and broad come earnings. stocks lower after another week of an expected jobs report. 142,000 jobs created. >> look at where the ten-year yield is now. we are 3.71%. this is going to put pressure on mortgage rates, which could be headed towards the low 6s. maybe not there yet, but moving on from jobs, we got comments from fed governor christopher the waller, equally, if not more important to the market reaction today. signaling the time has come to start cutting rates and potentially being open to bigger cuts sooner. then the results, it met expectations but the guidance was not raised and the stock is down 10% hurting chips across the sector. >> that's having ripple effects. the nasdaq is down 5.5 mrs. just this week alone. it could potentially end as the worst week in more than 2.5

years if this paste continues. we're off about 2.5% today alone. so here's what's happening in the market in today's selloff. a product of elevated expectations, is that what we're seeing. where do stocks go from here? let's bring in the director of research and stephanie link, the chief investment strategist and portfolio manager, she's also a cnbc contributor. thank you for being here. we'll start with the broader picture. is this market selloff surprising given what we have seen over the last couple weeks? >> i think the choppiness is really tied to the growth concerns in the economy. growth is definitely slowing. we grew gdp 3.4%. in the third quarter, we grew gdp 4.9%. you're now tracking at 2.5%. that's where the atlanta fed

tracker is for the third quarter. so we are slowing. i don't think it's a recession. i'm looking at ism services. they are still in expansion. and factory orders are better than expected. initial claims, we're slowing, but i don't think it's dire. i would highlight within all of the job reports that we got this week, wages are still strong. the average hourly earnings grew 3.8%. these are year over year figures. i think the consumer is still hanging in. we're slowing down. >> there's something for everybody. i heard that word the proper

noun goldilocks. you hear it with regard to the economic reports. do you feel as though today's report was both bad and good enough to call it goldilocks? >> i think there's some good and bad in general. just based on the market reaction. it was too cool. that's the final answer. certainly wasn't a terrible jobs report, it wasn't incredible. unfortunately, expectations are really high. so we're seeing almost a repeat of what we got a month ago. we have high expectations. by the the way, bad macroand bad micro. you mentioned the results colting out disappointing. when investors expect everything to be working perfectly, you get a tiny wrinkle on the macro. it comes a day after a bad semiresult. so kind of a mixed result. not the worst in the world, but definitely a tough way to end the weekend. >> i want to go back to broad kom.

look at what a run that it's had. it was just put in a position of the 8th component of a theoretical mag 8 last hour. so is this 10% pullback for you a buying opportunity or are the best days behind us now as a time to move to the sidelines and look for the next big movers, the next great stocks. >> i think you can lag into it. i absolutely will be doing that next week. the stock was up 63% in the past year. it's had a heck of a run. i did not think the quarter was bad or disappointing at all. in fact, i thought that the commentary around vm wear and the margins and the free cash flow really were very impressive. the cyclical part of the business, not the ai, the cyclical part of the business didn't see a recovery, but orders in the quarter were up

20% in the sickly the call parts of the business. that's to come. and then you have the whole ai revenue bump that they increased revenues for that segment as well. so i think this ceo is very conservative. anybody expecting a massive guide up obviously is disappointed. but i was not expecting that. i'm definitely looking long-term. >> just to kind of dwell on this, we are seeing the chips go down in sympathy here. we have seen nvidia under a 30% drop in recent weeks. are there other moves you'd make where the selloff based on the concern around broad kom, all of that is unjustified. >> all these stocks have had a really nice run. everyone and their mother owns nvidia at this point. i just think tough let the dust settle. maybe let it settle on broad kom too. and their quarter was very good.

so there are places i'm picking and choosing. >> let's talk about the places you're picking and choosing. what's on the shopping list for you? still in tech like nvidia and elsewhere in the market? >> absolutely. basically, you want to stay diversified. you want to own a little bit of everything. we have talked about several. broadcom is an interesting way to place it. nvidia is compelling here. stock is trading at a multiple in line with apple and m microsoft. you think it grows faster than those names, maybe deserves a higher multiple. a couple other things to make sure you have well-diversified portfolios. chevron is trading towards the upper end of that range. pretty compelling for someone looking to clip some nice coupons there. and visa, a higher growth company a slowdown a bit. they are penalized in the stock.

