(vo) it's time to switch to verizon. sadie did. and now she has myplan. the first unlimited plan that lets her choose exactly what goes in it. now she gets to pick only the perks she wants and saves on every one. and with an incredible new iphone on us, no wonder sadie is celebrating. introducing myplan. get exactly what you want. only pay for what you need. act now and get iphone 14 pro on us when you switch. it's your verizon. good afternoon and welcome to "power lunch. alongside contessa brewer, i'm tyler mathisen stocks are selling off, down 500 points at the low. off that a little bit. jobs numbers coming in a little too hot for the market's test

and leading them to believe the fed will get back to hiking rates. not just in july but maybe going on deeper into the year. bonds yields jumping on this news. >> tyler, you said it. let's get a taste of the stock slide right now. dow industrials off by a percent. the s&p 500 down .75%. energy is the worst performing sector exxonmobil warning that lower nat gas prices will hurt its second quarter results there you see exxon down 3.5%. chevron following suit down 2.5% and conocophillips down 3.5% affirm also down big piper sandly downgrading that stock to underweight it puts the price target at $11 because the big concern, rising interest rates will hurt the margins. you see affirm holding, down 14% on the day let's get to bob pisani for more on what's moving. >> at one point we were quite weak in the middle of the day.

4384 was the low for the s&p 500. we bounced about 30 points look at the midday bounce. not a lot of volume behind this recovery in the middle of the day. i think that's a sign of seller exhaustion, not buyer enthusiasm nonetheless, an up market is an up market and we're well off the lows here. energy has been weak but not just today but weak frankly all weak another weak name is bank stocks semiconductors has been a market leader throughout the entire year notably weak on the day. consumer discretionary a bit weak and consumer staples holding up banks have been hit on concerns about loan growth and about the interest rate spread that is continuing today i want to note some companies are really moving to the downside key corp is very close to a 52-we're look. i think it was $8.99 a couple of months ago it's just over $9. elsewhere, commodity stocks, all of them are down on the year this is partly global slower

growth concerns. china being a bit disappointing. free port, copper, mosaic, conocophillips, these tend to move with oil. conocophillips down 14% or 15% these stocks tend to move with oil. where are we right now the jobs numbers today we saw, the jolts report, kind of threw the markets for a little bit of a loop my attitude, my interpretation is job growth is strong. that's good news, folks. this supports one of the key pillars of the soft landing. that the job growth market remains strong the worry now, the reason we're down, is there is a concern again that further fed tightening is going to induce a recession. the market has had this long history which is happening with the fed so they have good reason to be concerned. i would say we need a very serious uptick in inflation for the pullback that we're seeing, even if it was 5%, to turn into a very serious downturn. what would that be, tyler? i would say if we had to go back to zero on the year, that would

be a pretty serious uptick in inflation. frankly, right now, i don't necessarily see it i think we're talking next week 3%, cpi 2% or so we shall see. >> these next two percentage points between 2% and 4% may be the toughest part of the road so far. bob, thank you to the bond market with the ten-year yield back above 4% and the two-year, rick santelli, it was above 5% highest level since 2007, right? >> absolutely. you hit it, tyler. if you look at intraday of 2s, one thing super important. the intraday velocity, we traded up to 5.011, almost 5.012. we're about to drop under 5% i'll tell you why this is so important. if you look at this chart going back to the early part of march, we can clearly see that the high-yield close for two years

to 16-year high-yield close was 5.07 on the 8th of march if you're a technician, that's the whole game right there to know an intraday high spike through there and now we potentially aren't going to close above it would make the market look as though it's a bit of a double tap. you see it on the long-term chart going back to the summer of '07 it doesn't end there if you look at a ten-year chart, tyler referenced the 4%. he's right we haven't closed above 4% since the 2nd of march however, what's been going on the last several hours is a huge fade, as i just point out in two-year note yields as it's testing 5% but the ten-year is basically still on its high yield. so, we've seen the curve invert quite a bit. it's now at the least inverted since the -- well, about 2 1/2

weeks, let's call it we may end up having a double top on both sides of the curve 5.07, whether we close above it or not, and yields holding up, 4.25 is the high-yield close you see on the last chart there from october of last year many believe that all the months and months of flattening and inverting yield curves is going to make the steepeners the pain trade. watch the two-years drift and ten-years hold back to contessa. >> are the markets overreacting to these hot economic markets or is it wise to anticipate more fed tightening and, thereby, bringing on recession? here to talk about the state of the economy and the market, brian jacobson, chief economist with amex wealth management. first, will you share your gut reaction when this data came in this morning >> yeah, it was a little shock and awe, almost disbelief.

