i'm dominic chu alongside contessa brewer. as contessa pointed out, we are lower. dow down 266 points. the s&p implied lower by 36 points at opening bell nasdaq down 120 points the bond market is seeing that activity play out there as well. interest rates are on the rise in key parts of the treasury yield curve. the 10-year treasury is a hair below 3.45% the inversion is in place. let's get a check of oil prices. getting hit again. oil prices are lower west texas intermediate is d down $83.46. contessa >>> dom, thank you let's get a check of the top stories. silvana henao is here with those. >> contessa, good morning. president biden is attempting to down play the record high inflation in the u.s in the interview last night, the president responding to the question on the read showing inflation remains at a 40-year high saying context is key when looking at the figures >> first of all, put it in perspective. inflation rate month to month is an inch. >> you are arguing 8.3 is good news >> no, i'm not it was 8.2 before. i could say oh, it went to 8.2%. >> the highest

i'm contessa brewer in for kelly evans today.inflation about to collapse that's the call from a longtime market watcher to tell us why he thinks that is the warning of permanent price hikes and why it's wrong signs of a bottom. there are three things investors need to look at to see if the market downtrend is ready to reverse and we'll tell you what they are and what it means for your investments and first to tyler and a check on the markets. hi, ty >> contessa, thank you very much take a look at the dow industrials up 1.19% as you see right there. the s&p and the nasdaq is the big gainer help me look over there behind contessa 2.03% and there it is right in front of me and that's amazing. all 11 s&p 500 sectors and they are higher led by communication services and energy and information technology, you should see contessa trying to sneak in here. big techs seeing strong gains and meta up 4% and netflix, microsoft, alphabet gaining 2% and we'll talk about some of those stocks a little bit later and what they're doing to cut costs

i'm contessa brewer. here's what's ahead. pay attention to the yield patty the new tina as the 10-year yield broke through 4% for the first time since 2008. is this the start of a new era investing? we're delivering alpha stanley druckenmiller sees a hard landing in 2023 j.p. morgan says inflation is here to stay orlando bravo shares his thoughts on the market and what's next for crypto >> because if you've got alpha don't keep it to yourself. you need to deliver. don't keep the alpha >>> stocks overall they are rebounding nicely this afternoon, bear market bounce, whatever you want to call it, driven by a retreat in yields. yields down, stocks up this after the bank of england announced a temporary bond buying plan. they were supposed to sell bonds. they started buying them back. a little quantitative easing coming back. the dow and nasdaq standing in the way of the screen, getting higher 437 points, nasdaq up 1.3% all kind of about the same if you watched "the exchange" like a minute ago, you would have heard steve covac ta

contessa, i'm sorry.ur name. >> it's not the first time it's happened to me and probably not the last >> rick santoli. >> rick and i go way back. i know who i'm talking to there. rick, thank you. oil closing lower near levels we haven't seen since russia's invasion of ukraine. pippa stephens joins us now from the commodity desk what are you watching, pippa >> hi, contessa. oil is tumbling as new lockdowns in china hit prices and an unexpected bounceback in chinese demand had been central to the oil case and these new lockdowns are throwing a wrench into that bull case. china is of course, the largest oil importer in the world and the dollar is ufjumping and that can lead to soft demand. with that, let's check on prices wti down 3.5% at 86.47 and brent crude with a loss of 3.6%. now meantime, germany's economic minister is saying today that the country should not rely on gas deliveries through the nordstream one contract and take a look at aluminum prices since april 2021 >> thank you for that. let's dive

i'm contessa brewer in for kelly evans today.are watching this big u-turn on the markets and slamming the brake on the morning rally and wiping out the gains that follow the jobs report and we're tracking the decline and we have a lineup of market pros to help us navigate the volatility and let's get to tyler with more on the sell-off. >> welcome, everybody. the market's earlier gains are all gone the dow had been up as much as 370 points and now down about 280. that's a 650-point turnaround. the s&p 500 also lower today by about 1% and right now the nasdaq is down 1.38% it is a bit of a perplexing day as we head into the weekend. there is news, but there is a lot of uncertainty around that news 3m, dow, intel and the biggest laggards on the blue chip index and the dow transports, they are down as well and the sector led lower by jb hunt, old dominion and csx. contessa >> let's get right to the market panel and keith fitzgerald, bob pisani joins us and mike santoli. let's begin on what may have sparked this big turnaround. >> it

