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threatening to strike if they're not allowed to hang pride decor. we'll look at extreme tourism, a growing business. first a check on the markets. stocks are lower today, wrapping up the worst week since early march. shares of 3m are flat as the company settles a lawsuit that they contaminated drinking water. three key stories, big tech in india state visits, strikes add starbucks and fintech red flags. we'll take you through the stories and then get reaction from danielle shea let's begin with india's modi meeting with tech executives to talk about regulation seema mody joins us from

washington. >> reporter: ceos from microsoft and google and others spent an hour with the indian leader alongside president biden and jake sullivan. topics including technology transfer, artificial intelligence, supply chains being more efficient and solving some of the issues u.s. companies face on the ground i asked tim cook on his way out of the meeting what he discussed and he said it was, quote, an incredible discussion. apple did open two stores in india this year after investing in iphone production on the ground that's seen as a prerequisite of doing business there we'll wait and see if today's discussion will lead more tech companies to move from china to india. >> seema, you've been covering this all week. tech hasn't been the only industry and type of ceo that's been having meetings walk us through how tech

compares to things like a aerospace and other manufacturing. >> reporter: for technology companies saying they'll invest significant amounts of money in building chip plants in india, whereas companies like ge have got to the place where they're signing a deal with an indian aircraft maker that seems to be where we're at in terms of new deals. defense clearly an opportunity as india looks to buy more u.s. equipment and wean off of russia. >> seema, thanks danielle, let's talk about tech and india. india has passed china as the world's most populous country. it needs big companies to invest there and grow the middle class.

is there a long-term investor play here? >> yes there's a great long-term investor play here when you look at india, there's so much potential. look at microsoft, google, amd, these are the perfect companies to be there. they've been incredibly strong this year, specifically when you look at this quarter and compare last quarter microsoft had an incredible breakaway gap post-earnings. it was up 7.7% this is bullish going into july. typically the last week of june is a little soft in the stock market into july this is an incredibly bullish time i'm looking at google, amd and microsoft to trade higher. >> danielle, stick with us starbucks stores across the country organizing a strike over claims by the union representing the baristas that the company is not allowed to display pride

month decor. >> reporter: after a public clashing, starbucks workers united says over 150 stores is beginning a week-long strike kicking off in seattle the stores that pledged to strike represent 3,500 workers, several dozen more stores will be voting on strikes not all stores were impacted by this policy over pride decorations, but they're striking in solidarity workers united pointed to social media where baristas claim there's a policy change on decor. starbucks has maintained there's no change to its policy on pride decorations and says it has unwavering support for the lgbtq+ community adding workers united spreads false information about our benefits and policies, a tactic used to divide our partners and deflect from their

failure to respond to bargaining sessions the company says local store leaders have the ability to make their own decorating issues. back over to you. >> kate, this is a replay of what we saw happening with the nfl and other sports leagues, the kneeling controversy, patches and things like that once this is inflamed the workers and the customers, everybody wants to weigh in. do you have a sense of -- what's the truth here is pride decor at starbucks a thing they've been doing for a long time and they're stopping now because now some customers are reacting to it in a way they didn't before or something else? >> reporter: that's not the sense i'm getting. starbucks said it has unwavering support for this community and the company maintains there's been no policy change. we've got some instances from

baristas across the country and the union is good about documents this on social media saying they've heard from regional managers that there needs to be uniform decorations across stores. there have been instances of pride flags being taken down from windows starbucks says things can't hang from windows because that obstructs views. it can't hang in the window, but perhaps elsewhere in the store there is social media documentation of different things going on around the company. the union says this is happening in 22 states obviously these strikes across the country in response, this is gaining momentum regardless of who says what. it's already a thing we have footage on the ground in seattle. about two dozen workers or so. that one location where the first strike happened had to close. it has an impact there as well.

