cnbc cnbc cnbc.co cnbc.com/cryptoworld >>> president biden set the wave any tariffs. that's part of boost new energy. tech check back in a moment. joel, since kansas, we've taken our own path. we've never done what everyone else did. we took on the fear. we ignored the doubt. we loved the excitement. we believed. even when our path didn't make sense to everyone else, we kept going. we keep going. until our path is the one they wished they had taken. ♪♪ at cdw, we get it's hard to keep employees productive when their work and home lives are busier than ever. well that's why we gave cyborg assistants to everyone in the company. they handle the "home" parts, so we can keep working. mmmm, delicious. shhhh, shhhh. you know at cdw, we can design a productivity solution with lenovo devices that offer fast, reliable connectivity to help your people manage their workloads, with or without cyborgs. perfect, 'cause this guy needs a little work. for technology that moves you forward, trust lenovo and it orchestration by cdw. >>> citi naming the company the top semi pick. bullish on the stocks defensive nature, it's not the only one seeing the value in adi. harr hari ramanan joined us last week >> shut downs, shortages we think this is an interesting rare for us to be looking at semiconductors we believe that semiconductors will be the staples of the next decade in that regard, we like companies like analog devices and companies that feed into the semiconductor eco system >> shares of analog devices out performing just 5% on the year >> speaking of chips, check out shares of on semii spiking on the news the stock will be added to the s&p 500 up about 5.5%. we'll be right back after this >>> after a stalemate in congress lawmakers could finally be making headway on a federal privacy bill we have more on how the tech industry is reacting ylan. >> big tech is getting behind it to create a framework for data collection and privacy apple's ceo tim cook tweeted we've long needed federal comprehensive legislation and i'm pleased to see the growing momentum behind it and called it a fundamental human right and pledged to work for the strongest bill possible. industry tech net whose members include zoom, airbnb and meta says it's a sign that both sides of the aisle are committed to action and willing to compromise on key issues. one of the those controversial has been preemption. under the bill federal law would preempt those in the states but with exceptions for things like civil rights, consumer protection and from many provisions in california and would allow individuals to sue tech companies, but not until four years after the bill is adopted. there would be new limits on data collection especially for children and the ftc would be authorized to enforce those rules. now, three of the four leaders of the house and senate commerce committees are sponsoring this bill they called it the best opportunity to pass a federal privacy law in decades the hold-out, though, is the democratic chair woman in the senate, maria cantwell who wants to strengthen the private right of action and i'm told she's working on her own version of the bill and wants to hold a mock-up in the senate sometime this month back over to you >> if you can give us your analysis, ylan, of what you're hearing. if we compare what's on the table to gdpr in europe. how big is this and would it cause companies to have to do things beyond what they did with gdpr >> yeah, this could be pot potentially a real change for companies and one thing they have been complaining about, right now there is such a patchwork of legislation we are still a long ways to seeing this bill, if it gets passed, jon, so all those details will matter, the horse trading only now beginning but certainly industry says we'd rather have one standard than 51. >> a little lobbying going on. ylan, thank you. >>> highlights weighing to protect your investments here's sharon epperson on one way to edge against nflation. >> reporter: here's a tip for your money, nour queue turay consider boosting short-time savings with i bonds. the rate rises and falls with the consumer price index right now that rate is 9.62% for six months you could purchase up to $10,000 in i bonds each year directly from the government at treasurydirect.gov you can't cash them in for one llg thnd there is a penalty for seinwiin five years. for cnbcperson in two seconds, eric will realize (laughs) they're gonna need more space... gotta sell the house. oh... open houses. or, skip the hassles and sell directly to opendoor. wow. get your competitive offer at opendoor.com >>> welcome back shares of chinese ride hailing transportation company didi surging although it's still well off its highs. that's after reports that regulators are ending probes t "the wall street journal" saying authorities could lift a ban on didi adding new users as early as next week and reinstate the app in domestic app stores all comes two weeks after their shareholders voted to delist from the new york stock exchange while we have ongoing cybersecurity reviews even with today's move that stock is still down about 80% over the past year and you can see the move in didi providing a boost for the entire chinese tech sector we've been talking about it a bit. >> it's fading because you got to wonder how much value was destroyed over the last few months when it wa

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cnbc is offering perspective on how to protect your investments in the midst of today's market turmoil here's cnbc senior personal finance correspondent with tips. >>> here is a tip for your money, your future contributing to the 401(k) allows you to continue to take advantage of dollar cost averaging. you're investing your money in equal portions at regular intervals no matter how the market is doing. and that means when the market is going down you're buying more shares with the same amount of money and when the market recovers you have more shares going up so you're also not risking a lump sum all at once for cnbc in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ >>> good morning welcome back to "squawk box" right here on cnbc take a look at the futures we're in the green on this monday morning the dow opening up 277 points higher the nasdaq up 187 points higher. the s&p 500 up about 45 points and we're watching shares of amazon this morning. the price looks a lot different today and that's because its first stock split in 23 years takes effect this morning. take a look. you can remember what it used to be and where we're going to be becks? >> andrew, thanks. >>> the white house is reportedly preparing to announce it will

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cnbc news update >> here is your cnbc news at this hour, ten people are dead and 40 are injured after a missile struck a mall. ukraine's president zelenskyy says the target presented no threat to the russian army and had, quote, no strategic value >>> a new york city law allowing non-citizens to vote in local elections is being struck down by a judge who said it violates the state's constitution the judge also argued the law violated sections of the state's election law and municipal home rule law and with inflation at 40-year highs, workers across all income levels are having a harder time making ends meet more than 150 million adults are living pay tcheck to paycheck en among those making $205,000 or more, 30% say they are living paycheck to paycheck that's an amazing stat, isn't it contessa >> sure is bertha, thank you for that. >>> up next on "power lunch," nat gas down 24% and we'll speak to the ceo of eqt. today's three-stock lunch re a "weconsumer calls from wall stetndpor lunch" returns after this don't go anywhere. costs.xpected out-t so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. call unitedhealthcare now and ask for your free decision guide. medicare supplement plans also let you see any doctor. any specialist. anywhere in the u.s. who accepts medicare patients. take charge of your health care today. consider adding this. call unitedhealthcare today about an aarp medicare supplement plan. >>> welcome back, everybody. 90 minutes left in the trading day as the first half of the year is quickly drawing to a close. so let's get caught up across the markets. stocks especially after the strong week, bonds, commodities and we have the ceo of eqt and we'll kick things off in a moment and let's get to bob pisani down at the new york stock exchange >> a little rotation going on and a nice rally particularly at the end of last week here and things are moving around today so let's take a look at the dow movers here. primarily last week, the energy stocks got clobbered and a little stronger today overall. we're also seeing health care stocks doing well and a big leader in the dow and of course, we saw tech stocks last week doing really well. not so well this week. microsoft down, apple is sort of flattish today and it's been up 5% or 6% in the last four or five days. the pharmaceuticals, merck's had a new high and there's only been new highs at the new york stock exchange and lily, bristol-myers and merck all higher pharmaceuticals. we continue to have high inflation, but with subpar growth now the big issue right now is whether or not there are signs inflation is slowing down and the big hope over the weekend and the bulls kept pointing out and the big decline in commodities and even agricultural commodities and this is the big one to watch here dvb is the base metals' etf and that was a 52-week low essentially on friday. you can see it's still flattish today and kelly, the bulls are saying this is the big hope here if you can ton get oil down, nickel down, aluminum down, copper down, that's a great sign for the federal reserve possibly in september starting to talk a little more moderately bob, thank you very much let's take a look at the action on the bond market where the yields have started the week maybe rick santelli can explain it >> how happy everybody was when we had deep greens in the end of last week. there were so many analysts saying we'll get a 10% bounce here and they seem to have some pretty sharp pencil tips and whether you believe that or not, it certainly seems to be pervasive and the more optimistic, we'll get a slight reprieve on the dark trading days on the equity side and it's brightening up a bit and investors certainly bought into that look at the intraday of twos they had an auction that ended at 11:30 eastern and you see the way that rate popped up? that is giving you great clues that whatever seems to be changing as of late, it's changing without the same buying appetites that were held in treasurys and not that many sessions ago if you look at the three-day of tens and three days we were down at 3% even on an intraday low. 309 on a low close and this was all after an 11-year high close and under 350 in mid-june, which means if you're a technician, 309 now becomes your big area on the charts if you're trying to look for higher wreelds and you'll have your stock on yields on a closing basis and if you look at one yield, very similar. they had an eight-year high yield on the 23rd with an -- excuse me, on the 21st with a low of 177 they got down to 125 and they're now in the mid-150s and the yields seem to have turned from optimistic moving lower to a little bit more aggressive to the upside kelly, back to you >> rick santelli, thank you very much >> oil, this one's been the countertrend story closing up 2% as g7 leaders consider price caps on russian crude. pippa stephens has more on the commodity desk. >> geopolitical factors are in the spotlight and g7 nations are debating new sanctions on russian energy and opec and its allies are set to meet on thursday crude has come under pressure recently alongside just about everything else and is on track to snap a six-month winning streak goldman sachs said that the distinction here needs to be made between commodities and other financial markets and commodities are spot assets meaning even as demand growth slows during the recession, and as long as demand outstrips supply, you can remain bullish and others are anticipate ory a the firm is sticking by to target for oil to hit 140 this summer and still a ways to go for that to come to fruition crude wti is down 1.7%, it is down at 115.03 valero, devon and hess among the big gainers. >> pippa, thank you for bringing that us to, pippa stephens what about nat gas prices? they're down on the lowest level since mid-april. they're having the worst month since december 2018 and world leaders in europe are also currently grappling withenergy security at the g7 summit and let's bring in toby rice and the ceo of eqt which is the largest producer of natural gas and it's good to see you again and we're benefiting from some lng ports shutdowns and other factors here and what do you expect will happen with nat gas prices as we move into the fall >> i think you cited the drop recently and a few months before that, we're talking about the extreme rise in natural gas prices, all of this shows the incredible volatility that exists in the natural gas market today? why does that volatility exist because it is supply/demand fundamentals are so tight right now and they'll have short catalysts that will have a big impact on price movements and it's a sign to put more supply into this world because of volatility natural gas prices will continue to be strong and will continue to be strong in the future and it's a sign this this industry can do a whole lot more and we need some assistance to get the infrastructure needed to get the supply into the world. >> for instance, if u.s. producers were able to supply the world as it needs, what do you need to make that happen presumably, there needs to be an investment in infrastructure how quickly can that be up and running even if regulation were not an obstacle? >> yeah. >> so very simple, we can build anything in this country in 24 months and l if you take regulation and the red tape out of the game. if you have the facilities and the pipelines and move the gas to those facilities in less than 24 months, you can put gas on the doorstep of europe for a cost of $9 and that would imply a dollar 4 bass price here in the united states. consumers in europe would be thrilled because they're getting $3 today and compare to the $6 today is an absolute bargain the best news about this, though kelly is with that pricing structure this industry can generate modest returns and what that means is this is a profitable solution which means this industry can finance this ourselves. it will cost the american govern gove government zero dollars and you can get to work bringing the energy security to the u.s. and the allies around the world and replacing russia's influence on it is world stage. >> that said, we're at a moment where we have to see leaders or a g7 type thing to explain to the participants here what does the u.s. have to do andwhat do the producers have to do to hit the certain benchmarks i don't feel that level of k coordination is happening and in the energy space we don't want to create cartels and does there need to be a globally coordinated e foort where the supply comes from in order to get through the next 18-month period of time >> kelly, it's important to mention that leadership today is not responsible for this energy crisis that we're in today this has been ten years in the making, but i will tell you this, this leadership is responsible for how we get out of this and the issues that we face are simply an antihydrocarbon, antifossil fuel and the concerning thing you need to hear or think about is the energy crisis that we're in today, the high price e the rampant inflation and the war on ukraine oh, and by the way, the emissions around the world are still rising when when leaders say they'll continue to double down in the situation and doubling down on high prices and inflation and the -- and russia's influence on the world and unfortunately, that's not going to be a winning solution let's step back and refresh it the good news is we have a great solution the united states could be a leader in solving this we can unleash our american energy and provide the energy security to the world while unleashing the initiative on the planet and we can do it very quickly, but we'll need our leaders to step back and reassess the situation >> the scientists are saying that actually going toward natural gas gets the european countries especially away from their commitments around the paris climate accord, but all that aside, there is an immediate threat they have to get through winter of 2022, and in two years you could have infrastructure in place and is there anything american producers can do right now to ensure there's an energy stability in europe this winter? >> kelly, this industry is running at full tilt right now we've been trying to supply energy to our allies even before the bombs dropped in ukraine since january, this industry has delivered over 1 trillion cubic feet to our allies in europe and that thankfully has helped refill their gas tank and put some armor on them, but make no mistake about it, they're still in the jaws of putin, and we need to be doing more to give them some more security. we need to think about this right now, prices are surging and typically, you don't see the great demand now we're entering the demand season of the summer where people will be driving more and prices are rising. gasoline prices are unneslie high and let's look forward to the winter and natural gas prices are extremely high. in new england, they'll be north of $20 and we'll be selling the same gas here at seven >> toby, i have to leave it there and i appreciate you joining us and your thoughtful on these by the way, it's contessa and not the first time i've been confused with kelly. >> sorry, contessa. >> that's okay decimated by wildfires, as we head to break, remember you can now listen to "power lunch" on the go and listen to us on your favorite podcast app follow us today. the brunettes are back after this >>> wildfires have devastated forest land in the american west, and the threat is worsening. restoring the forests is vital in the fight against climate change diana olick join us with start-ups with the story of one company flying into the char woodland >> drone seed is a seattle-based start-up that claims it can begin to quickly restore thousands of acres of wildfire-ravaged land just 30 days after the fire is out >> we are a one-stop shop for reforestation. >> drone seed likens its fleet of drones to a swarm of bees navigating rough terrain, carrying and dispersing tlouzs and thousands of seedlings >> the aircraft themselves they're not what you can get at best buy they are eight feet in diameter. we operate them in groups of three to five and they're going out there and dropping seed vessels on to the landscape in pre-surveyed areas key to the model is the seedling production which has been a major barrier in deforestation due to supply chain issues silva seed, one of the oldest seed businesses in the nation and it's now expanding to become the largest private seed bank in the west growing millions of new seedlings. how does it pay for all of that? >> we provide offsets that allow those better actors to decarbonized while other solutions come online. carbon credits which is purchased by the locks of shopify. it bought enough to remove 50,000 tons of carbon from the atmosphere and in turn, drone seed is replanting 300 acres of forest lost in oregon's beachy creek fire two years ago >> that climate benefit, planting those trees and drying down carbon is what we're purchasing through our carbon credit purchase, and so that allows us to balance out our unabatable emissions from our corporate footprint. >> drone seed is backed by 776 dbl partners, social capital, spero ventures and techstars total funding to date $36 million. forest restoration is increasingly important now because of how climate change is increasing the severity of fires. in the past, lessee isser have fires would leave the seed in the toil and at the tops of trees and the high-severity fires we're seeing now due to increase temperatures burn the tops of trees and destroy the seeds in the soil and there's so much match rl regeneration. >> and it destroys what we see in the level of soil as well so it takes out all of the new rients they seem small. is there a faster, los angeleser scale. >> you would think they could put big airplanes out there like when they put out wildfires and you have the carbon emissions and until we have electric airplanes you have to go with the drones. >> we want to flag a scoop that cnbcght now. according to a notice viewed by cnbc, amazon will have two prime shopping events this year and the second one coming in the fourth quarter and it will be the first time the two will hold shopping events and it comes as the company gears up for prime day, july 12th and 13th. the company's looking for ways to secure additional sales after being booing the slowest for any quarter since 2001 we saw that in its latest earnings report because if you're buying a heard holidays are they self cannibalizing and what if they offered discounts on prime day or days >> a potential defensive name amid the volatility. needham says he sees chewy climbing and that is in today's three-stock lunch, next. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them. thinkorswim® by td

cnbc. i handler hadley campbell with cnbc news. thank you so much for taking my question and i apologize for speaking in english. i would ask you about your government support for energy giant unit her. can you confirm that the german government will be ready to support other energy companies and other industrial giants if they have trouble making their bottom line as result of the sanctions on russian energy? and also, sir, could you respond directly to latimer putin's comments regarding sweden and finland? he's essentially said that if there is any noto hardware in those 2 countries, that russia will be forced to respond. thank you, sir. well concerning the 2nd question. the real message is the one that i have tried to convey earlier. and that is that very obviously we have to assume that russia will, has, has accepted the exception of 1st sweden and finland to the nato. it was the right decision that the 2 heads of governmental stage in these 2 countries have taken. and it is supported by a public opinion in both countries, but

cnbc is celebrating pride month. here is cnbc's senior director of diversity, equity and inclusion. >> the most important thing i want people to know about the lgbtq community is that we are everywhere we are ceos, cfos, actors, doctors, lawyers, football players, and we are journalists. we are also so appreciative of the many lgbtq trail blazers and allies that continue to help create change in our community we are not going anywhere, and we will continue to stand united in the face of injustice until we are all treated equally under the law. hey, did i tell you i bought our car from carvana? yeah, ma. it was so easy. i found the perfect car under budget too! and i get seven days to love it or my money back... i love it! [laughs] we'll drive you happy at carvana. nurse mariyam sabo knows a moment this pure... ...demands a lotion this pure. new gold bond pure moisture lotion. 24-hour hydration. no parabens, dyes, or fragrances. gold bond. champion your skin. >>> bitcoin down 3% falling to just over 21,000 earlier in the day. that's a potential problem for companies like microstrategy, but there you see it, it's p been stockpiling bitcoin on its balance sheet, then borrowing money to buy even more it warned that it could face a margin call if bitcoin did fall to around 21,000 coinbase having a wild day after saying it would cut 18% of its work force, about 1,100 jobs it cites the possibility of a crypto winter. but michael novagrats founder of galaxy digital seems to dismiss that possibility saying on "squawk box" today he thinks crypto is close to a bottom at these levels and when the fed stops raising interest rates, that he says is when bitcoin will explode north let's go to frank holland now for the cnbce. >> i'm frank holland here is your cnbc update at this hour the house committee investigating the january 6th capitol attack has been postponed. the hearing was postponed due to scheduling conflicts and production challenges. the committee will meet on thursday for a previously scheduled hearing. >>> canada announcing its suspending the covid-19 vaccine requirement for domestic travel. that mandate may be reinstated later, especially in the case of a new surge. >>> and authorities in tennessee are warning locals not to pick up folded money after two people found dollar bills laced with fentanyl the sheriff's office shared the warning saying the small amount of fentanyl laced powder is more than enough to kill anyone that it comes in contact with. >>> the u.s. open allowing tennis players from russia and belarus to compete this year despite russia's ongoing war in ukraine. wimbledon has banned those athletes the u.s. tennis association saying he did not want to hold those individuals

yesterday we will bring you a first on cnbc interview with the senators behind the plan on cryptocurrencies this is "squawk box" and this is cnbc >> announcer: this cnbc program is sponsored by ibm. ibm. l let's create satisfy cravings from tokyo to toledo? so you partner with ibm consulting to bring together data and workflows so that every driver and merchandiser can serve up jalapeño, sesame, and chocolate-covered goodness with real-time, data-driven precision. let's create supply chains that have an appetite for performance. ibm. let's create. ♪ >>> two senators, one from each side of the aisle, coming together to push cryptocurrency regulations. we have ylan mui with more what can you tell us >> reporter: a bipartisan pair of lawmakers is revealing sweeping cryptocurrency regulation to foster innovation and provide clarity. the proposals from senator lummis and senator gillibrand have two cryptocurrencies as commodities and regulated by the ftc. securities are overseen by the s.e.c. there is a gray area of so-called ancillary assets not decentralized and don't meet the security cardano and solana this must file disclosures twice a year with the s

