(fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our clients' portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. welcome to "power lunch." glad you could join us on a wednesday afternoon. coming up, a late summer rally especially for tech stocks. nasdaq on pace for its seventh winning session in the past eight days. and lackluster reaction to

nvidia earnings? forget it, it is up 8% this week and approaching new eyes. and self-driving cars getting a bit of a road block. well, not actually a road block. crews had to cut back after one collided not with a road block but with a fire truck. plus federal regulators are asking tesla for more on so-called elon mode. we'll explain that. let's get a check on the markets right now. and start with that late summer rally for the nasdaq continuing today. you can see nasdaq up almost half a percent. s&p up almost a third. dow hanging on into positive territory. 3 m shares slightly lower over their proposed settle involving ear plugs. off almost 2% on the day. and lyft higher after a board member buys $1 million worth of the stock. you can see lyft up 6.33%.

and shares of casinos moving hire today, incredible new numbers from the las vegas strip showing gross gaming revenue there setting a new record in july. it came in at $835 million. remember, they have been on months of record-setting sprees up against tough comps last year. their best month before this was december. they beat december's gross gaming revenues by $20 million. >> that is a big beat and big news in that area. two big economic numbers out this morning. the gdp slowing, showing slower economic growth. and adp payroll report showing slower job growth. let's get to rick santelli in chicago for how it is affecting bonds. >> absolutely. we had some top tier day take points out. if you look at adp on top of nonfarm payrolls, we'll get that friday.

but you see on this chart how the adp has been much bumpier, but the bureau of labor statistics nonfarm certainly trending lower. and that is a good thing because bad news is good news as steve likes to say. and if we consider the fact that the adp jobs at 177,000 was less than expected but do have a revision of 47,000 to last month. now, personal consumption sx pend chur and the core pce were both embedded in the gdp, second look at second quarter. growth slowed a bit from 2.4 to 2.1. 0.3 is a big revision actually from the first to the second look. but what you are seeing there is the pce index on top of core, you can see how they both turned lower. what did that do to the markets? here is 2s and 10s on top of each other.

they dropped and rather aggressively on both data points. and finally if we look at the one month chart, because we're coming to the end, there was significant technical moves. we saw on the 21st, ten year hit 434. on the 25th, five year hits 508. cycle high chloses. and since the technicians are caught offsides so we want to monitor how tens eventually look when they test 4%. contessa, back to you. >> what is your spieydy sense o where bond yields hit that stasis point where they are in the range and that is where they stay? are we there now? >> you know, i think that we'll have a creeping interest rate environment. i thought we'd get a lot more kickoff when we closed above some of those levels i outlined on that one month chart. but we've really been moving lower because of the data

points. ultimately i think that supply and debt and deficits are going to keep rates a little on the snug side. so i would say if we can close under 4% before we close above 4.35%, i think that we go a bit lower. but i don't think that will be the case. i think that we slowly creep up and edventually test close to 5. >> all right. thanks, rick. >> and the nasdaq continuing a stealthy summer rally. and christina is following all of the movement there. >> i like the stealthy adjective. softer economic data is contributing to the drop in yields and that is propping up the nasdaq today. it is also beating out the s&p 500, the dow, russell and on pace like tyler mentioned. but only a few names doing all the heavy lifting. and of course the usual suspects. apple, nvidia, tesla, microsoft,

meta are the ones pushing the nasdaq 100 higher based on their weight. but broadcom is part of the top six ahead of its earnings which are out tomorrow after the bell. the street is pretty bullish because broadcom could benefit from the artificial intelligence spending considering the infrastructures. and you can't bring up ai without bringing up nvidia. last friday i would have come on air and i would have told you that investors maybe are divided on the durability of nvidia's growth after the stock closed down 4% and erased all of the post-earnings gains. but that is not the case this week. it closed at a record high yesterday $487.84. and hire now, $495.68. investors like the partnership with google. that is what is driving the name higher again today. so overall some positive business news and some not so

good economic data are giving nasdaq stocks a last hoorah as we close out august. >> christina, thank you. and turning our attention to idalia making landfall in florida thorn as a very strong category 3 storm. now weakening to a category 1 as it makes its way into georgia, maybe across south carolina. and jay gray isin gainesville, florida home of the university tracking it all for us. hey, jay. >> reporter: hey, tyler and contessa. yeah, we've got a bit of a break here now in gainesville after a day that -- or an early morning and late night last night that was spent with heavy rain and harsh winds. things have eased a bit as the storm makes its way into georgia. i can tell you here that they have got some downed power lines. i think most of the power has been restored to this point. standing water in some of the low lying areas and trees and branches that have been down.

