good afternoon, welcome to "power lunch." alongside kelly evans, i'm tyler mathisen. a loz has happened since last friday's selloff tied to the jobs report. we've seen two separate rallies in that space of time. a swath of earnings and some more economic red flags. >> the major averages fighting to keep yesterday's gains. the dow is up only 13, the nasdaq outperforming up half a percent. the s&p is coming off its best day in two years. beyond meat shares have been halted. it popped to $8 a share. it has 38% short interest. we see no ordeal headlines . >> let's dig into key earnings movers. take-two beating estimates saying they see significant growth ahead driven by the

highly anticipated grand theft auto vi. >> expedia shares are higher after results. investors shrugging off weak guideness and warning about demands from the company, shares up 10%. >> capri, weak results there. the ceo citing softening demand globally for luxury fashion. >> haven't we heard that time and again? e.l.f. beauty, keep an eye on the beauty trade, it was once a sure bet. the shares are down 15% as sales jumped 50% on the launch of new bronzing drops serum, tyler. i know you were following that closely, but doing nothing to help the company today. >> most restaurants have been struggling but not sweetgreen, it is thriving, beating on results saying last hour that things look good in that business. that stock up 29% today. >> in the invesco solar, more on that later. the volatility this past week was historic by some

standards with the vix spiking past 60 for the first time since 2020. it started with that weak jobs report last friday. that unnerved investors, reigniting investment fears with blame getting tossed at the fed being too slow to cut rates. all the yield talk leading to problems on the international front, the yen carry trade unwinding over the weekend, leading to panic in japan, along with 1,000-point decline on monday here in the united states. on tuesday, a bit of a comeback. lost steam wednesday. multiple companies warning about consumer weakness. finally we saw the comeback return in earnest yesterday. for more on how this all happened and what could happen next, let's bring in mike santoli. we kind of summed it up, mike. do you want to put a button on the past week what we've receive? >> maybe a little more than that. i would take it back before last friday's job report for the setup to what got the market to

its record levels in mid-july. to me it was an abundance of certainty around several things, which was, we're headed for a soft landing, which means the fed is going to do the right thing at the right time for the correct reasons at the right pace, and maybe throw in certainty around the election probabilities and what that would mean policy wise and then you did have this hard landing fear raised by the jobs report. in terms of how that destabilized markets, the accelerant is what we are now calling the end carry trade, borrowing in yen to buy riskier assets. the market was gentry rotating higher, you had very tight credit spreads, you had this very trending yen in a weakening direction, so all the things -- the constellation was working in a harmonious way. the accelerant to the selloff because that's what it was, a concentrated liquidation of risk

positions on monday which destabilized the markets. i think we still have to contend with the after shocks. i would say it's a half life. the vix is now going down towards 20, a more normal level but it's not settled down entirely and we have to figure out a true probability of weakness we need to account for in valuations. >> i think this goes back to last wednesday as well. the bank of japan and fed had their meetings on the same day. bank of japan raise rates to positive territory for the first time since 2008. that does make that more expensive. we saw the yen rally and the fed at the same time hinted towards rate cuts in the future. you had this big reversal. i wonder and i wonder what you're hearing about this, what happens in the months to come now? some put the yen carry trade at $40 trillion. so do people put it back on and go, okay, the economics have changed slightly but we can still stick with this or is it the end of a 15-year era? >> the notional values of these

collective trades, i have no idea what to make of those things other than to say, it's big. what powell says about the neutral rate of inflation, we know it by, it works. i'm looking at market indications of stress or something like the volatility index. look at the 4x markets, are they having dislocated moves or not? to me there was a flattening out of risk positions on monday. i think it's cleaned up positioning to some degree. i don't know that it necessarily matters. to me it's much more about the economic in earnings fundamental substantiate where the market is at. >> that's what i wanted to ask you. we've talked about macro concepts, the broad u.s. economy, carry trade, interest rates and so forth. in the last 12 days, let's say, there's been a lot of company-specific news that has come out on earnings and forecasts and beats and

