>> created by foodies for foodies. one chef for. >> every ten guests. >> every meal. >> prepared to order and every plate a personal discovery. welcome to the world of oceana. >> cruises. >> the world's greatest cities and off the beaten path secrets. one memorable bite and. >> toast at a time. >> it's more. >> than a feeling. >> it's more than a cruise. it's oceana cruises. >> and welcome. >> to power lunch alongside leslie picker. i'm brian sullivan. good to see you again. wow. another wild day for your money. stocks down big as the administration stands by the tariffs and says more may be coming. plus you got job worries ahead of tomorrow's unemployment report. and if that is not enough we could actually have another government shutdown. leslie, there's a lot going on. >> gosh. >> a. >> lot going on checking in on markets right now. stocks are sinking once again.

>> take a look. >> at the dow now down 1.2%, the s&p down 1.9%. and the nasdaq the big laggard here down nearly 2.5%. it's really a lot of this cyclical rotation out of cyclicals. not that anything any of the major sectors are in the green today. all the big seven names are lower. nvidia amazon and microsoft which has now lost its $3 trillion mark. and tesla is on pace for its seventh weekly decline, wiping out nearly its entire post-election gain. it's now lost half $1 trillion in market cap. that's more than the market value of 485 of the s&p 500. i've also got my eyes on financials. it's been a really rough week for the financials so far. citigroup down more than 10% jp morgan goldman sachs down by similar magnitudes over the course of the week. and the credit card company is getting hit hard as well. week to date capital one discover american express significantly lower over the course of the last week.

>> and financials. i may know somebody that knows something about them. leslie picker, thank you very much. all right. so investors finding their collective backs against the wall street thanks to multiple issues. all right. so let's use our big wall to highlight some of the big picture things that are happening right now. number one tariffs on cnbc earlier today commerce secretary howard lutnick saying there will likely be a reprieve for products covered by the trade deals with canada and mexico. maybe not just automobiles. that headline briefly helped stocks bounce off the lows. i mean, when i say briefly, i mean briefly, briefly. and then we lost steam again. but the commerce secretary also saying that some retaliatory tariffs would go into effect on april 2nd. if you're confused, so are we. we're going to find out how it plays out. market hates confusion. the next big issue jobs or maybe lack thereof. layoff announcement. they are on the rise. job search firm

challenger gray and christmas saying we are at the highest level of job layoff announcements since the early days of the pandemic, reporting about 172,000 layoffs last month. one third of those were in the federal government, as the so-called d.o.j. spending cuts hit. by the way, the big monthly jobs number that is out tomorrow morning, 8:30 a.m. eastern time, you'll see it on squawk box and completing maybe the hat trick of concern, the looming potential government shutdown. the budget deal deadline just next friday and a possible shutdown. just adding to any uncertainty that is already out there, kind of messing with the markets and your money right now. let's talk about it all with dora wiley, the ceo and president at commerce street holdings, and get your take as well. we got jay woods on set to dora. but first to you how this won't last. nothing ever. this kind of uncertainty will not cannot last forever. so what's kind of our what's your therapy for

investors right now? >> calm down. we've been in kind of a bull market. look at the vix right. the book is finally above 20 which is more of a normal range than it has been in the teens, which is this positive sentiment that we've had for a while. so i think we just sort of entered some uncertainty here. certainly with gdp now being forecasted at negative, and some of these things that you're talking about, and the market is taking everything literally, particularly on the tariff side. so it doesn't really know what to do. and it's very it's a little unsettling because we haven't had as much volatility in the market in a while. >> so jay, some have the luxury of being calm. others need to be a little bit more attuned with the daily moves of the market, if that is you, how do you navigate just the constant barrage of headlines? is it something where you kind of need to close out your positions every day at 4:00 and go to sleep so that you can, you know, sleep a little more comfortably? or how do you how do you navigate this if you do need. >> to. >> be seen, for.

>> lack of a better word, you know, the headline risk. you go to the bathroom, you come back. the market's rallied 200 points. then we're down 200 points. and this. >> headline don't go to the bathroom. there's your answer. >> i apologize. sometimes you make. >> your calls. >> but yeah. >> we are. >> now watching. >> this. >> market which is clearly in a downtrend. and it's a risk off environment. we've seen it with the exception of last friday, which was very odd that we had a rally, people taking risk off the table. >> going. >> into the weekend. >> people are selling. >> first and waiting. >> and then. >> there are a lot of people. >> with dry powder on the sidelines. we're getting to that opportunity where i think you got to step into some of these bigger names. >> bigger names, more stability, more downside protection in theory. >> well. >> yeah, i think no, i think this is an opportunity where we're watching the tape, where the jobs number is going to be huge tomorrow. that could be the catalyst to have that washout that this market seems. it's on the verge of, you know, a segment earlier we talked about a death cross in the semiconductor index. >> no. say it. the death cross. >> the death cross. >> you have to say it.

