we'll see if anything changes. it has been somewhat muted day here at least right now before we hear more details on the fed's thinking, will they hike, will they pause, we'll have to wait and see we're going to discuss everything and see if the market can make some moves. of coursed watching the yields and ten year as well steve liesman has the details for those minutes. what you got >> minutes from the fed's most recent meeting show that most of the participants in the meeting still saw significant up side risk to inflation that could require further tightening so at least in that one statement there, pretty hawkish outlook from the federal reserve. but hold on before you make your immediate trades because these minutes are a mish mash. some saw down side risk to the economy and up side risk to unemployment so that kind of sort of works against that but it is a smaller number than

the most who are concerned about the up side risk a number were two sided and we learned for the first time in these minutes that couple participants, just people at the table there among the bank presidents, wanted to keep the rates unchanged so that they were not in favor of -- they were not voters apparently or if they were, they didn't vote what they said their concern was, wanting to keep rating unchanged. going to on give you some positive comments and i'll offset those with negative or hawkish comments on the dovish side, some saw signs that inflation could be softening. continuing signs of supply and demand in labor coming into better balance tighter financial conditions were expected to slow consumption and gradual slowing appeared to be in progress in the economy. that was back when they met in july however, that has not been the case here are some of the negative hawkish comments they said real gdp demonstrated

resilience that has been the case over the intervening period and the economy showing considerable -- again, that is the case this group saw payroll still high and several said significant disinflation had to become apparent in core services for the fed to relax on the idea of raising rates in the future there was a high degree of uncertainty over the effects of past hikes and one other thing that i want to leave you with, this notion that says that below trend growth is needed to bring supply in line with demand we have not as you know from our discussion had at least forecasts here for below trend growth so that group in the fed not getting what they want in terms of below trend growth. >> steve, thank you very much. stick around for more reaction to the fed minutes, let's bring in steven stanley, chief u.s. economist. mr. stanley, good to have you with us. i'll call you mr. stanley because we still have steve

liesman and i don't want any confusion. what is your reaction? >> sounds like what we heard from chairman powell a few weeks ago. from june to july, growth data was stronger and inflation data was softer and it kind of offset and i think it left them where they had been if june which is most people were thinking that they were going to have to go a couple more times. so one most past july. >> and do you expect that to be sent or not? >> i actually think that they will skip the september meeting. i think that they are on an every other meeting tempo. i think that they will skip september and take another look. >> so november is the last one for a while? >> it defends on the data, but i think it will be >> and what about the point of disinflation and housing to relax those hikes. that has been a key sticking point. >> yeah, we've gotten some better data on inflation and what i think we're waiting to see is if that has staying power, will inflation decelerate or stay hot. the fed models would say that if

the labor market is at hot as it has been, inflation is probably going to stay pretty high. and so we've gotten good news, but not clear whether it will persist. >> so in this environment, how long would you have to see a trend of less hot inflation if not deflation to sort of feel like, okay, we're on more solid footing here >> so we have two months of good cpi numbers. i think if you get, you know, three or four, then you are starting to get to a point where you can say okay, at a minimum we can be very patient maybe we don't have to go -- or we can just pause for a while and see what happens but there is always the risk inflation may come down for a while and then reaccelerate. so you are kind of hostage to the data >> how do you handicap recession risk if at all >> i don't think that we'll see recession in the near term i think the consumer is still very strong which we saw yesterday with the retail sales numbers. looks like third quarter g gchlt p could be very robust

but i think for 24, there is a bit more of a risk i think we'll probably muddle through. but if we get a recession, it will probably be next year >> interesting in a political year >> oh, yeah. >> because very hard for an incumbent to run against a slowing economy. >> sure. >> right >> yeah, i mean, we're not thinking too much about that just yet but that will be a big deal in six or nine months >> steve liesman, you are still with us. and steven here makes a good point about retail sales and the potential for reacceleration when i saw how strong the numbers were, that was my first fear the consumer doesn't really appear to be at least in the broad sense really slowing down in spending. is that potential risk for inflation trends to move back higher, go the opposite way that the fed is intending >> it definitely is. first of all, i want to point out for tyler that steven spells it stephen so i can hear the difference >> right >> so just to be clear about

that but these minutes i think would be a problem if we didn't have jackson hole next week because i would be thoroughly confused with very little chance of getting unconfused, but next week we'll have a bunch of interviews with fed officials. the fed chairman will talk and i want to remind you of two of the headlines one is that most still saw significant up side risk to inflation that could require further tightening i don't know if that is still the case because since then, we've had another inflation report and then there is this idea about the requirement that we have below trend growth to bring supply and demand into inflation. we are moving the other way. that is very significant to me and i don't know how fed officials are processing that. it is going to be very important to listen to them given, you know, courtney's question of retail being so much higher. you have this crazy gdp number coming out of atlanta fed of 5.8% following an up side surprise in the second quarter of 2.4%.

