off about a quarter of a percent for the dow. let's get to steve liesman now for the latest news from the fed and that would be the fed minutes from the meeting of just a couple of weeks ago where the fed left rates unchanged. so let's go now to steve liesman with that embargo. steve? >> federal reserve officials in the september meeting judged that one more increase at a future meeting was likely appropriate. a majority pointed to upside inflation risk. for the record, this was back in september. we don't know if this still holds now. some at the time, however, judged that no further increase was warranted. so there's your split on the committee that we're hearing in the rhetoric out there from fed officials. all agreed it was critical for policy to be, quote, sufficiently restrictive. that's the term that chair powell has used to indicate when the fed would be done and all agreed once they got there, it should remain restrictive for

some time. several saw policy at or near the peak, near means maybe one more hike, at means we're there already. all agreed that the committee was in a position to proceed carefully. we've heard that from several fed officials since the meeting. several say the balance sheet reduction can continue even when the fed is cutting rates. participants say risk from over or undershooting on rates was now more two-sided than it had been in the past. various participants pointed to downside economic risks, including credit tightening from the banks, lagged effects of monetary policy as well. many noticed that it's coming under pressure amid high inflation and declining savings. there's concern about the commercial real estate sector, the availability of childcare which is believed to have brought a lot of people into the workforce. the availability of childcare. auto workers' strike was on

their mind. upside risk to inflation from the auto worker spike. they're hoping new data would clarify the process in from of them, and -- they still continue to repeat that they're going to need a period of below trend growth to bring supply and demand back into balance. >> stick around as we continue to discuss this a little bit more. reaction to the fed meetings with mark zandy. mark, you've heard what steve summarized as the fed's meeting minutes. how close is the fed to its goal on inflation? >> i think it's well on its way, tyler. i think, you know -- in fact, the most recent inflation data say they're there. if you look at the analyzed growth in core consumer price inflation or core consumer expenditure, the measure they target, we're there. we're 2, 2.5%.

that's consistent. that probably overstates the case. but it makes a strong case that we're definitively moving in the right direction here and i think policy is sufficiently tight. they want it back in a reasonably timely way. >> when you say it's not definitive, i guess what you're saying is you like to see more months of data that show exactly that kind of measure or maybe even a little lower, is that my understanding correctly? >> yeah, that's right. i mean, you know, obviously the data is affected by lots of technical measurement issues and we're going to get a sense of that i think tomorrow morning when we get the cpi for the month of -- for the month of september. it's going to show probably a bit of an increase in that -- and that will be the flip side of some of the beneficial technicalals that we're getting earlier that are now being a little bit less beneficial. my sense is inflation isn't quite back where they want it,

but it's going in the right direction. i forecast lots of stuff, some things i'm confident and some not so much. forecasting inflation, i feel confident in and a significant part of that goes to growth and housing services. we know it's going to continue to moderate the inflation back in. i feel confident that inflation will be back to the target by this time next year. but we need more evidence of that for sure. >> steve, i'm confident in predicting that the giants will not beat the bills this weekend. but that's about all i'm confident in. how do you read what the fed has said here and as you say, there seems to be a balancing act going on between those who would like to stay where rates are, those who might see one more hike. >> you know, tyler, the minutes come out three weeks after the meeting every time. but sometimes they're colder than others. i'm going to say these minutes are a bit colder than other

minutes and the reason is because an awful lot of stuff has gone down since these minutes came out. you've had this rather pronounced surge in treasury yields that fed officials have talked about and said affects their outlook on policy. obviously, the hamas terrorist attacks in israel have had a global impact economically as well as psychologically as well. so those two factors have had tremendous impacts on markets, tremendous impacts on the markets that make a difference for the federal reserve. and you've had comments come out, guys like waller saying i think the fed can wait and see. so i don't -- they may have this other forecast -- just one other i think important context, these minutes came out, they were very hawkish and the market reacted. and the projections came out back in september. i feel these minutes are a little bit more dovish or suggest even the conversation at the time was not as hawkish as