both sides are really digging into what they say their side of the story is. >> kate, thank you danielle, how do companies handle growing unrest? what's your take on starbucks specifically we've seen these back and forths really in the last couple weeks. >> the issue with these companies is regardless of which side they take they cannot win they'll be alienating half of their consumer base. when you look at starbucks and compare that to what's occurred with target and anheuser-busch, we saw down trends for both companies. investors need to be concerned when companies are experiencing social issues. starbucks has broken down on a technical basis. it broke down below 100. you're in a short-term bearish

pattern. the low 100 is a short if it falls below 97, it could gap down to 85 you have disney in there as well if you look at disney, target, anheuser-busch, all these companies it's problematic for shareholders. >> i think back to the '60s and companies that stood up for issues then. isn't the real issue here consistency? disney has dealt with these issues for years and have been able to grow nike shrugged off the colin kaepernick controversy is it about avoid companies who take a stand or is it avoid companies that are chameleons and trying to be popular with everybody? >> you know, i think it's not so much avoiding companies that take a stand it's more so avoiding companies that are taking a stand on something that is incredibly

political at this time if you look at this month in particular, it's pride month and especially if you look at, for example, twitter, elon musk with twitter and what he's doing, we've got a situation where now we have spotify and twitter on one side of the issue and we have a lot of talk with this go woke go broke crowd. they're driving share prices lower. >> happened to nike for a bit. i don't know if twitter and elon musk can knock you off your culture, maybe it wasn't much of a culture. fintech having a big year. the group outpacing the overall s&p. now there are concerns about delinquency rates and credit losses kristina partsinevelos has more. >> reporter: the american consumer keeps spending. a rising number of people have been 30 days late on auto loans

and credit card debt now student loan payments are set to resume in october the overleveraged consumer has helped buy now pay later companies. you can see upstart up over 100% because it incorporates ai into its lending platforms. all of these are outperforming the s&p 500. much of wall street is cautious saying a lot of that student debt is priced in. compass today put a sell rating on sofi. they have a $5 price target. that's why you're seeing it down 8% they're saying the student loan pause was scheduled to end on june 30th. there's nothing new here even as the supreme court weighs a loan forgiveness plan then you have paypal they announced a deal with a

european firm to pay for its debt the company still hasn't named a ceo successor and is facing competition. atlantic equities said move to the sidelines on paypal. then you have a firm seeing total delinquencies in may i have to stick with fintech i only named a few names because there's so many in this space. that's part of overhang. saturation in the market and much of the debt is priced in according to a lot of traders. >> kristina partsinevelos, thank you. ran through quite a number of names. danielle, what's your view on fintech? what names do you like which names would you avoid? not all names in the sector are created equal. >> that's true when you look at fintech it's

had this massive run what i don't like about it is it's lost momentum sofi and upstart have a lot of interest when they trade up into an area where they had a previous high, these can be great stocks to trade. when they lose momentum, they fall far and fast. i'm avoiding these names right now. what i like about this overall narrative is, i like the payment processors you have visa and mastercard, these companies are much more stable and have that pattern where they trade higher going into earnings as well. i'm looking at visa. i like visa into the july earnings timeframe. >> the original fintech. danielle shay, thank you for joining us thank you to our reporters as well. coming up, the business of business travel. we'll take a look at one start-up taking a swipe at expense management partnering

with mastercard and visa >> ahead, after two years of promising to build an electric suv fisker is going to deliver the first model in the u.s

financial technology still an

important factor in software today's working lunch is with aaron cohen. the late-stage company competes with concur. i mentioned them last year on working launch aaron was born in israel his father was an entrepreneur he was grappling with travel industry forces. when he got it done, he was spent. >> i remember we solved it, but i remember at the end of it, you know, talking about mental health, i was done i was like i couldn't do anything i couldn't see detail anymore. i remember the best thing i did was i actually went for a trip by myself to japan kind of isolated myself in the

mountains there. i'm not kidding. i was by myself, really almost like clearing my mind. i think about it as a cleansing thing. i came -- when i came back, i was completely different i gained back my strength. i'm doing it every year. every year i'm going one week where nobody can contact me clearing my head. >> right now he says he's ready to go public, but the market isn't giving software startups real evaluation. at the same time aaron says ai saves time filing expense reports. >> are you allowing your

