everybody. come on inside and get some fresh air. alongside kelly evans, i'm tyler mathisen the s&p near five-year highs and the fed meeting is a week away from the next decision what will the fed do pause, prison what do you say? we'll get a take from a former fed official and break down what it means for the markets plus, the mega merger that shook the world of golf. reaction was swift sometimes angry, but if fans and sponsors eventually look past the saudi money, could it come for teams in big u.s. professional sports leagues? the nba, the nfl and mlb or hockey kelly? >> you wonder. thank you, tyler hi, and let's get a check on the markets.

the dow is up 65 the s&p still down 13 right at 4270 it was up to 4299, almost above 4,300 earlier in the session hasn't done that since last august nasdaq, by the way, still down about 1% let's look at netflix shares after jpmorgan raised the price target to 470. currently at 402 saying the password crackdown can drive growth campbell soup is falling after beating on earnings and disappointed on guidance they say inflation is slowing, and the ceo is telling our sara eisen not to expect deflation any time soon, but the 7.5% drop probably reflects the margin compression. concern that they can no longer pass on the prices and shares of manchester united are higher as a kateri sheikh is reportedly submitting a new bid for the team up only 2, but, still, this has been a play to watch tyler? >> thanks very much, kel will next week bring a skip, a hike, a pause in interest rates? some federal reserve officials

saying it's ready to end its run of ten straight increases, despite inflation still hovering near 5% and a surprise bump in unemployment last month. job growth was strong, but unemployment moved up. treasury secretary and former fed chair janet yellen had this to say about the central bank and the economy today. >> i see a path to bringing down inflation while maintaining a strong labor market, and i think the data we've seen recently and over the last year suggests we're on the path with those characteristics. >> let's bring in robert kaplan, former president of the federal reserve bank of dallas great to have you back on cnbc delighted to have you here i'll get to the monetary question in just a minute, but i also picked up on something in one of my notes, and that is that you seem quite concerned that the banking crisis that sort of seemed to blossom in

march is not over yet and that there may be more troubles ahead. where will it show itself, how and why do you believe this? >> i think that the headline-making part of the banking situation is probably behind us. i think we're now in a position though where by and large there's less capital in the banking system than we might have thought two or three months ago, and that's heavily because of the mark-to-market due to these asset liabilities mismatches some banks have had withholding aaa securities and mortgage-backs and what banks are doing more quietly is slinking their loan books and disciplining their loan books because they have enough cap dal than they might have thought two or three months ago and they are away that we're headed into a credit cycle and there's also a risk with liquidity being

drained from the system that deposits will continue to decline, and so it's not a three-alarm fire i would dal more of a slow bleed, but the impact is it means small, mid-sized businesses will have a hard time getting loans. commercial real estate having a harder time getting loans because the banking system is trying to guard its capital, and it's being much more cautious about making new loans >> so what you just said there suggests to me, in other words, that banks are being more cautious about making new loans. they are shrinking their loan back they may be applying tougher standards t.suggests to me that you think that the banking system is doing some of the work of the fed with respect to restricting money supply and pressuring inflation downward. do i have that right >> yeah. that is true here's the issue big companies like the s&p 500 don't really borrow that much

from banks it's small mid-sized businesses that are very dependent on small and mid-sized banks. yes, you're right. this is doing some-of-the-fed's work for it, but it's disproportionately affecting small, mid-sized businesses. >> it seems to me, and i'd be so curious, the leading indicators are all pretty clear and i think jeff gundlach make comments like this saying a reinvestigation is coming and many are saying it's taken a while. doesn't mean it's coming should the feday be talking more about leading indicators than it does about inflation is. >> it should look at all of those things and should be talking intensely to context while we're getting changes in the economy data is lagging. it's backward look and you need