hi, rick >> hi, contessa.s been a wild few sessions in the treasuries and indeed, all sovereign and corporate rates across the globe as you consider 213,000 today for initial jobless claims that was the lowest level in 15 weeks, since the end of may. there was some good news, and retail sales was a mixed blessing, and ultimately, we're on pace for the sixth highest yield close in a row for two-year note yields let's look at the last three since cpi and you can see how w continue to escalate after the big run-up we had when cpi was released but it's much different the further down the curve you go. if you look at a three-day of ten-year note yields what jumps out is the high water mark there yesterday, intraday, was 3.48%, but it closes lower. because 3.48%, if you open the chart up to june, you would find it was the mid-june high i will show that every day until we close above it, which will be a big technical green light for more selling bund yields, same scenarios. their mid-june high was 1.77 what was their

contessa >> hello, tyler. hello, everybody a midday market reversal has sent stocks deeper into bear market territory you're seeing the dow industrials off 3/4 of 1%. the s&p 500 off half a percent hitting its lowest intraday level since november 2020. and the nasdaq is off by a quarter percentage point driving the action here, rising yields the five-year yield hitting its highest level since 2007 the 10-year hit its highest level since 2010, closing in on 4% and the 30-year yield, look at this, hitting its highest level since 2014 you've got the five-year now at 4.2, the 10-year at 3.97, going up, and the 30-year at 3. 8. with the bond market flashing warning signs our next guest says room needed to avoid recession has narrowed bob dole is c.i.o. at cross-mark global investments it's good to see you, bob. you had the chicago fed president saying to cnbc europe that he's cautiously optimistic that we can avoid recession. so why do you think that the path to do so has narrowed >> i think every month that goes b

>> thanks very much, contessa. let's see where we are because we don't have the prompter the current macro environment is difficult to figure out, but our next guest says you have to respect it, tread a little carefully and stay fully invested for more, let's welcome in jason ware from albion financial good to see you. you say recession is coming in '23, but don't get too grim about it >> good to be with you, tyler. i think for long-term investors you have to think and act accordingly. you want to own good companies, be diversified and understand what your time horizon is, your risk is and long-term goals. a recession in 2023 is not going to -- or should not kick you off of that track. however, you do have to respect the macro environment. we have a recession coming we have a fed that is continuing to push forward on raising interest rates we have inflation that has been stubborn and problematic and until those things change, it's going to be a volatile ride with a downside bias in the coming months. so, you want t

contessa >> from sully side up, look at bad news brewer. it's a choppy day of trading as the markets look to close out this rough week, rough month, rough quarter. i told you about the dow jones industrials down 259 points. the s&p 500 off by 0.50 and the nasdaq down by 0.30. nike, carnival cruise lines, norwegian, the worst performing on the s&p and a number of fresh 52-lows, including mondelez, dominion, southwest airlines, norfolk southern off 2% as well, tyler rough crowd. >> contessa, september has lived up to its reputation, the dow and the s&p down more than 7% for the month. the dow on pace for its worst monthly performance since back in march of 2020 that, of course, pandemic month. worst september since 2002 nasdaq headed for its biggest monthly loss since april of this year now, those declines driven by rising yields, the ten-year yield started the month at 3.19%. it broke through 4% this week before pulling back just a bit it has been a violent month, frankly, for bond yields dollar index, fresh 20-year high, causing the tech se

