welcome to "power lunch" everybody. we are seconds away from getting the minutes from the latest fed meeting. >> stocks have been under pressure all day long. dow is down 205. let's get to steve liesman for the minutes. >> minutes to the federal reserve's may meeting show fed officials agreed the next move after that may rate hike was less certain due to uncertainty about the impact of the lag affects, tightening and better bank policies that could be coming many fed officials said, quote, the fed needed to retain optionality after the may hike some saw the need for additional hikes due to slow, inflation progress coming down had slowed

and several said if the economy evolved the way they thought they did not see a need for further rate hikes some wanted to stress in that meeting it was important for the fed to communicate that rate cuts were not likely this year and they were not ruling out further hikes. they wanted to retain the optionality. that runs throughout they also stressed that it was important to raise the debt limit to avoid risk to the economy and financial systems. there were several comments on the debt limit i'll get to those in a second. on the economy the fed should be, on the debt limit and banking system the fed should use its liquidity tools to mitigate future financial stability risk could have been talking about the banks there. could have been talking about the debt ceiling unclear. tighter credit conditions from the banks were seen weighing on economic activity, households, and firms, and hiring, and inflation. but they stressed twa is too early to say what kind of effects they would have. some saw only modest effects

fed rate hikes contributed to restrictive financial conditions they saw slower gdp, the labor market softening, and a need to reduce inflation at the time they met it was interesting. they talked about banking divisions actually having improved from the worst days of the silicon valley bank failure. consumer spending was strong the first quarter. however, it was expected to slow the labor market was seen very tight. some saw signs of easing labor market conditions for example they noted less difficulty in hiring wage growth was still too high and inflation was said to be, quote, unacceptably high they repeated the idea inflation was slowing more slowly than they expected. again, on debt default there was concern about it expressed at the meeting. it threatened the significant disruption to the financial system and the economy also commercial real estate was listed as a risk to the banks. one final comment the staff continued to forecast a mild recession in the fourth quarter of this year and the first

quarter of next due to tighter credit conditions from the banks. guys >> very interesting, and i'll ask you to stick around as we get a little further reaction there. there is a lot to unpack in steve's recitation of the minutes. to do so let's bring in the senior economist with bank of america and the president and cio of castle ark management with steve liesman let me ask you to give me your impressions of what the fed minutes said there and how they comport with your baseline case that the fed has reached its terminal rate? >> i think the fed minutes as well as the governor's statement today are very much consistent with our base case that june is a close call we don't expect them to hike in june but it is still on the table. there are basically three conditions that need to be met to hike in june. the first is a deal to raise the

debt ceiling the second one is the regional banks, the stress around regional banks remain somewhat contained and the associated kitening movements contained and the third one is that the data remain hot if you have something like 200,000 in nonfarm payrolls the 2nd of june and on june 13th, june will be strongly in pay. >> as i listened to steve there and i want to go back to steve in just a minute but as i listened to him it sounds like the fed is describing many, many areas of potential risk in the economy and yet, the central number that they seem to have their eye on, which is inflation, remains stubbornly high and that's a sign of an economy basically that is humming along quite well there are obviously exogenous factors that can affect price levels and so forth. how do you read what the fed is saying here and how do you interpret then what its next

moves may be >> sure. two basic concepts they are trying to explain as they always do how the current conditions are somewhere around may 10th whenever they met, they wanted to describe exactly how they felt the underlying economic trends were and they expressed that the more important thing and the thing they led us to believe in these comments was that their job is basically done. inflation, any effect of inflation has to take months to impact from a policy perspective. when you put the policies they've put in place, 5% increase in rates overall in the last year or so, there's more than enough head wind against inflationary forces to see and expect to see that decline now basically continue the decline it's had i think they're done >> i want to hit that with steve if i might steve, do you hear it exactly as

he said, twice, in fact, he said i think they're done do you see it that way >> okay. i'm going to do a little english lesson here which is federal reserve english which i believe comports astonishingly with the actual english language. guys if you would call up the lower third there that says several participants basically think we're done that is not exactly what it said that is one. on the other hand some think there may be more to do. several is more than some. where are we we are at a place where more people believe the fed is done though not everybody believes that tyler, when you got through the fact there was a lot to unpack here you're right. there is a lot to unpack because there are uncertain risks to the economy and there's sort of a difference of opinion of the effects these factors are having on the economy some seem to think the banking issue is much more important some seem to think, hey. we got through that. it's not a big deal. looming over all of this is the debt ceiling crisis.