it's on sale. maybe not as much growth as it had in the glory days. it's still compelling. a lot of names out there. so we're very interested. >> thank you. thank you for that. let's drill down now on the august jobs report, which was weaker than expected. payroll at 142 below the 161,000 estimate. the unemployment rate ticked down to 4.2%. and according to data from online employment marketplace zip recruiter, jobs postings are down 7%, but also up slightly in the past month. julia pollak is the chief economist there. do you think a slightly better tone in the last month is for real? >> i don't. i think the broad trend is slowing and slacking. i think this report was not reassuring. it was not very strong. we had these larger visions, and job growth is very, very narrowly concentrate d.

the number of jobs added in the private sector outside of health care was 74,000 in the last 3 months it's been around 30,000, well below the pre-pandemic average. >> even though you saw a slight increase in job openings. it sounds like you would confirm the overall down beat signals from the official jolts measure and so forth. >> yes. we justs computing our job seeker confidence index. it registered the lowest levels of job seeker sentiment that we have seen in the history of our survey. they are finding it harder to get a job. they are becoming less likely to negotiate their offers, more desperate to accept the first offer. so we're seeing clearly among job seekers that they are having a much harder time. the unemployment rate, it really didn't budge at all. if you look at the unrounded physicians, it was 4.25% to basically an imperceptible change. it was all rounding that made it

look like a decline. >> i think it's interesting because we talk about some of the in line rounding. one thing we didn't see was a less significant move in terms of wages it was actually decently significant. it was 3.8% year over year. for right now, that puts it above inflation. where are we seeing in the job market right now the gains being driven by? what sectors, what industries, what type of job seekers are getting paid more in this kind of environment as opposed to maybe nothing or less? >> we're still seeing 5.5 million people being hired every month. this is a huge economy. it's very dynamic. there are jobs to be had. but the demand for workers is quite narrowly concentrated in a places. in health care, demand is strong for everything. we see huge the demand in the skill trades and for engineers.

there's also tremendous demand in the government right now for police officers, teachers, people in law enforcement. so there are definite ly pocket of strength and wage growth is still sort of normalizing, equalizing between fields and public sector occupations and the private sec tort. >> last month, there was a slight improvement in wage growth. the more important thing and the reason why we bring up the unemployment rate is this concern kind of going to the beverage curve analogy that when the unemployment rate starts to increase, it's going to start to increase quite quickly. and we know when payrolls go negative, that's when the recession begins. i'm trying to hold on to hope we're not headed down that path. when i get a jobs report, i go, okay, it wasn't great, but we're not at that moment of accelerating weakness. maybe there's hope that moment may not come.

>> over a year now, that's propping up consumer spending. the issue if you look at the softer measures, they are great overall in the economy, but they are not very good when it comes to hiring. consumer confidence rose, but the unemployment differential fell. in the ism services number, we saw fairly weak, but still expansionary figures for services overall. not on the employment side. we're basically at stagnation. so the issue is the labor market is cooling. the beige book was full of anecdotes this week.

>> it's interesting. the path for interest rate seems more certain these days. always great to see you. we'll see you soon. >> when you think fashion, think amazon, right? the e-commerce giant has become one of the biggest forces to be reckoned with when it comes to foot ware and apparel sales. we're going to dive into that dynamic when power lunch returns, after this break. okay, team! oh, thank you so much i couldn't have done it without you. honestly, i don't do a whole lot here.

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welcome back to "power lunch." wells fargo is out with a new note stating a.mazon was the tol seller of foot ware and apparel. for more on the impact and whether kcompetitors have any chance, let's bring in the author behind this hoet, a managing director at wells fargo. dom was just going on and on about how much -- and he's not alone. the stuff that -- it's convenient. i don't even know if i like it all, but it's there. and in a pinch when you need kids' sock, they show up. >> you said it pretty well. they have done a good job to attract sellers by lowering fees, increasing value and shipping speeds to consumers, but just put this in context, it's pretty jar whg you look at

the numbers. the apparel footware business pre-covid was $30 billion. today that number is closer to $60 billion plus. it's 20% on a $500 billion market. the market grows 2% a year. so it's really pretty incredible what they have been able to do over the past couple years. >> how much of this is the effect that amazon has for the longest time been a company that has been a loss leader or a nonprofit generating entity because they kept prices so low, but they have managed to build a customer book, if you will, where everybody just goes initially there to see anything they want and just stick around. what i'm saying, maybe they have done this through a lot of investment in getting people to go to their platform and not just because of the seller and buyer and marketplace dynamic they built as well. >> sure. i think there's been a lot of

learning. some of the things they have done with private label, ramping that up. that's been announced and pulled back over the past year. so there's been a lot of trials and tribulations here. the end of the day, i agree. you're going to go on amazon. what do i want to throw in my basket. when it comes into who is at risk in the space, it's not so much the fashion brands. i still think if you're going to shop for fashion or high end brands, you're not going to buy it on amazon. the shopping experience is still not exactly fluent to the extent you'd want to do that. >> it's amazing it's not better. but it's because it doesn't have to be. >> nobody knows the brands. you buy some of these thing, these are brands you're not even aware of. >> you think it's sort of the people like me, there's a comic who has the sketch about people who buy their clothe trs costco. that's how i feel. i have given up. i have no time to figure it out so i see what they have.