so there are really important questions on the table here as to whether or not the federal reserve amid what it is saying here of lower inflation, some cooling in the job market, feels it needs to lean more heavily against the economic momentum that is out there than we believe. i think that stephen is 100% right that september is not on the table. but november could be on the table. and who knows about even more depending on how much they think that they need to press on this economy to get it back down towards below potential, not where it is right now, which is well above >> all right gentlemen, thank you very much steve liesman and stephen stanley. thank you very much. well, let's get the trader's take on the fed minutes. rick santelli is standing by in chicago. we've been paying very close attention to the yield what is going on here? >> you know, it is very interesting because yields were definitely on the up side. they have been on the up side. but since the release of the

minutes moments ago, as you look at two day charts, there hasn't been a lot of movement two year note yields right around where they are at now, 4.96 dollar index very firm but it was firm before the number the real issue here continues to be what steve liesman said, that there is generally an amount of con 23fusion whether they read e statement or listen to press conferences, but the number that jackson hole will clarify this, let's see what a trader thinks paul >> hey, rick >> well, we just had the minutes. before i get into the meat of what i want to ask you, what were your thoughts, what can we extrapolate? >> we didn't see much. down 0.1%. that is nothing. >> what about volatility >> vix same. you can see down here it is pretty quiet >> when you deal with clients and customers, and you talk about the federal reserve, be frank here, there is a certain

amount of notion where many believe that the fed has some crystal ball, they can see a little more clearly versus us or the average investor would you agree with that? >> i think people want to feel that way right now i think that we're seeing a little less certainty that there is a clear path >> i would agree with that okay so if our hypothesis is the brightest and the best don't have an historical sampling to compare this particular series of events post covid with anything in the past, that means that we're in a unique spot. so how do you deal with it from the equity and volatility and option perspective >> well, we saw a few weeks ago when it was at their highs, we saw very sizable orders coming into the options market calling a top, maybe a low in vol. >> and they were pretty close. >> well, that is how it turned out. with the rates curve steepening

on the back end especially impacting valuations on big tech, the stocks have led us on the way down volatility has started to come back out a bit, short vol strategy is doing better the last few days. so the next move will tell us if we really did see the top there or if this was just a healthy pullback >> sounds like you believe we're at sort of an equilibrium in the equity markets that after all the shorts got out the last 2 1/2 months basically we're at a point where we need to monitor new developments in the data, which would be the inputs. >> yeah, data will still matter. i think when you have less certainty, data will push the market on. >> real quickly though, i tell you one thing that isn't equilibrium, that is interest rates. pay close attention to 4.25 and which side of that level ten year note yields close because that could change a lot moving forward. courtney, back to you. >> you know, kelly evans will be

disappointed she's not here today watching the yield on the ten year coming up, target slashing its forecasts. retailer trying to hold on to the consumer we'll discuss that and further ahead, we'll speak with two power players in the auto industry, ceos of gm and hertz will join us live. my cpa told me i wouldn't qualify for the erc tax refund,

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target shares higher as earnings handily beat estimates but still a miss on revenue and slashing its full year sales and profit forecasts as shoppers show signs of slowing discretionary spending so what is the real story? the quarter wasn't a clean one our next guest still sees more up side for the stock despite it all. managing director at piper sandler is joining us now. ed, i have to say, i saw target's results i know expectation hes obviousl lower. but then you have a retailer like tjx, very discretionary in what it sells. largely clothing and home goods. they had a really good result. and so what is going on here, is this a target issue? >> look, i mean, i think tjx may have been more of a oneoff that is one of our top picks right now, but i think that we're still in a mixed

