♪ welcome to "power lunch," erb. alongside kelly evans, i'm tyler mathison coming up, president biden joining autoworkers on the picket lines today in michigan former president trump holding a rally tomorrow we'll discuss the political and economic impact of the strike as it shows no signs of ending any time soon. plus, day two of our power house road trip. today we head to another hot, under the radar housing market that would be dayton, ohio home of courtney reagan. interest rates jumping above 7.5% how does rising rates playing out in the marketplace. get a quick check on the markets with the dow just off session lows we are briefly down more than 400. down 360 for the blue chips.

down 1.3% for the s&p to 42.82 the nasdaq the laggard down 1.3% as you might imagine, big tech names are leading the way lower. amazon, google and oracle seem 2 to 3% declines today more on that trade coming up. also on the housing front, another weak number out today. new home sales down 8.7% in august the home construction etf down nearly 9% just this month. big bio tech mover to tell you about, soaring 90% immunovant. it could be an effective treatment to many auto immune diseases. >> as we mentioned the autoworkers strike heating up and getting more and more political. president biden, joining the picket line earlier today. and we sent two of our best there as well. phil lebeau and brian sullivan phil, let's begin with you tell us where things stand >> reporter: oh, about half hour ago the president wrapped up his

trip to a gm parts and distribution center not far from here in bell vil,ville, michigan this is what it looked like as the president was greeted by a number of uaw members walking a picket line there. i wouldn't say the president walked the picket line it was more a case of him meeting those on strike. he said it was time for the automakers to give back. there's video on twitter of somebody saying, should the uaw members get a 40% raise? it appears he says, yes. though it's not the cleanest of audios i'll be curious if we see the white house walk that back here is the president talking about how it's time for the automakers to give back to the workers who have made sacrifices about 13 or 14 years ago >> wall street didn't build the country. the middle class built the country. that's a fact. let's keep going you deserve what you earned and you earned a hell of a lot more than you're getting paid now

>> reporter: what's the reaction of the automakers? we heard from ford saying that ford and the uaw are going to be the ones to solve this by finding creative solutions to tough issues together at the bargaining table we have a shared interest in the long-term viability of the domestic auto industry, the industrial midwest and good-paying manufacturing jobs in the u.s as you take a look at gm, ford and stellantis shares, keep in mind, that a big concern people have had is what's going to happen to the inventory? now that you have three final assembly plants shut down. these are not super high volume vehicles they are important to the automakers inventory levels have not changed. they're roughly where they were on friday 15th so that's where we stand as the president will wrap up his trip here to michigan certainly fired up the u acaw members, can't do anything but help them in their cause, brian.

>> we'll do "last call" live from here. this will be our focus it's kcritical to america as well a lot of support a lot of horns being hopged. by the way, tyler, we tried to get to that gm plant, our side, and we ran into the president's motorcade almost literally and figuratively if i told you it was 100 cars long, i'm not exaggerating i posted video to x as well. we tried to get close. we're kind of blocked off. very heavy security presence here as well maybe the president will come to this facility. we're not sure but, phil and i are going to double team it tonight and i did have a question for you, phil, which is we talk a lot about that 40% number. >> yep. >> the 40% how would the -- let's say they get it how would a 40% raise work is it all up front >> it's 4.5 years, may 1st of 2028 that's the proposed contract it would likely be 20% right off the bat and then 5, 5, and 5 that's how they planned to

structure it at this point let's be clear, the automakers at this point are offering approximately 20% or 21% over 4.5 years. there's still a huge gap in terps of simply the wages and then there's a whole bunch of other issues, wage tiers, cost of living adjustments, et cetera. >> big news today, this morning, i saw you covering it earlier about ford and i'm using air quotes if you're listening on the radio. pausing work on a $9 billion battery plant joint venture north of detroit with china. tell us about that that seems like a really big story. >> it is a big story adam jonas put out a note from morgan stanley saying he wouldn't be surprised if we start to see more oems, that's gm, ford and stellantis, pausing their investments. not because of the uaw negotiations going on, but just because there's a moment here where they have to analyze, okay, can we do this competitively, which is the word that ford used ford used the word, we have to