>> like that. >> as a technician, it's a lagging indicator. and usually when you hit the death cross, you want to buy. so the semis are actually starting to look like this may be the time to finally get into an nvidia. get into a broadcom that reports earnings. these are opportunities that we've been waiting for. but when those opportunities come. >> people get a little nervous i don't know. >> the headlines know this could be the opportunity. the jobs number. could scare people and we could have that washout. where below the 200 day. >> moving average. >> in the s&p 500 for the first time. if we close there october 1st, 2023. >> so i get it that that tariffs are getting all the headlines. they're getting all the attention. they're getting all the blame right. it's tariffs and it's uncertainty. and it might be true i don't know. but i will say this. if we throw up a mongodb an app love it a palantir stocks that people have been buying without i would say willy nilly. but it's dorie wiley who knows. but they're just buying the stocks because they made money the last time. i don't know what the heck a mongodb has to do with tariffs. what does a palantir have to do with tariffs? what i'm getting

at is i feel like a little bit this is jump in, hold on, jump in that this is a market that almost wants that's it wants to sell off. >> you hit the nail on the head and jay was hitting right at this. if you got some names you like fundamentally even so let's go with nvidia. you had it on the screen there for 20 and you're looking for a buy in. oh my god. the stock's been going up forever. and i want i don't want to pay as much. do we have bad news on nvidia. no we don't. that's when you buy. >> did you want to say. >> yeah. and i want to add to that. and i think you want to be ready to buy i think you want to have. >> some low ball. >> good to cancel order bids in there just in case. this does accelerate because there. is a little anxiety. there is that headline risk where we're moving dramatically. and now that stocks have broken that 200 day moving average, we have the death cross. people want to, you know, get into this market. >> this is. >> the opportunity. >> you get my point though. like what does palantir have to do with tariffs? i have the stocks getting destroyed. let's throw

that names back up. applovin. yeah, mongodb. mongodb is down 23%. it has absolutely no connection to tariffs whatsoever. >> these are momentum names. and the retail. >> investor the market wanted to say they wanted to sell. it was looking for a reason. and i feel like tariffs gave it. the reason. >> is it tariffs though. >> or is. >> some of the selling due to concerns about the state of the economy and the potential slowing in the economy? >> what does mongodb have to do with that? >> the financials definitely the. >> state. >> of the. >> economy. >> the mongodb. >> do that because that's what she covers. that was like a. >> well. >> softball to hear. >> about that a. >> second ago. >> yeah. >> yeah i'm talking to are saying it's a lot of the economy concerns that are weighing on some of these sectors. and if you are a mongodb, if you are a palantir, i mean, they have customers. if those customers are feeling stressed then that could affect them too. >> so look okay so let's bring how about we do this then let's bring up the kbw regional bank etf. shall we do that. let's just call this producing on the fly because i think i would. you tell me leslie, are these the

stocks that we're looking at. if it's not a palantir. palantir is not reflective of the freaking economy. but maybe the bank of the ozarks is. >> yeah, absolutely. >> and t bank. >> pnc bank, i'll give you those two in the regionals as well. these are stocks that got beaten down have finally recovered from the regional banking crisis. and now they got their legs under them. and this sell off looks like a good opportunity because i love the big banks i think goldman sachs down 100 points in two weeks. that's a little bit accelerated. >> to the downside. sorry. >> so these are opportunities. >> dory. yes well i like i like the banks here. you know you can get particularly the small caps and even the micro caps. you're getting forward at 10 to 12. and the you know these tariffs are not going to be a big issue. certainly not long term. they're short term negotiating tools. and trump's not going to, you know clue everyone in on what his strategy is. it's not a negotiating tool. if you tell them hey it's only a negotiation, right. you got to act serious about it. banks look

very strong here. credit's held up. they're coming along and adjusted to the 500 basis point rate hikes. cost of funds are hanging in there. the deposits have been tough, but some banks are better at it than others. and now we have a more regulatory friendly environment. you know, french hill, the first banker to control the house financial services committee in 100 years, is in charge. and he knows that the economy gets driven by community banks because that's small. banks are the ones that provide the banking to small businesses, and that's where 80% of the jobs come from. so very helpful to have him in that committee. we'll have more startup banks, more de novo banks, more mergers, more activity, more growth, less restrictions, a muzzle put on the cfpb should all be very positive for the banking sector going in. and it's undervalued jake. >> we have that all important jobs report tomorrow. it seems like much of the kind of layoff

