tyler mathisen coming up regulation nation. companies facing more and more regulatory scrutiny. regulation is back and not just one industry more is the pressure coming from just one source. plus, getting a pulse of the economy. talking to two power leaders shining a line on the consumer ceos of crocs and the travel and leisure company joining us live. a check on the markets things mixed dow the laggard downed 32 points watching it closely, because closing in the green for the dow making thinks 14th straight day of gains something that hasn't happened since before 1900. meta surprising wall street. off highs but still up reporting better than respected results and guidance living up to promise of more efficiency in that year of efficiency love to talk about diving deeper into that later in the show as higher by 5% other earnings mover, chipotle, ebay missing results and comcast

higher on strong results and touting success of last weekend the box office, ty, didn't see "barbie" but i want to. >> i don't know how chipotle could have a revenue miss with how many times my son and his buddies go there nevertheless, got one. begin with growing scrutiny facing corporate america as we've covered. ftc ramping up antitrust measures and today capitol hill taking aim at big technology though refraining from holding mark zuckerberg in contempt of congress fdic along with the fed putting big banks under the microscope again. begin however with the sort of bad week for big tech in d.c. with emily wilkins emily? >> reporter: good afternoon. lawmakers are escalating war on big tech today with a proposed agency meant to rein in 34e9 meta, amazon google and other major tech corporation senates elizabeth warn er and

lindsey graham overseeing tech companies. regulatory group reviewing possible mergers and limiting ads. the bill is full of "unpopular ideas and consumers don't want to ban going's maps or break up amazon prime whether under new commission or a current agency." one bright spot, though, for big tech chair jim jordan canceled the vote holding mark zuckerberg in contempt of congress republicans currently investigating whether the white house pressured meta to remove several facebook posts jordan initially accused him of withholding information from the committee. additional documents seemingly satisfied the chairman's concerns at least for now. notable that lawmakers even threatening to hold zuckerberg in contempt is really noteworthy such a move usually reserved for politicians.

not ceos of major companies. it is, emily, unusual for two senators soar the diametrically opposed as elisabeth warren and lindsey graham to come together on a bill what's the origin and aim of that bill? >> you have seen both senator warren and senator graham on their own raise concerns about big tech these concerns are pretty wide-ranging dealing with privacy, antitrust national security. competitiveness. you see kind of warren and graham saying, look, all these ideas, want to do these things why not instead of leaving it to congress which can take time create a commission that might be able to move more quickly and more flexibly. the hope that this could actually go to the senate judiciary committee where lindsey graham currently sits. hoping he can have sway there. really in the sense that there is support for this. you've had similar proposals proposed in the past from other senators and there's a sense

this could have momentum as long as they actually find time to do it a lot in d.c. to get done obviously before end of the year. >> emily, obviously, you reported here, zuckerberg was not ultimately held in contempt. are these documents enough to satiate what lawmakers looked for at this point or what's next for zuckerberg and the company as i'm sure this is not the end of the discussion about regulation >> certainly don't think jim jordan would classify this the end. a thorn in republicans side a while. social media networks and platforms really have been censoring conservative speech. those platforms pushed bay saying they try to make sure they are getting rid of misinformation a bit of push and pull and might end up with legislation. of course, you have divided government now this investigation is partisan i wouldn't expect anything too big to be coming from congress on this. given everything they have going

on and the fact that republicans onlycontrol one chamber. >> emily, thank you very much. let's switch over to the growing oversight facing the financial sector new capital rules disclosed for the banking system leslie pick hearer has more. >> highly anticipated. don't expect this to be the end of the road, because regulators are revising the capital framework essentially formula for assessing riskiness of each firm to determine a new higher buffer to protect against financial stress these changes would result in an aggregate 16% increase in common equity tier one capital requirements the effects vary for each bank base and activities and risk profile. regulators say most banks currently have the capital to meet the new requirements. vice chair michael barr spoke about the so-called basel three end-game changes at an open meeting a short while ago saying capital requirements "must be aligned with actual risk so that banks bear important is for

