but my pick is visa. i still think this economy is not given enough credit for how resilient it is. i think there's more spending ahead. >> that will do it for us on "halftime. markets moving a little to the upside that does it "the exchange" starts right now. ♪ ♪ >> thank you very much, frank. hi, everybody. welcome to "the exchange" on this friday. i'm kelly evans. mega cap tech is the market, at least in terms of what is happening in the space and sending a big market signal. we'll tell you what it is, where to be in tech. and then big oil, exxon and chevron out with earnings, as crude tries to avoid its worst monthly losing streak in eight years. and bigger is better when it comes to health care apparently. not just talking about the big names, but the big trend everyone is watching, and how to

capitalize on it now before all that, though, let's get to some big rallies in the market after yesterday's pretty big move, the dow is up 241 points, the exact same percentage as the s&p. the nasdaq, lagging somewhat today. half a percent for the nasdaq, just under 12,200. shares of first republic, the biggest drag on the s&p, drop 50g% before being halted today sources saying the bank is headed for fdic receivership and a sigh of relief for office real estate, all in the green today. modest but noteworthy. the outperformance of tech relative to everyone else, but

smaller names like snap plunging today, while meta continues to soar and this is a very telling diver intel intelligence great to have you both along oswalt, tell me how you read the tea leaves right now >> in 2022, the risk capital went to the sidelines, and i don't think it's coming back at the same time, we look at the money making tech companies that are bringing the market back the last four months, the largest tech companies are up $1.7 trillion. that's pretty much the market. they lost $3.5 trillion last year, so they're not back to where they were when the market started the downturn but the comeback has been almost exclusively money making big-tech company this isn't a rally carrying all tech along with it

>> right that is telling to you, because you're looking for signs that the rally could be sustainable and you're not seeing that yet, are you? >> no, and i think until we get some sense of direction on the inflation and the economy, you're not going to get a rally that is sustainable and broad based. i think we still have an incredible amount of -- >> was it netflix or not netflix, because i know you -- >> everything but netflix. >> everything but netflix was the trade. chris, let me turn to you. obviously, i've seen the work you're doing, as well. trying to figure out where the strength and weaknesses in this market is. it sounds like you agree with the narrowness of the leadership >> yeah. there are seven stocks driving 80% of the gains

you know, we have a situation where the market is focused on earnings over the next week, and then it h swill shift back to te macro. innatiflation is running hot and sticky, and we think the fed will be higher for longer. so this is not a good sign for the broader market >> chris, if you had to rule out certain areas overvalued like tech, are there any that are fairly or even undervalued >> one of the things we have been focused on is earnings quality within tech. one of the concerning signs within tech is they're laying folks off, and some of the mega tech companies have been extending the depreciation signals, which has boosted earnings 8% to 10% most notably alphabet in the most recent quarter.

so we would be in large cap names like the microsofts of the world. but you have to be careful, going forward i don't think it's just going to be buy all big cap tech and make money. >> this is interesting concerns are bubbling up this quarter. so chris, you said the quality of earnings is lowest at alphabet because they extended the network equipment for a second time, shifting some expenses about stock-based comps. is that the only company where you pick up on these concerns, or do you think there's a larger problem here >> i think there's a larger problem. alphabet did it most recently. the company started to do this in 2020. meta has done it three times microsoft has even done it we don't see it in other areas of the market. so you ask yourself why now.

so it's curious that you ask yourself why now, and the fact that they're doing it again to me is not an encouraging signal in the future business, you know, the future fundamentals of the business >> sure. darda highlighted earlier this year, that we have had operating earnings 25% higher than reported earnings across the economy. in a situation that we tend to see at turning points, like wylie coyote, they're trying to pretend like they're not going over a cliff here. >> there is a disconnect between what's happening in earnings and what we are supposedly seeing in the economy. we still don't see the tangible evidence that we will head into a recession. i think you can see even the aggregate earnings forecast for the index, there's almost been no dent in it over the last 18 months, in spite of all of the talk of how the economy is heading towards a cliff. so either the analyst forecasting earnings are wrong, or the macro economists are

forecasting that the economy is weakening is wrong but i think that -- but one thing to keep in mind with these big tech companies, they're being very clear that revenue growth is down to single digits. these are not double digit growth companies any more, and investors have turned away they're cash machines for the most part. they make a lot of money, the margins are solid. we can debate how solid they are, but that's basically what will drive these companies, the capacity to maintain profits >> are you selling your holdings in f.a.n.g.? >> no, i think i'm going to move on i don't see an obvious place where i could take my money and put it in something i feel just as secure.