to be more forward looking here. that's the reason why i think it would be wise to take a hawkish pause in this meeting. you want to -- you want to see how the refilling of the federal treasury account accounts liquidity. we have cross-currents between the good sector appearing to be weaker and the service sector being very, very strong. also monetary policy acts with a lag, and so, yeah, i would want to be more deliberate here and really emphasize being forward looking. data dependence is more backward looking. it's a part of the puzzle but it shouldn't dominate the thing. >> a hawkish pause would give the fed, pardon on this day of bad air quality, a little bit of breathing room i suppose. >> yeah. >> what does a hawkish pause mean what does that phrase connot sneh. >> we won't be taking action we're in the middle of a tight anything cycle

we still have a tightened stance you should be prepared we may have to keep rates at this level for longer, and we may have to increase rates 25 or 50 more basis points or something more, and i think the market will understand that, but it gives the fed time to digest, and it gives time to let the dust settle and see how some of these cross-currents are going to play out, and i think it also limits the risk of making a mistake. i think at this stage we're down to the last "x" number of moves. you want to be more deliberate, maybe slower, and i think it gives you a greater chance of not making a mistake. >> well, that is a very persuasive argument. robert cap lap, thank you as always for being with us today appreciate it. >> good to talk with you. >> and speaking of the fed's big decision make sure to tune into a special edition of "the exchange" and "power lunch" live from washington, d.c. next wednesday starting at 1:00 p.m. eastern. we'll merge "power lunch" and

"the exchange," just like liv and the pga. right, kelly >> i mean, i hope it's not like that maybe, you know. it could be lucrative. from the fed to the markets, markets are showing resilience, the regional bank drama and hawkish fed have all become tailwinds over the last couple of weeks our next guest things we'll see more mean reversion is coming for the market art hockeyen, i like this take so you're not in the skip camp which says they skip and keep going? >> yeah. i think, you know, president kaplan did a great job talking about what's happening as an offshoot of the reaming that will banks, right, so we knew this was going to come about, and so clearly the fed always wanted to see that they didn't want to have it by going with banks going away so that's been thrust upon them so that probably equates 509 basis points in hike and they have to calculate that into where they think the terminal rate is if you take the new treasury

influence, dal 25 point, already have 75 points they didn't have to do and vent about to be recalibrated this month and when that catches up with real estate values like red fin and zillow who have been telling us since last july values are coming down you'll see a cpi and pce that has had a 3 handle by august. >> they will go 4.5% and wages unless the labor market buckles they will be concerned it will stay too high. >> right. >> i'm curious about the market. you don't sound like you're chasing the nazdaq >> i think the nasdaq has done a nice job leading because it's what you go to while the fed is raising rates. when the fed stopsration rates, the market tends to be let's find out what we missed along the way. what did we miss we missed the entirety of the russell 2000 which is starting to catch a bid we missed everything that's not technology, communications services and some extension consumer discretionary which is mostly tesla and that's the leadership which has been slightly done. and now you've got the reversion

and smaller and medium cap which is why the russell 2 is catching bids and you'll see underperformers like health care and energy start to get sponsorship and catch up and that happens every cycle everyone is flocked into the mega cap harbor of safety because they have fortress balance sheets, dependable cash flow, and i think that that's a bit stretched. >> quickly, why does new treasury issuance of $1 trillion, why does that do some of the work of the fed >> because it crowds out money that otherwise -- >> it absorbs money. >> the repo market will be absorbed pretty quickly. i don't think it will be had a headwind for equity markets. >> let's get to equities and zero in on a couple of names that you have your eye on right now. >> right the first is t.j. maxx, right. a retailer that's got the perfect size footprint in a slowing economy because the treasure h treasure hunter and bargain