some of the other data like the initial unemployment claim, jolts data, those were more in line with expectation. it was really the adp one that stuck out like a sore thumb. >> i understand that you're really looking skeptically at consumer spending, and especially the travel and leisure sector when it comes to the contribution to the overall economy. >> that's correct. so the adp numbers, if you look at some of the details, the biggest contributor was leisure and hospitality. there's only so much heavy lifting the lease sh you are and hospitality business can do to keep the broader economy from seeing negative growth look at the alligator jaws shape between the ism services and the ism manufacturing. just historically how this is typically resolved is that manufacturing finds a bottom, but services also find the top and then you get that gap to begin to close and,

unfortunately, because of how big service sector activity is, you ultimately end up with eventually a recession but we've been on recession watch for, what, over a year now. >> and are you still on it do you still think it's going to happen i guess the more pointed question is, how much more do you think the fed will need to raise interest rates to get that last mile from 4% down to 2%, which is their target? how much more will they need to do that, raise to do that, and will that, therefore, then occasion a recession >> yeah, here at amex on our investment committee we think the fed is hell-bent on hiking, if i can say that, and probably going to hike in july. the question is whether or not they need to do additional hiking we still get the inflation numbers next week, so on july 12th, on wednesday we'll get the numbers. if that's showing, say, a 3% year-on-year, that might make it where they only really maybe need to do one more. and really the messaging now is

how long do they need to hold where they are as opposed to contemplating another series of successive hikes as long as we don't see the fed pushing towards, say, 6% with the fed funds rate, we think we can continue with this roving recession where it was manufacturing and housing to somewhat of a stumbling recovery where you see a little bit more stability and, perhaps, growth out of manufacturing and housing while services merely slows instead of actually coming to a grinding halt. >> brian, thank you very much. brian jacobson, we appreciate your time. coming up on the program, more on the markets, which are declining today as investors lash out, lash out, over the economy still running a little bit hot. plus, the u.s./china fight impacting amazon the white house planning to curb china's access to cloud services like aws amazon also dealing with another issue here at home that would be sellers talking stolen goods online. and threading the needle, meta

looking to steal something of its own -- twitter's thunder we'll explain all this when "power lunch" returns. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

. welcome back to "power lunch. treasury secretary janet yellen beginning her visit to china today, but as the u.s. tries to

be caught, some companies could be caught in the middle. among them, amazon deirdre bosa joins us in today's "techcheck." >> for amazon, the china risk, it's competition the latest threat you mentioned, that may be self-induced with potential cloud restrictions there is also a battle brewing for its core e-commerce. china companies have quietly been making a inroads with temu, quickly climbing to the top of app store charts it's cheaper, programmed to sell you useless stuff and addictive. it's a mix between amazon and tiktok that may not sound all that appealing but american consumers are increasingly looking for a bargain and they love it it's cracked that discovery function that's eluded amazon for too long i just did a check and it is still at the top of the app store today. second only to, guess what, meta's new threads app tiktok is also reportedly

getting ready to launch an e-commerce site this month it's taken a while for chinese e-commerce platforms to crack the american market but there are more signs than ever it's doing so. >> one reason i think, deirdre, is temu is doing so well is they're offering amazing bonuses for people that already use it -- i got a text from my 20-year-old niece saying, aunty, if you sign up, we both get $50. i mean, it would be no wonder that it would shoot to the top of the app downloads >> let's be clear, those promotions make zero sense, right? they're basically giving you $5 for every $2 you spend, something like that. this is the old playbook that's how some of the biggest app companies like uber and lyft were able to gain the kind of scope they have. turns out that's not exactly that profitable. you can't just turn a switch and it's automatically profitable. that's the playbook temu is