measures that we've seen in dc would be more for the march report and beyond. but as you look at tomorrow, how do you think the market should be preparing for those numbers and how should they be preparing just for the overall kind of jobs picture in this? >> yeah, if we get a hotter than expected number, i think that will cause a little anxiety with this market. seeing what we're doing, seeing we're teetering kind of on, you know, the edge of this precipice, you know, perspective. the s&p 500 is down 2.7% for the year. we're down 7.5% from the high 10%. corrections happen on average once a year. usually average correction is 13% a year. so to put it in perspective i think it's important. but when these banks do sell off, i think that's a great opportunity. they rose on hope. and there is still hope that that regulatory environment will continue to be very you know, that tailwind for them. but right now you know people are like no mergers, no acquisitions, no deals. it's we're going to wait and see. and then. >> i like. >> it a shutdown to oh my god.

>> well that's we'll see what happens that dora wiley thank you jay i know we're going to see you later i think some good lessons there. don't panic. put in some low ball. good. good to cancel orders and see if they get filled and don't use the bathroom. those are the three takeaways from this segment. all great real world advice minus the third one. >> maybe just yeah, disregard the third one. unless you want to be on constant phone calls with your doctor after the break. oil turning positive but on pace for its seventh straight weekly loss. inherently good for the consumer. lower gas prices, of course. but when do prices become too low for the market become too low for the market power? lunch will be right back. at ameriprise financial we know our clients are so much more than clients. they're go-getters and legacy-leavers, and what matters most to them matters most to us. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial. out of five client satisfaction rating. tracey from lillie's of charleston will watch 60 contestants eat 60 hot wings

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worst of it. the dow the nasdaq is down more than 2.5%. the dow is down about 1.5%. nobody watched the dow. you all care about tech stocks. tech down 2.5% right now. some big names that we just mentioned. the palantir app lovins mongodb's

down ten, 15 or 20%. but so far this week, the worst performing sector is energy, down more than 5%. oil falling on a lot of things. economic concerns, expected production increase out of opec and maybe more production right here in the united states. but to your next guest, it's not just all energy. and oil related energy is part of a huge cycle right now with ai and nuclear and everything else. and he's going to have a arguably the biggest energy and most important energy conference in the world. next week. we will be there. it is called the ceraweek energy conference. and this year some of the keynote speakers are a little different. yeah, all the big energy names are there. wow. but look at that. your buddy larry fink. leslie, he's going to be there. united airlines ceo. yep, ceo of google. the ceo of lazard, peter orszag. he'll be joining us on monday or tuesday. and doug burgum, the secretary of the

interior, along with the secretary of energy, let's bring in the man who put this whole thing together. joining us is dan yergin, vice chairman of s&p global. dan, i can't wait to come out and see you in this conference. it's always been maybe the preeminent energy conference in the world, but now you've got all these companies that we just showed microsoft, amazon and more. why has the conference expanded so much this year that larry fink is coming? >> well, i. >> think, brian, it's. >> partly what you're saying. >> about the economy. >> it's also because infrastructure is such a big issue now. and i think it's also because this week is going to be big. tech meets the energy industry. and i mean, not only oil and gas, but renewables. and even we have fusion on the agenda in a prominent way. so i think there's a sense that it's very consequential. ceraweek it's a very consequential time for energy in a very big focus on it.

>> yeah. it is. you've got amazon, like i said, microsoft, they're the customers. they're some of the ones that. >> google and google. >> and google and what ruth porat we showed there because they're the ones that are buying up a lot of the energy nuclear power plants that might or might not be sort of restarted. they might be some of the customers as well. but at the same time, dan the you can't we can't ignore the political backdrop and we won't, which is what happens to the inflation reduction act. a lot of let's let's remember we could talk about wind and solar. they're critical parts of the energy mix, because i've heard a guy named dan yergin say we're going to need it all. >> well, i think that's that's right. and the inflation reduction act was agnostic or ecumenical. it had something for everybody, including carbon capture, which is a big issue. so on top of everything else you've said, is there a sense of uncertainty? so one of the big i think that this ceraweek will be an opportunity to say, well, what is this energy dominance mean? what does it mean in terms

of implementation, in terms of what's there already and what's going to be in the future? because it's like the whole chessboard is being rearranged. >> what do you think about the federal funding freeze? and i asked this because there was a story in the denver post, for example, and they talk about how the federal funding freeze is stalling energy related projects across colorado. it's a policy aspect to energy that we don't normally think of as having as much of an impact, but for a system that's already kind of struggling with some bureaucracy and getting permits approved, we hear that all the time from infrastructure investors. how is that playing a role? >> well, i think it's still very early to answer that, but you certainly pointed out that one of the other big issues that's there, and that's part of what that national energy emergency that president trump declared is about is about the permitting imbroglio that it just takes too long or it takes forever to get things done. and that's true whether you're talking about oil and gas, whether you're talking about pipelines, whether you're

