, ck up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network. [north corridor, hurry!] -coming through! -or 3, let's go. the network more businesses choose. transplant received. at&t business. good afternoon and welcome to "power lunch" alongside kelly evans. coming up, we've got e con recon. key economic day the out today alongside commentary from the fed via the beige book. we'll break down all the information in just a minute or so's time.

plus, the tech attack continues. the eu cracking down on big tech's core businesses. the ftc targeting amazon and doj going after google. we're going to discuss the growing regulatory threat. >> a lot of those stocks down today. we're off session lows by about 80 points or so for the dow, which is down 238 or two-thirds of a percent right now. the s&p is down more than that. almost 1% with a 40 point drop and the nasdaq is the worst performer, i'm going say it, in the face of higher interest rates. the two-year back above 5%. we'll have more on that later. roku off its highs but up 2%. the company announcing plans to layoff 10% of its staff and consolidate office space and again, even so, they're only getting about a 2% pop today. also the talk of the street, amc. the theatre chain shares down another 31% as you can see after

they announced plans to sell more stock. this was after that successful conversion of eight shares into amc common with today's $4 move, it's back below a $10 stock. >> we're going to start with the markets as the major averages are on pace for their two-day loss. jason, welcome. good to have you with us. so is this the start of the fall correction that so many people have predicting for weeks? >> i don't know if this is the start of the fall correction, but what i can say is that this market has been surprisingly strong this year in face of a difficult economic environment. you know, there have been a lot of built up hopes here for a soft landing and there's been a lot of excitement that's now snuck in in relation to artificial intelligence. those generative ai. there's some reason to both occurring, but at the end, we

think investors will probably end up coming back to a more reasonable of a basis, recognizing that even though we may or may not have a recession, our odds are still more likely recession, but even without one, this is not a robust growth period and artificial intelligence is probably a big deal, but probably not going to be something that shows up in bottom lines for the economy and for the average company very near term. it's something that's a longer term outcome. so we you want investors will probably eventually end up a little disappointed and probably settling at lower valuations. >> talk to us about what you see in corporate earnings. whether we have a recession or not. the earnings picture has been sort of spotty at best. >> that's a great way to put it. every earnings report season, vast majority we see, we see companies beat expectations. that makes it feel good but when you look back at the numbers, you realize we had three

quarters in a row of earnings growth in a borderline economic environment. this is a situation where companies are having a hard time squeezing out that next rung of true profit growth at this point in time. because of that, valuations this year with the market's run have expanded and fundamentals haven't progressed that much. >> i don't mean to sound crotch ety, but we beat expectations as a really helpful tool for traders but the real measure is whether earnings are growing. that's the helpful tool for investors. >> completely agree. look, it's easy to reset those expectations low then come in ahead of it. what we tend to like to see the rising expectations then beats on top of it. this paring back and barely beating them doesn't really hit us as a, that good of an environment to be in. >> so jason, where do we go if you say to people, okay, well, your options are you can go to

treasuries. not be in the market at all. stay in it and just ride this out. what are your expectations to the end of the year? >> sure. we think we're going to have a sluggish market going into the end of the year because of that and i'm thinking more about the large capitalization marketplace where most of the overvaluation sits. as a result of that, what you can do is take three different approaches. number one, generally with the allocation, be more defensive. choose to have more in fixed income and less in equities. you happen to be collecting 5% so interest rates in fixed incomes which feels pretty good in the face of an overvalued equity market. you can also tilt within large cap of the domestic marketplace. either smaller capitalization or more defensive sectors. healthcare, consumer staples, utilities. at this point in time. third thing is actually tilt internationally. we tend to think that japan is a very interesting opportunity. one that's benefitting from the inflationary environment. actually started a much lower

valuation spot. it's having a gang buster year and we think there's perhaps still more upside left on the table. >> why have defensive stocks been in a holding pattern with all of the sort of economic slowdown talk? you would think they would be doing better than they have. >> i think it comes down to the back and forth of this. we had a period of where they almost expect that soft landing to occur. i think maybe the odds have come up a bit. that takes some of the luster off the defensive stocks within the broader marketplace. as you look at it today with the market backing off, you are seeing those sectors are more de defensive in nature, actually outperforming today. >> good point. i think people are worried about what you said off the top. corporate earn, revenues haven't been growing. they've been falling. that doesn't leave a lot of room for companies, if they're not going to raise prices, it's