contessa brewer has been watching that.this is a beginning of a new rebound for vegas >> you know that the casinos are hoping so. but it remains to be seen where these restrictions keep easing down to allow international visitors for now, they're enjoying the lift mgm up fractionally. look at las vegas sands, up almost 12% wynn resorts up 12%. melco up 20% the macao government will resume issuing visas electronically it makes it easier for the neighboring visitors to travel to macao and there will be the gradual resumption of group tours. the top government tourism official predicts as many as 40,000 daily visitors next month. still well off prepandemic levels of 113,000 visitors per day, according to official tallies. but this is a real improvement on tourism this year which has been down 86% from 2019. jeffries has just upgraded wynn and las vegas sands to a buy and increased the price target but, of course, there's still a lot of headwinds here. they have a surprise competitor, and you have also these questions about whe

so tell us, tell us why you use those three nouns, and particularly i suppose the contessa, which is, which is a wonderful word and that kind a real draw to, you know, how can you not want to know about that exact. so my dad's old portraits and i to sell books and and contessa was written i didn't make this up that she nicknamed the contessa because in that rather modest movement she was wealthy and she was beautiful and she was gorgeously dressed. so it was kind of understandable that those of snobbish bostonians would name her the contest that her called her lady macbeth. and that's also a novel title. and i wanted i wanted to the book to tell the reader, even at a casual, that the role of princeling and proxy, which is mostly spoken words and social power came together to make the abolitionist movement. so the subtitle conveys a lot of information as in a little book, right? it is a book and it's a one. so you do as you have said and as we can tell from your past work, which has to do with women coming on to the supreme court, with with with gay rights and with these the metoo move

contessa brewer tracks the names. >> reporter: seema, good to see you.mericans are expected to bet this year according to the american gaming association. the survey indicates 46.6 million americans will gamble on a game and nearly half will bet online that's an 18% increase from last year a lot can change in a year take caesars 13 offered mobile gambling today it is life in 26 states. we are including ontario, canada 19 of those offer mobile betting. that expansion is happening across the industry. fuelling expectation for record setting revenue. the american gaming association points out that sports betting revenue at commercial casinos is more than $3 billion for the first six months of the year up nearly 64% from the same period last year the operators are still looking at their promotional expenses and getting in the way of profitability. for now. i talked with the ceo of entertainment who is in a partnership with mgm resorts she told me about making money after turning the corner. >> we've always expected the promotional activity for this nfl seaso

contessa >> melissa, thank you very much.saw cano health shares close up 32% today on the news that humana is making or could make a bid for the company. marleau hernandez joins me now, the ceo. talk about where you stand with humana and where things are going. >> i think humana is a great partner. we've been working for many years and i'm not going to comment on the rumors. but we're really excited about our momentum, about value we're bringing to patients and committed to that long-term value creation. >> you now have nine states where your operating primary care centers, health care centers. >> that is right. >> and puerto rico talk about your model and why this is something that might be a good fit for a company like humana >> well there is so much interest because value based care is the present and the future it is also very scarce when you're meeting patients, where they want to be met, when providers, when payers, when you could get measurably better care at a lower cost, you need technology, you need infrastructure,

hi, rick >> thank you, contessa yes, i'd like to welcome jerome. contestant a said something that i want to throw back at you. volatility in the marketplace, and you can hear the noise in the background, is ramped up a bit. but i certainly think that the trern treasury market i think it is the same market but something has changed. >> fundamentally what we're seeing is higher cost of capital in the marketplace transitory mechanisms which really help to allocate risks throughout the market have fundamentally gone to a higher cost of capital meaning that offers are wider, functional markets are wider so we're witnessing a recalibration from the low rate regimes into a more normalized one from the early 1980s or '90s. >> it is the great reset and it doesn't mean that the market is broken, it doesn't mean that the market is flawed it just means under the current conditions, big ranges are necessary. >> and investors have to adapt to it, so they will think about it in terms of volatility in their portfolios, having longer holding periods, maybe higher c