cnbc's on the money. cnbc surveyed 22 chief financial officers of major organizations. more than two-thirds of them say they think the economy will contract in the first half of next year. 14% say the recession will happen before next year. the prediction is even worse for the market 77% of the cfos expect the dow to fall below 30,000 before hitting a new high that would represent about a 10% drop from current levels >>> pay raises set to go public or pay ranges, i could say, for all microsoft job postings next year the tech giant made that announcement today it came as microsoft's home state of washington starts requiring companies with at least 15 employees to reveal pay ranges microsoft said their policy will apply all across the u.s other major employers expected to match the move. >>> and a major summer drought for hot sauce. the makers of the popular sriracha hot chili sauce warning of a severe shortage the reason, dry weather in mexico affecting the quality of its main ingredients, chili peppers. they won't accept any new orders until at least september >>> today at the pump, gas prizes closing in on five bucks a gallon average across the u.s. today, $4 s $4.97, up nearly two bucks from a year ago. >>> on wall street, the dow down 638. the s&p down 98. the nasdaq down 332, nearly 3% >>> the controversial liv golf invitational series teeing off in london today. the saudi-backed tournament features some of the world's top golfers, including phil mickelson, dustin johnson and sergio garcia. but not long after tee-off, the pga tour suspended all 17 players competing today in the inaugural event. that means they won't be able to compete in future pga tour events, including the presidents cup in september in a memo, the pga tour commissioner released today, he wrote in part these players have made their choice for their own financial-based reasons. he added that any player who takes part in future liv golf events will face the same punishment in response a liv golf spokesperson wrote in part, today's announcement by the pga tour is vindictive and it deepens the divide between the tour and its members they added that this certainly is not the last word on this topic. >>> because context matters, the golfers who play for liv get their millions and hundreds of millions of dollars from saudi arabia's public investment fund. that fundi is controlled by the saudi crown prince, mohammed bin salman who's he mbs, as they call him, pursued the war in yemen that's caused what the united nations called last september the worst man made humanitarian crisis on the planet millions are on the brink of famine the fighting has killed more than 150,000 people. the air strikes have slaughtered nearly 15,000 civilians, according to an estimate by the armed conflict location and event data project mohammed bin salman, the overlord of liv golf, is accused of war crimes in yemen by the human rights watch in 2017, mbs's security forces arrested hundreds of the richest people in saudi arabia under the guise of fighting corruption lock them up and for weeks in this ritz-carlton hotel. "the new york times" reported 17 of them went to the hospital after abuse and one later died the result, powerful people who might challenge mohammed bin salman's rule got the message, don't do it. mbs dismissed the rule of law and fundamental rights, according to the middle east director of human rights watch the number of executions in mbs' kingdom is in the top five in all the world. three months ago on a saturday afternoon, they executed 81 men. seven of them yemenis for holding what the kingdom called deviant beliefs. in 2019 mbs's security forces admitted they beheaded 37 saudis, most of them minority shiites. afterwards, crucified one. the headless corpse of another man who the kingdom described as a sunni extremist placed on a spike and publicly displayed as a warning to others. and of course jamal khashoggi. four years ago mbs approved the operation that ended in the death of the journalist and vocal critic of the royal family and mbs. u.s. intelligence confirmed it in a report released last year "the washington post" columnist entered the saudi arabian embassy in istanbul, turkey, and never came out turkish officials said a team of 15 saudi agents arrived from saudi arabia on two private jets they went to the consulate three days before khashoggi and disabled security cameras. istanbul's chief prosecutor said khashoggi was suffocated almost as soon as he entered the consulate and his body dismembered, cut up with a bone saw and destroyed. the white house did not penalize mohammed bin salman. "the new york times" reported such action would have been at too high a cost for u.s. and saudi cooperation in counterterrorism and confronting iran but khashoggi's murder, the deaths of thousands of civilians in yemen, the alleged tramp ling of human rights, the public beheadings, that crucifixion and the allegations of war crimes are all on mohammed bin salman the chairman of the public investment fund that supplies the money for liv golf liv golf is an attempt by mohammed bin salman who elevate the public opinion of his kingdom and himself. this isn't the nba profiting from a relationship with china, this is individual players and courses and others taking money directly from the saudi kingdom and mohammed bin salman. of course phil mickelson and sergio garcia and dustin johnson and all the rest know that, or they should. despite treatment it disrupts my skin with itch. it disrupts my skin with rash. but now, i can disrupt eczema with rinvoq. rinvoq is not a steroid, topical, or injection. it's one pill, once a day, that's effective without topical steroids. many taking rinvoq saw clear or almost-clear skin while some saw up to 100% clear skin. plus, they felt fast itch relief some as early as 1 week. that's rinvoq relief. rinvoq can lower your ability to fight infections, including tb. serious infections and blood clots, some fatal, cancers including lymphoma and skin cancer, death, heart attack, stroke, and tears in the stomach or intestines occurred. people 50 and older with at least one heart disease risk factor have higher risks. don't take if allergic to rinvoq, as serious reactions can occur. tell your doctor if you are or may become pregnant. disrupt the itch and rash of eczema. talk to your eczema specialist about rinvoq. learn how abbvie can help you save. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ >>> just five minutes away now from the start of the first hearing by the congressional committee investigating the january 6th insurrection at the capitol. we'll bring it to you live in its entirety without commercial interruption here on cnbclitics at the university of virginia larry, what do you expect? >> i expect a good show. i think they have spent a lot of time and put a lot of effort into producing a show that will clearly indicate to the american people what happened, not just on january 6th but i think more importantly before january 6th it produced the first attempted coup in american history since abraham lincoln's assassination. >> what is the success tonight on the part of the committee look like? >> the truth the facts. facts and truth still matter if they can communicate that, convincingly to americans, at least the americans who are watching, then they will have done their job you know, they're not magicians. they can't wave a magic wand and have millions of people who aren't watching or who don't care focus in on what happened in 2021 and what may happen again in 2024. but they're going to do their job for now and for the people watching. >> and what does a failure look like >> probably the same thing happe

cnbc. and stay with cnbc, xoobexnmil at the crossroads with david faber premieres now.rate. >> mile and a half out continue around. >> more than 1,000 feet long and anchored off the coast of south america, this is the latest entrant in the global race to secure oil. >> hope you enjoyed the flight. >> it is a monstrous piece of equipment. >> we have now been producing oil and gas for about 78 days. >> it's operated b

cnbc, live interviews with actress jessica alba and the ceo of ibm, wells fargo, and bumble. again, coverage from the aspen ideas festival starts monday on cnbc >>> i'm shepard smith on cnbc. 's the bottom of the hour, time for the top of the news could the landmark court's decision outlawing abortion or at least giving that decision to the states galvanize democrats and drive more of them to the polls in november when control of congress is at stake? president biden apparently thinks so. >> this fall, roe is on the ballot personal freedoms are on the ballot the right to privacy, liberty, equality are all on the ballot and with your vote, you can act. you can have the final word. this is not over >> for months now, we have heard pollsters and political analysts predicting a shellacking for democrats in the midterms. but is the overturn of roe v. wade a game changer? cnbc's senior washington correspondent eamon javers on the top story at the bottom of the hour from d.c. >> even before this ruling today, abortion was becoming a key issue out on the campaign trail, and it's clear that the supreme court just isn't in sync with the majority of americans on the issue in an nbc ne

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cnbc they'd huddle.... welcome to the peytonverse. squawk on cnbc you're watching . you go. no, you go!es...you'c omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. when you need help it's great to be in sync with customer service. a team of reps who can anticipate the next step genesys technology is changing the way customer service teams anticipate what customers need. because happy customers are music to our ears. genesys, we're behind every customer smile. >>> welcome back this is "squawk box. right now the futures are indicated sharply higher dow up by 230 points the nasdaq up by almost 100, and this comes on a very strong week the averages are on pace for their first positive week in the month of june. for the sand the nasdaq this isa welcome respite. >>> we've been telling you about that high-level meeting between energy secretary jennifer granholm and oil executives. it was high level but didn't include the president. he was engaged in a,

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2015, david's fund was down 16% in 2015. making a big bet gold punished by gold >> i'm like how many times have we heard this? he lost $630 million in the gold market he was down in 2018 for the same thing. sticking with gold because he knew the inflation policies would come around. he is probably right with what he is saying on the ease of things >> we both sat here like what? we heard this before >> okay, david joining us now is gunjan as the money and investing team with wall street journal. gunjan, did you get word we were plugging you and your great work yesterday? >> good morning, joe i had a family member ping me. i heard. >> because of the article. >> something interesting occurred to me that i wanted to ask about gunjan a lot of people are now thinking recession. you make that point. high gas prices can cause a recession. is it possible for inflation itself to cause recession even if the fed doesn't overshoot on raising rates? i always think of it the other way. inflation goes up. fed tightens people pull in get recession can the fed sit where inflation gets so bad that consumers stop spending >> it's possible i would argue inflation is the main driver of the recession worries that we've seen this year a lot of it is driven by worries of the fed we will see at 8:30. inflation is the biggest risk to markets. it is why investors have sold stocks aggressively throughout the year it is driven the huge, huge rotation in the stock market it all comes down to inflation and worries about inflation. we saw stocks yesterday having the worst day in weeks ahead of the inflation report it shows top of mind >> because of the 10-year yield. that is where we get back to chicken and egg discussions. the 10-year yield above 3% yesterday. if we knew the terminal rate, that is the big question, we know -- it is still low. anybody can deal with 3% we could deal with 4% probably i worry about the volcker scenario where you keep going higher and higher and nothing cools off. that entails the fed raising interest rates you think it can happen from inflation itself >> look, we don't know i think it comes down to inflation is a concern we have not dealt with in decades. this is so different from the market environment from the last decade to the point on treasury yields, it is a risk because it shapes the path of treasury yields. that dealt a blow to the high flyer in the past decade turn the stock market upside down with the tech under performance relative to the other parts of the market we have seen. >> you point out that money was cheap in 1999 and technology got popular and storied stocks and beloved names in tech. we were forewarned that higher yields would hurt tech more than other industries because of the multiples. now it is happening. i don't know why we're surprised that it was the end result we have been saying this for a year, i think. >> right, but the trade worked so well for so long that people kept clinging to it. what is interesting is even after the recent under performance with tech off to the worst year in more than two decades, tech is still near record percentage of the s&p 500. it is really hard to let go of the trades that worked even though growth is under performing value by the biggest margin since the dot-com bubble burst. i was struck by the comparisons of the dot-com it seems we're exiting the bubble or not unravelled yesterday. this is the time period. >> gunjan, thank you she only heard from one person i thought you would be flooded >> tell your mo thank for watching >> yeah. okay thanks, gunjan >>> goldman sachs analyst is eric sheridan. initiated coverage of netflix in september of last year with the price target of 590. in his defense, neutral rating >> that's pretty good. >> that's about as bearish a wall street analyst gets >> the price target is going to be here, but i don't understand why. the market is crazy right now. i don't get it that is decent. >> the stock was down probably in -- i'll go back and look. >> it went higher than that. >> okay. >> thanks, gunjan. >>> when we come back, two stocks that were pandemic b darlings are now tanking >>> and crude prices above $120 a barrel we wloill ok at energy stocks at the bottom of the hour "squawk box" will be right back. t a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. insights illuminate better choices. designed to help you keep more of what you earn. allowing us to see differently and do more. with kpmg you have the people and technologies, to uncover insights and turn them into action. when we act on insight, with the right people by our side, opportunity is everywhere. let insights reveal new opportunities. >>> time for the executive edge. rough 24 hours for pandemic darlings docusign have been cratering the stock off 26%. earnings last night. the revenue beat, but earnings at 38 cents a share missed ex expectations of 46 cents guidance for the quarter and full year was roughly in line with the street's expectation. a huge drop for the stock. then look at shares of stitchfix. lower after the online styling service said it is laying off 15% of salaried positions. mostly in corporate roles and styling leadership positions that is 4% of the work force that is something lauren thomas broke yesterday from cnbc.com. that stock down 14% right now. the cuts come amid high inflation and waning consumer demand for items stock down 11% during the trading session after cnbcts. after the bell, stitchfix reported 72 cents loss per share. stitchfix said the rollout of direct buy option as freestyle did not go well as hoped and more shoppers have been spending back to brick and mortar stores. andrew. >>> vail resorts stock surging in the quarter from the same time a year ago. ski passes for the upcoming season rising 9% vail raising minimum wage for u.s. employees to $20 an hour or 30%. a lot of people buying up those ski tickets in advance >>> coming up, the countdown is on in today's key read on inflation where we get you ready for the cpi numbers. >>> throughout the month of june, we are celebrating pride month. here is the producer brandon gomez. >> change requires persistence after i came out to friends, i knew my family had to be next. my mother was confused and struggling with her religious beliefs, she told me if i had a child, they would not be her grand child. it bwas hard coming back to the conversations. within time, she accepted my truth. the wa

cnbc exclusive, the in a cnbc exclusive, the rng by migraine hits hard, so u hit back with ubrelvy u level up u won't take a time-out one dose of ubrelvy works fast it can quickly stop migraine in its tracks within 2 hours without worrying if it's too late or where you are unlike older medicines, ubrelvy is a pill that directly blocks a protein believed to be a cause of migraine. do not take with strong cyp3a4 inhibitors. most common side effects were nausea and tiredness. migraine pain relief starts with u learn how abbvie could help you save. ask about ubrelvy, the anytime, anywhere migraine medicine. >>> the bears are back and taking over wall street. all major markets closing in the red. today the doubt dipped below 30,000 for the first time since january of last year. a close down more than 700 after a bear rally yesterday. all those gains are raised at the opening bell. the s&p dropped more than 120 points slipping deeper in the bear market territory. when an index drops 20% from a recent high, it is on pace for its 10th negative week over the past 11. the biggest loser, the nasdaq who lunch more than 400 points, as tech stocks got crushed. it closed at his lowest level since september 2020. this sentiment seemed to change overnight. what happened? >> reporter: in the 12 hours or so after the federal reserve raised interest rates, you did have central banks in europe and england and switzerland similarly raising rates and reinforce this idea that the authorities have to chase inflation intensely with higher interest rates which could threaten a further growth slowdown. that was reinforced this morning. you have more news on a big decline in housing starts in the u.s. much more than expected. they were down as well the manufacturing gauge that was weaker than expected. we bring about inflation running too hot as the overall economy cools down. this is a squeeze the market has been in for a while. it reinforces the downside momentum. >> should we expect more volatility is what's coming? >> yes. it is perfectly sensible to expect this market to continue to be jumpy. it doesn't mean it all goes in one direction. there are some measures of how much selling intensity there is been in the last week. it is a rare extreme. that is the makings for some kind of a sharp bounce but it is tough to pick up the message of what the market is saying until we get some clarity, some stabilization either on the inflation front or the federal reserve may be closer to getting done raising rates. we will hear about corporate earnings in several weeks. all these things will keep us busy in the summer. >>> another setback from getting baby formula on shelves. why when the biggest plants that just restarted production is closed again. >>> vaccines for kids under age 5. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. ♪♪ ♪♪ ♪♪ ♪♪ >>> the avid baby formula plant shutdown again less than two weeks after resume production. abbott reports for stop production after severe storms with heavy rain flooded parts of the facility. the abbott plant restarted production last month. it up and close for months after an fda inspection found a potentially deadly bacteria there. data and supply chain challenges led to the formula shortage. in a city, the agencies working with abbott to get the plant up and running. >>> parents in florida will have to wait longer than everyone else to get the longest children vaccinated for covid florida is the only state in the country that hasn't preordered any doses. the republican governor ron desantis spoke at an annual python catching contest in the everglades. he said the status go health department doesn't recommend vaccinating your control and especially kids under two heading there is practically zero risk in that age group calling the clinical trial data abysmal >> the risks outweigh the benefits and we recommend against. that is not the same as banning a. people can access it if they want to. >> other states began preparing vaccines but since florida hasn't placed an order, it's unclear when parents will be able to get the young kids vaccinated. the decision comes after the fda voted yesterday to recommend doses of pfizer and moderna vaccine. all eyes are on the fda and cdc. if both agency sign off, health experts say about 18 million children could get a shot at as soon as next week. >>> a major disaster declare per month, new images of the stork distraction as small towns pick up the pieces. montana's governor returns home park >>> elon musk talks twitter to twitter. musk's first meeting with staff since ffering billions to buy the company. the company. his blunt ♪ ♪ ♪ (sha bop sha bop) ♪ ♪ are the stars out tonight? (sha bop sha bop) ♪ ♪ ♪ alexa, play our favorite song again. ok. ♪ i only have eyes for you ♪ [ "praise you" by fatboy slim starts playing ] hey mercedes, turn the music up. ♪ we've come a long, long way together ♪ ♪ through the hard times and the good ♪ ♪ i have to celebrate you, baby ♪ ♪ i have to praise you like i should ♪ the all-new mercedes-amg sl. ♪ ♪ the star is reborn. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ >>> the white man who police say killed 10 black people in a supermarket made his first appearance in federal court on a crime charges back the families of shooting victims speaking out after the hearing. the gunmen shot her son but he survived. >> is hard being in a courtroom with the terrorist. seeing the man who tried to kill my son. >> then there is tanika harper. she can except in any apology from the shooter's family. >> yes not a lick of remorse. he has no remorse. i heard someone ask where his parents were asked his parents rent there. for his parents not even to reach out to anyone. their apology will mean nothing at all for us. >> the self-proclaimed white supremacist is accused of shooting and killing 10 people and hurting three other study supermarket and a mostly black neighborhood in buffalo, new york. prosecutors filed federal hate crime charges. if convicted, he could face the death penalty. >>> i'm shepard smith on cnbcctor kevin spacey swarmed outside a british courtroom as he faces sexual assault charges. >>> the climate risk that researchers say could make a major american city unlivable. >>> but first, elon musk talks to twitter employees. it is his first q&a since he offered $44 billion to buy the company. musk answer their questions at a virtual all hands meeting. he didn't give an update on closing the deal he did share his vision for the platform. according to sources join the meeting, he don't employees he wants at least 1 million daily active users on twitter. that is more than four times the users they have now. employees asked elon musk about potential laos. he says that will depend on the company's financial situation. sources say must hold employees the costs exceed the revenue. buddy added anyone who is a significant contributor has nothing to worry about. >>> let me clarify his position on the back to work move >> this is a top concern for employees. whether or not they will work for

cnbc. n stocks next from cnbc (burke) a new car loses about ten percent of its value the minute you drive off the lot. or more. that's why farmers new car replacement pays to replace it with a new one of the same make and model. get a whole lot of something with farmers policy perks. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ >>> time now for business. and for that let's bring in cnbc'say it was good news, but how bad is it? >> pretty bad. it's a sea of red this morning here in europe. it's looking bleak on the u.s. futures as well so far on the boards a long way from the wall street open. we inherited weak lead. what's royaling the markets? growth recession, inflation, those key fears. we had a bit of rally of late in the equities markets. we're seeing these inflation fears taking over. it's the high cost of everything from gas to food to rents as well. and what that is happening -- you can see it playing out in europe this morning, spain recording 10% on some inflation data. highest level since 1985. thus you're seeing the spanish equities market down 1.2%. germany, meanwhile, surprise to the underside you saw this preliminary data some german regents the cost of things in germany lower than expected. speaking to a bang from goldman sachs this morning saying the markets don't like volatility and inflation. they like to know what's going on. also there's fears that

