diana olick. up next, happy go louis. luxury brand betting on an even more famous music brand name we'll discuss that next. oureally should be saying "lie." happy go louis vuitton we've got the details next wh? 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 to "power lunch," everybody. have we reached a peak farming equipment stocks have been on a nice run but is it about to end jane wells is at the ag expo where they probably hope no. >> kelly, this may freak you out a little bit that is a driverless tractor from a tech startup called agtonomy which is partnered with bobcat autonomous vehicles save on labor. so a bunch of companies are demonstrating driverless products there's one from monarch which stops when it senses humans. farm

what's behind the move diana olick is here to help break it down. coaster look, lumber prices jumped dramatically in the first two years of the pandemic then fell back last year finally giving home builders a bit of a break but now up again nearly 33% in just the last month. why? well, home builders' sentiment finally ticked up for the first time in a year and investors see potential for increased demand in the coming months costs for other building material, though, are still rising, but not as fast. the annual gain in building products was just around 8% last year compare that with a 19% gain the year before. that's a 60% drop in the gain. but, again, they're still gaining. g gypsum, your wall board, it was more than three times the 25-year average, it was substantially lower than the 23% increase seen in 2021 and other materials like copper, steel and cement are also up, in fact, residential construction material costs have increased 36% since the start of 2020, higher construction costs caused the median new home price to jump from around 328,000

that's diana olick this morning. >>> still to come on "techcheck," a deep dive on ai and what it meansent at microsoft this afternoon what our very own jon fortt will break things down live at the en aticks on of in ten minutes. stay with us but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. 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 . >>f february, we're celebrating black heritage through the stories of some of our cnbc teammates, contributors and business leaders here's new street adviser ceo soporro telling his story. >> so, the people i looked up to when it came to people in my career paths for sure, one, my dad, he drove, worked hard and was passionate about what he did, helping people with immigration law. when it came to finance, i was

diana olick. >>> with the s&p down about 0.11%, the nasdaq in positive territory. >>> good morning i'm carl quintanilla along with sara eisen on the new york stock exchange dan niles calling for rates to rise to 6% as morgan stanley pushes its first rate cut prediction back to early 2024. >>> bob iger's second first 100 days as ceo. michael nathanweighs in. >>> exclusive with affirm ceo max levchin with shares down 70% over the past year, the company cutting a fifth of its workforce earlier this month. >>> the final day of february ending with a

diana olick. on the street," it is notable that is the moves in microsoft and meta, for example, both up over 3%, helping the nasdaq comp to a 1.1% gain thus far. we talked a lot and we'll be discussing a lot more ai and what it's going to mean to the future of microsoft. not just in consumer search, for example, the bing platform, but enterprise and things it could incorporate, chatgpt into for its products alphabet down 0.5% that's going to do it for us on "squawk on the street. "techcheck" starts now >>> good monday morning. welcome to "techcheck. i'm deirdre bosa along with jon fortt and carl quintanilla >>> tensions in the sky with u.s. penn dual with a super bowl ad cyber security company checkpoint beating estimates and in positive territory. we'll talk exclusively to the ceo. >>> is the nfl that keeps linear tv alive we'll discuss that. >>

biggest component of cpi, shelter and there's hope for more deflation yet to come let's bring in diana olickinto all of this. hey, diana. >> hey, carl redfin reporting this month this morning the housing recovery has hit a pause based on its demand index, which measures request for home tours and other services the index dropped this week compared with the week before not by a lot but the first decline after a month of steady increases. this goes along with the drop last week in mortgage applications to buy a home that reported by mortgage bankers association. it's about the turnaround in rates which spent all of january in the low 6% range, but which are heading towards %. back to you guys. >> diana, one of the things i'm curious about is whether it's a zillow or redfin, or whether it's others, there's so many investors in the housing market, have those investors exited and is that having an impact on some of the dynamics we talk about more broadly where the sector is concerned? >> well, actually, in the last quarter investors did pull back a bit. there have been several reports on that and