i'll pay for more for my apple phone, and i think that's something that i think is going to keep their earnings sustained, even if the economy does weaken, and if inflation stays high >> yeah. we don't have time, but guidance, chris. another thing you mentioned, dashden, carnival, seagate, all with problematic numbers all the reason to have this cautious position. thank you both today appreciate it. we just got a flurry of reports out today about the failures of svb and signature bank which went down the same weekend about a month ago. this comes as first republic is hanging in the balance let's get breaking news. leslie has the headlines >> these reports feel timely fdic out with its post mortem on signature bank, saying the root cause of the firm's failure was poor management. in a report, the fdic says --

>> that was particularly the case in new york where it was difficult to attract staff, in addition to the pandemic which made it hard to bring appropriate examiners here the report did stop shy of

issuing recommendations. the purpose was meant to pin point the root cause of signature's failure. signature was the third largest bank failure in u.s. history, with an estimated cost to the fdic insurance fund of $2.5 billion. kelly? >> you know, to say we didn't have enough people is a pretty interesting way of evaluating this did they say anything about crypto specifically? >> crypto in the report was mentioned, of course, as being the -- something that they should have been more aware of obviously, contributed to the just massive growth that they saw. and then the fdic says that they weren't equipped to keep up essentially with that fwgrowth it's something we also heard from the fed, just this idea that these firms were very fast growing. regulators are used to slower, sleepier firms to regulate so kind of the nature of their clientele, the nature of their customer base.

and then the low interest rate environment where things were go, go, go they just weren't set up to handle that, especially in a resource challenged, labor channeled environment. >> thank you, leslie the fed out with its report on the collapse of silicon valley bank, and they seem to be pointing the finger somewhat at themselves steve liesman has the details now. steve? >> a similar tenor to the fdic report that was reported on by leslie it takes aim at svb's management and the fed's own bank supervisor, also suggests new regulations will be needed for banks like svb svb was a textbook case of mismanagement, according to michael barr he said svb failed to manage basic interest rate and liquidity risks. and the board of directors failed to oversee senior leadership on the fed missteps --

>> they were talking about a downgrade in november before the march 23 failure svb demonstrated weaknesses in regulations, and standards were too low. the vir chair of supervision saying -- >> one other interesting thing it does point out that the fed is going to have to figure out how to put liquidity in the right place to respond to a world where you get social media technology, and that concentrated depositor base, they're saying it fundamentally changed the speed of bank runs the bottom line on mid-sized banks, the report makes clear the relaxing of standards in 2019 will be looked at

>> that's probably the most significant aspect of this, but it's a problem as old as time about empowering regulators. how often have we heard that i know you want to talk about the inflation data points too, steve. >> i mean, you're right. you i'll get to the inflation in a second, but i want to respond. you can say everything was there, you don't need new rules, just people to step up and get rid of what is a byzantine supervisory system that involves people in the banking in san francisco. you have committees of supervisors. you have people on the board in washington so it's very difficult real quick on the employment cost index, that was what powell was most likely looking at it actually went up. it was pretty much unchanged on the core

you did get some movement on the year of year, but not a lot. take a quick look at this preferred indicator that powell has here, this core services x housing. it is down, but it's been kind of in a, you know, a range there of $475 to 6 on the top there. so it's down but still above the december level i'll leave it there, kelly, except to say that consumer spending was a big goose egg that may be more in line with what the fed is trying to figure out here >> steve, stay with us, if you will there is a lot to unpack here. my next guest says the fed's missteps precipitated the banking mess we are now in joining me now is the chief investment officer at greenwich wealth management. thank you for your time today. so let's just start with the banking mess, because the fate of first republic hangs in the balance. when you hear these reports and

know that in the case of signature, the fdic says we had job openings that we couldn't fill the fed when it comes to svb says there were people in place, but they seem to be empowered to do something about it. the result is going to be more regulation for some well-managed banks who think what did we do to deserve this? >> the fed kept interest rates so low for so long, the banks were lending money at low rates just to earn some money. then the fed started raising rates very aggressively. in my opinion, they have already gone too high. >> yeah. >> this is what really caused the banking crisis now you have people pulling money out of the regional banks to go into the big banks i'm afraid we're going to end up with a handful of big banks in this country on top of that, people are pulling money just to go into treasury securities.