coming as a kind of wave from the right of this thing are the lagged effects of the 500 basis points of tightening already in the economy. waller put it well today when he said the choices between a skip and a pause. a skip is we're going to skip this meeting and come back and hike later waller seemed to indicate that was his preference he is a bit of a hawk. it looks like to me given the fact that it is several more than some, at least it was in that meeting, that more people are inclined to pause rather than skip. >> you know, the importance of what christopher waller is saying this afternoon i think is worth emphasizing so i'll turn to you on that when you read over his comments what do you think of the next move and the next couple moves are? >> waller has been the best leading indicator in my view of where the fed is going a little bit hawkish but the fed turned out to be more hawk ib

than it initially thought it would be waller laid out the options of hike, skip, or pause and he essentially said i am not in favor of the pause i am weighing the options of hiking and skipping. the difference would be skip means you don't hike in june but you retain that bias to hike going forward. that is our base case. they won't hike in june. there is enough uncertainty still about potentially the debt ceiling but also tightening of credit conditions but they'll retain that bias to hike, certainly want to keep the optionality to go again in july because the labor market isn't slowing down nearly as fast as they expected and inflation on both the goods and services sides, he laid this out, right, that is not getting better as fast as we expected. used car prices up 4.5% in the last reading so that took away some of the improvements we had seen earlier. >> you get the last word tie it up for us. >> my only point is that we're dancing on a needle. all of these end of phase events

are happening. it doesn't matter. they're trying to set in motion the best possible outcome for 2024 that means their work is done whether it is one more little quarter basis point it doesn't mean anything. it is about how we project going into next year or which we now have plenty of tightening, you know, in the pipeline. now it is a question of how weak it gets. i think the next form of speculation will be when they're going to ease. i don't think that is relevant either it's that we, investors get to now anchor around the fed being basically done witr job and we get to buy stocks and bonds based on that premise. >> folks, thank you very much. that was fun we thank you >> i have to say, we've done a few of these fed minutes oh, fed minutes. this was interesting. >> this had more information i think. >> this was meaty stuff. coming up, netflix fixing

for a fight with users the company kicking off its new password sharing policy. my mother-in-law is going to be very heartbroken here. wall street obviously likes any path to more profits netflix up 5 points today. we'll talk about consumers on social media they have a different mantra mess around and find out threatening to cancel their subscriptions. more on that next. as we head to break let's get our power check. a little imbalance today on the positive side corning up 2% announcing a 20% price increase on glass used for tvs and other displays that bears watching literally. on the other side analog devices down almost 8% after reporting weaker than expected third guidance citing economic uncertainty. so a price hike and uncertainty. "power lunch" will be right back

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welcome back to power lunch. time for tech check. meta beginning its latest round of lay-offs and julia boorstin has the news for us.

>> reporter: there are a lot of headlines in the tech space today but let's start on meta where mark zetterberg's rolling lay-offs continue all part of the 10,000 roles he announced would be cut back in march today's round of job cuts mostly focusing on meta's business groups versus last month that affected employees in technical roles. meta one of the best performers in the s&p 500 also related the sale of giphy is official. shutterstock said it would be acquiring the platform for $53 million. facebook bought it for $315 million in 2020 but is forced by uk regulators to divest it over anti-crust concerns speaking of european style regulation, google's su susu sundar picahai is meeting with

regulators today in brussels with the focus ai. a statement was given, quote sundar and i agreed that w cannot afford to wait until ai regulation actually becomes applicable and to work together with all ai developers to already develop an ai pact on a voluntary basis ahead of the legal deadline all of this continues a theme we've seen and effort from the tech giants to make ai regulation a bit different from the confrontational tone we saw around social media where the eu took the lead on privacy regulation and the like and the u.s. has really failed to pass any regulation in the space here guys >> julia, talk to me what in practical terms does it mean for sundar pachai and the eu person to be getting ahead of regulation here is i guess how i would put it what does this mean in the practical sense? >> reporter: on a practical sense, tyler, i think we just have to remember the eu is likely to lead the regulatory

