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if what we've seen is normal or maybe even healthy. morgan. or the start of something worse. plus we are going to i love this. we are going to focus on the high end consumer. legendary restaurateur and now lifestyle guru mario carbone is in the house. he will join us live on set. >> talk about a power lunch, brian. well, let's start with the markets because we have seen a big intraday turnaround. as brian just mentioned, fed chair powell speaking this afternoon came across a slightly dovish here saying the economy is in a good place and therefore the fed doesn't need to be in a hurry. but that brought stocks off the lows of the day now into positive territory. but that's still not nearly enough to race the weekly losses that we've seen for the nasdaq down for the third straight week. this is the worst week since december. it's down 6% for the year. but as i mentioned, we are fractionally higher for all the major averages right now, so perhaps at least some green on the screen to end the week. we're also watching shares of nvidia. those are flat today, but down roughly a trillion bucks in market cap since hitting a

record high in early january. you can see up a little less than 1%. but let's dig deeper into what's really driving this wild action today. at one point, the s&p was down over 1% with cyclical sectors like consumer discretionary and financials leading the losses. again, that's following the weaker than expected february jobs report. uncertainty about tariffs also adding to the negative tone. and then fed chair powell reassured investors about the economy. joining us on how to navigate all of this volatility is ben schneider. he's senior equity strategist at goldman sachs. ben it's great to speak with you today. i mean we've had four and a half days since this latest tranche of tariffs were implemented. it almost feels like four years. and headlines moving in every direction. developments coming every which way depending on which white house official or cabinet official is speaking, including the president himself just earlier today. how do you navigate this as an investor, especially given the fact that we went into this administration just 47 days ago with stocks

overvalued? >> i think. >> you're exactly right. >> the key issue so far this. year has been the market's struggle to assess the forward trajectory of the economy. and as you noted, we entered this year with investors very optimistic. >> about what that growth path would. >> look like. >> and over the last. >> few weeks we've seen a. >> very sharp downgrade. now, the good news. >> is if we look at where. >> things are priced. >> today, they look. >> much more. reasonable in our view. >> and so our base case. >> here is. still the economy is in good shape. >> it's growing. we saw confirmation. >> of that this morning. earnings are still growing. and that means the equity market should be moving higher as well. >> all right. so in light of that then where do you put your money to work right now. especially as we've seen yields come off pretty dramatically. we've seen this rotation out of things like more economically sensitive parts of the market like cyclical sectors. what do you like? >> i think you're exactly right. >> there's been. >> so much. >> volatility on the cyclical side. >> that rather than take a strong view. today going all in. >> on. >> cyclicals or all in. >> on defensives.

>> we're trying to find a balance. and that means some sectors. >> on the cyclical. >> side and some on the defensive side. on the defensive side, we've been recommending healthcare and that's done very well this year. one of the best sectors in the market so far. and despite that outperformance, it's still trading at nearly the lowest valuations in history. so that's very attractive to us. and on the cyclical side materials stocks look very attractive. they've dramatically underperformed the commodities to which they're usually linked. and when you look at the recent headlines of potential fiscal expansion out of europe and maybe some focus on domestic reinvestment here in the us, those policies should benefit the sector as well. >> is there a way, ben, to know how much of this is headline driven? i know the headlines. we all listen. to be fair to the media, we always need a reason for something. stocks sell because of blank insert reason here. i've been doing this almost 30 years, so i've seen a lot of reasons why stocks go down. how much of this is tariffs and uncertainty versus simply algos algorithms, changes in buyer or seller habits. and

just like the other 25% declines we've had in the last 15 years. >> i think you're getting into key point here. so before we even think about what's going on and what will happen next, we should just look at that typical experience when the market draws down. so if you don't know what's coming out of washington, d.c. or the economic data, but you do know that the s&p 500 has just declined. history tells you that's usually a good buying opportunity. in fact, over history, an investor who buys the s&p 500 down 5% generates a positive return. over the next six months 85% of the time. so one option. >> here we're going to call this optimism friday. i just made that up. can you repeat that stat. because it sounded kind of good. >> it's incredibly good right. the idea is if you don't know anything about the outlook, all you know is the s&p 500 just declined and you're a buyer. history tells you over the following six months you will generate a positive return 85% of the time an average return of