much more severe along the coastline where the storm made landfall as a category 3 storm. and just a couple of miles now below a category 4 which it was a bit earlier in the morning. the water, a wall of water 10 feet high in some areas pushing in to places it has never been before. and creating quite a mess. and then the wind at 125 miles per hour tearing up most everything in its path. we still have a big concern when it comes to the possibility of tornadoes. it is something that follows these systems. so we have watches and warnings all along the path of the storm and across much of the state right now. but as you talked about, this storm starting to make its way into georgia. and here is what is fascinating and kind of a testimony to how intense the storm was. still category 1 hurricane. it has been over land, so it is not getting the fuel it need from warm water.

so this is very powerful and still capable of doing a lot of damage. we have flooding already in parts of georgia and it will continue to move up into the carolinas and then perhaps by the end of the day or overnight spin back out and over water and away. so while it has moved on from florida, there is still a lot of work obviously to be done in some of the hardest hit areas. and teams can't really get into the standing water because they don't know what is there. contessa, we stood side by side through some of these hurricanes. you know exactly how things change and how tough it is once that storm moves through. so that is what they will have to deal with now. >> jay, have you heard any followup about this contaminated gas and what the situation is for florida there, how long it might take for the gas stations to be up and running? >> reporter: yeah, we asked about that yesterday actually. it was a big issue, some diesel got into some of the regular

gasoline and it was pumped into some of the cars trying to evacuate. what they said is that they have been able to identify all of the areas where that has happened. they shut the pumps down so that they feel very confident about the gas supply that is available right now. and as a part of the effort outside the strike zone to move in once things started to clear, there were tankers set up and ready to bring in some fresh gas. so that is something that they are dealing with on an ongoing basis. as soon as it is safe enough for those tankers to get in, they are moving in and making sure that there is plenty of fuel. >> am i right or mistaken that one of the blessings, if you can call it that, of this storm is that it moved fairly quickly? >> reporter: tyler, i couldn't have said that better. you are absolutely right. it actually sped up a bit once it got over land. and so it didn't linger, didn't drop as much rain as it could have in some of the areas. so that is a big help. and moving through allows things to start to clear out.

right now we're getting a bit of sunshine which i didn't think that we'd see at this point through some of the clouds. so, yes, that is something that if you've got a good spot in all of that, that is certainly one of the things that is benefiting this area. and others along the path. >> tyler mathison always a glass half full guy. >> ask my wife about that. >> jay, good to see you out there. i'll see you in the field sometime soon. gina raimondo wrapping up her trip to china today. her message was pretty clear. talks are nice, action is better. eunice yoon is joining us from shanghai. so a little less talk and more action is the way the song goes. >> reporter: yeah, that's right. outside of the hotel where the u.s. delegation stayed, and they are now long gone along with the commerce secretary who described her trip as productive. and today in shanghai, she visited several symbols of

u.s./china cooperation, shanghai disneyland, nyu local campus and also a local boeing facility. in my interview with her, i asked her about the concerns that many american businesses have expressed to her about the possibility that china could be uninvestable because of its unpredictable environment. she told me that she had said to the chinese that there is something that they can do to address this issue. this is what she said. >> actions speak louder than words. you know, in all of my meetings, speaking with the premier and vice premier, they were gracious, they were open, they said that china wants to embrace american business. so now let's back that up with concrete action. >> reporter: and i asked about micron, intel and curbs on key metals as a possible chinese policy to retaliate against u.s.

companies for her department's export controls. >> i think that that retaliation, if it is retaliation, isn't good. like that is not the way to build confidence or attract u.s. foreign direct investment. >> reporter: she also told me that boeing deal would be a good example of hughow the chinese cd take action to rebuild confidence in the wider business community. >> thank you very much, eunice un. and coming up, more on the technology sector and exports. and whether it is beyonce or people paying thousands to pay taylor swift, this has been the summer for live events. but i may have noticed it is hard on the wallet. we'll look at entertainment inflation ahead.