using. american consumers, they're going to take advantage of it for as long as it's here but that could be drawing some people away from amazon. >> how safe should american consumers feel if they're doing business with a chinese e-commerce company they feel their data is completely secure, as secure or as insecure as with an american supplier >> no, i don't think so. they shouldn't assume that at all. they also shouldn't assume these products are made using the same sort of standards that we're used to in the u.s again, a bargain is a bargain, right? consumers can be lured in by bargain basement prices. that's essentially what the chinese e-customers players are doing. shein, another chinese retailer making inroads here. they have this sort of promotional tour for u.s. influencers that bought into it but standards are not thought to be as up to par as - >> a bargain isn't a bargain if

the product is crap, you know. >> well, it depends on what you value. >> but the other thing is, you have to wonder if amazon is going to start making the counterargument about the environment because of -- you were telling us about fast fashion and the way so much of this ends up in the landfill certainly, if you look at temu on the things going for $1, $2, $3 -- >> it's junk. >> yeah. >> it's what >> it all ends up in the landfill it's all junk. sorry. >> you raise such a good point amazon has the climate pledge. they are trying to do things on the back end more energy-conscious packaging and so on, but, again, i mean, it's interesting because it relates to this macro back drop as well. if you think the economy is going to be getting softer which consumers will pull back a bit, maybe they're willing to sacrifice things that are important when they have more money in their bank accounts. >> deirdre, thank you for bringing us that

appreciate it. amazon, by the way, also has been blamed by a lot of brick and mortar retailer as an end market for stolen goods. third-party sellers, crucial to amazon's claim, have been unfairly swept up in the company's crackdown. andy palmer is writing that story, joining us now. so, how is amazon trying to crack down on that >> so we learned that amazon suspended dozens of sellers in recent months who they accuse are selling stolen goods from brands like keurig, brevel, lot of home appliance companies. >> how do the third-parties say, it's not me, i'm getting swept up >> we talked to some sellers who were suspended saying essentially they did their due diligence on these suppliers to the best they could. a lot of these suppliers were companies they had never worked with before and many of them are based in southern california and are saying, hey, we were just sold these goods

we feel we're being unfairly targeted. >> how big is the problem? >> it's a big one. it's a big one for amazon and a lot of online marketplaces in terms of their ability to be sure the goods they're selling on their marketplace are coming from legitimate sources. >> where are these stolen goods coming from? in other words, how are they reaching the supplier who is the touchpoint on amazon >> that is a great question. and my reporting partner and i spent two months looking into where these goods came from and trying to track, are they coming from, you know, cargo containers what we learned -- >> organized crime >> so, it seems to be that way because the california highway patrol has gotten involved and raided some of these warehouses saying it's stolen cargo. >> interestingly, it steams to coincide with a lot of the big -- i'm not saying there's a causal relationship here but the big retailers have been reporting a huge problem in shrink that is, the unexplained

disappearance of their merchandise. is there any indication that organized crime has been involved with some of that >> so, it's unclear whether this particular activity is tied to some of the issues retailers like lowe's and home depot are complaining about, but it certainly falls in tandem with this wider push for companies like amazon to crack down. >> if things are falling off the back of a shipping container, so to speak, that suggests to me it is an organized operation, not random street gangs coming in and clearing out the shelves at target or nordstrom or whatever. >> that's right. amazon tells us that this -- they're participating in some wider law enforcement investigations around these things, including active investigations. >> to get your hands on twitter and 50 brevel toaster ovens, have you to have some logistics behind the operation. >> a source. >> thank you for joining us with

that story by the way, what is the back of a cargo container? >> i don't know. it opens up, i guess i was just curious. >> all these cheap movies i watch, people are always getting shoved into cargo containers >> front or back, top, who knows. by the way, don't miss amazon's ceo andy jassy on ""closing bell"" at 4:00 p.m. eastern. coming up, top states and the culture wars many of the most controversial states at the forefront of social debates are still leading the way in terms of business friendliness those details are next. plus, the energy sector, the worst performer today. we'll take a look at names ats thmaetlor.we th inext good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help!