their own risktaking." >> the goal of our action today is simple. to increase the strength and resilience of the banking system by better aligning capital requirements to risk as we learned earlier this year, banks with an adequate levels of capital ofvulnerability causes contagion threaten the stability of the banking system, hurts families and businesses. >> the banks in particular lobbyists already pushing back on what's expected to be a fight through the four-month comment period fed chair jay powell shared many of the industry's concerns. >> raising caste requirements also increases cost and reduces access to credit and the proposed very large increase in risk-wacted assets for market risk overall requires us to assess the risk large u.s. banks could reduce activities in this area threatening a three cline in liquidity and critical markets. in a movement some of these activities in a shallow basis.

>> the final version of the rules a face-in period july 2025 with full implementation by 2028, obviously the debate over these new rules starts today. >> leslie, wondering, what risks are they trying to assess? many banks, we have more than enough capital that's not really what was at the heart of the issue in so many bank dealers earlier, previously this year >> the key interesting aspects of this, actually increasing regulations for banks that have a minimum of $100 billion in assets typically, historically for these larger firms, but lowered that threshold in wake of what happened in march and april, which showcased the overall julier in acts, contagion effect of banks, smaller than we're used to see highly, highly regulated poses to the system. right now the way it currently works using internal models. each bank has her thoen calculated risk assets

this would standardize it and then also have an expanded version that looks as different areas of risk including operational risk including aspects of counterparty risk. relates to derivatives contracts. credit risk. kind of broadens the market risk as well. broadens the scope by which they are subjected to assessing their own risk assessing that framework that, they say, kind of increases tier one capital requirements by 16 percentage points in aggregate. >> wouldn't that almost definitionally mean less lending. >> less buybacks, dividends for investors. important. that access capital that cushion, oftentimes where banks suite sit and say maybe return some of this to investors in the form of buybacks and dividends additionally impacts ability and willingness to lend.

as a by-product, deter credibility out there. all things worked out throughout the comment period some version of this will go into effect. >> leslie picker, thank you. more on growing regulatory scrutiny here in the united states bring in cnbc contributor. is regulation coming back, jimmy? >> ah -- yeah. it is coming back. the more short-term reason is you have a split congress and if the biden administration democrats want to get anything done, it's probably going to be through regulatory state, agencies that give odors br orders. the global financial crisis over a decade ago, climate change and rise of social media has made it a core sort of concept of democratic economics that this is a badly underregulated

economy. i think that's sort of the long-term scenario. >> you've got, i guess, regulatory agencies, antitrust officials and others looking at bigness. big banks. bad to be a big banks these days bad to be big tech these days. is bigness the target here >> it is it's sort of a throwback to sort of the way democrats and antitrust worked back in the '30s, '40s, '50s, '60s and then different. worried more about consumers, bigness, wever a company was big didn't matter. how was it affecting consumers now it's back to bigness and corporate power. yet i wonder if the window isn't closing a little bit on that sort of view especially in technology after all it's the big tech companies which are also leaders in ai which is supposed to be the next big technology.

kpooet competing with china commercially and in national defense. the national security aspect will play a role here. >> of course, all of this technology is constantly innovating sort of the whole point. right? moving us forward. if you're returning one of these big companies, if you're mark zuckerberg what do you do proactively making sure that you can still have that runway for innovation, but also not ticking off your senators at the same time >> yeah. i think the argument i would make and one some technology companies are making really twofold one, they bring up the china issue. which is -- there's legitimate aspects to that. we're competing with china and do we want to handicap our biggest technology companies then a more fundamental issue. look, imagine it was 1985 and you wanted to come up with a sweeping bill to regulate the internet ridiculous it was barely there. it was -- just beginning

