might be happening in equities >> we like looking at the spiders versus tlt ratio we think the s&p and stocks are set up to outperform bonds they outperformed bonds all last year, the s&p. bonds went down.

stocks went down right now we're in an uptrend and consolidating within a technical pattern called the triangle when you're trading in the triangle, you result higher than that pattern which means stocks should have another uptrend relative to bonds. >> okay, but if the charts are right, they're telling us we're not going to have a debt ceiling fight. >> look, last time we had a debt crisis with the ceiling, i believe it was 2011, and the market struggled a little bit, but worked its way higher after that it defended moving averages. if we're worried about sell, go away, a lot of folks are talking about that the seasonal pattern suggests you sell in april.

you buy back in may. there's a tendency to get a summer rally june through august is the second best three-month period of the year. you tend to get a summer rally the saying should be buy may, sell july and august we know what happens after august you move into the fall where deeper corrections become more likely. >> you think even this year there's no reason to question that you know, not to overdo the 2008 comparison, we had a similar period of quietness late spring, summer and september was a different story. you're not saying we might hold on and continue to be that strong >> no, i think we should i use moving averages as a guide. in 2008 the s&p was not above its rising 40-week average it was falling below and in 2008 the s&p embarked on a trend

below its 200-week moving average. in 2008 you were in a low bear market as long as we're above the 200-week moving average on the s&p, we're in a longer term uptrend. >> i appreciate -- i'm glad i asked the question that's interesting steve, thanks for your time. >> thank you, kelly. that does it for "the exchange." dom is getting ready for "power lunch. do i want more? can i grow stronger? can i get better? bodyarmor lyte. more than a sports drink.

welcome to "power lunch," alongside kelly evans, i'm dominic chu. coming up, putting the intelligence in artificial intelligence we'll explore how different ai tools get so smart in the first place and then look at the