8%. so that should be to you a signal that if you don't have a strong view on the economy and you don't have a strong view on policy, and all you're doing is looking at the market, you should start rather than panicking, thinking about where i want to be buying. >> there's a lot of talk about the growth scare that has been playing out in the market here, but there's a difference between a growth scare that results in recession, and a growth scare that simply results in a slowing down of economic growth. and a key piece of all of this has been the fact that fiscal stimulus is starting to exit the equation here, as you do see, things like dovish cuts and other, you know, spending, possible spending cuts, starting to move to the forefront, how much is the liquidity piece of this affecting the gyrations we're seeing in the market. >> yeah. so to be fair we have reduced slightly our expectations for us economic growth. we have reduced slightly our expectations for earnings growth. we came into the year

expecting s&p 500 earnings to grow by 11%. now we're expecting 9%. so there has been a very modest deterioration in the outlook. but mostly it's been a function of volatility and positioning. so we have a tracker that we use for positioning that combines hedge funds, mutual funds, retail investors, nine different statistically significant measures of positioning at the start of this year. that was almost three standard deviations above average. it was the highest reading in the history of that indicator. today it's just slightly below neutral. so it's very clear based on those data, that a big part of what's happened is just a move from very, very elevated length to something more normal. >> not so. we went from nine standard deviations off to. >> three standard deviations. >> three standard deviations off. so what does that what does that mean ben. like what did we just see happen i think you're describing the movie. tell us

after the movie what the movie was about. >> well, the movie was about very elevated expectations, very strong returns, not just last year, but over the last two years. with the s&p returning more than 20% in each year. and then the combination of those elevated expectations and the elevated uncertainty we were discussing a little bit earlier. so that's required a recalibration. it's been a painful and violent recalibration. but the bottom line here is you're starting today from a much more balanced position. >> all right ben snyder of goldman sachs thank you. >> sounds like he kind of just said we got a little dumb. and now we've just reverted to the median or the mean. >> yeah this has been a reset. and i have to say it's been a very swift reset. it's been what, less than two weeks. and this week in particular was, you know, felt very dramatic and tumultuous. but again, to go back to my point, these tariffs just got implemented at midnight on tuesday. and we've already

seen every which way the swinging of the seesaw as that policy gets shook out. we're in the process. we're not at the end. so everybody's talking about uncertainty and i get that. but we're four and a half days into a process. well, a negotiating process. >> now i'm fired up. let's bring in rick santelli who's always fired up. he's at the bond market. rick i'm not going to steal your thunder. talk about whatever you want, but maybe kind of go to morgan. and i's point that because of computers and algorithms and whatever, everything does move a lot quicker now than it used to. and by used to, i mean like five years ago, just things move faster. >> i agree. and that's why i think. today could be a bottom. >> i think that's how fast we move. i like. >> going on record. i think we're going. >> to see a whole lot. >> more green in stocks. and to be fair, you two sound like a couple of debbie downers today because in my estimation, no matter what i'm hearing or reading, i was looking at the report, i brought out the repor, and i didn't see any big surprises. it isn't whether it was a little weaker or not. it

was about big surprises. this definitely fits in the jar of we can do it. it's okay. there isn't a bottom falling out of the labor market. and if you look at twos and tens on one chart, it really does say quite a bit. two year has lagged because of the fear the fed is going to have to come and, you know, bail out a weak economy. but ten years, whether it's paying attention to the ultimate notion that we might have a hiccup in growth, but we might not have a bucket of hiccups in growth, and of course, a bit of movement on the next chart affected our yields. the ten year boom this week, one week week to date, was up 45 basis points. that is just unfathomable to me. we went from a 240 last friday's close to 285 today. historic move. and why is it so important? because all of that stimulus is going to have to have a lot of issuance, and there's going to be competition for all of the investor demand.

and finally, this is a week to day to the dollar index. i think it's down close to what neighborhood of 3% in one week. and it's on pace to close at a four month low. and guess what? what's 58% of the dollar index? the euro currency? yes. which means it's on pace for a four month high close. and that makes sense considering the interest rate environment. but no matter how fast market moves, ultimately what you want to watch today in all three major stock indices is the fact that we made new lows over yesterday, and we're attempting to overtake the highs. if we can overtake the highs of yesterday and turn it into an outside day, there's going to be a lot more company in my bucket, thinking we may have to switch to a more greener future in the equity indices. brian, back to you. >> i don't think we're debbie downers. i think we're sort of on board with you. we're very upbeat about this, and i love hearing you say that. rick santelli and i think it's a key point. >> you did say in negative jobs report, i heard it. >> i don't think we did. i think

our guest might have, but. >> well, i'm glad, i'm glad. i'm glad because you know what to me. and they came in pretty. >> much. >> in line down 50,000. >> came in pretty much in line and was better than january. so how about that? call me, i. like it, okay. >> we're the three musketeers. here we. >> are, ulysses upper. i'm trying to think of a you name, because i can't think of anything that starts. >> with you. don't say green shoots. please do not. i would credit crisis ruined that expression for me. forever. >> forever. and you live in the farmland like i would never say. green shoots. rick santelli. thank you very much. all right. coming up after the break, is it going to be green shoots or game over. stats on why the next few days may be critical to where this market could go from here. >> the bond report is brought to you by pimco, a global leader in you by pimco, a global leader in active fixed income.