it wasn't really going to have the web yet. might be we where we are aai and not possible the argument we're making. early in this technology, and a bad time to regulate it. listen, i think if we had a massive, new regulation of social media, there have been a lot of opportunities seemed like a more relevant issue over the recent years than it does now. they have not been able to do it i'm very skeptical of this agency or any other big sweeping bill will happen. >> is there a world in a world where, is there a world in which anti-woke gop senators and congress people find league with anti-big democrat senators and congress people? >> well, i think that is one, if you saw the other side of the argument, that's it. that republicans aren't sort of the republicans you used to know these are sort of the populiss

maga aspect has a problem with big companies. unfortunately their critique is different than democrats making it harder to come together on legislation. i think if you're going to get a bill you would look at those kinds of senators and lindsey graham has been active on social media. does that go deep enough in the gop that they're actually going to get together and start smashing big business? you know, taking over, have little googles, cripple amazon and they're going to take instagram away from facebook again, still seems unlikely, but if that was, that is a scenario you would outline if you thought it would actually happen. >> james, thanks appreciate your time coming up, that increased regulation extending to the state level. california investigating tesla over autopilot system. details on that ahead. plus, crocs kicking rocks. especially the shoe brand down

13%. jumping on any sign of weakness. the ceo is next. and as we go to break, technology up 13%. revenue guidance meeting expectations there negative side insurance willis powers missing on results blaming inflationary conditions and plus investments. "power lunch" will be right back. 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!

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welcome back to "power lunch. kroshg crocs trading lower. beating top and bottom lines a

mixed outlook namely revenue looking for reasons to sell shares up 60%. a "power lunch" exclusive, the ceo of crocs andrew thank you very much for being with us here also there's disappointment what's happening with the hey dude brand worrying deceleration, perhaps even oversaturation. what's going on? >> yeah. look, i think as you said in your introduction record quarters in quarter two over $1 billion of revenue incredible levels of profitable strong debt fadeout and cash flow et cetera looking to the future investors are nervous about this a new brand. new to us, bought it a little over a year ago. and it was also new to them. relatively new brand on the whole consumer landscape a tremendous nervousness around the brand. lowered expect aceations rest oe year related to wholesale business as

we see bookings for the business and think wholesale channel is nervous about what's going to happen the back half of the year dealing with old stocks from other brands don't have strong history on hey dude and unfortunately because of our constraining warehouse capacity we don't have a lot of capacity to do a lot of at-once business short-term orders put in and respond quickly. all of those things, a new house opening later in great position for future and a very strong level of confidence in the brand for the future over the long-term. consumers actually going to love it, and take away fo consumers second quarter up 27%. very confident about the future but i think a few wrinkles to work through the next six months and investors are super sensitive to that right now. >> then do you disagree with your wholesale partners about % their nervousness when it comes to the inventory that they're looking to buy from you?

in hey dude, in crocs or just in general. >> we do i think we have more confidence in the consumer than perhaps they do. our direct to consumer business in the first half of the year was incredibly strong. right? we see strong double-digit comps on both retail and econ and i think direct to consumer business up 21 percent across both brands for q2 much stronger than wholesale partners part consumer attracted to brands coming into our environments and getting service and satisfied by what we have to offer and loving what they see so we have more confidence and so ways we can respond to that, i think wholesale part pushing a little bit of the inventory responsibility back to us. we can accept a little bit of that and help to share that burden with them, but have some constraints now. definitely work through it we have a very strong long-term

confidence. >> how long do you think it's going to take to fix what you think you need to fix at hey dude i presume answer, you have no regrets over the acquisition >> yeah. absolutely no recigaretgrets ove acquisition. paid $2.3 billion over a year ago. borrowed money to buy the company. of that $2.3 billion we paid down $850 million in debt already. we have strong line of sight to significant incremental payouts. the company has grown 80% over the last two years two-year stack growth rate highly profitable. earnings and a good long-term potential. in terms how long does it take to drive i think greater clarity about its future we're confident hey dude, for example, will grow next year and grow substantially next year so i think it will work out very