i don't even feel thrilled about it. but it's good enough. >> i think that's right. but think about categories you would be comfortable. pair of socks, underwear, maybe baby clothes, these are kind of the brands that we cover where there is some risk that you can see that plays into it. but beauty is a big deal. the beauty brands are starting to look for distribution in places we never thought they would look. amazon is there. making direct shops with amazon over the last nine months. that's important to watch too. >> how important is the amazon prime membership dynamic to this whole story? when you say let's just buy a pair of socks or a pair of cheap slippers or anything like that, it happens because you get one to two-day shipping, at a price you think is ridiculously low

and from a company you don't know, probably china or vietnam or somewhere else, burr prime is the reason you do it because it's just a convenience factor and it's there. you pay for it. >> it's going to push down, broadly speaking, it pushes down economics within digital commerce for the brnds. it's going to push down free shipping thresholds, it not eliminate them. it's going to push up the need to be able to deliver items within two days at a minimum. but it's going to really hurt the economics for everybody. it's been doing that over the past several years. that's likely going to continue. >> more and more. this is the desperation. i find myself clicking, what can come between 2:00 and 6:00 p.m. it's so bad. but that's what i'm down to. what are the final takeaways if this trend continues? the bueauty category is super important. we're seeing weakness. where else might it not be showing up?

>> there's no categories we're on the cusp of something the really big happening outside of beauty. i think the apparel thing, the run rate of what amazon has done in the basics and essentials and consumables, low ticket, think categories where the brand doesn't really matter. a white t-shirt, how much does it matter what's on the back of that t-shirt. so those are really where the pressure points are. i think that continues. outside of beauty, i don't see big step ups in change any time soon, but this is going to continue to be a thing we're going to talk about for years. >> thank you for joining us. appreciate it. it resinates with the back to school shoppers this week. we appreciate your time. with the dow and the s&p on pace for their worst weeks since march of 2023, one protection play investors could turn to in tough times is showing some signs of being overbought itself. market navigator has that storiment coming up next.

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welcome back to "power lunch." what we're showing is a market just about near the lows of the session. the dow industrial is off by about 430 points. it's a 1% decline. the s&p 500 off about 1.75%. you remember we told you that 50-day moving average sits at 55. and the nasdaq at 16,675, off 2.5%. a deepening selloff that's now lost momentum and we're floating just off session lows. market navigators will know earlier this week we looked at overbought levels in phillip morris in that flight to safety trade. today one of our traders is seeing evidence of that crowding widening out so fast that the institutional investors are starting to go so far as to hedge that downside hedge, so to speak. we're going to dig into it.

mike cojoins us. let's talk about what the options market is telling you about just how much safety demand there is. >> we can see that in the performance today. if you look at staples, they are outperforming xlp. that's essentially unchanged today. but as you pointed out, these staples names are getting into stretched territory on a strength basis. we did see more than two times the average daily put volume already today. it's traded 5 times as many puts as calls. that's largely the result the of a large institutional trade or trading those puts. they were buying the october 81 puts, bought 2,500 of those, paid 72 cents a contract and sold twice as many of the at a quarter a piece. that's a net of 22 cents. this may have come too far too

fast and looking for a pullback. i would make one other quick point. one of the names you didn't mention was costco. it's one of the largest constituents of the staples etf. it represents 14% of it. costco is about as expensive as it has ever been. it's going to be reporting earnings on the 26th of september. >> how would you go about hedging the hedge? if we know consumer staples are the way that people have been seeking that protection, the less volatile play, maybe eincoe on the side, if that trade has become stretched, what then do you do for that hedge that is maybe not the institutional level trade you just spoke about. >> so the thing is staples still remains a place that's not hugely risky, but if i was going to be inclined to own it, i would do so at lower levels. i made a slight adjustment when

i was dipping the toe in my water. i migrated those down slightly. and then i sold twice as many of the 76 strike puts. i spent about 16 cents per spread to put that on. so basically, if staples do pull back, i would make my peak profits around that $76 level. if it blows through the short strike, i could end up owning the staples. 21 times earnings, which is probably a mean multiple, if it does pull back in that 14 or 15% neighborhood, which is what we would be talking about, i would be comfortable owning it there. >> and one last point here. if you take a look at this navigator theme that we have going on now. any other signs that you're seeing in the marketplace right now that lend you to believe that we could be due for some material downside, maybe broader and not just outside the realm of staples. >> actually, we have been seeing that for a little bit.