forecasts going forward that were not maybe what the market expected. >> i think there's a high sensitivity to signs of consumer fatigue. you're seeing that in a multitude of companies. and i think all it is we assigned a low probability to a true economic downturn in valuations. when the s&p got to 22 times earnings. everyone thought this rotation out of the crowded magnificent 7 type stocks and into small caps made all the sense in the world because small caps lagged by so much and cyclicals lagged by so much. that's a weird time for that to happen late in an economic cycle, if we're late in an economic cycle. i think that sort of logic also got up-ended by this repositioning this week. in aggregate, earnings are okay. they're growing at double digit rates on an annual basis and all the rest of it. it's about how much might have to come down down the road. >> to put a cap on that, the mag 7 part of this goes back to those alphabet earnings, goes back to berkshire exiting its

apple positioning. is there outperformance era over? the long side of the carry trade, in other words, kind of crumbling? >> i don't know if it's over. i think there's a very serious reassessment going on whether we paid too much up front for whatever a.i. can deliver us, you know, companies that were rewarded for raising their capex budgets, that's now in question. so, yeah, it's a good argument we'll be having for a little while in terms of this rethink of a.i. as creating this exceptionalism in the usz market. that's what it did for months on end. >> indeed. >> michael, thank you. >> do we have to let him go? can we keep him here? >> you'll be here at 6:00 tonight. you have a special program at 6:00. thank you very much. >> hang around for it. >> i'll do that. but from home. >> in your slippers. with more economic data due out next week, what can we expect from markets? let's bring in senior portfolio manager with washington crossing advisers and craig, chief economist with ey parthenon.

what is it next week? >> we have retail sales as well next week so it's a busy week in terms of direction of travel of consumer spending as well as inflation. two very important elements for the fed. we are in this uncertain environment where both investors and policymakers were hypnotized by this goldilocks economy where most were expecting things to remain fairly steady. after the fed meeting and payroll report, the economy is, indeed, weakening, as we've been highlighting and the fed is behind the curve when it comes to easing monetary policy given expected economic conditions. >> chad, do you think they're behind the curve? to what extent do you expect them to play catch-up and what should we make of market positioning? >> i don't believe that the federal reserve is really behind the curve. they're getting what they wanted.

so, they're -- they had that inversion of the yield curve, there's deceleration of high frequency data points coming out. you're hearing from earnings, particularly in june, july that there has been a material slowdown. and now the federal reserve will do what the federal reserve has typically done throughout history, which is start to lower interest rates. september will be the launch of it. 50 basis points, perhaps. perhaps 25 overall. next week we're going to focus on, is the initial jobless claims, the cpi and, of course, that ppi. the inflation numbers are pooling. they're getting what they wanted. >> what do i understand of stocks should i be looking at in this kind of environment? it feels as though the mag 7 stocks are wobbly again. you have nvidia, we'll have earnings from them in the next couple of weeks but a lot of them out there that feel a little vulnerable. should i be looking elsewhere if

i have fresh money to put to work? >> thank you for that. yes, actually, you'll see a broadening out of many of the higher quality, lower volatility names now participate within the market as you see the deceleration of u.s. economy. so we would look at consumer staple companies, health care companies, and two to look at as well are elevance as well as pepsi. two companies growing, lower volatility names. >> greg, as we ponder that i wonder what you would tell us. you mentioned you think the fed is behind the curve. does that mean you think the fed is going to weaken or they're giving them room to cut? >> i think both are likely the case. i think we have an environment where there is ongoing disinflation momentum. consumer spending has been

slowing, disposable income is lower. you have less markup ability from businesses. you have more pricing sensitivity. you have declining wage growth. and you have a strong productivity environment. these are all disinflationary. but the direction of travel of the economy is really what's most concerning for me. we're seeing the labor market is similar to that of 2019, but we're coming in a different trajectory with a slowing of labor market developments. one thing to highlight why the fed, i believe, is behind the curve. if you look at their latest summary of economic projections for the end of 2025, they have unemployment rate at 4.2, inflation at 3.2% and fed funds rate at 4.1%. look at today's economic conditions. unemployment is at 4.3% already and fed funds rate is still at 5.4%. that means the delta in terms of real interest rates is around 120 basis points, which would give the fed the leeway to ease monetary policy. i don't think they will do that, but that's the type of gap we're looking at in terms of monetary