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>> yeah. >> that's why i look like this the house shaking. >> it was a good storm >> it was. not a lot of sleep in there, mike a lot of makeup this morning. >> i barely knew it happened pre-war apartment building. >> that's how you roll iceman all right. check this out you can pay for your burritos with bitcoin why would you want to? i don't know chipotle and payment network flexa will accept digital currency at 3,000 locations. flexa supports 100 cryptocurrency including bitcoin and ethereum why? >> if you are a believer in crypto and it is a great investment, why use it to buy a burrito? why sell the stock >> the pizza guy in 2010. he bought two pizzas with bitcoin and now worth $100,000. >>stupid. >> you will spend it on pr we just did. >> there is a case for big ticket stuff you want to buy a painting or house where it holds value you have accumulated wealth. >> a burrito will not hold its value. >> you had the wrong burritos. some stay with you for days, becky. >>> let's move on to the broader cryptocurrency story bitcoin and ethereum all down off the highs. binance labs announced a fund to support new technologies associated with crypto joining us now is the binance ceo. let's talk about this moment a lot of excitement and investment with crypto and the promise was web 3.0 and blockchain it seemed to get overshadowed by the energy behind the price speculation and people wanting it as an investment. with the price down year over year basis and way off the highs, it seems we have a test of what's real and what is speculation. where is most of your energy focused in that new world? >> thanks for having me here this is normal market fluctuation. internet stocks are down i think this is normal i still do the same things we work with regulators to push regulations across the world we use new cases the bitcoin stocks go through the four year markets based on historic data. each time it is higher than before not guaranteeing that is happening in the future. it happened in the past. no more fluctuation. nothing changes for us. >> i understand that markets are going to fluctuate and this is not unusual over what happened here the pace of the gains were so great and such a rush of adoption from the investment side that i wonder right now if a lot of people are a little bit caught short in terms of their expectation for bitcoin. to get to my point when the talk was about adoption for the past couple years, you ask for specifics and mostly about institutions wanting to allocate capital to crypto as opposed to technology solutions or anything else maybe in the way of payment. what do you think is the state of development right now along those fronts >> i think the institutions come in whether they want exposure to the price volatility of cryptocurrency investments, et cetera in terms of the apps, we have seen nfts which is a killer app for artists to monetize their work globally. artists get good value for their work i was talking to an artist in asia he normally can sell for $10,000. now with an nft, he is get $100,000 blockchain fund raising. when ukraine wanted donations, they asked for it in crypto. some are $10 $50. you cannot do that with international transfers. all of the use cases cannot be done in traditional finance. there is a lot of people trading on the volatility of crypto. that is the same as stock markets that some people trade and build. we see both. >> defi in particular, you say you cannot do that with traditional finance. some argue it is because it really does just create things like investment yield out of the returns created by speculators and futures trading. to what degree do you think that is going to continue to thrive in a world where there is a little more regulatory scrutiny? >> defi model works because it is actually trading fees or revenues that goes to the guys who lend crypto to provide liquidity. that is a closed model everything runs more contract on the blockchain no humans involved that model works well. we have seen that growth if you fluctuate with the market, all things drop a little bit. how this will be regulated, which is the second part of the question, is really tricky it will be really interesting because technically speaking, anybody can deploy a smart contract which is a couple of lines of code. people can do that from america, europe, asia and even russia, potentially. how to regulate it is tricky. >> it is brian sullivan. i believe and correct me if i'm wrong, you are the richest crypto billionaire in the world or know. your company has grown fast. you have binance labs. to talk about the ease of code how much are you spending on cybersecurity? one thing we have seen is it is easy to code, but it may be easy to hack. >> that i agree completely 100% we are spending hundreds of millions of dollars on security. probably more in the billions now. that is one of the largest spendings for sure also, crypto exchanges are one of the most targeted by hackers around the world binance, we are the most targeted because we are the largest. we do spend a lot. it is very fundamental without security, there is nothing else that is the most important pillar we need to invest in. >> one of the pig evident questions is is crypto a currency or investment i would never spend part of my stock to buy pizza or burrito. would you use bitcoin or other cryptocurrency to buy burrito? >> i do. i often do use to buy things i don't sell to u.s. dollars and buy stuff. there are two concepts here. there's the mentality of buckets of money i can use the bucket to store investments. that's my investment i don't spend that that's fine. if i spend it, i replenish it. i can replenish that with cash i would spend anyway it is all the same bucket of money. >> it's not. if you think crypto is going up from here, you would never spend it if i think it is worth more a year from now or a month from now even or ten years from now, why use something that is more valuable than a dollar >> that's assuming you have dollars. i don't have dollars everything is in crypto. when i need to spend money, i need to spend somewhere. i'm holding crypto when you spend crypto, you don't need to think about selling crypto crypto is my money >> you are a rare person walking around with no cash. just crypto. most people are using cash to buy crypto it is weird to look at it as a currency and investment when if you are a true believer and it is going higher, it is not making sense i get in your case you have no dollars. you have to convert something or spend something to do that of the system >> you can keep a portion of the spending money in crypto so you can pay for things remote across the world which is cheaper in crypto buy a burrito. i'm a small percentage of people there are a number of us i know quite a lot of friends who do this. it is a balance. >> thank you very much we will check in with you soon. >> thank you so much for having me. >>> a day of celebration as queen elizabeth ii is the first british royal reigning for 70 years. we have cnbc'sania bryer tania, a big party today how is it going so far >> reporter: becky, good morning from london. it's going fantastically well so far. right behind me, of course, you see buckingham palace. you can hear the noise and music. what is happening right now is the trooping of the colour all of the royal family are watching as prince charles inspects the guards behind me. after that, they come back to buckingham palace where her majesty will be standing on the balcony with the working members of the royal family which means not prince andrew or prince harry or meghan. after the balcony, what will happen is a fly past, a special fly past it will be six months of 70 aircraft from the royal air force from navy and red arrows for her majesty. she, of course, is 96 years young and celebrating 70 years of reigning here in the united kingdom. >> tania, we are watching and celebrating. we wish you well party on >> reporter: thank you very much. >> we were talking 70 years reign incredible you

. >>> through the month of june, cnbc is celebrating pride month. here is cnbcstin famolari >> i identify as a transgender man, but live closeted it is a different world today. when i did this process that was not the case the goal was to transition and to just be part of society h gen glad that's changed itasiv me the freedom to be who i am. hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership. >>> welcome back to "worldwide exchange." futures indicating a slight bounce compared to what happened yesterday at the closing bell. steep losses dow implied h

cnbc news break >>> here is your cnbc news update this hour ketanji brown jackson was sworn in as the supreme court's 116th justice at a small ceremony earlier today. she becomes the first black woman to sit on the nation's highest court. the final set of rulings were set for the final term he served nearly 28 years. >>> police officers fatally shot an emergency room patient outside of dallas. police responded to a call after a nurse spotted the gun. the patient fired the weapon when police confronted him no other people were hurt and the incident is still under investigation. authorities are still looking for a motive >>> and patrick leahy, third in the presidential succession line, undergoing surgery for a broken hip doctors recommended the operation after the 82-year-old senator fell at his home last night. he will receive physical therapy treatments and is expected to make a full recovery that's the very latest kelly, back over to you. >>> let's get out to kate rooney what's happening >> reporter: ftx is closing in on a deal to buy blockfy the price tag $25 million, with an m, a drop compared to blockfi's last valuation of $4.8 billion. the term sheet is almost over the finish line. expected to be signed by tomorrow it may have been a catalyst for getting the deal signed. multiple offers were on the table. "the journal" reported ftx was seeking an equity stake. an outright deal was in the works. the fire sale, kelly, comes a week after ftx gave a $250 million emergency loan to blockfi. billionaire ceo of ftx has really been seen as a lender of last resort. they provided a $500 million loan to voyager, another crypto lender the latest fallout they are pretty much getting wiped out. writing off the value. blockfi had raised almost a billion dollars in funding >> kate, how deep are ftx's pockets and why have they emerged as the one with all the dry powder here that can now potentially roll up half the industry >> such an interesting question, kelly. we don't have a lot of insight into how much cash is on at least the balance sheet for ftx i'm told is a profitable company. coinbase and robinhood have seen a slowdown you would think that would be a hit in terms of what they could afford i'm told that might be a reason they may not be able to afford a robinhood deal they have been doing m&a and shopping around here and likely taking advantage of the drop in valuations and the opportunity here also seen as a life line for companies that don't have the fed. he's been seen as propping up some of the companies. a failure of a big crypto company not seen as a great thing could really weigh on his business as well >> it's fascinating. so many echoes of history whether it was the original jpmorgan or the financial crisis very active with the space under pressure kate, thank you very much. our kate rooney reporting. >>> still ahead, the renaissance ipo etf, names like robinhood, down 50% and for a lot of components it's even worse this name down 70% year to date. why does my next guest say it's a buy? a special ipo edition of 3 buys and a bail straight ahead. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. >>> welcome back 2022 has not been kind to many corners of the market. it's been especially brutal for recent ipos. the renaissance ipo etf down 48% this year. it's on pace for its worst quarter ever and nearly 30 names on the list are down more than 50% year to date so where are the opportunities joining me now cnbcontributor steve grasso, and he has 3 buys and a bail for us today. three names at least the ev truck maker, $100 billion, down 74% this year with supply chain and inflationary problems you say it's a buy why? >> well, i still own it so it would be inconsistent if i didn't think it was a buy and maybe it was you have to realize, though, kelly, when it did come out ipo we were in a completely different market environment we were in a growth phase. we were in buy any growth that you can get your hands on. so was it mispriced? i don't know maybe it wasn't for the environment but it was poor timing so now when you look at it what's been the major head winds for it production so they have to figure out how to produce more vehicles seems obvious but what most people are worried about is cash they have $17 billion in cash, kelly. they have enough to last through their growth phase all the way to 2025. that, to me, should be more than enough time to get production in line, to get into a better

watching "squawk box" on cnbc a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. >>> welcome back to squaufx on cnbc 2020. meanwhile, the dow down 11 of the past 12 weeks in the entire h history of the index, that has never happened before. >> records that you like to see? >> yeah. >> setting new records >> says it's never happened. >> before theis >>> on february 1st with the nasdaq down 9% on the year, our next guest says it's way too early to say this is the bottom. >> i think stwha too early to say is this the bottom we came into the year december 28 saying we expect a 20% selloff in the s&p 500 from peak to trough when all's said and done in that environment, tech gets hit the hardest, because they have the highest multiples >> how right he was. back with us now is dan niles. the founder and senior portfolio manager of satori funds. and we have seen an awful lot of pain unfortunately, you don't think that we've seen the bottom yet why is that? >> well, i think you have two things you have to focus on. the first is you don't want to fight the fed. and the fed is going to have to be the most aggr

cnbc. is trading day next, with cnbc. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. to help prevent bleeding gums, try saying hello gumwash with parodontax active gum health. it kills 99% of plaque bacteria and forms an antibacterial shield. try parodontax active gum health mouthwash. (mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love. [♪♪] on america's most reliable 5g network. for comfortable underwear that also helps provide protection from bladder leaks... try depend silhouette. designed with depend's smoothest fabric, the unique shapewear technology adapts to your body, providing invisible comfort and unbeatable protection. try depend. men put their skin through a lot. day-in, day-out that's why dove men body wash has skin-strengthening nutrients and moisturizers that help rebuild your skin. dove men+care. smoother, healthier skin with every shower. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. >>> time now for business news. for that, let's bring in cnbc'sre rising this morning following a moving day to start the week. what should we be looking out for today? >> yes, good morning. well, yesterday, the incredibly strong market we saw at the end of last week came to a halt. we saw all of the three major indices ending the day slightly lower. as you said u.s. futures are pointing to a modestly positive start today to. put it in context, the s&p 500 is on pace for the worst first half since 1970. investors are looking out for u.s. house price index for april, consumer confidence for june and fresh figures there and a richmond fed manufacturing index, is due out later today and we will have the central bank commentary, with investors looking out for any clues about the fed and central bnk bankers around the world. and gop perspective, looking at a close eye on madrid as may nato has a summit. >> and better than expected earnings for the fourth quarter for nike. it looks like we are still out there dropping money at least on shoes, despite in

cnbc news update >> welcome everybody to your cnbc update for this hour. >>> a government advisory epanel meeting to decide whether to recommend moderna's covid-19 vaccine for school-aged children and teens. they'll vote whether it's safe and effective enough tagive to kids 6 to 17 shep will discuss where things stand for vaccines between six months and five years. >>> a third of the u.s. population is bracing for dampgerous, record-setting heat today. the national weather service issuing heat watches and advisories for portions of the midwest and south with large swaths of the country expecting to see triple digits >>> and serena williams is returning to wimbledon this year the all-england club announced williams was awarded a wild card entry for singles. it will be her first tournament appearance since she retired in the 2021 wimbledon opener after suffering a hamstring injury good to see her back >> absolutely. >>> still ahead, down but loved. a look at stek stocks with the most buys. we have the stock wbz stats and strategies ahead and cnbcnth and featuring teammates and contributors here's army founder and ceo. >> making sure that people never feel alone is so incredibly important because it's something that, when you're growing up and you're in the closet or come out of the closet and you're not in an environment supportive of you, it can be really lonely i'm really proud of our community for being so inclusive and so warm to all of us because we all need each other at the end of the day i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> welcome back to "the exchange" everybody. three stocks down at least to 20% this year with positive free cash flow yields and analysts more than 20% from here we have the names, stats and strategies for each one of these. let's start with marvell, trading around their 52-week lows here with the stats, we welcome christina and with our trades, cio and cnbc contributor kristina, what about marv