>> we talked about t-bill and chill. that was the joke until it took down the banking system. and it's high yielding securities that are causing a funding problem for a lot of these banks. >> the fed has caused the crisis by raising rates, but they have given us a great place to park money in safe securities and earn a great rate of return. so i would like to see the fed take a little bit more responsibility for causing the banking crisis >> i wanted to give steve a final word on this we are going to hear from fed chair powell next week this will be the first meeting that they have had time to digest the failures. >> yeah, i mean, i guess you could have it both ways. the sense that yeah, the fed kept rates low and hiked quickly. but what is the banking -- what are the senior executives at the bank bringing home all that money for? because you're supposed to take

no responsibility? the world changes every day. banks is not a guaranteed business it's not supposed to be, you know, a government business where you guarantee to get your money back i don't see letting the fed off the hook on this i don't think they should have not raised interest rates. they should have done a better job of the monetary policy part of the fed, communicating with the supervisor part, say we're hiking rates, double down on checking interest rate risks but i think the fed's report is right in the sense that they're the ones at fault, the boards of directors have a responsibility. they get paid and they get shares >> you're a value investor i thought you were going to say, this is the whole point where we look at management teams so please respond. >> i was going to say to steve

that i pretty much agree i would not let the bank management off the hook. when you have a fed that keeps interest rates at zero for so long and you are running a bank and you need to earn money, you are encouraged to go further out on that yield curve, and then you get caught in a situation like this. i would put a bigger blame on the fed. >> and when i say you're buying t-bills, you think that's a better option as a money manager right now than a lot of stocks are. >> i have a big allocation to stocks t-bills are a small portion of our portfolios but i am adding to t-bills and small-cap stocks, pause they really lagged. i think that's a good opportunity right now. if you just come ware the qqq to

the iwm, it's a huge difference. >> most people say more of a reason to get out of the market. banks and energy are a lot of the reasons the russell jo outperforms it >> i don't feel comfortable with banks. as far as energy, that was a large position for me, which i added through the xle. more recently, i've been decreasing that allocation >> steve >> yeah, i want to ask a question people come in and say i'm buying these one-year t-bills. i've heard a case made for the ten-year as follows. if you believe the fed is eventually going to get it right and that inflation over the ten-year period is going to average 2%, that there's a pretty nice real turn in that ten-year if you decide to take that gamen where do you stand on that

>> i've heard that argument. i'm not buying it. if you are asking me what i'm going to do for the next ten years, i would rather be in stocks than treasuries i'm using treasuries right now more like a bank account i think the one-month to three-month is a great place to park your money. it's like having money in a savings account that you can take out at almost any time. >> and we're here to preview berkshire's holding this weekend. and if you look at berkshire's own activity, where is it? it's energy. there's been not a lot else that they have done maybe that just speaks to the fact that everything still looks overvalued i don't know >> they've been buying energy very aggressively. i used to be a big buffet follower >> used to be? >> i wrote a book on him many years ago when i was a young man. but yeah, energy is a big thing for berkshire hathaway i'm taking the opposite of that point of view.

energy has become such a large position in our portfolios so every time i see a strong rally, i'm trimming. >> great to have you here. steve, thanks for sticking around, as well. still ahead, oil prices are hoping to avoid their longest losing streak in eight years but will last -- we'll dig into that, next and apple will have results next week and let's get a quick glance of the markets. the dow and the s&p up 2/3 of a percent. "the exchange" is back after this

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welcome back to "the exchange." crude is up 2% today, which could be significant, pushing us into the green for the month, which means we could snap a five-month losing streak an energy turn around might be under way, but will prices keep rising here's what the ceo of exxonmobil has to say. >> if you want to gauge where prices are going, gauge where inventory is at.

