with the rare panel on "worldwide exchange" is jenny harrington and dana peterson jenny and dana, thankwe love having you on. jenny, we will start with you. your clients, i got your note yesterday, it was measured and calm we are going to fall again today. what are you advising your clients right now? >> i advise everyone to stay the course i know that's the most boring routine i can possibly give. it's real. i have been down on the eastern shore of maryland meeting with cli clients. here is the conversation the market is down 22% year to date let's say it gets trade to a mul of 14 times and that brings the market down 32% of the year. most of the work has been done i met with a client yesterday who was surprised with a portfolio i do to the manage and it was down. both of those worked against her. i said it is too late to do anything now the bonds are down 12% year to date the growth stocks are already down at this point, most of the damage is done i don't think it makes sense to start to get aggressive and pi pivot. now is where you check on what you own and stay the course. if you ha

the investment committee joining me josh brown, steve weiss, and with me on set once again is jenny harringtonll and check the markets red across the board as carl was telling you, not much conviction either way because we've been all over the map the vix as carl said 24, oil and nat gas, that'

our investment committee today, joe terranova, steve weiss, coand right here with me on set, jenny harringtonet's get a check on the markets this hour.

discuss and debate with the investment committee bryn talkington, jon najarian, on set here, jenny harrington, jim lebenthal. it is 12 noon in the east. markets are weaker as you heard the guys before us say services were a miss, digesting the jobs report. ten year note is 2.96. we think the biggest story in the market is apple, which is dragging about 50 points, jim, from the nasdaq 100. the news is the star analyst warns of app store weakness in may. deceleration likely points to fading consumer spending on goods and services that accelerated during the pandemic. still likes the stock, still a top pick, nonetheless it is apple and that's a concern. >> it is a concern for investors because particularly in the technology space, this is a gorilla. something like 11% of the triple qs 6% of the s&p 500. it does matter want to point out a fact i find important, this eerie kwally weighted s&p 500 has mightily outweighted that market cap. the influence of apple on the overall market has been waning it is still big. make no mistake about it the fact and lists are revising near term estimates is of c

jay >> unm this is a jenny harrington stock. july 3750 strike i join jenny i'm in >> american express. a tail wind with consumer spending and business spending as people start traveling. and genz and millennials they spent a lot to invest in their brand. >> edward jones, makes you want to ask you, because you do have exposure in that space too >> and in terms of valuation, when you look at the morgan stanley elissing at nine to ten times earnings we talked about earnings discounted already but they're good balance sheets and growing dividends. >> assuming you think the economy averts the worst of the down turn. >> assuming we have a slowdown and the stocks do well >> your favorite name in the group. >> morgan stanley is my favorite name >> good to have you both here. the exchange is now. i'll see you in the afternoon. >> thank you and thank you, scott and welcome to the exchange. here's what's ahead. the big news we're watching. apple developers conference picking up right now everything important apple announces as am vesters l

jenny harrington, it has been a no good downright horrible, feeling terrible kind of week. yet you have a smile on your face what does that say how you feel where we are >> when you said are we closer to a bottom, easy answer is yes, 100% closer to bottom in a business you can't make guarantees, can guarantee that closer to bottom than january and february the way i look at this, maybe there's more down side to go maybe we trade down to 14 times multiple on $230 of s&p earnings that would say we're down 10% more from here to me, that's a reasonable down side from here but that means we've done two-thirds of hard work already. that means you can buy stocks at a fraction of prices you were buying before. many investment pieces haven't changed, they're in great shape. because the market pulled back, dollars are coming out, interest rates up, supply chains screwed up, everything is tough. you have great companies trading for less than the beginning of the year, that makes me enthusiastic one more thing on that, this market makes sense to me what never made sense, peloton tradin

our investment committee today, joe terranova, steve weiss, coand right here with me on set, jenny harrington first let's get a check on the markets this hour. the dow and the s&p rebounding reversing earlier losses we're seeing the dow and the s&p in the green the nasdaq still fractionally lower right now. we're also watching the ten-year note yield right now with 3.185% a lot to get down to we're going to start off with you jenny because you're right here we have a special connection we started here on cnbc, so i have a special question for you. >> great. >> is this the bottom, or is it a bear market rally? >> i think we've been in a bottoming process. i don't think it's a recent phenomenon that we've been in it if we think back to may, the s&p touched down to negative 20% on the year was it last week, two weeks ago, market touched down 20, 23%. i think that's how this year is going to play out. i've been saying it all along. we've got a lot of tough stuff we need to digest, but we also have pretty okay things too like a consumer that's not in as bad shape as people think, an economy that's

the investment committee joining me josh brown, steve weiss, and with me on set once again is jenny harrington. the wall and check the markets red across the board as carl was telling you, not much conviction either way because we've been all over the map the vix as carl said 24, oil and nat gas, that's been fixed there's the ten-year note yield, 305. a touch below that level it's going to be ugly but maybe a little less ugly than last time that of the cpi. that from ian shepardson within the last hour, mark dow on twitter posing a question for you. i want to read it and, jenny, you first. which result tomorrow on the cpi would deliver a bigger absolute shock to the s&p 500, surprisingly high inflation numbers or surprisingly low inflation numbers? in other words, which one will cause the s&p to move more. >> surprisingly high all the conversation i've been hearing from strategists and portfolio mosquitoes over the last few weeks has been inflation has peaked so i think if it comes in higher than expected, a bit lower, a lot lower, all of those are within the cards of reasonable expectation. a

discuss and debate with the investment committee bryn talkington, jon najarian, on set here, jenny harringtonnthal. it is 12 noon in the east. markets are weaker as you heard the guys before us say services were a miss, digesting the jobs