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cnbc >> announcer: this cnbc program is sponsored by ib m. ibm. let's create and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life. that's life well planned. >>> welcome back wedbush senior analyst dan ives has a comment, but we start with elon musk who is pausing the company over the super bad feelings about the economy dan, good morning. this is something we are paying attention to it comes after jamie dimon's potential hurricane on the economic horizon is this the canary in the coal mine this is what we are seeing in china. zero covid it has been a debacle in what musk and tesla are seeing as well as others in china and the delivery extrajectory will softn i think demand is out pacing supply goblobal aglobally he is setting the tone this is the knee-jerk worry with musk talks this is going to have a ripple ef effect >> dan, is this an indication of the severe lockdowns in china with the ability to produce cars or is he seeing something on the demand side of the picture, too? any thoughts or anything you heard that can tell you about the demand picture looks like for tesla and other evs at this point? >> right now from the demand perspective, although this weekend, we still have demand out pacing supply at tesla by 30%. i don't think it is a demand issue in terms of that sense now, in terms of china and zero covid, i think that is 75% of the reason that's the hearts and lungs of tesla when you think about the demand perspective it is about 40% about production this is alsoing something you will see pockets of spending in austin and berlin. this is a different musk in mid-april. the one that bought twitter at $54.20 this really is starting to see a different tone from musk that is reflected from the stock and what we see in china >> this stock is down 30% year to date. has this been baked into this? is this something investors sniffed out before we got the comments >> you have the knee jerk negative today this is pretty much baked in we talked about deliveries missing from 15% to 20% because of china now the focus on june. this is musk trying to get ahead of it. no doubt definitely a different tone and we have to see how the picture shapes up in the second half a lot of frustration coming from china because that is the hearts and lungs of the tesla story >> let's shift gears and talk about apple. the conference coming up next week we wait to see what they will un unveil we know there is a new operating system and other things expected what are you most interested in seeing from the meeting? 12k3w4r of course, the software upgrades i think the biggest news is on two fronts the ar-vr vision this is what i believe is the bread crumbs they drop to apple glass. the arv head set that will be released later this year or early 2023 i think the news in our work is apple has won that sunday ticket package for nfl and the directv that expires this could be worth $2.5 billion a year this shows cook and cupertino betting on live sports content that could be announced next week i think that is something that will be significant in terms of the apple story sdp >> the apple store i is the retail stores. it looks to apple appeasing the workers having 12 hours off between shifts you won't have to work more than five days in a row versus six. those are ways to try to stave off unionization what does that tell you? does it offer concerns if it pays more, does that have concerns for the profitability for the company or are these things the company should be doing? >> cook continues to be a tactician. that is the dna of apple in terms of why so many want to work there from developers and retail stores. i think they are getting ahead of this. they are listening to employees. that is the important part of the apple company and the developers it is smart with the employment picture. from the margin perspective, they generate more cash than some countries they have the flexibility. i think with what we will see next week, they are in the position of strength despite the category 5 storm that is on the horizon, economically speaking. >> stock down 15% year to date do you buy it here >> to me, it is a table pounder here sentiment is overly negative relative to street underestimating the demand picture. you look at the china picture, we know the supply challenges. we have seen improvement on the supply perspective slightly better than the rest. the iphone 14 and services this is a stock that is the rock of gibralter stock we own here that is why it is our top pick. >> dan, i tweeted out the other day and i'm a big music guy. i said apple is a great company. it does many things well apple music is not one of those things it needs to be fixed it is a jumbled mess emails are weird when do they focus more on the services side and on the consumer services side you talked about the tv with nfl. "coda" is a spectacular movie. what about the other things? they don't feel apple-ish. >> we go back to the stock apple services is actually the most under estimated and under valued part of the story $1.3 trillion to $1.5 trillion that is in the revenue growing in the mid teens it is about the modernization of the install base that is the difference for apple. if you continue to see is rebust and doubling down on the tv side if you look on the app store, it is the bark worse than the bite. they continue to just beat expectation on the services. that is important. you combine with product that is the difference with the apple story going forward. that is a big part of the valuation and why we have a lot of comfort on the risk/reward sdprisk/reward. >> dan ives, thank you. >>> on deck, call it buy now pay never. why the micro credit he space is looking shaky as debt piles you will and later on, congress member josh gottheimer will join us for his proposal for taxpayers in massachusetts and new jersey and new york and maryland. the federal cap on state and local tax deductions known as s.a.l.t. a big issue. we are back with more and that on "squawk" right after this 'd crunched numbers day and night. that's it. to maximize profitability. morning. i have quarterly numbers that are beautiful. and forecast revenue from every corner of your organization. is that important? or you could use workday. the finance hr and planning system that helps cfos make better decisions faster. for a solve problems like a genius world. workday. for a changing world. if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp, is spread equally across the s&p 500, which reduces potential concentration risk and helps keep your portfolio in balance. stay in balance with invesco's rsp. in two seconds, eric will realize (laughs) they're gonna need more space... gotta sell the house. oh... open houses. or, skip the hassles and sell directly to opendoor. wow. get your competitive offer at opendoor.com >>> welcome back consumers have taken on a lot of credit card debt this year rising to $841 million in the first quarter. that is not the only way shoppers are spending in the buy now and pay later space of klarna it is a space where people are taking on massive debt we have sharon epperson with more >> brian, these point of sale loans are a force in retail spending they allow consumers to buy on the spot and pay later in installments 35% of consumers were considering using a buy now pay later loan in may according to lender tree. in april, 42% of users admitted they paid late on one of those loans. kenneth lynn of the company credit karma says these products create a major issue with consumer debt burden buy now pay later don't report to the credit bureaus when consumers use these loans. >> the challenge there is, well, you don't know if you have ten other loans or one other loan. that makes a difference in terms of how much you should loan and how much you potentially could pay back as soon as you start slipping back, you might be in the situation where that debt snowballs and you lose control >> ken lin says that's when people get into deep trouble, brian. >> a lot of questions, sharon. first off, what happens when the debt is snowballing? we had kevin on earlier this week and they implied they can't come after you what is the story? >> there are several things that can happen they can charge you fees and they don't have to lend to you anymore because you are someone who has not paid back or do something where they heare reporting it to the credit bureaus. there are several ways to go about it they will come after you to get the money. the question is how that will happen and the impact that could have on your credit history or score or fees you have to pay because you made the late pay payments >> is it good for credit scores or bad are they checking your score on a klarna payment >> here is the issue they will not build your credit. younger consumers thinking they are building credit. that positive history is not reported to the credit history actually what they are doing is report a default or ide dling w you don't pay. >> i would never advise this buy a few thousand of goods and stop making payments they can write you a harshly worded email >> i mean, the issue is, brian, is why people are using buy now and pay later. they can't afford it any other way of the it becomes an issue of how they will get that money and the companies get that money from them and what will happen to the companies if people are not going to be paying >> it feels like college, sharon you know, i remember people want to be your friends and give you a discover card when you are a sophomore in college sure no fees. the next thing you have $5,000 and you wonder what you did. this could be a mine field for a lot of younger people. i can afford $25 a month next thing you know, you have $400 in bills a month that you can't afford sdp. >> absolutely. you are not tracking it the same way because you are using the buy now pay later product and it is not all together. those are the tools the companies are working on like credit karma to make sure that consumers know where they are using this credit and they can keep track >> i want to ask sharon and becky a deeply personal question dr. phil here, sharon. deeply personal. i will say yes to my question. did you ever fall for the 12 cds for a penny? >> yes, columbia >> that's why she's the personal financial reporter >> i was 14 at the time. >> they ended up winning in the end. you factor in the 8 you had to buy. they were $25. >> good luck finding me. i'm a minor. >> this is it, sharon. the scofflaw rebecca quick on the lam from columbia house >> i bought it for a while and we canceled it my mother was curious. it was a good deal >> thank you, sharon. >> take care >> i guess if you don't pay back. >> it was $19.99 >> here she is, colombia house, 555 main street. >> you can't extend credit to minors >> not minors. >> they are doing it to dogs fido put your paw print here. >> my dog is on my mortgage. you want to read more? go to cnbc.com/invest-in-you >>> when we come back, a new cnbceport found tesla hired a pr firm to monitor its employees on social media. this is amid a push overworkers unionizing that story next. >>> and as we head to break, let's look at yesterday's s&p w winners and losers thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back. 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comcast business. powering possibilities.™ >>> welcome back to "squawk box. a warning signal in the bond market the 2-year treasury and 10-year treasury is looking to inversion. let's bring in the next guest. michael. it is a hard word for me, mike kontopolous. the question we would ask and beyond the market is tripping here is if you are jay powell, are you thinking 75 or 100 what are you thinking? >> you are thinking 75 the more important thing is what are you thinking in the future i think every meeting from here on out is a meeting that the market should expect 50 basis points until you see consumption come down or inflation fall meaningfully there is no reason not to hike 50 basis points. they may signal that the poor guidance is part of the mechanism. they may say we need to do 50 points here on out with 75 in june that is reasonable >> what is the chance it is 100? >> it is small that it is 100. what we are seeing is enough tightening effect where they don't need to go 100 off the bat. that is the point. the point is to tighten financial conditions how do you do that higher yields and lower equity prices market is doing a fair amount of the job for them you also need credibility. surprise the upside and don't go to the point to tank markets like they had the last couple days. >> when do you think the wealth effect or lack of wealth effect impacts the economy and does the work they hope to achieve? >> the interesting question of higher rates to the real economy has been less than some time prior to the global financial crisis, 40% of mortgages were variable rates you deparidn't have the consume cash on balance sheets as the fed hiked then, the transmission mechanism was clear. you had to pay more on the debt. today, it is much less clear most variable rates. incredibly low interest rates. for the next 30 years, the consumer balance sheet is healthy. it has to be through significantly higher policy rates that prevents borrowing or the mechanism needs to be risk assets falling hard and perhaps the housing market falling hard. that having a wealth effect and brings in consumption. that is not yet. >> what would the target be in your mind with markets and real estate how far is too far is there a politically palatable number that makes sense for jay powell >> this is not 2018. i get asked all the time what is the flesthreshold? in 2018, they were not fighting fl inflation and now they are it is not dictated by stocks. especially with cryptocurrency the threshold for pain is credit markets. if the credit makrkets seize up that's when you see them pause or slowdown. i think that is still quite some time away. so, i would not look to the equity markets as the signal for the fed to start backing off the pedal. it is more credit story than anything else. they will go full bore until the credit story blows up. >> it has yet to hit the real estate market in a maneaningful. when you think it does and what it takes to start to move that market >> you are starting to see the signs. you are seeing construction slow and inventory hit the market again. we are not there yet it could be another six months or 12 months before you see meaningful effect in the housing market we talked about the curve a little bit earlier the curve is just starting to invert that is a 12 to 18 month lag until you have recession let's push it out to 18 months the housing market has room to run here people are stip gll go out and homes and hope for a little calmness in the market that could take time let's call it by the end of the year and next year with a situation where the housing market starts to pull higher mortgage rates sdp. >> mike, we will leave the conversation there i want to say i hope you are right. i hope you're wrong. thank you. i appreciate it. >> thank you >>> we'll go to break. checking out the vix and what we can expect today that's a problem the vix hasn't shown enough fear i figure we will get fearful today. what do you think? 33 >> it has been orderly let's start adding up the declines from last week. 600 points on the dow. 880 on friday. this morning, you are looking down potentially 560 points. we will see. >> before things get started >> before the fed meeting kicks off tomorrow and we hear from them on wednesday. >> what do we predict on the vix? it was at 33 i wonder what it opens today we have plenty of time we are not getting to the weekend. >> although next monday is a three-day weekend next week. >> really? what is it >> juneteenth >> monday and -- >> i'll hang on to that thought. >>> coming up, more on the global market selloff. we take you live to london for a look at the biggest movers overnight in europe and asia >>> still to come, the cryptocurrency carnage with anthony scaramucci "squawk box" is coming right back your projects done right . with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. >>> welcome back time for the executive edge and a close look at the selloff in the overseas markets julianna tatelbaum is joining us live from london give us what we should expect h here, julianna >> joe, if the asian session and start of the european session is an indication, it is a tough start for the states more than 3% worth of losses for multiple indices in japan, korea and hong kong. all of the markets in the region saw losses of 3% a combination of fear stemming from the flags in the states and the interest rates paired with the covid situation in china in europe, losses. the german market down 2%. french market down more than 2%. similar pull back for the ftse 100 in the uk. in terms of sectors, we are seeing outsized selling in basic resources and autos. on the flip site, a more resilience in the defensive and food and beverage. that sector still in negative territory. >> we are global, no doubt, in terms of inflation and all of the problems the world is facing a lot of issues at the same time. we appreciate that report. maybe we'll make a stand over here, julianna, and maybe the rest of the world can do better tomorrow maybe. >> that would be nice, joe >> we'll see see what we can do >>> we are not doing it yet. let's look at the futures here if you are waking up, you have to check this out after the declines on friday the bad day on thursday. those declines are continuing this morning dow futures down 563 points. s&p futures off 88 nasdaq down by 329 multiple percent on each. >>> when we come back, the events to watch in the trading week ahead the squawk planner is up next. >>> we are celebrating pride month in june. here is our senior producer. >> the most important thing i want people to know about the lgbt community is we are everywhere we are ceos, actors, doctors, lawyers and football players and journalists. we are also appreciative of the many lgbtq trail blazers and allies to create change in the community. we are not going anywhere. we will continue to stand united in the face of injustice until we are all treated equally under the law. >> announcer: executive edge is sponsored by at&t business at&t 5g is fast, reliable and secure the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i promise - as an independent advisor - matchto put the financialtion. well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com >>> good morning welcome back to "squawk box. we are live from the nasdaq market site in times square. the pain continues this morning after the rough sessions after last week. that's not the case. more concern with the dow futures indicated off 560 points the nasdaq down by 329 s&p off 88 if you look at the percentage changes, you will see it is significant pain which continues to come. last week, the dow off 4.6%. s&p off 5% nasdaq off 5%. those percentage losses this morning are also going to be adding up with the point levels. 10-year treasury is yielding 3.23%. that is a jump in the yields across the board everything is higher 2-year treasury at 3.193%. the 5-year is 3.376% 30-year treasury at 3.259% >>> cryptocurrency also adding up with the pressure from one market going to another market a huge issue with celsius. a lender facility is saying it will not let you take coins out. that created a mpanic. bitcoin is below 25,000. ethereum off 16% you see it across the board with all of these anybody who was hoping to sell one thing to pay off margin losses on another. this is where you see the acceleration hit this is all happening as government regulators are looking at how to figure this out. the senate is trying to figure out the regulation a lot of pain in the meantime to cryptocurrency. >>> the squawk planner it is fed week jay powell and company set to meet tomorrow and wednesday. market rate hike expected of 50 points we h are talking about 75 and j cramer is talking about 100. the reports on retail save saled imports and jobless claims oracle will report and kroger as well and adobe reporting thursday afternoon. >>> on the agenda, gm's mary barra is talking about what will payoff for the industry. phil lebeau has more >> it comes down to whether or not you believe gm will ultimately raeap the benefits fr the electric vehicles. we won't know that for a couple of years we in the middle of gm plowing money into plants and battery capacity all of that is in the background as the company holds the annual meeting. heck of a time for the annual meeting. shares cut in half in 2022 when it comes to electric vehicles, that is the story for gm it is a very small part of the company at this point. it is going to be the future they have limited sales so far that is one criticism out there. they waited too long the battery plant opens in northeast ohio in the next couple months. the production ramps 2023 to 2026 that is when we find out if gm has the portfolio to become a true player in the north american market. the ev market share right now is 4.6% of all vehicles sold in the u.s. in the first quarter were electric vehicles. it doesn't take a rocket scientist where most of the buyers are going tesla. hyundai and volkswagon and ford have some. they will increase as more vehicles roll out. this is tesla's market gm and ford and stellantis with year to date numbers a lot of people say they can't sell suvs and pickup trucks right now. they are selling them. that is because the production is so low because of the chip supply, it hasn't yet cut into the core of people who are still looking for those vehicles those sales are still there. they are not where they were if it was regular production. you understand what i'm saying high gas prices will cut into demand if you had a regular market we don't have a regular market right now. we have a limited market and as a result, we're not yet seeing production cuts with what limited production and the big three with suvs and pickup trucks so-called gas guzzlers they are more fuel efficient than 5, 10 or 15 years ago. >> that is interesting demand is out stripping anything they can do with demanded crushed by higher gas prices i was thinking about that yesterday filling up there has to be a point where people say no more >> you bet there will come a point, becky i talked to a number of auto dealers last week. i asked what are they hearing. they said the same thing so many people are out looking for a vehicle. they may not be crazy about what they're seeing with gas prices, but they want a new vehicle. they would love a hybrid there are no hybrids out there when i say no, limited supply. evs? tesla. a couple of other options. limited choices right now that leaves people who want a vehicle, what is my best option? if i buy a crossover, you get better mileage than suv or perhaps a full sized pickup truck. remember, the fuel efficiency is better than it used to be. not great compared to an ev or a hybrid, but it is better >> i saw overnight elon musk commenting on a tweet thread talking about how model y, if you want one, you can't get one until february of 2023 he said they will try to ramp up how quickly they can produce them because there is so much demand at this point >> that's the beauty of the gigafactory in texas that is where they crank those out for the north american market becky, this is anecdotal over the years, i learned what doesn't lie. tesla on the road. my gut tells me the q2 production and delivery numbers are impacted because of what is going on in china. they don't break it out by market i do think tesla is really doing well in the u.s. you see more on the roads. >> we call that the phil lebeau take on shakira. not the hips don't lie, but the eyes don't lie >>> coming up, not the model s all those cookie cutter -- whatever gas prices topping $5 a gallon for the first time in america. crude is pulling back this morning. we dig into the energy move. >>> later, taille of the tape katie stockton talking about where the low might be headed. "squawk" will be right back. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> welcome back u.s. equity futures are about where we started 317 on the nasdaq. tough sessions on thursday and friday on the percentage basis, another 2% tacked on to loses on the s&p. almost 3% to the nasdaq. the average price of gasoline topped $5 a gallon over the weekend for the first time ever. joining us now is goldman sachs head of energy research. you think $5.25 or $5.50 is the high, damian you think we're pushing up in the next couple months at what will be the terminal high? >> we think brenices have to go higher another $20. you look at the u.s. gas market for example, it is remarkable the last few weeks are positive despite the high prices. it under scores the momentum on demand it is resilient. that is why the market is taking higher prices for the market to reach a balanced state >> which will be -- give me a ballpark we won't hold you to it. will we hit $6 average >> 10% or 15% higher that would be shy of $6 the main risk you have to keep in mind is when you are at low level of inventory like today in oil, the risk is you gap to the% up upside that risk at some point and supply is too low. you have to hit that point of demand destruction not the base case, but the risk you cannot overlook for the summer >> and how do we gauge that? what determines whether -- i guess what determines the elasticity with the american traveling public are they flush from stimulus have they spent that how is the savings rate? do people want to go on vacation so badly that they will do whatever it takes or will some people say no, i'm not going to do this. >> the demand destruction is a process. the key is what you describe heading into the summer. your disposal net income is elevated by shrinking and still sufficient to support demand furthermore, you look at traveling and flying in particular, either you bought the ticket a while back or after several years of being unable to travel and it will ramp up again. you have to look at global picture. the reopening is not ramping up in asia. that is leading more support to oil demand on the global basis for this year. in fact, you look at the global market and i think the signs of demand destruction are elsewhere than the u.s. initially. the strong dollar is putting pressure on fuel prices in europe and emerging markets. that's where we are trying to find evidence. so far, all we see is demand above supply and inventory coming down. >> in terms of trying to figure out retail gas prices, versus crude, what is the refining picture like right now in the u.s. how will that play into it >> a very good point we have never seen a disconnect with retail trading so far above brent prices what drives that you invest in energy across the board. you are short on refineries. you are running as high as you can on refineries. that's barely enough to meet demand that won't get better for another year as you build gradually with more refineries in emerging markets. that is something to look out for. that is the problem. any hiccup at the refinery, like one in europe over the weekend, means you are further falling low on inventory you have a hurricane season that is a risk in the u.s that's important because you could have all of a sudden more crude out of the ground, but it doesn't solve what the consumer is facing at the pump past the refinery that takes more investment and higher financial incentive to ramp up. >> damien, if there were still energy producers that in the last year or so, last two years, we're hesitant about long-term projects with the uncertainty involved and didn't know if they he wanted to risk capital. is that changing now is that too attractive to not go for it every other time we see high prices will cost copper production to increase it has always been that way for all commodities. price gets high enough and people will rush to produce and it brings the prices down. is that happening this time or is this a headwind where people don't feel comfortable with the long-term prospects for fossil fuels or do they go all out? >> the last point you made is key. we don't know what oil demand will look like 15 years from now. most of the payback or returns or the long-term period. the energy transition or uncertain policy that will accompany it, is it renewable or support for hydro carbon the short-term returns are better, but doesn't solve the long term. when you look at investment slowing, it remains short cycle. that remains mostly shale around the world. the u.s. on a multi-year horizon has a lot to provide the world despite the uncertainty. to a short cycle producer, you are seeing a compelling reason to invest. that takes time. it is not immediate. refinieries are harder you can make small improvements, but you have to wait for other countries to ramp up other refineries. >> there may be feet dragging. that could keep us high longer than in previous cycles. >> multi-year investment we under invested for ten years. demand is still rising that takes another life. think of the 2000s as a cycle and then the 1970s now this one we have to have the energy we consume and where we want to move especially when you think of energy as a share of market cap for example in the s&p we're single digit and average in the teens that is what we are he looking >> damien, thank you we will need you in the future don't use your phone we'll be calling >> happy to help. >>> we get back to the selloff in a minute. a few of the other headlines google agrees to pay $118 million lawsuit claiming they discriminated against women in paying promotions. the lawsuit brought back in 2017 by three female employees. the company placed them in lower job levels than similarly qualified men leading to lower paid they were denied promotions to transitions to other teams that led to better career advancement. that is covering 15,000 employee whose worked at google in california after september of 2013 google did not admit wrongdoing as part of the settlement which still needs to be approved by a judge. >>> the fda said yesterday that three doses of the pfizer covid vaccine were effective at preventing symptomatic disease in children under 5. there were no safety concerns in using the vaccine compared with older groups it is a sign they are clearing the covid vaccine for children under the ages of 5. joe. >>> the latest chapter in the "jurassic park" series took the top spot at the box office >> going back from the last one, we accidentally brought them back to america. >> you know it is made by a fabulous company >> yes yes. yes. and we're seeing it an again and again. >> universal parent company of comcast. >> "jurassic park dominion." that's not it. "jurassic world dominion." brought in $143 million in ticket sales in the debut weekend. it is owned by universal our parent it has sam what's his face in it and laura dern i think they ron howard's daughter back in it and that hunky guy from -- that guy's in it >> great film. >> we will talk about "top gun" which is just cool >> i was late to the game. i saw it that weekend. >> it's not that late. >> becky hasn't seen it. >> it was awesome. whatever they say. it is that and better. crazy. >> nothing you can point out hollywood's so an knoying >> no cheese >> i don't mean cheese none of that >> it gets your mind off the markets. if you are waking up this morning, we are under pressure again. when we come back, we check up on surging grocery price as well with the ceo of stew leonard's "squawk box" is right back >>> welcome back let's look at what is happening this morning you are seeing continuing pressure even after the decline of friday and thursday the dow futures off 534 points believe or not, off the worst lef levels this morning. nasdaq down 318 a lot of this is due to the food prices out on friday joining us now to talk about what it means for you at the grocery store is stew leonard. the president and ceo of stew leonard's. good to see you. i'm sure the 11 point increase is not a surprise to you people are wondering what is coming next. what is in store for your price for food >> becky, it is the retailer that is important. because the way i explain it to everybody is like stew leonard's, one of the dairy farmers and customer are all at a restaurant together and the check comes. what we've done is said why don't we split it. that's how we approached it. you haven't seen price increases on everything. we're holding butter and ground chuck. just like costco with chicken. we are holding the price on that although the costs have gone up. today, you can see it from the suppliers that their costs have gone up. look at the diesel fuel to put in the tractors and fishing boats. >> what are they telling you in terms of what to expect a month from now or two months from now as they start laying contracts out? how much more food inflation will we deal with? >> i think you will see it in certain spotty areas lobster prices soared the last couple years to record levels that we've never seen before ever we're starting to see he them come down. we were just in kansas city with the ranchers out there they are seeing the beef prices now stabilizing. i think a lot of the numbers you are seeing on the news right now are lagging to last month or so. i feel right now the seas are calming a little bit right now. >> that's great news >> i think we're at the tip of the wave here. it will hopefully stabilize or get a little bit better in the future >> stew, that is the best news we heard all morning >> i'm just telling you from on the floor at the store here talking to suppliers i can't argue with all of the numbers you are putting out there that the expert economists are talking about. that is what we feel is the ground game here at stew leonard's. >> you are on the frontlines you have a better idea than anybody doing this from the economics point of view. in terms of the higher lobster prices, is there a point where people say forget it and i'll not buy it and are there other items that reached that? >> we see people buying what they need and not what they want you know, they are also very cautious about what they are buying you are right. the price of lobster goes up and they will switch over to less expensive. maybe eat more shrimp or salmon. they will switch you see that happening in food right now, chicken prices are higher than the ground beef price. more expensive to put chicken breast on the grill than hamburger. i've been doing this for 50 years now and our family business and i've never seen that happen before >> stew -- >> yeah? >> go ahead. >> there are crazy things going in the markets today that we've never experienced before >> stew, i want to thank you for your time this morning that gives us a bit of bright news and a little bit of hope. thank you very much. >> becky, can i one second my wife and i lost a little son to a drowning. i wanted to say to the listeners, be safe around the water this time of year with the kids. >> stew, a great reminder. it was your son, stewy >> be safe have a great summer. >> thank you, stew >>> coming up on the other side of the break, anthony scaramucci will join us to talk about the morning's cryptocurrency carnage. bitcoin at $24,000 let's see if it goes higher or lower from there the price of bitcoin $24,000. "squawk box" is coming back right after this girls... the chess club has gained an edge on our bake sales. we need more ways of connecting with customers, fast. i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech. that could really help us manage inventory. and save us a ton of dough. then let's take back our market share. checkmate, chess heads. girls, i said “bedtime”! >>> global stocks under pressure asia selling off overnight europe opening in the red and the s&p now looks set to open in bear market territory. we will tell you what major wall street firms are saying about the moves. >>> crypto crushed $200 billion wiped off the market over the weekend and down big this morning among the guests this hour is skybridge founder anthony scaramucci >>> a big week for the fed jeremy siegel will join us the second hour of """""squawk starts now >> good morning. welcome back to "squawk box" here in times square i'm andrew ross sorkin alongside rebecca quick and joe kernen we are using the word selloff. the dow off 516 points nas ddaq down 317 points. s&p off 308 points a lot of people are waking up to red arrows across the board. some laggards in the dow you are looking at nike down 3%. salesforce down. visa, apple and walgreens boots. and check out the nasdaq you will see the big names there. marriott and docusign and crowdstrike and others we are watching crypto bitcoin is taking a bath this morning. you are looking at it falling now down below $24,000 bitcoin. anthony scaramucci will join us later this hour to see if he is buying on the pressure because of the news over the weekend about celsius holding back or preventing people from selling their bitcoin. that now at $23,962. >>> oil this morning let's show you the boards there. a lot of folks felt it over the weekend at the pump. wti crude at $119.13 everybody is watching gas prices this morning after the national average topped $5 for the first time ever over the weekend >> there is a half empty and half full. >> you are going half full give it to us. >> if it hadn't been thursday and friday >> yeah. >> we put up the percentage losses today off the averages we go bad. 2% it's 2%. it is not -- you add in thursday >> on top of >> on top of the averages last week >> 5 for the s&p >> let's do percentages from now on we don't want to sugar coat it >> a couple percent today. >> yeah. we're used to that 500 points is not what it used to be. if we stick with percentages -- i thought it was interesting seeing marriott there. that is not a lockdown thing that's things cost too much to go anywhere, i guess that is where you are worried about prices get too high to actually travel. outside inflation, you don't need the fed to overshoot. inflation can cause the slowdown. >> and kill demand a lot of people had holiday plans booked in for the summer i think if you look beyond that. >> we talked about it. i was looking at coach commercial domestic fares to ski next year. $2,000 i got a family of five think about that >> you are not a last-minute person >> no. this is me looking out in 2023 i'm thinking, i'm not doing this trip >> you are not talking zurich. >> no. this is a new york to salt lake city flight. new york salt lake city. >> great snow. >> it is great snow if you can afford it. we will go to dominic chu who has the pre-market movers. looking in the wrong direction. >> yes, it has been that way most of the morning. that hangover from thursday and friday continuing today. you mentioned some of the big nasdaq 100 laggards with docusign and marriott. percentage basis bad in the overall picture. we want to focus more on the market cap perspective heavyweights with the nasdaq and 100 and s&p 500, these are the stocks with the impact on what happens with trading today at the index level. we look at apple and microsoft and alpha bobet and amazon and tesla. 2.5% loss for apple. 3% for alphabet. 3.5% for amazon. tesla down 3% as well. if we look at percentages. that's the mega cap technology and adjacent trade that will drive a lot of the market action in the nasdaq. also, when we talk about the rising rate environment, financials are in focus. a rising rate environment and we should do better we have not seen that materialize. in trading today, no surprise perhaps in the down market that jpmorgan chase is down nearly 2% 2.5% for bank of america citigroup down 2%. morgan stanley and goldman sach posting losses tech financials not doing well with if you look at some of the outlooks that have come from wall street over the past weekend, given the market narrative and rate trajectory, we have seen mike wilson over at morgan stanley point to the evidence of the slowing growth environment and risk to earnings we think the s&p is headed toward 3,400 before the tradeable low is in. to give you an idea, you are seeing the s&p close at 3,900 on friday that implies 13% down side if mike wilson is correct and we get to 3,400 something to keep in mind. go to goldman sachs. david kostin he talks about earnings. if the eps estimate moves to $225 for the s&p halfway to the recession scenario of 200, up 14 times price to earnings, brings the s&p to 3150. using the 3900 close from friday you are talking the down side of 19% from current levels. some moves coming in with wall street weighing in where the down side could extend the crypto here. put it up one more time. bitcoin below the $24,000. we are talking 13 to 20% declines andrew, a lot to think about the targets are interesting because it gives you a scenario where this is not done we have more down side to go >> dom chu, it is hard to say thank you. thank you. >> you got it. >> i appreciate it. >>> let's dig into the selloff and ways to protect your portfolio. we have the head of citi global wealth with us kristin, do you have -- do you have a half full scenario for taking into account on thursday, friday and today is there any glimmer of positive sentiment that you are able to find anywhere? >> i think it is hard to find it if we look at the consumer sentiment at the worst levels in 70 years last week was intense. the last year was inteintense. we have historic anomoly. one potential bright spot is we go back to stocks and bonds decline in tandem. we used a number of 4% it happened five times in history. the six months following, five of the five times, fixed income was higher to the tune of 11% of total returns. seeing the carnage in fixed income than equities >> we have gone from, i guess, a sentiment among players and the fed. we were at transitory. don't worry about it we have it under control we have orderly increases. here is the plot we went to 50. we took 75 off the table all that complacency now we're talking about 100 points we have found religion in terms of realizing we need to go higher and maybe the fed is behind the curve that might be a good sentiment indicator that we all found god. we all found religion. we realize we need to raise rates. could that be as you say a bounce in the fixed income >> the market has done pricing for the fed. we have rate hikes a quantitative tightening. the challenge with the fed is they boxed themselves in the corner not because what they said to the market, but they are trying to solve the problems of the past as opposed to the current once fed has a lag of six months. that combined with inflation which is supply side driven and a lagging indicator. the fed needs to signal they are inflation fighters the green chutes here is the cpi print. we saw it shift from goods to services we sauw within services turnover when we look at the pieces of the puzzle if inflation could come down. it will not come down 3%, but 6% by the end of the year that is where we are moving in the right direction and potentially a pause. >> you are not necessarily a technician, but we have seen the vix not really reflection as much fear as some thought was necessary for what we've seen in the markets. if that continues, does that indicate we've got quite a bit further to go in terms of down side on the s&p? >> the vix is really interesting here i think around 30 -- it is not showing capitulation when we have capitulation, you are talking a slowing of the vix. you see the crossing over the 40 threshold. the vix is one of the curious parts of the market that the selloff has been orderly more importantly, there hasn't been high volumes. when we look at the par participation in the market, you are not seeing capitulation. you see overweight cash to the tune of 30% of investment assets with those very strong cash balances and another bright spot is the consumer in relatively strong shape that is why we have not seen the full capitulation and spike above 40 >> kristen, i don't want to bring this up. something got us to 4600 you know, that's not supposed to happen when the world shuts down because of the virus i can only point to the fed and to maybe some stimulus as well which could mean a lot of it was built on easy money if you doubled from 2300. when we talk about the low of 3200 like it is the end of the world, it is below the pandemic lows i don't know why anything surprises us at this point >> you have to follow the earnings and that situation. you are right. you had stimulus you had a lot of easy money and liquidity coming into the market the market is trying to hash that out in terms of those companies that are profitable versus those are a call option on unknown future of we are seeing that carnage in tech that is creating long h-term buying opportunities the crossroads has to do with the difference with the soft landing and hard landing from the fed and what is possible and if we are in a resilient scenario or recession scenario if we are resilient, the bear market in the s&p which is 20% and that's what you would expect for that type of correction. if we go in that recession scenario, that is where we see additional down side the average recession, you see equity returns that is what the market is hovering around. >> kristen, thank you. kristen bitterly of citi thank you. >>> when we come back, skybridge capital's anthony scaramucci talks inflation and markets and the plunge in bitcoin over the weekend. that plunge continuing bitcoin down to 23,805 bitcoin now below 24,00$24,000. you see the decline continuing ethereum with a decline of 18.5%. we'll talk more about celsius, the crypto lending facility, not allowing anyone taking their bitcoin out at this point. that is the problem this morning. "squawk box" will be right back. >> announcer: "squawk box" is sponsored by bitwise the world's leader in crypto index funds. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. when it comes to cybersecurity, the biggest threats don't always strike the biggest targets. transformation is helping so help safeguard your small business with comcast business securityedge™ it's advanced security that continuously scans for threats and helps protect every connected device. the choice is clear. get unbeatable business solutions from the most innovative company. so you can be ready for what's next. get started with a great deal on internet and voice for just $49.99 a month for 24 months with a 2 -year price guarantee. call today. >>> coming up, the markets in selloff motde this morning in a big way. we speak to skybridge capital's anthony scaramucci about the selloff in bitcoin we will talk to professor jeremy siegel sharon epperson, what do you have coming up >>> andrew, when you get your next 401(k) statement for the second quarter, you see how long that nest egg llwi last. those numbers will surprise you. we'll have more after the break. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i didn't realize my dna could tell me if i had a higher chance for type two diabetes. so when my son gave me a 23andme kit, it was a wake-up call. this father's day, start a new health journey together with dad with $50 off every kit. how will your business adapt to change? this father's day, start a new health journey you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world. >>> you may be surprised when you open your next quarterly 401(k) statement why do it if you are not near retirement i have not been opening many statements if you anticipate the slide in the account balance, you may not be ready for the new calculation on the expected monthly income from the nest egg. sharon epperson joins us now on what to expect do you open it when you get it, sharon tell me the truth. >> absolutely. i know in your house, they are piling up. the statements are piling up emails are never opened. many people want to open emails and statements starting next month, many people will see how much income they can expect to receive in retirement based on the current 401(k) account balance for the first time, statements will be required to include lifetime income illustrations showing how much income you would get if you bought an annuity at 67 with the current 401(k) it includes a single life and qualified joint spaceand survivor saving and investing to generate a regular paycheck in retirement rather than building a lump sum can be a key strategy. >> retirement planning is not just about socking money away and building a mountain of cash. it is about what i need to do to make sure i can sustain a certain standard of living post retirement for as long as i'm alive. >> now yet in these new illustrations, compound interest and future earnings and social security are not taken into consideration. that will result in a less amount of retirement income. don't pan panic. saving more now should be your primary goal >> focus on increasing your savings rate you want to focus on what you can control always that's the biggest thing you can control. how much you are saving and how you are investing in terms of proper balance to asset allocation >> now these new estimates may be a rude awakening for some, but also incentive for more people like joe to actually read their 401(k) statements. back to you. >> you are upset with me sharon, if the calculation -- >> open them you have to see where you stand. >> what about next month where things come back if you estimate how much you need for retirement, how can you figure out the appropriate retirement income will be and how to save and invest >> for those that do open their statements, you take the numbers and figure out when you want to retire and how much money you will need to keep the lifestyle that you have now and you can put them into the different types of calculators, online financial cerservices have a tof them you can go to aarp, the american association for certified accountants. you can look at the cpa web site that will show you a robust way of looking at retirement way of income the aarp income calculator as well it takes crunching numbers on your own maybe it is an incentive for people to do that work. >> when do you think it will be called a 200.5k? never mind someone wrote that in. i had to think about that for a second exactly half of 401(k) we're close. >> on our way. >> sharon, i'll let you know you make me feel like i should do that. >> i'll keep you posted. >> i'll hold your hand while you do it. >> thank you >>> still to come, carnage in the cryptocurrency market. bitcoin plunging below $24,000 skybridge capital's anthony scaramucci will join us to talk about the slide and whether or not he is buying today >>> as we head to a break, look at the laggards on the nasdaq. marriott was up the list now it doesn't even make it to the top five docusign down 5.7% pinduoduo and nvidia and crowdstrike. futures are pointing to another tough day for investors. dow indicated down 550 "squawk box" will be right back. >> announcer: your money, your future is sponsored by fidelity investments. and proactive alerts on market events. that's decision tech. only from fidelity. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. >>> good morning welcome back to "squawk box. we are live from the nasdaq market site from times square. we are following losses. dow futures down 1.76% s&p futures down 2.2%. nasdaq off 2.8%. the reason this is a big deal is we were down by 4.5% for the dow last week. we were down 5% for the nasdaq we were down by 5% for the week for the s&p and down 5.6% for the nasdaq these are losses on top of losses things are starting to add up. >>> overnight, crypto lender celsius pausing all withdraws. citing extreme market conditions for decision the firm is seeing value of the assets drop by more than half since october. its token has raised 97% of the value in the same timeframe. look at bitcoin and cryptocurrencies it is a bloodbath this morning bitcoin down under $24,000 $23,609. ethereum coming down 20% $1,186 joining us now to discuss it all is anthony scaramucci. skybridge capital founder and cnbc to see you i want to get your thoughts on a morning like this. i don't know if we are doing a full round trip, but we're getting close. >> full round trip on crypto or overall market i think both are in question right now because as you and i know, interest rates going up 1% to 2% rise in interest rates and easily take 10% to 15% out of the market watching you this morning makes me think of march of 2000. i'm old enough to remember that. internet stocks cratering. many went to zero and gems went on to do well like amazon. i'm encouraged that bitcoin is above 50% of the overall crypto market cap right now which is another sign that there's a flight to quality there. of course, celsius is putting pressure on it same way the luna/terra situation put on it six weeks ago. we're in a bloodbath this is my eighth bear market. i expect to survive this one as well caution people to stay unlevered. everybody has a long term perspective until short-term losses, andrew then they set their hair on