environment. diss discretionary trends are still difficult. target talked about the traffic trends improving from june to july and so again, second quarter i think it will prove to be a tough one for discretionary, but certainly not getting incrementally worse which i think is pretty positive >> and so i understand what you are saying about some of the green chutes that target referred to. and july improved over june. but if that is the case and they beat profit by 41 cents over the street, why take your profit forecasts down by a dollar for the remaining two quarters an lower the sales guidance >> just trying to be conservative.anlower the sales ? >> just trying to be conservative. just wanted to make sure that we were positioned correctly we actually lowered estimates earlier this week based on the data we were seeing in terms of traffic, but i think the bigger

picture is less what we see this year but longer opportunity '24 and '25. and what we heard from target today while still early gives us confidence that they can regain some of the margins they have lost for the past couple quarters >> a guest in the last hour gave his diagnosis of what has ailed target over the past three years. if i asked you that question, what would you say has been the problem? >> i think some of it has been mixed. we've been in this environment that has been very focused on food and must have items and this has been really since inflation started. so i think that ailed target given that they just have a lower food mix than some of their other peers. i think some of their peers are taking out of target's playbook. target is known for great merchandise, private label and so everyone is getting better at private label and apparel. and so i think that has hurt target to some extent. and i think the bigger

overarching reason that we continue to watch is you see a walmart that is getting better at the more up scale consumer, the over 100,000 consumer. that is target's wheelhouse. so certainly more head to head competition than we've seen in a long time. >> so the competition -- the other guest pointed to inventory issues that seemed in hisbedevi. >> they were down 17% year over year very constructive inventory. we feel pretty good with b. where they are for the balance of the year. so i think the gross margin results really pointed to that they missed on top line, yet grosses were up over 550 basis points that doesn't seem like an inventory loss >> i have a question about the cadence of what is going on with the comparable sales results so they put up a negative 5.4% the last time the comparable

sales were negative was starting in the second quarter of 2016 and ran for four quarters. at that point, that was right around the time that target had posted a blog post allowing its customers to use whatever bathroom that they chose based on their gender identity they got a lot of backlash in one of those cultural flash point moments. and we know that during this quarter, there was another flash point moment when target had pride merchandise take that some customers were not happy with, there were threats against employees and shoppers and so as a result they made some changes. executives said very clearly to me yesterday that they saw business be hurt in may and june and after they made the adjustments, that it normalized in july. so i guess my question is, can we expect this to be a oneoff quarter or will we see what we saw in 2016 where it is going to take some time for them to build back whatever business that they

lost because of this controversy? >> i think that it will take some time. i'm not sure that it will be as significant of a falloff or the duration it was back then. we do think that it will take some time. we're currently modeling kind of negative to mid single comps for the baflt year and you heard on the conference call that we have to be a retailer for everybody inclusivity. and so i think hopefully the likelihood of unforced errors like this probably goes down the other piece i'd add, target does really well during holiday moments. we're in this between season of back to school and halloween and thanksgiving and christmas so we put our estimates where we put them, but this is seasonally a good period for target >> so let's talk about that unforced error it is an interesting point was the issue here where the

goods were displayed, was the issue that these goods and the displays that went with them in and of themselves aggravated certain shoppers what -- and how do you thread that needle if you are target? >> it is an increasingly difficult needle i think for any of our companies to thread and one thing that they had indicated was that some of the permerchandise was out earlier n some of their peers. so maybe if you put it out between wtwo weeks later. i think some of the merchandise. but ultimately they keep saying inclusivity. and so i think that you can embrace all that without necessarily be kind of on the tip of the speer >> and target shares have fallen but still hire by 4% i'm surprised. should i be, are you >> i would have thought shares would have been up hire given

the magnitude of the gross margin beat. but i think that target has had -- and go back a number of quarters of misses, i think that this is certainly a show me type story. so yes, some improvements within the quarter and i think that we'll have to measure them the next couple quarters to decide whether, a, they can hold on to some of the pandemic ins and b, get back some of the customers >> thanks for joining us and further ahead, counter intel, china crushing intel's plans to acquire semiconductor details when "power lunch" returns. in your top eligible spend category. hi. ♪♪ you don't have to keep tabs on rotating categories... this is the only rotating i care about. ... or activate anything to earn. your cash back automatically adjusts for you.