unclear what they do with it from here and that's going to put pressure on employment ultimately, too. >> agreed. i want to make sure we come across as not being entirely against equities. we tend to be longer term bulls on equities generally speaking. that's where you make your money as an investor and there will be a point in time here where valuations come back in to reflect the risks more appropriately and provide some opportunity to step in in a more constructive manner. as of right now, we're simply remanin remaining patient. t taking a defensive posture and collecting the excess yields which we haven't seen in 13, 14 years. >> let's turn to steve liesman who's got details from the fed's beige book. i think there's probably a lot more relevance to our audience as well. >> yeah. that's in there for sure, kelly, but the overall economic growth was modest. tourism spending was strong but it was described in some ways as

the last stage of pent up demand for leisure travel from the pandemic. other travel continued to slow with some districts saying consumers may have exhausted their savings from the pandemic. supply chain delays improved. new recorders declined. inventory of single falmily homs remained constrained. higher consumer credit delen gwensys. worker retention improved. labor costs pressures were elevated in most districts. some saying it was worst in the first half. employers held on to the hope that things would improve. price growth slowed overall. decelerating faster in manufacturing and consumer

goods. also, increases in insurance areas. input price growth slowed less than the selling price so businesses were struggling to pass on cost pressures. as a result, profit margins reportedly fell in many districts. i'll just say qualitatively kelly and tyler, this sounds to me at odds with the data coming out. especially the strong retail sales numbers we've had in july as well as the overall stronger gdp numbers. the jobs numbers that have been ro reported seem stronger than this beige book. maybe the anecdotes may be but the data seems to be stronger at this point. >> interesting. thank you very much. jason, thank you as well. we appreciate your time today. let's see how the bond market is reacting and to do that, we go as usual to rick santelli in chicago. hi, rick. >> hi, tyler. well, charts really speak much better to the beige book than i

can. as you look at an intraday of two-year note yields and let's zoom that back to the 28th. beige book didn't have a huge affect on treasury rates but the two-year note yield did start to move up more quickly than the rest of the yield curve. it's firming up about 5%. why is that important? because we've had one close in march. the 507 high yield close and on the 28th was that one day we closed above it. so traders are going to monitor that very carefully. as you look at tens, less responsive. just a lateral move. you can see it's outperformed since the 28th. it's been outperforming a lot as of late. dollar index hovering near unchanged but maybe the biggest issue of all and all the texts i've gotten quite quickly because it's only been out a few minutes, it's the s word. slowed, subdued. those are what traders are paying attention to and it took

some of the zing out of the response in the treasury market. >> rick, thank you. coming up, a telecom power player. they're selling off about 1.5%. we'll speak directly to the ceo, next. plus, morgan stanley doubling down on the big business of sports, partnering with an nfl event. more dain etls othat when "power lunch" returns. there are some things that go better... together. burger and fries... soup and salad. like your workplace benefits and retirement savings. with voya, considering all your financial choices together can help you make smarter decisions. voya. well planned. well invested. well protected.

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they're meeting up for day two of the tech conference in san francisco but it comes during a wild and volatile time. just now, t-mobile announced a $19 million buyback over the next four quarters. the stock is down on the news. david faber is out on the ground there along with the t-mobile ceo who just wrapped up his keynote speech. welcome. david, we throw it over to you. >> all right. we look forward to your questions as well. mike, thanks for being here. >> welcome to san francisco. thank you for being here. >> yes, you, too. let's start off with the news about the buyback. 19 billion. also a dividend.

