jeff hart from piper sandler, thank you. minutes to go in the trading day. mike has more on the market internals today. mike, what do they look like inside >> just like the indexes, jon, they have eroded, started out positive but now if you look at the new york stock exchange, volume split roughly 3-1 downside volume to advancing volume not really a washout it's mostly the mega caps t dragging the s&p and nasdaq down i talked about the bird in the hand take a look at the etf called cowz it's called the cash cowz etf. great performer year to date compared to apple, it shows you people were willing to give the big premium to a growth story like apple the volatility index has perked up but not a dramatic response to today's sell-off. in the 28s it's been migrating from the mid-20s to mid-30s so not decisive. uneasy, but not panicky, jon. >> mike, thank you now as we head toward the close, perhaps the biggest casualties today are the stocks that needed hope i'm looking at names like coinbase, which is down more than 8.5%. peloto

and chief market technician at piper sandler.ren, i think i was reading dollar rama headline we saw a dollar tree, dollar general perform really well. but what about 5 below >> like you just mentioned, that stock has been under pressure so far this year. i think there is fear priced into this name to your point because of the margins being under pressure. like there are at all of the companies, that they will pile up and weigh ultimately on the bottom line. and one thing is unique to 5 below but this is a retailer who has benefitted in the past from the hot, new item. and i want to mention this to you because i know you have younger children do you remember fidget spinners? the glur you needed to make that slime. and these are trends, particularly among children. and it's a concern we haven't seen a hot new item in a while if your kids have mentioned anything that could particularly be a boon for 5 below. >> sadly no. >> we're watching. so, that's an issue. and just watching daelgs i think there's an expectation that out it is lo

both up by a couple percent despite piper sandler downgrading both to neutral. the past year piper downgrading snap to neutral and lowering its revenue estimates on the company, writing quote, we are concerned about snap in a worsening market last week's pre announcement was indicative of deteriorating conditions slowing spend in snap's median entertainment and apparel. piper also notes that itssurve showed that tiktok is the favorite app among teens for pinterest, who's stock is down about 70%, it was downgraded to neutral and lowered expectations citing concerns about challenged growth writing quote, engagement concerns may persist as pinterest platforms. slowing spend in apparel and consumer products goods verticals could also be a headwind piper says it is bullish of all companies on google and google may be taking market share as for meta, piper says it is optimistic about that company's ability to leverage its scale and also about progress it made with work arounds to apple's operating system changes piper is overweight on google and neutral on both meta an

alex goldfarb with piper sandler. >> no worries.nk you for having me on. >>> ballooning debt and growing doubt from investors, is it anything, but smooth sailing for cruise line stocks we'll look at when the rough waters can calm down we're going back into the home for the last installment of the housing cost calculator. you won'beevt lie how much more it's costing people to barbecue this summer. "power lunch" is back in two hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪ >> welcome back, everybody we've been following it for weeks and we've reached the final part of the housing cost calculator and an inf

i would not say 30% drop from the peak is impossible >> joining us now is piper sandler's craig johnson. craig, good to have you back on this morning i know from reading your notes, the technicals do not look great right now. how bad do they look in the near term >> brian, everybody is trying to put it in perspective is this a bottom or a bounce i think the answer is this is just a bounce. there is not enough technical evidence to say a true bottom has been set and when you go through, you look at the charts. look at the microsoft and apple and adobe and large cap names. they are all in definable down turns, brian as i look at the market, i look at the setup it looks like another 7% to 10% downside we have been hovering around 3,500 as we likely will find support and footing. right now, the fed is not our front and interest rates are not our friend at this point in time the fed will clearly keep raising rates to push down inflation pressure that means likely more pain for equities >> we had the gut-wrenching days, craig. you get 30 to 1 downside volume. the vix pops 20% no stocks on the

strategy is to stay defensive in the sector joining us is chris raymond, senior biotech analyst at piper sandlers, welcome >> when we say it's almost oxymoronic to me, biotech and defensive, but explain what that means and where that leads you in terms of stock names. >> yeah. absolutely >> i guess from our perspective, it leads us into the larger commercial, more mature names. so companies that have earnings actually have a more established commercial footprint, and in some instances, given what's happened in the space. >> so let's get to some names there leading with your favor r which is a large-cap abbvie. some of the others they would not be so familiar with. >> from our perspective, abbvie is the preeminent large cap name in the space from an evaluation standpoint, it's pretty attractive, but there are so many sources of upside to expectation, this company is facing a loss of exclusivity of the world's largest drug next year, hume ira and there's been a ton of angst over whether they can replace that revenue role and there are other sources that are underappreciated and in addition, you ge