cnbc news update. >> thank you here is your cnbc news update at this hour. government officials say dozens are dead and dozens missing. the category 2 storm downed power lines and triggered major flooding and landslides. agatha was the first pacific hurricane of the season. >>> fbi director christopher wray said the agency thwarted a cyber attack on worston children's hospital last year. he alleged that hackers sponsored by the iranian government planned the operation. wray told the cybersecurity conference that if the hacking had succeeded it would have been one of the most despicable cyber attacks he's seen. >> and a 25-year-old ohio woman was gored by a bison at yellowstone national park after ignoring rules to keep a distance of at least 25 yards. the visitor suffered multiple injuries after the animal threw her ten feet in the air. she was then transported to a nearby hospital and nbc news now is reporting that the woman has died from her injuries back to you guys. >> thank you very much i've been to yellowstone and those bison will come extraordinarily close to your car. >> you can't mess around >> you cannot mess around with them and i remember going outdoors to take a run and there was a bison oh, i don't know, as far as brian is from me? >> what did you do >> i try to stay away from brian, as much as i can. i went back inside and through the door because i didn't want to mess with them. anyway -- >> he or she would have run faster than i could have ahead on "power lunch. dump the pump, one technician says he is short energy and long the s&p. he'll explain why next. >>> plus a credit check as rates rise are consumers getting more cautious with edcrit we'll take a look in today's three-stock lunch. and interactive charts to give you an edge. 24/7 support when you need it the most. plus, zero-dollar commissions for online u.s. listed stocks. 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[ding] get e*trade from morgan stanley and start trading today. when it comes to cybersecurity, [ding] get e*trade from morgan stanley the biggest threats don't always strike the biggest targets. so help safeguard your small business with comcast business securityedge™ it's advanced security that continuously scans for threats and helps protect every connected device. the choice is clear. get unbeatable business solutions from the most innovative company. so you can be ready for what's next. get started with a great deal on internet and voice for just $49.99 a month for 24 months with a 2 -year price guarantee. call today. >>> chris, you're so far away, i can't even read it, man. come on in 90 minutes left in the trading day. we want to get you caught up on the markets, the stocks, the bonds and the commodities and a technician who says the run is done for this year's biggest winners. you know who he is and we'll find out why he feels that way, but first to bob pisani at the new york stock exchange. robert >> do we want a strong economy or a weak economy? nobody can seem to decide. the market kind of fell apart at 10:00 a.m. with the manufacturing data it was stronger than expected. immediately bond yields shot up and they're afraid the fed will keep aggressively raising rates and that's a bit of a problem. do we want a strong economy or a weak economy do you think with the higher bond yields, no, banks, and regions financial, for example, or u.s. bancorp, for example, they went down as well they're not really rallying that much you think the market's worried about the economy or the fed raising rates and you go into defensive stocks like pharmaceutical stocks or consumer staple stocks wrong on that one, too they went down, as well. so merck, procter & gamble, johnson & johnson, for example, they're all weaker in the day. the staples and defensive names in the dow jones industrial. finally, you think if you're worried about the fed aggressively raising rates on this data, tech stocks wouldn't do that well well, guess what salesforce, microsoft and apple and salesforce had good commentary overall and holding up, but they're stalwarts in the dow. the bottom line here, tyler, things are not exactly working out logically the way everyone would think and that's what's making traders a little bit nuts right now. back to you. >> bob, thank you very much. let's go to the bond market where yields are rising as inflation keeps clocking in a little bit high. rick santelli. rick >> yes look at the intraday of twos and tens zoom, zoom, zoom ten-year up ten basis points up once again and boy, the 290s seem like a distant memory we have high inflation, high food prices and housing is dented and the one saving grace? jobs, jobs, jobs, right? not necessarily. bob is right we got a smidge better on headline ism, however, the employment index went bilow 50 and even though prices paid moved down from 84 and change to 82.2 consider this, it was at 46.5 february of 2020 pre-covid. i think you add all of that together and then the bank of canada will raise rates second 50 in a row to a rate of 1.5% and a hawkish statement and there goes your interest rates and if you look at a year to date of the canadian dollar. so this is the dollar versus the rooney and we are nearly unchanged on the year and that doesn't sound so intense, does it well, it should because two and a half weeks ago it was at 130.5, and now it's 126 and the dollar is taking a shellacking on the luny and it happens to be an 11-year high. tyler, back to you >> rick, thank you very much let's turn to oil now. the price is higher today as china gets back to business. pippa stephens has just arrived at the commodity desk with more. pippa? >> tyler, shanghai lifting its lockdowns is a major boon for the demand side of the equation and the market is still digesting the eu's agreement to ban the majority of russian oil imports by the end of the year now while this is certainly important, an even bigger blow would be a ban on insurance and re-insurance of russian ships which is being considered as this chart from kepler shows russian oil is till finding a buyer with a whole lot more going to ind ia and china targeting insurance would change that 90% goes through london-based insurance providers. so basically banning imports to the eu is region-specific while the insurance measures would disrupt global trade wti up half of 1% and brent crude around 116.38 and nat gas, tyler up almost 7% at 8 bucs and morgan stanley said today it could hit ten bucks and certainly not welcome news and utility bills already spiking. >> it is just one facet of the natural gas story. natural gas is a constituent of so many things to plastic and so many things we buy, it is beyond just your hitting and cooling. >> and our next guest says he's shorting the xle energy etf and says the charts are pointing to an intermediate peak joining us is carter worth, founder and ceo of worth charting there is more money to be made, i will pause it by being contrarian and going against the grain than there is by going with the consensus this is an against the grain call based on the charts explain. show and tell, will you? >> sure, tyler i think before we look at the charts, we know that all of the fundamentals would argue for much higher. capacity is restrained summer driving season is here and you banning 90% of russian imports and covid-ending in china, how come oil is up a fraction from where it was a year ago >> i want, we're down from where we were three months ago this is the question how much is priceded in in that famous six-session mup the crude went from $90 a barrel to 130, the last days of february and the early days of march when the invasion started and we're here at 115, three months later with much worse news i think a lot is priced in and i don't see it going much higher this is the s&p 500 energy sector and it is dominated by exxon and chevron, and you see the arrows does it have to fill where i've drawn those arrows no, but that's the bet i want to make it's relative performance, the sector to the market ask one of the parts to the whole if you look at the next chart and it's a ratio chart and it's simply what a relative strength line is by the s&p and so what we know is there are no drawings there and no an tnotations, but you can see how far above the 150-day moving average we are and it depicts it. this current spread than it was in the '08 pick. so energy stocks went on to relative performance peaked in aers 05, and this big move now, a lot is priced in on an intermedia basis i think everyone's in and it's right to take the road less traveled. >> that is a very clear -- i am -- i am speechless. that was so clear. >> me, too >> carter worth. do you have a question, kelly? >> i do, carter, and it's this i take your point that at the very market point when none of us can see the down side is usually when it happens, the market inflicts the greatest pain and you look at the trends andment inially, i can't see how this energy market doesn't at least remain tight and it kind of reminds me of housing prices and i don't know if they go up further from here, and i can't see how they drop off either and that's sort of how it feels with energy right now >> say crude just stays here, but it is kind of interesting, right? that in six days going from 90 to 130 up 45% and the people are already trying to figure out the collective wisdom and what this means down the road. well, he will make us pay in rubles or not. he will do this. demand will be tight and yet that was 130 and we're at 115. what news comes out now to get us to 130 to 150 >> wouldn't it be nice >> i was going to say, if there was some kind of breakthrough or resolution with the russia and ukraine, could you even imagine what we could see in terms of downside again, i don't know how likely that is to happen. >> well, exactly, but there is that anyway, and then the shares themselves, look, they were hate as they should be. they've had two years of massive outperformance, but it just seems a little full, a little steep, a little crowded and too far too fast. >> very interesting. i think the point here really is if you look at what the charts are telling you, they're telling you exactly what carter -- i almost called you charter. carter the charter >> there you go. >> trademark that. the charts are telling you what you're saying and the fundamentals tell the story, but fasci fascinating stuff. thanks for the explanation, carter. >> carter is with charter. >> that was quite a call next, today's working lunch. one benefit for companies and help retain employees and as we head to break, remember, you can now listen to "power lunch" on the go look for us on your favorite podcast app and follow and listen along today [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing. >>> a tight labor market has employers asking what perks and programs employees truly value today jon fort brings us with a company with one of several making headway in fertility benefits >> yes, tyler. tammy's son is co-founder and ceo of carrot fertility bringing fertility health care into the mainstream as a women's issue and an issue for families of all kinds. she became aware of the need six years ago when she was going through the process herself. >> i went through my own fertility treatment. i went through multiple rounds of fertility treatments and it was egg freezing at the time my egg freezing cycles were each cycle didn't produce as many eggs as i had anticipated and intended, so it was a very long experience it was a very expensive experience it was a very stressful experience, and i think that, you know, that's really how i found -- how i founded it and a deep curiosity and respect for the role of fertility healthcare in our lives >> tammy started out in public polic policy working for vice president gore and now in the private sector and now she's trying to expand the concept of fertility benefits to include workers that weren't included in the past, and now it addresses menopause and low testosterone and she argues that these benefits help with retention. >> fertility health care benefits is top of mind for so many employers for three years straight, an average of 96% of members who use carrot, tell us that they are more likely to stay longer at their employer because of access to carrot that has never been more important for our customers than right now where there's a great resignation happening, where the labor market is incredibly competitive and competitively tight and as we move into menopause the expectation is changing around what a standard compensation and benefits package looks like at a modern company. >> now a big part of what tammy's trying to do is shift fertility benefits from being a boutique benefit for tech workers to being a mainstream resource available to everyone including warehouse and retail workers. as the economy gets shakier and the labor market loosens, we'll see if her argument stays as strong i'm fascinated about this, one because i went into it in an earlier life time. is she fundamentally an insurer? if i am employed by comcast, does it cover fertility, men paus opause with carrot and i as an employee get to elect that >> she's working with insurers to put together the package of benefits. >> i see >> it's more of an enabling mechanism, so that's why she's expanding not just with fertility benefits classically, but also into menopause, into low t addressing a broader swath of the workforce. >> that would be my observation as this becomes more mainstream and it undoubtedly will, more people dealing with these issues, why can't your traditional health benefits expand to offer these exact things >> there are so many start-ups focused on the same area, there's kind body and maven, for example, and they're trying to expand access to the benefits and companies are more interested in this now than they have been in the past and partly because they're understanding it's not just a woman's issue and there are couples looking for sperm donors and egg donors and it's a family issue. >> that's working today on a documentary on men on ausz that one out of 12 women around the world will be in menopause, and it is quite scarce, and it is an undercut medical issue and straight fact. in medical schools obgyns spend three days of the whole time studying menopause >> a big gap when you know there's a big gap to fill -- >> fascinating stuff >> thank you >> still to come, extra credit in today's three-stock lunch by now hitting a wall, the credit cards and slowing mortgage demand can hit non-bank lenders and we'll look at three stocks and we'll look at three stocks in the fin world after this. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ (torstein vo) when you really philosophize about it, there's only one thing you don't have enough of. time is the only truly scarce commodity. when you come to that realization, i think it's very important that you spend your time wisely. and what better way of spending time than traveling, continuing to educate ourselves and broaden our minds? (woman vo) viking. exploring the world in comfort. right now, we're all feelin' a little strapped. but weekends are still all about grilling. and walmart always keeps prices low on our fresh ingredients. so you can save money and live better. ♪ >>> in today's three stock lunch, three consumer credit related names, the buy now, pay later companies like affirm facing rising rates and growing delinquencies. bank of america saying american express is undervalued as a pure play card issuer and nonbank mortgage lenders like rocket being pressured by a decline in mortgage demand as rates rise let's bring in new street adviser's founder and cnbcstart with affirm and its troubles what do you think of this stock? >> we know they have strong partnerships, but, it's hinging on that consumer, and we know the personal savings rate as a percentage of disposable income fell to 4.4% in april, the lowest level in almost over a decade coupled with soaring inflation, raising costs for the consumer that confidence is starting to slip if you look at the side of merchants, looking at what the retailers, they will be less to spend as advertised they're spending less. head winds on that as well it will continue to more than likely struggle, tyler >> what about american express which is higher year to date >> i think that's a function of what the note was saying, a strong balance sheet, better valuations than a year or two ago. the down side risk to consumer is hedged on the american express side because we're still seeing one area of the consumer hold up, which is that travel area, an area american express does well in and you're mentioning t