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got. >> a little. >> bit better about an hour ago because the major averages, as you can see, or you will hear me say on the airy are now higher. on the day you had trump making comments, jay powell made some comments. maybe it's just more buyers and sellers. who knows. markets right now and there's still an hour and 45 left to go. right now markets are up. overall it's been a pretty bad week for most investors, especially in a lot of this high valuation tech. the nasdaq triple q etf down more than 3% this week. but here's where we're not debbie downers. we're going to remind you of something very important. are you listening everybody listening. market declines are not only common they are necessary. and they can be healthy. per the aforementioned charlie bilello of creative planning, this is currently morgan, just the 17th worst decline in 15 years. in other words, i'm not a math major, but that means there are 16 periods in the last few years where

stocks have fallen. more than this. i think the question, maybe the only question that matters is are we near the bottom, as rick just said? or can it get much worse from here because things have to start somewhere? let's talk about it with clockwise capital partner james, chuck mark and more insights and strategy. ceo patrick moorhead patrick, start with you all 20% declines. start with a 5% decline, if you know what i mean. what do you think this is? >> listen, i think. >> the upswing. >> we're seeing today is just a smokescreen. i think. that the volatility. >> in the market, whether you're looking. >> at. consumer confidence, whether you're looking at. i'll call it. tariff ping pong is going to keep. pushing uncertainty. imagine if. >> you are. >> the ceo. >> or cfo of a. >> tech company. >> what do. >> you forecast. right. a lot of those. forecasts have to do. with the entire ecosystem. >> of goods crossing lines

between mexico. >> us and china. >> where do you. >> even decide. >> to. >> build your goods? >> james, what do you think about this market decline? >> yeah, i mean. >> i think we're in a. >> period of peak uncertainty right now. >> i mean. >> you have to question the technology cycle. what is the sustainable growth rate of these companies, particularly in semiconductor industry? you know, the short term with tariffs and interest rates, what's going to happen there. question marks you know, oscillating between 2 or 3 rate cuts this year. and then the long term you know you have the geopolitical as well. so i think it's a 5050 market at this point. and you've got to play it as such. >> so patrick moorhead broadcom earnings better than expected. strong results really across the board i in particular accelerating in terms of growth here is the ai trade still alive and well. or is it a situation where instead of it being so

broad based, you need to start looking for winners and losers specifically? and if so, what are they? >> yeah. >> i really think it's the latter. and let's talk about >> gave a. very rosy forecast. >> that was. >> beyond what. >> anybody else would think. >> ceo hock. >> tan talked. >> about two new. >> incremental hyperscaler wins that weren't based. in their forecasts. and on the contrary. >> we didn't see that from amd. and we didn't see that from nvidia. so unless you're knocking the skin off the ball, i think a beat is a meat and a meat is a miss in this type of environment, macro long term, we do need to look downstream to the ai trade. the enterprise saas companies, are they crushing it? well, if we looked at salesforce, what they did in the last quarter, we're looking at single digit, i believe 9% growth. and that is not crushing

it downstream. we have to look to the service now as the sap's for that long term view. but i think it's situational at this point. just not a dive in and hit hit every ticker that's related to the ai trade. >> james, i want to go back to something that that rick santelli touched on. and that's the fact that you've seen german bund yields moving higher dramatically this week. we've seen stocks in other parts of the world rallying and rallying strongly since the start of the year. and that amid the backdrop of this idea of us exceptionalism, we talk about rotations within the s&p 500. but is the rotation here more global, especially as you do start to see spending pick up in some of these other parts of the world right now because of defense and other things? >> yeah, i do think you need some international exposure within the portfolio. from our standpoint, the bigger rotations that need to happen are, though, are sector specific domestically. you know, i think you got to move up a balance

sheet to higher quality tech. actually, apple is the only company that we've actually increased our position size in. we've been cutting the other ones on the way down. utilities, commodities. and i think crypto, crypto i think is going to be the big standout within within technology. and i think that will continue to there's a lot of headlines out there about the executive order for the bitcoin reserve not being what people expected. but i think if you read through it carefully, it's much better than expected. so we think that that could be an outperformer as we look into 2025 and we may navigate this volatility short term with broader tech within the nasdaq. >> yeah. and certainly i think you know you have this crypto summit that's going on to an expectation that maybe we're going to get some comments, more comments about this from president trump as the afternoon unfolds. but james, i am curious just on the last point you made, why is bitcoin down so much despite the fact that everybody has been, you know, in the in that industry and that asset class has been pushing for this for so long.