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a new potential bidder reportedly emerging for u.s. steel. pippa stevens is joining us with the latest we said the other day this company is in play and it is >> and the bidding war for u.s. steel could be going global. arcelormittal is considering throwing its hat into the ring according to sources

this is after an offer of $35 per share one day after another offer of $35 per share through a mix of cash and stock. u.s. steel called that offer unreasonable but it received multiple unsolicited proposals and sticking with the metals trade, we are seeing weakness with steel, copper, aluminum and tin all lower and in the red for the week dragging down some of the largest miners with the global x copper etf down for a ninth straight day for the first time in four years so weakness in the base and industrial metals. >> is there really any doubt that u.s. steel will get taken over >> that is not a question for me but it seems like there is now a bidding war emerging and seems like multiple parties -- we know multiple parties are interested. but i think that -- >> one all cash. >> yeah.

and i think some key considerations include the doj and whether or not that would be seen as an anti trust issue. so that is one key thing to watch. and also the usw, that union is so incredibly important and they have detail rates. >> and one of the potential buyers is foreign or we think? >> yeah, they are foreign and they are reportedly considering offering a bid so we don't have full disclosure yet on that one. but it is interesting that -- cleveland cliffs did buy u.s. assets a couple years ago. and so there is some -- i wonder if they would be interested if re-entering the market >> fascinating stuff >> a lot to watch here and coming up, hertz and gm standing firm on the future of ev car rentals ceos will join us next to discuss. businesses need 5g solutions today. that's why they choose t-mobile for business. mlb partners with t-mobile to not only enhance the fan experience,

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let's get to bertha coombs for the cnbc news update >> wildfires on maui could cost insurers $3.2 billion. that according to new estimate from karen clark and company 2200 buildings were damaged or

destroyed within the fire perimeter. most of them residential if found, another 3,000 suffered secondary impacts from things such as smoke. the official death toll now from the fire stands at 106 and grim task mof locating more victims fall to search and rescue teams who rely on specially trained dogs to help, among them a team from miami-dade is on its way as of monday, there were 20 dogs deployed to maui and the new main society estimates 3,000 pets are missing from the lahaina area. reps for the society tell abc news that they have taken in 52 injured animals so far a lot of folks trying to help with the animals >> such a sad, sad story on so many levels.

general motors today announcing an investment in a company called mitracam they want to make evs more affordable and they have a deal with hertz to add 170,000 rentals to that company's fleet. joining us to talk about it more is mary barra and steven shurr and phil lebeau. >> steven, you heard what tyler had to say about you and general motors, it has been known that you guys have talked at length about your relationship and the evs you are buying from general motors you guys are putting together a new series and we'll talk about that where you show people who are watching that you can go anywhere when you rent an ev

what kind of demand are you seeing from hertz customers when it comes to renting an electric vehicle? >> phil, good to be with you and mary where obviously the relationship between hertz and general motors is only growing you about we're seeing demand in a number of areas. first leisure. and also in the corporate business they want to put their employees in to electric vehicles to satisfy their own sustainability objectives and we're renting electric vehicles to uber, lyft and other rideshare drivers. this is a very profitable venture both for us and for them where drivers can make considerably more money on a weekly basis renting an electric vehicle. and we're just excited to be engaged with gm and starting to take delivery on 175,000 cars that we intend to buy. >> mary, how much does this relationship help you reach potential buyers, they may be gm owners, but they never thought about buying an electric vehicle

and then they see it at hertz and so they decide i'll try it >> first of all, thanks phil and steven really appreciate the opportunity to talk to you about it because i think that it is very significant. because even if somebody owns an existing general motors product but internal combustion engine, having the opportunity to experience an electric vehicle is game changing it is instant torque the vehicles are beautifully designed and so we think that it will be very important to drive ev adoption >> steven, speaking of adopting electric vehicles or being more exposed to them, one of the big concerns that i hear from people whether they are renting from hertz or driving an electric vehicle that they own is public charging stations. jd power out with a report saying people are more dissatisfied than ever before when it comes to public charging stations are you concerned that this is a limiting factor that might make people think twice before they rent an ev >> i wouldn't say i'm concerned