employees to go to a fancy hotel or restaurant generally or in these times? when you deal with these things, only 30 days 60 days afterwards it's hard to give it to the employee that it was too expensive. companies are seeing between 10% to up to 30% savings on their entire travel and expense budgets. this is massive. it creates a business case for the company to move to us right now. >> there's a lot of talk about crypto and block chain being the future finance i'm seeing a lot of talk about ai being used on the discipline side to save money and on the sales prospecting side to identify the warmest leads in some ways that's more interesting. >> it's fascinating. it's this idea of offensive and

defensive where ai is concerned and being able to pinpoint areas to cost cut. sounds like not only the cost cutting becoming more efficient, but the process of coast cutting become more efficient. >> also just rethinking about fintech is are mastercard and visa fintech? of course they are there are software companies working on technology problems too. >> it will be interesting as you continue to talk to him if there's a point later this year or beyond weahere he says maybew are ready to go public we've been following this closely. from the tech side specifically if you see those flood gates open, that could be meaningful great stuff as usual. >> thank you. the tragic incident involving the oceangate submarine unveiling concerns around the so-called extreme

tourism industry, as well as the large price tags that some individuals are willing to pay for the experience despite the risks. we'll discuss that we'll be right back. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones this is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek as it is... spacious. as smart... as it is beautiful. introducing the lucid air. experience the best.

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welcome back to "power lunch. let's get a check on the bond market bond yields falling today sitting at about 3.74. not just lower today, but down on the week despite hawkish comments from fed chair jay powell to congress others said there was less urgency to move on rates you saw some hawkish moves and commentary from other banks around the world. oil, also lower once again closing out a down week. pippa stevens joins us with move. >> reporter: the weakness this week all about demand concerns with traders fearing that actions by central banks will curtail demand for oil u.s. oil finishing the week right around 69.25 energy stocks seeing a losing

week the s.o.p. underperforming and investors are not loving this trade. according to the latest data from bank of america, while hedge funds were overall big buyers last week, they dumped energy mans. the four-week average flow now flipping to negative morgan >> let's get to contessa brewer for the cnbc news update. form marks one year since the supreme court overturned roe v. wade. today new york's governor signed a bill that shields health care providers from prosecution meanwhile, an nbc news poll found a year later 6 in 10 voters remain opposed to the supreme court's decision traffic once again is rolling along i-95 that

collapsed 12 days ago after a fiery tanker truck crash officials thought it would take months to repair and then they came up with a temporary fix spacex launched 56 s satellites into orbit today. spacex is aiming to hit 100 total launches in 2023 for more we go to our space correspondent morgan brennan this really was a story for you, morgan an impressive launch there. >> i appreciate that this showed up in the news update, contessa brewer it's hard to overstate the equivalent of two launches a week, how unheard that is when it comes to space flight

john, it goes to show how dominant they are globally in terms of ability to send things to space. >> that's a lot of satellites. two key auto stories to report ford preparing for a new round of layoffs plus we'll speak to henrik fisker, as his company delivers its first u.s. ev. we'll be right back. this is dr. arnold t. petsworth, he's the owner of petsworth vetworld. business was steady, but then an influx of new four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers flexible spending limits that adapt with his business. he used his card to furnish a new exam room, and everyone was happy. built for dr. petsworth business. built for your business. amex business.

welcome back to "power lu lunch" ford shares slightly lower today as the company is about to cut more salary workers. phil la beau has more. >> reporter: we've seen a number of moves by ford to cut its white collar workforce according to "the wall street journal" an undetermined number of employees will be cut those who work with internal combustion vehicles and those in software positions

ford has said they need to cut about $3 billion in annual costs by 2026. one way to do this is really slim down as much as possible when it comes to salaried jobs they announced earlier this year they're cutting 3,800 jobs in europe we don't know when this will be announced. we reached out to ford the company said it has no comment. they have about 28,000 white collar workers here in north america. shares of ford slightly under pressure now let's talk about fisker, the electric vehicle company delivering its first vehicles here in north america. let's bring in henrik fisker the ceo in southern california, henrik, where you were making deliveries of the electric suvs. how will deliveries ramp upfro here >> first, i'm super excited to be delivering vehicles today it's really exciting