assess if we can competitively run this facility. what does that tell you? >> trigger words. >> the uaw put out a statement minutes later saying here we go. you're trying to shut down a plant before it's even open. this is another case where we want to transition to evs. you've got to work with us clearly that's a sticking point between the uaw and ford >> well, been standing here a little bit, not as slong as you not seen a lot of evs roll through. tyler, we have a big show tonight. we have michael moore on i wish -- >> he has a lot to say. >> roger and me, documentary maker, i wish he would be here in person. we have congress folks i'll wade off in the crowd drop the name of phil lebeau, i'm protected. we'll talk to some of these strikers here. try to get the voices, not only tell the local story but the national story as well because as, tyler, the longer this goes on, university of michigan says all three strikes forring aweeks could result in over 1 million jobs lost across the united states we're a long way from there yet,

phil. >> yeah. >> that's a michigan estimate. this doesn't seem like we're getting any closer. >> i don't think we're closer. if somebody said to me, do you think we'll see a solution by friday, i would say no i listen to him. >> yeah. well, always wise to listen to him. i am telling you, seeing you and michael moore wrestle it out tonight is worth the price of admission, folks it's free. tune in. it will be awesome you really can't overstate, gentlemen, can you, the political importance of what's going on in michigan right now today, the president is there. he has clearly put his stake in the ground on the side of the uaw. former president trump is arriving tomorrow for a rally. and he last week was extremely critical among other things of the uaw and its leadership who would like to pick up on that >> well, we were just -- i'll pick up on it because i was in

grand rapids, michigan, kent county election. kent county, michigan, you could argue is one of the five most important counties, not in michigan but in the united states because it tends to move like erie county, pennsylvania, kenosha county, wisconsin, with the elections. i'll give you the example. donald trump won in michigan, the state of michigan, by 0.3% in 2016. joe biden's margin of victory a little wider, 154,000 votes in 2020, but not by much. you could make the case, tyler, that aside maybe from georgia now, michigan and wisconsin are two of the most important -- that was loud. two of the most important swing states in the united states and the vote and the endorsement of the uaw will be critical to that and the uaw, correct me if i'm wrong, has not given its endorsement yet. >> they haven't endorsed anybody. let me be clear, i heard from people, friends and others who texted me and so forth they said, yeah, they're all

democratic they're voting for biden no, they're not. off to the rank and file here. a lot of trump supporters here some said it's about 25 or 30% trump supporters i don't have anything to back that up, but i can tell you this, when you talk with them, sure people appreciative of joe biden being here today but there are a lot of people who are supporters of donald trump who are out here picketing. >> too, tyler, i'll give you a quick anecdote, went to a place called steve's coney island. don't call it a hot dog, just about an hour ago, three miles from here, ford guy came in, had the ford shirt on. i was trying to talk to him about what we saw with the motorcade. and he said, i got no time for that blank and you can fill in the blank. phil's point, they lean democrat but this is a different kind of democrat >> yeah, i would agree with that i would agree. the look, the rank and file, it's not a lock hold for the democrat nominee. >> it's not a monolith anymore the uaw and labor generally is

not a monolith by any stretch of the imagination. gentlemen, we'll be continuing our coverage during the day and then, of course, tonight brian on your program at 7:00 p.m. eastern time, live from michigan phil and brian, thank you. and as the president, as you can see that news headline, appeared to say yes if when asked uaw should gate 40% raise. that headline nearly an hour ago could have pushed us to session lows, we rored the major averages add to the recent losses. nasdaq down more than 6% this month. 9% off of the high in late july in correction territory with 25% gain on the year microsoft, apple and nvidia the biggest impact on the nasdaq nvidia down nearly 15% in september. peter anderson is chief investment officer at anderson capital management and you're not in those stocks, are you, peter >> yes, i do own nvidia. i owned nvidia since almost the day i was born, frankly.