well and in the not too distant future. >> andrew, before we go you obviously sell around the world. china up triple digits is that something a result of the reopening or something that you think you can sustain going forward to some degree >> it's two things right? there is reopening there for sure up against lockdowns from last year that triple digits is way above industry average that's really a testament to the work we've done over the last several years investingened anne gauging with the chinese consumer bringing in full crocs playbook and fixing structure of that market across perspective, penetrating their market and we see that as a early sign of a long-term growth rate or a long-term growth potential in china. in essence, to your question, can we sustain high levels of of growth in china? and get much greater levels of penetration in the chinese market which is second biggest market in the world, absolutely.

>> ceo of crocs. thank you for joining us today going through your report. appreciate it very much. further ahead on the program hearing from another power player on state of the consumer. ceo of the travel and leisure limpany. i ke both. joining us when "power lunch" returns.

market which is second biggest i like both.

check out action in the bond market with rick santelli. >> hi, tyler a lot of action. all started this morning with a long line of data. most of it pretty strong if you look at what was going on with durable goods 4.7. the best in three years as you see on the chart what i find fascinating back farther. now at pre-covid levels. actually high side of pre-covid levels something to pay attention to, and didn't end there continuing claims very well behaved. a chart of continuing claims at 1.658 million, lowest level since end of last year. sorry. end of january look at ten years, zoom, zoom, zooming. as a matter of fact, almost on cue. 4% while on the air. an important psychological level. why is it there? fed raised rates yesterday

regulators talking about changing capital requirements at banks meaning maybe have to sell treasuries none of that is for sure, but everybody is trigger happy in treasuries and an ugly seven-year note option see it around 1:00 eastern effects there. and also pushed distance between our yields and boom yields to wide 0est level since december call it eight months finally the euros, european central bank raised rates and currency went up then down on pace for a three-week low close. and the dollar upgraded for two week courtney reagan, back to you. bertha coombs has our cnbc update. >> hi. former president donald trump said this afternoon that his attorneys had a productive meeting with department of justice prosecutors today. though posted on social media platform trump claimed no notice given of an indictment however, three sources told nbc news earlier today that his

lawyers were told to expect an indictment from the grand jury looking into the january 6th insurrection and other alleged attempts to overturn the 2020 election the justice department launched a civil rights investigation into the memphis police department looking into whether the department has a pattern of excessive force and unlawful stops, searches and arrests. doj probe will focus whether the department discriminates gets black residents. the announcement comes months after the death of tyre nichols while in police custody, but the new department probe is separate from the a federal investigation into the nichols case. probably comes as no surprise scientists already think july will become the hottest month ever on record, and we still have a week to go. according to the world meteorological association, which noted today that previous record was set in 2019 i got to think courtney, a lot

of air conditioners on sale right now. if you can even find one. >> telling tyler looked at the computer it's 94 outside here in new york. >> yeah. >> it's hot. coming up, big earnings out today. trade names in today's "restock lunch. plus is today the day the dow 'lsestreak comes to an end wel e. "power lunch" will be right back.

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time for today's "three stock lunch" looking at big movers of the day base and quarterly earnings first up, second quarter results boosted by rebound in ad revenue. optimistic guidance third quarter. stock up over 100% year to date and analysts say still more room for a run. here is chief investment officer and gsquared private wealth. your take on meta? what a high flyer. >> i know. still a buy. 18% 19% off isle time highs and products launcheds with reels and what to do with metaverse. kind of a joke now eventually