$3 billion annual dividend essentially. why? >> well, it's part of our ongoing shareholder return program. we announced our intentions to do this in 2021 at our analyst day. one of the things we do as a team is lay out a business plan that's thoughtful then we go execute on it. and this business is producing enormous cash and we see a lot of prospects for that to continue in the future. our aspirations next year, 16 to 18 and then 18 billion and beyond in the out years. so it's time to continue returning that cash to shareholders. now for the first time ever, we're including a dividend in that program so it's upto $19 billion over the next five quarters. inside of which 3.75 billion or there about would be in the form of our first ever quarterly dividend and that starts in q4. >> telecom earns more than 50% of the company and that continues to creep up as you buy back shares. what will their plan be? sell into the buyback or

separately sell shares themselves over time? >> what they indicated publicly is that starting sometime in 2024, assuming this buyback that is going on, they would be selling shares in order to continue target being in the low 50s and so that doesn't mean full participate ion, but they like this level according to their public remarks of being in the low 50s. >> got it. other news that was not that long ago. kelly mentioned it as well. is the job cuts that you announced. and within that, this got my attention at the time. you said what it takes to attract and retain customers is more expensive than it was just a few quarters ago. why is that? john sat in this seat and said he's not seeing what you said you're seeing. >> i agree with john. what i'm talking about is a few quarters ago such as at the height of the pandemic. all companies have made public

companies and it's clear through our disclosures that the negative margins on our hand set revenues have been growing. customers in each time period, they're looking for something different. right now, they want an incredible deal on phones. we're guided by customers. now it's stable right now. you saw our performance in q2. we had the highest postpaid phone net additions in eight years. some of the highest ever for a q2 so we're performing really well in this environment, but it is an environment that according to compared to the height of the pandemic, is more expensive. >> so why the job cuts? >> well, it's part of what my job is to look around corners on this business and prepare our company to be successful not just for this year, but for two and three years down the road. what i said in that long note in addition to the fact it's expensive now is that it's time for our company to recapture the entrepreneurial, fast moving, decisive, efficient culture that got us here in the first place. >> did you lose it? >> we've been focused on putting

together two massive companies and engaging in the most historic network build in this country. we've had some duplication of rolls, overlap and middle management slowing down decisions. it's time for us to make sure that every single employee who works at t-mobile knows what they're working on is essential for our future. that's important for culture and our company as well as for our ability to move fast, be decisive and efficient. >> tyler has a question for you. >> i want to come back to a question david asked a moment ago and he quoted your words. what it takes to attract and retain customers is materially more expensive than a few quarters ago. excuse me. attract and retain. what specifically has gotten more expensive? is it the cost of the hand sets and that that has been a sort of disincentive for people to upgrade? what is rising and becoming more expensive in your effort to attract and retain customers?

>> well, it's stable right now. but compared to the height of the pandemic, it cost more to subsidize the cost of those hand sets for the premise of your question. hand set prices have risen and customers want a great deal on hand sets. now, there are off setting imp impacts on that. the monthly service. we've been way ahead of plans on our enterprise and smaller markets and home broad band plans but yeah, compared to the height of the pandemic, those device subsidies are higher and you can see that in our public disclosures. >> it's kelly. i don't want to take you too much off topic. when you watchwhat's going on between charter and disney, what are your thoughts? do you think charter should be getting out of the tv business? i ask because we've watched t mot-mobile and other companies like yours to being the broad band provider and having more programming ultimately at the tip of that spear.

from your seat, what are you watching for as this fight plays out? >> well, you know, we're guided by customers at t-mobile. if you look at that, that's what all those companies need to be. right now, customers generally speaking are voting with their dollars around streaming and for the partnerships we're striking are generally around streaming. we pioneered this at t-mobile with our netflix on us on carrier move, which is one of the things that has distinguished t-mobile and we continue to innovate in that area. >> back to this idea of things becoming more expensive, mike. the upgrade cycle seems to have slowed. we've got a new apple phone coming out. is your expectation given the price point that it will continue to keep things at the v slower upgrade level or will excite people and generate enthusiasm that will shorten that time period? >> when these new phones come

out, it's a big moment for our industry every year. >> do you expect it to or not? >> we'll see. i for one would like that new charger. i've heard there's the usbc cable. that would be very nice manin m life. we're ready to use it as a moment for people to switch to t-mobile because when you get a new phone, a lot of times, it's a time in your life when you say i'm already upsetting the apple cart. do i have the right provider? that's why we're reminding people on our 5g, our rate plans. when you get that new phone, guarantee you can get another one in one or two years. t it's up to you. all built into your rate plan. that's a breakthrough. >> you haven't seen the new phone yet, have you? >> i haven't. >> man's always selling. he's amazing. much more to talk about. hopefully we'll join you or you'll join us in the near future. >> back to you.