our next guest thinks maybe the market is overestimating a housing comeback diana olick joins us with economist dave dunk be floor is yours. >> thanks for coming in. good to see you. i want to get straight your forecast, because in the past your forecasts have been remarkably accurate, and yet what i'm looking at now for 2023 is way off consensus estimates start first with single-family housing starts you're predicting they'll drop 25% this year compared with last year after an 11% drop last year wider than everyone else is forecasting and homeowners stocks rallying. how do you see 25% drop? >> end of the day, two things are meeting. one affordability constraint you have first-time home buyers seeing mortgage rates down 100 basis points, still 200 basis points or more higher than even a year and a half ago. at the same time as you've got supply shortage. but the builders, today it's nine months, maybe 18 months, depending on the backlog, before it's actually out there as a house to move into you have -- seldom field the supply issue we have millennials, not peak first-time home buyer

to this market we saw the jump in january and likely to see it pull back again in february. >> diana olick>> we are about 30 minutes here into the trading session some big movers we're watching right now starting with un nonpacific lance fritz stepping down after soroban capital partners pushed for a change bofa upgrading the stock to buy from neutral the stock having a big move up 11%. seagen shares story. more on that story later this hour a big week for the ark innovation funds, tripping the nasdaq's gains zoom set to report after the bell and tesla holding its investor day ark founder and ceo cathie wood will join us for an exclusive this hour right here at post nine as the debate rages, carl, about growth stocks versus value stocks and whether the great start to the year she has had and so many others so-called crypto names on profitable tech companies, can really last liz ann saunders put out a chart on this. it switched in the last few weeks in terms of growth versus value. growth stocks have been hammered in the last three weeks in this market sell-off versus the strength they saw

diana olick and andy walden. less than ten minutes out. the dow is down 324.fter this quick break ♪♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? ♪♪ >>> good afternoon, everybody, and welcome to what promises to be a very eventful "power lunch. along with kelly evans, i'm tyler mathisen we're a few minutes away from the release of the fed's statement on interest rates, the central bank's taper time line, kelly, in focus. >> before we get to our panel of experts, a quick check on the markets. we're looking at the dow down 307, so a little off session lows, almost a 1% decline. the s&p is only down 0.4 as we await this big decision. david kelly of jpmorgan asset management, a morgan stanley investment, and new edge wealth's kar

diana olick joins us with a look at the new competition in composting in her continuing series on climate. >> hey, ty each year wasted food produces the same amount of greenhouse gas emissions as 42 coal fired pour plants according to the epa that doesn't count the emissions from all of it rotting in landfills. composting is a way of reducing that but it can be time consuming and messy until now. wasted food makes up nearly one quarter of both landfilled and burned waste, contributing significantly greenhouse gas emissions. composting can eliminate a lot of that. and now, the competition in that space is heating up. names like lomi, reencle and a start upcalled mill. >> no one likes their experience with trash at home, fruit flies, rats, it's like a problem wave come to accept but frankly doesn't have to be this way. >> reporter: rodgers who co-founded nest smart home systems, says mill differentiates itself among composters keeping food as food, turning night chicken feed. >> we sell our feed to farmers as an ingredient to chicken feed. >> reporter: there's price for all this at least $3

coaster ride as competition heated up in the plant-based wars now a new contender, plant-based fish diana olickns us with a look at the competition and investors cash on the line in a continuing series on climate start-ups. >> kelly, ocean trolling dragging nets across the ocean floor for fish actually produced more carbon dioxide than air travel and overfishing of salmon putting the species at risk. while the plant-based meat business obviously has seen significant growth, fish alternatives not so much, until now. >> beyond meat and impossible foods nearly household names but the plant-based fish category still in its infancy names flik plantish, sofsophie's kitchen specializing in plant-based salmon. >> spent the last two to three years developing this completely new technology allows us to create muscle fibers entirely from plants and assemble that into larger structures like full cuts of meat. >> reporter: claim it looks, cooks, tastes like real wild salmon can't confirm. it's not for sale. unlike plant-base meats formed into patties or nugget, this is whole and raw. >> cook it in your kitc