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how much are they? it's a lot. oh okay - i'm good, that - it's like a priceless piece of art. enjoy. or when they sell you what they want? yeah. the more we understand you, the better we can help you. that's what u.s. bank is for. huge relief. yeah... ♪ welcome back to "power lunch. i'm dominic chu. crude oil prices are wavering between gains and losses, but they were lower for much of the session. what's been weighing on overall sentiment is the ongoing global recession fear and the concern higher interest rates could hurt demand for oil

those prices come well off the worst levels of the session, thanks to a drop in weekly oil inventories here in the u.s. eia said crude inventories dropped 1.5 million barrels in the last week while expectations were for a drawdown of 1 million barrels. that's brought inventories to their lowest levels since mid-january. energy stocks are struggling with the s&p, the worst upon all the sectors it falling 2.5%. a number of big names paying the price today. conocophillips, exxonmobil, hess and marathon oil back over to you. we are just five days away from learning which state will be named the top state for business in cnbc's annual rankings. among the complicating factors this year, a culture war playing out across the country and no state is caught more in the middle than florida where the governor is at war with the state's largest private employer scott cohen puts together the rankings for us every year as he

has more than a decade and joins us from orlando. >> reporter: this will be our 16th year, do you believe it this culture war has become increasingly an issue. we're in an area called lake nona this pasture was supposed to be the site of a $1 billion disney corporate campus with 2,000 employees. now it's the latest casualty in governor ron desantis' war on woke disney is florida's largest private employer 75,000 employees so, when the governor takes it on - >> there's a new sheriff in town and that's just the way it's going to be. >> reporter: and disney hits back >> does the state want us to invest more, employ more people and pay more taxes or not? >> reporter: you would think that lake nona with an empty lot where 2,000 jobs were supposed to be would be devastated but local realtor says no. >> prices haven't dropped since that announcement.

and i think this place has been growing rapidly prior to this and independent of that project even being announced. >> reporter: if anything, realtor laura says disney's move is helping lake nona manage all the growth. >> it was a wonderful opportunity, but we also with the rapid growth, we need time for infrastructure. >> reporter: that's not to say there aren't concerns. 100 miles away in the gulf coast city of dunedin, chamber of commerce gregory brady worries about florida's reputation in corporate america. >> i just wouldn't want us to lose any of those businesses because they deem the state to not be as friendly as it used to be. >> reporter: back in lake nona, realtor hopes it will blow over. >> i've lived here all my life to have more industry here, more high-paying jobs i hope it's not a pattern to lose those. >> reporter: that really is the crux of all of this.

both disney and desantis declined to comment for this story. disney has said it was canceling the corporate campus here because of changing business conditions desantis has said there's no evidence of anybody staying away from florida in fact, businesses and companies are still coming in. he's not wrong about that. we look at all of these issues in our america's top states for business study we look at life, health and inclusiveness. also we look at business friendliness and migration of people into the states as part of our workforce category. we unveil the top state where i will be, maybe it's here, on tuesday on "squawk box." you can read more about our story now at topstates.cnbc.com. >> there are some cows that love doing business there behind you, scott. the general feeling about lake nona about disney putting this project on hold t sounds like they have a kind of either

nua nuanced opinion or conflicted opinion about it. >> reporter: there's a lot going on independent of that there's a big medical campus here on this -- it's a planned community. there's a lot going on there's a town center, a retail development they're building here disney certainly would have jump started that, but the realtors we're talking to say this is a desirable area regardless. it's one of the up and coming areas of orlando they're not terribly worried but the question is, is this going to be a pattern? are there going to be more feuds here if so, are companies going to stay away? that's one of the things we're trying to navigate as we determine the top states for business >> and, scott, when you're talking to the companies that have chosen to be in florida, are they concerned about president uncertainty that comes along with the dictates by the governor's office and the way forward? >> we talked to a lot of sight selection consultants that work

with the companies as we prepare for this every year. what they're saying is they are looking at all of this they're looking at the idea of are companies using this for gamesmanship but they're also looking at migration patterns. that's where it gets tricky. you have a lot of people coming to florida, coming to texas, despite some of these social pressures and despite the culture wars the question is whether this is going to affect them on balance. we'll reveal that on tuesday >> scott cohen, we're looking forward to it. let's get to kate rooney with a news update. great to see you. >> great to see you. yay the rapper, formerly known as kanye west and two christian academies are facing a lawsuit over the conditions. they claim in the suit that the schools had dismal sanitation, electrical problems and empty windows because ye allegedly didn't like glass. the former assistant principal claims he was fired when he