talking about wind and solar, and getting that fixed has to be a priority to assure that we have the energy supply, particularly when we have this ai data center boom coming. that has just changed the outlook for electric power needs in the united states. >> and i think that's the reason that we're seeing the microsofts and the amazons and the googles and many, many others coming to houston next week for this conference. right, dan? because they need to figure out the numbers are really staggering. and you literally wrote, i would say the book, but you've written multiple books on the topic. we can say things, dan like, well, oracle's thinking about a one gigawatt data center. okay, that doesn't mean anything, a gigawatt. but when i say oracle's thinking about building a data center that would use as much power as 750,000 average sized homes. now you got my attention. >> yeah, well, we're looking at it by within five years. data centers could be 10 or 12% of total u.s. electricity demand. and so when the microsofts when the tech companies came to ceraweek before it was mainly about what they could do to

improve the productivity and efficiency of energy companies. now they're coming because they are in a in a way, really defining to a considerable degree the future of electric power in the united states. and they have to figure out their cultures and their time frames is very different from that of the energy industries. and so how do you get the power in place and not stress out the system, and who's going to invest in and which technologies and what are the supply chain issues? so it's really a process of discovery for the tech companies discovering that they're dealing, that they have to look at power in a very different way. >> i know you've got a lot of international contingencies that are coming as well. adnoc abu dhabi, you've got aramco, amin, nasser. hopefully we can speak with mr. nasser as well. what is opec's role in what happens and what is russia's role? i think somebody once said that russia was was a gas station with nuclear bombs. right. because they provide so much commoditization for the world. we don't know what's going to

happen with ukraine and russia. dan but what is what does russia and opec's role in all of this? >> well, russia, you know, it continued to be a player in the world oil market, the sanctions or the price cap that was put in effect didn't really stop russia. and that's, of course, where their revenues come from, much more so than from gas. i think one of the questions that will hang over the conference, though, is will russian gas return? under what circumstances and will europeans ever want to be anywhere near as dependent on russian gas as they were before? and that's very important for the us lng companies, because lng, liquefied natural gas, is going to be a big subject at the conference. i think opec is, you know, it's announced that it's going to start putting oil, opec plus back into the market. and that's one of the other reasons that prices are off in the way they are. but i think a lot of eyes are really on russia. and of course that's not really an energy question in in a fundamental way. it's a question of resolving the war that it launched against ukraine.

>> i cannot wait, i will be there on sunday. we're going to be live monday and tuesday. we've got guests, some surprises. a lot of well, yeah, got my colleagues, pippa stevens and spencer kimball will be there as well. apparently me and an oil rig will be at the. >> you're going to interview an oil rig? >> i'm going to interview a those are called pump jacks. i guess we're going to have dan you're going to can't wait to see you and your entire team. you guys do a great job and we'll see you next week. >> thank you very much. >> all right. thank you. >> well, i for 1 a.m. looking forward to it. but up next are regional banks holding up better than the big six. amid this volatility market navigator is next. >> this is a landfill or this. w.m is transformed. what you think of as landfills into engineering marvels that can generate energy while helping protect the natural environment. learn more about our modern

landfills and how w.m is always working for a sustainable tomorrow at w m.com/stories. >> most power players on wall street rate nvidia a strong buy today. yet why, then, are so many legendary investors quietly ignoring that advice and instead selling the stock hand over fist? every billionaire on your screen has recently sold nvidia. some have offloaded millions of shares. and mark my words, this is bigger than nvidia. hedge funds are quietly selling all of their tech stocks at the fastest rate we've seen since 2016. it begs the question what do they know that you don't? my name is mark chaikin. i help build three indices for the nasdaq during my 50 years on wall street. that means i know how to recognize these signals from the tech market and exactly what they mean for you and your money. i