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when you stream on the xfinity 10g network. welcome back. commerce secretary raimondo wrapping up her trip to china. and among the discussion exports on two materials deemed critical. pippa stevens is here with more. how are they critical?

>> gerand they are both materia used for a range of applications. everything from military equipment to solar panels to fiberoptic cables. and really important for the semiconductor industry used for my performance chips. and china restricting exports is a blow since they dominate these markets. the country produces 70% of the germanium and 98% of the gallium. u.s. relies on imports for 100% of domestic consumption. these are two relatively small market, but china's dominance extends across the critical supply chain. china processes more than 60% of global lithium and separates about 90% of rare earth elements. the export controls put in place this month show the dangers of relying too heavy on one nation for material, but these supply

chains take years to rejigger so it is not an overnight fix by any means. >> all right, stick around. geel we'll get more on the battle over rare efforts. let's bring in founder of strategic metals. welcome, good to have you with us. i mean, i can't imagine a worst place to be if you have krit scal inputs like these metals and basically one supplier with whom you are often in very staunch competition. >> yeah, i think that it goes back to for the last two decades the world sort of has been high into the globalization and didn't realize it wouldn't be such a good idea to allow one country to have the supply of a critical mineral or other critical minerals that are critical to all nations.

and increasingly military capabilities. >> are there known alternatives -- i mean, the idea that we allowed china to have control of these things, i mean partly it is accident that that is where the deposit of the minerals are. are there other known areas where deposits of gallium or germanium and lithium are that we just have not mined yet? >> good point. despite the name rare efforts, they are not that rare. there are deposits in north america and vietnam and sweden now as well. because europe and the u.s. have sort of woken up to the fact that they must leave dependence on china. and the other side to it is that rare effort earth don't occur naturally. they are byproduct of another

material. and what is incisince receive a complicated is the extraction, separation and refining. for example 95% of the processing of gallium is in china. there is one producing plant in north america out in california, but they still have to sell all the raw materials to china for processing. there is no -- the human capital and engineering expertise that existed in the u.s. in the '80s has been depleted. and just to give you some context, there is about 39 universities in china graduating degrees in critical minerals. so about 200 metallurgists a week every week for the last 30 years. whereas in the u.s. maybe only a handful. >> pippa, when we're looking at these rare earth minerals, and what is so desperately needed, we know that there is already stockpiling going on. is the supply chain of the

existing material already fully satisfied? >> well, i think right now there is. and it is being fully satisfied and we have demand and supply kind of equilibriums. but when we see stockpiling occur as companies worry that they won't have access, we can see some price distortions. so i guess that is a question for louie, how are the disruptions and company actions by securing these minerals leading to distortions in the prices and what does that mean longer term for producers in terms of price signals? >> yeah, well, china just announced in early july that they would redistrict the export of gallium and germanium. it is yet to be seen -- nations are stockpiling respect corpo, corporations, everybody needs gallium.

it is in multiple plakss. applications. but what we buy directly from china, we're a global supplier. and we understand is producers of gallium now must supply for a license to export. and we can speculate the reason is that the chinese government can have a look at the con signee and decide whether they allow that shipment to commence or not. >> all right. louie o'connell, thank you very much. we appreciate your time. ceo of strategic metals. coming up, entertainment-flation. consumers of all income levels cutting back a bit. we'll tell you where consumers still think that, oh, boy, i'm going to spend big bucks and where they are cutting back. programming note, robert f. kennedy jr. will join last call tonight at 7:00 p.m. eastern.

icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. inflation is affecting prices of pretty much everything these days including entertainment. julia boorstin has been

crunching the numbers of where consumers are still willing to shell out big bucks and, i don't know, where they are cutting back as well. >> there is definitely fun-flation and definitely higher than the 3.2% cpi reported in july. resale tickets have seen the biggest sleep. average jumped 27% from 2022 and 95% from pre-pandemic levels according to see the geek. but thanks to the draw of taylor swift and beyonce, people are paying up and turning out in droves. 90 mlillion tickets sold would e a record. and while disney fans are feeling the pinch in single day park tickets, disney notes that that is just a 4.5% compound increase. that is in line with inflation. and they also note that the lowest ticket price for the

least crowded days has stayed the same. now, shifting over to movies, their ticket prices have increased 4% from last year and 18% from pre-pandemic levels. while streaming is getting a lot more expensive. in the past year, all the major streaming services have raised their prices by between $1 and $3 a month. add free disney plus going to be increasing prices by 27% when those price increases go through in october. a variety survey found that quarter of adults found that they have already made changes to their entertainment subscriptions as a result of rising inflation and subscribers could drop even more if the strikes, the ongoing strikes mean less new content hitting the services. and guys, just one more thing. just today playstation announcing that it is raising prices of its subscription service, itshighest tier option

going up $40. >> makes me think that parents have more cloud to say no, go outside and play in the tree house because everything else costs so much more. i'm curious, do you have a sense when you are looking at for instance concert prices how -- you know, what the median rise has been or how much taylor swift and beyonce have sort of like drawn all ticket prices higher? >> there is a ton of data on concert ticket pricing. and we could do a whole hour just on that. but i think what is interesting is that at the lowest level going to a festival, you can still get a very inexpensive ticket to some concerts or to a music festival. but when it comes for these really big acts and the fact that there is such an active resale market for tickets for something like a beyonce show, you have to remember that people are willing to pay up because they feel like this is a once in a lifetime concert or something that is part of a cultural moment. and those two concerts will

certainly a good example of that. so these artists are saying we're going on tour, this is your chance to come out and have a moment. and this is something that people have been paying out for. there is a great article in the "wall street journal" how people are taking second jobs because they are so determined to go to not just one but maybe multiple concerts. so this could be pent up demand from the pandemic, some of it may be unique to these particular artists. but it does seem like people are really willing to pay up when they know that the experience will be very special, very different and also something that maybe they can share on social media and with their friends in person. >> and we didn't even get to prices for tickets for lionel messi soccer games. so if you can, are you almost always better buying the ticket straight in the box office rather than online? >> i mean, look, if you can avoid the secondary market, you can get access to tickets of course and that is part of the whole process.

a lot of artists such as taylor swift have said they want to make sure that there are some lower priced tickets for their core fans so everything just doesn't go to the secondary market. >> julia, thank you very much. ahead, know, this is the biggest bargain in entertainment right here. "power lunch." we'll continue to track the latest on idalia including and you one of the big insurance firms is gearing up to deal with the aftermath of the storm. that and morwh t bgee enheigst bargain in entertainment -- >> i like the best value in entertainment.

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welcome back. let's get over to seema mody for a cnbc news update. >> good afternoon. president biden pledging $95 million today to strengthen hawaii's electrical grid. the funds will be used to improve grid service, limit future damage and help prevent failures. the white house said the investment will help reduce outages and the risk of further wildfires. mitch mcconnell appeared to freeze again after he was asked if he would run for re-election during a gaggle with reporters in kentucky. last month the kentucky republican froze for about 20 seconds during a news conference

on capitol hill. a spokesman says mcconnell was feeling lightheaded and would see a doctor before his next event today. america's late night hosts are joining forces to help striking writers. jimmy fallen, seth meyers, complbert and oliver starting a podcast that all proceeds will go to staff and crew affected by the ongoing strike. creative approach. let's take you now to south carolina. we want to show you some live pictures where hurricane idalia is hitting after making landfall on florida's gulf coast as a category 3 storm with a kind of catastrophic wind that hasn't been felt in the state's big bend area in 125 years. now, this afternoon nearly 270,000 florida homes and businesses are without power. 49 of florida's 67 counties are under a state of emergency. and the storm hit nearly a year