so, i've been through some rough times with nvidia in the past. and this is no different from those past rough times. >> you have kind of the warren buffett punch card approach here why not sell or go, truly can't get any better than this >> well, i think you have to focus now on interest rates and this whole narrative about higher for longer. and i've actually switched that to higher forever. because i think a 7%, you know, mortgage rate is an equilibrium rate it's just that we have forgotten, kelly, prior to 2007, those of us around before then, interest rates were higher then. and we still had market rallies in technology can still do well in a higher interest rate, despite the mathematics behind that that we have heard ad nauseam about higher interest rates. >> pier, i'm glad you brought this up because if you said, well, you know, 20 years ago interest rates were at these

levels well, 20 years ago we almost had a budget surplus really the budget picture couldn't be worse right now. i don't really understand how it's going to get solved does that make this time different because we could potentially have kind of yields spiraling for the wrong reasons and for reasons we haven't really had to confront before? >> well, i think the path that we took to get here is extraordinarily different. you know, when you look at the history of interest rates and stock market performances, et cetera, you know, these past covid years were something that no economics textbook is going to prepare you for so it is different this time but, we also have to have faith in the fact that, you know, it's risk and return. companies that are going to achieve excellent results regardless of what the interest rates are. i mean, i was joking with a friend the other day saying do you think nvidia, for instance, in their c suite, do you think they ever talk about making

investment decisions or corporate decisions based on what the fed said at the latest press conference i don't think so and i hope they don't, but that gives us a little bit more reality about, you know, the balance of this. we have to focus on the economics. but it isn't all we need to focus on >> let's talk a little bit about the persistence of higher rates. you and i are certainly seasoned enough, note my word choice there, seasoned enough -- >> very good, yes. >> seasoned enough to know when 6 or 7% mortgage rate didn't see all that bad now it does. what is the effect there long term if rates settle at these higher levels, inflation settles at a somewhat higher level than the fed's 2% >> i thought about that a lot, tyler. and at first i'm thinking, well, you know, if that is the equilibrium rate that we have had in the past, so be it.

and we can have economic rallies. however, i do think the impact is on residential real estate. you know, when you were paying a 7 or 8% mortgage, you didn't mortgage as much as you would have to now. so i think it's going to cut out a lot of lower income people that just will not be able to afford the payments. so that's the main thing but other than that, i think companies will chug right along. i think we will see more acquisitions, more m & n activity again, with the idea that i imagine in the c suite offices, they're not talking too much about, gee, should we postpone this acquisition because rates are a 7 or 8%? i don't think that that's happening. i think it's more based on the strategic analysis of companies combining with each other and the outlook for the products frankly. >> peter, as always, great to see you. peter anderson, we appreciate it >> thank you as stocks sell off to end this month of september, just a

couple days left, bond yields moving lower, too. pulling back from their near 16-year high hit yesterday so let's go out to chicago where we find rick santelli who explain it all to us rick >> yes and the pullback wasn't very much of a pullback as a matter of fact, we now see that all yields from 2s out to 30s are back up on the session and with a 455 yield in 10s not far from the intraday highs of this cycle long maturities, tyler, keep leading the way. look at 2s and 10s for one week on one chart look at how the yellow line separates off the top. i did an audible you were talking to the last guest about historic interest rates. well, today is close to the anniversary of the all-time high yield in the cash 10-year. anniversary dates for you technicians out there always important. so, 43 year chart, but it was september, i think, 30th of

1981, we almost hit 16% in that 10 year. we want to pay very close attention to the notion that we'll have a top rather soon now it isn't going to most likely be the top, but it could be a top that chart also demonstrates there's room to run to the upside boon's closing 11-year high at 280. dollars again on pace for fresh ten month high close, fifth consecutive higher close in a row. tyler, we're both pretty seasoned back to you. [ laughter ]. >> love that, rick thank you very much. indeed we are. and seasoning is always good, isn't it coming up, the ftc finally coming out with its lawsuit against amazon 17 states joining the agency in saying amazon is a monopoly. amazon's response to ftc's case in "tech check" next

power check, stock could rebound following a recent selloff we'll be right back. [ weather report announcer ] all flights have been grounded. ♪ i had to escape, the city was sticky and cruel ♪ ♪ maybe i should have called you first but i was ♪ ♪ trying to get to you ♪ ♪ i was dreaming while i drove the long straight road ahead ♪ ♪ i drove all night to get to you ♪ the distance is nothing when home means everything.