policy being excessively restrictive. >> meaning you don't think they'll go down to that level or they won't make changes at all? >> that they'll be more gradual. we won't see a rapid reversal in their approach to policymaking. we've said for a while now that the fed has been excessively -- data dependent. they don't have in my opinion a -- framework to analyze current conditions and conditions in six months, 12 months time. unless we start to see the fed reclaim control of the narrative and adopt more of that forward-looking perspective, the fed is likely to remain behind the curve for some time. chair powell will have an opportunity at the jackson hole symposium to regain control of that narrative and, perhaps, propose a forward-looking prospective. >> as more and more market commentators say the fed is

behind the curve, hasn't stuck the landing or hasn't stuck the landing just yet. what does that really mean? in other words, how worrisome is it that if, indeed, the fed is behind the curve, does it press really bad economic times ahead or maybe just a higher rate of unemployment than we might have anticipated, a bumpier landing? >> yeah, the slightly bumpier, more volatile landing. currently credit spreads are still historically tight. they'll have to continue to widen out so high-yield bonds will be less attractive. you'll see earnings for the s&p, perhaps, roll over by 10, 20, $30. currently market multiples are somewhat historically elevated and an earnings yield of 5%. equity risk premiums have to normalize from that perspective. hence the reason why we're -- we're recommending that

investors look towards more equal weighted market cap index funds as opposed to the s&p 500. and look towards more high quality, low data companies, in particular rising dividend stocks. you can see the s&p go down close to 5,000. that wouldn't shock me as we normalize and we see a somewhat deceleration within the economy. >> all right. >> folks, thank you very much. >> coming up, we saw a few red flags emerging on the consumer this week. after the break we'll talk to one company that might provide some insight into spending. the ceo of marquette that. that stock fractionally lower today, down 25% this year. "power lunch" will be right back.

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welcome back to pl. . shares of marketa lower by 1%, off the lows of the day despite an earnings beat coming off decent gains yesterday. the company offers payment solutions for businesses and processing volume surge more than 30% to $71 billion over the past quarter. joining us to discuss all of this and more is the ceo of marqeta. good to have you with us. your results were really terrific, 23 cents a share eps versus 17 cent estimate. revenue, $125 million versus

$121 million. volume, as you point out, very good. and yet the stock does not seem to be performing all that well. down 6.5% over the past year as of earlier today, i believe. the past week has been pretty good. what is the market not understanding or is it endemic not necessarily to your company and its performance but more broadly to the payments sector or financial services in general. >> thanks for having me and having marqeta come back again. i would say that you've got two fac factors. the first one is the industry in general and the malaise you have around concerns with a broader economical downturn. the second one is the marqeta story has not been clean over the past year. because of the changes we've done in revenue presentation as well as renegotiating large contracts.

that's about to change because next quarter our gross profit growth is going to come back to be in the mid-20s but it will be a better reflection of the underlying business performance of the company. so, the story will be much simpler on the marqeta side. in addition, coming back to the economy, i think we have spoken the last four quarters about how resilient the u.s. consumer is. despite all the assay economical indicators, the american consumer in general is doing fine. although they are stretched out but still doing fine. with coming to the soft landing, even with a few bumps, and i think both conditions, the marqeta story getting better and demonstrating gross profit growth, and confidence around the u.s. consumer would propel us back. >> what i hear you say is that the stock's performance is partly endemic to the sector in which it resides, number one,

and number two, that maybe there was some things you needed to clean up in the presentation of your business to the street and you have gone about doing that. am i clear? >> you're absolutely correct. let's turn to the broader question. it seems like the world is coming your way. in terms of transaction management. is cash dead? >> cash will be dead. so, we're going to be the generation that's going to see the end of the bank note. we're going to be the generation that is going to see the end of the plastic card. we look at the behavior of, i'd say, the teenagers, they probably don't touch a bank note. and if i look at my kids, they actually don't even understand that the piece of plastic translates to money. it's all digital. >> boy, do i agree with that, simon. teenagers do not understand that plastic equates to money, man.