we're coming out of a period of fairly low demand. supply has been consistent so you build inventories that keeps stability in the marketplace, which i think is a good thing i think the industry could be very successful with the prices we see today >> exxon and chevron beat on earnings this morning. but my next guest says it's the smaller companies that could prove to be a better buy good to see you, neil. welcome. >> thank you >> what are you most excited about in the space right now we do have obviously a tough five, six-month losing streak. >> the stock, unlike years ago, these stocks are taking off so much free cash flow, that the return to investors is incredible it's not the record levels of last year, but a number of my names, even exxon and chevron are paying almost 10% precash flow yields and paying out

almost half of that to investors. some of my smaller companies are paying out 70% of that free cash flow >> can you name some names >> sure, looking at diamondback energy you've had those guys on before. just a tremendous company. they're paying back 70%, 80% of their cash flow. a little bit smaller called permian resources, they're doing a great job. even conoco phillips has over a 10% free cash flow yield so two, three, four years ago, this was an industry that was just continuing to try to grow it was outspending, and i don't think that's ever going to be the case anymore >> does that make you equally bullish on chevron and exxon and what about the potential of

consolidation, is that something you would like to see here >> i think it's a move we will have to see. others have pointed out the lack of inventory out there is going to force these companies to either merge with others or continue to buy privates or continue to do deals to add to that inventory that they have. any ent that sits still, the decline is up to 30% still so you're always on the lookout for more inventory >> that's incredible in order to beat our basic needs for energy, they have to keep acquiring smaller players. is that right? >> that's right. diamondback has close to ten years inventory. but every time you use another year of that, you have to replenish it so it's just this treadmill that, even though they have great organic growth, they will have to continue to look for ways, maybe buy in privates or

try to buy publix. >> what happens if the administration says, no consolidation? >> we've seen a pushback on a deal in the gas industry so that does make challenges i don't think you would see that if you go -- if some of these companies are just trying to buy private assets although in the case of qt, that is the case. the smaller, just buying some assets might be easier to run by the administration >> and to follow the logic, if they don't allow those deals, does that mean the crude price is at risk of spiking even higher in the future if we don't bring enough inventory online >> that's what it means. these companies are going to have to keep drilling, and the

inventory -- at $100 oil, there's plenty inventory at $50 oil, there's not a lot. so you're right, the less of these deals we see out there, just the larger chance we see for prices to go higher and higher >> food for thought. neil, thank you for your time today. >> thank you, kelly. coming up, crypto is dead in america. that was the declaration this week from former bitcoin bull chamath palihapitiya we'll have that next "the exchange" is back after this

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welcome back to "the exchange." as the strength we saw in the rally yesterday is really continuing today, as we close it out into the weekend, dow and s&p up three quarter of a percent. the nasdaq still at a half of 1% we mentioned first republic, big drop today but we want to check on the other regionals. these are earnings names, as well so gains 14% for new york community bank 13%, 11 x% for axos you can see, again, the market rewarding a little bit of a sigh of relief for those outside the hardest hit names. the solar etf is on track for its worst week since september it's another 1% drop today we know what happened with enphase earlier on down 27% this week first solar 18%. first solar having its worst week in a decade on that note, let's get to tyler

mathisen for the cnbc news update >> on that cheery note two u.s. army helicopters crashed on thursday night in alaska three soldiers dead, injured was a fourth this marks the second accident involving military helicopters in alaska this year. the army released a statement saying the cause of the crash is under investigation and more detail hs be released as they become available pope francis is in hungary today as part of a three-day visit. this is his first full visit to the country since he became pope ten years ago. the visit expected to include discussions of conflict in ukraine and issues of -- 11% of adults say they smoked cigarettes last year, down from 12.5% in 2021.

however, e-cigarette usage rose to 6% from about 4.5% a year before kelly, back to you >> i shouldn't go there, but pot smoking is up. you wonder if you polled smoking of something overall if it would still be down. >> i don't think any of it is really down. anything going into your lungs shouldn't be there coming up, why are we seeing such trends in digital advertising? we have that, plus amazon joining on the cloud, and a look ahead to apple's report next week that's coming up next. what if you could make analyzing a big bank's data... no big deal? go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across multiple systems globally, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup. compliance standards? mm-hmm. so they get the insights they need... yup. in real time... check. . ..to make quick decisions? check. aaaand check.