amazon shares falling 3.5%

today. big drag on tech stocks. the ftc and 17 states now suing the company, saying it's a monopoly let's get to dierdre bosa for more tech check. >> the crown jewel of the business model, the fly wheel. it encompasses to logistics to third party and booming advertising business amazon said, quote, this makes clear the ftc's focus has radically departed from protect competition and consumers. it should be break for ftc or amazon depending on the outcome. it could break up amazon's different businesses or embolden the company to do more deals it could also be the final blow to lina khan's credibility or give her the teeth to take on more battles against big tech at the ftc. now, remember, khan came into this position determined to hold big tech accountable, but we went back and looked a the

record hasn't been great for her in the ftc so far three of amazon's five biggest acquisitions, they have been done while she has been in charge mgm, one medical and i-robot i-robot hasn't yet closed. also all the investments in generative ai, just a few of the biggest ones hugging face, these are more creative ways for amazon to bypass the regular lay tors but gives the company an edge and could ensure it's dominant next platform shift generative aai it does build on already number one position in cloud. so taken together, these deals, and they just happened over the last few years while khan has been in charge, they have made the prime ecosystem and amazon itself stronger and more entrenched exactly what the ftc, guys, is trying to dismantle this is a win that lina khan and the ftc certainly need it will take months and potentially years to figure out the impact. >> amazon is many things

it is a cloud company. it is increasingly an ai company, but it began as a retail company, basically a book seller but it went long past that, a long time ago. is the ftc mostly going after its retail operations and saying that they're causing higher prices and so forth? or the other businesses included as well? >> it's focussing on that core e-commerce business. and it's looking especially at the role that amazon's services played a third party merchants and how it keeps them, they might argue trapped into that fly wheel or ecosystem but really you're right, tyler amazon is so many things now that's why i always call it an ecosystem. the reason they have prime video is to lock people into the prime system so they buy more on the website. and so that they can sell more advertising dollars. all works together and i guess that's the big question if you split it up. does it work as well certainly some on wall street think it could work better, but you're seeing maybe some complacency or maybe not really a lot of worry on wall street

because the stock was already down today i'm not sure it ever really moves much on regulation. >> yeah. i didn't even think to mention video delivery and production, which they're very big in as well. >> and grocery, i mean, there's everything. >> yeah. there's everything >> deirdre, thanks appreciate it. deirdre bosa quick programming note, lina khan will join squawk box tomorrow morning and address this amazon lawsuit and more live at 8:30 a.m. eastern time the chair of the federal trade commission >> that's a no-miss interview. as we head to break, it's almost time for delivering alpha. join us in new york city this thursday, convening business leaders to provide insights to help you minimize risk and maximize returns tickets are still available. visit cnbcevents.com/deliveringalpha "power lunch" is back after this

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we talked a lot about rising oil prices with crude up 13% just in the past month but the s&p energy sector up only 4% in that time so why aren't stocks going along for the ride pippa stevens will explain that one. >> and for the quarter there's

more divergence over the last three months oil is up nearly 30%. and so peter mcnally over at third bridge said a lot is thanks to the shape of the curve. right now, prices are above the longer dated prices. so what that does is it takes the risk of negative earnings revisions off the table, but it also means that we aren't seeing earnings revised to the upside there's also still a lot of uncertainty in this market especially on the supply side, as you talked about. saudi arabia could unwind those cuts at any point. we could see u.s. private players increase their production so all of that means it's hard to attract generalist investors with all this uncertainty, all this overhang specially after energy stocks outperformed over the past to years. one other thing to follow up on, we talked about the russian product export ban last week going into effect with indeterminant time line. so analysts crunched the numbers and said that in reality it can probably only last four to six