so much as we're focused on it we have about 3,000 of our own proprietary chargers that are meant to keep our fleet running but we're in partnership with bp as you know to help develop and roll out charging stations all across the country and what bp brings is obviously the knowledge, knowhow and financial might to bring charging stations to various cities in the u.s. we obviously have locations in proximity to about 90% of the u.s. population. we're putting those locations to work we obviously have the cars we know where they are going we know where they are dwelling and we have the opportunity to grow this out and we're partnering with cities across the u.s. atlanta, orlando and we hope to announce others soon, all with an effort to grow out charging stations but having been an observer of the market for a long time, you know, to the extent that we continue to see growth in ev sale, rental, utilization, you

can be assured that capital follows. and we get inbounds all the time from infrastructure funds and other sources of capital to put against this opportunity so i'm sure it will come as it is coming now. >> mary, why are so many public chargers just not you have to snuff? i know you're working with my lot with the truck stops and ev-go in terms of adding new public charging stations, but generally speaking when you talk with others, why are so many of the public chargers just not doing what they should be doing? >> well, i think it is a good point and i agree with steven that this is a key area of focus. and we're working with all the providers we're partnered with and that is about 13,000 chargers and in some cases we're working with those providers to make sure that when an individual gets to the charging station, it is actually working, it is available and it is very easy to use. frankly, it can be easier to use than when you are filling up

your vehicle with gas. and you mentioned pilot. those chargers will be starting the next couple weeks and i think that will be significant because they will be at pay lot company stations so there will be an attendant there who knows immediately if there is an issue that they can fix to get the charger working. and then of course we signed on to partner with tesla and early next year, you know, we'll go from having about 13,000 charging locations to 25,000 charging locations and then we've also joined the joint venture where we're one of six companies that will work to install over 30,000. and of course we're making sure that as these chargers, you know, are installed, that they are going to have the reliability and ease of use that they have to have. so i think that it is a focus not only to get enough charging stations, it is a focus to make sure that they are always operational. >> mary, i know we are talking about evs, but i want to switch sgeers and ask you about what is happening with the uaw negotiations

i know you won't negotiation in public but when you hear the head of the uaw say we want a 40% raise, give people some perspective in terms of how untenable is that for general motors to say, okay, we can increase labor costs by 40%? >> well, phil, i will say about negotiations, we're right in the middle of it and we are working very hard. we're at the bargaining table and we want to make sure that we have -- reach an agreement that will be good for the gm team members, good for the company, good for our shareholders. but also recognize that for every job that general motors provides, it is about six other jobs that follow on when you look at the supply base, dealers and beyond so we recognize the significance responsibility that we have. and we're at the table and we want to do the right thing for all parties and recognize the fact that i really appreciate everything our manufacturing team members have done over the last several years when you

think about all the work through covid to semiconductor shortages. and so i'm very proud of the manufacturing team and we're looking to get a good agreement for everyone that also provides security for their long term future >> this is tyler mathisen. we've been speaking about the public charging stations and good to hear that there will be much more interoperability among them but what is gm doing to help or subsidize people who want quick charging capability at their home >> you know, we have opportunities with our gm energy from a quick charge perspective, we're working with companies, but really when you are at your home, i think a level two charger is probably most appropriate and you can schedule it to be charged wherever energy costs are low and do that out of the app on your phone associated with the vehicle and so we think that that is probably the best solution

but we have partnerships with level two -- fast charging as well >> all right thank you very much. phil, thank you. mary, thank you. steve, we appreciate your time today everybody. coming up, a semi snafu. intel scrapping its acquisition of tower after failing to get regulatory approval. we'll get the details.

intel hitting a snag in its plans to enter a faster growing part, the foundry business after scrapping a deal with tower semiconductors christina has the details. what happened? >> well, let's just say intel had to wait 18 among months patiently. and now it is mutually, and using it in quotations because that is what they said they agreed, with tower semi conduct information to terminate its plans to acquire tower but this is really about china's regulators refusing to play ball amid rising tensions with the united states. intel has a strong presence in the country employing over 12,000 people.