after hurricane ian devastated not only the state but of course up and down the eastern sea board. but it was florida's most expensive storm ever with $65 billion in insured losses, $17 billion in uninsured losses. for more, let's bring in usaa president and ceo wayne peacock. wayne, you are coming to us from usaa's command center right now and i know that you have a high tech look at some of the damage. you can give me a sense of what you are seeing in florida as we're watching the storm still moving its way up through the southeast? >> contessa, great to see you. it is early days as we take a look at the storm. we're really clear about the rising water and challenges along florida's gulf coast. certainly at the point of impact and now we're standing by to understand the wind impact as idalia has worked its way through the florida panhandle and now into south carolina. so within about 24 hours or so,

i think that we'll get eyes on target from the air and be able to assess the damage with more clarity. >> when you look at your overall portfolio of states and customers, how big of -- how much of your portfolio does florida represent? >> so florida is really important to us. it is a great state for veterans and for currently serving military personnel. it is the number three state for us. we have about a million of our members in florida. and today maybe about 150,000 or so in the path of the storm through florida and into south carolina. >> we have talked in the past about how difficult it is in terms of a business environment to operate in florida because of, one, the fact that there is all of this exposure to hurricanes, two, the regulatory environment, litigation, and fraud especially. now you pile on the inflation cost of replacing and repairing homes and cars, the inflation

factor with labor, and reinsurance costs, that is insurance for insurers. what is it like for you to be operating in florida right now? where is there still room for improvement? >> well, florida is a very challenging market. probably one of the most challenging markets we operate in for all the reasons that you described. as a mission based organization taking care of military families, we're working heart to s hard to stay in the state and continue to write and serve. so we're being really careful about how much exposure we write in coastal areas and being really careful in terms of the underwriting we're doing kind of neighborhood by neighborhood and house by house in order to write good risk. but also in order to take care of as many of our members as possible. the other thing i would say is financial strength as we've been building for 100 years gives us the ability to absorb things like ian last year or idalia today and continue to be able to serve members well into the future.

>> so from what you just said there, it sounds like you said that you are trying to write policies that are good risks. that would suggest that there are policies that you will not write. do you ever consider pulling out of counties or of states all together as some of your competitors have in florida, in california and elsewhere? >> again, i'll come back to our whole goal in life is to take care of our members. so we're working hard not to pull out of any states. and today we have not. what we are doing in florida is being again thoughtful about the risks that we write. continuing to have a really strong balance sheet. and we're still growing in florida both with our auto insurance and with our homeowners insurance book. we're just trying to do it in a very careful, thoughtful and measured basis. but for us, this is really about member service. and serving our important constituents. versus looking solely at the bottom line where someone might

make a decision, hey, let's move out of the state because of kind of the tough financial conditions. >> but if you don't look at the bottom line, the business folds. we've seen that happen with other insurers that have folded or just found it impossible to operate in the state. and now we're starting to see similar trajectory in california as well. wayne, good of you to join us on such a really busy day for you guys. so thanks for giving us some of your time. >> thanks, contessa. and shout out to all of the teammates in tampa. we have about 5,000 there that are impacted personally as they continue to serve our members and always good to be on with you guys. thanks for bringing the story to light. >> thank you very much, wayne. coming up, speed bumps for the self-driving push. the san francisco debut hits a snag and regulators have questions about tesla's autopilot systems. we'll bring you all the details.