cnbc miss something head to mad money at cnbc drk. ♪ ♪ how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire another crazy day? matchi of course—you'reiption. a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ this is xfinity rewards. our way of saying thanks, with rewards for the whole family! from epic trips... to jurassic-themed at-home activities. join over 3 million members and start enjoying rewards like these, and so much more in the xfinity app! and don't miss jurassic world:dominion in theaters june 10th. ♪ >>> after another wild week on the tape, we saw -- erased during today's session it is time to open the phone lines to the voices of craymerica many may be wondering how we navigate all of this volatility. now is a good time to reassess your portfolio, but i think it is that's why we keep high-grading for the charitable trust and it is why tonight we're playing diversified. call me, tell me your top five holdings maybe i missed some changes. brenda in north carolina, you are our first caller what do you have for me? >> booyah, jim >> booyah. >> this is brenda from lincolnton, north carolina i'm so glad to be on your show today. my top five holdings are duke energy, enbridge, pro proctor & gamble please tell me if i'm diverse tied >> i think most of the purists that duke is different off enbridge it is a natural gas pipe and duke is a pure utility i see a good yield fro pro proctor & gamble at&t, not my favorite. but she wants yield, yield, year and yield. in this particular moment we need that. i'm going to pronounce this group, i'm going to pronounce this diversified just because i think that johnson & johnson and proctor & gamble are not the same and duke are not the same and enbridge that's how you have to think they're not the same i like that portfolio. let's go to scott in minnesota scott. >> hey, cramer scott in minnesota first time, long time. been following you since the kudlow and cramer days >> holy cow. >> i suspect i'm like millions out there who due to the pandemic find themselves in an unexpected, sudden, early retirement and in need of income >> okay. >> so with that in mind, my top five holdings are abbvie, chevron, dow, prudential and verizon. so, jim, is it possible to be diversified within a predominantly dividend portfolio? thanks >> does he ever ask the right question this isn't easy. okay first of all, i will tell you what, because verizon is not doing as well as i would like but it has good yield. chevron, good yield. the stock moved up a lot so the yield isn't as great prudential is not doing as well as i would like. dow, we know business is good. abbvie is owned by my travel trust. here is what i'm going to say. drug, oil, teleco, insurance, chemical works as diversification it is just they're not great stocks. i'm going the leave it -- i'm going to swap out prudential and put in wells fargo, okay because wells' ability to raise business substantially, otherwise i'm going to plus it it is hard to get great companies with good yield here unless you are doing oil and gas then it is easy. maureen in new hampshire maureen! >> hi, jim it is maureen. thanks so much for taking my call >> of course >> i got five stocks i would like to talk about amazon, worried about logistics. duke, nvidia, roku and asml. am i diverse field >> man, this is really hard. okay so roku, we don't even like roku i don't care if it is diversified or not, it is just bad. i do like the area of technology and communications i would like to put disney in there. i think disney is having -- is way too low. the franchise is great, own it for the trust. we do not allow any stocks from china. they're heinous, what the fofrmt is doing over there in controlling the companies. i want nothing to do with it but why not put alphabet in, okay it is the same thing but it is better nvidia is terrific asml trades with nvidia. i mean that's a problem, even though asml is a semiconductor equipment company they trade together now we have to swap out asml and put in proctor & gamble. in other words this portfolio needs a lot of help. i got to do it so we're going to do proctor there. we keep nvidia because it is a terrific company we go with google here we will keep amazon, because even though -- i'm doing the 24 to one split then disney for entertainment. i know it is major surgery but sometimes you have to get into a little anesthesia, 12-hour operation, finished in three minutes. that's how i work. let's go to rolled in georgia, please rod. >> hey, jim. this is rod from georgia >> okay. >> i hope you are doing well today has been a wonderful day it has been sunny. i have been playing with my tomato plants and putting out new ones and planting some more. i have a few stocks i need to ask you about. one of them is sigma lithium, sgml it is -- i had it for a little while. i have sold half when it doubled. i sold half again when it doubled again. then i sold 20% when it went up 30 more percent. now i still have a 90% profit on the shares that i still hold my other stocks are ms, ko, hrl and uan. am i divert fied and am i diversified and am i making intelligent choices? >> first, the guy's tomato plants must be beautiful in georgia. i'm worried about my plants because we had too much rain i had to put that out there. this is va very complicated portfolio. why? some of the companies we have to act differently on sigma lithium i would say no real place for it. i have not liked those stocks this week because the coldman piece came out over the weekend saying they were going to peak and i agree with goldman piece however, you heard he is playing with the house's money why would i tell someone to sell something that is the house's money. we will keep it even though it is not my favorites. coca-cola is terrific. i think change is doing a great job. take a look at the stock here is another problem. i like hormel, but coca-cola and hormel -- hormel, by the way, did not have a great quarter it just didn't it was kind of -- it was sad because i like the company we are going to have to go with hormel and we're going with disney because i have been liking the disney. i think at 108 as i said at my conference call for the investing club, i said disney is the cheapest stock in the portfolio. morgan stanley is amazing. 3.3% yield financial is great cbr partners, no this is tough. i'm going to bust it i'm going to bust it we have a portfolio that has, if we take hormel out, we are diversified enough but i like -- no, the music. but if you ever have a play with the house's money, you are never going to hear me say sell it, even if i don't like it. because house's money is the holy grail of investing. "mad money" is back. >>> coming up -- these retailers buck the trend can they say au revoire? find out coming up next. aw (vo) hi. we're visible. a new kind of wireless company. started by this company. (hi, dad.) other companies pay for stores. which means you pay for stores. but this is our store. which means you get a single line unlimited plan... for as low as $25 a month. switch today at visible dot com. ♪ >>> on a day where wall street is once again tearing its hair out about the possibility of, yes, a fed-mandated recession, i want to remind you of where we were a couple of weeks ago we just had gotten a slew of hideous retail earnings including the one-two punch of forecast cuts from walmart and target with a terrible couple of days it was it crushed both of their stocks and therefore everything else in the sector within a couple of days we heard from a bunch of other retailers and their results were a mixed bag, meaning there was some good while there were disappointments we got genuine earnings beat last week it continued and we got more positive quarters, something the market was more willing to acknowledge because wall street's attitude had become a lot less negative so what is it that sets apart the retailers that can thrive in this environment why weren't they all wrecked by the same problems that dragged down walmart and target? rampant inflation, supply chain woes and a sudden change in behavior that left them with tons of unwanted inventory let's take them in order before we went on vacation i told you to expect great things from auto zone, the auto parts chain which reported on tuesday last week. we have a massive car shortage in the you company because automakers can't get their hand on enough semiconductors forcing people to hold on to old cars longer, translating into more maintenance. in other words business for auto zone they crushed it. it is about what wall street is looking for and they're only looking for less than half a percent despite being up against typical performances even better, auto zone earned $29 per share, although a lot is because of the enormous buy back it has been one of the greatest buy backs on the new york stock exchange they still have $2 billion left in the authorization stock caught fire in response. even up here auto zone is cheap at 18 times earnings it is a great story. why is it cheap? because the earnings have been so consistent. a lot of times when you see buy backs you say it is meaningless. these guys have bought back, bought back and it really returned a great deal to shareholders they benefit by the fact used cars a so expensive so people hold on to their old cars. what about retail winners with more challenging circumstances maybe the most surprising beat last week came from really one of my favorite stocks, williams and sonoma, the home goods retailer that is widely seen as a covid stock because people moved to new homes nevertheless reported a remarkable set of numbers, higher than the 3% consensus massive earnings beat. williams and sonoma didn't raise the full-year forecast, and i would not have in this environment. people misread this company entirely it was a really good quarter. you might think it would be a tough time but they have great management this team is led by a ceo who cares so many about her product has consistently defied the odds even after the stock monster remained, people don't believe they can continue to make the number i think the risk is baked in and williams and sonoma remains a buy. last week i was at a pottery barn outlet, a williams and sonoma outlet. we could not believe how fantastic the merchandise is i contacted laura and said, look, i can't believe the stuff is this cheap. once then what i come back to, i think the williams and sonoma is an amazing value because the stuff is so beautiful. what about the incredible come back in dollar stores? when walmart blew up, both dollar tree saw it collapse. how could they compete when they don't make that stuff here, you know they got it from china yet when they reported last thursday, except for the candy, reported last thursday both turned in excellent results. dollar general raised the earnings forecast, even though they left the forecast unchanged. it is better than walmart. dollar tree even better, exactly double the assessment. the company earnings $2.37 per share. wall street was only looking for two bucks. dollar tree at 47% it is unbelievable they raised full year guidance for top and bottom line. they benefited, by the way, so you know because they started to turn around because they have better management than they used to family dollar, still not my favorite, my dollar tree is unbelievable candy aisles both dollar tree and dollar general rocketed i higher last tuesday, they were mostly erasing losses because they sold off on the walmart action. at this point they're flat from where they were when i recommended them at the end of march. before target and walmart, home depot reported a great quarter nobody cared what the heck? why do the dollar stores work when the big dogs are struggling when people worry about a slowing economy, they're allegedly trading down we have seen people saying things are not trading down to the cheapest retailers and you can't get cheaper than the dollar stores. go to your dollar store and take a look at it you will not believe how nice, in particular my dollar tree is. i have a new dollar general next to me. i don't like it as much as dollar tree but it is a clean, nice store with good prices. then there's macy's which turned in terrific numbers. i have been cautiously optimistic about this one because i believe in the digital track and the ceo. macy's reported though, they knocked it out of the park 10.7 same-store sales growth huge numbers from bloomingdale's it is a great place to shop. people started shopping in person again they realized that an earnings beat pa big chunk of that came from the company's $600 million worth of buy back. who cares? that's a return of capital these were smart purchases buy back is why macy's could raise full year earnings forecast in response the stock finally was rewarded, jumping nearly 20% last thursday. after the rebound it is only selling five times earnings. macy's is doing great. i think they benefited from the reopening economy but because jeff is a good curator of products by the way, i like blue mercury, too. next up is cramer total trust, total faith, costco. dropped 12.5% in response to the week sure enough costco delivered in line better than expected numbers on every major line number, including same-store sales numbers up the only thing is the ceo was on vacation so he had a stand in but a dynamite call. costco regularly updates monthly sales numbers and yesterday they posted terrific numbers not that anybody cared today. 15.5% same-store sales how do they do that? total sales were 11.8% the other retailers, costco stock still demands the premium they deserve because they have a fabulous membership business not to mention having better control over the stock of everyone else and don't need to train a lot of people because people don't leave. why? best benefits. everybody i have seen in my costco i have seen for years maybe walmart and target you can't cope with inflation but costco's entire reason for being is to be able to cope with it. on top of the big winners a couple of honorable mentions that didn't beat numbers best buy, better than feared quarter even though the headline numbers were right stocks managed to rally like crazy over the next few days, lots of shorts and didn't blow up it doesn't hurt best buy has an amazing 4 hadn't 4% yield, 1.5 billion dollar buy back. i like the score here very much. don't forget about dick's sporting good. they posted better than expected numbers and slashed the full-year stock. they finished up 10% well, almost 10% why? because the stock had been crushed sbg into the quarter matt did a good job lowering expectations stores are very clean right now. bottom line, no one made a dime from panicking if you dumped any of these retailers in response to walmart and target you made a very big mistake. you know what? as the market trend down here, every single one of these, every one is a buy david in ohio. david. >> hey, cramer what is going on, my friend? >> i don't know, man i got to see if my plants held up it has been so rainy what is going on with you? >> not too much, man living the dream hey, i have been buying ollie's bargain outlet for about a week since the walmart/target calls, assuming they would be able to benefit from their inventory debacle. since the big lot calls last week i'm concerned about the similarities in the two product mixes. what do you think? >> they report next week did you see the ollie's army thing when you got your ollie's army ticket, it said inflation beaters? they had nothing that sounded interesting to me. you are making a bet with ollie's right now six months from now they will have better inventory. right now i don't think they have the right inventory let's see what they do for the quarter. i don't think it will be a good quarter, doesn't reflect good inventory. you have to admit when you looked at your ollie's army, weren't you let down i was. dan in michigan. dan. >> hey, jim. booyah >> booyah. >> first time, long time first time, long time. >> all right >> i got a question about calls ksf. >> yes >> i started looking into it and, you know, the dividend rate is attractive. i think the price is getting there, but now i read today that the company is under bid to be bought out and i'm hearing that board members are resigning there. i got a lot of concerns. is that a real -- i mean is this legit or should i -- >> dan, your concerns are valid. your concerns are valid, i have to tell you. this has been a bit of an amateur hour do they have buyers? do they not have buyers? are they going to change are they not going to change you know what? we have companies like target that are so bash, how can we own a kohl's when we have target stock so low don't forget home depot. let's stick with quality, not what looks like quality. how badly did i have to -- i had to undress myself in front of the whole club of thousands of people because i went with non-quality with american eagle outfitters i don't like them. as i said, this latest better than expected retail earnings are a good lesson in why you should never get too carried away with negativity or emotions look at these. laura albert great numbers in dollar stores jeff doing a great job how can you not love what costco has got? best buy, corey is doing so well dick's, seasonal but right now is the right time. including in my exclusive with art best with the market turning on many logistics stocks could now be an opportunity to buy in the space. i'm seeing if art best, the woman to see -- it could be the great one, new krrkts eo weep vice we haven't had her on. can we stop talking about the canary in the tunnel it drives me nuts. stay with cramer at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. (vo) hi. we're visible. a new kind of wireless company. started by this company.p (hi, dad.)what you earn. other companies pay for stores. which means you pay for stores. but this is our store. which means you get a single line unlimited plan... for as low as $25 a month. switch today at visible dot com. ♪ >>> for years and years we've had a fabulous bull market in logistics as the ride of e-commerce made gloep supply chains more complicated. what do they know about it then covid hit and the logistics bull got to stampede all over the plates but over the last few months the group has called in april amazon says they may have over built their logistics infrastructure who else might have too? this may be a weak moment for the stocks but we are still talking about a powerful secular theme, which brings me to our best, that's an integrated logistics company. here is a stock that surged from the mid 20s two years ago to above 120 in december even as it pulled back to 82 over the last five mont. we know a lot of stocks that have done that these levels the stock trade is just six times earnings, maybe because wall street doesn't believe they can make the numbers. let's check in with judy mcreynolds, chairman and ceo of arcbest corporation. welcome to "mad money" >> thank you, jim. so happy to be here. >> well, it is your first time on you got a little bit of a complicated company. people know you as a trucker but you are more than that i will give you the florida to explain to our viewers why your company is set up in a way that we've seen from time to time logistics and in trucking. we saw it, by the way, when we first started interviewing brad jacobs you have the floor go ahead >> yes well, we are -- we've had some great results over the last couple of years, but we've been on a journey for a number of years before that. i'm really confident in our growth trajectory, in our earnings power, in our ability to successfully navigate whatever the market conditions may impact the supply chain. but we are positioned to perform well through the cycles. we've diversified our service offerings and we've done that in order to really provide the solutions that our customers are desiring many years ago we did some market research, initial market research that told us that the customers that we were doing business with had so much more that they were spending their dollars on, and so in the last ten or twelve years we've been on a journey to position the company with those solutions we've done that, and it has worked very well our results over the last several quarters have shown that we have had six straight quarters of double-digit revenue growth and seven straight quarters of at least double-digit, non-gap eps growth so we're glad and pleased to be in a position to serve our customer, particularly during these trying times. >> okay. so now let's talk about why the stock market is not according you what i would say is the price earnings multiple you deserve. there are people that believe, for instance, amazon overbuilt there are people that believe that there is no way that you can continue to do what your numbers are if the economy slows because of the fed why should we think that we would want a logistics and trucking company if the fed is so bent on getting inflation down and you put double digit price increases through, make it so you can't do that anymore >> well, let's see there's a lot there. but we -- you know, we are approaching our customers as an integrated logistics company, and that's key in all of this because, you know, customers have told us they want us to provide more of the services that they need so sometimes their need is greater during times that are difficult for them, where they have soft spots in their revenue growth they'll come to us and ask us, plan with me, help me, and we have 'positioned the company where we have those analysts, those experts that can work through that and combine things in a way that creates efficiency for them and so, you know, we're there for them we have market growth opportunity that's almost 500 million, and that's grown. >> but -- >> and within our customer base, 5 billion of opportunity just within our loyal customer base >> well, do -- >> so we feel -- >> i agree with you, but i mentioned brad jacobs earlier. he felt xpo logistics was not getting the credit they deserved a beautiful logistics businesslike yours, and he had a great trucking company and he decided, you know what it is two companies and he created a lot of shareholder wealth i mean what happens if your stock -- your price earnings bubble doesn't go up and you can't produce the kind of returns you like, would you ever think of doing that, or do you think that the two are best under one roof >> well, here is the deal. i mean we are very focused on what the customer need is and listening to them. >> right >> and they're telling us that when we sit down with them, our seamless and integrated approach is really where it is at for them we want to be in a position where we're having that right conversation, and we've had that time and time again. you know, when i first took my role 90-plus percent of what we did was ltl only we came at this from a different place. we've seen the evolution and we know the conversations are right, and we really feel great, especially about our managed solutions which really bring it all together we work through those challenges with our customers >> you're not worried about a slow down right now? >> no. with the opportunities set that we have, i'm not >> all right fair enough. i like that. you know what? it is about time someone said, someone just said, our business is good enough and i'm not worried. i want to thank judy mcreynolds, the president and ceo of arcbest. study this company it may be cheap, incredibly cheap. "mad money" is back after the break. coming up next - >> let's make money together what do we got >> cramer is bringing the thunder and answering your burning questions in today's edition of "the lightning round. hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪ another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ ♪ ♪ 100 years ago, a beautiful empire built on black excellence was booming. black wall street. it was a sight to be seen. until one day, it was all burned to the ground. but fire is no match for the fire within black dreamers everywhere. and so, new black wall streets rise. ♪ ♪ citi is committed to helping build black businesses through banking. >>> lightning round is sponsored by - ♪ >>> it is time, time for the lightning round. and then lightning round are you ready? let's start with danny in new york danny. >> hey, jim. good evening my question is about verizon >> i like verizon's 5% yield i wish they had more growth because i don't want to live by yield alone. that's why itch avenue been recommending the oils, not the telecos. to jerry in california jerry. >> good afternoon, jim booyah >> booyah. calling in reference to oxy. >> look, it has done very well it was not the right call on oxy. it has come back because oil has come back so much. i would prefer to see you in chevron, which my travel trust does alex in california alex >> booyah, jim how you doing? >> i'm good. how are you? >> good, good, good. how do you feel about massimo. >> i think the equipment spells quite well i like the medical device companies. but johnson & johnson has one and they're spletitting into pharma and consumer product and it is a safer stock that punishes companies that sell more than 30 times earnings. let's go to al in california al >> hi, jim how are you doing today? >> doing well. how about you? >> good. the "wall street journal" today speaks of the -- to the stock that i'm asking you about. taiwan semiconductor was referro in today's journal as having technological leadership and strong pricing power, which is the same mode that you and warren buffett speak of >> yes and no. i don't think they have the pricing power people think they do i do not want to own semiconductor equipment stock at this moment. if i do i would own lam research because i think kim is doing a great job. >>>let's go to raphael in maryland raphael. >> hello, mr. cramer >> how are you >> by the way, my best friend's name was cramer. >> how you like that i'm a c, maybe he is a k though. what is up >> -- i mean at some point it was -- >> total spec. that's all that is, a total spec if you are willing to lose all of the money you put in, then i bless it that's what i'm telling you. to nick in new jersey. nick >> hi, jim it is nick from jersey pleasure to talk to you. first time caller. so - >> thank you >> i'm calling about philip morris and finding out if it is a good long-term growth and income stock. >> two things. one it is a good long-term and growth stock but, two, you will never hear me recommend it because i think cigarettes kill people i have enough problems on my hands i don't need to push that stuff. that is -- one more. i can't believe we have one more david in florida david. >> booyah, jim >> booyah. >> i got a growth semi for the next decade but no one is talking about it even though it is in the s&p 500. what do you think about monolithic power systems >> i have owned it for many years. here is the problem with monolithic power it sells at 40 times earnings. you know i'm not recommending stocks unless they have a reasonable multiple, then i can't go with it that, ladies and gentlemen, in conclusion of the lightning round! >>> the lightning round is sponsored by td ameritrade >>> coming up, is the old warning of the canary in the coal mine for the birds? cramer chirps back at chicken little, next wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. ♪ ♪ wealth is watching your business grow. worth is watching your employees grow with it. ♪ ♪ ♪ >>> can we stop talking about canaries in the coal mine? all day i heard this or that piece of data is the canary in the coal mine. people think, what a cool analogy for recession and it drives me nuts the annoying assumption is the federal reserve needs to cause a recession to stamp out inflation, but i have seen the process play out many times and the economy doesn't always get wrecked. it is concerned that this morning's report was too strong and they will have to slam the brakes semiconductor has gotten soft and basic weakness in chemicals, it could be a sure sign things are about to get rough of course, you have the triad of triage i kind of like that. jamie "hurricane" diamond, ceo of jpmorgan, and elon musk who needs no introduction. all say negative things. musk said he has a super bad feeling about the company, so bad tesla is laying off 10% of the workforce. we are told, of course, this are c call nares in the cool mine. i'm not seeing it that way he reiterates his view pretty much every time he speaks. he made it clear we could have multiple 50-basis points raises if we need them. powell knows it has a chilling effect on business and it is working. remember when he mentioned we had multiple rate hikes at the end of 2018, that we needed them then they crashed the stock market. we didn't need it then but powell learned the power of his words. he just started out in the job and he is using that power now i salute him for it. he has learned you have to be data dependent and if data says things are still too high he will continue to raise the fed rates. if you look at the unemployment numbers today, pick them down, there are so many more jobs than people to fill them powell can tighten aggressively without causing serious job losses when we talk about the pain from rate hikes unemployment is the real issue we have the worst labor shortage i can recall he has room to maneuver. everything we are seeing from powell is part of the efforts to slow down the economy just enough that inflation cools down without causing the bad lay-offs what we should be worried about. of course, it is tough to thread the needle and so many people i read and listen to are betting against powell most of the rate hike cycles i've seen we had big lay-offs. if powell can slow down the economy enough for the supply chains to catch their breath, less of a housing shortage, housing rates, i think he will pull it off. the economy may come close to stalling but it doesn't mean the plane crashes. a near stall is necessary to have a soft landing. to put it another way, no bird is dying of asphyxiation here. there is no soon-to-die cool miners there's the beginning of what looks like an orderly slow down that i think will do what we want it is a fantastic combination. it is the best we can ask for with inflation raging and the federal reserve late to the party. call me a believer, but, sadly, call me the only believer i know except maybe jay himself, or at least i hope so. i would like to say there's always a bull market somewhere and i promise to try to find it for you here on "mad money". i'm jim cramer sunday you monda i promise to try to find it for you. the news with shepard smith starts now >> how in the world did they get it so wrong? i'm shepard smith. this is the news on cnbchool massacre new reporting on the chief in charge as the gunman killed children and teachers. now, the families eyeing legal action against the maker of the murder weapon. >>> how many new jobs last month? >> oh, my god. guess what it is 390,000. >> why cnbc pro calls it just the goldilocks moment the red