. >>> hello, everybody, i'm contessa brewer. the department of veterans affairs is getting ready to offer abortion counseling and in some cases abortions to pregnant veterans and their dependents. abortions will be offered when the mother's life is in danger or the pregnancy is the result of rape or incest. right now the va does not provide abortion care. republicans are pushing back and point to a 1992 law that prohibits the va from providing abortions. but a '96 law demands that the va provide needed medical care. >>> tropical storm danielle has strengthened into a hurricane. it's the first to do so during an unusually quiet storm season. forecasters predict the hurricane will not make landfall but will meander in the atlantic over the next few days. >>> and a drug-sniffing drug uncovered a huge haul of cocaine stuffed into a wheelchair at milan at the airport nearly 30 pounds hidden in the upholstery of the chair. when police made the discovery, the man in the chair got up and walked away, didn't need the help street value, $

contessa brewer in san diego.wner of both phoenix pro basketball teams the suns and mercury, says he's selling both franchises. he made that announcement today. comes a week after the nba suspended him for a year and fined him 10 million bucks after an investigation into his workplace actions. in a statement sarver said he expected the suspension would provide him time to make amends but then he went back to say because of an unforgiving climate he can't do it he wrote in part, it has become painfully clear that that is no longer possible, that whatever good i have done or could still do is outweighed by things i have said in the past. >>> baseball immortality is just a swing of the bat away for the yankees slugger, aaron judge he needs just one more homer to tie roger marist's major league record 61 homers in a single season it stood for more than six decades but now every time aaron judge steps to the plate the basketball world watches and waits to see him etch his name into the record book cnbc's valerie castro

history cnbc's contessa brewer live tonight in san diego contessa >> reporter: hi there, shep. a jackpot state if it were to embrace sports gambling it is expected to surpass new york, new jersey, and nevada in gambling revenue voters here in california are just getting bombarded with political ads urging them to vote yes or no to legalize sports betting in the state's most populus state. >> it's bad for tribes and all californians. >> in near continuous campaign ads. >> vote yes. >> reporter: on november's ballot, two separate gambling propositions proposition 26 would legalize sports betting on tribal lands in physical sports books and at four privately owned racetracks. proposition 27 would allow commercial operators access to offer online and mobile sports betting in partnership with tribes. >> proposition 27 is a massive expansion of gambling. it would turn every cell phone, every computer, every laptop, every tablet, every gaming console into a gaming device >> reporter: a coalition of california tribes is urging them to vote yes on 26 but no on 27 saying it erodes tribal

i'm contessa brewer. here's what's ahead.d patty the new tina as the 10-year yield broke through 4% for the first time since 2008. is this the start of a new era investing? we're delivering alpha stanley druckenmiller sees a hard landing in 2023 j.p. morgan says inflation is here t

that's crazy contessa, thanks, contessa brewer. >>> crypto surging this morning after ftx and sam bankmaneed on a -- we have more with this continued buying spree, good morning, kate. >> hey there, carl, yeah, crypto getting relief to end this week following broader markets. bitcoin was up as much as 10% after hitting a three month low a couple days ago. it's been particularly sensitive to the rising u.s. dollar in recent months. you can see that inverse correlation on the chart there really picking up in may or so and another factor this week, there's been a strong uptick in short liquidations, the past day or so, about $343 million worth of crypto shorts closed out their positions, the largest level in more than a month according to glassnode, coin glass data there, that sparks the jumps in prices. that may not be driving bitcoin's -- the venture arm of ftx, buying a 30% stake in sky bridge capital, after sky bridge gated some redemptions earlier this year as the prices of cryptocurrencies crashed, less than 8% of the if i rfirm's ass. $40 million of the roughly $50 million stake is goi

appreciate it, contessa. >>> for the first time, u.s. are recommending that all adults under 65 get regularly screened for anxiety that's according to a draft recommendation released today by the u.s. preventative services task force the draft also recommends adults get screened for depression. researchers say the timing of the draft is especially relevant because of the pandemic when doctors saw a rise in mental health issues related to all of the stress and the isolation according to the task force, about a quarter of all men will experience anxiety at some point in their lives for women, the likelihood significantly higher 40%. the recommendation is not yet final and will now enter a public comment period through october 17th >>> everyone seems to love a good online viral challenge, right? but this latest one, man, i mean, the fda is now involved, and this is certifiably, cnbc can confirm, absolutely stupid, ridiculous, and horrible we'll show you exactly what it is and why the fda sent out a warning about it >>> and get good service,