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the road to an autonomous future is hitting some speed bumps. cruise rolled out autonomous cars for ridesharing in san francisco but had to pull back after one hit a fire truck or the fire truck hit it. phil lebeau talked to the company. whatever it was, there was a collision. >> yeah, an contessa, it has been a weird august for cruise. first they have the expansion that they are granted by regulators in california for 24/7 service in san francisco. they can start offering people to pay for the autonomous raid hailing. and then it is not long after that, you have a couple incidents, one where a number of cruise vehicles were disabled because they ran into con

connectivity issues. and then you see this video where a cruise ran into a san francisco fire truck and the dmv then said, you know what, we're going to investigate these and while we do, cruise is dialed back to 50% of it fleet capacity relative to where they were expecting to be. this morning on "squawk box," we talked with cruise ceo about his belief that ultimately cruise will be able to expand. here is what he said. >> it is easy for us to get caught up in the excitement and novelty of avs. anytime they do something different than a human driver would. but if we start ignoring the fact that humans on average are actually not very good drivers and causing half okay on our roads, i think we run the risk of getting hurt.okay on our roads, i think we run the risk of getting hurt. >> cruise is a subsidiary of general motors and mary barra is very bullish. she believes cruise could generate $1 billion in revenue

by 2025 and $50 billion annually by 2030. the service continues to expand. they are moving in to new cities testing out the service and they believe that they will continue to grow. we'll see what happens with the investigation in san francisco. at some point we'll get some kind of a determination by the dmv whether or not, sure, go back to full service or if they need to stay restricted. >> phil, stick around. we'll stay with the self-driving theme. cnbc.com writing about a so-called elon mode configuration for tesla's autopilot which federal regulators are asking for more information about. and laura is joining us from san francisco. it sounds like this so-called elon mode is a kind of cheat code that will disable a warning system that pops up on your tesla if when you are in autopilot you take your hands off the wheel for an extended period. >> that's right, tyler. so we've written about elon mode

before, that is a nickname for it, not what it is called in code base. but this is a server side configuration. so tesla would have to, you know, set it and allow select drivers to access this. but it effectively bypasses what is called the autopilot nag. it is this -- first you will see display on the screen that tells you to put your hands on the wheel, pay attention to the road. and if you kind of keep your hands offer th the wheel for to long, it will escalate to a beep and then eventually lock you out of the advanced -- >> how do drivers who want the cheat code get it? >> that is part of what they are looking for, they want answers as to how many drivers were given access. was it really just one executive or how widespread was the use. tesla wants to have its cake and eat it too when it comes to self-driving. the brand names that they give make it sound like their cars

are autonomous and in the fine print they say this is a level two system, you have to keep your hand on the wheel at all times. >> phil, what have you heard about this so-called elon mode and whether it tesla could be sanctioned somehow for allowing something that on its face sounds like it might be outside of the boundaries of what the federal regulators would allow? >> sure they could be sanctioned. it is reasonable to assume that the regulators if they determine that tesla has set this and they have allowed x number of people to use the quote/unquote elon mode, feasible to assume that the regulators will say shut it down. you know, this is not allowed. cheat codes are frowned upon by all regulators and i'm sure nhtsa would not look kindly on this. so it remains to be seen what nhtsa ultimately does. and part of that depends on how

widespread it is in terms of people understanding how to access this code. >> lora, asking for a friend, how widely used to do we think these cheat codes are? is that few hundred people, a few thousand, what? >> we don't have the numbers. and again, tesla actually sought confidential treatment for the response to nhtsa about this which is interesting to me. but the special order that the regulators sent to tesla was written in a broadway. they didn't specify elon mode only, but anything that allows, you know, drivers in the configurations to by pass the autopilot nothings, nags, they know. >> all right. we'll have to leave it there. lora, phil, thank you. coming up, struggles in the lone star state downgrading texas snumt instruments to u

underperform.

toim time for today's three stock lunch. texas instruments slipping today on a downgrade from bernstein. bernstein says it sees problems with the company's long-term strategy that includes greater in-house chip production. there you see that it's off by quite a -- what is that, a full percent now? here with our trades, eva ados, er share's chief investment strategist. nice to see you today. what do you think of texas instruments? >> it is a sell. that's a legacy company that has done very well over the years. however, it's now showing signs that revenue growth is down.