>> yeah. >> there's a lot of new money that came into it over the last couple of months. if you saw if you looked at the sellers, the net sellers over the last month where it came back to below 80, over 50% of those were buyers that had bought within the last month. so the base who believes in bitcoin continues to be very sticky. what's coming out of the white house continues to be very impressive as it relates to the crypto policy. and i think we have support in congress to get something going later this year. so i think i think the sky is the sky is very high for bitcoin. so we continue to be strong there. but when we think about our portfolio, i do think you have to operate as 50 over 50. you got to keep the hedges on because right now is what you're seeing in the market. could very well be a head fake. the s&p earnings are still estimated to climb 15% this year. you know that number could come down. so the valuation may not be as cheap as it appears after this pullback. so a lot of

landmines everywhere. so just we need more information to be able to make a directional call. >> all right james and patrick thank you both for joining us. >> thanks. >> thank you. >> well roller coaster day for bitcoin. we just touched on it. as president trump hosts a crypto summit at the white house. we're going to dive into that even more. but this is the first ever us strategic bitcoin reserve. there are a lot of geopolitical implications and perhaps implications to other asset classes as well. we're going to dig into all of that next. >> the number of public companies is shrinking while the number of private companies is increasing. at franklin templeton, we're expanding access to the growing opportunity in private markets, offering the potential for greater diversification and enhanced returns through our world class specialist investment managers. we are empowering advisors with solutions to build the portfolios of the future today.

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sofi. get your money right. doing my own reporting to share insights, information, and all of the details that you need to be able to make money. welcome back to power lunch bitcoin at about $88,000 right now, that's well off its post-election highs on hopes of the trump administration would support cryptocurrencies. it's off the lows of earlier this week, too, though. a crypto summit is taking place at the white house this afternoon and the president expected to speak later. but there is some disappointment that that what might actually happen is short of what the crypto community was hoping for. mackenzie sigalos is here with us on set. she joins us now with more mackenzie. >> hey, morgan. >> so investors. >> were. >> not impressed with the president's. bitcoin reserve order. >> despite it being. >> a big win for the industry.

>> markets sold off. >> on the. >> news with altcoins like ether, solana and xrp leading losses overnight. now, those tokens were recently promoted by trump on truth social, but none are mentioned in the eo. instead, it seems they're getting shuffled into a separate stockpile for orderly management. but the main concern here is that the order stopped short of any immediate government bitcoin buying strategy. instead, the u.s. will only hold onto seized tokens, meaning that no taxpayer dollars are going toward new purchases. that is a letdown for investors who were hoping for real federal demand. now, that said, we just heard from white house ai and crypto czar david sacks, who hinted at a possible bitcoin buying plan only under budget neutral conditions. take a listen. >> if the secretary of the. treasury or the secretary of. >> commerce can come up with a budget neutral way to acquire more than they are authorized, they don't have to, but they're authorized to develop those strategies. >> now, all eyes are on the first ever white house crypto

summit, where trump is set to speak shortly to a room filled with industry heavyweights including bryan armstrong, vlad tenev and michael saylor. some are pushing for stablecoin policy, while others see crypto's future in tokenizing private markets and putting trillions in equity on chain. >> my only question about tokenizing private markets is what is tokenizing private markets? what does that mean? >> well, this is actually something that vlad tenev has been pushing for quite a while now because there is an appetite with robinhood's customers, which essentially is everyday customers because of sec rules limiting private markets to accredited investors, they can't get exposure to a spacex or to a stripe, for example. and so by putting that on chain, which would require some sort of congressional adjustment, something in a market infrastructure bill, they would finally be able to get that, democratize the private markets. >> very quickly. do we know how many of these tokens the us has or has been seizing? >> it's funny that you ask that, because david sacks mentioned the fact that we need to do some due diligence, some accounting, and so the estimate is 200,000

tokens, which would $17 billionf the top priorities of this.ew r, i'm serious, silk road. he's in prison. he's being pardoned. like, where's that money? where's all ross holbrook would be like one of the i mean, i'm not justifying what he did. silk road, selling drugs, guns, weapons. you could buy a bazooka, but that's like hundreds of billions of bitcoin i think nowadays. >> and the us government did seize a large stash of bitcoin from silk road. yes, they have since liquidated. and part of the argument of this administration is why didn't we hold on to it? because it's appreciated in value. we've lost billions of dollars because of premature sales. yeah, and i will i will say this. >> that's another great decision by the brain trust in washington. >> yeah. well, it seems. >> to be i said it. you can just nod. it's all good. fine. >> no, it's super fascinating. mackenzie sigalos, thank you for joining us. we'll see you, i believe on closing bell overtime with the latest on all of this, too. >> see you soon. >> all right. up next we're going to take a look at some of the a.i. related stocks that