complained about those situations separate claims filed this year claim the schools had no januarier toal and medical staff. multiple white house officials tell nbc news a bag of powder found in the white house later found to be cocaine was actually discovered in the west executive entrance the area is still considered heavily trafficked investors are expected to wrap up their investigation by monday. the powerball jackpot has risen to a staggering $590 million. no one won last night. the cash option is valued at nearly $305 million. >> staggering? i'm going to say meh to that we've seen this over $1 billion a couple of times. >> the cash option is also tempting, the annuity is safer

i thought a lot about this saturday i might buy a ticket. we'll see. >> if you're feeling lucky >> we can split it. >> we can more than split it and still come out ahead thank you, kate. ahead on mill"power lunch," alarm-ringing over scandal it wasn't just sam bankman-fried who found himself in trouble the celebrity endorsers also caught backlash. now the ftc is taking a look at the use of influencer and celebrity endorsers. we'll be right back on "power lunch. (man) what if my type 2 diabetes takes over? (woman) what if all i do isn't enough? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar,

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meta stock amid a sea of red as investors worry the fed could keep interest rates higher for longer following hawkish minutes from its june meeting and a quite strong jobs report the company just released its new instagram, this is meta, linked conversation app called threads that aims to directly compete with twitter meta hopes threads will capitalize on twitter's trouble as many advertisers have pulled

back from the platform since elon musk's takeover in october. here to discuss is dean crutchfield of crutchfield partners good to see you. can threads be a threat, a real serious threat to twitter, maybe even unseat it >> that's a big question to ask. twitter has had a broken wing for some months and this is going to have some blunt impact trauma on them but we all have competition. this is a fight i'm looking forward to and yaccarino has already come out saying we can't be duplicated she's already come out swinging. i think twitter is going to survive here but threads, of course, is going to have potential upside that is remarkable >> i heard one thing that was interesting. i understand you have to be a member or a user of instagram to sign up for threads. and then it's hard to quit

threads if you want to because then you have to quit instagram as well, i'm told. that can be some of the -- go ahead. >> no, that actually creates complexities we all know there's been a lot of criticisms about meta and how it uses the technology to track its people, et cetera. that's a tough question they have to deliver. threads has launched twitter users, of course, there's 400 million of those, and they all like the platforms although advertisers are getting jittery over - >> advertisers are uncomfortable with the discourse on twitter, right? >> yes >> what is it in threads that will cause it not to have the same, sometimes hateful, often toxic discourse that has come to characterize twitter to many people's minds >> there's two key things. apart prosecute brand building, marketing and positioning, i think we're seeing some

positioning actually happen right now. if you look at the official statement from threads, it talked about, you know, share text and join public conversation that's one side. if you look at twitter it's more on the harder side of saying, we're the town square for public opinion. you know, you have to take a position the opposition and threads is doing that. let's be honest, threads is borne from instagram the instagram team developed it. there's a fluid link instagram is sitting on 2 billion active accounts. so, there's the potential of hundreds of millions of potential users that can join threads. you could even say is threads having to chase twitter users? obviously it wants to, but there's enormous upside opportunity here i think, you know, any ceo has to say, look, what are we doing well now well, twitter has not been doing very well so where's the new growth voila, threads this will be interesting to

investors, most importantly advertisers looking to get hold of that huge marketing opportunity that threads has because of the relationship with instagram. >> "new york times" got a look at an internal presentation that shows the u.s. advertising dollars were down 59% from the beginning of april through the first week of may. and instagram, conversely, is one of the top platforms for sponsored content, according to later. when you're looking at the very tight constrained ad market we're looking at right now, do you think there's any headwind for meta launching threads right now and trying to get advertising dollars for this new platform >> i think the key question here is scale can they scale it up quickly enough to make that attractive we still have 400 million users on twitter that's a sizeable number it's all about scale there's definitely going to be interest but the reality is going to be, well, where's your scale so we can start exploring

the opportunity? i think advertisers are screening for other platforms and channels to get their message out. this is exciting but it doesn't have the scale right now >> let's talk a little bit about other ways advertisers expect to get exposure through influencers. we know that advertisers are starting to shift their legacy ad budgets to this particular area and now the ftc has come in and updated its guidelines so these influencers have to make it much more clear that what they're sponsoring or talking about is actually paid content do you think that's going to hinder the people who are choosing advertising through influencers? >> i think so. there's two things threads needs to be doing here one is about verification. how can we trust the a authenticity of the -- of the celebrity endorsers and influencers?