i get their bills all the time. go ahead. finish your thought. >> yes, absolutely. what i was going to say is that's phenomenal for a digital company like ours that can take payments and make a great digital product out of it. but also it gives the consumers the ability to get great financial services in real time. they don't have to wait a month to get unwritten. they can get phenomenal, i'd say, just in short-term loans and a fraction of a second that can help them with their purchasing habits without going into revolving and penalizing that. >> can you speak to your market share? when i see the shares down the way they are this year, i wonder if people feel others are making inroads or what's the road map for that? >> it's actually the other way around. if you look at the broader -- or our sector, the volume growth,

which is actually the most important indicator of the underlying business performance, which is effectively the money that's being spent on the platform that we power, our volume growth has been stable but has been above 30% year over year while others -- the incumbents, even the large networks are in the single digit growth. we are definitely picking up market share faster than everyone else. and it has, despite our growth, it has been -- the growth rate has been stable. so, we're very comfortable. as you mentioned, the market is coming in our direction. i would say it has accelerated. >> final question. is europe, is asia ahead of the united states in terms of adopting the kinds of payment systems, electronic payments that you specialize in? >> we have a lot of work to do, let's put it this way in the

united states. you're european business is from a smaller base but growing significantly faster than our u.s. business in terms of volume growth. we've conducted the survey that demonstrated that the u.s. is behind. but where we're catching up and making great progress, and i'd say you got three to four trends in the united states that are helping, and we're going to see -- we're going to catch up. >> simon, thank you very much. simon is with marqeta, the ceo there. >> thank you for having me. coming up, we'll highlight some stocks with nice setups for potential options trades. market navigator tackles that after a quick break.

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welcome back to "power lunch." we're actually glad you're here. while many parts of the market

are recovering from yen carry trade takedown, others are still fighting their own fundamentals. dom chu, what is in today's market navigators? >> we're looking for signs for any possible earnings setups that might tell us something about the broader macro economy globally speaking and maybe what the risk appetite is from here. some parts of the market have had to fight that bigger battle. you take john deere, for instance, i should just say deere. there's still a way to try to grow some green from that red chart that you're seeing right there. >> three months down. >> exactly. now we'll talk to the chief strategist at open interest pro who joins us with more. you're using options to take a view here. what exactly is the trade on deere and will take us through the reason why a little bit later on. >> yeah, sure thing. so, just looking into earnings, they'll be reporting next week on the 15th. options prices are slightly

elevated relative to the last eight reported quarters or so and so i think we can take advantage of the elevated options premium. i was looking out to september. september 20th expiration, 360 -- selling the 360, buying the 370s. you can collect about three and a half bucks when i was looking at that earlier today. i think that's a way you can essentially try to get a little yield out of deere, whether you own the stock or not. you could put this trade on. >> you make 3 bucks and change if the stock either stays where it is or goes down from here. there's the bearish tilt. if it goes above 360, past 370, your losses are capped as well? >> yeah, that's right. i don't generally like to sell uncovered calls going into events such as earnings. you can always get a surprise and, you know, i think we have a

sense of what's going on for agricultural equipment. that's biggest driver for deere right here, but i think capping that upside risk is an important element of the trade. >> mike, commodity prices are one of the issues that deere must confront. do you see others? >> yeah. i think there's two things, right? you just alluded to one. the two biggest cash crops in the united states, and that's where they do most of their sales, are corn and soybeans and the price of both of those have declined precipitously from their pandemic era highs. some of the costs, those have also dropped. fertilizing costs are down 100 bucks an acre. i think it's important to remember that for farmers, when you start seeing a really big increase in prices of the commodities they sell, buying new equipment in that year can make a lot of sense. in part because of tax reasons. they can take accelerated depreciation. that encourages when you have that banner year to go out and spend that money on new equipment.

