. >>> coming up today, the ceo of ihg group here at the exchange to ring the closing bell he'll join us first on cnbc to talk about his outlook for summer travel. they own everything from holiday inn to intercontinental. >>> plus we'll ask tony dwyer what is behind his continued summer rally. >>> inventory troubles are hitting target earlier the company told investors it's slashing its profit margins due to deeply discounted goods to get rid of that extra inventory target plunged on the back of the news but shares have recovered. joining us now, stephanie and melissa. ladies, it's good to have both of you here. melissa, you spoke to brian cornell, the ceo, about thoeis morning about this profit margin cut. what did he tell you >> he said by taking markdowns and cancelling orders now, target can save itself from further pain later it needs to make room for what customers are buying, things like makeup and luggage and groceries. >> what does it mean for the rest of the group, stephanie, if target is having these kind of inventory markdowns? should we expect that it's happening everywhe

this week the ceos of marriott, hilton and ihg explained why it matters so much.ten >> if we got rid of the testing requirement, i think you'd bring a lot more international travelers in those travelers not only come here, but they spend a lot of money. they spend more than domestic travelers. >> for folks that maybe are not particularly experienced international travelers, it's one more thing that gives them pause. >> travel stocks not really getting a lift from the news today, actually underperforming in the sell-off. to tie it back to the inflation, airfare prices are up 20%. we'll see if demand pushes the fares even higher. it does eliminate the burden to think about that you could get stuck abroad when it comes to booking international travel. >>> take a look at technology. steve is here to look at the mega caps which are dragging down tech. steve. >> bad day for big tech. let's start with apple down about 3% today they came off their wwdc developers conference on monday and bad news out of the uk today saying that their app store policies around cloud gaming

mixed market so far this morning show me, please, ihg.ping all operations in russia and the stocks gone up , how about that. now this. a green day front man, billy joe armstrong says he's renouncing his american citizenship over the role reversal. we'll tell you where he intends to go next. an economic think tank says the roe decision will cause " immediate economic pain." steve forbes takes that on. steve forbes is here, and steve forbes is now approaching the desk. on the set, steve forbes, the man himself, come on in, steve. ♪ riders! let your queries be known. uh, how come we don't call ourselves bikers anymore? i mean, "riders" is cool, but "bikers"...is really cool. -seriously? -denied. can we go back to meeting at the rec center? the commute here is brutal. denied. how do we feel about getting a quote to see if we can save with america's number one motorcycle insurer? should flo stop asking the same question every time? -approved! -[ altered voice ] denied! [ normal voice ] whoa. ♪ i like it, i love it, i want some more of it ♪ stu