she is live in new york city contessa >> hi there, shep.perty owners in multiple states are facing skyrocketing premiums and hard to get coverage but the insurance industry itself says florida's market is in full meltdownnited property d casualty, dropped them. >> in florida how can you have a house without homeowner's in >> how about a sandwich? >> reporter: steve and jo seligman have lived in their wellington, florida home since 2004 this year, their long-time the insurer, united property and casualty, dropped them >> in florida, how can you have a house without homeowners insurance? it's just not possible adds nice as our house is, we can't even get homeowners insurance. >> reporter: the seligmans scrambled for a new policy and found only one option, the public one, citizens, created by the state legislature 20 years ago. >> i thought citizens was a last resort insurance company for those who needed last resort and i had no idea that they were writing now for just about everybody in florida. >> reporter: not everybody, but the number has

cnbc's contessa brewer has a look at what's at stake. >> reporter: in near continuous campaign ads inyes on 27. tax online sports betting. >> reporter: on november's ballot, two separate gambling propositions. proposition 26 would legalize sports betting on tribal lands in physical sports books, and at for privately owned racetracks. proposition 27 would allow commercial operators access to offer online and mobile sports betting, in partnership with tribes. >> proposition 27 is a massive expansion of gambling. it would turn every cell phone, every computer, every laptop, tablet, gaming console into a gambling device. >> a coalition is urging voters to vote yes on 26 but no on 27 saying it erodes tribal sovereignty and benefits only out of state for profit companies. >> historically the tribes in california have had a lot of political clout and they're continuing to flex their muscles hear. they're the stewards of gaming and i think they really want to to be done on their terms. >> reporter: the sports betting operators including fanduel, draft kings and bet mgm have joined forces and

hi, contessa >> hi, shep.just in puerto rico last week and he told me today his family there, the island, is still in emergency mode. >> i hear from my cousins and uncles on the island, it was 112 degrees yesterday. it's all nearly a week later my family, doesn't have running water or electricity yet we do know the places where we have worked for resiliency have worked together with the hispanic federation we got solar panels for facilities and hospitals and those functioned through the storm. so i think it doubles down on the snneed to build a morey sill yenlt puerto rico that can withstand and adapt. >> i was on the island after hurricane maria when the whole infrastructure of the island was wiped out. did you think that five years later we would be seeing the aftermath of another hurricane and see a dismal result? >> well, some of that infuriating feeling was knowing that there was federal aid that was not in any hurry to get there because of the previous administration as a result, they still haven't gotte

i'm contessa brewer.bc update this hour major flooding in central italy has left at least ten people dead rescue operations are ongoing in remote towns as people reportedly had to climb trees and scramble on top of cars to try and escape those flood waters nissan is recalling more than 200,000 vehicles because of issues with the transmission the car maker says the frontier and titan pickup trucks from 2020 through the 2023 model year unexpectedly can roll away when shifted into park. so nissan says owners need to use the parking brake when they park their trucks. the company is working on repairs now. and new reporting from nbc news. biden aides are beginning to build the groundwork for a 2024 presidential run and already talking about who would manage the campaign the plan is to rely heavily on the democratic national committee and save money with a small campaign staff preparations will also include text messaging strategies and themes before november's mid-term >> contessa, thank you wells fargo out wi

contessa, i have a couple questions.in the entertainment industry, in the travel and leisure industry. they have to follow suit usually what you see when a walmart or target raises wages, everybody else has to follow just to compete. and i guess second of all, what's the strong dollar mean for hard rock's international business >> okay. great questions. first of all, what we saw here in new york city is when they opened, they hired at a premium wage they wanted to get the best people in and do this the right way so they had already taken those increased wages and offered them right off the bat when this new hotel opened in mid town what we've seen is that the unions have negotiated wages, say, in atlantic city. hard rock says these wage increases will apply to those people who the non-tipped employees even if they're represented by a union they're getting rate increases even if the union has negotiated the wages. does that put pressure yeah if talent is in short supply it puts pressure on mgm and caesar's to come up with