push of the tech giants as it did but last time around we saw concerns about things like privacy when it came to the tech giants even back when there was a real bipartisan push to do the likes of reforming section 230 and the like the u.s. tech giants can expect to be regulated more by the eu companies than by the regulators here in the u.s. i think the question is how much they're getting ahead of it. how much they are mandating things like transparency about the data being fed into some of these large language models and using that as a way to make sure they're proactively building some of these protections in now as opposed to retroactively having to come back and add some of these things later when it might be harder to build that in. >> it was earlier this week eu regulators fined meta wasn't it, more than a billion dollars for privacy violations which indicates that the eu regulators don't just talk the talk they walk the walk and when they bite they have teeth. right? >> reporter: yeah, exactly

i mean, that $1 billion plus fine is going to be challenged in the courts and we'll see how it all plays out but we can definitely say that the eu and uk and ireland and all of these different forces overseas are taking a much more aggressive stance on regulation than u.s. regulators have. >> you know, not to diminish the importance of regulating ai but netflix password sharing, julia. >> now we are talking serious stuff. >> now it gets real. what do we know? how serious is this? what's happening today >> reporter: well, if you have been sharing your netflix password with people not in your immediate household whether your ex-boyfriend, your cousin's friend, those people are going to get alerts and you'll get an alert as a subscriber yourself that you can no longer do that they are going to ask you whether you'd like to have them buy an, sort of an extension of the account for $8 a month or

they can have the choice of swapping out and paying $7 a month for netflix with ads this is something that is perceived very well by analysts because they're saying either netflix is going to grow its subscriber base by adding these sort of add on subscribers for $8 a month or some of the people will say i don't want to pay an additional $8 a month. i'll trade down to the $7 a month option. >> how do they know whether a user is in my household or not like the old question about the thermos bottle how does it know whether it is hot or cold liquid >> reporter: they know where you are logging in from and here is the complicated thing netflix needs to figure out how to do. they want to be sure if you're traveling like i'm at this ceo summit in santa barbara, they want to be sure i can still log into my netflix account but my cousin's ex-girlfriend would not be able to log in even though they were coming from a different location it is all about ip addresses and figuring out where you are and making sure a family in a

household can access netflix no matter where they are. it is limited to the people in the household. >> and it depends whether we like the cousin's ex-girlfriend really when you get down to it. >> and that can change. >> thanks. all righty up next, is elon musk becoming a new king maker in conservative politics desantis kicking off his campaign apparently on twitter later today in an event that in of the past would almost certainly have been reserved for fox news plus, further ahead, champagne tastes and beer pockets. more and more signs of luxury spending maybe peaking 'll does this mean? wediscuss when "power lunch" returns. ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data?

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all right. welcome back to "power lunch" everybody. florida governor ron desantis will announce he is running for president during a discussion with twitter's ceo elon musk tonight so we expect last year musk tweeted support for desantis, saying donald trump is too old to be president. if desantis ran against president biden he would win

easily he wouldn't even need to campaign, says musk. here to discuss more is cnbc tech and media correspondent julia boorstin and cnbc.com political finance reporter brian schwartz is musk trying in some way to be a political conservative kingmaker here >> i certainly think he is and i think he wants twitter to help him in that regard, the social media company he now owns. it is not just him who could be that kingmaker really. there is also another player and that is venture capitalist david sachs who is going to be moderating this discussion between elon musk and ron desantis this evening when desantis announces his run for president. for mr. sachs to focus, someone close to him and a few other tech leaders, sachs is trying to position himself as a voice for himself and allies in the tech community and clearly he could be a kingmaker himself in the 2024 elections, not just for ron desantis but whoever else he wants to see win potentially in