was portrayed or in the statements. just a much more two-sided debate. it still leads towards that -- one more hike. i think the hike is there. i don't think there's a lot of focuses on the committee that from what i'm hearing right now want to push the button on that hike. >> steve, can i try to cause some controversy here and probe what you just said. that's interesting. in other words, you think the chair was much more hawkish in what he said after the last minut minutes revealed. so is that a policy error by the chair or -- you know, what do you attribute that split. i think you captured it well and how it feels to those of us on the receiving end. what do you think that's all about. >> i'm never exactly sure how all the sauce is made over at the fed here, kelly. and i wonder to the extent to maybe they emphasize some dovish aspects or maybe things turned more dovish and decided to

emphasize those things or maybe there was a determined -- a determination on the part of the chair that he wanted to portray a hawkish takeaway from the meeting. there was a reason to do that at the time. so i don't know the actual answer for it. i do know when i read these minutes, i see and hear a more vibrant debate than what perhapsed portrayed at the at the time of the september meeting. it says a majority wanted more hikes. the dot plot showed 12 of the 18 members wanted an additional hike. that was still there. the question becomes just because you want a hike, doesn't mean you're going to get it, or doesn't tell you when they're going to do it. it's still out there. they're not backing away from it. they just don't sound in a big hurry to do it. >> mark, anything you would want to add? >> no, i mean i -- i'm a little perplexed by the hawkishness of the fed chair at the last -- after the last meeting and the

press conference. i was surprised by it. but, you know, it could have been strategic and he got what he wanted if it was. as steve pointed out, the financial conditions have tightened. stock prices are down. it feels like conditions have tightened which, you know, he's got inflation expectations anchored and tethered and i think he's got -- he has the markets where he wants them and the economy where he wants it to go. so he should feel pretty good about this. but i think they're now right at the edge. this is it. i don't think they need anymore rate hikes and i think they'll start making a mistake if they keep pushing on the brakes. >> if you give me one more second here. i want to give you the probabilities now. down to 8% on november. markets don't think it's happening in november. december is up a touch maybe, 28, 29% from the probability of a rate hike. and then you got to go -- they're getting more confident now, guys in the possibility of a rate cut in june at 62%. that may reflect this idea out

there that many on the committee see the risk as more two-sided as they have -- than they have in the past. >> thanks very much. mark, always good to see you. maybe even better to see steve liesman, i don't know. it's close. thanks. appreciate it, guys. >> or what about rick santelli. let's get to the bond market now where he can react to these fed minutes and talk about the action we've seen this afternoon. hi, rick. >> hi. the fed minutes, as you look at the intraday charts, look at a two-day chart. we see the yields have moved a little. a little volatility on the minutes, but not much. the notable factor here is that we reached up just a bit above yesterday's high yields. contrast that further down the curve with a ten-year where investors shun the action and yields are below yesterday's low yields. and the effects of that are quite obvious when you look at twos versus tens because the flight to safety has been more concentrated in long maturities and that, of course, reinverting

the yield curve a bit. if you look at this morning's data, i'm sorry, but here's what i see, i see 0.5 on headline, 0.7 last month which reminds me a lot of may/june last year when you had back-to-back high numbers. if you go year over year on the headline, 2.2, that was 0.1% in june. and last month alone it was 1.6, revised to 2%, now 2.2. i guess the point is, inflation hasn't disappeared and tomorrow's cpi is going to be really interesting in the context of the flight to safety trade. and ultimately two-year note yields closed at a one-month low yield yesterday. first time in a month they closed below 5%. but they're very buoyant. hopefully geopolitics recedes and gives us a better glimpse of where rates want to be priced.

