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a reddit revolt, users shutting down parts of the site to protest new fees as reddit tries to raise revenue ahead of a potential ipo. where are people going to go to get their stock advice >> wall street bets. don't mess with that hi everybody let's get a check on the markets. dow is up 173 pretty much at session highs about 50 points off. s&p is up 31 and nasdaq up 0.8%. tesla is higher again today 13th day in a row in the green if it closes here. a 41% during this win streak which began on may 25th. up 3.5% today, too a nice margin. netflix another stock on a roll up 25% in a month. b of a the latest brokerage to say the password sharing crackdown is boosting subscriber growth netflix also taking a stab at live sports hosting a celebrity golf tournament later this year. those shares are up 2.5% today got to mention oracle rising to an all time high after earnings beating expectations on cloud

computing growth, unveiling plans for generated ai for businesses larry ellison's net worth climbing quickly on the back of this monster move in the shares to an all time high. >> thank you very much we start with the fed as we are less than 24 hours away now from the big decision on interest rates. the fed widely expected to pause tomorrow but could signal an intent to hike again as soon as july kind of paused with some teeth in it. this comes as today's cpi report on inflation shows prices rose more than 4%, slowest pace in two years. prices for car repairs, pet food, frozen food and vegetables are growing the fastest. air force, gasoline, health insurance prices falling the most i question the thing on the air fares though here with more on how this impacts the ched is joyce change chair of global research at jpmorgan in what camp do you fall do you believe the fed will

pause tomorrow but signal its readiness and willingness to continue raising rates as needed >> i am in the pause camp but a pause is just a pause. i think they will signal their bias is to hike. even though you've seen inflation come down a tic you see something comes down in inflation energy but then food prices go up the u.s. core inflation has been resilient, sticky, and i think jefferson signaled this very well they are going to pause. really assess where they are at. i think the bias is for hiking particularly when you look around the rest of the world because that is what we've seen other central banks doing as well as inflation has remained resilient. >> what is the terminal rate then a quarter point above where we are now? a half point above where we are now? can you say? >> i think it could still go another 25 to 50 basis points from here. and you could really well see that we're still talking about the recession risk but everybody

is talking about is this the first half 2024 recession because the macro data coming out is just, you know, also very resilient so the global expansion has been resilient inflation has also been resilient. i think that is still an ongoing risk i know soft landing is what a lot of people are talking about but i would be more in the no landing camp and that you have this risk just wait for it it can play out later in the year or early next year. >> the markets are something to ponder when they look at some of the all time highs today look at the strength of tech stocks in particular but any kind of momentum area. we mentioned tesla and netflix a moment ago how do you think that factors into the fed's decision? >> i think the fed has actually looked at the market movements and separated the segments also the financial stability concerns from really looking at inflation. i think a lot of the central banks had multiple things they were looking at and came back to their core mandate on inflation.

it wouldn't surprise me if some of the momentum continues a bit but i would also not be surprised in the summer as liquidity gets weaker and particularly when you look at what is happening in the treasury market bond markets you have a sell-off in risk assets, more of a july/august phenomena that could play out. >> treasury yields up a little bit today. what are bonds implying about equity pricing over the next month? >> we've taken a look at this and it is like a 3% chance of recession -- if you have the same inflation dynamics bond markets are pricing in you would see equities 20% lower so you are seeing some real dissonance between bond and equity markets and the fed. >> who has it right? >> i think the bond market has it right but the timing has been really tough on this one we've had so much government support. we still had 5% government spending in the first quarter of the year that everybody has been waiting for the recession since

russia's invasion of ukraine every quarter we said the recession is starting so i think there are many people thinking, well, i can't in the equity market afford to miss this rally. you are getting pulled back in for a fixed income investor it is different because you can stay in cash and in the short and still get a very decent yield. i think in equities there is a sense that well if you think the recession is not coming until next year, am i going to be missing out on this? as you look at the data printing. >> it is funny too because we start to see jobless claims ticking up, continuing claims already up with levels consistent to recession in the past you also have a situation where people are saying, okay. well maybe there is no landing for now but it seems like they are not ruling out the possibility that this ends that poorly all together. it just seems odd to say, well the market would, you know, it sold off early last year we bottom early. that could be 18 months to two years before the recession starts and it feels like there