shopper glass. >> it demos my house. >> big box inventory, they replenish often so they do very well another name that pops up on our screens is john deere anthey will be the pep fish riff all the money we'll spend on infrastructure on top of the fact that they are making farmers more productive with the technology that they have, and i think it's an incredible name trading at a very reasonable valuation. >> even though you're concerned about the economy overall? wouldn't that hurt ag prices, you know, for things like that >> you know, hurting ag prize might not be a bad thing for us, because that's been a major input to the inflation because it's been much or of how do you become more efficient as a farmer, use less water and fertilizer, the targeted approach and john deere is able to do that with the latest technology that they are roll out. >> all right good to have you in the house. >> great to be in the house. thank you. >> fantastic. coming up, the uproar over the pga making a deal with liv golf reigniting the debate over so-called sports washing

will consumers overlook the moral issues surrounding saudi arabia's investment in liv not just fans but sponsors as well but first up, we'll be joined by former fda commissioner scott gottlieb discussing the health impact of the smoke that's moving from canada's massive wildfires all down the eastern seaboard. it's getting so bad here in the new york market that the faa is pushing some flight in the tri-state area, putting a pause on them. plus, we'll discuss pfizer taking on the federal governnt ow lchwi bright back ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for

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welcome back to "power lunch. smoke from canadian wildfires has left the northeast u.s. engulfed in a thick haze, pushing new york city to the top of the list of global cities with the worst air pollution on tuesday. the faa briefly issuing a ground stop at new york's laguardia airport with many schools and towns cancelling outdoor activities for kids. so we wanted to know the real health impack. joining us to discuss is dr. scott gottlieb, former fda commercial and cnbc contributor. good to see you again, dr. gotlieb. the is this just any exposure at the time you want to try to minimize, or could exposure create, you know, problems down the road >> you certainly want to minimize exposure. right now the air quality in new york city is about 220 oftentimeses in california when they experience fires out there, they will reach in the 300s, and so this isn't unprecedented. it's about equivalent to what you would see in a smog-filled city like new delhi or jakarta

or beijing at times. a lot of the impacts we know are short term people who have pre-existing health conditions, cardio vascular disease, respiratory conditions, those could be exacerbated by the smoke and those individuals should limit time outside or wear a high quality mask like a kn-59 which can reduce the impact of the smoke. there's no knowledge of the long-term impacts. there could be a risk to pregnant women like premature deliver. a lot of those studies are despeculative. we don't know about the long-term effects of the continued exposure to smoke. >> and problems would i imagine would be from direct exposures for long periods of time versus this >> well, we're talking about short-term exposure. are there long-term impacts from short-term exposure because this will be a short-term exposure and that's where we don't have

as you have data if there are long-term impacts. studies have been done in california showing some s pye rometry reductions and the some people a year ago, exposure for a week, for example and very few studies look at that, and for most individuals what they should be about is going outside and exposing themselves for extended periods of time outside so it's not a good time to be outdoors exercising, for example, if you have health conditions or respiratory conditions, cardio vascular disease. probably emergency room visits will be up because people who have pre-existing health conditions and are exposed will have an impact from it, but from most individuals who limit their exposures there really shouldn't be any long-term impacts from this episode. >> the people who should limit their exposure is people with pre-existing respiratory conditions, asthma, maybe people above a certain age with compromised breathing and so forth. those are the people who are most at risk here? >> and younger individuals, small children because they

are -- their airways are more susceptible to the impacts of smoke. >> interesting. >> i think everyone should try to limit their exposure. obviously not everyone can, but this isn't a good time to be outdoors jogging and riding a bike this is only going to be hopefully temporary. it's a couple days and might extend into friday we'll see how to goes into next week to the extend that you can limit your time outside. >> close your windows? >> sorry >> close your windows? >> close your windows. people who have central air are in a better position because they can filter central air. people who receive their air from an air conditioning unit in the window it's going to suck in some of the contaminated air and it's harder to filter. in those circumstances try to create a room inside, maybe if you have a hepa filter of a more filtered room, for example, a bedroom, fill trait is into that room not everyone can do that and the other thing people try to reduce air quality indoors so it's not a good time to be smoking indoors, lighting candles, doing things that might contribute