my expectation is that i would say probably in july we start getting up to shipments of 200 vehicles per ship. then eventually we'll do a shipment every day of at least 200 vehicles by the end of this year, we hope we can deliver or at least produce around 32,000 vehicles if we can deliver them -- most likely not because you never deliver the last vehicles of each quarter because we have to get transport. we have a good dynamic between u.s. and european deliveries the last few days and every quarter we'll focus delivering into europe to get as many vehicles into the market as possible. >> henrik, we were with you in austria where the ocean is built. because it's built in austria it doesn't qualify for the $7,500

credit you can offer buyers some of that $7,500 discount do you believe that's a headwind in terms of making people think twice about ordering an ocean suv? >> i think at this point not the reason is that we're still in a price segment of 68, $69,000 where a lot of the people who are buying our vehicles actually earn more money than they would need to get this incentive i don't think it matters right now. what matters most to people, what we have seen is they have to wait a year to get our car. that's something that i think is a little more annoying for people when it comes to the point next year we'll sell higher volumes of lower cost vehicles which start under $45,000, then it would be a benefit we're in final negotiations to look at manufacturing in the

u.s. >> henrik, i want to clarify something. you said you're planning to produce 32,000 vehicles. your guidance was 36,000 vehicles are you saying you'll not be able to meet that expectation? >> like you said 32,000 and 36,000, yes. i'm hoping we can do 32,000 as we guided. right now it's looking pretty good we're able to catch up a lot later in the year. we have a giant facility where ultimately we can go up to 120,000 vehicles per year. i think once we get up and running, the weekly or daily volume will increase quite a lot. >> henrik, it's morgan i want to get your thoughts on the competitive landscape, not just here in the u.s. as you make the first deliveries, but

globally when there's so much focus on china and the fact that china is the top export of evs and how you're navigating that. >> we just came back from china and looked at the products over there. i just came back from europe as well in europe we're doing really well because we have the longest range of any suv in the market that was important for european values we price really well and get the same incentives as anybody else in europe. we've seen an uptick of our vehicle in europe. we offer somebody nobody else has. doesn't matter -- whatever vehicle you look at, nobody can say they make the world's most sustainable car. we can we have over 100 pounds in recycled materials we have several features which makes our vehicle different. that's why we have seen a really good record of reservations.

>> henrik, you use the ccs charging standard. ford and gm said they'll make their vehicles compatible with the tesla ncs charging standard. have you talked to elon musk and tesla about possibly going to their standard >> we see that over 90% of the charging is actually done at home there is a broader market now for ev charging, not only in the u.s., but also in europe they use the ccs block it's still by far the most used block. let's see what happens in the future i wouldn't exclude anything. at this time we haven't done any deals on that. >> with regard to your next product, the pair model that will be built in lordstown, ohio, where do things stand there and how confident are you that that plant will be up and

ready to go and to build the pair >> in fact just a couple weeks ago i met with the chairman and we had a really good discussion. we're in the final negotiations of the production plant, the product agreement. i'm very confident we'll be up and rolling. we're taking a more active engagement in that facility. we have hired a head of manufacturing that ran the bmw plants here in the u.s. and in china. we've got a really good manufacturing team as well we'll be more involved i'm very confident we'll have the pair up and running in production by mid 2025 as we announced. in fact, we're looking at producing another vehicle in that plant already in the next year that will be based on the fisk erosion that's some news here. that's something i talked with

the chairman about he's really excited about that to get something in production it will not be the pair. it will be another vehicle. >> small crossover and a lower price point? >> won't be a crossover. it will be something that can carry a lot of stuff in the back and maybe open in the back >> nice little tease henrik fisker, you see all those vehicles behind -- henrik, thank you. you see those vehicles those are oceans and the first ones being delivered in the united states. people have been waiting a while and they're getting them. >> phil, thank you for the interview. shares of fisker are down 2%. when we return, a look at the big money flowing out of real estate. we'll be right back.