that's really key. you just said that there about the ftc making an inquiry. part of it is around policies that maintain trust in the platform and also avoid any misleading advertising practices. meta has issues on that front, too. i think those are two tactical initiatives, verify guidelines and policies and make that very clear in the proposition >> and just, by the way, the guidelines will apply to influencers on instagram, tiktok and snam and lots of other platforms. dean, nice to talk to you. thank you. bed bath & beyond filed bankruptcy, and selling off assets, including its brand name, so why are investors still trading the stock? as we head to break, stocks in the red off the lows of the day. you can see the dow industrials down a percent you have the s&p 500 down 0.8% and the nasdaq composite down

0.88%. took me a minute there three or an eight. >> little numbers. myplan. nd now she has the first unlimited plan that lets her choose exactly what goes in it. now she gets to pick only the perks she wants and saves on every one. and with an incredible new iphone on us, no wonder sadie is celebrating. introducing myplan. get exactly what you want. only pay for what you need. act now and get iphone 14 pro on us when you switch. it's your verizon.

mean traders looking for any sign of life they can in bed bath & beyond to the point they're betting money on a near worthless stock because of the word, are you ready for this, teddy. here to explain that, kristina partsinevelos. hi, kristina. >> hi. what do bedtime stories, a bankrupt company and memes all have in common the speculative connection on reddit gamestop chairman ryan cohen. bed bath & beyond filed for bankruptcy in april, delisted in may and now trades as an over-the-counter stock that a lot of people aren't usually interested in because their bonds are worthless, especially at overstock paid $21 million for all of bed bath & beyond's ip yet the shares on the over-the-counter market have soared almost 300% since it's delisting, which is pretty uncommon for a bankrupt business, to see such a spike, especially when shareholders are the last to be paid in any sale. the reddit crowd has its theory

involving teddy holdings which filed trademark applications to be online marketplace for towels and bedtime stories. the reddit crowd noted tedding holding address is the same of teddy bear books written by ryan cohen. he did cash out of bed bath & beyond just last year. he made over 50 -- you're seeing on your screen, $59 million. and now investors or the retail crowd are hoping toeddy may ste in to find value in this bankrupt retailer. i emailed and called in numerous cohen contacts to no avail what is this telling us? rumors can move names. meme traders are looking for the next get rich to the moon stock, hoping to connect dots that may or may not be there.

>> it's a fascinating tale sounds highly conspiratorial, though. >> it's enough to bring attention to an over-the-counter name, and overstock is still interested in the actual branding of the name again, they're trying to find hope in a name that is practically dead and find value and hope that the savior ryan cohen will save it he cashed out last year. there's a possibility but i'm not sure what value is left in this name. >> it's a bargain. it's something you might buy on a website that is not great quality but you're like, well, if i get it and something happens with it, woo hoo, i hit the jackpot. if i lose my money, i didn't spend that much anyway. >> isn't that how meme stocks had their beginning? >> good point. >> thank you. exxonmobil lower after

warning falling natural gas prices will drag second quarter profits down on pace for its worst day in nearly four months is this appear opportunity to e y a blue, blue chip name on thdip? we'll trade it in "three stock lunch" next. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro.