is no precedent. we would of course begin to sell off again if the slowdown does eventually come >> i think this is the challenge. you've had the fed raising rates but real rates are still so low. so this recession risk will take longer to play out you're starting to see some shifts in business sentiment, bankruptcy levels rise but you've had such strength in both the household and the corporate balance sheet and still strong government spending that it is just taking longer. i wouldn't, you know, downplay some of the risks you still need to monitor a lot of these are a slow burn, slow moving. not fast and furious. >> let me make sure i understand correctly. you said bonds are basic -- if you look at what bonds have been doing and equity volatility and so forth you would say equities are 20% over valued. did i hear you correct >> if you were actually pricing in the same inflation dynamics into the bond market into the equity market it would imply the prices would be about 20% lower

than where they are. >> so are you saying we should be more prepared for a declining equity market than we are today? >> definitely. that has been our view we do think that some of the excess savings, the rising cost of capital, that is going into earnings at some point but we've had more momentum now. partly because the consumer demand has remained very strong, government spending has remained very strong as well. some cracks are beginning to show but they are a slow burn, not something that going to pay out fast and furious even when we look at things like commercial real estate and regional banks. >> joyce, great to have you back in the house. >> appreciate it >> appreciate it we'll be in d.c. again tomorrow as the last time for tomorrow's fed decision don't miss a two-hour fed edition of the exchange and power lunch that begins at 1:00 p.m. eastern we will be there covering it all for you. >> looking forward to that the ten-year yield like tyler

mentioned up somewhat after the cooler cpi data today. shorter term yields are dropping make rick santelli can explain, joining us now >> reporter: there is always an answer to every question you look at 2s and 10s on one chart and we know the cpi data has something for everybody. 2s and 10s, same look at the chart. they moved about the same and the range, we're still kind of in that rain in-law. let the charts answer. when i used to trade in the pits if interest rates were going up i expected the economy was getting better and i think that is what stocks are telling us at the moment see what mike thinks here is the big question asked does it surprise you that the s&ps, the dow, the nasdaq all look so good when interest rates are going up what do you think of that relationship >> interest rates have been the primary driver of volatility this year. people looked at unemployment for what would happen -- they looked at cpi for this reason. naturally they looked at the

fed. of late these haven't been big volatility counts for the market we haven't seen the market reacting dramatically to any of the numbers. tomorrow should be interesting but i don't expect much out of the fed. cpi today was a pretty muted number not seeing the big inflation numbers we saw. >> i agree i don't know if anybody thought we'd see it drop like a boulder from the sears tower, willis tower. i think what we've seen is 11 straight months we have seen year over year headline inflation dropped. it is not so true with core but core is making a dent. i guess the issue really becomes if the fed does nothing and kept the rate at 5, 5.25, over time do you think it will make a difference with inflation? >> i think the idea of having very stable numbers in inflation actually make people more confident in the market. it is when the numbers move around that people get scared. just last week we had like a 30% chance we'd see a rate hike tomorrow now it is in the single digits and looking at somewhere 50% to 60% for the july meeting

those type of kind of planned out, everybody is comfortable with these numbers, that makes people confident in the market and why we are seeing it at yearly highs people are relaxed with what they're seeing. >> whenever i am in a group context and i bet it happens with you, too, our friends and relatives want to know about this recession you had an interesting comment when i said how do you trade do you trade as if there may be a recession but don't concentrate on it really disrupting your strategy in the here and now >> we have been one month from a recession for the last 18 months. >> exactly. >> the idea of being scared at all times is usually a really bad trading strategy as we see it the vix is under 15 the regional bank story more or less has gone away we had the debt ceiling to contend with that is gone we're not seeing huge inflation numbers. for the time being it doesn't seem like recession is in the cards. who knows six months down the line maybe there is some other catalyst we aren't thinking about but for the time being i don't think there is any reason to get scared. >> it seems to me i can't worry about that just now. the economy is surprisingly

strong on labor, leisure, and hospitality, bringing those workers back and that most likely pushes the rate up. when that wave ends we have to pay more attention. >> sounds exactly right. >> thanks for joining me tyler and kelly, mike and i are tossing it back to you. >> thank you both. we appreciate it coming up a reddit revolt under way but this time against the company itself what it could mean for the social media platform as it prepares for a long awaited ipo plus it is a wonderful life if you're wealthy george bailey was the richest guy in town because he had friends but in 2023 what does it actually take to be considered wealthy? the answer might surprise you. a quick power check on the plus side of the s&p halliburton up 4.5% along with oil today. more on that later on the negative side biogen down 3% some traders citing changes made to their board. power lunch is back after this