>> great to see you. thank you very much, david and mike. tech under fire. the eu targeting core businesses of the world's biggest technology gias.nt details when "power lunch" returns after this.

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amid calls to sanction uranium, prices have been surging. >> prices are up nearly 30% this year according to data. ongoing shortage concerns. issues on the supply and demand side when it comes to supply, russia is a key player controlling about 40% of the global uranium and enrichment market and we have seen calls for sanctions. there are fears about shifts it out of kazakhstan. new reactors are being announced globally with life spans being kpended. utilities from gotten 107 million pounds, on track to surpass last year's ten-year high of 125 million pounds. two funds that track the space both down today but in the green over the last month and also

more than 20% higher for the year. one up more than 60% so far this year. over the weekend, they warned they're going to miss their production targets for the year so that's also adding to some fears around any shortages. >> wow. thanks very much. let's get over to bertha coombs for the cnbc thus update. >> argument just concluded in a georgia courtroom in the first hearing in the election interference case involving former president trump. a judge is considering a motion to sever the case of two of trump's 18 co-defendants from the rest of the group. they are both hoping to get a faster trial. prosecutors say a joint trial would include about 150 witnesses witnesses and could take up to four months. brazilian officials say the death toll from devastating flooding in the southern part of the flooding has now reached 31 and it may climb higher as rescuers try to evacuate people

trapped in their homes. an extra tropical cyclone has been battering the region since monday night, dumping nearly a foot of rain in less than 24 hours. and the rolling stones are officially announcing their first album in 18 years. and the first since the death of drummer, charlie watts. the band launched the first single off of the happy diamonds album called angry, along with the musicvideo which features euphoria star. the rest of the album comes out october 20th. i can remember way back in the 1980s friends who scrambled to get tickets to the steel wheels tour because we were all thinking how much longer will these guys be out there touring? >> if you didn't get to taylor swift this summer, don't worry. when she's 80, maybe you can catch her then. thank you very much. ahead on "power lunch," there's a lot of money out there for athletes but pro and

collegiate, especially around name, image, and the likeness. morgan stanley though looking to educate these young athletes about the billion dollar industry and how to avoid some pitfalls. that's next.

news flash and for student athletes, name, image and likeness deals, they're a growing business. billion dollar market. >> the market for name, image and likeness of college at athletes will go to $1.1 billion. the supreme court allowed athletes to profit from their fame for the very first time and now in 2023, lebron's son, the top nil earner. livi dunne is the top earner for women. when we're talking about this, it's more than just cash. a former texas running back received a lamborghini as part of his deal and this week, whiz khalifa released a song

mentioning a number of pit greats including larry fitzgerald who is partnering with morgan stanley on a new platform. it's designed to help athletes and entertainers manage and grow their money. joining us now, managing and global head at morgan stanley. we're waiting to larry to join us. he's coming from some football related activities. thank you for being here. >> thanks so much for having me. >> we just hit on the size of the nil market. of course there's even more money in being a social influencer or just an entertainer in general. why is this platform important for these people and morgan stanley? >> as you just said, you know, the deals and number of opportunities that are coming to these student athletes because of nil, that's the reason it's important. we've heard from a number of these athletes in our financial education sessions that there's two things. they want more deals and they want to get financial education. we're not on the deal making

side in nil space, but we can play in the space of financial education and that's what we've been delivering. even prior to nil, this is what our business was built on in the business of financial education, so that's why it's important. student athlete rs s are for it. >> also commanding millions of dollars in various deals through nil. ability to leverage their nil. so let's talk about is this platform just about managing money or are there other aspects to it when we're talking about young people have an influx of sometimes millions of dollars. >> so when you think about it from the standpoint of financial education, yes, that's the part about managing money. there's budgeting, saving, and investing, but when you look at nil and social media influencers, it's about the dos and don'ts. reading contracts. understanding taxes. it's all of that in the ecosystem and focusing on financial education. for us, we wanted to make sure