tyler, back to you. >> thank you very much. republicans are moving now in the house potentially to nominate steve scalise to be the next speaker. a vote is expected soon. emily, people are saying he wins an internal vote to become the gop's speaker, but the truth is, he doesn't even have half of the number of votes required to prevail in the full house. he won by a 113-99 vote. that suggests that he does not, does not have his full caucus behind him here, at least at this hour. >> reporter: yes, tyler, there's more work to do. you're right, scalise is now officially the republican nominee for speaker, but he won the conference by a very slight margin. and now that they're going to the house floor, he's going to have to get 217 votes. so, obviously, big difference between 217, 113, and it's a huge question about how he's going to get there. because you're seeing a number

of members come out and say, hey, we backed jim jordan, we still want jim jordan. we're going to vote for jim jordan. it doesn't seem likely that scalise is going to get to that magic 217 number on the first round of ballots. now, scalise and jordan are meeting right now, they are having a discussion. a lot of members came out of the room today and talked about unity, talking about getting everyone together. and so we'll have to see what jordan says after this meeting with scalise. is he going to tell everyone to back scalise or is there going to be sort of a long and dragged-out fight on the floor. steve scalise came out of the room minutes ago and talked to the reporters about what his plan is going forward. take a listen. >> we have a lot of work to do. not just in the house for the people of this country, but we see how dangerous of a world it is and how things can change so quickly. we need to make sure we're sending a message to people all throughout the world that the house is open and doing the

people's business. >> reporter: scalise says that when he is elected speaker, the first thing he will do is bring a resolution to the floor saying that the congress has the backing and support for israel. however, when that happens, that is very much unknown at this point. it could happen today. it could happen later this week and it could take a lot longer. kelly? >> we'll see. no small amount is at stake, emily. thank you very much. we appreciate it. still to come on power lunch, we'll bring you the latest on the israel/hamas war. exxon agreeing to buy pioneer for nearly $60 billion. bringing down the energy sector today. plus the official debut of birkenstock priced at 46 last night. it opened at 41. we bowllel expectations. we'll trade that and exxon in three-stock lunch coming up. >> announcer: the bond report is brought to you by pimco.

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welcome back to "power lunch." major energy deal this morning. exxon mobil buying pioneer natural resources for nearly $60 billion and in stock. earlier on "squawk box," darren woods explained why this deal works now. it's the biggest since they bought mobile, and how it will work as the emergency industry continues to transform. >> this is betting on the capabilities the people of our two organizations, the

technologies that we've developed, to basically more efficiently recover resources at a lower cost and a better environmental footprint so that we are actually advancing the ambitions of the lower emissions fusion by using our combined capability to drive down emissions, produce lower carbon intensity oil and gas, and basically push -- continue to be the most responsible operator for providing oil and gas for as long as the world needs that. >> for more on the deal and market in general, let's get to today's five-star fund manager. bill smeed as over $4 million in asset management. they're 5% at the low. what does that tell you? >> that's arbitrage. there are many people that own

pioneer that won't want to own the combined company and then secondly if i'm an oil investor, i don't like what you just played of what he said. i don't think if you look on the chart or of the exxon corporation, it says to make a few bucks and kowtow to the body politic. their job is to make them wealthy by being in the oil and gas business and behind the scenes they're doing that by extending the life of their oil and gas production in a very attractive place. we think it's the right thing to do. but we think that all of this g g g gibberish is gibberish. i think it's bullish that he's taking stock in exxon rather than cash.

and exxon has a pile of cash sitting on their balance sheet that they could have used. they know most of the people in pioneer want to be invested in the oil and gas business. >> why is it bullish and why didn't they use cash, for the reason you just said? they want to stay invested in the sector. >> if you pulled up a chart, for the last 30 years on what part of the s&p is in the energy space, and that's the overall energy space, it's tiny. i think in '81 it was 29.74. the magnificent six were the six large oil companies, the top eight market caps in the world in 1980. and it dropped to about 2% around saudi sunday in 2020. that was a 220-year low in commodities versus stocks. so we're in a supercycle. you said everything you needed to say already. you said they bought mobile in 1999. where was that in the cycle for

oil and gas stocks? that was at the beginning. $11 a barrel. and no one was talking about a brick trade back then in '99. but that's exactly what ended up happening is, everybody got so excited at providing oil and gas to the -- to the economic revolution in china and, you know, brazil, russia, so nobody could see that fore coming and that's where we are in the cycle. this is the third big supercycle in oil and gas, the first was 71 to 81. the second was 99 to 2011 and this is the third one. scarcity creates value. >> let's talk about -- you do not own either exxon mobil or pioneer natural, but you do own some energy and you do own some real estate among your top holdings, occidental. why don't you walk us through energy and real estate and why.