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time for today's "three stock lunch "request the we have blue chip names. bank of america, they are lower despite announcing plans to hike its dividend by two cents. let's trade that name and more with dividended by two cents. she's also a cnbc contributor. let's turn first to bank of america, which is down 15% year to date. is it a bargain or something to continue to stay away from in. >> i'm not being yet i think they're a quality company. my concern is they set out a target of 8% it might be harder to meet because i heard it described very well the raw material costs are climbing interest tremendously long gone are the days they can hold onto everything paying o the 0.1% interest account. there's a rising cost to

deposits and you might see slow growth growings. it's not something you need today. >> victoria, american express is down by nearly 4% after a downgrade from baird from outperformed to neutral. the firm says the risk/reward is no longer attractive, but it's up 15% year to date. would you get in in. >> yeah. i actually am a buyer. it's one of my favorite picks. i think they have a more loyal customer base. they're not just credit cards. they have a huge following in small business lending they've expanded into captured in the millennial market travel is still booming. they're on pace. they're 1140 eps for 2023. their net charge-offs and rates

are still below pre-pandemic levels i think all of those things are the positive sign of this very well rounded company and it is a buy on the dip. >> finally let's turn to exxonmobil slipping after seeing the second quarter earnings will be hit by lower natural gas prices where do you stand on exxon? >> it's not just lower net for me just because this market is tightening and they cannot get out of this commodity downturn no matter how hard exxon tries, especially the refining profits, record levels are hard to hold onto it it's hard to see in the second half because they cannot produce at record levels when you kent get wti to stay above 70 it's improved from dismal to lightly wearable i think they're facing an uphill

battle they're still going to be able to cover their dividend and do share buybacks i'm worried the stong's not going to be able to hold onto a hundred and might slip below it. >> victoria, we're seeing the markets down today where do you think we go from here >> i think you do get a little bit of a setback even though july is historically a strong technical month, i look at it and say it's right for a pullback expectations are not rock bottom it's going to be hard when you have companies that are determined to raise rates another 50 basis points. we're still seeing liquidities maxed out. that's more and more liquidity that's not available to the average customer, and the one thing i want to point out. today's numbers came from private payrolls this is not the same data we've seen on the household report

the one we've seen going up. so we have this dispersion in employment data. how healthy is it? it depends >> victoria greene, appreciate so much you joining us thank you. >> thanks so much, guys. >> 72% of americans don't feel secure about their finances. tis saryreturn, we'll reveal the ambioula amount they said would help change the way they feel. we'll be right back. >> announcer: catch the market zone today and every day on "closing bell" sponsored by etrade and morgan stanley. help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley

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here we are. welcome back to "power lunch." we have less than four minutes to go before the end of the show and a bunch of more stories, so let's get to it. rate hikes as much as 50%, that follows steep increases in january, april, and june so you might be surprised to see reinsurer stocks underperforming the market they had a huge run-up at the end of last year kbd insurance analyst said these higher rates will translate to significant property insurance rate hikes that and insurers are under pressure from consistently bad weather, hail, thunderstorms, tornados, and on the hurricane front, we got an updated forecast saying it's going to be

much more snoo. >> the bottom line is when nature goes up, so does your insurance. >> you nailed it. works americans say they need to earn $233,000 a year just to feel financially secure. that's the magic number. the average full time salary in the u.s. was around 75,000 per year as of 2021. $233,000 a year makes you feel secure in most parts of the country. >> it depends where you live tech industry has seen more than 200,000 layoffs last year, and data shows women workers have been disproportionately affect analysis from the website finds that 48% of those laid off were women. the men far outnumber them in the sector, way more than that we should note ai used a lit of

names to determine the percentage that, of course, could lead to inaccuracy and selection bias. >> i wonder if this is a case of last in, first out maybe they didn't have the ten near or there's discrimination or what? >> or they take on hr and markets rules that's less than coding and so forth. las vegas is losing some of its magic as a new era of entertainment begins the famous tigers that were part of siegfried and freud's act have left. hard roque is the new owner of the mirage, which is the longtime home of siegfried and roy. it's making way for a plan that includes a new sphere. that new sphere we mentioned yesterday at the venetian. the last vestige, they were

displays or exhibits with some of the animals >> vegas is great at reinventing itself it keeps doing that to stay ahead of market demand it gives the customers what they want. speaking of the market, let's look at where they are down about a percent for the dow and 3 quarterers of a percent for the s&p and nasdaq we'll have more. thanks for watching "power lu lunch". welcome to "closing bell." i'm mike santoli in for scott wapner, this make or break hour begins with stocks falling and bonds hiking we look at some hawkish fed speak. here's your score kord with 60 minutes left to go down just about 1% the s&p 500 has almost halved its maximum drop for the day it's down almost