weeks thanks ss to russia's stog capacity right now they're in refinery turn around season that will end in mid october at which point their storage tanks will rapidly fill up. the only other sopgs to dramatically reduce refinery runs that's probably not going to happen this will probably not have that much of a longer term impact, but once again, it does show that putin still has levers to pull. >> what clears up those issues of overhang that you talked about. is there one thing that sort of -- >> i think stability for prices. even if you hear they don't want north of 100, what they want is steady, assured prices when you think about wti swinging from negative $40 to $130 in the span of literally just two years, i mean, when you're running a company and trying to forecast for the future, that's really hard and so then when we hear -- we see all the volatility and hear executives say, we're not sure where they're going to go, it means that investors who aren't

experts in this space the general lists will say i will sit this out until there's some assurety also not so much political overhang if you could go elsewhere and find attractive valuations elsewhere, why would you be here necessarily? >> pippa, thanks. we appreciate it jp morgan paying $75 million to settle the jeffrey epstein case. let's get to eamon javers for the details of this settlement. >> reporter: jp morgan and the u.s. virgin islands have reached an agreement in principle to settle the sex predator litigation of jeffrey epstein payout of jp morgan of $75 million. the settlement ends a bruising episode each side accused the other of enabling jeffrey epstein's abuses and led to a sere res embarrassing disclosures for the jp morgan folks. the wall street firm says the payments will be divided into three categories 30 million will go to u.s. virgin islands charities 25 ml to usvi law enforcement and 20 million toward legal fees a statement, jp morgan says the settlement does not include an

admission of liability but the firm deeply regrets any association with this man. u.s. virgin islands aerial smith called this settlement historic victory for survivors and said it should sound the alarm on wall street about bank's responsibilities under the law to detect and prevent human trafficking. but a dispute emerged this morning between the two sides over whether anti-sex trafficking measures agreed to by jp morgan in the deal are new or are not new the virgin islands say commitments include informing law enforcement when customers are identified as involved in human trafficking. terminating customer's accounts if jp morgan has credible information it is engaged in trafficking and identifying and escalating clients associated with forced or child labor trafficking or slavery but spokesperson for jp morgan said these are not new commitments. they're previous and on going efforts to fight human trafficking. even as they settle this suit, guys, it's clear the two sides

are still talking past each other today. separately, we should note, jp morgan also says it has resolved its lawsuit against its former executive jess daily over responsibility for the bank's relationship with epstein in the first place. the terms of that deal have not been disclosed, guys back over to you. >> thank you very much, eamon javers let's get over to steve kovach with cnbc news update. >> yeah. a u.s. official said today the united states is working with kosovo to investigate a shootout at a monastery that killed four people last weekend. the ambassador in the region told reporters, authorities are trying to figure out who sent a train and organized group of about 30 heavily armed serbs into the contested region and why. the violence prompted new international concern over stability in kosovo which declared independence in 2008. also california governor gavin newsom signed a bill into law that doubles the taxes on guns and ammunition in the state. the money will be diverted to

pay for more security at california public schools and into violence prevention programs finally, there's a new commander of the international space station as three astronauts prepare to come home. the title was handed over to andreas morganson of the european space agency in a ceremony today nasa astronaut frank rubio is among the three who will depart the iss early tomorrow morning during his mission there, he broke the record for the longest single space flight by a u.s. astronaut. pretty far out there tyler, back to you. >> thank you, steve, very much. still ahead, our power house road trip continues today. we head to a city in the midwest, that saw a housing boom from the rise of remote work we're going to report from the ground there when "power lunch" returns. we're going to dayton.