this race this cycle >> what interested me are not so much the personalities but the platforms. it does feel relevant that this might be the moment in which cable is supplanted by social media as the next platform for political debate for news and all the rest of it maybe i am putting too much on twitter but maybe not. >> reporter: well look i think we have to go back, rewind, and go back to the super bowl when if you recall elon musk was sitting next to rupert murdoch and they were very intentionally photographed together sitting in a box. there was this question of sort of what is their relationship? and also what is elon musk interested in having twitter be? i think we have to say first and foremost that elon musk twowanto drive traffic to twitter we know president biden will be running again but there is a question of what is going to happen in terms of the republican candidate i think he is seizing this as an opportunity to draw eyeballs and if successful will end up adding

new users to twitter which is really the plan here for him to be successful, though, for him to really draw a broad assortment of advertisers which is of course why he hired linda yaccarino he has to make sure it is not so focused it excludes or alienates a broad swath of users who could be engaging on twitter and advertisers as well >> i am going to throw something out so totally preposterous based on what julia just said, right out of the pages of succession logan roy and matson what is there a possibility that rupert murdoch and fox would buy twitter? >> hum. >> and bail out elon musk effectively? >> well, it is a really interesting idea i am not entirely sure i don't have reporting on that. >> no >> i think, look when you look at the scenarios here, to julia's point, clearly there could be some sort of alliance made between elon musk and rupert murdoch you know, in a way they're two

kind of media visionaries, musk more on the tech side and rupert on the media mogul side of things there could be some form of alliance there particularly as both of the media and for the twitter tech entities want to see some sort of influence in these elections. >> you'll be there at sun valley, julia, i am sure could happen there >> i will indeed it will be interesting to see how these relationships play out. one thing for sure is elon musk wants eyeballs and this as pretty good way to get them. >> you heard it here first, ladies and gentlemen. >> i'm looking at the market caps fox's market cap is about $15 billion. didn't twitter buy twitter for 45 >> 45 million. >> that tells you already the valuations, you know, whether they -- i don't think they can bail him out >> i don't think it is worth $44 billion today. i don't think anybody can say thafrjs i don't think they can save him from that investment at this point he paid too much at least for the time being. >> there you go. just out of thin air we have

created i don't know what. >> the next chapter in media and politics. >> thanks. let's get to contessa brewer for the cnbc update. >> hi there. some sad news here one student has been killed and another is in custody after a shooting today outside a school in pittsburgh. it took place on the steps outside school as students were heading into classes for the day. police have not said how old the victim and the suspect are but the school serves grades 3 through 12 according to its website. the cdc says 18 people have gotten sick because of contaminated raw cookie dough sold in six states according to the agency the cases are tied to dough sold by pizza chain poppa murphy's between february 27th and may 2nd. illnesses were reported in washington, oregon, idaho, utah, california, and missouri no one has died but two people did have to go to the hospital they were so sick. according to a new study published in the journal "nature" a 40-year-old man whose legs were paralyzed

was able to walk again thanks to implants in his brain and spinal cord he suffered a spinal cord injury in a motor bike accident 12 years ago and the study says the implants in his brain translated into electrical signals that trigger movement now he is up and walking several hundred feet a day he can stand unsupported for as long as three minutes. it is an amazing push forward from science and technology. >> thank you for bringing that to us, contessa brewer. ahead on "power lunch" disrupting the disrupters. ai has the potential to simplify and disrupt many industries but what about the start ups that were working on the next big 'll g before the ai got to it? wediscuss that in today's "working lunch." ectric . a car that goes as far as it does fast. as sleek as it is... spacious. as smart... as it is beautiful.

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one of the promises of generative artificial intelligence is it will let us talk to computers without us knowing how to code thank goodness what does it mean for upstart software companies already promising to do that today we are up close with an entrepreneur close to adapting >> the co-founder and ceo of air table, a company with software that helps other companies automate processes without having to code

howie's parents are ethnically korean but grew up in china before emigrating to texas where howie was born right out of college, howie started a little company that got acquired by salesforce and that inspired him to dream bigger and start what became air table. but it hasn't always been smooth sailing. the pandemic brought a major crisis when the sales slowed and howie's growing team told him he was making things worse by committing the cardinal sin of micro managing. >> the truth is i couldn't have stepped completely back, you know, and been out of the weeds and yet, clearly, doing exactly what i was doing at 50 people or 40 people, at a hundred people was not working either i think the truth was somewhere in between ultimately the right solve was to actually allow some of the smaller fires to burn, you know, and not -- to let some of the balls be dropped on a kind of very tactical level. >> howie digested the feedback, changed his approach, and the