have fallen from grace and have a trader that says which ones may still be worth your hard may still be worth your hard earned tokens. at ameriprise financial we know our clients are so much more than clients. they're conquerors and champions, 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. at&t has a new guarantee. because most things in business are not guaranteed. like a distraction-free work environment. -yeah,i'll circle back around. -get those steps in, kevin. your coworkers keeping things confidential. [phone ringing] oh, she's spilling all the tea. ♪♪ or office etiquette. yeah, that's not guaranteed. i know you can see me! you know what at&t guarantees? connectivity you depend on, the deals you want, and the service you deserve. can i get that logo bigger? or we'll make it right. that's the at&t guarantee. (grandpa) i'm the richest guy in the world. or(man 1)make it right. i have time to give. (man 2) i have people i can count on.

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>> welcome back to power lunch. i'm seema mody with your cnbc news update. president trump says he sent a letter to iran's supreme leader hoping to. negotiate a nuclear deal during his first term. he withdrew a previous agreement former president obama struck with tehran. the letter comes after the un's nuclear watchdog warned of a dramatic acceleration in. iran's uranium enrichment. meanwhile, the pentagon officially reinstated the name of the nation's largest army installation to fort bragg. today, the post was renamed fort liberty in 2023 to shed its ties from braxton bragg, a former confederate general who owned slaves. the new designation is for private roland bragg, who was a silver star and purple heart recipient during world war two. and united airlines. announcing starlink enabled wi-fi has officially been added to one of its aircrafts. united says by the end of this year, it plans to equip its entire fleet with the satellite internet provider owned by elon musk's spacex. it will be free for

loyalty reward members. hawaiian, air france and qatar have also announced partnerships with starlink. back to you. >> all right, seema mody, thank you. and certainly united's been working hard on that starlink partnership for a number of months now. it's time now for our three stock lunch. today we're taking a look at some i angels that have fallen from grace and how to trade them right now. so here's our trader. it's quint tatro. he is founder and ceo and president. excuse me of juul financial. first up is nvidia. the once market darling is on pace for its third straight negative week. it's down about 16% so far this year. quint, you say sell. why? >> well, let me preface, morgan. >> first of all. thanks for having me. >> but we are significantly. >> oversold, so i would expect. that we see a. pretty decent rally. >> in all of these. names that. >> we're going to. >> talk about today. so i don't necessarily think. that today is a good idea to sell this name, but if you are caught in this.

name and you have watched it decline. and you are hoping and praying for. >> a. relief rally. >> when it comes, i think you should consider lightning. >> the position here. >> ultimately, nvidia is. >> a. >> textbook play on. the early adoption and phase of ai. clearly selling, you know, chips, incredible fundamentals. and now we're seeing a movement away from that. and ultimately there's a lot of uncertainty. and what you're going to hear from a variety of people out there is now how inexpensive from a valuation standpoint the stock is. it was trading 35 times forward earnings near the peak. now it's only trading at 20. the problem is those earnings are decelerating. it's still trading 21 times sales. and we just think there's too much uncertainty. and the technical trade is broken. so a relief rally here which i do believe possibly has started today will allow you to lighten up and sell this into strength. >> okay. so if we shift from

picks and shovels of ai to application, let's talk about our next name. that's snowflake. it's on pace for its worst week in a year. third straight week in the red. we should note this is also down about 3% since you recommended it as a top pick for 2025 here on power lunch at the end of december. but you're still saying it's a buy. why? >> well, first of all, 3% thus far as a top pick in this environment for tech, i don't think is all that bad. so we'll see. i think we can continue to track this one all year and see how it plays out. but yeah, this is our theme. our theme is that the next i play is really in the software area. and snowflake emboldens this. and we really believe this is a company despite the valuation. this is a little difficult because you're looking at a company that's trading 100 times forward earnings, like why would you ever touch that? but the earnings are accelerating the beat top and bottom. last quarter they raised guidance. and then they've gotten caught in this significant pullback here in the general market. so