the news on cnbc and listen to news podcasts on apple, spotify or your favorite podcast platform ecng il of us here, thanks for chkin. we hope to see you back tomorrow night for the news on cnbcwe can rely on. to be strong. to overcome anything. ♪♪ to be...unstoppable. that's why millions rely on the strength and financial guidance of prudential to achieve their dreams. who's your rock? ♪♪ with his citi custom cash℠ card, who's your rock? dan earns cash back that automatically adjusts to where his spending is trending. just ask stepping outside his comfort zone dan... okay, i don't- i don't know where the hole for this is. ...or fourth time streaming that period drama dan... you just made me miss her best line, so now i'm going to have to start it again ...even insisted he didn't need directions dan. okay, i'm not lost. i'm exploring. that said, do you know where i am? earn 5% cash back in your top eligible spend category, up to $500 spent each billing cycle. with the citi custom cash℠ card. >> welcome to the shark tank, where entrepreneurs seeking an investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. t

cnbc news update contessa >> hi, eamon hi, kelly. here's your cnbc news update biden has ordered additional bases and assets to be set up in poland, romania, and the baltics and the u.s. will base an air artillery brigade in germany amazon is limiting contraceptives to three units per customer in the wake of demand customers who order emergency contraception on amazon still face a wait. plan b displays an estimated delivery range of july 19th through august 6th and bed bath & beyond is shaking up its leadership ousting its ceo, but the retailer could have another change in store and it remains open to the potential sale of buy buy baby financial advisors are looking at the company's future there. of course, the stock down 30% today. >> contessa, thanks so much. >>> coming up on "power lunch," we'll get you caught up on the markets and giving back some of last week's big games and a big group of names you know down big this year. check out tradedesk, caesar's and trupan on. after the break we'll be joined by someone who says now is the time to buy these names. stay with us hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. . >>> welcome back, everybody. just 90 minutes left in the trading day as june rapidly draws to a close let's get caught up across the markets on stocks, bonds, commodities and we'll hear from someone who says now is the time to buy the names down 50% this year let's begin with bob pisani at the new york stock exchange. bob? >> about break even although the dow is doing a little bit better midday take a look at the s&p 500 a fairly narrow range to 3840 throughout most of the day here. we've had a few lows we've had interesting moves on technology stocks as a modest rally in tech going on in the middle of the date and it's not helping semiconductors much and we have lows in very big names which includes nvidia. nxp semiconductors and they haven't participated in the mid-afternoon rally. same as oil, it was down 114 and mid-morning it dropped to 111. it was down 103 almost at the open and look at that at 88 and a rapid move to the downside this has been very choppy, the sector in the last four or five days a bunch of news out there including carnival, negative, unusually negative and morgan stanley essentially cutting the price target to $7 for that and a lot of negative comments from the honeywell, dow component and that's a bit of a surprise, and also the 52-week low so the question here, kelly is can we avoid this issue with stagflation, and of course, we'll get some very important inflation reports. >> it does feel like we're in a holding pattern, thank you >> the yield on the ten-year has been falling and do you blame europe for inflation data for that >> we blame europe for everything and we reached 2.25 if you look at a month today, we almost hit 3.5 mid-june and we can't hold any of these sell-offs and the yields seem to come back. why? i think central banks every time we look to see their strategy. you have to scratch your head and think about recession, you really do, and if you look at tw a two-week of booms, they almost hit 180, 1.80% and next week when we were trading at 3.25, they were 1.65 back down and can't hold the yields higher one thing is fragmentation how can they possibly have a multi-speed quantitative easing when they need a quantitative tightening i'm not sure the market get it if you look week to day, the euro versus the dollar, 68% in the index and it's pushing the dollar near 20-year highs, fresh ones and the dollar yen only 13.6% of the dollar index, but you can see the dollar's ready to make a new 24-year high against that currency. back to you. >> all right blaming europe for everything. thank you very much. what about for oil and energy. you can save that, too oil prices are down as they close for the day and the focus is on the recent move for metals and pippa stephens at the cnbcty desk pippa? >> starting on oil to snap a three-day winning streak ahead of tomorrow's meeting between opec and its allies. that comes amid growing calls that more supply needs to come online but the group is expected to stick to their plan of increasing output of 650,000 barrels per day next month wti is down 1.6% right around the 110 per barrel level and brent crude down 116 after touching 120 did i want to point out the underperformance in metals and all down and giving back q1's gains as recession fears grow which would lead to weaker demand and the metals markets have also been better supplied recently and remember, it was the supply shortage fears that were a major factor driving q1's gains. copper on track for the worst quarter in more than a decade with aluminum, kelly, tracking for its worst quarter. >> pippa, thank you very much. >> turning back to the market, there are members that are down 50% or more this year and that's where the next guest is finding opportunity. let l

cnbc news update. >>> good afternoon, everyone here is your cnbc news update at this hour. the january 6th committee returning today for its third public hearing focusing on vice president mike pence and how former president donald trump put his life in danger >> donald trump turned the mob on him, a mob that was chanting hang mike pence, a mob that had built a hangman's gallows just outside the capitol. thanks in part to mike pence, our democracy withstood donald tr trump's scheme >> the full story behind the pressure campaign to get mike pence to overturn the 2020 election >>> the alleged buffalo mass shooter appeared in federal court a few hours ago. federal charges could carry the death penalty which new york state charges do not >>> and abbott's critical baby formula plant in michigan is closed again after a powerful storm flooded part of the plant. the company estimates production and distribution will be delayed for a few weeks until the damage is assessed and the facility is cleaned and sanitized. more trouble on the baby formula front. >> the last thing we want to hear right now tyler, thank you very much >>> coming up, inflation is at 40-year highs. is it going to stick around? how can policymakers avoid a rerun of the stagflationary. we have some planning tips to help protect your money. here is sharon epperson. >>> here is a tip for your money. consider boosting your short-term savings with i bonds, a good hedge against inflation with strong returns. the rate rises and falls can the consumer price index right now that rate is 9.62% for six months you can purchase up to $10,000 each year directly from the government at treasurydirect.gov you can't cash them in for one year and there's a penalty for selling within five years. for cnbc, i'm sharon epperson. le mons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. ♪ and never wonder if you got a good deal. because you did. ♪ i didn't realize my dna could tell me if i had a higher chance for type two diabetes. so when my s gave ma 2, it was a wake-up call. this father's day, start a new health journey together with dad with $50 off every kit. ♪ ♪ 100 years ago, a beautiful empire built on black excellence was booming. black wall street. it was a sight to be seen. until one day, it was all burned to the ground. but fire is no match for the fire within black dreamers everywhere. and so, new black wall streets rise. ♪ ♪ citi is committed to helping build black businesses through banking. >>> welcome back stocks are selling off again today as central banks around the world hike rates to battle inflation. chair powell yesterday saying many inflationary

cnbc news update hi, frank. >> hi, seema here is your cnbc news update within this hour philadelphia officials announcing the arrest of two men who will be facing murder charges for the deaths of two bystanders last week the video shows the suspects fired randomly into the crowd after they heard gunshots down the block. >>> the uk is concerned about two british sinnicitizens and a moroccan as the january 6th committee prepares for its prime time hearing tonight with promises of major revelations, the top republican in the house says it is unlike any other committee in american history >> in fact, it is the most political and least legitimate committee in american history. it has permanently damaged the house and divided this country let's be honest, it is a smoke screen for democrats to push their radical agenda >> coverage of the hearing with shepard smith starting at 8:00 eastern here on cnbcma and tyler, back over to you. >> thank you very much and ahead on "power lunch," oil sitting around ad$120. national gas prices nearing $5 on average how much higher can they go? >> plus, we've got the three ts of the market today. we are hitting tesla, take two and target "power lunch" will be right back ♪ ♪ >>> 90 minutes left in trade and we want to get you caught up on the markets. stocks, bonds, commodities and as gas heads to $5 a gallon, what are some ways to lower prices let's start with the check on markets. the dow currently down a half a percent. s&p 500 lower by three-quarters of 1%. the nasdaq down 1%, back below 12,000 new economy and old both trading lower today. check out the basic materials whether it's steel, lithium, gold there you see newmont mining down 3%. media and streaming services also falling warner brother, discovery, paramount global and netflix also trading down by 3.5%. now to the bond market, ten-year yield above 3% ahead of tomorrow's cpi report. let'

analyst first, though, a message from senior field producer patrick mansion, as cnbc celebrates pride month. >> i joined cnbcion of lgbtq journalists. it's been an amazing adventure, from covering the white house for this company, an amazing and very supportive place. for someone looking to get into this industry, i would recommend find yourself a cheerleader. they encourage people bonding with one another, supporten one another. i've got to say it is truly the lgbtq community that he credit for my success in this industry. but i didn't wait. i could've delayed telling my doctor i was short of breath just reading a book... but i didn't wait. they told their doctors. and found out they had... atrial fibrillation. a condition which makes it about five times more likely to have a stroke. if you have one or more of these symptoms irregular heartbeat, heart racing, chest pain, shortness of breath, fatigue or lightheadedness, contact your doctor. this is no time to wait. to adapt in a fast changing world, contact your doctor. you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot

cnbc. and we hope you'll be back here tomorrow night for another edition. >>> it is 5:00 a.m. at cnbc.e is the top five at 5:00 stocks set to close a tough first half of the year s&p 500 looking at the first big loss of the year futures are pointing to more pain on the way. >>> wti on pace for the longest quarterly win streak as opec members gather to discuss output amid record costs. >>> deared ed deal voter delan the discount

cnbc with david faber. june 22nd, 8:00 p.m. eastern time on cnbc. >>> a list of cheapest stocks in the market see if the committee thinks you should buy any of them you might be surprised by some of the names when we come back ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? at adp, we use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ >>> i'm contessa brewer. mexican president will not attend summit of the americas this week in los angeles because president biden did not invite cuba, venezuela or nicaragua to the event, he says according to the white house press secretary the administration is not really surprised by that decision but she says the president wanted to take a principled stand on the human rights abuses of those three authoritarian countries. the president of mexico will visit washington next month. >>> a florida mother charged with manslaughter after her two-year-old son fatally shot her husband in the back, according to authorities, she failed to properly secure a glock handgun which the boy used then to shoot his dad. >>> and today is election night in america primary voters in seven states voting on their party's candidates for house and statewide offices, including gubernatorial races in new mexico, south dakota and may oral race in los angeles it will shape the landscape for midterm elections this fall. scott? >> thank you very much. >>> cnbcapest stocks in the market now. that's what we were looking for. here's the criteria today. cheap relative to the market, cheap relative to history, and earnings holding up. the winner is ford jim lebenthal, i go to you first, you're the biggest supporter of general motors on the program, you do not own ford i wonder what you think of this result relative to your holding in your portfolio. >> i like ford, i like gm better because of autonomous vehicle, i like what ford is doing with electric vehicle business. i like what both are doing the electric vehicle business and gm case autonomous vehicles, why both deserve higher multiples than 6 to 7, their historical range that plus the legacy business that right now for both companies but ford also is going through high demand, low supply context in which prices are high and balance sheets are getting clean. these stocks should do well for the foreseeable future, unless you see recession, i have been consistent saying i don't see one coming.

cnbc news update. >> hi, kelly i am frank holland and here's your cnbc news update at this hour the supreme court could hear a case to give the final word on setting rules for federal elections. the state courts can find violations of state constitutions. that case is set to be argued in the fall vaccine manufacturers should update their covid-19 booster shots to target the recent omicron sub variants gaining ground against the southwest they want to upgrade the booster shots ahead of the fall. a northwestern university study revealed the number of newspapers here in the u.s. has shrunk by 28% in the last 17 years. 2500 papers have been lost since 2005 in the last two and a half years, 260 papers have shut down and almost all those publications serve small communities. the study found 70 million americans live in a county with either zero or just a single local news organization. that's the very latest >> eamon, back over to you >> ahead on "power lunch." climate change, stripping the epa of its ability to regulate emissions and what this means r e er iusy. that's coming up next.(woman v is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world, to the history, the culture, the flavors, a serene river voyage on an elegant viking longship. learn more at viking.com did you know your health has more to do with your zip code than your genetic code? that doesn't seem fair. we agree. but where you live determines access to doctors, green spaces and fresh food. that's why we grow our own. smart. we don't think it's right that some people are healthier than others just because of where they live. that's why we're delivering food to areas with less access to it, and helping schools teach kids about gardens. wish they'd taught gardening at my school. you would have aced it. introducing elevance health. where health can go. lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. ♪ and never wonder if you got a good deal. because you did. ♪ ♪ ♪ >>> welcome back, everybody. 90 minutes left in the first half of the year so let's get caught up across the markets on stocks, bonds, commodities and the fallout for business from the supreme court's epa ruling this morning, but let's start with bob pisani and the latest action at the new york stock exchange. bob? >> kelly, it was sort of a two-part day the first part was the open in the first hour or so and partly because the european markets opened very poorly of course, we have the ecb policymakers and they're meeting in lisbon talking about defeating inflation even if a recession results from that and that caused real weakness in europe and you see the first half and since then, we've sort of come off of that bottom and there's not a pattern in the trading and kelly was mentioning the industrials and we had the big defense names. lockheed, northrop, raytheon don't kid yourself, the biggest names out there and the biggest of the world, general elects, honeywell and those are dow components to some extent and even deere, 52-week lows on all of these names also remember, we're going into earnings season two weeks from now and guess what's also at 52-week lows and the big money center banks and j.p. morgan, citigroup, bank of america, separately, american express and 52-week lows and that list expanded dramatically this morning at 10:30, still a very tough time for the markets kelly, back to you >> thank you very much let's turn to the bond market with headlines and the yield on the ten-year back below 2% rick santelli with the latest. rick >> if you look at it from the quarter perspective, consider, look at the 24-hour chart. you can see we're down nearly a dozen basis points and we settled in the last quarter, 293 which means yields are up almost 60 basis points and you see on the quarter to date chart and we're down almost 11 basis points and many are saying that the reason is is some of the numbers of the expenditures and deflators and none of this was higherthan anticipated i'm not sure i'd buy it. they're still sticky high, however, what isn't high are the metrics measuring the u.s. economy and the global economy and that's the fly in the ointment and they're up about 64 basis points and maybe the most important thing i learned today that while it's been a nasty quarter and a nasty year, the stock prices are down, treasury prices are down and yields are up what's really going on here. where is all that money going. i know where it's going and it's going into the fed's rrp, reverse repo parking lot and no it's a record at 2.33 trillion and probably because of the end of the quarter window dressing and it's up nearly half a trillion dollars and you know all of that money that's supposed to be in the account for margin and the t-bills all that's gotten sucked out the new secret is the fed's draining liquidity in places we don't even look because it's ending up in that parking lot and it's coming in just about everything else. kelly, back to you >> and there's nowhere else they want to put it to work thank you for highlighting that. rick santelli. let's turn to oil which is closing for the day now down 3.5% you can see wti behind me here look at natural gas prices, as well and president biden saying he will not ask saudi arabia to increase oil production and will increase all gulf states to increase output and so, too, is the reset in inflation that yields were just talking about nat gas after the larger than expected inhave not or build, and we're down to $5.5 million upwards of eight or nine just a few weeks ago and the lxg plant has allowed utilities to stockpile and less of it making its way out into the global markets. let's stick with energy also because we got a major decision from the supreme court this morning that could have wide-reaching consequences for the sector and it strips the epa of some ofits authority and brian sullivan joins us now. bri? >> it's being called a blockbuster decision in a 6-3 call from the supreme court and what it does effectively is it overturns the lower court ruling that strips the environmental protection industry of its ability to regulate certain emissions from power plants, as well and the initial challenge coming out of the epa in 2015 made it for coal plants to cut production or to help subsidize other forms of energy. this was fought by a few states attorneys general led by west virginia and it did uphold the epa's power and it lost in the supreme court and in striking it down, the chief justice john roberts writes, quote, this court intends to delegate decisions of economic and significance, i.e., how much coal-based generation there should be coming after decades to any administrative agency >> effectively in plain english, roberts is saying that it is congress and elected officials who should be making these types of big rules rather than federal agencies and the decision quickly slammed by democrats and climate activists with president biden saying this is another dangerous decision from the court damaging our ability to combat climate change. this ostensibly is about climate, but it will be about so much more than that, and without going down too deeply down the rabbit hole, they have a legal doctrine that suggests that any major policy decision that would affect business or society needs to be expressly laid out by a statute or a law and that like the epa are not able to simply put their own interpretation on that i'm giving a very extremely simplified version of the major questions doctrine, but if this line of judicial thinking continues to put into a lot of questions, things like the sec's plan to disclose climate change and a lot of the administrative types of actions that this administration have tried to put in place >> brian, it's eamon here. i wonder as you look at this, the other argument is if congress had any problem over the years they could have legislated against them and put in laws to say we'll put parameters about this. you can see both sides of this and the supreme court landing on one side of the argument you've spent a long time tracking theic stree this is a big win for the strategy, but what are they going to do now? in i'm not a unless ore congress enacts new new freedom to go forward with something like building a refinery and i'm stretching it just a bit, eamon, but if certain environmental regulations that the epa is pushing are now viewed as either being void or something that you could not push back against, if those go away perhaps the industry has more ability to do some of the things like build a refinery, maybe even a new coal plant that think, will set off a lot of climate activism. so this point will stretch to my major question doctrine to other indices and industries like the sec cyber and what you follow as well, eamon. this may be about the epa, but this might have wide ranging consequences later on. >> brian, thanks for that. >>> a chinese agricultural film looking to build a new plant facing resistance from the community. check out the semis, down 15% this month, will micron's earnings tonight help get the sector back on track we've got a preview on that coming up. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >> and welcome back to "power lunch. here's a story we've been working on for the past month. a chinese company pledging a huge investment to build a facility in grand forks, north dakota the project could create a whole lot of jobs in a small community and it comes with surprising national security concerns here's what we found in farm country. >> this is grand forks air force base in north dakota, home to some of the nation's most sensitive technology including the rq 4 global hawk surveillance drone and this property sits about 20 minutes down the road, more than 300 acres of prime farmland. earlier this year three north dakota ans who owned parcels here sold the land for millions to a subsidiary of a chinese company that says it wants to build a corn milling plant. >> that transaction has come under scrutiny in washington, d.c. where some in the intelligence community warned the deal could be blocked because it could offer chinese spies unprecedented access to an american base. it's an only in america kind of fight pitting the rights of the community against national security warnings from high-ranking officials in the nation's capital the foo fong group who says the company is not a threat. >> we are under u.s. laws. i'm an american citizen. i grew up my whole life here and i'm not going to be doing any kind of espionage activities or be associated with a company that does. >> the city's mayor says he just wants to do business. >> it's a $700 million plant and that would be the largest single investment in the city's history. the fbi didn't say there was any immediate concerns they said, you know, if you see something, say something the air force hasn't taken any official position in a chinese investment and a major composed an alarming memo in april obtained by cnbc he believes to be the intelligence threat. he wrote, some of the most sensitive elements of grand forks exist with the digital uplinks and downlinks inherent with unmanned air system and their interactions with space-based assets. >> the air force says major jeremy fox was only speaking for himself and he's not the only one with security concerns in a report released may 26th, the u.s.-china, economic and security review commission wrote the location of the land close to the base is particularly convenient for monitoring air traffic flows in and out of the base among other security-related concerns. that's why senator kevin cramer says he opposes the project in his own state despite the economic benefits it might bring. >> i think we grossly underappreciate how effective they are at collecting information, collecting data and using it in nefarious ways and so, yeah, i just as soon not have the chinese communist party doing business in my backyard. both the chairman and ranking member