with tie-inns in vi and vr it will get going 3 of 8 billion people locking in every day and ad revenue continued to increase. this dearth of ad revenue is over saw it with google, meta and a great platform to be on. still a buy. 20% growth next quarter, they say. >> move on to mcdonald's shares higher after the fast-food giant topped estimates. the grimace birthday meal helped drive sales. i didn't know anything about that, but -- maybe you do? >> i mean, hard to keep a straight face talking about the grimace effect on earnings but it was good at product rollouts know their market well. very strategic with price increases and feel even if some foot traffic order is slow they're going to pick up more traffic from people downsizing from sit-in restaurants to fast casual and seeing value deal also seeing this growth internationally. only 47% of revenues are u.s. based. the rest from international and

merging markets. saw great strength in europe including germany and the uk and will continue to be strategic. a well-run and well-executed company. consistency across stores. marketing on point and one of the strongest brand names out there now. for me mcdonald is a steady eddie we bought. >> southwest airline shares down 10% despite posting record revenue second quarter's noting a drop in unit revenue and rising labor costs a lot of talk about labor these days what do you make of southwest? >> they are fighting labor one of the only that do not have a flight or pilot contract long term and struggling because they don't have in the pick-up you saw with delta and united report and a little in line everybody else blew it out of the water in q2. they came in just in line. just really need to work on optimizing fleet, opt might be pilot scheduling getting that contract done and headwind out of the way. pretty good with fuel hedges but

investors wary of airlines a long-term investment bitting them many times and investors are concerned you won't see peak profit and travel continue forward and southwest is so exposed to leisure travel and leaning in harder on leisure travel cutting out some favorite kind of corporate travel routes, shorter routes, early morning flights. if leisure travel sells don't have international and tilting away from corporate. i just see them as weakest airline now. >> interesting southwest planes this summer absolutely packed. stresses me out. do boarding. >> the lines. >> not my favorite but a fun airline. talk about market earnings all three indexes negative now look at dow industrials off a half percent rachel aikens senior investment at wealth management, nearly $2 billion in assets under management welcome.

good to have you with us >> great to be back. >> good. has the market gotten ahead of itself >> well, you know, we've seen just kind of an uninterrupted ride for better part of this year had only one slight pullback back in march and ever since then we've just had these incremental days of 1% or less higher and higher. if you look at valuations, at index level looks stretched. we'd like to dissect the market a little further and say there are great opportunities leading us to believe it's not overstretched under the circus average stock in the s&p, much below the 20 times forward earnings looking at today. you know, earnings are going to be a pivotal part whether this market continues to climb higher but had wind at its back looking at a more resilient economy. recession pushed down the road. really the worst-case scenario, so many macro elements

sidestepped and people on the sidelineses looking at 5% t-bills now looking at 20% equity returns wanting to get back in. >> would you expect or be surprised to see a pullback? >> you know, i think we have seasonality looking at a slower market where we may be able to point to a pullback. i think it would be healthy for the market to take a pause and perhaps pick up a few paces back regroup before stepping forward, perhaps in the -- i don't believe we see even a garden variety pullback, 8%, 10%, stay there long i think there is issue momentum for people to step in and say this is my opportunity fro missing out. >> of course i don't think this is categorized as one of those pullbacks but as session lows trying to see if the dow can make it for that record 14th straight up day. right now doesn't look like we're there. i wonder, raging, if you have

any belief that some of the old guard can come back? some of the market breadth can expand a little bit, that it's not all going to be concentrated in those magnificent seven stocks looking here even week to date and energy strong. materials pretty strong. haven't been able to say that in some time. >> absolutely right. no nap was giving investors a reason for concern we started to see the tides turn a little bit away from that magnificent seven as we call it to other areas in the market mid-june if you look at june versus -- tech versus other areas in the market, industrials and materials actually did better. we saw small caps and mid caps outperform large caps and seeing that breadth continue to widen, and i think just being on a dow watch climbing higher and higher as opposed to the nasdaq speaks to some broadening we're seeing. again, that's a very healthy and welcome thing in the market. >> if you were going to put

money to work today for the next year to five years what kinds of stocks would you look at or name names. >> so i think diversification is always your best friend in the long term. so again, looking at a portfolio it would be allocated across multicaps within the s&p 500 some in mutuals sector-wise. across all sector and looking for opportunity today based on rise in so many areas as of late we look at some unloved areas that have kind of been pushed out to pasture the utilities area real estate investment trust those areas painted with a broad brush, set aside because of their normal dividend attractiveness over last decade no longer as attractive, but in the case of utilities and nextair energy we like you get a great, strong growing dividend but also great growth opportunities. you can marry a company with an