they're about 12% off the recent highs. but it's only trading 14 times sales. and in an environment that we think will continue to gather momentum. so unlike selling nvidia into a pop this is an environment where we are adding to our longer term thesis and investment behind snowflake. we think it's this pullback offers great opportunity and is still one of our top picks for 2025. >> okay finally palantir. it's in the news today. delivered its first two ai enabled titan trucks to the us army on time on budget, just a year after being named the prime contractor, which was an unprecedented move by the military to do that with with a software company. it's down this week. we should note the stock is up 11% this year still. but quint, you say this is still just a hold. >> yeah. thanks for giving me the hold and not the not the sell. i've been a believer of carpe and crew for a long time. i've been a shareholder there and still am a shareholder there from much lower from here. but the stock has just unfortunately

gotten well ahead of itself. and a lot of people think, you know, on this initial pullback here that we've seen. oh what a great opportunity to jump in. i think you have to be very careful if the momentum has come out of this name for the time being. we could see a lot lower prices in this name. it's trading 68 times sales 120 plus times forward earnings, stellar balance sheet and 4 billion on on on the balance sheet and cash. but we've we feel like it's just gotten ahead of itself. and it's got to you got to let it digest this unbelievable move that it's seen over the last couple of years. so for us it's a hold i'd be hard pressed to sell after this decline. but i'm certainly not buying here. there will be a better opportunity. and palantir is best of breed going forward. it's going to be a standout stock for a long time, but a very tough buy at this level. >> okay. quint tatro thank you. appreciate it. and remember you can recap every three stock lunch anytime you want. visit cnbc.com or scan the qr code on your screen right now. >> all right. on deck. the great

mario carboni is going to join us live on set. talk about his growing food and lifestyle empire and the carbon beach that's coming up. plus right up morgan's alley, intuitive machines, moon landing. it went sideways. we're back right after this. >> crypto watch is sponsored by crypto.com. crypto.com. crypto.com is america's [engine rev] [timer running] ♪♪ formula one has never been more competitive. [engine rev] if you're standing still, you're actually going backwards. we're in the business of competition... [engine rev] we're trying to beat our competitors on the track. but to do that, you need to be able to beat them... off the track. mclaren racing is always changing...

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levels. i recommend taking qanon coq10. schnoll has three times better absorption than regular coq10. kunal. the brand i trust. >> april 8th join the cnbc changemakers summit featuring powerful women transforming and redefining leadership in the world of business. request an invite at cnbc events. com slash changemakers. >> welcome back. a big week for space related news, particularly over the last. call it 30 hours now, starting with space x, elon musk's company conducting its eighth test flight of the monster starship rocket system. this is a flight that lifted off from south texas, with plans to test deployment of payloads. starship made it about nine minutes into the flight before engine issues and ultimately detonation, with falling debris spotted in parts of the caribbean and temporary ground stops triggered at some florida airports. now, this was the second time in a row that starship was lost, but also the second time in a row. take a

look at your screen that the super heavy booster returned to the launch pad for a successful catch by starbase chopstick arms. now remember, starship has been built to be to become the holy grail in spaceflight full reusability, which completely changes the economics of space travel. meantime, shares of intuitive machines, those are tumbling again. today, the company announcing its mission it was contracted with nasa, is officially over after its privately owned robotic lander, named athena, landed sideways in a crater near the moon's south pole yesterday afternoon. now, just moments ago, getting news that it ran out of power, it is officially, for lack of a better word, dead. but athena was intuitive machines second lander to touch down on the moon in 13 months. the first softly landed last year, carried out parts of its mission. it was heralded as a success, but that two had also fallen on its side. you can see shares of lunar luna. they've shed more than 40% in two days. they're down right now, about 23%. that said, there was also some good news this week. intuitive machines was not the

only nasa contracted company landing on the moon. start up firefly aerospace did it successfully early on sunday morning and without complicated complications. they're also contracted with nasa, firefly ceo jason kim telling me so far everything is going according to plan. with blue ghosts 14 day mission. but brian, here's the big takeaway for all of this for investors, for the american public, even when not successful. because space is hard and many times it's not successful, these companies are attempting feats that are at fractions of the price, traditionally that it would cost the government, and thus taxpayers to do something similar. that, in turn, is spurring more innovation. it's unlocking this long dreamed of space economy. just to give you an example, firefly was like a $6,162 million mission normally would have cost the billions of dollars. in the past. >> i have not been to the moon. maybe not yet. i'm not yet. there's no carbon ore on the moon yet. what exactly do we want to do on the moon? why are

what? what? i'm told there's nothing there. >> that's not true at all. >> what's there then? we have water. >> we have rare earths. rare earths. we have other types of minerals and materials that because of the because of because of the gravity dynamics that are so different than earth could be easier to extract. and that's going to be another piece of the equation is how you bring some of this stuff home. but also don't forget we're getting ready to put american astronauts on the moon here in the coming years through the artemis program. and we're not the only country doing it. we have we've locked this out in treaties with allies. but china, too, is also racing to get to the moon and build a permanent outpost. so there are geopolitical implications to this as well. >> that's right. beat that. get there before they do. that's it. not an accidental reference though about car owners by the way, because coming up after the break, mario carbone will be on set with us. it's friday, the markets are up and we're going to talk about carbon beach f1 fans. you know what i'm talking fans. you know what i'm talking about. that's next. the way i approach work post fatherhood,