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another reddit revolt is under way but this time a civil war. the redditers are feuding with corporate leadership over a push to mondetize certain services ahead of a long awaited ipo. users aren't taking the changes lying down they are effectively shutting down chunks of the site.

it's kind of funny or peculiar i guess. i don't know it is like a robin hood story but i can't figure out who the good guy is. >> this is a really complex story as everything with reddit because reddit, the sub reddits are run by communities of people with moderators. what they are angry about is reddit is making a change saying if you want to use our data -- there are a lot of third-party reddit apps out there, very popular ones that suck up the data from reddit and put it out on their own app there used to be twitter apps like this. because of the change the apps have to start paying for access to the data. there are a lot of reasons why reddit wants to do this. one, diversify revenue outside of advertising ahead of the ipo they filed for back in december of 2021. that has been delayed because of what markets did last year the other reason is they don't want chat gpt and other ai services scraping their site for free reddit is full of great

information that these ai, large language models, would love to get their hands on >> so who is the aggrieved party here the outside scrapers and people who are scooping up reddit data? >> correct. >> not the people inside who are on reddit or working in reddit. >> well both they are upset because they can't use the apps they would want to for free so reddit has its own app but there are a bunch of third party apps that the people love to use and in protest a lot of popular sub reddits got shut down by their moderators in protest of this change. basically they say, you know, reddit is chasing money here this is hurting the community. this is something twitter went through, a very similar thing around the time its ipo as it was trying to get profitable and monetize there were a lot of third-party twitter apps and they started reining in their data as well closing it off. the ai bit is interesting because this is a way to

capitalize on the large language model and say great. take it. just pay us for it that is a really good model especially because of how much interest -- >> people are very angry. >> very angry. this was just reported, really sad steve hoffman the ceo of reddit sent out a memo to employees saying do not go outside wearing reddit gear because there are fears of physical violence. that is the implication. >> wouldn't the violence be inside >> right. >> who is going to attack them from the outside >> redditers, certain corners, are very interesting people and to say the least i mean, i can't imagine myself getting so angry over a website making a change like this that i'd want to hurt someone who works for the website but there is clearly, they are getting indications enough that they had to send out that warning for sure >> very interesting. >> this company is going to ipo. >> how many people use reddit? >> i forget the latest it's a lot well over a couple hundred million. i forget the exact number but it

is a lot. >> scale of twitter? >> bigger than twitter >> twitter is maybe 200? >> so it is huge it is also a very passionate community, so not just people who check randomly but people who care so much about it basically for free they'll manage these sub reddits and these mini communities there is just a lot of heart and soul people put into this and why we see such passion around any major change. >> now the question obviously, this is more than a distraction. i don't know the latest reporting about how quickly they might try to ipo but they'll have to put this to rest, answer questions about whether they've seen any fall off in user data and profitability. >> yes >> if they are really preparing to do this imminently. >> still most of the money comes from madison they do have a paid product. it is very similar to facebook facebook has its own data locked in google or chat box can't just go in and scrape it

it is reddit's right to do this, whatever they want with their data on the sigh to me it is unsmart because we talk about this in journalism. i think last week on this show that the last thing you want to do is give away all this ip for free and then have the chat bots and microsoft and so forth make the money instead of the people who created the content. that is what they're going for here. >> thank you, steve. oil prices higher today following big declines yesterday. goldman sachs slashing its forecast as demand worries remain we'll tackle that one next

welcome back to power lunch. oil rebounding after yesterday's big drop and big declines all year let's bring in pippa stevens for the details. the big drop yesterday was 4.3%. it is making back the gains but still below the $70 level. a couple factors driving the bullishness including china cutting a key short term lending rate and the idea is to inject some optimism into the post

covid recovery that has yet to actually come to fruition. of course you had cooling inflation data which then sets the stage for tomorrow's fed decision if there is a pause people are still optimistic we'll see demand growth for wti. goldman sachs out with a note saying the stocks have started to look better in part because of cooling raw material costs, things like sand and tubular piping those prices have started to ease so they said it is beneficial looking forward they did upgreat deven but down graded goe based on the down graded outlet for natural gas prices yesterday there was a big call on oil so today is about energy stocks yesterday for brent it was 90 i believe it was 96 going down to 87 somewhere in that range on the brent. i have to double check >> but it mattered because they had been so bullish for such a