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♪ welcome to a new era of flight. welcome back to "power lunch. it's time for the weekly etf tracker and we're looking at real estate funds. the hawkish comments fromfed

chair powell adding to weak housing numbers in recent days and concerns about commercial real estate. refunds from schwab, ishares and spdr all down this week. john coming up, virgin galactic down 18% today we'll explain why. join captain morgan and i at 4:00 -- that's my new nickname for you. get it because of space we'll talk to carolyn everson. she's on the boards of coke and disney we'll be right back. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments,

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welcome back to "power lunch. virgin galactic down double digits today the company discloses it needs to race $300 million through a stock offering to fund expansion of its space craft fleet the company founded by richard branson has a single carrier aircraft all of this as virgin galactic

prepares to launch its commercial space service next week with a mission for the italian air force. the stock is still up about 25% this month if that goes according to plan, the next will occur in august and you'll see monthly flights following. right now stock is down almost 19%. it's on track for its worst daily performance in a year and a half >> i have to ask about the space tourism aspect of the business models here. this submersible tragedy, i imagine, will have some people thinking about the risks involved >> yeah. i think that's the thing whether it's space flight or deep sea exploration, you're talking about extreme travel and adventure and expeditionary type things there are risks associated i think a lot of the risks

associated with space flight are pretty well-known. i'll be on the ground covering this space flight next week in new mexico it's publicly traded and incredible to be talking about sending -- next week it's this italian air force. this idea of paying customers to space whether suborbital, orbital, very high risk, but very high reward a think a lot of individuals -- i don't want to speak for them they're paying a lot of money knowing what those risks are associated. >> when you have brand new ways of doing it, it's different than -- well, we'll talk more about this the big money in the space race highlights a key desire to adventure where none have gone before we recently saw, beyond space, the tragic loss of those on the

oceangate sub vehicle. people are willing to pay a huge sum for extreme tourism. tickets for the titan were around $250,000 each blue origin charges a few hundred thousand for suborbital flights. could this disaster lead to increased caution for some for more, let's bring in allison pooly of the "wall street journal" and the dean of the school of hospitality at boston university allison, to you first. this tragedy marks a moment for this industry. what do you think the financial implications might be? >> well, a lot of companies i talked to are trying to distance themselves from what happened with oceangate i think wealthy individuals who are taking these types of trips will be thinking twice, if not three times, before taking these

types of expeditions you know, there's a lot of risk involved unfortunately we saw what was one of the more tragic outcomes of this type of travel >> when we talk about some of these extreme tourism and expeditions, how do we define it how big is it growing? why is it growing? >> adventure tourism has been there for thousands of years recently it has seen a very big explosion because a lot of things that were previously only under the purview of the rich now are accessible to a lot of people there are also regulations that brings in. skydiving is an example where it's accessible to a lot of people you know, there are people who are going to want to distinguish themselves there are bragging rights.

there are prestige factors there will always be a huge big market for adventure tourism. >> allison, does this raise the question of what sorts of assurances are adventure tourists going to need before embarking with a before embarking with a particular method? there were questions here with the titan, within the industry about, is this really safe? he is breaking some rules, he is not going to certain certifications. do you think the ultrarich are going to require certain check offs now, unlike before? because with skydiving, that hasn't changed that much in the last few years. it is not like people are insisting on doing brand-new methods of that. >> i do think it will change, though, because they are thinking about who the providers are for these types of services. so, what is the history behind the company?

have they gone through some of the regulatory approvals to be doing these types of things, as well? if so, i think travelers are thinking more carefully about which companies they will do business with, and i spoke to passengers who had previously been on the titan, and they mentioned that death is mentioned three times on the first page of the waiver. so, i think there is a high risk involved, and people will be thinking if there is a waiver that is mentioning that, then it is an exploratory type of vehicle, there will be a lot more hesitation on their behalf. >> you mentioned it, but regulations and the regulatory environment, does that change now? if so, when we are talking about something like going into the ocean and territories of the ocean, or into space, wherever it is, parts of antarctica, et cetera, i could go down the line, how do those regulations -- if they were to come -- how did they potentially take shape if it is going to require more than one