you have a substantial reduction on the smoke that gets into a home on the order of 30% to 40%, but some of the smoke will still get into households. >> mm-hmm, mm-hmm. >> dr. got lyrics i want to ask you about merck's lawsuit which they are saying sun constitutional what if they are right and are you surprised they have taken this to such a level >> i'm not surprised that there's going to be litigation there. will probably be other lawsuits filed. there's a lot of components to this legislation that really create questions whether or not the companies are being afford due process. for example, it was the mechanism for setting the prices was exempted from judicial review the agency for medicare and medicaid services does need to go through comment and rule making like it would for any other regulatory process they even put out a guidance saying the companies when they go into purportedly negotiate the price are the agent circumstances i really think the agency will set the price and when they go in for those discussions the documents that get created as part of the discussion need to be destroyed

so that's an indication at cms that the government doesn't want to be bound by prior precedent they don't want companies coming in saying you did this last time so you've got to destroy your documents, and you can't talk publicly about the context of those negotiations so it raises real questions of whether or not due process is being afforded to these companies, and that's the basis of this and other lawsuits that i think you're going to see. >> yeah. i mean, also free speech rights, and they are basically saying, you know, that these -- these four sales coerced by the threat of penalty that no manufacturer could ever pay will affect mark of possession. they are basically saying, in other words, that it undermines the entire viability of the private market's ability to set a price that they think is fair based on a product that they are creating. >> that's and i think you're going see other lawsuits attack other aspects of this -- of this legislation, so this will be challenged in cow. now cms is under the obligation to implement a law while this litigation hangs over them and creates a lot of uncertainty going forward. >> yeah, absolutely.

dr. got lyrics thank you for your time today. always appreciate it. >> thank you. up next, the is up belt, the rustbelt and now the battery belt how the inflation reduction act is helping to reinvigorate domestic manufacturing we'll highlight the companies benefiting when "power lunch" returns. and plus, speaking of battery, let's get a quick power check on the s&p 500 as we head to the break on the positive side, warner brothers discovery on the back of its cnn ceo departure news. on the negative side, campbell soup reporting decent results. investors likely disappointed they weren't more positive with guidance hmm. "power lunch" is back in two

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-awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. welcome back to "power lunch," everybody. treasury yields, they are rising herely 3.8% on the ten your note let's goat rick santelli for a check-in with more hi, rick >> yes interest rates indeed are rising, and they didn't necessarily pay attention to some of the data points to get up there let's go back to the 8:30 eastern data, shall we we have the trade deficit and,

well, let's look at chart. if you go back, what you need to see here is that pre-covid the biggest trade deficit we had going back to inception of 1992 record keeping was in august of '06 at 68 billion. today, well, today it was 74.6 bill crop. that's important, especially after china was supposed to reopen and it did. the problem is it's hard to tempt exports aren't really growing. our trade deficit is growing there was a time when globalization was more popular where? china was exporting disinflation considering current dynamics it seems inflation is what we'll be most likely getting. 2s versus 10s on one charm you can clearly see at 4:30 eastern didn't hardly move the needle it was 10:00 eastern it moved the needle why? bank of canada's surprised interest rate increase really responsible as a matter of fact, you can see it on the july fed fund futures contract it pushed the contract town which raised the possibilities

to over 50% now for the july meeting. didn't have a huge effect on the june meeting tool did move the market there and finally, well, how can we tell what's going on with china? one way is to watch their currency market, whether it's onshore or offshore. both of them are trading at the lowest level against the dollar. i mean, the dollar is higher of the year, as a matter of fact, going all the way back to the end of november last year. kell, back for you. >> thank you very much, rick. there has been a building boom in this country the innation reduction act spurring a boom in clean energy factory announcements with the bill's credit looking to jump start more broader manufacturing. pippa stevens has more on this so far successful impact. >> the incentives have already had a huge impact, upwards of $150 billion has been invested across more than 40 new factories since the bill passed in august. this includes everything from solar and wind to battery