so for those viewers who lived through the tech rec and some erases where we saw some extended valuations, one of the characteristics of the market that i observed back then and i started to observe now was usually when the market rises, we expect volatility to fall. but that isn't necessarily true when you start getting towards periods that proceed either a correction, a decline of 10% or bear markets, 20% declines or more, what you often see is volatility rises even as stock prices are rising. there's some reason why that might be true. you can imagine that people get nervous that things are a little extended. concerns we might have come too far too fast. we did see that. we saw nvidia behaving before

this recent decline a lot like cisco did in '99 and 2000. i think there are a number of other parallels. >> mike with hedging the hedge trade, thank you. have a nice weekend. we'll see you soon. the nfl season is kicking off with the bang last night that we saw. kansas city outlasting the ravens in prime time. coming up, we'll highlight the biggest ever push into st streaming. we'll have that story. we'll be right back. (cheerful music) (phone ringing) [narrator] not all multi-millionaires built their wealth the same way, you have... the fearless investor. the type a cpa. the bootstrapper. the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth. [narrator] thanks to our award-winning service, low costs and transparent advice.

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welcome back to "power lunch." after last night's big thriller e the nfl's opening weekend is continuing again tonight. you can see the green bay packers facing the philadelphia eagles in brazil. only streaming on peacock, yes, owned by this network and its parent company. the game is part of the nfl's global expansion plans as roger

goodell excplained this morning from brazil. >> we have 38 fans here already. we hope this will ignite this market and become passionate football fans. we're obviously continue ing ou games in europe, continuing our games in the uk, we're going to spain next year. we'll the be in germany this year. we'll be hopefully back to mexico next year. we believe playing the games is a big part of making our game global. >> racking up the frequent flier miles there. our official values, you can check right now on cnbc.com. and people saw $11 billion for the dallas cowboys and thought how can it possibly go any higher for a franchise in the nfl? and is international the answer behind that question? the man behind those rankings joins us now to discuss this further. i remember when you put out those numbers, people said, nobody had seen a value over $10

billion for anything. and then they link it to the idea that maybe private equity ownership was going to be a bigger part in the future. then you say maybe private equity ownership has to be there for valuations to keep going the way that they are. >> absolutely. what you're going to see with private equity, when these teams are sold, private equity will fill a big gap in terms of the limited partnership effquity th comes into it. which thaez valuations is going to be in access of $3 billion. a private equity check of $5 million will go a long way. the second way is new stadiums or renovated stadiums. and then a lot of these private effquity guys already have a lo of experience with sports teams, sports leagues, sports media, streaming, so as the nfl continues to push itself internationally, i think these relationships are going to help

the league do that. >> i think it's liquidity as well. if you have a dynamic where you can market mark prices at a faster rate, relatively, it's not like a stock market, but if you can mark them at a periodic rate, then you have a more transparent evaluation. >> absolutely. liquidity plus the brain power. that's going to both help the nfl. >> i mean, i don't know if you agree, but retail is where this is going. it might take 10 or 15 years or less, but at some point you need to go to bicker bigger pools of capital. as long as the income is still there, as long as the tv piece of it is still there, retail becomes the next audience. >> a lot of people are saying that. i think that may happen, put that's a long way down the road. right now, we're only talking 10% stake allowed by private equity. other leagues allow. up to 30%. you'll have a slow walk up to that 30% before you get to the retail side. >> but there's something between

that and the packers and the green bay franchise model, where you have the fans that are already there. so we're in the spectrum now. >> they are sort of mid-range. $6.3 billion. that's great considering there's such a tiny market. they have done a few stock offerings. you don't get a dividend. you have no say in how the team is run, but they use that money to renovate their stadium. >> that's interesting and an innovative approach. maybe a glimpse of what could be coming. thank you. appreciate it. the other big new revenue stream the nfl is looking to tap into is streaming. this is perhaps the most important part. >> the nfl is following its fans on to new platforms. they will be streaming on a range of apps this fall. those apps are deploying new technology to keep fans engaged.