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>> bay hill the. >> house that arnie built. >> home to a signature event with a. >> first class. feel and. >> a defending champion. eyeing his next signature moment. what a finish. the arnold palmer invitational on nbc and peacock. >> welcome back to power lunch. let's get a quick check on the markets. you're seeing the s&p down now more than 2%. the nasdaq down nearly 3% as declines have really accelerated over the course of the first 26 minutes of the show. we did just talk about energy, the worst performing s&p sector this week. now let's turn our attention to the second worst. this one hits close to home. it's financials. daca. joining me now from market navigator. all right. been an

ugly week. >> it's been bad. it's been and it's worse than technology by the way at this point right now. so it's been a rocky week for wall street overall. but our next guest says that despite all that volatility that leslie just mentioned, he thinks that financials are still a safe place to put your money. i'm going to drill into that a little bit here. they're still green for the year. they're outperforming tech stocks. so joining us now is gaurav malik the chief investment officer over at palace capital advisors. gaurav you're still basically saying that if it's if it ain't broke, don't fix it. i don't understand how you feel that good about financials seeing the price action that we've seen this week. so take us through what you think is the good bull case for financials outperforming in 2025. >> the bull case of financials is completely. >> based on a bull. >> case. >> for the economy. and my. >> take on it right now is. >> that a republican. >> administration is not going to leave the us. >> economy in a. >> worse shape than they. >> saw it in. >> so our forecast is that. gdp growth will continue. >> to be. >> near the two handle. inflation will start coming

down, and you. >> can expect. >> inflation to fall in line with the fed's mandate by 2026. towards the middle to the end of that period. remember we were sitting here just a month ago and everybody was in the in the steepening trade. and now we're talking about the opposite thing occurring in the ten year has flattened out. so names are in pressure. but the core case for banks relies on the fact that the consumer is still in reasonable shape. we do think corporations are going to do well. corporations are going to be able to bounce back. and you have you have a good situation in financials there. and valuations are not aggressive. it's still a sector that we can expect to have anything between called a double digit earnings growth. as we look at 2025 and 2026. >> there's no doubt that those financials are a value oriented sector. certainly not talking about the valuations of technology. but are there places within financials i mean they encompass everything from insurance companies to investment banks to regional banks to everything else. what exactly in your mind is going to be the outperforming part of the financial sector? is it the big

money center banks, or is it going to be some of those investment banks? >> i think. >> both are in play for. >> different reasons. >> so we think that deregulation is one of the promises that trump is likely to keep. deregulation is going to unlock capital. when that capital gets unlocked. it can be used by the investment banks to get into segments that have not been able to get into so far aggressively. we're seeing that this year with private credit, it's going to mean regionals will have some more money to put aside and return back to shareholders. so there is room for either dividend expansion or there's room for buybacks occurring in those sectors. so that capital coming back is what we are really excited about. i think on balance, we do like the larger banks a bit more because the current volatile environment means trading revenues are likely to be stronger. and we do think that m&a is going to be a dominant place to be as you look at the rest of the year. >> all right. gaurav malik, thank you very much. a palace capital with the play and financials. thank you very much for that. >> there's also kind of a flow story here with financials dom, because we've now had time to sift through the 13 f filings which show what investors did in

the fourth quarter. and financials were a big overweight for mutual funds, even more so relative to some of their hedge fund peers, specifically some of the money center banks. and so we know where they stood as of the end of the year. it's likely that because of, you know, just what we've seen with regard to momentum, to the downside in this sector, that that has really shifted over the first two months of the year, really. >> but we saw yeah, that momentum story was hugely positive for those financials and especially in the latter half of 2024. the issue now is whether or not that momentum trade is going to get caught up with those banks going to the downside, because they had such a nice run over the course of last year. >> and they are, you know, very much levered to the state of the economy. and so, you know, whether or not there is a recession on the horizon, whether or not there would be one under a republican administration remains to be seen. i mean, we had 1 in 2008. we had 1 in 2020, briefly. we had 1 in 2001 republican administrations. but of course, the deregulation aspect of all

of this has investors very excited as well. so we'll see what what happens from here. >> you got it. >> all right guys i wish i had better news, but the nasdaq is now down 3%. the nasdaq 100 is down more. the nasdaq itself is down 3%. now all the mag seven, they are lower on the year. it is meta. that is the only one that is higher. but today mongodb down 25%. marvell down 21. applovin, palantir, atlassian, netflix and more. they're all down big. we got much more on this market selloff next. >> the market navigator is sponsored by charles schwab. trade brilliantly. >> opportunities don't stop when the market day. >> ends. >> so neither do we. schwab gives you round the clock access. >> to over. >> 800 of the most popular stocks and etfs, plus a wide variety. >> of futures markets, all with 24 hour support. >> from trading specialists.