pandemic ended up fueling airtable's rise with the valuation reaching $11 billion in the heady days of 2021. since then the start up has retrenched and laid off staff at the end of 2022. now the company is embracing ai tools to expand its automation software and says airtable plans a product rollout this summer that should not only protect margins but also grow the top line >> i don't think it is just a bottom line protector. i think there's going to be more opportunities to monetize airtable we haven't officially announced or finalized our pricing model for ai capabilities but some are certainly going to be available only in our premium tiers or potentially as an add on to the premium tiers. so there is certainly opportunity to drive more revenue from users getting more value out of airtable. if you think about our position not just as a product who is enhanced by ai but in fact we become the platform where you build ai work flows using our

platform, we want to become the best platform that, the easiest and fastest way, to build ai enabled apps you can deploy into any function of the enterprise >> a good example of a company trying to play defense and offense at the same time with the emergence of ai. if airtable doesn't lean in to using it to help manage products a competitor will to steal customers away this is that kind of concept that is really abstract unless you're using it. if you're using airtable it looks like a spread sheet but on steroids and things change more easily you can automate processes if you are planning an event or looking through manufacturing, things like that >> it meals me in part that virtually every company especially technology companies have to be ai companies one way or another, right? >> the danger is, and this is similar to what we saw with open source, with mobile, if you don't figure out how to create an advantage out of this an upstart competitor will steal your share with it right now what is happening is the scramble

people are buying a lot of nvidia chips, experimenting with open ai, trying to figure out both what their advantage is and what their exposure is >> i remember interviewing john chambers some years ago and he said every company has to be a digital company. if you're not digital in some way, you're dead that sort of fast forwards six years to the ai thing. it feels the same way to me. if you don't adapt to it, somebody is going to come along and take your share. i was going to use another word. >> indeed. and the difference, though, is that not every company can fundamentally build digitally so they got to partner sometimes with the right companies you say every company is a tech company. no, they're really not not every company builds great technology they have to decide -- >> the success of a dominos pizza, chipotle, mcdonald's. i was skeptical early on of the idea every company has to be a tech what does that mean? but then the ones winning,

starbucks has mobile apps and digital optimization and lean into that and they have been the ones that won over time it seems to me. and the restaurant in town i'm sure you use, it is a digital company man. >> well, it hired the right partners to build it they didn't hire engineers so do you want to hire the ai engineers or partner with the right company. >> you can't do that yourself. the sushi restaurant can't be a tech company. >> these are the challenges of these times. sometimes companies that are maybe chip companies become platform companies that is what nvidia is trying to do can p companies that are software companies decide to become player hardware also and it works sometimes you got to figure out, is now your moment or not it will cost you a lot of money. >> very cool thanks. coming up, grab your glasses. not your sunglasses. your champagne ones. champagne sales hit a record of $6.5 billion last year but you have to imagine it would be down now.

more than 300 million bottles of bubbly were shipped around the globe. is the bubble starting to burst? we'll talk about a host of en finnds they areacg. wh "power lunch" returns

welcome back to "power lunch. investors are closely watching the global economy for any signs of a slowdown looking at the high end of the market in particular like champagne sales, booming out of the pandemic, but will the slowing economy and environmental factors combine to burst champagne's bubble joining us now to talk about it, the ceo of moet. how did i do >> perfect. >> okay. which is part of -- >> you haven't even started drinking. >> i'd be better >> so just set the scene a little bit there is a champagne shortage maybe developing >> well, there is no champagne shortage i mean champagne is always limited in the pro-decks we have in champagne, produced in one region and about 300 to 320 million bottles every year so that is as much as you can have when we drink more than that there is a shortage. when we drink less than that there is no shortage >> what does it do to prices