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smart. >> find an advisor at smart asset comm. >> well. >> welcome back. stocks are higher today, but recently, terror fears have hit the market. a big concern is whether

consumers can hold up. should prices increase, even if temporarily. so let's check on a couple of consumer companies, starting with costco. the stock's down 6% following earnings, which were after the bell last night $62 billion of revenue in three months. not enough for analysts. the company has said it's ready to adapt if tariffs are imposed. they had a miss on the bottom line. on the other hand we have gap now. its earnings were much better than expected. so is it margins beating slightly on revenue, saying every brand gained market share as far as potential tariffs gap. gap says it will have a small impact on margin. less than 10% of its products come from china, less than 1% from canada and mexico combined. you can see those shares are spiking 16% right now. this has been a turnaround story for a little while now. >> everyone loves richard dixon, the relatively new ceo of the gap. >> he turned around. barbie. he was turning around. >> turn around barbie, turn around. you know what? let's talk about the consumer and stay on that story, particularly the higher end consumer. maybe many of you watching or listening right now because from may 2nd to may 4th, carbon beach is happening in miami around the f1

race. hedge fund billionaire ken griffin, aspiring newspaper mogul jeff bezos, just some of the bull faced business names who have hit the event. let's talk about that. the consumer and building a luxury lifestyle brand in chaotic stock markets. one of the team behind it, a guy named mario carbone. we forced him to wear a tie. he's in the house now. mario, it's great to have you on set in new jersey. thank you for joining us. >> i love wearing ties. >> do you really? >> yeah. >> i do as a queens guy. >> i'm an old soul. >> old soul i love that. and by the way, be careful for morgan. she comes from a long line in the restaurant industry. >> oh, here we go. >> her dad owns. >> my parents were fast food franchises. >> her parents owned burger king. >> i know gourmet. >> so be careful. >> you know, hard work. that's what you know. >> that's it. hard work and labor. let's talk about your a lot of our viewers and listeners right now are or would like to be major food group customers. how do you see the higher end consumer right now we know they always spend. but the stock market's also been volatile. do

you hear your customers talking about it? >> listen, i mean, if you take new york for instance. >> our numbers are booming. >> right there. >> they're above pre-covid numbers. >> so new york is telling us everything's good. you know there's no fears right now with our dining. certainly in the luxury sector, stats are up if you go out, if you're out and about we're talking about restaurants earlier. energy is through the roof. places are packed. you know. >> any sign of that slowing at all? anything. >> as of right now i would say no, i don't feel it. i don't feel it, i don't i look every every morning i get all the reports from all the restaurants. i'm not really seeing it in spend. i'm not seeing it in sort of the trends there. so as of right now, i'm going to say no. >> jared isaacman, who at least until recently was the ceo of shift4. so payments processing works with a lot of different restaurants across a lot of different markets. we'll talk about the steak effect, especially in the wake of inflation and things like higher beef prices in recent years. have you seen any signs of that or any restocking of that,

especially as we are talking about the possibility of food prices increasing again here? >> i mean, listen, inflation certainly hits us just like everybody else, right? i think we have a responsibility to the customer. you know, certainly we occupy the luxury sector there. and i think that there is a promise being made to our customers that on any given night, we're going to bring in the finest ingredients in the world, no matter what. that's that's what we represent as a company. so we have no, no choice but to pass that along to the customer, because we're going to continue to buy everything that we would normally have bought. the last thing our customer wants to hear is we're making concessions and buying ingredients that are lesser grade than we would normally have done. >> food has changed so much the last few years. mario, talk to us about this because and i'm not going to knock anybody anywhere that wants their food. but no, no, but i'm going to do it. actually you know what? let's do it. >> it's power lunch. >> well it is the show is called power lunch. the food got weird for a while and still. and it's no knock, but it's like i'm going to make nitrous oxide and seafoam, and we all watch the