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their customers have to share a wireless signal with everyone in their area. oooh. you know, it's kinda like when you bring a really big cake for your birthday, and then there's only a little, tiny sliver left for the birthday girl. aw. well, wish her a happy birthday. happy birthday... -it's... ...to her. -no, it's me. have your cake and eat it, too. don't settle for t-mobile or verizon 5g home internet. get super fast xfinity internet you don't have to share. forty's going to be my year. agencies. use katari to buy and measure tv ads. >> welcome back to power lunch i'm julia. boorstin with your cnbc news update. >> a second federal judge extended a block on the trump. administration's attempts to freeze congressionally. appropriated funds. >> to. >> 22 states in the district. >> of columbia. the judge said the white house was trying to put itself above congress and undermine the constitutional roles of each. branch of government. >> today's ruling builds on. >> his. previous order telling the. government to keep disbursing the funds. president trump's middle east envoy, steve witkoff, says he is in talks

with ukraine to come up with a. >> framework of a peace agreement. >> with russia. he added that he is trying to coordinate a meeting with kyiv in saudi arabia. it comes after ukrainian president volodymyr zelenskyy urged european leaders to back the idea of a partial truce at air and at sea. and the vatican said today that pope francis remains stable and has not suffered any new respiratory episodes. the 88 year old has been hospitalized for nearly three weeks now, according to the statement this afternoon. his prognosis still remains guarded. leslie, back over to you. >> we're sending our best wishes to him and a full recovery there. julia. thank you. let's check on the markets. as concerns over the trump tariffs continue to cause stocks to sell off. the tariffs on china and mexico have only been in effect since tuesday, but tariffs on china went into effect last month and another 10% was added. our next guests. business almost immediately felt the impact of the china tariffs. joining us

now is president of deer stags. rick muscat deer stags is a shoemaker which imports many of their shoes from china. they are raising the prices of their men's shoes from $50 to $60 to offset that tariff cost. rick, thank you for coming on. can you explain how your business was immediately impacted by this? >> yeah. thank you for having me. it's impacted me twice in the past few weeks. first of all, the initial 10%. >> tariff. >> that was put in place on china imports was based on or implemented, or we were charged. if goods were not on a vessel on or before february 1st. we had placed orders for production before chinese new year, when we typically bulk up and double our monthly orders because the factories then close. so back in the end of october, early november, before the election, we placed large orders with our factories to ship. by the end of

january, most of our goods were out of the factories by the end of january. originally scheduled on vessels by january 29th or 30th, but some of them got rolled over and sailed on february 2nd or third, and therefore we got hit with the additional 10% tariff strictly because of the sailing vessel schedule. >> so you raised the price of your shoes. is that a full pass on of the extra costs to the customer? are you seeing any of that in your margins, just given what sounds like already a pretty low price for shoes, which i'm sure is part of the bargain that you make with your customers? >> yeah. so, leslie, before we get to the price increase, if you don't mind, i'd just like to take you to the second phase with the second tariff that went into effect just this past tuesday morning. >> sure. >> which increased the tariffs an additional 10%. so as an example, our that we buy relatively low cost shoes from china that sell at a moderate price point. as you indicated, our men's shoes typically retail

around $50 or less. our boys shoes $40 or less. but the goods that didn't get out before chinese new year and shipped shortly thereafter and are on the water now, we're being charged an additional 20% tariff. so whereas the tariff would originally be 6%, we're now paying 26% just on the goods in in transit. we had budgeted $42,000 to pay the duty. when these goods arrive, it will now cost me 182,000. so before we talk about raising the price for the consumer, the impact on us and our budget and our cash projections has been extreme. the issue i have is on the way this tariff has been implemented. it's a little bit arbitrary based on a sailing date or all of a sudden an announcement of a new tariff. it strikes me that i noticed in the news yesterday that the audio industry was granted a 30 day

reprieve to try and figure out how to deal with the tariffs. but no one has come and helped the shoe industry, where we import virtually all of the shoes sold in america, and over 60% of the pairs of shoes sold in america are made in china. and our prices have gone up 20% with these new tariffs. so yes, we have to pass these increases on. it increases our cost of goods. so it will increase our selling price with our retail partners and ultimately with what they sell to the consumer. but it's wreaked havoc for those of us that import, which all of us do. being hit with these cost increases literally out of the blue. >> how has it impacted your working capital? because it sounds like those price increases would take place for consumers, but there's a mismatch from when and if i'm hearing your story correctly from when you have to pay the tariff versus, you know, how you kind of sell it into the marketplace, you have to immediately pay the tariff,

whereas you do need to, you know, wait for people to actually buy the product over time. >> right. thank you for that. so that's exactly my point. when we set out our budget for the month of march, we had anticipated in our budget $42,000 of duty that we'd have to pay. now i have to pay $182,000. so that's $140,000 of cash flow that's taken out of my budget. that was supposed to go for my vendors, my suppliers, my payroll, and i've got to pay it to customs and border patrol. yeah, i'm not sure where i'm supposed to get that money from, but by the time we reflect the increased price to try and recover it, it's months down the road. these goods were bought to fill orders from customers on prices that we committed to them back last fall. the production cycle for footwear is about a four month lead time. from the time we place the orders till the time the goods arrive in our warehouse and get distributed out to the stores. >> so that would have been right