8% eps growth rate the next couple of years, and just increased yesterday by 12% we think that's an excellent opportunity and clean energy whip the wind at its back and profitability tilt there that the inflation reduction sact providing there. then in reits again, another area painted way broad brush really, put to the side. it's another sector that under the circumstances there are so many areas to invest in, and like in american tower there again a great growth story internationally for them and 408, excuse me, into datacenters. a driver. >> thank you so much rachel aiken appreciate your time today thank you. nice to see you. coming up, under investigation. california's security general launching an inquire sbi tesla over autopilot safety issues and advertising complaints key details when "power lunch" returns.

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big news in olympians massive implications as well as evs. we have details. all the rage, evs. >> very much we saw today piedmont length yum! announcing its security key

firm lithium conversion plan in tennessee as the u.s. races to develop domestic supply chains for batteries. plant like this requires dozens of permits the so-called air permit piedmont secured is crucial. the company can build the plant with production slate d for 2026 using lithium imported from ghana. processed in the u.s. qualifies for incentives in the inflation reduction act. the pla plan could produce enough for 600,000 electric vehicles china refining more than 60% supply while u.s. has a lot of lithium only 2% processed domestically according to benchmark intelligence piedmont is looking thing that that with the ceo kelsaying the plan is in an ideal position >> so 2025 the soonest this plant would come online?

>> 2026. soonest? >> yes. >> pippa, thank you. speaking of the ev space, tesla finding itself in the hot seat yet again the california ag investigating the company's autopilot safety and marketing. cnbc's lora kolonny joins us. >> thanks for having me. >> start with issue of phantom breaking in tesla vehicles i point out as i have before i have a tesla and i think i have experienced this phenomena. >> i hope it didn't affect you too badly. so phantom braking is when the car suddenly ecelerates, not coming to a complete stop but slows down for no apparent reason on basis of its autopilot or driver assistant systems overreacting to something they think might be an obstacle inaccurately senses an obstacle

simes caused by overpass or shadow, something like this. a widespread complaint earlier the federal vehicle safety agency investigated the phantom braking complaints i don't think they've come to a final conclusion on that, and now it looks like we learned from sources that had correspondence and voicemails shared the california a.jag att general is looking into that one owner of a tesla told us he filed a complaint to the ftc and the california ag followed up to ask about it and one of his main complaints beyond the braking issue, a safety thing. paid thousands for the premium driving system in his tesla marketed full self-driving and it's not it's not self-driving. not close. those are the concerns we know the ag is investigating, scope of their investigation may go

beyond that. >> the car i own does not have full self-driving but what i call enhanced cruise control function that keeps you in a lane, and the -- the, out of nowhere braking occurs when you sense that some sensor on the car has picked up something. it reacts rather dramatically. a second issue apparently are claims about range on the model 3 and the model 1. maybe on other cars as well. that the cars actually don't get the 330 miles or whatever it is, that tesla claims they do? >> that's right. reuters had a blockbuster investigation out this morning talking about how tesla's, even in vehicles overly optimistic telling ing drivers how much rae is left on the battery tesla has been marketing this as the world-class range to get the most miles per charge out of all the other cars on the market,

and independent researchers reik overstated that range. >> interesting has this, either of these issues raised to the ledgvel of a form inquiry and wa, if anything, does tesla say about either of these issues >> tesla hasn't responded to press requests in many moons elon musk dismissed the traditional pr team, of course, doesn't book itself. said that before clearly some business development, government reses and other people, but simply don't answer our questions. >> thank you very much. >> thanks. does make it hard to do reporting. hence the case. still ahead, the travel trade time share giant and leisure missing second quarter estimates as membership sales fell 5% from a year ago. and postpandemic travel boost starting to pay? we'll ask when "power lunch" returns.

