with oil, it's closing for crude and reaching above 102 a barrel in the last few minutes and pippa stephensstory. pippa? >> that's right, kelly we are back about a hundred bucks on u.s. oil as this market volatility continues and we had this ongoing disconnect between the physical and the paper market ubs saying the recent demand concerns are triggering a massive liquidation by oil conditions while the physical market remains tight meantime, president biden's trip to saudi arabia not yielding an immediate agreement to ramp up output and the president saying the saudis share the urgency to increase supplies and to expect further steps in the coming weeks. opec is set to move on august 3rd and saudi arabia, of course, the de facto leader and at 102.56 and brent crude up 5% at 106.23 and nat gas up 7% and approaching the 7.50 level and that comes as much of the country and the world faces scorching temperatures and that, in turn, kelly, driving demand for nat gas. >> thank you very much, pippa stephens >> let's zone on 3% and now hanging on to two-thirds of a percent gain with delta agreeing t

oil is closing toward day and another gain overall for the crude market pippa stephens pippa?t enough to make up for heavy losses earlier in the week that puts crude on track for its third negative week and wto up around 1.05. a couple of key things to watch, president biden headed to the middle east with a stop in saudi arabia and the president has been calling on countries to increase output and saudi arabia, of course, one of the world's largest producers and the de facto producer of opec and it is set to all-important nord stream 1 pipeline for annual maintenance and this web a routine procedure and this time some are worried the kremlin won't turn the taps on >> it's a volatile trade pippa stephens, thank you very much for that. >>> one of the big markets has been the bounceback on the faang stocks for more on the tech adjacent and whatever you want to call it, let's bring in steve kovac and managing partner and a tech with research and investment-type firm and maybe we'll begin with you, just the setup here, why are people buying tech again. >> i'll tee it up with my boy

pippa stephens high energy prices have one big headache for the transports.es and we'll dig into the implications on "power lunch" which begins right now. ♪ ♪ >>> and welcome to "power lunch. i'm eamon javers in today for tyler matheson an inflation battle. strategists say stocks won't rally until inflation shows signs of rolling over. it's a key question for the market we'll debate the answer and what it means for your investments. plus, how much would you pay for a new car? according to edmunds, a record share of new car buyers are shelling out a thousand bucks a month. the ceo of group one automotive talks sky-high car prices and whether they're here to stay kelly over to you. >> let's check in on the markets where stocks were negative last hour and now they're back into positive territory and the s&p up 10 points and t

pippa stephens has the numbers pippa?een all over the place today in a volatile session, closing here slightly higher. brent crude approaching that $100 level with wti right around 96.23. we did get the latest read on the market from the international energy agency today which said that, quote, higher prices and a deteriorating economic environment had started to take their toll on demand larger than expected supply from russia is also easing some of the tight market krconditions, u chevron ceo michael worth is warning that it might be short lived and here's when he said on cnbc's evolve global summit. >> i think it's good for the economy that prices have moderated, but i also see the risks remaining skewed toward the upside >> several factors that could push prices higher influcluding demand rebound when it fully reopens and ongoing sanctions as nations move away from russian energy finally, take a look at nat gas on the move again up more than 8%, dom, as higher temperatures boost cooling demand back to you. >> thank yo

oil is closing for the day after a volatile week and let's head to pippa stephens for the latest pippas in the green after posting its first negative month in seven, but it did end q2 higher and the ninth positive quarter for the first time ever. driving today's action is supply outages in ecuador, libya and norway, wti is at 108, a gain of 2 1/3% and brent crude at 2% at 111.40, looking at nat gas up more than 5.5% as it tries to make back some of yesterday's 16% drop turning to prices at the pump, we have started to see a little bit of demand destruction. the product supplied which is a proxy for demand fell below $9 million per day on a four-week rolling average, that's according to the eia and that is the lowest seasonal level since 2014 with the exception, of course, of 2020. for those hitting the road this weekend, the national average is currently $4.84. >> at least it's not five. >> our pippa stephens. the auto sector is in the middle of both and an opportunistic time and a challenging one gm warning of continuing manufacturing issues that came as inflation raised car prices an

like it has to be so we'll watch to see if the stocks catch up pippa, thank you very much our pippa stephense area that could be a tipping point that's next on "power lurnch. i'll see you there >>> and we will welcome you over here to "power lunch" in just a moment, kelly. welcome, everybody i'm tyler matheson, here's what's ahead a top analyst says sell. sell meta, the estimates are too high and competition is intensifying and it may take a long time to payoff and we have the call of th

big way today after a big drop yesterday and still up 13% in just a month and let's get out to pippa stephens>> i'm starting to get whiplash from these commodity moves and oil is back above 100 bucks after settling yesterday at the lowest in three months and natural gas surging 13% and you can see the big move there at 11:00 a.m. and that's when the latest inventory report dropped showing a lower than expected build, evw analytics adding that on a technical basis nat gas was near oversold levels and despite this jump, still down more than 30% in the last month and turning to gasoline futures and also on the move up 5.7% today, still in the red for the week. so we could continue to see some relief at the pump, but a lot does depend on the direction of oil. finally, energy stocks jumping apa, the top performer was marathon oil and diamondback also on the move and new energy in the green, as well and the invesco held clear energy fund and the ticker pbw up 11% with solar up 5% led by genco solar >> pippa stephens, thank you very much for that. >>> many are attending a concert for the first time