plants now, these facilities are all across the country, although we're seeing a concentration in the southeast as well as the rustbelt as this map from american clean power shows now some are even calling the region the battery belt. there are few reasons for these new manufacturing hot spots, including proximity to the expertise and infrastructure of the steel industry, access to nearby suppliers, friendly business climates as well as historically cheaper labor notable announcements include lithium processing facilities in south carolina, a battery factory in georgia as well as first solar's new factory in alabama and expansion of its existing fact police ohio. tyler, kelly. >> all right pippa, thank you investment pippa stevens. get now to seema mody for a cnbc news update hi, seema. >> hello, tyler. good afternoon republican house oversight committee chairman james comber is taking the first steps to hold fbi director christopher way in contempt. he released a resolution today which takes issue with the fbi's

refusal to hand over a document that allegedly describes joe biden accepting a bribe as vice president. the fbi says it cannot release the document because it is bound by justice department policy pro wrestling legend the iron sheikh has died at amping 21 he rose to prominence in the 1980s when tensions between the united states and iran reached a boiling point during the tehran hostage crisis his team shared the news on twitter but did not give any details of how he died. soccer star lionel messi is reportedly set to join the mls the argentinian legend is joining inter miami after his exit from paris saint-germain. it includes a collaboration from brands of adidas and apple, something had a we're watching closely. >> thanks very much, seema seema mody. ahead on plufrp, liv golf becoming a live wire the backlash over the deal and outrage over saudi arabia's

human rights violations and fears that they could invest more heavily in other sports teams. details when we come back. (sirens) [due at target in 5!] copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network. [north corridor, hurry!] -coming through! -or 3, let's go. the network more businesses choose. transplant received. at&t business.

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welcome back to "power lunch. the sports world still buzzing about the pga tour merging with liv golf it of course, fund by the saudi arabian public investment fund golf-related stocks have gotten a boost from the announcement as you see right there. acushnet and calla way up today and many are criticizing the pga tour jay man han for his about-face following the long legal battle between the two tours. rory mcilroy who balanced budget amendment face of the pga during this battle understands the anger and confusion from fans. >> of course you know, i said yesterday you've galvanized everyone against something and the thing that you galvanized everybody against you've now partnered with so, of course, i understand it it is hypocritical it sounds hypocritical. >> joining us now is the founder and ceo of a sports private equity and private services firm

and the professor of marketing at you penn school of business let me begin with you. what interests me here in smart whether you think pro men's golf is now a damaged brand and whether advertisers and sponsors will see it as such and possibly withhold their dollars >> yeah. that's a great question, tyler i think that it's a bit early to tell, and oftentimes when we have these kinds of situations where brands can potentially get a little bit tainted, brands stand back a little bit and watch as the temperatures unfold with respect to the marketplace and consumers and what not so it's not clear right now to what extent this is going to have a negative impact in terms of who people would be interested in consuming the events of this new league, of course, and also watching on television, but i've got to say it's pretty -- it's pretty powerful because it's one thing to sort of say we're a new league and we've got cool new

rules, new formats to sort of line up the game and when you add in the saudi component and add in potentially a narrative around a morally bankrupt potentially leader and money going into that, consumers may not be able to decouple from their desire to participate, so i think it's going to be a bit of a wait-and-see game, and whether or not the fans will -- will actually react to this will depend a lot upon the consensus around what the players do and their voices as they come out because the plans -- the consumers are very much tied to the players. they are favorite play, so the players will basically driest extent to which demand may or may not get hurt in terms of the consumer side of things. >> so, mark, let me sort of pose the same question a little differently to you do you think golf has a brand problem, and if not why not and if so, how do they fix it? >> well, for sure, at least

today and yesterday it's got a brand problem, and i assume that jay monahan and a handful of others were calling charles schwab and nike and coca-cola to check their pulse and americus it is actually correct because it will be a while before we know what the fallout is at the end day, if there's one place to go watch golf or one organization that puts these tournaments on, i think the fans ultimately are pretty insensitive to bigger issues fortunate or unfortunately for someone else to decide if that's where you go watch golf, that's where they will go if that's the only place toss do it. >> take a listen to what we were told recently about how many more american buyers there might be with sports teams trading where they are currently priced. take a listen. >> i can tell you this from being involved in the denver process and in the washington process, there's not a lot of buyers out there when you start talking about these numbers.