regulators have the right to review any mergers of companies like intel that earn a certain amount of revenue in china and that is why you are seeing tower semi shares tanking down almost 11%, intel down 2.5%. not as bad as the reaction, but overall china is not happy with the american gsh le-led set of international restrictions so this is a way for china to fight back today's block deals -- set as precedence for any other american firm that derives revenue from china and wants to get involved with any m&a activity and this also disappointed process pegt pro prospects for the foundry business you see the 1% on the top left tower takes up 58% samsung 8%

intel isn't even on the pie chart yet and that is the problem. losing the tower semi deal would not move the deal massively but would have given intel more expertise in running a foundry and lagging nodes which is really just chips used in the auto sector for example. so now intel is caught in the crosshairs between the united states and china and really just has a $353 million breakup fee >> why did the deal fall apart >> because of regulators chinese regulators they kept delaying it and then 18 months later they decided both companies decided that they were 3450mutually agree to justl the deal >> waiting for approval or not on a good foot with the u.s. >> and so if intel still needs to figure out how to get into the foundry business -- >> they already have they have this whole model calling it intel foundry system

if ifs. and they have signed on companies like synopsis and a few others so that is where intel wants to move two weeks ago i interviewed the ceo and he talked about how ai and how intel can capitalize on this massive push to build and creating the chips that will be needed so they may not be designing it like the like of nvidia, but they will contract them out like tmc does so that is what intel wants to do they are putting a lot of effort into this business for the goal of five new chips in the next four years which is a lofty goal and seems like they are on the path, but we know intel has failed in the past so there are skeptics out there that may be more reluctant to say that this is a win or as will or like why even own intel. >> christina, thank you. still ahead, checking the charts we asked our technician to give us the lowdown on key movers we'll get some technical support

when "power lunch" returns

welcome back time for some technical support on power lunch we'll look at some big market

movers here to chart some of it is craig johnson. let's begin with nvidia. the stock slightly lower every today but still up 7% this week. it has tripled so far this week. you can't get too greedy here. >> this is the biggest winner of the year in the s&p 500. and when i look at this chart, we've had some great big top side breakout that you can see here on the chart. and right now, this little pullback here looks like to me to be sort of a bull flag pulling back a bit we have earnings coming out next week this is the leading play for ai at this point and we think any sort of pullbacks should ultimately be bought >> does it trouble you that it broke below its 50 day moving average if i'm reading the purple number correctly? it matches my tie, doesn't it. do you like that >> it is good. it is good what i do notice here is that we broke below the 50 day moving

average just briefly, but sthins,sthince we have recaptured that. we have earnings next week and our analyst is constructive on the chart so still more up side to go we think. again, semi conductors, it was couple years ago, then it wasn't last year. now it is a market darling again and hard to bet against it let's talk about abercrombie and fitch, another recent winner how should we trade this ahead of earnings next week? >> yeah, ahead of earnings next week, the first thing as a technician is i'm going to be looking for the down trend reversal through here. we've done that. we're also trading back above the 50-day moving average, the 200-day, and we think we're setting ourselves up to retest these highs at these levels. from our perspective, tyler, still more upside to go. we don't fog llow this one

fundamentally. i'm starting to see more stocks starting to improve. it's not just the home builders. it's a lot of these names that are showing signs of improvement. i think that's a good sign for back-to-school activity. >> courtney follows this one heavily. on the other hand, we've got moderna down, hitting $95 a share earlier today. first time since thanksgiving of 2020 let's take a look at moderna >> i mean, the chart here is, from my perspective, broken. you can see that you're still making a series of lower lows, lower highs. we're back below this declining down trend we've broken below the moving averages, tyler. in a market that is only single digits off its all-time highs, this is not a stock that a portfolio manager can own at this point in time our analyst is bullish on it, but when i look at the charts, it's a pass for me at this point in time until i see a trend change >> we were talking last night on f"fast money" about a couple of

stocks, microsoft and apple, and the technicals on those two. do you have any thoughts there >> yeah. i mean, when i look at a chart of microsoft and apple, i think what is happening is that both of those names have been among the magnificent seven that we have talked about for months now. they look like they're just getting trimmed. a lot of the portfolio managers out there have a problem where they can only own certain percentages of, like, their top ten names, and microsoft and also apple are such large percentages of these indexes that -- >> they could be forced, actually -- now, there's microsoft. you see it >> correct >> there's apple >> right >> year to date, up 36%. you can't complain about that. but pulling back as you see there after the cell phone sales. >> this just looks like a temporary setback, but what i think is going to happen with these large cap stocks is they're probably going to consolidate, have a time correction in here for a while, and i think as that happens among the magnificent seven companies, you're going to start

to see that money come out of these large cap names, come down cap, and it will be very good and healthy to broaden out the overall market mid/small cap will have a strong second half. >> i'm troubled by the fact that they're keeping us apart, so i'm going to come over and hug it out with you, man. thank you for coming >> thank you >> you got some guns there, man. >> we try to get to the gym and work out >> good to see you all right, thanks a lot. court, back to you >> hi, guys, i'm over here too we only have a few minutes left, but lots of stories we still want to get to, and someone who's been a long-time friend of "power lunch," everyone's talking about her him. oz pearlman will join us for closing time when "power lunch" returns. so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started