peacock's game tonight in simulcast of 22 regular season games comes after the wild card game was the most streamed event ever. >> streaming also brings in technology. i think it's going to be really valuable to improve the experiences for consumers. there's more things that they can do with their platforms that i think is going to be very, very positive for their fans. >> amazon with its third season of thursday night nfl games is expanding its use of ai-powered tools to predict pivotal moments like defensive alerts, which tracks the movements of defensive players. this comes as netflix is getting ready to air its first ever nfl games on christmas day. building on the popularity of its documentaries on players and cheerleaders. so the question now is whether nfl ratings will continue to rise after growing 7% last season.

last year 94 of the top 100 shois were nfl games. but ratings tend to dip in election years and ratings will face tougher comparisons against last year, when abc news simulcast all espn games due to a shortage of scripted shows because of the hollywood strikes. >> julia, thank you. i'll just leave it at that. i think the question about the dollars that could be coming in from the streaming business remains the biggest excitement and potential worry piece. thank you. we appreciate it. let's get over to pippa stevens for a cnbc news update. the reports of the death of a turkish american woman shot and killed during a protest in the occupied west bank. military officials say troops f fired toward a male who was throwing rocks at soldiers. they say they are now look ing into whether the woman was killed as a result of that gunfire. the white house says it was deeply disturbed by her death and called for an investigation.

rfk jr. won a court battle delaying the mailing of absentee ballots. he won an appeal. kennedy sought to remove himself as an option in the state to help former president trump who he has endorsed. and rome is considering charging tourists to make-a-wish at the iconic fountain. city officials say they are weighing a 2 euro or $2.25 ticket to access the open-air fountain, which has always been free of charge. it will safeguard the 262-year-old destination. romans will not be charged to enter. that's the european equivalent of the tipping phenomenon in the u.s. >> it's very busy. i can see an argument for spacing things out a little bit. we'll see. join the conference on

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welcome back to "power lunch." the nasdaq off 2.5%. the guidance disappointed and it's taking down the chips base more broadly. you can see the etf is down 12% this week. the nasdaq for its part is down 6%. making it the worst performing of the major averages. there you can see also the rough start that we have had to both september and august for the semi etf. let's bring in seema mody for more. >> as you just pointed out, weakness across the semithe

sector and broadcom is now down about 10%. we're at session lows, earnings beat, but the revenue projections failed to meet the most bullish forecast across wall street. analysts think the ai revenue lacked upside because revenues likely into google fell in the third quarter as meta are still ramping. this is a company that is helping big tech build out their own in-house chips that at some point could rival nvidia. rumors continue to fly around how intel is going to restructure its business. suggesting kwaul come is looking to buy their design business saying the company is deeply committed to this business, including our market-leading position in the pc category. nvidia among the decliners, now down about 23% from a recent high. investors counting down to the talk at gold mac saks conference. we'll also hear from amdco.

the timing is perfect. investors are hoping to get more clarity on future growth. in 2026 and beyond. >> i just think it tells you how she will be lagging into her position, but it's not that the earnings themselves are problematic. she said it wasn't the ai component that disappointed. but when the outlook when it's not a beaten raise, this is the reaction you get. >> historically, broadcom is not one of those companies that delivers a beat on raise. the market has gotten a accustomed, we'll see how investors will pounce on this opportunity to buy on weakness. i would point out we haven't seen any major price cuts. jpmorgan is raise tharg target

from 200 to 220 a share. they are maintaining their ratings. that does tell you something. the fact that you're not seeing a strong reaction from wall street, no downgrades. >> what's interesting about the results was the notion that they are going to have record ai-related revenues coming up in the coming months, but that the focus may have been on some of the weaker parts, relatively speak, of their non-ai businesses. how much does that play into the story for broadcom versus names like nvidia? >> the ceo tried to defend the company's non-ai business on the earnings call talking about how we have hit a bottom. we're seeing recovery in the non-ai business, which includes storage, enterprise, some of the non-sexy ai stuff. so very important. but that's where analysts have been more bullish. they think those businesses can recover as we start to see those ai numbers maybe plateau at some point. >> seema mody, thank you very much for that.