we're in numbers now that were middle class billionaires like myself can't afford them anymore. >> mark, are we at a point where we could see the saudis move from professional golf to other professional sports paying some valuations that are increasingly hard for a lot of people to afford >> you might i mean, it depends on the sport and the sellers. i think at some point there will be a leveling out of valuations. silver lake, obviously has invested in man united and not all blacks in new zealand. so it's private equity it's sovereign funds i mean, institutional capital. at end of the day there's so many billion airs who can write -- at the end of the day you have to put up a third of the purchase price of an nfl team so you need $2 billion of liquid assets. not so easy to find people lining up to do that, plus take all the public criticism and the lack of control over the product, so it's an obvious evolution. whether those organizations who have that capital can see the returns that they need to make in this sector depends if there are other buyers who will

promote their investments, so at some point it has to max out >> americus to take up on what mark was talking about, is it just a matter of time before a foreign buyer, potentially a public investment fund from the middle east or elsewhere owns an american sports team i don't believe that that kind of ownership is permitted in the nfl. i think the nba has liberalized its ownership rules recently i'm not sure about mlb and others, but is it only a matter of time before we see what we've seen, for example, in the premiership in england and in paris saint-germain which is owned by a foreign owner. >> that's a great owner, tyler following up on what mark said, know, it's a bit of a cascade. this is a test cares right, so we'll see what happens as things evolve here, but i think depending on how this reaction permeates marketplace in terms of consumers, advertisers, sponsor, things like that, will

determine to what extend this becomes kind of a normalized thing that we might expect to see in other sports. in terms of the constraints, that's a different set of questions, but in terms of the potential latent demand that could be returned on investment here in addition to participating in additional american sport teams, that's a bit of an open question because, again, folks want to enjoy their sports and not necessarily get involved in a lot of cultural wars and all of the stuff that's going on in the marketplace right now. so we're -- we're in the middle of kind of a social experiment, if you will, to see what the reaction is going to be and then based on that precedent, others might look at that framework and think about how it might be followed with respect to getting involved in this kind of thing. >> remember when markets are hot, that's when people start -- you know, want to sell their assets, so i think you'll hear a lot of conversations now whether those buyers are the right ones. also think about the sponsorship space, not to dump on mercedes-benz, for example, but they are a brand sponsor for nfl

stadiums, so, you know, there are a lot of cross-pollenization of companies that want to attach themselves to u.s. sports brand. >> true. >> they can do it through ownership or sponsorship if you're going great a social discourse around it. starts to thin out the number of people who will be available to make those sgleels yeah. mark, americus, thank you both apple is officially venturing into virtual reality and the metaverse. will that be a help or a threat to legacy firms like meta and roblox both stocks are down today, roblox by 6% stay with us - and this is why i switched to shopify. it's the challenges that we don't expect, like a site going down or the checkout wouldn't work. what's nice about shopify is when i'm with my family, when i'm taking time off, knowing that i have a site up and running and our business is moving forward because we have a platform that we can rely