cnbc and aspen ideas festival we will hear from ceos of google, intel, pepsi and wells fargo and more a big week tune in to cnbc to catch the sitdowns aspen ideas festival play john denver >>> time for a special friday rbi. this is not only random, but interesting, but it is a big deal for europe and its people and global economy. natural gas prices are surging again because of reduced flows from russia and primarily in germany. it is still flowing in europe, just less of it. germany declaring another step in the energy emergency. here is the chart for the dutch natural gas. spot gas above 130 per megawatt hour that equates $39 u.s. per unit we are paying under $7 in america. europe's cost on the spot market is five times higher than us let's put it a different way one year ago, same contract traded at 22 prices have gone up 500% in 12 months it is not just putin's insane war. that is part of it you can see the prices are about this high going all the way back in september that second bump or first bump on the screen on the right this is a result of years of policy decisions which put europe, particularly germany, at the mercy of russian natural gas because they killed off most of the nuclear power without backup besides beholden to russia for gas. germany is starting to buy lng that will take years to ramp up. so, this is in europe. what about right here in america? even though our costs are lower, much lower in many cases, they are taking a real world toll consider what we said yesterday century plant in kentucky laying off people their power costs went up 50% in the first quarter from last year a if we are shutting down plants here in america and paying 650 for gas, what will happen in germany and other parts of europe where their costs of gas is at 35 or 40 bucks it seems impossible not to think major industrial slowdowns or shutdowns aren't going to happen because they can't sell their product more than th production no wonder bridgewater associates is a massive short bet against european stocks now. you better hope or pray for good weather the rest of the year for there and here random but scary >>> on deck, stocks will keep the overall win streak rolling it is one week we'll take it. we have malcolm ethridge here to layout the stocks he likes now. >>> and in june, we celebrate pride month. here is goldman sachs' susie scher. >> my advice is to be out at work when i came out at goldman sachs in 2000 on the eve of the birth of my first child and i now have four, i had no idea how being in the closet was preventing me from connecting with my colleagues and clients authenticity is an important part of your brand so come out and be out think he's posting about all that ancient roman coinage? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. ♪♪ your money never stops working for you with merrill, ♪♪ ♪♪ take the world by cloud. accenture let there be change. 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(vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love. >>> all right. packed agenda on friday. first up we hear from st. louis fed president jim bullard. that is followed by may new home sales at 10:00 then the june consumer sentiment. we will get more fed speak san francisco fed president mary daly at 4:00 p.m we will have earnings from carmax and carnival corporation. >>> and stocks on track for the worst first half of the year since 1962 ugh! what are financial advisers telling clients, especially those with less than optimal time horizons? joining us is executive vice president malcolm ethridge what are you telling your clients? phones are ringing or buzzing all night. >> one of the big things i'm telling clients is this is what a normal market looks like interest rates and companies are actually giving realistic guidance and not the pie in the sky numbers the last couple years. we are telling clients this is the reset to what a normal market is supposed to look like. >> it is really good advice. we have been through this -- minus the pandemic march, april meltdown -- which was fast and scary and rebounded. we haven't had this since the financial crisis this is a new thing for a lot of investors who have not been around for 25 or 30 years. >> yeah. you know, at a time we encourage investors to look for companies with positive revenues and profits, but we're looking at a name of iron mountain. the company will never blow the doors off, but returning close to 5% to shareholders in the form of dividends and holding up well in the bear market. there is nothing exciting. iron mountain gave guidance they are migrating their physical record storage to the cloud. going digital is telling us they will have the cash flow consistent and it will be a good dividend grower if you are looking for safety in the environment. >> iron mountain michigan is sun re unrelated to the company outside of that, malcolm, abbott labs, abt. it hasn't gotten a lot of attention. why do you like it >> abbott will continue to sell covid tests to governments around the world the diversified set of health care and strong balance sheet and strong dividend growth is a recipe for the climate everybody is looking for safety. everybody is looking for companies with a strong track record of paying back dividends. abbott looks like another company as health care products is the focus as people are looking for growth abbott will lead the way on that as soon as they get past the baby formula shortage as they already started to ramp up production and started to build shelf stock up we will hear abbott tell a different story. that is when we expect them to recover and to gain back this year >> don't have time to get to the third pick albuquerque, new mexico. a startup. it has done well microsoft. random trivia. founded in albuquerque, new mexico ma malcolm, have a great weekend. thanks for getting up early. see soon thanks very much that does it for us on "worldwide exchange. guess what be we are back on monday. markets get rounded route higher for the week i think i speak for everybody on wex team when i say you're wel welcome, america "squawk box" is next have a great weekend ♪ ♪ how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. don't touch my piano. like riding-a-cheetah fast. isn't that right, girl? whoa! it can connect hundreds of devices at once. [ in unison ] that's powerful. couldn't have said it better myself. and with three times the bandwidth, the gaming never has to end. slaying is our business. and business is good. unbeatable internet from xfinity. made to do anything so you can do anything. >>> good morning pretty impressive showing yesterday in the markets ending higher one of the best days in a while. futures pointing to more gains at the open. we'll show you what is moving right now. >>> breaking news. we will tell you what happened with the meeting with oil executives and secretary granholm details from the room ahead. >>> we talk to the head of the major flight attendants union of the flight cancellations this cr that created a global travel nightmare. it is friday, june 24th, 2022. "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbcsite in times square. i'm rebecca quick along with carry-onjo kernen and andrew ross sorkin. you will see there are green arrows on what has been a good week the best week in a while you are looking at the dow futures indicated up 232 points. s&p futures up 31. nasdaq up 122. maybe a bigger story for the markets has been what happened with the treasury market yields have come down significantly. 10-year treasury is now 3.085%

cnbc's kayla tausche on how the white house is responding but first cnbc's senior economics correspondent steve liesman. steve, you asked a question of chairman powell. >> you talked about using 50 basis point rate hikes or the possibility in coming meetings might there be something larger than 50, 75 percentage point possible >> he said no so explain why they're back on the table now, steve. >> a few reasons, shep pardon me. after powell said a larger rate hike wasn't being actively considered, he did go on to say, well, that was the case if the fed's forecast for the economy panned out including inflation flattening out that didn't happen and there's no sign of it easing there's a sign of higher inflation from the price surge in inflation, war in ukraine china has been under extended lockdown the factories are coming back online finally wage gauge caused by continuing shortage of labor and one more thing, the fed has a series of measures that it follows about how much inflation americans expect to happen and those are mostly trending up that raises the fear of more inflation down the road as people spend more now to avoid higher prices in the future. >> how's a 3/4 point rate hike going to affect american's spare a half point >> one quarter doesn't matter that much. it's more that the market thinks the extra bit the fed will do means a lot more rate hikes in the months ahead here's one more example. the market thought the fed was going to stop raising rates last summer at around 3 persz percent. now the market expects to reach 4% a whole extra percentage point that means consumer credit rates will be higher here's the context the fed fund rate has not been 4% in 14 years so the story here is this. whether the fed's aggressive plan to raise rates will plunge the economy into recession and that, of course, shep is going to matter a whole lot to americans. >> i bet it will steve liesman. thanks very much. >>> inflation is sapping the strength of our families that from president biden and union supporters in philadelphia he reassured them that tackling inflation remains a top priority for the administration the president again blamed rising gas prices on the russian invasion of ukraine. >> i'm doing everything in my power to blunt putin's gas price hike just since he invaded ukraine it's gone up $1.74 a gallon because of nothing else but that so i have a plan to bring down the cost of gas and food. >> the president continues to insist that the economy is headed in the right direction, but he says republican senators are disrupting his economic agenda for more on that, cnbc's senior white house correspondent kayla tausche. kayla? >> reporter: president biden's w speech to workers is inflation is the fly in the ointment prices are still too high. as democrats try to secure party line support for a slimmed down social and climate package, mr. biden again pointed the finger across the aisle. >> the problem is, republicans in congress are doing everything they can to stop my plans to bring down costs on ordinary families that's why my plan is not finished and why the results aren't finished either. >> reporter: today biden made no mention of the fed keeping distance from the central bank trying to rest control of inflation through interest rates. experts say that hands-off approach can be a double-edged sword. >> this works when the fed enjoys strong growth and low inflation and this can come back to be a political problem if inflation exists and the fed is unable to fix the problem. >> voters are already war weary. polls show americans wanting the white house

cnbc. listen to the podcast on apple, spotifor >>> it's 5:00 a.m. at cnbcere is the top five at 5:00 the dow did something for the first time since january of 2021 futures higher. >>> president biden not giving up comments about recession and surging prices. >>> the rise in mortgage rates not slowing down hitting the highest rate since the recession. >>> and mark mahaner iy is

remind myself that every day jim, thank you >>> we want to remind you all about the cnbc investing club. sign up at cnbcst part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪ ♪ opportunity is setting a goal... ...and charting a course to get there. sometimes the only thing standing between you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity. >> she serves on two of the biggest companies in the world every day we talk about the challenges these consumer-facing companies have been facing the last 12 years or so. does the consumer want to traefrl, stay home, buy more, go to restaurants, shop more from the grocery store? you have a front-row seat through all of this and i wonder how quickly these changes are coming an

cnbc >>> boosting america's >>> big changes at nato, and u.s. troops getting a new home. i'm shepard smith, this is the news on cnbc. boosting america's military presence in europe. >> we are going to make sure nato is ready for any threats from all directions. >> tonight, vladimir putin responds as his bloody war rolls on. >>> r kelly going to prison. the king of pop's soul convicted of exploiting his stardom and wealth to sexually abuse women and girls. >> mr. kelly is away and will not be able to harm anyone else. >> r kelly's sentencing in federal court, and the cases get to come. >>> pushback from bombshell testimony before the january 6th committee. >> mr. trump used his free hand to lunged towards bobby engel. >> the parts of cassidy hutchinson's story been challenged and why the committee still sees her overall credibility as rocksolid. >>> the iphone turns 15. steve novak on the changes over the years, and what's coming next. >>> a sprawling federal sex abuse investigation of the catholic church in new orleans. >>> a bison charges a family of tourists. >>> and honoring one of the most famous u.s. marines in history. >> live from cnbc, the facts, the truth, the news with shepard smith. >> good evening. remember when vladimir putin claimed he invaded ukraine because nato was getting too big and too strong in his own backyard? how did that work out? today, nato formally invited sweden and finland to join its military alliance. the move is a significant blow to putin himself, and boosts nato's eastern flank. finland shares an 800 mile border with russia. the finns also have a solid military that has trained extensively with american and nato troops. today's decision also means that sweden is ending more than 200 years of military neutrality. today the secretary-general of nato spoke to reporters in the madrid. they asked whether ukraine could join nato next. he said the alliance would offer other types of support. >> allies will continue to provide major military international help. also it's very clear that allies are prepared for the long haul. wars are unpredictable, but we have to be prepared for the long haul. >>

cnbc's senior markets commentator mike santoli live from the new york stock exchange cnbc pro calls it not too hot, not too gold just the goldilocks moment we need what does that mean? >> well, shep, it shows the underlying job market is very healthy. 390,000 net new jobs is absolutely quite strong, especially with unemployment already this low, but there was a little bit of slowdown in wage growth that was one element that a lot of investors were watching, the federal reserve is watching. which would imply at least kind of affirms the idea that perhaps inflation has peaked and wage growth at least might not be a driver of that, so that's why you get the sort of not too hot piece of an otherwise very strong jobs report >> these warnings and concerns from musk and dimon, what are they telling us? >> it's difficult to know what elon musk is saying about the overall economy. it's a relatively vague comment from him, but maybe it just means his company has been growing so fast, they might have overhired over the course of the last few years maybe it feels like they're not quite the right size when it comes to jamie dimon, he runs the largest bank in the country, and he's mostly naming what the federal reserve is likely to do to fight inflation, raise interest rates quite a bit over the next several months and also withdraw some other stimulus measures that they have put in place since the pandemic, buying up a lot of treasury bonds. that's one measure he also flagged the possibility of oil going to $150 or $175 a barrel, assuming the war in ukraine continues to wage. and those things he felt as if raise the risk level for some kind of bad economic outcome, maybe a recession eventually, though i would point out, jamie dimon's kind of paid to worry about these things he's saying currently, his customers, consumers, and companies, they're still spending, they're still in decent shape they're not falling too far behind on their debts or anything like that it's much more about what might come down the road as opposed to the way the economy looks right now. >> mike santoli, live at the stock exchange thank you. >>> weather alert. tropical storm warnings in effect for the southern half of the state offlorida. right now, a system is strengthening in the gulf of mexico, forecasters say they expect tonight it will become tropical storm alex. if so, it will be the first named storm of the atlantic hurricane season that started just two days ago. a live look now in key west. the national hurricane center reports parts of south florida and the keys could get up to a foot of rain over the next 24 hours. accuweather senior meteorologist adam dell roso tracking it for us tonight lots of rain >> oh, yeah, shep. this has a lot of tropical moisture with it, and this is going to cause a lot of flooding problems as we head threw tonight and the day tomorrow that precipitation to tampa and orlando. this thing is still fairly unorganized which is why it has not officially become a tropical storm. but as you mention, in the next 12 to 24 hours, we are expecting that to change, as it gets closer to landfall in the middle of tomorrow morning. we have those tropical storm warnings in effect here, all those counties shaded in orange, where we're expecting gusts 40 to 60 miles per hour across the keys, up toward cape canaveral as well as sarasota. future radar showing that landfall sometime in the middle of tomorrow morning near cape coral. it quickly makes its way across the peninsula, taking some of those heavier downpours with it. also need to watch out for isolated tornadoes as this is making its way across land notice by sunday, the heaviest rain gone, but there could still be some spotty downpours that linger into the second half of the weekend. the biggest issue will be that flooding we have flood watches all across central and south florida, into the keys where we're expecting 8 to 12 inches of rainfall from naples over toward west palm, southward through ft. lauderdale, miami, into the keys even as far north as tampa and daytona beach, expecting 1 to 2 inches of rain hurricane season getting started with a bang here, shep >> adam dell roso, thanks very much >> a former trump senior adviser arrested at the airport. the indictment and the court appearance >>> on january 6th, at the capitol, we know there were chants of "hang my pence." now, we're learning new details about how concerned his inner circle was about his safety and the actions they took just one day before >>> and an escaped killer in a shootout with police on the run for three weeks, then a murder spree. how the cops' takedown came too late for a man and his four grandchildren. - in the last two years, we quadrupled our team and the pace we're growing, i couldn't keep up without ziprecruiter. they do the legwork and they get my job posting in front of the right candidates. i love invite to apply. i instantly see great candidates and i can invite them to 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leading up to the insurrection, president trump pressured pence to overturn the election results during the congressional certification process. of course, he refused to do so, saying correctly, he did not have that power. the times report comes as the january 6th committee gets set to hold its first public hearing coming up this thursday night in primetime. today, justice department officials did what members of the committee asked them to do they charged the former trump adviser pete navarro with contempt of congress and took him into custody navarro has refused to talk to lawmakers on the committee, but he has been more than willing to speak to reporters he's done it again and again including just yesterday with msnbc's ari melber >> you're risking going potentially to jail, not to talk to them, but you're out here talking in public. you do realize these investigators can hear you when you talk on tv >> well, we're talking about now, ari, is the case law itself and the constitutionality of executive privilege, testimony immunity >> it's just not true. navarro spoke again today after appearing in federal court this afternoon. he slammed the january 6th committee, called it unconstitutional said prosecutors are lunching a preemptive strike on the civil lawsuit he filed against the committee. navarro once again claims he can't cooperate because president trump invoked executive privilege. >> untenable constitutional position we have here, and there's a whole lot of other issues with those subpoenas, is i have testimony immunity, and the president, there's trump executive privilege. >> he's wrong on the facts navarro did not enter a plea today, and he's currently representing himself though he's not a lawyer nbc's senior national political correspondent sahil kapur is here has this committee responded since navarro's arrest and statements >> well, shep, peter navarro was charged and arrested today on two counts of contempt of congress one for failing to show up to his scheduled deposition testimony, and the second for refusing to provide documents as per that lawful subpoena the committee has not formally commented on this indictment, but we know this is something the committee wanted they had been hoping for a more aggressive enforcement posture from the justice department. as recently as two months ago when they met and voted to hold navarro and dan scavino, another trump aide, in contempt. adam schiff, one of the members of the committee, responded abstractly after the indictment saying prosecution of those who refuse to comply with the subpoena is essential for this committee to fulfill their oversight committees navarro is a former trump trade adviser who involved himself in the plot to overturn the 2020 election he worked with steve bannon, he was coordinating 100 workers on it then-president trump was onboard with the plan. the committee called him up and said you have information that is very relevant to our investigation. they issued a subpoena he did not comply. the committee's hope is this is the beginning of a more aggressive posture by the justice department that will also include charges and arrests against other members that the committee has cited but the doj has not acted on most notably dan scavino as well as mark meadows, the chief of staff at the time. >> what are we expecting from the committee's first hearing in primetime next week? >> it will be next thursday starting at 8:00 p.m. eastern. the committee has held its cards close to the vest, not revealing much we don't officially have a witness list, although there are some indications the committee is looking at people in former vice president pence's orbit the reason being pence is a crucial foil to then-president trump because he refused to go along with that effort to overturn the election by discounting electors he had a very public break with the former president ever since then we know the committee has a desire to convey to the american public what happened on january 6th. the violence on the capitol but more importantly the bigger picture. every that led up to it. sources on the committee described it as a fire that had been kindling for month and months according to liz cheney, the vice chair of the committee, a republican, they also want to talk about then-president trump's role in pressuring the justice department to overturn the results of the election and stay in power even though he lost >> sahil kapur live tonight. thank you. >> we'll be airing the january 6th hearings live beginning thursday night, 8:00 eastern, and through the evening, right after the news on cnbcusands of dollars worth -- i should say thousands of dollars a month for life-saving drugs. but what do you do if you can't pay? tonight, the story of one woman forced to make that choice, and she's not alone. >>> and pennsylvania's recount in the republican senate primary is not over. but tonight, a winner. but tonight, a winner. who just 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cnbc. . >>> some states make it tougher than ever for businesses to operate so every year, cnbc compiles america's top states tore opinions. in this 15th year of the survey, we are ranking all 50 states based on their business environments the rankings come out exactly one month from today between now and then, our top states team will be crisscrossing the country from inflation to soaring gas prices, and widespread workers shortagers this could be the most competitive year, yet. in san francisco, here is cnbc's scott cohn >> reporter: it's an american mission. fixing a supply chain badly broken states are fighting to lead the fix. >> three, two, un. >> reporter: in the orwellian world that is economic development in america, there is never a bad time for more tax breaks. >> but these days, winning takes workers in painfully short supply >>> 5.5 million more open jobs than workers to fill them. >> workforce is always the single-most important factor >> reporter: labor has new leverage. >> they have seen the value and commanded a different wage or commanded a different benefit level. >> reporter: at the same time, some traditionally-business fra friendly governors are waging a culture war and digging in. >> not by anyone corporation >> reporter: our top states study scores states on the factors they use to sell themselves this year, that's workforce, our heaviest-weighted category, including migration and industry-recognized skills he look at infrastructure, development sites, roads, bridges,

cnbc vladimir putin lashing out against the u.s., his new message as the eu takes a step that ukraine's president says brings victory closer. >> the crypto crash. cnbc's kate rooney in miami with a look at the impact on the city and what its pro-crypto mayor is saying now >> first, scandal rocks the wwe. vince mcmahon, the billionaire ceo and primary shareholder of world wrestling entertainment, stepping back temporarily from his leadership roles within the company. he'll be stepping aside while there's an investigation into alleged misconduct "wall street journal" reported they're investigating hush money payments he made to a former employee, but wwe reports mcmahon will maintain control of the company's creative storylines while under investigation. in typical brash mcmahon fashion, he's not going quietly. the wwe reports he'll appear tonight tive on smackdown in character to address the scandal. a source familiar with the matter told cnbcex sherman that mcmahon has torn up the script for smackdown that was written last night the company reports mcmahon has no intention of making this leave permanent. cnbc's perry russom now on the shake-up at the wwe. >> wrestle mania >> the man who created a wrestling universe where he fought a future president and faked his own death is now facing a real investigation into allegations of executive misconduct the "wall street journal" reports that wwe is investigating a secret $3 million settlement that vince mcmahon agreed to pay a now former employee who mcmahon is accused of having a consensual affair with. the journal reports according to an email sent to wwe board members, mcmahon initially hired the woman at a salerally of $100,000, but increased it to $200,000 after beginning a sexual relationship with her according to the journal, a separation agreement prevents the woman from discussing her relationship with mr. mcmahon or disparaging him. the journal reports that wwe's board