ben emons, stick around, if you would.es of robinhood dropping sharply on the heels of odowngrade at goldman sachs to sell from neutral. the firm says street estimates are just too high and notes fading retail engagement along the lower end customer base as a headwind let's bring in bob pisauna robinhood priced at $38. got as high as $80 in august and now at a new low around $11. goldman says now it's going to downgrade it what do you think of the call? >> thanks. yeah, isn't that helpful $38 to $11, now they give up a downgrade. but there's three big problems here number one, you touched on this. robinhood lives and dies by retail participation last year and the quarter before, retail trader is back. turns out they weren't back. as the market grinded down retail participation pulled back that's down and that's a problem for robinhood. the other big problem is crypto. they went whole hog into crypto, but crypto volumes were also down about 40% in the last quarter. not showing signs of coming back finally, you have got very

with us now is ben emons, managing director of global macro strategy. always good to have you with us. so you are not in the camp in wall street right now trying to decipher when the next u.s. recession is, or the peak in bond yields as of yet? ben: yeah, the recession is still somewhat off, because look, this economy is strong. this data in the first quarter was affected by omicron first and then the -- and then the ukraine war. if you look into the opening of the economy and you see all this activity happening as we speak, that does not tell you a recession or heading towards quickly. on the other hand, moved off not only because the energy shark but we are reassessing larger increments of essentials. now the door is somewhat open to rate increases. that continues to put pressure on bond yields even though the growth number on gdp may show weakness this week. shery: and of course we saw the swift reaction from the markets at least when it came to the euro with the certainty that president macron had won a second term. what sort of lasting implications

so i think pay attention here as we get into the fed meeting. >> ben emons, thank you for jumping onse cash positions. let's get back to mike santoli who is in omaha but of course watching every tick here, mike, as we see another pretty brutal session. the nasdaq 100 for the month overall down 13% not getting better how does it set us up for may? >> no. yeah we're actually challenging the lows for this correction we're trading on the s&p 500 here below the closing low, which was from back in mid-march around 4170. we had an intraday low on late february back when we first got the invasion of ukraine by russia, that was in the low 4100s. the bottom line, though, is we're pressuring what has been the low end of this trading range for months what's interesting again about it and maybe a little bit fatiguing about it is that it's not really that headline driven. it's kind of this kind of slow, sagging action draining away and reducing equity exposure you have bond yields up again today. some treasury yields are higher. a lot of talk about how the 60/40 portfolio is having an awful run an

let's bring in ben emons from medley global. a little bit of a reaction in the market, ben. we saw the two-year note yield actually tick lower i think on president mester's comments that's she's not in favor of a 75 basis point hike. she pretty much took that off the table for her at least, and the stock markets seems to like it as well what were your reflections >> hi, sara. obviously the words about being deliberative and intentional about the rate hikes so she confirms what the market has been pricing in. a new series of 50 basis point hikes to get to that neutral rate, but not the necessity of having an outsized one-off hike of 75. i guess takes a little bit of that anxiety away from what we experienced yesterday after your interview with chair powell because putting the 50 basis points on the table gave the market some sort of a green light to say if you could do 50, it could be a series of 50 plus the possibility of 75. the dynamics could change on her comments she's the last one to speak before the blackout period starts as we go into that next week, the market may co