>> well, it's a little depressing, tyler. i apologize ahead of time. we are completely convinced that inflation is too many people with too much money chasing too few goods. that's what happened from '71 to '81. it was the vietnam war. it created massive debt followed by a bunch of baby boomers and the arab oil embargo. the chinese was 1.2 billion people that hadn't practiced capitalism before chasing too few goods and this is 92 million millennials have been slow to get started in forming households and buying houses. but kicked into gear the last two or three years. 92 million of them are out on the hunt, more weddings last year than this year. so the game is engaged. too many people with too much monetary -- $10 trillion of federal government monetized debt and it's the biggest number in relation to gdp orienther th

world war ii. the game is engaged. they are inflation beneficiary securities, real assets and labor are the winners of the next ten years. >> labor is a winner, real assets. that would include devon, simon properties which owns malls and other kinds of developments. that's where you want to put your money now, right, bill? >> yes. and any companies that are going to suckle on the necessity spending of the households formed by the 92 million millennials. that would be your banks like jp morgan, bank of america who have their deposits, american express. even though they get married and have kids, they still take their kids on all kinds of travel and they want those points from american express. she's laughing. i love that. and they shop at target and go to home depot on saturday.

we just got these people blanketed in our fund with necessity companies and then i -- we want to keep people my age alive with amgen and merck -- >> we're laughing at the most memorable phrase of the day and that is to suckle on the millennials. i'm going to remember that one. that's beautiful. bill, thanks. >> thank you. >> you got it. coming up, the latest in sam bankman-fried's historic trial. all the details emerging around his fraud misconduct and presidential hopes? and tomorrow night, be sure to check out exxon mobil at a crossroads, a cnbc documentary. that is on thursday, 8:00 p.m. eastern time. david faber will be covering it for you. "power lunch" will be right back.

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the courthouse. >> reporter: caroline ellison described what she called living in a constant state of dread. she was worrying about not being able to meet customer withdrawals from ftx and everything could come crashing down. she says bankman-fried at one point was trying to raise money from the saudis, in particular, prince mohammed bin salman. she said that alameda executives paid a $150 million bribe to the chinese government to unlock some accounts they had on a chinese crypto exchange. before they did that, they tried to use fake accounts to withdrawal some of that money. those accounts were actually thai prostitutes. there was an employee who pushed back around all of this. he told her to shut the ef up. he was known for some of these

outbursts. at one point in the bahamas apartment, ellison saying that bankman-fried confronted her about the financial mess. he said it was her fault. said that she didn't hedge early enough and that she got very upset. she said she started crying. she talked about his image that he tried to cultivate. tried to frame himself as an intelligence and somewhat excentric founder. the toyota corolla that he drove was completely for pr optics. he had another backup car. she made a list of things called things sam is freaking out. that included getting regulators to crack down on binance then buying snapchat. was worried about potential pr in the next couple months. there was awkward tension between those two in the courtroom. when she was testifying, ellison would not look at bankman-fried,

avoided his eye contact frequently. he looked stressed. finally ellison described bankman-fried as utilitarian. he didn't think lying was wrong if it was part of a bigger goals and the means justified the ends somehow. the defense will get a chance to cross-examine ellison as soon as today, but she's back on the stand right now. >> this is a book waiting to happen. thank you very much. appreciate it. let's get over to -- i believe it's steve for a cnbc update. >> the white house said this afternoon, 17 americans are unaccounted for in the israeli/hamas war. at least 22 u.s. citizens have been confirmed dead in the violence. the updated numbers as the fighter jets have hit 450 targets. the commissioner of the european union shared an open letter to facebook and instagram

parent meta asking the company to stay on top of disinformation on its platforms. the letter says following the hamas attacks on saturday, there was a surge of this content along with violent imagery. meta says it created an operation center staffed with experts to closely monitor content surrounding the war. and president biden kicking off his 2024 presidential run by filing paperwork to appear on nevada's democratic primary ballot in february. nevada's october 16th filing deadline is the first in the nation. new hampshire is next with a filing deadline of october 27th. tyler, send it back over to you. >> thank you very much. we've got some breaking news out of goldman sachs. let's bring in leslie picker. what's happening? >> goldman sachs announcing the sale of its green sky and related loan assets to a consortium led by sixth street partners.