pippa stephens here. pippa? >> oil dipping and ending off the worst levels of the day.e of the weakness is thanks to fears of the demand slowdown out of china the you're asia group with the bear's signals are overshadowing geopolitical concerns and supply constrains and wti down 7% at 104.10 and brent crude at 107.12 and natural gas surging another 6.5% after posting its first positive week in the last four and an explosion at a gas plant boosting prices asking texans to confirm power amid a statewide heat wave. the energy stocks starting the week in the read and one of the underperformers after goldman cut the stock with a neutral rating with 100% gain this year. >> yes 104%, in fact. shocking pippa, thank you very much >> europe is on high alert as russia temporarily suspends the flow of gas from a major pipeline to germany. now while maintenance on the pipeline is scheduled to finish later this month, germany's energy regulator is concerned that the shutdowns may extend to who knows how long as natural gas supplies are dwindling and that's just one piece of the crisi

time, but with every passing year maybe we're getting closer pippa, thank you very much, our pippa stephens how one company is using clean energy to provide disaster relief coming up on "power lunch. >> and welcome, everybody, to "power lunch." happy monday i'm tyler matheson president biden with the chips act and set to move ahead in congress and it could move subsidies for the semiconductor business and dividends on pace to set a record this year, but there are a few companies that our guest says have unsustainable payouts and a market veteran has some names to be wary of that's coming up, kelly, later this hour. >> hi, tyler thank you. hi, everybody. let's start the week with the look at the markets and the dow has been fluctuating in a very narrow range and it's down seven points and the nasdaq is the clear underperformer and it's down two-thirds of 1% and a lot of nervousness about big tech results and most of those names are under pressure today check out newmont mining the worst performer in the s&p after reporting a quarterly loss, and hurt by a drop in gold prices there for nem, an

pippa stephens is here now with the story. pippa? >> that's right, kelly it's not just nat gas.urging as well which is a major driver of the decades-high inflation we're seeing around the world. the war has pushed up prices, but they were already rising prior to the invasions years of underinvestment means not enough was spent to either meet fossil fuel demand or to move the world to renewables barclays summarized all of this by saying, quote, decades of uninterrupted affordable energy have come to an end. consumers worldwide set to spend a record their 10 trillion this year on energy consumption that's according to the iea and an equivalent of 10% of gdp. looking forward, we're hearing more about an all of the above approach to energy policy as countries look to shore up their supplies transforming the system will take decades and cost 150 trillion according to barclays, and in the meantime, clean energy spending on track for a record year, as well in the u.s. some of the largest players are clearway energy, aes and nextera, and that includes honeywell and johnson controls beca

pippa, thank you very much our pippa stephens if you thought energy was expensive, try buying a home we'll go to austin, texas, and a snapshot of the market there and our latest installment speaking of which, "power lunch" begins right now >>> kelly, thank you very much welcome to a friday "power lunch. welcome, i'm tyler matheson. excuse me, i have to clear my throat a little bit. snap's stock tumbling 35% today. excuse me. weakest sales ever painting a grim picture ahead of meta and alphabet a big rally ahead and our market pros this hour say all of the bears are making him bullish. he'll tell us which stocks are higher. >> bless you, tyler. the nasdaq is down 2.2% and snap is not helping and snap shares, we'll show you a little bit in a moment down 38% and taking the social space down with them. the s&p is down 1.25% and the dow at session lows down 220 points or more than two-thirds of 1%. the s&p had claimed 4,000 earlier and the nasdaq well below 12,000 today, as well. some of the worst-performing stocks are meta, data dog, alphabet and docusign. we're seeing meta down 7% after

let's start with the energy space and pippa stephens hi, pippa. >> courtney, oil dropping again todayelow 100 bucks yesterday for the first time since may the main driver here is recession concerns and what that means on the demand side we've also got the stronger dollar and an uptick in covid cases in china, but a number ever analysts including ubs and goldman saying yesterday's drop was overdone they said oil's responding to a deteriorating economic outlook rather than fundamentals which points to a tight market and to put this move in perspective, we've seen a lot of volatility in march, brent crude hit 140 and it was 97. so things like this have been happening. wti is still above its 200-day moving average of 92.50 which is also the intraday low for march and april. so that is a key level to watch. let's check on prices here wti down .75% and brent crude down 2% at 79 don'ts and the energy stocks, once again the worst sector down more than 2% apa marathon oil and devon, among the biggest losers all below their recent highs in june, kcourtney, those number have had a fast fall >> t