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welcome back to ""power lunch."" the travel and tourism sector on the broader economy. travel demand is strong. southwest says it could be

softening. travel and leisure said there was a miss on revenues for more let's bring in ceo michael brown. thank you so much for joining us i guess that's a great place to start. where are we when we're looking more broadly at the state of the travel market? we all needed to break out of our homes post covid, but has that boom peaked >> well, travel continues to be strong in 2023 and it may have softened slightly from the pent-up demand of q2 and q3 of 2022 but that was abnormal leisure travel has been in demand and i don't see it softening assuming the macro economic conditions don't change what i think you're seeing this year is a rotation of how people are changing people are getting to places they didn't get to go to to

covid or last year international travel i heard the cruise commentary and that's creating a little more competition in the u.s. i can say for our business, our demand and arrivals for the second half of the year are no different than they were in 2019 so leisure demand is here, it's just rotating a bit on the type of travel. >> and where is the demand highest in your business how is the heat wave impacting it >> let's start domestically. the beach resorts, when we look at our searches and when we look at travel, they're at southeast destinations european summer travel and as well the mexico market has really come back in force and

it's been that way for over a year again, i think if we look into next year some of the demand of locations where people haven't been to in three or four years will come back and the distribution of travel will be a bit more normalized between domestic and international. >> i'm curious about mexico because there are some safety concerns there are you hearing those at all >> i think we tend to hear the headlines of individual incidents that occur in some of the resort destinations, but places like los cabos around cancun and put tpurt to getting airports to resorts. sometimes old news plays out longer than it probably should, but the mexican destinations

have really stepped up the quality of the travel experience and the arrivals would say no. and most of those arrivals, if they're not domestic mexicans, they're coming from the united states. >> michael, obviously there's some debate about where we are in the economic cycle. some believe that a recession may still be coming. others believe perhaps we're past it. how does a timeshare company like travel & leisure typically hold up when economic times do face softening >> i think it's one of the beautiful aspects of our model in two different respects. we sit at the nexus between what's great about hotel rooms, brands you can trust, loyalty programs, meeting your expec expectations combined with the benefits you can trust in a recessionary time, 80% of

our owners have fully paid for their ownership so they don't have to make a decision whether they're going to travel in the event of a downturn. they've already paid for it so it's simply do they want to use their vacation what we tend to see is they might transition from a long haul destination to a drive to to save that incremental money, but our owners are still going to go on vacation. and we've already seen that because the arrivals that we have, 121 days out are no different than they were in 2019 despite all the news we've heard in the first six months of this year. >> miechael, thank you very much we appreciate your support more on the market's wild swings today looking like that 14th day of dow gains? well, got to do a little work to get there. we'll talk about that thwi bob pisani and more when "power lunch" continues

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volatility. >> you have it moving up over 4% in a little over the technology and the prices. >> the managers, guys, that will be okay. >> the bonds and the hotel.

>> the win streak has been 13 tenuous. >> doesn't look like it. real estate is the second biggest lager. of course, they're very sensitive to interest rates. thank you for watching "power lunch. >> "closing bell" is here. guys, thanks so much welcome to "closing bell." i'm scott wapner live at post 9. big interview a held goldman's jan hatzius. they say the fed is done we'll talk to him in a few about that call. in the meantime, this make or break hour begins with the dow's historic run the index trying for its 14th straight day of gains. something it hasn't done in more than 120 years underscoring just how this rally has broadened out. you can see this late day fade is putting all of that in jeopardy here's your scorecard with 60 minutes to gin