long time >> i thought they had been bullish. >> they said it was all about the supply just more supply than we thought. >> short term throwing in the towel not throwing in the long term towel hanging on that is what he said sort of the near term upside is gone but we remain structurally bullish for the longer term. >> balancing the short term and longer term you can add in quite a few qualifiers there. >> all right pippa, thanks. let's get to the cnbc news update. former president donald trump arrived at a miami courthouse within the past hour to surrender to authorities and be arraigned on federal criminal charges he was escorted in by a fleet of armored suvs. no cameras are allowed inside the courtroom. we do know the booking process just wrapped up moments ago. trump was indicted last week on 37 counts related to more than 100 classified documents recovered from his mar-a-lago estate last august

three people died in two van attacks in the english city of nottingham police say the first two victims were found dead about dawn and then a third person was later found on a different street more than a mile away police arrested a 31-year-old man on suspicion of murder and are working with counterterrorism officers to try to establish a motive. india is suspending cargo activities at a port in west india as a cyclone barrels toward the country at least 3,000 people have evacuated. the storm is classified as very severe and is expected to make landfall thursday. we'll keep an eye on that. >> absolutely. thanks ahead on "power lunch" amd is looking to invade nvidia's turf showing off its new ai chips. we'll trade that and others in today's special deluxe three stock lunch. plus the biggest public pension planning a multi billion dollar push into venture capital. we have more details in today's tech check this is the all new, all electric lucid air.

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welcome back we have a deluxe edition today our team of reporters will give us the news and moves. there they are the president of nation's

indexes will give us his trade let's start with home depot. what's going on there? >> home depot shares have been wavering between gains and losses as you can see pretty much all session long. but none of the moves have really been all that dramatic meaning perhaps that home depot and ceo ted decker gave investors what they were expecting at today's investor day. decker and the rest of the home depot management team affirmed their full year forecast for america's biggest home improvement retailer adding it expects overall home improvement markets to grow by low single digits with gross profit margins pretty much in line with what they were last year. one of the things home depot and other retailers will struggle with is the concept of shrinkage, industry jargon for the negative effects of theft on a company's financial results, something ted decker spoke about in his interview with becky quick earlier today on "squawk

box. >> it is a big problem for retail and goes across retail and just to take a minute sort of at the root cause of this, this isn't the random shoplifter anymore. these are organized crime rings that organ send runners into stores to steal en masse and then the fencing is much more sophisticated. it isn't just pawn shops anymore. a lot of this product is fenced onion line market places. >> so shrink, shrinkage, those words will be heard a lot more from retailers in the coming months and quarters. back over to you. >> that is quite something a company like home depot especially scott, what is your take on the stock? what do you do with home depot >> i think a buy the fact they reaffirmed guidance is disappointing because both revenue and earnings expected to fall this year but this is the name that can take advantage of stabilization of the home

improvement business pe is still below 20 it is not exactly a bargain but the stock is down 5% year to date so this is an investor stock this is one you'll look back in three years and say, you know what i did really well there. just because of where they are in the space they are the leader in the space. let's get to you to tell us about amd. >> amd's presentation just ended. she said ai demand is going to be quote a lot which is why they believe their total addressable market will go from about $30 billion this year to literally over $150 billion in just four years, in 2027. how they're going to do that they announced a new gpu chip the mi-300x. what we need to know is this chip is going to be very strong with memory about 102 megabites and start sampling in the third quarter with customers this year this is seen as very good news because it could be seen as an

alternative to nvidia's gpus nvidia already dominates the market and owns roughly 70% of the ai data center markets this is an opportunity for amd to steal marketshare they announced software that would go with said gpu chips this would be open software. and then lastly there were many announcements around the cpu, central processing units but really if i were to read the room and they were literally copping out right now all of the analysts seemed to get up when lisa spoke about ai, all snapping pictures. that seems to be a lot of the excitement around the next generation gpu that will allow amd to compete with nvidia i'll have more on at 4:00 with my interview with her. >> very rosie picture on amd you buy it >> it is rosy because it is a bubble while ai may end up doing wonderful things for mankind the stock is up 30% for the month. it's up nearly 100% year to date it is a bubble