it's actually negative 4% compared to 6%. and what's more concerning is that sg&a costs have been increasing. gross margin has been dropping. as a result we're seeing that ebit has gone from 55% to 51%. i think going forward it's a sell. >> all right, let's move on to sun run, eva. the stock up more than 4% on an upgrade from citi saying headwh headwinds are priced in. what do you say? >> it is gaining market share, but it's still among the weakest in sector, weakest margins in its sector by far. negative 3% compared to positive 6%. revenue growth is half its fears. so i don't think looks that good. it's a sell. i think there are much better opportunities in the sector. >> our last name today is pc

maker hp. that stock down about 7%. it's the biggest loser in the s&p today. the company posted underwhelming results yesterday, lowered earnings guidance for the full year. clearly the street doesn't like it. eva, do you? >> i would have it as a hold and i'll explain why. i do not like the fact that they have weak guy didance going forward. i also don't like the fact that revenue growth was down 50.6% in the last year. their relative valuation looks better. it looks attractive. if you do own it, we think it's going to continue to perform, with the market if you don't own it, there's no major catalyst to buy into it. >> it's great to see you, thank you for joining us. eva ados. be sure to join us for cnbc's delivering alpha investor summit. insight and analysis to help you balance risk with maximized

returns. you can scan the qr code on your screen right there or visit cnbcevents.com/delivering alpha. isui bak. aer"power lunch"ft th qckre powe catch the market zone today and every weekday on "closing bell" sponsor bid e trades by morgan stanley. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley.

we only have three and a half minutes left in the program and a burge more story, the

average fee for using an out of network atm has jumped to a record -- you want to guess what it it? >> $3? >> $4.73. it comes despite president biden's crackdown on junk fees passed down to consumers. this is another example of why i think cash is going to become obsolete if you have to pay $4.75. think of the profit margin on that transaction. it must cost pennies. >> at the casino you know what the atm fee can be? 10 bucks easy. >> forget it. forget it, forget it. >> te consumers are still donat to charity at the checkout counter. they don't really want to though. the data shows us that companies raised more than $749 million from consumers last year. that's up 24% from 2020. however, 73% of shoppers say they feel positive or neutral about being asked for the donation. that's down from 85% in 2021.

you know, like do you want to add -- add onto it. i already choose my charities. okay. i'm grouchy when i go to checkout. and american drinkers could be using their taste for brown liquors. u.s. net sales dropped 8% year-over-year, citing supply issues and, believe it or not, lagging whiskey sales. i thought whiskeys had been on the upswing over the past few years. >> like it was the cool thing to do to talk about which whiskey you have in your cabinet and why. >> which bourbon. >> bespoke bourbons, there was that period where it was all the vodkas that were so popular. >> like when you're talking about the move into the health field, lighter alcohol content, clear beverages, it starts to take over, and we've seen such a boom say hard seltzer. >> tequilas, et cetera. >> if people are not buying whether

whiskey, they might be spending that extra money on -- no, this is not the right transition. legos. >> gone from jack to legos. much of the toy industry is struggling. the danish company reported first half sales of about $4 billion. the 1% growth from last year. compare that to double-digit sales drops for mattel and hasbro. but they're branching out. they're starting to get new kinds of lego, and of course leg f lego lasts longer than -- even adults enjoy leg fwoe. >> and the adults can have a little whiskey on the side while you're making a 4,000 piece item. and birthday wishes to mr. warren buffett. he turns 93 today. i wonder what he would say about yesterday's story that you reach your financial peak in your early 50s. decisionally he seems as sharp as ever. we wish you a very happy birthday and we thank you for all the educating you're done

over the years, and the capital you've made for your shareholders. >> yeah, absolutely amazing. millions of dollars in a single week. thank you for watching "power lunch." >> and i'll say the same, and i will remind you that "closing bell" starts in about six seconds. thanks so much. welcome to "closing bell," i'm scott wapner live from post 9. this make or break hour begins with suddenly surging tech, and raising the question once again if this is the safest place to be in stocks. your score card now with 60 minutes to go in regulation. take a look at the nasdaq first because it is outperforming once again. 2/3 of 1%, how about apple, back above its 50-day moving average. nvidia back towards a new high, tesla, well, it's negative now, still up almost 10% in a week. more broadly, energy and consumer discretionary sectors