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welcome back it's day two of our power house road trip. we've gone from poughkeepsie to dayton an in-depth look at what's happening in different housing markets around the country especially wanting to know how far a million dollar budget really goes now. yesterday were were in poughkeepsie new york. today we're in dayton, ohio, saw its housing market heat up during the shift from to work to home number 74 on zillow's top metro

area by side up 11% from last year, just under half of houses are selling above list price here to tell us what it's like on the ground, chip james. chip, welcome. >> hi, kelly thank you so much. >> would you say the market is more balanced these days >> feels like it's starting to balance out because for the first time in years we have buyers that seem to be heading to the sidelines a little bit. and so, it's sort of a wait and see approach for us in the business to see how this plays out over the next couple of months. >> prices are up, but in part because supply has declined -- i think you said declined even more than it's already low level of last year so in terms of price, the market is healthy but from where you sit, how are volume of sales? in other words, how many sales have you done this year to date versus last year to date is it the same

higher lower? >> the market in general from a sales perspective is down 10 to 15% thankfully i'm blessed my business is up a little bit year to date, but you know, our inventory is just so tight there's really nothing available. and so, this shift with buyers not being able to afford as much and for interest rates going so much higher, it hasn't really impacted the good houses yet so we're still seeing a really -- what feels like a seller's market. >> i want to know my favorite part is seeing the houses. if you don't mind, let's look at this one it's a little over a million dollar budget, maybe we can get a deal, maybe we cannot. talk to us about this property that's on the market right now >> yeah. simply just a beautiful home. >> whoa. >> location, location, location, right, guys? it's sandwiched right between south dayton and northern cincinnati so it's going to get a ton of attention when ever it hits the market again my buyer was lucky enough to scoop it up not too long ago

but it's a 60 by 18 salt water pool just something really exceptional outside. people in dayton, we love to host and entertain outside this house is a great example of that beautiful inside and out >> look at the scale of that, more than an acre of property, what >> typically -- so when ever i travel, i love to talk to people about the same thing you guys are asking me about, right how far does my money go and in dayton, ohio f you're getting a million dollar home or 1.2 million, you're probably getting a beautiful homesite, some people say a lot. i like to say a beautiful homesite probably an acre, some trees hopefully low property taxes and a great school district. so, i mean, that's why people are flocking to dayton and choosing to live here instead of sister cities like cincinnati or columbus. >> i like to know what's going

on with your buyers and these 7.5% mortgage rates. when we talk to poughkeepsie, he said 51% of buyers were financed in other words a lot of this was still cash in the market and so forth. how are people in dayton affording 7.5% mortgage rates? >> good question that's a great question. i really enjoy this segment yesterday with poughkeepsie. our market is a little different. we don't have quite as many cash buyers, definitely so our folks are financing but, they're just working their way through it they're using points to buy down their rate so maybe buyers are asking sellers to help with closing costs so that they can do that where as we didn't see that a year or two ago. but, yeah, maybe bring a little more cash to the table getting a gift from mom and dad or grandma and grandpa so they can lower the amount that they have to borrow >> so, the house that we just saw there, it sold for, what, 1.2. did it sell above ask? >> yes, sir, just barely just slightly above ask. >> so pretty much above ask. how big is that pool again

that's a big pool. >> 60 by 18. we would love to have you down dayton has some amazing breweries and restaurants these days that's why people are flooding the market love to have you in town any time to check it out. >> tyler will spoil the sale before it closes. >> i may come in and swoop it up. >> tyler -- >> your high school buddy courtney reagan says hi. >> that's so nice. i wondered she's a superstar on the channel. man if i can be 10% as good as her, hopefully i won't bomb the segment. also i need to thank you guys for finally putting my communications degree and minor in broadcast to use. 20 years too late. >> there you go. >> you're in a good spot you made a good choice, i think. but you did well on this segment. we give you an "a" chip james, keller williams, community partners we'll say hi to courtney for you. >> we'll see her in a couple minutes. our power house road trip continues all week long. guess where tomorrow we are going, ready for this. >> dallas, texas.