the company is actually expected to see slightly lower revenue, slightly lower earnings in 2023. pe of 40 i'm old enough to have seen a couple bubbles so it is a hold. i'm not going to buy it. that doesn't mean you short it because it can't get more of a bubble, become more of a bubble, but this is, the business side of this isn't going to play out for two or three years. >> let's remind viewers not to miss amd's ceo lisa su in a first on cnbc interview this afternoon. she'll join the closing bell overtime live at 4:00 p.m. eastern time we'll see her then we hope to see you there >> let's get to boeing now phil lebeau here with the news hi, phil >> hey, kelly. when you look at may orders and deliveries, first with the orders, you take a look at shares of boeing which are pretty much at a one-year high close to it if not there already. 127 year to date have been

ordered. the delivery side people are focused on the 737 max have to do inspections, potential rework. they are still delivering. may, 50 delivered. 36 of those maxes. given the fact they have to start doing the reworks, they received a year to date number 206. if you look at boeing and airbus shares we get the paris air show next week and will likely hear large orders for both of those companies. back to you. >> phil, thank you very much scott, boeing. what do you do with this one >> it is a great business and great company. unfortunately it is a hold it's up 15% year to date as phil laid out they've got too many problems right now to get very enthusiastic about a company that is nearly doubled from the low in september. they've had trouble making deliveries phil laid it out 64 deliveries in march but only 26 in april. they're pausing the 787

deliveries they are not going to be profitable this year even if you go out to 2025 when they will be profitable, given the current price the pe is still almost 25. a great company with a great legacy they're going to do well in the future, just not well in the very near future. >> we had a guest earlier today from jpmorgan, scott, who said that if equities were pricing in what bonds seemed to be pricing in, equities would be prone to a 20% decline from current values. you buy that >> i think the problem for equities in general is that the indexes have been supported by just a tiny number of names and i think what might happen, if we get a little bit of bad news from the biggest names they'll really take the brunt of it because that is where people have gains but also going to be where they feel like they can get out at the best price. they can get some liquidity to get out. so the fact that we've had a run up and it has been focusing on

so few names i think that is a vulnerability for a market. >> all right interesting take there thank you very much. we appreciate it >> thanks, guys. all right. the biggest pension fund, public pension fund in america, planning a multi billion dollar push into venture capital and more risk on assets. we'll ask a different public pension fund manager if he would make the same investment here. as we head to break, june is pride month. cnbc celebrating all month long sharing stories of corporate leaders. here is julie beil, a cnbc contributor. >> when i started my career on wall street there was very little representation. you know, you may know that someone was gay privately but it wasn't someone who was out and who was comfortable and so it didn't leave a lot of room for anyone else to feel safe, to step out i think that is the responsibility for, you know, us

elders to be out there and to create space and create safety for the younger gay people there's just as many gay people now as there were back then. there's just way more room for them now this is cynthia suarez, cfo of go-go foodco., an online food delivery service. business was steady, until... gogo-foodco. go check it out. whaatt?! overnight, users tripled. which meant hiring 20 new employees — and buying 20 new laptops. so she used her american express business card, which gives her more membership rewards points on her business purchases. somebody ordered some laptops? cynthia suarez. cfo. mvp. built for cynthia's business. built for your business. amex business.

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big investors may now be looking to private markets for a tech comeback. earlier this week setting out plans to venture capital as part of its equity portfolio. >> thank you very much i am pleased to have the chief investment officer of the second largest public pension fund in the company join me. it is fraet to talk to you again. as i'm sure you know, increasing its allocation to venture. how are you thinking about it as an investment class at the moment >> we're staying as a steady investors in venture capital and private equity both companies sadly i would say right in california next to silicon valley are under weight venture capital. it has a lot to do with our

share size then the disclosure laws in california a lot of the vcs would rather take their other money i think it is a great move they've been behind the curve in private equity and haven't done a lot of investing the last decade believe me i like to throw rocks at them but it is my pension plan oddly enough just down the river. i think we've been a steady state investor in private equity throughout the decade. they were in and out for us i think almost 15%, 16% in private equity pretty comfortable where we're at right now. >> right and it was called a lost decade and you just said you guys perhaps under ill kated as well. is it too late i mean, we've just seen a decade plus of this boom and the start up world in an era of low interest rates we are in a very different one it looks like for the next upcoming years how can you cappize it, you guys as well in your allocation if this sort of moment is subdued