we're back to 2018 prices in both of those two commodities i just mentioned. >> you don't have that reasoning standing behind the purchase of a big -- some kind of combine or mower or whatever they got. mike, appreciate it. good to see you. dom, great to see you. >> you, too. >> hit 'em straight. >> i'll try. shares of chinese companies lower after disappointing inflation data out of beijing. we'll dig into that and much, much more after this. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. ♪♪ go deeper with thinkorswim: our award-wining trading platforms ♪♪ unlock support from the schwab trade desk— our team of passionate traders who live and breathe trading. ♪♪ and sharpen your skills with an immersive online education crafted just for traders. ♪♪ all so you can trade brilliantly. ♪♪

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hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house.

i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. welcome back to "power lunch." i'm emily wilkins and here's your cnbc news update at this hour. iran is stepping up influence campaign ahead of the u.s. election, according to a new report from microsoft. researchers there identified websites they could attribute to iran that spread misinformation to voters across the political spectrum. the report says iran is likely using a.i. to publish content on these fake news sites. major league baseball has formally announced its first ever game at a nascar track. the atlanta braves and the

cincinnati reds will square off at bristol motor speedway for a game next august. the tennessee sporting venue is one of the largest in the country with a seating capacity of close to 150,000. if the stadium is anywhere close to filled, it will likely blow away attendance records for a baseball game. dramatic video here as hazardous goods container exploding on a ship port in china. the incident at the port led to a fire that has since been contained, though the port, which is one of the world's busiest, remains closed until further notice. the port and ship operator said the cause of the incident was not yet done. no casualties or injuries were announced. tyler, back to you. >> emily, thank you very much. speaking of china, it is out with new data on its economy. consumer prices up there, 0.5% in july from a year ago. that was a little bit more than expected. while producer prices fell from a year ago, that was slightly less than forecast. the data not doing much to allay

existing fears around the country's economy. our next guest says business sentiment has collapsed in the last two months. sean ryan is managing director and founder of the chinese market research group joins us from the shanghai area. good to see you, my friend. why do you say that business confidence is collapsing? what's driving that? >> it's good to see you. it's good to see you. unfortunately, business confidence has really dropped in the last six to eight weeks. there are a couple of reasons why. the first is even though the cpi index was okay, when you strip out pork prices, which went up 24% last month, inflation was only up about 0.2% in july, which is less than june. so, the d word, or deflation, is still looming over the economy. and so wealthy consumers especially, and we have to remember, wealthy chinese account for about 55%, 60% of overall consumption. they're quite concerned. they're concerned for two reasons, ty. the first is the chinese

government doesn't seem likely to launch a bazooka-like stimulus any time soon. xi jinping and the communist party seem okay with slow 4.5% growth. they're not going to launch astimulus any time soon, which was announced during the plenary where the chinese government talks about what are the next five years' goals for economics. the announcements that came out of there had a lot of platitudes but were short on details. that's why that wealthy chinese consumer is concerned about spending, they're not buying so you should be cautious about buying burberry, louis vuitton or porsche. the real estate sector is the biggest issue that everybody in china is worried about. prices are stable or dropping only 1%, 2%, but the problem is volumes are anemic. if you want to sell a house, you really have to discount 20% to 30%. i'll give an example. one of my neighbors in shanghai

was trying to sell his house for 50 million u.s. dollars last year. it didn't sell. it cut it down to 25 million u.s. and it still hasn't sold. that's why investors should be cautious. >> let me dig in on what you said a moment ago. that is there is no indication or inclination on the part of the chinese leadership to use the bazooka in the form of economic stimulus at this point. is that because the leadership sees no need to do that? in other words, they don't think the situation is -- calls for it or is it because they are assuming a somewhat more defensive stance against the possibility of confrontation, more confrontation with the west? >> that's a great question. first, china's run out of money. you've got to think during the zero covid era, there's very little business going on so there was no tax revenue. the first thing is the chinese government has run out of money. they don't want to go into debt like the united states has because at some point, i don't

know when, but the united states is going to have a financial crisis because you can't double debt in the last five years like the u.s. has done. china doesn't want to do that. to your point, and i think it's a great point, ty, where you're saying the chinese government is concerned about greater confrontation between the united states. i believe china is holding a lot of its reserves. the limited reserves it has is dry gunpowder in case there's a proximaty war over the south china sea or if the u.s. keeps launching never-ending sanctions over china like the last year. you've seen house and congress is trying to ban tiktok. the biden regime has increased tariffs on chinese evs. just today the biden administration put five more companies on the sanctions list for supposedly using slave labor. i think china is concerned it might become like a