we addressed the needs the student athletes were telling us about. even influencers and creators that were on the same length of a sports and entertainment type of client. when you think they're using their name, image, and likeness as well. >> i can imagine so many of these young individuals, some many high school, some early in college, could be really vulnerable to bad advice to theft or fraud or whatever. and that this education is a big part of addressing that sort of knowledge gap. so i want you talk about that. but how much of this is about education and how much if any of it is about attracting assets to morgan stanley? in other words, do you hope to manage some of the money coming into the hands of these young influencers, athletes, entertainers? >> so, yes, and yes. when you think about financial education is really the foundation and the forefront and

part of what we also talk about is thinking of yourself as a business. you are the ceo of you. so you have to build your team so it's a financial adviser, depending on what industry you're in, the business manager, the accountant, the attorneys and the like. all have to play towards your vision. so, yes. having a team is really important for these student athletes and these new up and coming creators and the one thing i'd also like to share about nil what it has allowed not only for them to be able to make money, but now they're able to engage professionals like financial advisers, accountants and agents without jeopardizing eligibility. so that's really the beauty that came out of nil. yes, the money is great, but also the representation is even greater. and look, at the end of the day, it's our responsibility to help these young people because they're going to be our next generation of leaders. these are going to be the next generation of people that are going to entertain us and what it be something where we would love for them to be clients,

absolutely, but our focus really now is focusing on the financial education piece. >> we want to welcome larry fitzgerald, nfl great wide receiver. university of pittsburgh graduate where i went to school as well. >> glad to be here. >> you joined the conversation in progress. you had the experience of being a young person who all of a sudden pretty much overnight had millions of dollars. what are some of these nil athletes, entertainers facing when they have this big influx of cash? >> i think it's very difficult when you're that age and you're trying to build your career but also try to manage your capital. it's coming in very quickly from a lot of different places. marketing, athletics, shoe deals. you want to make sure that you have a great infrastructure and team around you that can help support you from tax structure. you have to pay commission to agents and all these things you have to understand and that you're not really equipped to deal with at 20 years old.

or younger with some of these nil deals. that's the biggest thing you want to help educate the young players on so they can focus on what they really love doing and that's playing ball. >> i took part in a father son fantasy football draft last night with my son and for some reason, he chose you. i don't know why. the guy's in the hall of fame. have a bus sooner than on the football field again. what was as you were a young guy coming into the league, what was the biggest money challenge you faced and what was the biggest mistake you made? >> well, i didn't make any catastrophic mistakes. probably had one too many cars or things like that. but i didn't make any really egregious mistakes. i had a wonderful agent in eugene parker, god rest his soul. he taught me what to do, what not to do, go dwith the bigger banks before you go with small banks without a lot of capital. small things but he was very

helpful in helping me kind of structure in the beginning. as i got older into my second contract, i got more educated and was able to diversify a little bit. i was very lucky to have an agent that really took care of me and gave me sound advice. >> we don't want to single this earn out, but they received a lamborghini as part of their nil deal. i know you thought there might be some better way to use that compensation if you ran into a student athlete that was in the same situation, if they were offered a luxury car, what would you advise? >> what i would tell my son. you have have a lamborghini but i think there's a lot better places you can put that 3, $400,000 to work. you can get an annuity that will guarantee you 7% and if you let compound interest do what it was, at 18 years old, look back at 60, it's a completely different story. just give them better options. do you really need the money? do you need a car like that at

that time? just helping them make more informed decisions so they can be educated on the luxury of compound interest and what it can do for you. >> how's the golf game, larry? >> it's okay. i'll beat up on you. >> that is a low bar, my friend. larry fitzgerald, sandra richards, frank holland, thank you very much. coming up, the crackdown on big tech. tiogle and amazon facing antrust scrutiny here at home and abroad. we'll discuss when "power lunch" returns. to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening.