president touches down and fist bumps in saudi arabia in an effort to lower energy prices and pippa stephens numbers. pippa? >> hi, jon oil is getting a boost today, but still on track for a fourth negative week in the last five as recession fears weigh brent crude is back above 101 with wti right around 97.74 for a gain of 2% president biden arriving today in saudi arabia, but officials saying no immediate output boost should be expected from the kingdom. the white house officially announced this trip back on june 14th at which point wti was trading at 119 obviously, a lot has changed since then and we are now below 100 bucks, so pvm noting the president's case here for more saudi oil has been significantly weakened by this latest price drop looking at nat gas, it is up another 6% today and crossing above that $7 level for the week up more than 16% for the best week going back to april and all of this translates to a boost for energy stocks. every component is in the green led by the refiners and marathon petroleum and phillips 66 and valero, john, all up more than 3% >> pippa, thank you. >

let's get to pippa stephens and we saw prices in the low 90s this morning, pippa. >> yeah, kelly it wasild day for oil and at one point brent and wti traded below where they closed on february 23rd and that was the day before russia invaded ukraine and they've since recovered the majority of those losses and check out this chart at 24 hours and you can see the big dip which sent prices tumbling 6% hitting a low of $90.56 the contract fell below its 200-day moving average before bouncing off that level and we did see similar price action in brent and we do remain sharp low lower in the month between the price action and the state of the physical market which including dan jurgen last hour remains tight and recession fears are driving this narrative, although we have also started to see some demand declines amid high prices and wti is down half of 1%, at 95.86 with brent crude down about a third of a percent back to you. >> wti still holding below $96 a barrel thank you. >>> let's turn now to retail and a new report from deloitte shows more than half of points are hitting back to school s

thank you very much, pippa stephens let's turn to the housing market where we had weak data, but is itign that sellers are still in control here? mortgage demand falling to a 20-year low and prices setting a new high in inventory in a record low is there a soft landing in the housing market instead of a crash? let's ask mark moody it feels like we're going into a deep freeze than we are going into a crash >> yeah. i think that's a fair way of putting it, kelly. home sales, housing demand really took it on the chin 5.1 million and i expect home sales to weaken and that was weaker than i had thought, but it makes sense with the higher mortgage rates conflating with the higher prices and they can't afford to buy in and trade-up buyers they were kind of locked in because they sell and buy and the monthly payment. then you have investors. a lot of those folks, i don't think they're selling and they might get an opportunity here down the road. so demand is really weakening very rapidly and you're right. i think it is going into the deep freeze. >> i get that buying activity is drying up and

pippa stephens reporting on commodities. so what should investors as we dive head first into this earnings season? are there names that look attractive let's bring in managing partner and portfolio manager at dcla. also a cnbc contributor. before we get to some of the segments that we hit on in the dollar impact thing, why don't you talk us through how important the strong dollar is to the market and to profits as we begin to process the numbers this week, next, and the following. >> tyler, no question that the dollar effect is going to affect earnings i do think we have to look at the bigger picture having seen this through many turns on the dollar gets weaker and then what happens to earnings so i think you have to take it with grain of salt i think fund mentals are going to drive companies i think companies are using this translation effect, sometimes as an excuse to the kitchen sink to say things are slowing and cover it up with foreign currency as well so you really have to be careful. they're going to be company that's

another key inflationary indicator and energy having a strong week and the earnings and records, pippa stephensh wti which is about 2.25% here at 98.64 and this comes ahead of opec's highly anticipating meeting next week and higher oil is boosting the bottom line for energy companies. chevron and exxon this morning reporting record profits during the second quarter and their refining divisions playing a key role as prices for products like diesel and jet fuel jump both stocks are rising today, but we have seen some softness across the energy sector in recent weeks amid growing recession talks and the potential demand slowdown, but exxon ceo darren woods saying on squawk box that he still sees growth ahead >> there is some elasticity in demand so we did see some impact in moderation demand, but continue to believe and see growth overall and as economies continue to recover. >> meantime, huge moves across the clean energy space this week following that surprise deal between senators shumer and manchin as well as strong earnings the invesco solar fund up about 19% this week with hydrogen and wind

time, but with every passing year maybe we're getting closer pippa, thank you very much, our pippa stephensclean energy to provide disaster relief coming up on "power lunch. >> and welcome, everybody, to "power lunch." happy monday i'm tyler matheson president biden with the chips act and set to move ahead in congress and it could move subsidies for the semiconductor business and dividends on pace to set a record this year, but there are a fe

let's get all of the details there as it's down $96 a barrel and we're watching nat gas, as well pippa stephensat's the latest >> oil is dipping and nat gas is as well into the close and still hovering around the $8 level you can see on the chart the jump off the lows at 11:00 a.m. and that was after the inventory report that showed a smaller than expected build during the prior week and it is still on here 13% of track and over in europe, nat gas prices have retreated and are down for the week and in the uk surging another 16% today, and up 56% for the week energy stocks underperforming today, as well, but there are notable outperformers in the last week including, kelly, lng plays like eqt and cheniere. >> pippa, thanks let's pick it up with europe's growing energy crisis. you know nat gas flows have re-started from russia to germany and it doesn't solve russia's problem which is permanently getting off the russian gas. brian has more >> decades former german chancellor helmut coal said we shouldn't do gas, russia ended up being more than half just before putin started the war cheap natural g