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welcome back mega-cap tech, number one, it wasn't ai, it was think. maybe people are too uncertain it was mentioned 199 times cloud, 86 mentions let's figure out what this means with apple on deck joining me now are my guests and steve covak joins us james, i was excited when amazon was up, and then it turned around

>> you hit the nail on the head, kelly. basically, i think the guidance was a head fake. it was better than expected numbers, but the question was, where was that growth and outperformance coming from we learned it was coming from every other aspect of the business and not so much aws that would normally be a good thing to see the retail business, physical stores, advertising, membership, but aws unfortunately is the focus on the part on most investors when we heard that 500 basis point deceleration, that degrees the question -- i think the stock should be flat, that would be more fair but at the end of the day, this is something the company can work through over the next couple of quarters so we're not that worried long-term. short term, obviously, i'm taking a little bit of pain. >> steve, james makes a great point. normally, people would say it's

great, this business is showing other sources of strength. it's not just the cloud. but that's not the mood today. >> especially because microsoft reported two or three days before that and showed great strength in the cloud, specifically ai. i think amazon only had 12, 13 mentions of ai so the perception is, microsoft is more poised to sell ai as a product for cloud, and therefore take away some market share. >> did microsoft mention april trends >> i can't recall if they talked only about april but there is just more optimism there. in addition to doing exactly what amazon is doing, helping people in order to keep those customers, microsoft is doing that, too. they have extra stuff to sell their customers to layer on top of that. it's all ai products amazon can't necessarily do that >> brett, i wanted to bring up a point that chris made this hour, where he flagged earnings

quality. called out google and some of the other mega cap companies and said he doesn't like the way that they are achieving this do you think there's some fairness to how they're making their numbers each quarter does that worry you at all answer the sustainability of their core growth? >> i don't think there's anything too concerning. i think what we have is a sector back to mega cap you have money moving out of energy and banking you have a complete sector reallocation that pushed this group higher everything is slowing. all the mega clouds showed deceleration so what's happening is we're seeing stocks going higher because expectations were so bad, so negative and ultimately, i don't think we're out of danger here in terms of i.t we're seeing a lot of companies

reversing. so this has more to do with allocation expectation than how the reporting -- they're all slowing. and that is the concern, how long is this going to be, for the rest of '23, '24 >> it's ironic that all the recession and hard landing concerns are helping them out. if we thought we were going to have a great growth year, we would say rotate out of tech, go into caterpillar do we think 3% or 5% growth in big tech >> absolutely. they'll take the pricing power of ai. you know, when you look at the pricing power that microsoft has, it's incredible they're charging 50% to 100% more with the ai features embedded the pricing power is way higher than we thought, and we're going to see more pricing come out here short term, that that is incredible that gives investors some

pricing to protect themselves in the short term >> when, james, do you think that cloud will be out of the woods, so to speak >> we have two more quarters of challenges th this could be pronounced for another six months i think when you put into context aws versus the other big cloud providers, the other cloud providers are predominantly fortune 500 companies. so unfortunately, that makes them a little more prone to cyclicals. but expectations were so low i can normally look through the noise and each i was like, are things really this bad and so the bar was low even coming out of this quarter, the bar continues to be largely low, relative to where they can perform. so the next couple of quarters

could be schoppy but aws can accelerate as well as the others. >> steve, what are the takeaways or any read throughs from what we learned this week what would you say >> it's a different story with apple. we're saying modest to low growth it's going to be no growth for apple. it's going to have its second down quarter in a row. the real question, the caveat is china. china reopened that means more production and more potential sales so how did china look for apple during that reopening? are they able to carry over that missed iphone sales from the holiday quarter. how much of that carried over, how much of that is people saying, we might be heading for a recession later this year, but i'm going to buy a new iphone any way, that's the big one. >> maybe a good thing, depending on how you look at it.