ukraine/russia situation so its holding all of its reserves in case there's a bigger issue. one thing investors should know about is china is stockpiling things. they're stockpiling chrome, stockpiling iron ore, agricultural products just in case the situation and tension deteriorates even more. >> while we ponder the unemployment implications of that, invest rz were asking about india. it's like they've given up, they don't care and looking for better opportunities and they think india offers that. >> so, basically, i just spent a month in the united states and i met with about 70 hedge funds and mutual funds there and the vast majority of them are very negative on china. they're reallocating their resources to india and to japan. india is the next big growth engine. let's take a second and a step back. india's per capita gdp is only a fifth out of china's. if you're an investor in the

short term, yeah, india is probably better than china. if you're a multinational, if you're a nike, adidas, louis vuitton, china is the next china. you'll be investing in china. for investors should be looking more at japan in the next month or two period. >> we'll leave it there. thank you for joining us today. we appreciate it. >> thanks, kelly. coming up, the solar stock etf tan catching shade today as its on pace for second down tray in four. we'll dive deeper into the problems there when we return. stay with us. you'll find them in cities, towns and suburbs all across america. millions of americans who have medicare and medicaid but may be missing benefits they could really use. extra benefits they may be eligible to receive at no extra cost. and if

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welcome back. big moves in the energy area, namely nat gas and solar. >> the solar mover, stock is down 20% after the company reported. they make the tracking systems. their q2 beat but for q3 they cut their guidance for the full year by 30% on revenue, ebitda and eps. one analyst put it, we thought it was going to be light on guidance but we did not have this is on our bingo card. basically what's happening is projects aren't being canceled

but the timeline is being pushed out. we still have i.r.a. additions that have not been clarificlari specifically around domestic content and ongoing investigation into whether or not chinese manufacturers have shifted their production to southeast asia. one quickly -- one additional thing, european natural gas is up 30% in the last month. we haven't been talking about it a whole lot but its at its highest level. ukraine has moved in on the southwestern city in russia. it's impacting the gas because that is the terminal for gas flowing from russia through ukraine and the european union. there are still some countries like austria and slovakia that gets gas through ukraine. >> that will push their bill price -- the bills up again, you think, or less so this time? i know that was a big pressure point over there. >> it's in the best interest to keep that flowing and not target

that infrastructure but it's lite leading to some jitters since heat waves are pushing up prices already and we've seen competition for tar goes going to asia because of their heat wave as well. >> thank you very much. coming up, work smarter, not harder as markets try to wrap up a volatile week on a high note. we'll speak to two retail investors how to use their platform for responsible investing.

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welcome back to "power lunch." as stocks struggle to make gains after yesterday's big rally between the selloff last friday and monday and two separate rallies this week, how should regular investors handle the volatility? our next guests have experience in this area as they help others be smarter with their money through podcasts, online courses and gearing up for fourth annual invest fest later this year. joining us are co-founders of earn your leisure. >> thank you for having us. >> you've been incredibly successful. in a week like this, do you get a ton of new interest or what seems to happen? >> there's a spike in interest. when people see volatility, we

always tell people there's opportunity. finding index, points for you to get into positions you love, there's no better time than right now. >> you get that specific. so give me an example from this week, what might you have been telling people? >> people have been talking about super semi all week. >> super micron. >> if you love the stock and this company, you see the a.i. revolution happening and they're a vital part of it, this is probably a good time to get into it. >> how do you talk people through a period of volatility when we haven't had one in a couple of years? we had one during the pandemic, big-time, epic volatility, but not so much in the past few years as everything has kind of levitated. >> i think it's important to keep a long-term perspective. before there i was a financial adviser. i came in during the great recession. i know how people can panic when the stock market is down 30%, 40%. whatever goes up must come down. it's healthy.

nothing can go up 30%, 40% every single year, infinity and provides buying opportunities. i think when the investor has a 20, 30, 40-year time frame, they're less concerned with a bad week or bad month. >> is that your clientele -- talk about the kind of people who are typically coming to you and where have you had the most success? >> a lot of our followers are millenials. we do have older followers as well but most are 24 to 44. these are people that have longer time frames as opposed to somebody that's 70 or 80 years old so the conversation is a little different. we definitely encourage dollar cost averaging, we encourage long-term investing. so when you have that mindset, it's not a gambler approach as far as a lot of other retail investors that came in during the pandemic like gamestop meme. i think our followers are more educated and less emotional.