coming up, we're going to get the trade on broadcom in three stock lunch as well. the s&p 500 is headed for its worst week since march of 2023. we'll be right back after this. ♪ (girl) wooo! ♪ ♪

we're hovering near the worst levels of the day. as stocks sell off, it's time for the three stock lunch. here with our trade is the cofounder and ceo of defiance etf. first up, it's got to be broadcom. i hate to do this to you, but it's a big story. the stock is a big loser today. it's taking a tumble along with the rest of the market. the chip maker reporting -- they reported good third quarter results. they blew past expectations, but gave muted guidance. the stock is now on pace for its largest decrease since march of 2020. that was during the depths of the virus pandemic. what's the trade? >> i think that the biggest

loser was used. >> is a dip. i love this stock. they are one of the best chip providers out there they are part of 5g, the wireless side of things. the biggest clients are apple, google, they touch all of the mag 7 names. earnings were very good. the market is expecting a little too much. there's this overgellous need for future outlooks that are higher and higher. but what we're seeing here is slow and steady. the ai race continues. i love this. we even launched etf on it. there's so much demand on this. >> i was excited until the etf. let's talk about 3m.

an underweight and price targets about $3 where we are now. it's rallied. and a lot of talk about the new leadership and so on and so forth. why do you think this one is an attractive name? >> i like this long-term. i think broadcom will play out sooner, but if you're looking for a stock on sale that can play out in the future, they have had kind of a rough four to five years. they haven't done a lot over the last year. they have settle theed their lawsuits. they cut their dividends that they have cash flow. and they are investing in the markets that make sense. climate, tech, industrial, robotics part of the market. the ai trade instead of some of the businesses they were in before that weren't profitable. with a new ceo, ta takes time to clean up shop. they pay 2% dividend, $400 million buyback. they are on their way to making

changes going the right direction. i think it's like a two to three year hold for me. >> that's a blue chip name as the well. it's not unheard of. finally, let's talk about v bowlero. the revenue in expectations, what's the trade on bowlero and how much more am i gong togoingo be bowling in the coming months? >> i hate to say this because it's such a fun company. who doesn't like bowling. i think they go at it in a unique way. it's the higher class entertainmentment. they have a media vibe to what they are doing. 300 locations globally, a lot of activity. but i think they have done quite well, but they are slowing. if you look at revenues, we have about 12.5%, which is good, but slower than the last three years. their growth outlook is 6% overall. that's lower than it has been.

and i justcan't get excited about hyperbolic growth in the bowling industry. a great company. their leaders, but not a buyer here. >> before we let you go, i'd like commentary on the selloff. you are somebody that watches a lot of etf flows, that sort of thing. what are those flows telling you about just how deep a potential pullback could be in this environment? >> if i can reference our own flows over the last couple days, we have seen a lot of flows into microcomputer, broadcom, microstrategy, so that tells me investors are buying on the dips here. they think that perhaps the market will recover. it's an election year. we have a couple months to go. september is seasonably terrible. we got the slightly weak er job information, but the fed is on their way to cut. and we have for all intents and purposes seen a soft landing here. corporate earnings are great. 90% of s&p 500, 2 to 3% gdp.

we're in a good spot for recovery. i think it's going to be volatility is par for the course this time of year. >> thank you very much for that. we'll see you so.on keep is right here. we'll be back after this break. ♪ ♪ ♪ ♪ something amazing is happening here. data is bringing creativity to life. that's because cdw showed animation studios new ways to maximize their infrastructure, then built a flexible dell technologies data solution.

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agent will explain your coverage options. and, if you're eligible, help you enroll over the phone. it's that easy! call today and we'll also send this free guide. humana. a more human way to healthcare. welcome back. a quick check on the markets. for those listening on sirius xm, we're down about 380 points. i want to say we were down 440 at the lows of the session. but it's very career that the amount of red you're seeing on the chart right now and how deep it is. we're bounce ing off the lows. it's on the dow at least down. the nasdaq is going to be the big one. the stock story is on the chip side of things. they are getting whacked hard today. the etf is down 4% following broadcom's results. you have names like nvidia and

marvel and kla corp. down 3% or more. and nvidia has been since its earnings report is 30% off recent highs. >> a huge reset. >> can we talk about the fact you're wearing packers colors. >> i don't even know when they play. >> tonight. >> that's right. on nbc. >> thank you very much for watching "power lunch." closing bell starts now. thank you so much. welcome to "closing bell." it's make or break, tech wreck. that sector is down 7% this week under pressure yet again today. we'll show you the nasdaq in this final stretch. worst week in about 18 months. chips the foal faux the call point. broadcom is the latest post earnings pummelling almost 10%. and the index that tracks the semispace is down 11%. the weakness not limited there. microsoft is below $3 trillion in market cap. appl