country to be involved? >> right. you know, what is interesting about this expedition, it was in the open ocean. the ship that launched, the submersible came from canada. canadian regulations, i'm sure, require the ship to be seaworthy, to be able to carry everything it is carrying, but it doesn't go down into, is the submersible capable of going to the depths? for that, the company needed to go through different certification, which it didn't. earlier, we were talking about space travel. space travel has to happen within the boundaries of a nation. so, each nation has regulations on certifications, and all kinds of equipment testing that has to be done, you know? in the u.s., we have sent so many rockets up in space, that our regulatory environment is very strict and very clear. so, anyone being launched into space from u.s., there is at least a minimum account of credibility at stake. but, with this, there was no

regulation there. >> allison, do you know how insurance works here? like, our insurance companies like life insurance going to say -- that is important for those individuals -- you know what? there need to at least be certain certifications if you are going to do something like this. or, maybe you just can't do this and expect for your family to collect on your insurance? >> it is probably a little bit early to tell on how insurance policies might change in regards to this. but, i do think in terms of thinking about the companies and what type of insurance they carry, in a worst-case scenario like this, if you are traveling for antarctica, for example, there is a lot more accessible. there are companies that will take travelers there on a private jet and they might be staying in glamping type accommodations. but, if they do get injured while going on an excursion, there is some liability there. so, i think that is something

they will be looking at more closely going forward. >> all right, thank you, allison pohle . >> a difference, morgan, between antarctica, at least for me and going up to space -- >> there is a very big difference. and there are a lot of regulations in place, and calls for even more regulations. but, it is a very -- yeah, it depends on what type of adventure you are looking to have and what type of company you are looking to go with, and what the country is, right? we just learned that. still to come, we will run ors ugh some of the other stiewe are watching, closing time. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated.

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all right, we only have three minutes left in the show and a bunch more stories that you need to know, so let's get right to it. treasury secretary janet yellin saying we will probably see higher interest rates, making it more expensive for them to hang onto depositors. also pointing out higher rates for deposits are denting profitability, which we could see when banks start reporting results in a couple of weeks. leslie picker was pointing this out in the midst of the regional bank turmoil, this is probably going to happen. >> that's right. and we have heard these types of comments before, too. >> elon musk and mark zuckerberg are actually dead

serious about trading blows in the octagon. fans will have to pay up, though, if they watch, that is according to dana white, who said he spoke with both billionaires. white said he would charge $100 to watch the fight if it happened, he thinks they can bring in $1 billion in revenue. elon musk must have a death wish. i don't know if you know this, but over the pandemic, zuckerberg was training in brazilian jujitsu. he has been doing military style endurance workouts. elon musk has not. >> well, maybe this is musk's own inspiration to start training more aggressively right now, but i would totally watch this. i would pay $100 on paper you to watch it, too. >> the odds are on elon here. >> by the way, you want is much taller than zuckerberg. >> it doesn't matter when you are on the ground. this is a bad idea, you on. a law firm is being fined $5000 after one of its lawyers used chatgpt to write a claim riddled with errors. when the attorney fed prompts to the ai chat bot, it responded with court cases that didn't exist. hallucinations! >> yeah. the first warning to students

out there who have been reading this -- oh, it can pass the exam. yeah, be careful. >> be very careful. an ipo for a painting? a company named our techs is launching a roughly $55 million initial public offering of francis bacon's three studies for a portrait of george dyer. i don't know. shares in the portrait will be sold for around $100 apiece. you can do that or watch the fight between zuckerberg and elon musk. then, a list of specially created art stock exchanges based in liechtenstein. that would give investors the ability to buy and sell shares of famous artwork on the stock exchange for the first time. i don't like it. it sounds like an fts. >> we know there is a growing popularity at this whole democratization in terms of access to some of these unusual asset classes. but to your point, it does feel, especially if we're talking about liechtenstein, it does feel a little bit kitschy.

>> yeah. a bidding war breaking out for a car that no one has yet. it is featured in the new magic the gathering came from hasbro, which is based on the lord of the rings series. it is an extremely hard-to-find card. >> precious. all right. thank you for watching "power lunch". we will see you at 4:00. welcome to "closing bell", live from the new york stock exchange, i am sara eisen. we have an exclusive cnbc story about a meltdown goldman sachs could be facing. we will have details, coming up. this make or break our begins with the check sector, nasdaq on track to break a win streak. text funds are seeing their largest outflows in 10 weeks. it leads us to our talk of the take.