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regulation you have this major legal fbatte with coinbase and the fed. just in the last few days, this fight between coinbase and the s.e.c. has escalated coinbase sued the regulator on monday and yesterday, the crypto exchange shared its response that it got from regulators. but blair ginsburg who was grilled by lawmakers last week is sticking to his talking points just yesterday. i caught up with coinbase's chief legal officer here on thursday, just moments after the company released its response to the s.e.c., and we got into the topic of potentially moving operations offshore. >> when you run an international business like ours, 20% of our revenue comes from outside the united states. so we continue to consider where

our greatest opportunities lie to bring crypto to not just hundreds of millions of people, but billions of people all over the world. we have to think about what opportunities may exist for us outside of the united states, where the regulatory climate is more balancerd, and where governments have recognized crypto is here to stay >> reporter: he also pointed out, kelly, coinbase met with the s.e.c. more than 30 times in the last year, and the regulator failed to raise concerns over its business model before it went public in april of 2021 >> obviously, their lawsuit is a whole other level here do you think using coinbase winds up offshore? >> reporter: the company's chief legal officer thinks coinbase will face a lengthy legal battle with regulators. so it will be a while, but the question is whether coinbase decides to make a voluntary exit the ceo says they're ready to leave the u.s. coinbase's stock is down around

9% since the s.e.c. lawsuit on monday, since coinbase sued the s.e.c. he made the point they're going to jurisdiction where is there's regulatory clarity, the uk, the eu, the uae. a lot of ceos not because they're soft on regulation they have very strict standards, but they have capable regulators who recognize the clear rules. >> mackenzie, thank you. still ahead, the weight loss drugs, the biggest new pharma opportunity in decades we'll tell you where t seehetrt sees big gains coming up next on "the exchange. with a slide.

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while tech steals the spotlight, some health care names reported this week. lily out with quarterly results and they released findings of the trial of their diabetes drug, but also weight loss it's not fda approved for treating obesity my next guest says the market for weight loss drugs is just

getting started. here to does is jared holtz. why is this such a big deal? >> kelly, hey. just getting the data and seeing the numbers, we're at the precipice of this market taking off. a lot of investors have been talking about obesity for a while now, at least over a year. we're just scratching the surface in terms of revenue. like you mentioned, it's not been approved for obesity. we won't see the results from a sales standpoint until next year we're just getting going. >> like ai, it's just getting going, but it's priced into the valuation of microsoft is this priced into the shares of lily and the others >> it's hard to know they're getting close to 400

billion in market cap, which is almost double any other peer it's in the ballpark of 50 to 100 billion for each company in terms of what the drugs are worth. they're going to have to grow into the valuation we'll see how the numbers ramp up seems like they'll be massive. there's a lot baked in here. >> these facts are incredible. if approved, it could become the best selling drug of all time. this is from b of a. sales could hit $48 billion. t just unbelievable. $1,300 a month and obviously those with the means who want to lose weight will pony up for it. how big of an impact will these drugs have are they broadly available >> it's not broadly available. it's not easy to get a

prescription we're seeing them written. it's still really -- i would argue it's almost a vanity drug at this point versus a therapeutic from the numbers we've seen not sure the people that are really most suited for the drugs are actually getting them. that would be the obese population by definition we'll have to see. if these numbers are right, it's going to be a little bit of a balancing act or a delicate situation for the companies. at some point someone is going to have to pay for these drugs 48 billion is a monster number it just seems like the payers are going to obviously be impacted. >> or they just become the whole market obesity is a risk factor for so many other conditions. if those go away, maybe this subplants that what's the difference between the three leading ones on the market >> well, it's a reformulated

ozempic. they're fairly similar the differences are nuanced. the data has been better from lily from what we can tell it's a little bit early and not enough time has gone by. they're more similar than different. those two will have a do you oply for a while i would give the edge to lily. it's going to be close it will come down to distribution and pricing amgen and pfizer are in the wings. they'll have more data, but they're probably three or four years behind viking theirrapeutics has had interesting data for the two few years it's probably a two-player market with the value that's been created by just these first two companies, everyone wants a piece. >> between that and what's happening on the alzheimer's

front, it's the busiest time in pharma jared, thanks for your time. >> thanks, kelly. don't go anywhere. tyler is getting ready for a busy hour of "power lunch. i'll join him after the break. n. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire the first time your sales reached 100k with godaddy was also the first time your profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com ♪♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs.

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♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. good day, everybody. welcome to "power lunch. i'm tyler mathison glad you could join us stocks are higher again as the busiest week of earnings season wraps up we're digging into big oil, big tech and social media. plus, we have a fed meeting for you. first, let's get a check on the markets. kelly? >> hi, everybody we have continued gains today. we're just off session highs charter, mohawk leadinth