on the desk tonight, tim, courtney, jeff, and steve grasso we start off with what has been a very rough week for the markets where the s&p eked out a gain today still finished down almost 6% since monld monday i the first time it has ever done that the long time winners have suddenly become the losers with oil prices plunging 10% this week energy stocks accounted for the 12 worst performers in the s&p cotera, devan among the names down 52% could breaking the energy fever waterb become a tail wind for a rip higher tim? >> it can be part of it. i think today's rally was a recessionary rally in bonds lower interest rates was something that gave equities the sense that we're in a better place. look at what rallied today consumer discretionary high multiple tech rally those are the most sensitive to the dynamics no question today was about oil. the selloff in oil prices, i get it i think energy prices have to stay higher. i think we all, well, i won't speak for everybody. i'll say i think the biden administration's approach to energy policy is part of the reason we got here i think some of t

grasso, you own this one >> yeah, i still own it.top and bottom line and they bought back 3% in buybacks in the last month they're quietly taking this company private through buybacks they've been hit with kcovid, te zero covid policy in china that's one of the headwinds. i'm looking for a hybrid multiple they're not gettingfu any multil at all they traded basically seven times. if you look at lvmh, they traded 23 times they have a champagne business that shamchampagne business hasa low multiple this stock should be a triple. i'm staying long it gets lumped in with regular retail >> who has a champagne business? >> lvmh also has a champagne business that's involved in it too. so they get a blended multiple that drags down their luxury multiple. >> learn something new every day. wow. let's get to lululemon it's going to report results tomorrow tony joins us for the action. >> that's exactly right. with earnings, lululemon options traded very active today, nearly three times the average daily volume because of the wreckage we've seen o

we appreciate it great to see you today >> thank you >> steve grasso. >>> still ahead, apple reportedlyearing up to launch as many as two dozen new products this fall the lockdowns in china could determine when they are in people's hands all while the zero covid policy is impacting the tech giant next. >>> here is a check on the lag wards. netflix is down 52% followed by airbnb, illumina, docusign and mercadolibre are your hr processes weighing down your employees? on to quarterly projections! expense report! if you're using multiple systems, re-entering data over and over time sheet! using email and spreadsheets to manage information and approvals, then your hr systems are a drag on productive time. with paycom, employees enter and manage their own hr data in a single, easy-to-use software. visit paycom dot com and schedule your demo today. do they know this door is locked (vo) some bonds last a lifetime. some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in. for over 50 years, pimco has reinvented fixed income to create opportunities for i

on the desk tonight, guy adami, steve grasso, boon win dyson and guys, a pleasure to be with you guys again let's begin with the late day sell-off s&p down nearly 2.5. nasdaq sheds nearly 3. only one dow component ekes out a gain every sector down. financials and tech lead the losses moves come as investors count down to one of the most important data points in recent memory just over 15 hours until we get may's cpi, the latest indication of whether we've hit peak inflation. how will it shape investors going into the weekend guy, what do we think? did we get spooked late today? >> first of all, q, cnbc royalty that you are, it's wonderful to have you join us, number one number two, yeah, spooked, but i don't know necessarily it's back at cpi as much as it is some of the rhetoric we've heard from a lot of these companies about hiring freezes, inventory builds, all those different things and something we mentioned last night, and this has been concerning me, and seeming concerning the market now. credit, which has not been on anybody's radar screen seemingly now is rolling over in the f

so far we've got kenda morgan, m & t bank here to trade them is stoeve grasso when i say kinder morganyou say? >> i'm going to say sell on that one. i understand why it would be a steady eddie consistent learner. but the performance year to date is up 25%. the xle is up 60%. so if you're going to take that single stock risk, why is the question for me. if you look at the longer term, tyler, it's an infrastructure play it's pipelines it's not where the puck is going with the politics of of this country. it's a sell for me >> somehow i'm not surprised what about m & t bank, steve what would you do from there >> kelly, if you're looking at financials, financials had their run when we were looking at higher rates if you look at that stock chart, kelly, it looks like an ekg to me that's volatile as well. why wouldn't i be in financials now? they already have the tailwind of higher rates. higher rates are okay if we have higher growth. what is jamie dimon talking about? i heard the intro. he's talking about a recession i'm thinking about a recession if the fed does its job, there's going to

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on the desk, tim, brian kelly, steve grasso and pete najarian we start with that deep sea of red on wall street the s&p plunging nearly 3%, closing back opinwithin a perceo bear market territory. amazon down more than 5.5% all manl major indexes within a whisper of their lows. the two-year treasury yield surging above the 3% mark since only back in 2008. the reason for all this turmoil, inflation clocking in higher than expected in may the jump so jarring that not one, but two, i'm channelling my inner lebron james they're calling for a 75 point basis hike next week so with a more aggressive fed and continually volatile market, how should investors set up? tim, you just started. i'm going to go to you >> it's a somber day, but exciting day to have you on fast awesome to have you here >> this is not my first time >> first time in that chair. doing that thing it's awesome great to have you. and it's a day when, look, i know equities are front and center and we have some levels on the s&p certainly a closing level back to those lows didn't get to the intraday low of i think 3811, but i thin

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>> it is an interesting shift in perspective, but when i interviewed john grasso, part of the leadershipm last night and he has a similar take. they are not focusing on jik. they are focused on the midterm election. they want to focus on the business of the senate. they clearly don't want to comment directly about what is happening. a couple other members that i talked to said they are not even watching it. i think that is going to be the strategy that they are going to have throughout this entire process. they are trying divorce themselves from this and move forward. >> for what it's worth that seems to be the house republican strategy, too. on monday night i was looking for house republicans trying to see what their pushback was to what the committee was saying. and they were just not talking about it, focused on other issues. i think it is going to be interesting to watch as the weeks wear on ali, anna, joyce thank you for getting us started. >>> more news here, the alleged gunman in the buffalo supermarket mass shooting is now facing federal hate crime starges this. charge the depart