i'm contessa brewer. this hour hurricane ian is tracking for landfall in south carolina this afternoon, and with it flooding rains, storm surges and strong wind to the southeast. states of emergency are being declared cross georgia, the carolinas and virginia ahead of ian's arrival. and at least 21 people are counted dead in florida after the storm hammered the state over the past 48 hours the cleanup, of course, still continuing there a suicide attack at a tutoring center in the afghan capital of kabul killed at least 19 people and wounded dozens no immediate claim of responsibility for this blast, but a lot of people living nearby are an ethnically shiite muslim majority. supreme court justice cutonjaw brown jackson is making a brief appearance three days after the court's high term. president joe biden, vice president kamala harris and their spouses attended a historic day >> that's contessa brewer. >>> netflix up 36% so far this quarter. it's the second best stock in the nasdaq 100 we've highlighted i

the state passed a law saying they cannot refuse coverage. >> vicious cycle appreciate it, contessa. the first time u.s. medical experts are recommending that all adults under 65 get regularly screened for anxiety that's according to a draft recommendation released today but the u.s. preventive services task force it also recommends adults get screened the timing is especially relevant when doctors saw a rise in mental health issues related to the stress and the isolce isolation. for women the likelihood is significantly higher, 40%. it will enter a comment through october 17th. >> everyone loves a good onlike vinyl. the fda is now involved and this is cert fly by, cnbc can confirm, absolutely stupid, ridiculous and horrible. we'll show you exactly what it is and why the fda september out a warning about it. >>> and get good service, give a tip, right but is it getting completely out of hand? see that screen? why do we see that screen for literally everything now i mean, i never tipped for this. why do i tip for this now. i mean, i like to tip. i appreciate good service, but tib? i d

. >>> good day, i'm contessa brewer, the justice department released a more detailed inventory of items seized by the fbi during its mar-a-lago search following a judge's order, details material with classification labels found alongside unclassified documents. a lot of newspapers, a handful of gift items. also on the list, some empty folders, empty, with classified banners on them. former white house counsel pat cipalone, to testify before a grand jury investigating the january 6th attack on the capitol. and what then president trump did or didn't do on that day g-7 # finance ministers say today they're moving ahead with plans to limit russia's oil income u.s. treasury officials say there will be one price cap on crude and two or refined products. >>> "the wall street journal" reports general motors will offer buyouts to buick dealers that don't want to make the investments needed as the brand goes all electric by 2030. carl, that's the news. send it back to you. >> contessa, see you in a bit. >>> meantime, metais betting big on virtual reality with this new partnership with qualcomm,

carl, back to you guys. >> contessa, thanks, contessa brewer. >>> after the break 65 million people impacted>>> meantime, the nasdaq is down seven straight sessions. we haven't done that since a nine-day loss in 2016. back in a moment what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. 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 power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the ma

. >> seema mody, thank you our contessa brewer is looking at how insurers are preparing for the impactida insurance market is a mess. it's losing money even before the storm makes landfall property insurers lost more than a billion dollars for each of the last two years with underwriting losses back to 2017 dozens of florida insurers are facing ratings downgrades and may not have enough money to respond to a major catastrophe like ian over the last two years seven insurers have collapsed, at least 15 have left the state altogether property owners are scrambling to find coverage for many, the only option is the state-backed insurer of last resort, citizens as you can see, its number of policies have doubled the last five years it now represents more than 10% of the market. here is the market share of the top insurers in florida. this is according to a.m. best progressive, by the way, rounds out the top five reinsurance costs are soaring, as much as a 50% increase. auto insurers are facing tough times as well. they're seeing claim frequency and severity skyrocketing, more traffic crashes