the third quarter results will be announced next week. until closing expected in the first quarter of 2024, subject to closing conditions, of course, goldman will continue to operate the digital consumer lending platform. goldman paid 1.7 billion to acquire the platform. but the quick pivot is a reflection of their shift in strategy as goldman sachs's ceo said in the press release, the transaction demonstrates our continued progress in narrowing the focus of our consumer business. it includes funds and accounts mentioned by kkr and card works and it includes, quote, significant support from pimco through an asset acquisition. goldman shares down about half a percent. they were down a little bit more than that before the news crossed. >> in talks or reported for quite some time and some confirmation of this unwind. leslie, thanks so much. we appreciate it. maybe some cleaning house before earnings season as well.

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welcome back to "power lunch." let's get the latest on the israel-hamas war now. israel has struck 450 targets and is adding more troops at the border. let's get a live record from ellison barber in israel. good evening. >> reporter: we've been watching all of that in the last 34 -- 30 to 40 minutes or so. we've seen a number of rockets fired from gaza in the direction of israel, over the more populated part of the city of ashkelon. we were making our way down south a little closer to the gaza border, we're about two miles away right now. further down that way, we were stopped by israeli forces and told that we could not go further. we did notice a large amount of israeli tanks and israeli military equipment amassed in

that area. the leaders have said they have hundreds of thousands of troops on the border with gaza and they are prepared to do what they believe is needed next. presumably, what we are expecting, is some sort of of ground assault to be launched. but right now, and this has been throughout the day, we have seen waves at different periods of missiles being fired both from the direction of gaza into israel and both from this side israel back in the direction of gaza. most of the ones that have come from gaza flying over in this direction have been intercepted by israel's iron dome. but we have also seen a heavy flurry at different points of ambulances coming through this area and just a lot of military equipment making its way towards the south. there is a focus right now also on the north border where there is some concern about what could be happening with hezbollah coming out of lebanon.

there was a warning telling people to stay in their homes in northern israel while they were seeing there was some sort of infiltration from drones across the border with lebanon there. it's an active situation. the big question still remains, will there be a ground assault and how soon it seems everything we have seen here and everything our teams are hearing as they report on this that israel is inching closer and closer to some sort of larger offensive, possibly into the gaza strip where there are millions of civilians living in very densely populated area without really any opportunity or access to leave and finding shelter inside gaza is incredibly difficult. it's largely nonexistent. but hundreds of thousands of people have gone to u.n. schools because that's the only place inside of gaza where they can seek a built of shelter, more safety because their schools are more structurally sound. >> is there any word from egypt that they would consider allowing the people of gaza through that border?

>> reporter: so that's been the big question. tough u.n. the other day and world food program asking israel and hamas militants in gaza, everyone involved in this if they would allow them to create some sort of humanitarian corridor. antony blinken was asked whether or not there were conversations with israel about opening that border, doing something there and what the holdup was and with who. as they were discussing things, he didn't get into details on that. but that's a question, something to watch moving forward. there was the situation in the last 24 hours where you had a spokesperson with israel's defense forces telling civilians in gaza to leave and suggested they leave the one crossing that goes into egypt. but then there were reports from journalists inside gaza and video serviced where it appeared that crossing nearby, a missile had been struck and according to egypt, it wasn't even fully open at that time.