>> yes, we are. >> i want to say two things. my arms are not as feeble as they look there. >> i don't wear red tank tops. >> i do have a large head, that is just disturbing >> i appreciate that i get to drive, though. that i enjoy. >> you get to drive. i'm the backseat driver there. don't turn here. >> dallas. >> don't listen to waze. >> never use waze. top ten zillow metro areas interesting to compare with what we described the last couple days don't miss 2:00 p.m. tomorrow here on "power lunch." still ahead, the pinch that stole christmas. why it could be a ho-hum holidays for folks looking for seasonal work this year. as we head to break, cnbc celebrating hispanic heritage. sharing the stories of influential business leaders here is enrique, cfo immigrants including my father are pioneers. they go into the great unknown he wasn't fully sure what to expect when he immigrated.

he had hopes, he had aspirations dreams you need to be really clear what your long-term vision is when you take such a risk i know my father did i know my father did ♪ move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business.

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frank has been the buzz word of the year for retailers, theft getting the blame for a lot of weak numbers there but, a new report out this morning indicates that maybe the concerns overshrink our overstated courtney reagan joins us now with the details >> this is really interesting. while retail theft has gotten a lot of attention recently the newest, most widely site cited data shows theft actually didn't increase over historical norms last year. so the national retail federation surveys retailers annually about their shrink. remember, that's all types of inventory loss and while retailers reported total shrink, grew to $112 billion in 2022, 94 billion the year prior, the percent of shrink from theft was the same external and internal makes up 65% of total shrink, the same as last year. in fact, external theft, which

includes organized retail crime decreased slightly to 36.15% from 37% internal theft increased slightly from last year. control failure, processes things that could be in control by those retailers, those grew by 2% as a source of shrink in 2022 i do want to note that the nrf says that 78% of retailers that responded to this survey don't include e-commerce goods in their shrink calculation and 57% don't include supply chain losses so the group said shrink itself is likely, quote, heavily underreported. theft may not be increasing as a percent of total, the violence associated with it is. more than two thirds say there's more violence than last year on top of that last year when more than 80% of the retailers that responded reported an increase in violence. so to deal with store violence, 45% of retailers reduced store hours. 35% changed out the products available and 28% say they

actually closed specific store locations. >> i have to think, added to that would be the cost of additional security or maybe paying off duty police officers to be in the parking lot during selling hours, right >> yes, absolutely more of that is detailed within the report different technology, of course, that goes into trying to combat that as well as personnel training for their employees and all of that, too. >> talk to us about dayton, court. >> i know. dayton is a great place to live. i have to tell you, it was a great place to grow up it's a nice place to raise a family spring borrow is the town right next to the one i grew up centerville. go elks. it's a lovely place to live. i like seeing that people want to live there, especially with some remote work options and other good work options there as well. >> how far is it from cincinnati >> about 45-minute drive from cincinnati. >> not far from cincinnati, which is fun town as well. >> there's an airport in dayton. there's an airport in cincinnati, columbus airport is about an hour and 15 minutes away it's about 95 milesish from

indianapolis as well. >> dayton chamber of commerce, courtney reagan reporting. >> bill the bureau chief if you want to open one there. >> we were talking about it. that's cool. thank you, court. >> thank you. still to come, bullish on betting. draft kings higher on an upgrade to overweight at jl morgan they say it has more room to run despite the share price more than doubling already this year. we'll trade it in a fresh free stock lunch momentarily. big interview tomorrow, biron allen, reportedly offering disney $10 billion for abc, he built quite a media empire we'll talk more about the state of the media landscape tomorrow at 2:15. "power lunch" will be right back

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welcome back it is time now for today's three stock lunch. let's look at some of the movers such as amazon as we mentioned, the ftc is suing it, alleging it is a monopoly shares down 4% as the market has weakened, also down 8% for the month. with our trades today, we welcome back victoria green, g squared private wealth ceo and cnbc contributor good to see you. are you a buyer of amazon here >> i am. this was widely expected

the stock was trading down before the news broke on the lawsuit. this is something the ftc has been after them, like four pending lawsuits out there on various ethics of their business highly like think they can get something settled. i'm a dip buyer on amazon. getting more into looking their own chips, they're the most broadly diverse company, have more of an a.i. play now that news on monday outweighs the bad news today. >> up 52% for the year so far. up next, draft kings jpmorgan upgrading it to overweight, saying the recent underperformance creates an attractive entry point for investors. what is your take on draft kings? >> i'm super bullish on them i'm in las vegas for a conference now, but i want to talk about how great i love draft kings in the marketplace the gaming market looks to be