>> what i am saying is at our share size 300 billion for us, 500 billion or something like that for them, it is just hard to put a lot of money to work in venture capital. literally our disclosure rules a lot throw us out and would rather take money from the sovereign wealth funds even if we like venture capital in this area and it is part of our portfolio, i would say u.s. venture is the most interesting area i know their private equity guy mentioned going into non-u.s. vc we found the markets kind of challenging. the dollar has been so strong. the innovation is here in the u.s.a. so still an opportunity but not something we're going to be able to overweight just because of our size or them they have just been out of that market. >> you have mentioned a couple times the idea the vcs kind of don't want your money. they'd rather take money from others because of disclosure issues, what specifically are the disclosure issues and why

are they so vexing >> it is a great example of california wanting to be open and share our portfolio and have us provide information the san jose mercury news was the one pushing on the other side it is very unique to california pensions, even the counties. we have to disclose a lot of information about our private equity portfolio and frankly in silicon valley they love to be private. they don't want to talk to anybody. maybe we are sort of the rodney dangerfield of the country club and they like other people more than they like us. >> one more question if you look at venture capital funds, what is their hit rate? are they looking to hit on one out of ten investments they make >> you hit the nail on the head. 1 out of 10. it is amazing. i've been in the business a long

time i invested in venture way back in the '90s when i remember a fund returning over a hundred percent they said. in the end the return wasn't there. it is a very uneven hit rate and you're right if we can break even on even five of the invests, only lose money on four but have 1 of 10 as a home run they'll invest in that area and that makes it worth while. the u.s. is home to amazing innovation and lord knows in the next 20 years we need that rate of innovation and change. >> we'll see what ai is. i think wall street has over hyped ai but we'll see where it goes >> how so? how has wall street over hyped ai >> this morning i heard on cnbc they were talking about the fact that it is all cap x right now, huge cap x last time i checked. tyler, you and i have talked about this capx is not good for eps

right now it is all on hype which wall street makes money on. >> there is revenue too. take a look at nvidia. it wasn't just capx but actual billions of dollars more than expected coming in the door. can you not see that path for some of the other names like microsoft, google? who exactly are you referring to >> well no the old adage of they're doing the shovels and the picks because nvidia is making the chips which are in high demand but that is part of that capx. we'll see. it is the big names that eventually will make money. >> okay. >> but when you have the cfo warning you of microsoft, that they're going to be spending a huge amount of money i think you ought to listen to that. doesn't mean the tech rally is over but i think over hyped on ai. >> so as one of the largest pension nunds the country then how are you thinking about your tech exposure if you think this is a big ai bubble what are you doing >> i wouldn't say bubble i just think it is over hyped. i think that tech, i'm concerned. tyler and i talked a lot about that that we are a passive investor

and we hold the entire market. i am very concerned at how narrow this market is. 40% of the s&p is actually down on the year. this is not exactly feeling like a bull market like we usually see. we are cautious in here and i'm worried that tech is, especially the big tech is getting ahead of itself >> the so-called magnificent 7 basically carrying the broader market thanks for your insight. talk to you again soon >> thanks. we appreciate it coming up what it takes to be considered wealthy is it dollars and cents? the size of your investment portfolio? or is it intangibles like free time and well being? the results of our exclusive cnbcury wh "weluh" sveenpor nc returns. ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is.

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how much money do you need to have to be wealthy? we're joined with one answer, but also how being wealthy and feeling wealthy are different things, sharon >> they are different things, kelly. you know, people seem to be rethinking their relationship with money the new charles schwab modern

wealth survey asked people what it means to be wealthy, and in a new twist, more americans mentioned their well-being over money and assets to define their wealth charles schwab polled 1,000 adults and more than two-thirds of them said being able to have healthy relationships with their loved ones was more important than money, and 70% say being wealthy is about not having to stress about money, and 30% say it's about having more money than most people you know. $2.2 million is considered wealthy, but that's for other people the americans that say they feel wealthy today, their average is about a quarter of that at about $560,000 we'll have a lot more to talk about with wealth and money at the advisers summit on june

15th you can scan the qr code there, and register at cnbcevents.com/financialadviser. >> i find it interesting that wealth and well-being get intersected here. >> people think there's a magic number and that magic number doesn't make people feel happy or wealthy necessarily so i think this is showing that more people want to just not be stressed about how much money they have. they want to have a better balance if you can call it that or figure out what their priorities are in terms of work and in terms of their life, and they want to have relationships, and enjoy experiences more than having a lot of money. >> it gives you a sense of where people are willing to spend money. >> exactly. >> it's been well documented as society gets more used to that idea of creating connections with people you already have if that's travel, and maybe that chatgpt or ai friend on snapchat, but it tells you where they want to put that money.