after the election there. we appreciate you taking the time to share your story. a real on the ground perspective, small business generations later, you're here to tell the story. rick muscat of deer stags, we appreciate your time today. >> thank you for having me. >> all right. well, we continue to track the selloff in stocks. the dow is on pace for its worst week in two years. two years. so what is the bond market doing in reaction or maybe is the bond market leading this. rick santelli knows and he's next. >> crypto watch is sponsored by crypto.com. crypto.com is america's premier crypto platform. >> you did it. you took an idea on a napkin. >> built a successful. >> business and made it look easy. >> but at us bank. >> we remember. >> what went into getting here.

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little bit of an odd time. >> yeah it is. but you know what the best way to look at this is. consider okay. look at the twos ten. spread the last seven sessions. it encapsulates the firm tenure the soft two year. and look at where it's gone from 15 to briefly trading 35 this morning. that's seven sessions. one of the reasons tens minus boons closed last year brian. the difference in yield at 220 basis points today it's closed at 146 basis points. so not only do you have stubborn long rates here, you have germany accentuating that fact around the globe. everything's fungible. and the two year is looking at growth because of the fed and pricing in cuts. so this is all wild. you know what else is wild. look at the vix. vix right now is just a whisker under 26. it's the most. it's been the highest it's been in 20 months. let's go talk to jason about exactly that jason what are you seeing with regard to the vix approaching levels we haven't seen since mid december.

>> yeah volatility and the vix itself are really high right. >> now from. >> a from a. long term perspective. but if you look at. >> the moves. >> in the. >> market and. >> what's happening. >> it's high for a reason. we've had six consecutive days with 1% moves. whoa. >> let alone today. >> today's 1% move. that hasn't happened in this risk off environment, showing us things we haven't seen in quite a while. maybe going back to some of the volatility during covid. >> that's correct. and for a long time it's just been any dip has been bought by the dip. you know, it's been a policy and a plan that's worked for. >> so long. >> now we're seeing a little more hesitation. >> on this. and it's. >> almost like any rally we do have. people are selling it and reducing their global equity exposure, which we've seen in hedge funds. hedge funds over the last two weeks have had their largest, largest drawdown. on their global equity exposure over the last six years. so people are definitely in a risk off kind of mode and mentality. >> now, if we're in a risk off mode and large players have reduced some of their positions from a global stock perspective, does that mean we're going to see less volatility in your

markets and the option markets, even if we continue to see volatility, for example, in the s&p and the nasdaq and the dow. >> no i think vol is here for all of 2025. and you know, the next few years it seems like every tweet, every comment, every mention of tariff just brings a new restored. holy cow. what's happening. let me reduce my exposure. so i think volatility. >> you know, how could anybody be surprised by this. okay. here's what i would say. trying to tune up your corvette going 90 miles an hour down the eisenhower expressway. you can't. it's like trying to tweak trade and try and try to tweak government programs while nothing ever shuts down. i think it's going to continue to be messy. and you seem to agree. >> i couldn't agree more. >> excellent. leslie picker and sully, back to you. >> rick santelli. thank you so much. we mentioned earlier that s&p energy is the worst performing sector this week, but one oil giant is bucking today's

downtrend. i'm told we do have some breaking news. let's get to megan casella with that. hey, megan. >> hey, lesley. the president is in the oval office with reporters right now signing some executive orders, and he has just signed one, officially adjusting those tariffs that are in place against canada and mexico. what the president is doing here is adjusting those orders to say that tariffs will only apply to any goods that are not compliant with the usmca. and we just had a chance to talk with the white house official about this to get some details here. and the white house official told reporters that about 50% of goods coming in from mexico and about 38% of goods coming in from canada will now be exempt from tariffs. but that's a smaller number than we had originally been thinking. it means about half of mexican imports will still see this 25% tariff, and about two thirds of canadian imports will still see a tariff. some of those will be 25% tariffs. but i'm also told that a majority of those non-compliant goods from canada are energy, which you guys will

remember are subject to a lower 10% tariff. so it is progress forward here. we've gotten the official language now signed in via executive action just a few minutes ago from the president to officially remove some of those tariffs. but for 50% of goods from mexico and almost two thirds of goods from canada, the tariffs will remain in place. and just one last note on timing. all of this, as before, is set to last until april 2nd. that's when we're supposed to get the reciprocal tariffs, which the administration maintains will impact canada and mexico. so we are likely to see some movement before then. guys. >> megan cassella, thank you so much. markets still firmly in the red today. we will be back after this break. >> the bond report is brought to you by pimco, a global leader in active fixed income. >> is this. >> your dream of retirement? how about. >> this. >> sweet deal? >> i like fishing, or is this a little. more your style?