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affecting their core businesses. an ftc's antitrust suit against amazon and the doj continues to work at its monopoly case against google that opens soon, as new reports that say google has reached a tentative settlement with 36 states and d.c. to settle a lawsuit over an alleged app store monopoly. former ftc chairman and steve

kovach join us now to discuss this crackdown on big tech. let's talk about the eu commissions designating 22 services of six major tech companies as gate keepers. what does this mean and it goes to questions about interoperaablety of messaging platforms. what are they trying to get at here? >> yeah, tyler. and the messaging thing, that is just one tiny slice of this law that is going to have broad implications for apple, amazon, th that's alphabet, bike dance. now that these designations have been handed down by the european commission, these companies, for example, meta, which has what's app on there, what's app will have to talk to i message and vice versa. facebook messager has to play in

there, too. go google search has to give you the option to use bing and what this really is going to make these companies have to do is create their products maybe even differently than they work in the eu versus the way they work in the rest of the world. back to messaging. what's app is a private message between you and the person you're talking to. facebook can't look into those, but with interonablety, that ink encr encryption goes away. so we might see a different version in europe. that is just one of many examples. there are 22 services between their six companies we were just talking about that are going to be impacted by this law next year. >> bill, what steve just described to me sounds sort of deprogressive and crazy. tell me why it's not.

>> the u.s. basically su surrendered its role and allowed companies to do what they wanted. there's a keen sense the firms have too much power the way the commerce goes and i think steve got it right. what's happening in europe this week and in other measures to come will be far more significant than the lawsuits running in the united states today. and there's simply no doubt in the minds of european policymakers that they're on the right path when u.s. officials object to raise questions. that's just what you would expect because you put us in the corner and we're trying to clean up a mess you made the last 20 years or so. it is a strong, it's a strong sense of the identity of the european commission that they're playing this role. >> i think you put it perfectly as to how they feel and how they feel we've performed and so on and so forth. missing in all of this is the consumer harm.

it's really not clear to me that consumers are pounding the table to say i want my i messages to all be blue instead of green. but putting that aside, the question about how much further the ftc pushes in this direction, i'd be curious to hear your thoughts on in light of what happened with horizon and amgen last week and the mange setbacks they've been dealt by biden appointed judges as well and some of the antitrust moves they've wibeen trying to mag, they seem to be pulling back. so what do you think they're going to accomplish on the amazon front? >> 20 years ago when department of justice ran its case, did achieve a major success but everything that's happened in the court since then has made things harder for the government. the doctrine that's been embedded since 2001, 2002, gives firms major advantages and the high card they're able to play to say this may not be good for some of our rivals but it

certainly is good for our consumers and everything we do provides a better experience. i think that the ftc's going to find and doj is going to find in its case, they may be able to achieve some limitation on behavior but the vision of the major restructuring of the firms is going to be unattainable. so the realistic objectives are going to have to be tempered by the ambitions, real ism about what they can achieve. >> steve, let me turn to the google versus u.s. google. the antitrust that begins tuesday. walk us through that key issues here. >> yeah. so the big issue here is the government is alleging that google used its market power and just hoards of cash to effectively buy its way into search dominance. if you open up your iphone and open up that safari web browser and go into the main bar and type a search, chances are, default is google. that's because google pays apple

billions and billions and billions of dollars a year to have that key spot in ios search not only, it's not just on the iphone. it's on web browsers like mozilla and so on and so forth. what this lawsuit is saying hey, you can't do that. you're unfairly disadvantaging bing and duck duck go and just any other search engine that can't afford to leverage its bank account the same way you guys can. going back to duck duck go, which is a start up, they can't afford to pay apple billions to be the default search engine. google says well people have a choice. we may be the default, but you can change your settings. that doesn't seem to be good enough for the government though, tyler. >> thank you very much. bill and steve. >> no relation. >> it's close, but not that close. thank you, guys. >> a great last name there. >> indeed. it's back to school and back to business for millions of americans as we close the books on summer vacation season.

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movers and look for some names that auoffer some opportunity. today we're looking for names to consider as we enter the final stretch of the year, really feels that way. here to chart these names is piper sandler's chief market technician craig johnson. welcome back. >> thank you very much. i can't believe summer's already over. >> pumpkin spice season and everyone's joking how it's not so nice this time of year. you brought a couple of kind of eccentric stocks. we'll start with accenture. why does this catch your attention? >> there are so many ceos asking the question what does ai mean for their business. when i look at a big chart like accenture, i see this huge base that's been forming in here. i see something that almost looks like a couple and handle. this sets itself for upside. we can see upside in the stock close to about 379, so again, nice upside from where we are here, and again, kind of a stealthy way to think about ai. >> that's basically a consulting