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well back to "power lunch. it's time for "tech check. apple breathing new life into meta will have verse with the headset announce president good or bad news for existing players? let's ask deirdre bosa hi, deirdre. >> kelly, it goes beyond the metaverse, something that will affect the other areas of tech it's not artificial intelligence, but it's connected to it. it's spacial computing, interaction of computers with

the physical world through a virtual or mixed reality head space. look how unity and roadblocks have conducted this year the unity's stock is up 13% week-to-date roblox, on the other hand, was actually lower and i sat down with roblox's dave suzuki who shared his vision on the new apple vision pro. >> we're real excited because when a young game developer makes something on roblox, they push it to our cloud it runs on phone, computer, ilus and vr is the most immersive way to experience roblox so it's another awesome platform it's amazingly immersive and, of course, we'll thereby. >> will we be able to play roblox when the vision pro launches. >> i won't say that for sure i'm looking forward to paying with one. >> have you tested one out yet or played with one >> i've not played with one. >> but you guys are on meta's

version? >> we're on oculus right now, and i think we've hint that had metaquest is not too far away. >> what's the experience, and what are you hearing from people out there? >> here's what's really interesting. we have the vision of immersive 3-d, 2 million creators are making all of this immersive 3-d contempt and millions and millions of people are experiencing it. it runs on all devices on a pc it's your big laptop on a phone you're use pinch and zoom to use it the first time i went into vr i played some older roblox experienced, and it blew me away because you're right in there. it's more immersive than any other form of media. >> so the creator and the developer part is really important. roblox may be best known for it gaming eco-universe and largely for younger audiences, but it also does have creator tools for creators to build the next generation came in the technology spacial computing

unity, that's an open ecosystem which could have a hard start. cook told the audience at apple park that thousands of reality-based vr games will be debut at launch. we don't know if roblox will the same way it has with the pc. we'll see what happens in the world of gaming when it becomes more immersive. >> deer are a, appreciate it deirdre bosa. why amazon is lower but helping to send two other stocks higher affirm and marvel rights on reports of new deals for a juggernaut and amazon is slower after it management said they need some significant self-help. there's plenty of books on amazon if you need one an all amazon edition of three-stock lunch is outside and we want to take another look outside at the smoke and haze blanketing the northeast it is an amber day around new york city.

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hazy and dangerous fumes from ongoing wildfires in canada engulfing the skies over must

northeast today prompting serious air quality alerts in at least 13 states. visibility is getting so severe that the faa has halted flights bound for new york's laguardia airport. let's bring in nbc news meteorologist bill karpz bill, explain it to us, and issy in relief in sight >> yes let's first give you the headlines. the headlines what you're seeing right here, the smoke and haze in new york city is the words ever measured in the new york city area and those measurements started 24 years ago, this is the worst air any new yorker has been breathing that's the first headline. the second is we're now number one in the world for the most polluted air of any city that has measurements that happened again last night so that's two days in a row we've done that. just in the last three hours, this plume of dark, thick smoke moved in over the new york city area and the streetlights came on because it'sgotten so dark. a little bit light so it looks like the concentration has come

down a little bit but the air pollution level now in new york city is above 300 which means to everyone it's now in the hazardous category the new york health department is telling people to be wearing masks if they are outdoors and stay indoors if you don't have to because it's not just dangerous for the young or it is dangerous for everyone to be breathing in these particles right now. from these fires, by the way, are roughly 800 to 1,000 miles north of here. it's pretty wild we've had reports of hazy, smokey skies as far as as north georgia, charlotte, north carolina the dangerous stuff has been over syracuse, the finger lakes, pennsylvania and right now over new york city. tomorrow this will be shifting south. our friends in richmond, d.c., maybe north carolina and raleigh, some will head to you this is, again, unprecedented for this area. people are reporting their eyes

are itchy and they're coughing it smells like smoke outside it's not just outside. people in these office buildings say they can smell smoke inside. they're such fine particulates that if the windows are open, everything is getting inside it's something this area of the country is not used to you mentioned the problems at the airports too >> phil, thank you i have to say the pictures do not do justice to how dark it is outside right now at midday in new york city. thanks very much time for today's three stock lu lunch. marvel shares higher in premarket today after securing an order for amazon's second generation ai chip now up about 1%, little less than that, according to the liberty times the production will begin in the second half of 2023 the stock up more than 60% year to date soaring on the optimism