i mean, if consumption is up and you have a limited supply of bottles how do you -- >> prices are not impacted by the supply and demand. it is mainly about, like any other company it is what our cost of production and the inflation impacting us all that is the only thing that determines our price in champagne. >> you are the largest champagne brand in the world you sold 40 million bottles last year it was almost unsustainable what we saw in 2021 and last year i have to believe you are seeing a slowdown in sales. where are you seeing that and what sort of regions of the world and what segments? is it bars and restaurants, home use? where are you seeing impacts right now? >> you're right actually in 2021 and 2022 we saw a high peak of consumption for champagne. clearly after the lockdown champagne, we all wanted to go out and celebrate and champagne was good to do so. what we are seeing now is a different -- we see the asia

region picking up and the u.s. is actually slowing down after the peaks of 2021 and 2022 the decline in the u.s. is mainly from night clubs, bars, and lounges. that is what we are seeing on the first quarter of this year a decline versus 2022 after the high peak. we are going into normalized levels of consumption versus the pre-covid era. >> when you look ahead the rest of the year do you feel like i think the first quarter was probably flat, do you think that decline will accelerate? what is your sense about the next six months to a year in terms of overall demand? >> well, it is difficult to predict anything with anything happening this year. we are expecting to see flattish to a slight decline versus 2022 this year. again, higher than we have seen in 202 -- there is a slowdown in the u.s. >> i am curious.

your associates at your parent company, you must talk to them you are ceo of three or four of the leading labels in champagne. if you are seeing a slowdown what are your associates saying about potential slowdowns in other lines of business at lvmh? >> i'm not here to talk about lvmh but what i can tell you is that for moet & chandon we are seeing in the u.s. increasing shares and solid results in the u.s. we are sold in 150 markets, so while we are seeing a flattish result in the u.s. we are seeing high increase in asian markets as well as in european markets we are getting ready for the summer season and summer is the perfect time to drink champagne in the mediterranean >> there was some concern, correct me if i'm wrong, about the sustainability of champagne grapes we've had crazy droughts and heat waves and it has affected growing conditions is that a real threat? >> it is it is a real threat.

i mean, champagne has been in the world for nearly 300 years in all of this period, we had very similar conditions of harvesting and we are seeing with climate change a big change on temperature. so now we are accelerating the r transition to fight climate change in three ways first we are focusing on restoring the biodiversity lost in the champagne region and second changing the way our agricultural methods -- instead for example instead of weeding with tractors we are using sheep. if you come and visit we have 220 sheeps now -- >> that sounds like an invitation, folks. >> any time. >> i don't know. >> any time. and last just to finish we are of course focusing on reducing the carbon footprint we are working on reducing the weight of our glass bottle which

today is the biggest source of co2 -- >> champagne has to come from the champagne region and it is not a big region, right? >> no actually champagne is about 88,000 acres to give you an idea, half of the size of new york city.u take new york city and put vineyards. >> a good idea by the way. >> yeah. we need some sunshine. >> the tour de france last summer actually went through all the champagne -- it was interesting to watch all the different things it highlighted. there's been a lot of social angst. any time you have champagne doing well it always raises ideas, marie antoinette and the haves versus the have notes but when the offices were stormed a coup months ago earlier this year did that create more concern about is there kind of a communication, a messaging problem here is this just, hey, a moment in french politics that will blow over what was your reaction >> i'm not here to talk about lvmh

and the french politics, i'm not a minister of the government so no. >> but is there, i mean, it sort of goes without saying that champagne always represents that kind of ultra luxury high end thing. i don't know that there is anything you can do about that. >> their bottles start at $50 right? so it is not an exclusive -- unlike vitton or dior or some of the others. >> champagne, you can find champagne absolutely and our prices start at $50 so consumers can decide how many of those they can have. and certainly we can have much more prestige with champagne but what we know is on our consumer champagne especially in the u.s., interesting fact, 70% of the champagne is purchased by women versus men you might be interested to know that men index on purchasing champagne with other groceries, so said in a different way you go down more often to buy a

bottle of champagne than other things you shop for. in terms of age, it is pretty much the same. by age slightly skewed to the 25 to the 44 years old. so pretty universal. >> that is the sweet spot where everybody wants to be. 25 to 44 that's where your brand association sort of cements itself thank you very much, berta robert, thank you. >> thank you guys. >> do we get to try any? >> it has been a pleasure. i leave them with you. you can open them. >> we're coming to see the sheep. >> make sure it is a little bit cold and drink it in a wine glass >> i heard a raisin can make it fizz again if you lose the fizz. >> okay. oh, my >> it used to be a grape that makes sense >> true. coming up speaking of moet our trader has a hot tick on lvmh and other key names we'll get his trades as we head to break cnbc celebrating asian pacific islander month we were going to do that but i