huge they're growing, taking market share from bet mgm, had a few competitors that have come off the market, barstool, espn, they need to refigure their apps a little bit, but their moat is widening i like the stock it is expensive, but a huge growth market play you got to be prepared for volatility with this stock, what goes up can quickly have schharp drops. the growth in gaming is huge they're a buy with me. >> all right, so that brings us to snap, whose shares are down more than 3% today as hsbc initiated coverage with a reduce rating on the stock they're talking about growing pressure in the core ad business so you also have a sell on snap, victoria >> yeah. i'm sorry, snap is a no for me they can't make money. if you look six quarters ago, they made $1.06 billion in revenues and that's what they did last quarter they can't seem to grow, they're still burning cash flow,

operating margins are going backwards. so for me, even though they have this new partnership with microsoft and this chatbot, i don't see the stock as a buy i think it is more likely to pass the $7 range than to go to $10. >> victoria, thank you very much we appreciate your time. >> thanks, guys. >> you got it. so many stories to get to, so little time left. c willpower through as many as c willpower through as many as wean in closin power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper come right back. you can stay on top of the market from wherever you are. 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.

welcome back to "power lunch. federal communications commission chair jessica rosen planning to reinstate net neutrality rules that were rescinded under president trump. move came after democrats took majority control of the five-member commission on monday it had been operating with 2-2 partisan deadlock because the senate had refused to confirm president biden's nominee. the fcc reversed the obama era rule in 2018 which required internet service providers to treat all web traffic as equal prepare for more headaches, i think, in covering the twists and turns of net neutrality if that's the case. other stories you need to know about today. pandemic era savings are tapped out for most americans, 80% of them, according to the fed americans other than the wealthiest 20% officially saw total bank deposits and liquid

assets dip below march 2020 levels as of june. and june was before gasoline prices started to peak that explains why consumer confidence is under pressure. >> people were using their savings, spending them down and now exhausted. and we know credit is at an all time high on credit cards. we have covered the resurgence of ipo, but 18 new etfs launched this week. the busiest week of the year so far. 57 funds launching in september alone and according to morning star investors becoming more accepting of actively managed etfs i think in the group several are coming from capital group, dimensional fund advisers, wary of etfs until recently full embrace now from those companies in the etf area. your office i.d. has a new role in your work life, allowing your boss to track your every move, including how often you show up in person and how long

you actually stay in the building all of this becoming part of the work from home fight, tyler. the end of the road for netflix's dvdsubscription business with the streaming giant set to shutter its mail order division on friday it used to be something like the fifth largest customer of the u.s. postal service -- >> that's right. >> it had multiple distribution centers. it disrupted the dvd space, put blockbuster out of business, and not so much anymore. >> and disrupted itself. >> it did disrupt itself. >> very successfully speaking of disruption, something like that, taylor swift becoming the most talked about person in the nfl this weekend. her endorsement may be helping travis kelce jersey sales. they're up 400%. her popularity beyond kansas city her eras tour movie set for october 13th will be a global event with showings planned in more than 100 countries and i, yes, we never -- i'm never on the pulse of everything, i'm taking the boys. >> you're taking the boys to see the film

>> they are obsessed with taylor swift. they're 5 and almost 4 >> my son told me last night that taylor and kelce bought out a restaurant so they could go have dinner. i thought, that's kind of bad, but in truth, i realize you couldn't be taylor swift and go to a -- >> you can't do anything normal. >> so do it. >> it is a burden. >> "closing bell" starts right now. welcome to "closing bell," i'm scott wapner from post nine at the new york stock exchange this brmake or break hour, whete one might keep rising and one may fall as a rough september heads towards an end here is your score card with 60 minutes to go in regulation. yields, they have turned higher in today's session as the day has moved on and to no one's surprise, stocks, they're weakening. the dow and s&p now pacing for their worst quarters in a year seven of 11 s&