. ♪ ♪ ♪ ♪ ♪ ♪ >>> i'm contessa brewer your news update, russian forces have left izyum, ukraine, and a mass burial site. viewers may find these images troubling. police have found more than 400 graves and reportedly some of those bodies show signs of torture. >>> a veteran new york judge has been appointed as special master to review documents taken in the trump mar-a-lago probe the judge overseeing the case also refused to allow the justice department to use in its investigation classified documents found in the search. >>> king charles has traveled to wales to greet well-wishers and attend another prayer service following the death of queen elizabeth. in london authorities have temporarily closed the line to view the queen's coffin. wait times had shot up to 14 hours. the line grew more than five miles. now new mourners will be able to queue up, david, after a six-hour pause >> wow 14 hours, contessa, thank you. contessa brewer. >>> we move on now to something we've talked about a number of times in the last hour and a half, of course, my interview the other day with paramount ceo

i'm contessa brewer in for kelly evans today.morning rally and wiping out the gains that follow the jobs report and we're tracking the decline and we have a lineup of market pros to help us navigate the volatility and let's get to tyler with more on the sell-off. >> welcome, everybody. the market's earlier gains are all gone the dow had been up as much as 370 points and now down about 280. that's a 650-point

contessa brewer, thank you for breaking that down for us. >>> as we head to break, the nasdaq 100 up.3% here are the top gainers in the ndx, another china name, jd.com and docusign, airbnb and liduc group. we have more on the tech sector next thanks to avalara we can calculate sales tax on almost anything, anywhere, automatically. avalarahhhhh. what if tax rates change? ahhhhhh. filing sales tax returns? ahhhhhh. managing exemption certificates? ahhhhhh. business license guidance? ahhhhhh. does it connect with accounting? ahhhhhh. item classification? ahhhhhh. cross-border sales? ahhhhhh. what about? ahhhhhh. ahhhhhh. do you have those budget markups? thank you. mmhm. [bubbles] - yieldstreet presents: alternative investing with kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you'r

>> rollup windows, my son wouldn't know what to do with them welcome to "power lunch" along with contessa'm tyler mathisen what tina to tara, there are reasonable alternatives. you just need to know where in the bond market to look to find the biggest rewards with the least amount of risk we'll show you where they are. >>> and the popular buy the dip trade. remember how that worked over the last few years it's backfiring now but it's not stopping investors fro

. >> thank you, contessa >> welcome, everyone stocks are

along with contessa brewer, i'm tyler mathisen nike says the greenback strength is one of the reasonsgins are under pressure there. so, will big tech be next? we'll talk to an analyst who is slashing estimates and cutting price targets. and too cheap to ignore, just like me. a veteran investor says the bear market is growing tired and he's

. >>> thank you, contessa and tyler. yes, we've got a strong rally to finish the week. we are just about at the highs of the day the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand in the market, up more than 400 points on the dow. it's broad, 11 sectors all green. the worst performing sector is utilities and that is up almost three-quarters of 1% we've got the nasdaq composite up 2% on the week now. the nasdaq comp is up 4%, the s&p 500 is almost up 4%. we're breaking the three-week losing streak. take a look at the best performing sectors right now energy tops the tape today as crude oil prices rise along with communication services, technology, discretionary and materials rounding out the top five big show today we've got a pair of ceos on the strength of the consumer tap tapestry's ceo will join us at the exchange to discuss the state of luxury spending they own coach, kate spade and kroger's ceo will be here to break down their strong earnings and guidance and give us his outlook for food

we'll see you tomorrow [ applause ] starts right now >> thank you very much along with contessa brewermathisen here's what's ahead on "power lunch. recession warning. will the fed's aggressive strategy to raise interest rates cause the economy to crack that's what starwood capital's chairman and ceo, barry sternlic, told cnbc this morning, and according to him, it could happen soon a look at why the fed's fight against inflation is growing more confusing >> plus, the end of work from home how far will employers g

along with contessa brewer i'm tyler mathisen and here's what's ahead this hour the path to recessionket watcher says a sharp economic downturn is going to get harder and harder to avoid. but he's finding some safety and opportunities in a few names we'll hear which and why plus, former treasury secretary larr

i'm contessa brewer. cnbc news update right now michigan voters will get their say on whether to add abortion rights to the state's constitution the state election board will put the proposed amendment on the ballot in november, following an order from the state supreme court that reversed a previous election board decision if approved, the amendment will affirm the right to abortion and other reproductive services including birth control. >>> the suspect in the memphis shooting spree that killed four people and wounded three others appeared in court today. the judge appointed a public defender for ezekiel kelly he faces a charge of first degree murder and more charges are expected >>> british prime minister liz truss is at buckingham palace for her first audience with king charles. her predecessors held weekly meetings with queen elizabeth to discuss current events this meeting comes just before the broadcast of king charles' first speech as monarch. we'll be watching for that dom? >> thank you >>> two b