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whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. we only have about four minutes left in the show apple is reportedly beginning production of the iphone 15 in india as it seeks to diversify its supply chain away from china. the move comes as relations between the u.s. and beijing grow more and more tense lots of companies, obviously, doing this. apple, still very, very prominent in china, seem to have good relations with the chinese, but it makes perfect sense that they would diversify >> decoupling seems to be a problem. another change coming to x, the company formerly known as twitter. the service formally known as -- this program formerly known as "power lunch." the tweet deck is now going to be called x pro. there are a lot of x pros, but here's the sticking point.

it will no longer be free. it will only be available to twitter blue subscribers, which is now called x premium. it costs $84 a year. are you confused yet >> the blue check mark thing really confuses me, because i think, it's a blue check mark, and i click on it and the person has 64 followers and i'm very confused >> forget it bring out the world's smallest violin. around 3.5 million people around the globe lost the title of millionaire last year. >> oh. >> 1.7 million here in the u.s., meaning for the first time since 2008, the rich didn't get richer >> it was -- i guess it was a lot of stock market wealth declined yesterday last year, not yesterday >> i was like, whoa. >> yesterday no, last year. and that probably was what was -- >> that did it but we'll see what the fed does and if we can bring it back. let's check on our stock draft standing

charlotte flair, commanding lead, thanks to nvidia, up more than 40% since draft days. the new york jets linebacker c.j. mosley, however, is down slowly with his picks of procter & gamble and goldman-sachs, but he may have gotten some draft advice from a former contestant. last night's episode of hard knocks was fun the new york jets featured mentalist oz pearlman. he stunned the team with mind-blowing tricks, so we want to check in with oz pearlman that was a fantastic segment that they had with you fantastic. >> thanks, tyler thank you so much. got to show some love to espn, adam schefter, who all helped make it happen we've been doing this for a couple seasons now and there is a lot more to come the jets was the tip of the iceberg. i'm teasing the fact we got a lot more teams coming up >> and this was not -- this was part of just sort of mental training it was also -- it wasn't just you doing your mentalist thing it was -- it had a point for the

team >> absolutely. team building, morale building, team cohesion. they're in training camp, and you want those shared experiences that are going to really unite this team to hopefully have a winning season, and that's what i was there. i get inside people's heads, so i'm showing them how to get inside their own heads >> one of the scenes was you turned a deck of cards that aaron rodgers was holding, there he was holding it, you turned it into a goldfish. i don't know how you did that. you asked one of the other players, i'm not sure which one it was, to look at a card and think of an animal the animal was a goldfish. i mean, it was just bloody amazing. i'm telling you. >> well, thank you i got to come back and blow your minds one of these days again. i've already been in your head before, tyler. it's courtney's turn >> now i'm nervous e i said oz, i know it's oz. >> continued good luck to you. how are you doing on all those marathons? >> i'm still running a lot

i ran 20 miles this morning. thanks for remembering i'm at it. >> oh my god >> those 20 miles are tough, man. i dreaded them during marathon training >> oz, great to see you. congratulations on a real tour de force last night on hbo >> you guys are the best >> thanks for watching "power lunch," everybody. "closing bell" starts right now. ♪ courtney, thank you so much. welcome to "closing bell," everybody, i'm scott wapner from post nine at the new york stock exchange we've got some big interviews just ahead liz ann sonders is joining me momentarily on whether this correction is about to get bigger another and richard clarida on what he thinks the fed will do in the months ahead just after the minutes released about an hour ago. we begin with unsettled stocks your scorecard right there with 60 minutes to go in regulation the major averages, not trading all that great today as rising interest rates remain front and center the yield on the ten-yea