>> we are always talking about in a faltering economy, why is travel still okay or -- people are having these experiences where they want to spend time together they want to make memories in that way rather than, you know, actually their investments necessarily or having a significant amount of money. >> even the cruise ship the other day, i think it was carnival said a big driver of their bookings and revenues are multi-generational families traveling where the baby boomer is booking the cruise and then kind of bringing everybody else because it's time-intensive to book these things, and you have to figure it out it's just funny to watch that dynamic play out. >> millennials and gen z also may be looking at what people are doing in terms of their experiences. the social media impact that's driving wealth, what does it mean to be wealthy people are looking at what they see wealth to be andn't whatting -- wanting to do that they're looking at social media to get advice, whether it's financial advice, investment advice, particularly millennials.

>> thank you very much we'll see you at the summit later this week. still to come, breakfast lovers rejoice egg prices just posted their biggest monthly decline since the truman administration. ils on that and much more when "power lunch" returns

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the market to the tenants' favor for the first time in year the largest deceleration over any year in recent history according to day a firm costar group and rental software company group, real page >> i don't know where they're measuring this because in my town, rents are doing nothing but going you will still >> part of the question is are -- and this goes back to a cpi issue, and the only reason we care is the cpi input, new rents versus existing rents being renewed. it's a lot easier to capture the new rents. when you start to see existing rents where you might think the price is high, but it's not going up as fast as it was, and in some cases people are negotiating soft ways to bring that down. >> a lot of paem from our towns, they're new rentals, and they're coming on the market for the first time, and they're $6,500 for a two-bedroom. >> it's wild, manhattan prices. >> in the suburbs. >> yes overstock.com trying to

scoop you bed, bath & beyond's assets it has an offer on the table for $21 million for intellectual property and business data among other things, and another bankruptcy in the space, instant brands, the company behind instant pot and pyrex filing for chapter 11 protection. that has been owned by pyrex owned by a cornell capital company, a private equity company. i would assume they're loaded up with that. >> instant pot going bankrupt? >> pyrex. >> you buy them once, especially during the pandemic and you don't need to buy it ever again. >> we'll see what happens with bed, bath & beyond i think the auction is supposed to be next week, like, wednesday. >> $21 million from overstock.com can't be the sum total of the value there that's just what i'm curious about. kind of related, we have relief for people's grocery bills. it could come at a cost for the egg producer

slipping today after the cpi report showed egg prices down 14% in may that's the biggest monthly drop in 72 years. >> go to your rental apartment and boil some eggs buy some eggs and it will be cheaper and much better once you get there. >> the egg thing i'll say is so idiosyncratic. a i've never found it interesting. there was the avian flu the shortages is -- >> my friends have their own chickens the eggs are better. >> tractor supply said people were buying chickens because of that manchester united searching from a qatari uniform. the tweet in question cited press reports that a bid from a qatari business mogul to buy the soccer team was, quote, successful investors are still waiting for an answer on their bids to buy man u, and no agreement has been made it's had the best month since

february, and we shall see what happens there. another big pocketed sort of government-supported investor will get a big franchise. >> and congratulations to the denver nuggets and to stan kroenke. the avalanche won the stanley cups, the ams, the super bowl, and he owns, you know, the nuggets. >> good for him. >> congrats to them and jokic. >> all righty. we'll see you tomorrow from washington with the fed decision see you then all right. welcome to "closing bell." i'm scott wapner live from post nine here at the stock exchange. this make or break hour begins with what else the rally. inflation drops to its lowest level in two years now all eyes now turn to washington where the fed will announce its next move on interest rates in less than 24 hours there is the countdown clock, and here is your scorecard with 60 minutes to go in regulation the dow on track for its best month since november industrials, materials