it was only open periodically and to people who had preapproval to travel. there's still a lot of questions there, a lot of people saying something needs to be done so allow some sort of green corridor, some sort of humanitarian corridor but so far that hasn't happened yet. >> thank you very much for your reporter. >> as israel takes new steps to root out hamas, our next guest says it's poised to win this battle but not necessarily the war. both parties are nowhere near a long-term sustainable solution. let's bring in the spokesperson for the u.s. mission to the united nations under the obama administration and a former spokesperson for terrorism and financial intelligence at the treasury department. thank you very much for being with us. you have pointed out that in the past, hamas has taken actions which it can somehow put a fig leaf on, ie, that their motivation was to hopefully affect some positive change for

people in gaza and for palestinians in the broader context. but you also point out that this has never, ever, never worked. that the terrorism has never achieved any goal such as that. why did hamas do what it did on saturday? what in the world could their goal be other than simply to sow horror and terror? >> i think the first part maybe needs a little bit more clarification. hamas is a terrorist organization only. full stop. through and through. i worked in counter terrorist financing. hamas was within in my portfolio for a couple of years and that is their motivation. they're a terror organization. their purpose is to create one islamic state including the west bank and gaza. the way they try to achieve that goal is particularly, specifically by targeting innocent israeli civilians and

jews. and the reason for that is because they believe that bay targeting innocents, by instilling this kind of fear and terrorizing people, it will place pressure on the israeli government so that they can make gains on behalf of all palestinians. but the farce of that, by the way, is that the majority of palestinians don't support hamas. certainly the majority in the west bank don't support them. the palestinian authority doesn't like them and around a -- over half of the palestinians in the -- in gaza support hamas. however, it's -- they took control in 2007 in elections. there haven't been elections since then. and they -- i would say they govern gaza, put it in quotes. it's not exactly that they do a good job at it, especially given that the schools in gaza are set up by the united nations. and so that's explaining hamas to you -- >> take all of those points, but i'm still -- i remain curious

even for the insanity that is a terrorist organization, those are my words, not yours, if terror has never worked to affect what they think it is going to affect, why do they keep going back to it? why do they expect israel to do something that might benefit palestinians more broadly or gazans specifically? >> because they're not rational actors. most terrorist organizations aren't rational actors. their number one goal usually is to terrorize victims. granted, they have broader ideological and political goals. and this is the way they go about it. but the fact is, and you highlighted this, since 2007 there have been five rounds of violence between gaza and israel including this one and nothing has come from it other than a brutal response to the israeli side. hamas knows this. they know that when they lob rockets into israel, they're going to be faced with a very

brutal response. and deliberately they put their mobile launchers in residential areas. they believe it will shield them and garner criticism when israel ends up hitting civilians. >> that is precisely the next and final question that we'll have time for. when, if ever, does sympathy for israel begin to shift towards sympathy for civilians in gaza who, for exactly the reason you say, now become targets because hamas has placed military offices, rocket launchers in those civilian areas, maybe by a hospital, a school, a market or more. when does or does it at all shift sympathy towards the plight of the palestinians in gaza who are now without electricity, without water,

without power, heat, et cetera. >> well, i'm a believer that you can -- that there's room for sympathy for both. the greatest tragedy of this entire conflict is that the majority of people who will die will be innocent israelis and palestinians. this is why i said earlier this morning, israel will win this battle. hamas is much smaller. but the fact is the reason i said they -- they're not going to win this war for a secure and peaceful israel is because this response -- and, by the way, they are limited in their response. what else can they do. they're actively being hit with rockets by hamas, continuing until now. and so they have to try and obliterate hamas' willingness and ability to fight. when you have all the death tolls and children being hit, half of the population of gaza is children, then it doesn't do anything to serve israel's

broader goal of a peaceful and secure israel. in government we used to say it's often in these situations all bad options. it is all bad options. but i do hope israel can find a way to limit civilian casualties in order not to undermine their own cause. >> thank you very much. we hope we can count on you to come back again and help us understand this situation. we appreciate it. "power lunch" will be right back.