diana olick. >>> with the s&p down about 0.11%, the nasdaq in positive territory. let's get over to carl and sara on the floor >>> good morning i'm carl quintanilla along with sara eisen on the new york stock exchange dan niles calling for rates to rise to 6% as morgan stanley pushes its first rate cut prediction back to early 2024. >>> bob iger's second first 100 days as ceo. michael nathanweighs in. >>> exclusive with affirm ceo max levchin with shares down 70% over the past year, the company cutting a fifth of its workforce earlier this month. >>> the final day of february ending with a bit of a whimper s&p unchanged. some strength in services and materials. the nasdaq outperforms by just a bit but it has been a down month for stocks the dow leading 4% on the month. investors searching for a turn in sentiment consumer confidence declined again in february. of the 420 companies that reported in the last week, the number of companies lowering guidance doubled the number of those raising. this back drop leading morgan stanley to say they now see the fed delivering

there is a decent amount of demand in the housing market as we get into the spring selling season diana olick with that story. >> reporter: we've been hearing buzz from agents that things were suddenly getting busy again so we hit an open house over the weekend just across the d.c. line in bethesda, maryland the three-bedroom, two batting home was listed at about a million dollars which the agent called a first-time buyer property folks started arriving before the official start and just kept coming the agent said she also has 40 appointments for private showings >> buyers are back, the agents are overwhelmed with phone calls, the sellers are just not ready, they think spring is later, spring is right now >> reporter: and mortgage applications to buy a home have been rising steadily and red fin reported its demand index which measures requests for house tours hit its highest level since september last week. >> i have a feeling like this kind of craziness about the market is not really going to get better in the near future, so i think there's no necessarily reason to wait, you just have to --

diana olick joins us now with the latest there diana?weeks, but that came to an abrupt end last week and as a result mortgage demand tanked. total mortgage application volume fell 7.7% last week, compared with the previous week according to mortgage bankers association's seasonally adjusted index the average rate on the 30-year fixed for conforming loan balances jumped to 6.39% from 6.18% for loans with 20% down. the rate was 4.05% at the same week one year ago. applications to refinance a home loan dropped 13% for the week, 76% lower than the same week a year ago and at the current rate, 100,000 fewer borrowers can now benefit from a refi compared with just a week ago and that's according to data from black knight a year ago, there were just under 4 million refinanced candidates, just to give you the context there. now, mortgage applications to buy a home fell 6% for the week and were 43% lower than the same week a year ago. real estate agents across the country are reporting a jump in buyer demand in the past few weeks, but there are a

deemed a housing recession, demand appears to be springing back well before the actual spring market diana olick an open house and is here to tell us what she found what was the scene, diana? >> well, it was really kind of amazing, becky look, we had been hearing rumblings that things were suddenly heating up. we went to a listing just over the d.c. line in bethesda, maryland, the three bedroom, two bath home was just listed at about a million dollars. folks started arriving before the official start time and just kept coming. the agent said she also has 40 appointments for private sho showings >> i actually thought, my god, this is amazing. look at how fast it turned on a dime we went from no showings and nobody coming to open houses that every single thing that i've launched in the last couple of weeks has had multiple offers >> and rice said she just got back from a large real estate conference in las vegas and the story from other agents there in markets across the country, they said it was the same thing now, mortgage applications to buy a home have been rising steadily and redfin just repo

we have diana olick with more. >> reporter: joe, anyone in real estate knows capital is key to developmentnot always equal a program in philadelphia is offering black and brown developers a unique opportunity to build new homes and businesses christopher pitt understands the value of the home more than most >> i grew up in the two bedroom shack. ten people showing up. no gas limited electric outhouse >> reporter: he has been working in real estate for 20 years developing affordable housing, first in delaware and maryland, and some in inner city philadelphia >> how do we flip from high rental to homeownership? that is where generational wealth happens >> reporter: after two decades in the business, pitt has trouble getting capital for projects. >> it was hard people like to do business with people they have similarities with i don't think it is enough minority leadership. >> reporter: after years of self funding and borrowing cash at sky high rates, pitt turned to philly rise. a program designed to recruit, train and support and open up capital to black and brown developers the goal produce