play for companies trying to figure this out. let's move on to baker hughes. totally different company, totally different market segment. >> no ai angle here, but a lot of things and energy have been moving lately, and i'm get tinga lot of questions from clients about what we should be doing about energy. i'm not convinced that the energy stocks are really ready to work. we had been overweight them for a long time. we downgraded them back in june, which arguably could be too early. if you look at a chart like baker hughes, we're just starting to see the breakout in the consolidation patterns. our fundamental lists may be 10% upside, i think it may be 15% based on the chart setup. an interesting way if you want energy exposure. energy is only 5% of the overall market. >> your caution strikes me. you could easily jump on this band wagon, but you're not quite doing that. >> i'm not quite doing that. as i look at a lot of charts every single week, i see a lot

of charts that are just consolidating in the energy patch. i see oil breaking out. i think it probably gets stuck in a range between 90 to $95. i'm not sure you have a lot of upside from this at this point in time. just consolidating and the relative strength overall can be mixed. i can find other things in the market that look a lot more constructive. >> i hope you're right from a consumer and inflation point of view. that brings us to floor, not one one we often talk about either, it's up about 40% in the past year. >> we have an interesting correction right here in fluor. we had an interesting correction through here, but the overall trend still remains meaningfully higher here. we've been in this upper trending price channel for the be better part of a year and change, for us this looks like a normal correction in the context of an uptrend. we recaptured our 50 and 200 day moving averages and ld would al

note we're seeing that 50 move back in here. keep in mind there's a lot of projects that are still getting finished from post covid and everything else. fluor should before from reshoring projects with manufacturing coming back to the united states. >> engineers, consultants, it's a bull market. >> it's a bull market for them. >> craig, thank you so much for your time today, we really appreciate it. craig johnson piper sandler. coming up, skin in the game, a record number of americans say they will bet on the nfl this year, the season starts tomorrow. it's set to kick off, and we will discuss that and much more in closing timwh wrerne ene tu.

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we have about two minutes and eight seconds, and a few more stories you need to know about, so let's get right to it. data shows that rising rents are hitting suburbs the hardest as the great migration from cities during the pandemic seems to have staying power. according to the rentals website apartment list, rent prices in suburbs climbed 26% from march 2020 through this past july. that is 8% higher than the fwan gain in urban areas. it certainly matches what i'm seeing in my town -- bless you. there's so few houses for sale in these suburban towns in many cases that people are renting, and that is pushing rents up a lot. >> we talked about airbnb

yesterday, and i think that is engendering some pushback. a record number of americans will have some skin in the game as the nfl kicks off its regular season. 73.5 million people plan to wager on the league this year according to a new survey from the american gambling association. that is up a ton from just 46 million people who bet last year. >> i think it's, you know, it's all the ability and the ease of doing it from a hand-held, all of these prop bets you can make, whether larry fitzgerald is going to pay or not this year is immaterial. >> you and i remain not among them. >> yeah, yeah. some workers are celebrating promotions by walking right out the door. new data from adp found that between 2019 and 2022, 29% of workers quit their jobs within a month of receiving a their first promotion. compared to an 18% rate for workers who weren't promoted. so don't promote them. [ laughter ] >> forget it man. >> you give them an inch, they take a mile.

>> i guess they get a big head and think they're worth -- i don't know, maybe they find the promotion isn't what they thought it was going to be. >> thank you, kareem, by the way, for bringing my tissues. >> fix my ifb early in the show. he does it all. >> oh, man, don't give him a promotion though. >> don't promote him. >> thanks for watching "power lunch," everybody. >> "closing bell" starts right now. kelly, thanks so much. welcome to "closing bell," i'm scott wapner live from post 9 here at the new york stock exchange. this make or break hour begins with the selloff, whether it is nervous time again for investors. let's get right to your score card with 60 minutes to go in regulation. we ask because it's been a pretty rough day for all three major averages coming off the lows but nonetheless in the red across the board, a big reason why only the biggest stock in this market, it is apple. those shares under pressure, as news from the eu and china weigh heavily on that stock today, there it is. it's down just about 4%, all of it happeni