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welcome back it's time for three stock lunch. let's look at the stocks making moves today. lvmh, shares are down 7% as the demand of luxury goods dwindles. the ceo lost more than

$11 billion in net worth yesterday on that news here with our trades, carter worth. carter, you say investors should keep selling lvmh. why? >> dip, sell-off, decline, it's down 7%, not anything big. the question is does it continue i think it does. i'm a seller of lvmh. >> okay. let's get to nvidia. they're down about 2%, but they doubled in a year. what do you think about the stock? >> we shall see in just an hour or two they report after the close. this is the big one that will inform so many things. it's the steepest within the

most popular area of the market, technology my hunch is it will break trend. i'm a seller of nvidia. >> carnival cruise lines, down nearly 5% following a big runup. what do you say there, carter? >> it's two ways to look at it a big runup from the low and yet it peaked in the '70s. it's walking along the bottom doing nothing. i don't like it. i'm a seller >> carter worth, our friend, thank you very much. thursday is the ninth annual red nose day the nbc family is a big supporter. buy a red nose at walgreen's for a buck and tune into the wall at 8:00 p.m. eastern on may 25th. for more information go to

rednoseday.org "power lunch" will be right back ♪ jitterbug! ♪ [ giggles loudly ] [ tapping ] ♪ you put the boom-boom into my heart ♪ intuitive sit-to-start in the all-electric id.4. it's the little things, it's a vw.

welcome back, everybody. about three and a half minutes left in the show shares of abercrombie and fitch are getting 30% today, which would be its biggest trading day in ten years they posted a surprise profit. had a great interview with the

ceo who has done a very good job turning around this retailer. >> what have they done >> it's all about '90s they also said the workwear is working. the men's is catching up to the women's sales. they have confidence in their apparel lines for both genders. >> i love seeing legacy brands reinvent themselves. it's a very interesting niche. panera planning a comeback to the public markets jhb holders took the company public in 2017 they're naming a new ceo the company's revenue was just short of $5 billion last year. back to the markets comes panera. >> maybe it's not 1999, but 2009 that was the peak. they combined with a couple other brands

be curious to see how they do on this transaction. >> they want to make some money. >> oh, yeah. the negative impacts of inflation are continuing to hit the consumer according to lending club, those earning more than six figures, 39% are living paycheck to paycheck that's a 7% rise from a year ago. >> i'm sure this is a regional phenomenon there's some areas where a six-figure income is squarely in a middle class income. other areas it would be a high income housing and rent costs are a key contributor which says that a six-figure individual feels like they're living paycheck to paycheck also the higher price of automobiles. the lease that used to be $300 a month is $600 a month. >> or more. >> comcast unveiling plans to launch now tv as a $20 a month

streaming product. the offering includes over 40 live channels as well as a subscription to peacock at no additional cost. now tv will be available to xfinity internet customers with no equipment required. more and more streaming coming, from our parent. >> exactly look at the stock. up 15% this year you think as cord cutting accelerates why is the stock doing well it's because of offerings like this, still giving people that product and the internet connection the other offerings like the fixed wireless, maybe they're not making the inroads >> this is tailor made for gen-z.

airbnb said its flagging and blocking one and two night stays during the memorial holiday that they deem at risk. sorry, ty. >> what can i say? anyhow, go have a good weekend why don't you start early? thanks for watching "power lunch. >> "closing bell" starts now. i'm scott wapner at the new york stock exchange. we begin with the count down to nvidia earnings. less than an hour away the stock up more than 100% year to date. there's so much riding on those results for those shares and for the tech trade overall here's your score card with 60 minutes to go in regulation, the debt ceiling dual weighing on the markets the speaker says they're far apart on spending cuts he remains hopeful and said the country will not