>> troy, you have a background in education, right? >> true. >> how has that helped you do what you do today? how has being a teacher helped you? >> when i talked to my audience, i'm always looking at somebody as a student. it's also helped me prepare. adds a life-long learner you're trying to find new information. i'm watching you and figure out how i can dissect it and explain it to a community that didn't understand it prior. it's a tremendous benefit when we talk about educating a population that was left out of the conversation for a while. >> was it financial literacy that trattracted you to do this >> as an educator, i was teaching in the school district and realize pieces of information were left out of the curriculum so financial education was part of that. we had a summer program where we had the opportunity to teach young adults about money. that led to realizing adults didn't have the education no matter what aspect or career

they had. >> how has the evolution been? you have invest fest coming up. was that a recent thing or what should people expect? >> it's the fourth year, it's grown and been one of the biggest financial conferences in the year. we had 50,000 people over the course of the weekend. we've had tyler perry, steve harvey. we had 50 cent, van jones, real estate mogul done peebles, damon from "shark tank." it is a unique experience that combines commerce and culture, we make it fun. you don't have to wear a suit, but you can wear a suit if you want to. it's something you can learn everything from crypto to real estate to stocks, great network opportunities. it's a great experience. >> do you generally recommend crypto? i'm sure you must get tons of questions about it. >> you can't avoid crypto. at this point in time it's kind

of become mainstream, especially bitcoin. we definitely encourage people to educate themselves on crypto. we don't want to be risk takers and just bet on any meme coin out there, but i think that crypto definitely has to be a part of your portfolio. >> rashad likes the suit. troy not so much. >> we're trying to show you -- >> different sides. >> a financial education, come in a suit or -- >> come in your polo. thanks, guys. thank you very much. >> appreciate it. >> thank you for having us. speaking of financial education, don't forget about our podcast. we have one, too. ow lure to follow and listen to "perunch" wherever you go. and then tune into these guys. we'll be right back.

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welcome back. the dow has gone negative on the session, down 15 points as stocks stumble into the weekend trying to make up gains for monday's deep selloff. >> a flat day.

down, nonetheless. we've only got a minute left in the program. a couple more stories you need to know about. let's get to it. paramount global cutting about 15% of its u.s. workforce, 2,000 jobs, part of a half billion cost cutting plan ahead of its merger with skydance media. the company's second quarter revenue dropped 11% year over year. licensing, ad, cable sales dropping. streaming service, first ever profitable quarter. interesting there. a challenged business, indeed. >> extremely. it will be interesting to see what other levers they can pull. getting data on the holiday rush saying it's coming early for retailers this year. cont according date cart systems, u.s. exports surged last month, the third highest for any month on record. >> i can only imagine the pandemic supply chain problems

informed some of this. in other words, they don't want to get caught the way they did with empty shelves not being able to deliver. >> the risk for retailers who can't forecast the future better than any of us as the fed can as they're left with overinventory. >> have a good weekend. >> i love this suit. >> thank you. that's so nice. >> thanks for watching "power lunch." have a good weekend. stay dry, if you can. "closing bell" starts right now. happy friday. welcome to "closing bell." i'm scott wapner from the new york stock exchange. this hour begins with the outlook for stocks as another big year lambs large. it's all taking center stage. we'll likely confirm whether the worst is really over for the markets. we'll ask our experts over the final stretch what is really at stake ahead, including that man right there, tom lee will join me in a moment. in the meantime, let's show you the scorecard with 60 minutes to go in regulation. we're still negative on the week but we are positiv