i'm contessa brewer in for kelly evans today.pse that's the call from a longtime market watcher to tell us why he thinks that is the warning of permanent price hikes and why it's wrong signs of a bottom. there are three things investors need to look at to see if the market downtrend is ready to reverse and we'll tell you what they are and wha

sara >>> thank you, contessa brewer well, while the cost of gasoline gas prices may be getting cheaperl of this with one of the nation's biggest grocery chains and distributors, tony sarsum joins us. we got a strong report from kroger talk us where exactly you fit in the food supply chain. you're a large distributor as well, and what you are seeing in terms of consumer demand. >> happy friday, sara. we are a combination of a wholesale and retailer we run 148 retail stores we supply about 2100 independent grocery supplies of the majority of military commissaries worldwide and a handful of other national accounts. we're in that space, and we're seeing the same things you just talked about we are looking at both the disruptions that resonated, but also seeing rapid inflation that has been an interesting challenge not only for shoppers and consumers, but for us trying to serve them as best we can i also was curious what you said about supply chain is it not getting better at all? marginally better, but it's been a long road. it's been a continuing saga of an extraordinary time to recover f

. >>> contessa has the update. >> mississippi is restoring its water system in jansen however, they stillwater pressure argentina's president survived an assassination attempt the country's president says the attacker put a gun to kushner's head, and pulled the trigger, but it failed to fair. in ukraine, bur national nuclear inspectors, despite heavy fighting nearby. the shelling has been restarted. it does appear there's progress. guys, back to you. >>> as we go to break, session highs here, s&p holding 4k the jobsum nber is the story of the morning ahead of the three-day weekend. back after bubbles bubbles bubbles bubbles there are bubbles everywhere! as an expedia member you earn points on top of your airline miles. so you can go see even more of all the world's bubbles. . >>> u.s. labor markets hits a 120-month streak of job growth, recovering more recovering the jobs that were lost during the pandemic jan hatzius, great to have you happy friday to you. >> good -- same to you good to be on. if you look at payroll numbers, you know, in line, but revised down, also observing a somewhat

contessa brewer has more. >> hi there, nice to see you.at businesses ignored the wealth and power of hispanic americans at their peril. here is why. researchers looked at the core data from 2020, the first year dependent. they concluded that latino gdp that year was $2.8 trillion. of from 2.1 trillion in 2015. that puts it ahead of the gdp in the uk, india, and france. the latinos have a per capita income that is lower than that of non-latino. the real salary account service 6.7% in 2020 despite the pandemic. even as non-latino incomes shrank .1%. and they are spending that money. at $1.8 trillion in 2020, latino consumption is larger than the entire economy of states like texas, new york, as according to a report by the latino collaborators. what they save on goods and services grew three times faster than non-latinos. and the population is booming. we just saw headlines that hispanics in texas might be the largest demographics in that state. they are younger, there is seeing significant roads and participation, and i want to see if your

c contessa brewers joins us now. good morning >> good morning to you, joe.nsurance market is already in meltdown because it's a losing proposition even before the storm makes landfall, property insurers lost more than a billion dollars for each of the last two years with underwriting losses back to 2017 dozens of florida insurers are facing ratings downgrades and they may not have enough money to sprespond to a major catastrophe. 15 insurers have left the state. property owners are skacramblin to find coverage citizens policies have doubled the last five years. it represents 10% of the market. now here's the market share of the top insurers in florida, according to am best progressive, by the way, rounds out the top five reinsurance costs are soaring. that's insurance for insurers. it's as much as a 50% increase and auto insurers are facing tough times as well. more traffic crashes plus higher costs to repair or replace cars. and the premiums just aren't keeping up in florida, berkshire hathaway, progressive and state farm are the three largest carriers ther