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welcome back to "power lunch." the talk of the day in energy world has been exxon buying pioneer in a deal worth almost $60 million. pioneer up 1%. let's switch gears to a company hoping to be an innovator in alternative energy, plug power up 12% this week and projecting a big jump in revenue to $6 billion by 2027. stocks still down about 60% year to date, though. joining us to talk about that and much more, andy marsh is ceo of plug power. welcome to the show. >> thank you, kelly. >> listen, this is a part of the energy complex that goes through periods of excitement and periods of not excitement.

what would you say is the biggest issue these days, cost of capital to find some of your ambitions or the reality that hydrogen may not be playing a huge role in the energy transition? >> i guess when i sit back, i've been doing this for 15 years and i've been in the energy world for 40. and if you look at hydrogen, this week, when you look at europe, they've made the commitment that they'll have 10 million tons of green -- hydrogen by 2030 and within the region. 10 million by 2030 imported into europe. that's about $50 million opportunity there today. we announced a deal in europe today. i think that people are, you know -- are thoughtful about how long it takes to be successful, but over the next five or six years, i think when you look at the commitments you see around the world for hydrogen, we did a

deal today. announcement for a broader relationship. i guess i don't -- your premise -- i just don't really buy that, sure, there's ups and downs in the they will allow us to continue to grow, and the stock will be fine. >> my understanding is, he fuel cells are helpful in warehouse settings and in places where potentially batteries don't work as well. long-haul trucking, for instance. is that right? is that still the target opportunity you are targeting? >> it's where the grid doesn't exist and what the future is for replacing natural gas turbines. the work we are doing today, we

are covering vehicles and distribution vehicles and data centers where the grid doesn't exist, because it's hard to get two to three megawatt of product. we can have a hydrogen fuel cell plant, but when you look at it, the future of gas turbines is going to go away. and hydrogen is going to replace it. by 2026, with the work we are doing with sk and south korea, there will be hundreds and hundreds and hundreds of megawatts of deployment of fuel cells. dr. jack bauer from uc irvine went it out a tremendous point -- fuel cells are more efficient for seasonal storage than batteries will ever be. if you are going to manage seasonal storage with renewables, hydrogen fuel cells, scored, is really the

only path. >> we appreciate you checking in today, and thanks for your time. >> thank you. i appreciate it. >> eddie marsh, plug power ceo. shares of exxon mobil will continue going lower. we talk about that, and an update now on the race for speaker of the house. that and more when we return. ever since she was a little ki, all maría wanted to do was bak. i'm maría alvarez, owner of maría's cakes.

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and update now on the race for this beaker of the house from emily wilkins. the 3:00 p.m. boat will not be on the speaker. it's not clear if there will be a speaker vote tay oodr not, so we will have to wait to see. we will be right back.

time now to look at a few names in the news today. we start with birkenstock, which started trading about an hour ago. currently about $40 a share, but below its offering price and opening price. michael, what do you think of birkenstock? >> i would run away, tyler. i would take their shoes and move away. it seems the only people that got a good deal on this were the bankers of the private equity company. it's doubled in value. i don't know if another retails dock that is actually done that, so i would not be a buyer here. >> what about exxon mobil? though shares are down nearly 5% after they agreed to by stock, nearly $60 billion. what you think of this one?

>> this is an interesting story here with the idea that they are extending their ability to 16 barrels, which i think doubles their production horizontally as well. the only thing that is a little bit concerning from buying the stock right now is they are paying in stock. as a ceo, the stock is up 18%. i would pay with it, too, and keep my cash. long-term, it's great. i'd like a pullback or entry point, simply because they are paying in stock for this deal. >> does this move usher in a period of consolidation in oil and energy? >> it certainly might. i think also what is happening in the middle east, those are not oil-producing areas, but i think we can produce more things here. a bigger footprint for exxon in and around the u.s.. i think it's something that we

are going to look at. >> thank you very much for your time today. i wish we could've gotten to that third stock, but another time. >> and methadone was walgreens, which reports in the morning along with dominoes and delta. >> maybe we could do that with tomorrow. thanks for watching, everybody. >> closing bell with the down 15 points starts now. >> think you did kelly. this is closing bell. the make or break our begins of a still unsettled market as rates, inflation, the escalating situation in the middle east all tug on investor sentiment. your scorecard with 60 minutes go in regulation, following that hotter than expected ppi report, and yields that were most the lower ahead of it. there is your picture, the 10 years at .459.