surrounding ai here with our trades, the founder and president of jewel financial. what's your take on marvel, quint? >> we're bullish on marvel today's action is not that surprising they had a 20% jump the other day using the term ai as a key growth initiative going forward. the stock is still cheap it's trading 25 times forward earnings eps set to grow over 50% very little debt this consolidation after the jump it saw recently is healthy. we look to be a buyer here for sure. >> buyer on a pullback what about on firm it's surging after they announced a partnership with amazon pay you like that? >> yeah. again, i think this is a catalyst some of these stocks need to light a fire every once in a while. it's not a great fundamental

play however, it's got 20% share float short. that i think will continue to press it higher. the tape seems heavy today this selloff on the initial pop is not all that surprising would never chase a pop like that pullbacks here for a firm like marvell, i would be a buyer. i think it trades higher >> let's go to the grand daddy of all, amazon stock down about 4% bernstein calling on amazon to refocus its capital. "wall street journal" reporting they're launching a prime tier for their streaming services what do you think? >> the selloff is -- we've had a great run in these blue chip names. if i had to go across the

landscape, this is not a name i think is incredibly of value it's trading 50 times forward. set to grow those eps by 60% we're not talking about a cheap st stock. 60 billion in cash again, this is like a slow-moving blue chip. i think when amazon is under pressure, that's when you buy the stock. you certainly don't chase it after the run we've seen this year >> all right there you go pass on amazon quint, thank you very much appreciate it. still to come, another key story we're tcngwahi -- couple of them. "power lunch" will be right back

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welcome back, everybody. about three minutes left in the show warner brothers confirming that chris licht is out as chairman of cnn he faced a rebellion among the network's talent and staff thanks to poor ratings this happened swiftly. >> it did. when he came in, among the early moves was scrapping cnn's streaming service. he had difficulty with talent management his evening two anchors cuomo and don lemon, moved or fired. the shift was hit below the water line. >> they need to steady the ship quickly. going to be a difficult season

for them. new york city is suing kia and hyundai because they say their cars are too easy to steal and creating a public nuisance i don't understand, but i don't have a law degree. let's bring in somebody who does danny, thank you for joining us. do they have standing here standing not from a legal point of view, but does this make sense to you >> i have a law degree and it doesn't make sense to me either. new york city alleges all this data and statistics on theft of cars in new york city and how dramatic it is and how out of control it is, it sounds like an indictment against new york city itself you can ask the question, yeah, but what are you doing about it? you're the ones in law enforcement. hyundai and kia have no control over law enforcement the theory of responsibility is that these car companies have fallen below the industry standard in failing to install

immobilizers to prevent theft and that failure led to a rise in car thefts which leads to things like car crashes. they include pictures of car crashes in the complaint which tends to be on the melodramatic side this is not a case where a corporation releases toxic chemicals into the air there's an intervening cause in the form of individuals committing car theft. >> new york city's interest would be, well, we have to investigate all these thefts we have to rundown stolen cars there may be car crashes so there's a quantifiable cost or impact on us, is that their standing >> yes, which is more peculiar because new york city is the only entity that can be in the business of law enforcement. they're alleging, hey, theft is out of control in our city it's this corporation's fault and the corporate should pay us, new york city.

no mention of whether the people who had their car stolen are entitled to anything >> i like kia, nice car. >> somehow feels better he can't make more sense out of. >> thanks for watching "power lunch." "closing bell" starts right now. ♪ ♪ welcome to "closing bell." i'm scott wapner right here at the new york stock exchange. this make or break hour begins with another new high for nasdaq yes, it's turned negative now, but it opened strong it's on track for its longest weekly winning streak in four years. now questions about whether it's too stressed and if the hype of ai has pushed those stocks to the limit. your score card with 60 minutes to go in regulation looks good for the dow good for near triple digits. s&p a modest loser