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what i think a foundation should be. learn more at jones road, beauty.com. >> welcome back. time now for three stock lunch. we do this segment to get you actionable advice on stocks. never more important than a day like today when stocks are selling off. let's welcome back jay woods of freedom capital for our trades. today we asked jay for some trades to consider on this down day. first up a mag seven name. and you picked amazon.

>> i did i did. amazon is getting beaten down. i don't know if you've seen the chart over the last few days, but this stock is in a bear market technically when it's down 20% from its peak. what has changed? okay, we're afraid of tariffs. we know that concern. but overall you look at what they've done consistently over time. it's best in class. and then technically which as a cmt i look at the charts. and this stock had broken out of a long term base above 200. it got up to 240. coming back to that 200 level. i want to put money to work here and i want to get in the stock. if you've not been in amazon, you have a time to get into it right now because 200 is a great level. and then if this market accelerates, i think anything cheaper. great opportunity. >> and mahaney in the 1:00 hour eastern time hour named it his renamed it his top pick said it was a big value name. now amazon earlier on when you were on before. yeah, i think you mentioned goldman sachs teased you a little. you did. you said it was at 100 bucks like this

week or something. it's been like. >> i don't know, this week seems forever, but yeah, it's down 100 points from its peak. it's down roughly 15%. and when you want to look at names we talked about amazon best in class goldman sachs jp morgan best in class. it's giving you an opportunity to buy the stocks. jp morgan and goldman sachs went up on hopes and dreams of this trump administration. basically rolling back the red tape. mergers and acquisitions are going to happen. and now we're living through tariff season, which i didn't know was a season until just recently. and we are focused on that. and m&a has been pushed to the side. we haven't seen these deals come through, but i don't for a minute believe that this is in a good place to enter the stock over the long term. goldman sachs best in class and trading. you know this volatility is great for the traders. >> yeah today's move is turning goldman sachs negative year to date. although it's early in the year still. finally a name that has been bucking the downtrend today. jay your energy trade

exxonmobil. it's weird to see a green chart today. >> it is. and exxon got beaten down really hard in december after their earnings. and one of the concerns there was they were spending more on capex than their peers like chevron. and the stock got to a level where it's just too good not to look at it and say, here's an opportunity. it doesn't give you too many. and i know, you know, the price at the pump has been going down and the sector has been beaten down. but if you can stay long, the stock above 102, 103, you can manage that risk. so for a trader, someone looking to get into this name looking to diversify their portfolio to a beaten down sector, i think exxonmobil is a great entry spot here at this 107 level. i believe if it gets above 112, it should run to 123. >> interesting picks today. jay woods thank you so much. freedom capital markets appreciate it. >> all right. as we head to break two very quick checks to look at discretionary stocks. the s&p consumer discretionary sector on pace for its worst day since december. also on track for its worst week since september of 2003. so remember markets go down. they've gone

down 5% a year one time or more every year pretty much forever. just keep that in mind. also, the nasdaq etf on pace for its worst week of the year. so to close out its third negative week in a row, that's its longest losing streak since last august, which means it had a losing streak last august. we're back right after this. >> catch the market zone today >> catch the market zone today and every weekday on closing power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans can help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley.

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it's what ai was meant to be. >> all right, so quick check. obviously the market's leslie 2.7% decline for the nasdaq. one of the worst weeks of the year. quick reminder markets fall every year 5 to 10% forever. it's happened. don't know when it will stop but it does happen quickly applovin that stock i'm only picking on it because trader favorites down 29% in a month. i don't know what the hell this company does or what it has to do with tariffs. probably nobody else does

either, but the stock is down big. >> also some alternative stocks down pretty big, especially week to date. kkr currently down more than 6%. and it's had a rough week as well i believe down more than 14% week to date. thanks for watching power lunch. >> yep, i know scott and the gang are going to pick up all the coverage in the final hour. we'll see you tomorrow. closing bell starts right now. >> all right. thanks very much. welcome to the closing bell. i'm scott wapner, live from post nine here at the new york stock exchange today. this make or break hour begins with tariff twists and turns and a market court smack in the middle. yet again, it has led to a level of uncertainty on wall street not felt in a while, and it has continued to play out here in real time. let's take a look now at the major averages at the very moment. another day of volatility. stocks have been whipping around. that's the current picture. now the big news today was the s&p 500 breaking below its 200 day moving average towards the end of halftime earlier today. the vix on the rise