bears, and. and what carmy is doing in chicago, what you and your team, i think, have done better than anybody or as good as anybody in very successful is you made food approachable again, like, no offense, i don't want to say seafoam that tastes like licorice, but give me a big piece of chicken parm, a good glass of wine in a great vibe with good company. how has dining? and i think my friend tilman fertitta has realized this, buying keens and others. how has dining changed tilman? >> certainly at the forefront of it, obviously. how has dining changed? i'm not sure it has. i think we're always going to have these sort of outliers. i think they're important. some of them are geniuses. you take, you know, ferran adria, you take elbulli. >> nobody's knocking them. they're amazing. they are geniuses. >> noma. it's important that they're out there pushing the boundaries. right. but by and large, what we do at our company, what i challenge my chefs is, is and i believe it's just as difficult is make the best version of something that people have had hundreds if not

thousands of times before. give them the best meatball they've ever had, the best bowl of pasta. if you can do that, you have a customer for life, right? even at the very best of that other style of meal, which again, important that they exist in the world for the art, even at the very best of it, you're going to you're going to have it maybe once in your whole life. i have customers 3 or 4 times a week. i'd much rather be in that business. >> are there markets that you're not in now or that you are in, but you're looking to grow or expand or invest further? >> definitely. >> okay. >> you know, we're growing in las vegas. i love i love las vegas. it's i think it's the food and beverage capital of the country. >> why aren't you in chicago? i'm going to be in chicago in a week. my wife's from chicago. >> i'd love to be in chicago, please. chicago. atlanta. phoenix, scottsdale. those are areas that we are not in right now. phoenix a little bit, but but but i'd like to be in wholeheartedly. boston. we're in a little bit i'd like to be in

further you know those are those are the cities and then certainly continue to double and triple down new york double triple down miami as we just talked about the states. and then and then we're looking we're looking certainly abroad. >> do you feel like there is any relationship at all between, you know, carbon beach? it's an amazing event. i'm told i've never been it's not it's not cheap. partner with american express. >> we got to get. >> you there. well, you know, it's the tickets sell out, by the way, at 3000 bucks, they sell out. >> they do sell out. >> do you watch the stock market? i mean, do you feel like your business is tied at all to how the markets do. >> i watch it? i mean, i'm curious about it. i you know, i wake up in the morning, i sort of see what's going on. i think it's important for me to know, you know, certainly as it pertains to areas that we're looking to grow into new markets. you know, i like consuming the information. but what's most important to me is the numbers that that my team delivers to me every day. what happened last night, i don't want to be in the game of making knee jerk reactions on topics that i'm not an expert in. i'm

an expert in restaurants and i want to know what the numbers say last night, what did we spend on wine last night, and how does that how is that? what's that number year over year? that's what really concerns me. >> i want to hear more about this. we don't have time. we're going to wrap it up. but the steak effect that you brought, i don't even know what that is, but i like it. and now i'm intrigued. mauro carbone, chef co-founder of major food group with rich and jeff zalaznick. thank you for coming in. thank you for having me schlepping out to new jersey. we appreciate it. >> appreciate you. >> all right. >> well, did you miss an episode of power. >> lunch every day? >> no problem. you can catch an audio only version of the show anytime. follow and listen to the power lunch podcast on your the powafter last month'sn your favoritmassive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day. [ clocks ticking ] i'm ruined. with the extra hour i'm thinking companywide power nap. let's put it to a vote. [ all snoring ] this is going to wreak havoc on overtime approvals.

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seconds. on over 2000 small cap stocks listed on the new york stock exchange and the nasdaq. visit red chip dotcom today and visit red chip dotcom today and it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown. i'm glad i found stability amidst it all. gold. standing the test of time. on the wires right now. and i just want to hedge it. it's reports so it may not happen. trump team weighing in on the oil price cap. if russia talks progress what would that mean. remember under the sanctions on russia because of their invasion

of ukraine, there is a cap on the price that they can legally, legally is the key sell oil. we're going to be at the ceraweek conference in houston next week, morgan monday and tuesday. huge time for energy. >> yeah. looking forward to that. and i'll see you at 4 p.m. eastern on overtime. we've got the ceo of samsara and a lot more in just an hour. >> can't wait. closing bell starts right now. >> all right. thanks so much. welcome to closing bell. i'm scott wapner live from post nine here at the new york stock exchange. this make or break hour begins with this very busy day in the markets. headlines from washington and right here in new york whipping stocks around yet again. here is the major average picture. and where we stand with 60 to go in regulation. word from the president that reciprocal tariffs could come earlier than expected sending stocks to their lows. however remarks midday by fed chair powell changing the tone. that's how we currently look. we're green across the board. we're going to talk to our experts about all of that coming up. some standouts today include broadcom rising after its own earnings. nvidia is trying to stay positive t