. >>> beyond meat falling after piper sandler reiterated its underweight trading saying a successfulg is masking a greater acceleration in declines for the rest of its portfolio. that stock is on pace for its ninth weekly loss in the past ten and down 65% just since january alone. shares of affirm lower again today. today is the buy now/pay later company, facing pressure from rising interest rates, debt concerns and, of course, apple entering the space this week that stock has now lost a quarter of its value just this month alone. >>> now over to tyler mathison who has the cnbc news update >>>dom, thank you very much. the justice department is starting a civil rights investigation into the louisiana state police it comes more than three years after the 2019 death of black motorist ronald greene police initially said he died in a car crash. video showed white troopers beating, stunning and dragging him on a rural road. the associated press found his death was among at least a dozen cases in which troopers or their managers ignored or concealed evidence of beatings >>> military officia

and this is the year tightening catches up to profits let's bring in michael ca cantorwitz with piper sandlerust showed that graphic, and i guess what this term lat does tell me that there is a recurring pattern that affects -- that maps the economic cycle that begins with the decline in housing and a decline in orders and a decline in profits and a decline in employment do i have it basically right >> that's right, and it simply spells out hope, and it always starts with an increase in interest rates and inflation, oil prices, food prices, things we're seeing today, probably the most robust tightening cycle we've seen in over 40 years and while there's a lot of exogenous and idiosyncratic things happening around the world today, what we are seeing playing out in the hope cycle plays out in literally every cycle and so it helps you kind of understand where we are in this cycle in terms of how much -- >> and you say that now we have already seen housing starts start to slow. >> yeah. >> we have seen orders start to slow, i'm a khumming and now this is the year when we'll see corporate profits

piper sandler downdpgrading it from underweight to neutral amid concerns about the broader economy.artsinevelos joins us with more. could this be a start of a down cycle in what's always a very cyclical industry? >> i also womaant to echo steve. we are seeing a decrease in hand sets and pcs during covid a lot of us upgraded our electronics what we're seeing different this time is the price for the memory chips in these handsets have dropped. given micron has almost 50% exposure to the end consumer market, of course they're going to take a hit. the second part of that equation is supply chain problems are easing f foxconn recently said their supply chains are starting to improve and so this bodes well for all of those smartphone makers and the chips that go into the smartphones lastly, the third part of all of this in the medium term, the excessive buildup of inventory, specifically within the auto sector micron is exposed. you have many automakers saying things are improving and this may not bode well for demand when it comes to the memory chips that micron provides. >> always was a

craig johnson is here and he's piper sandler's chief market technician good to see you.e overall cautious still? >> we've been cautious for a while. i still think there's more downside to go, kelly. when we simply pull up a chart of the s&p 500 it's pretty clear of the top formation that has been formed and as you measured that out as a technician would, we suggest at least another 5% downside and the level worth circulating here, kelly is around 3500. we think that's probably where we can find some footing in here, and kelly, at these levels here are stats that we find absolutely amazing we have less than 10% of the industry groups that we follow that remain above a 40-week moving average we have single digits in terms of stocks that are in any form of an uptrend in our work and we've got nearly 80% of the industry groups that we track that are making 26-week new lows so you have to look at this and say how much is priced in. >> right >> and clearly quite a bit has been >> it sounds almost like capitulation and only the bottom, we might be 200 points away here and those

the ceo of ftx, the piper sandler conference important thing, all of the exchanges want to interact withity we're trying to clear that up now. sam, thanks for joining us you've been regaling us with stories about the crypto community. let's talk about the 3,000-foot view where are we with crypto valuations have pulled back. why have they pulled back and are we at some kind of bottom? >> i think if we look at what they've dune since the peak, similar to what nasdaq has done. both down about 50% roughly from where they were eight months ago which i think at thes you a lot about what happened to crypto, to tech and markets in general it's all been driven by monetary policies and expectations, driven by the fed of increased interest rate which is caused basically a dollar rallying and depreciation of everything else against that. >> are you blaming this all on the fed. bitcoin has had huge moves up long before the fed moved in so we've had bubbles in bitcoin before. >> some of those have clearly been driven by crypto's specific flow it was mostly driven by the fed. maybe it had to happen >>

piper sandler downgrading the stock from under weight to neutral. they say oversized exposure to mobile pc and other consumer end markets puts the company at risk to trends in the macroeconomy. earlier this week we heard from hp which said while commercial revenue increased 18%, consumer revenue was down 6%. it is a trend we'll continue to keep an eye on as both consumers and investors weigh the chance of recession only at vanguard you're more than just an investor you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. this is crafting the moment that changes everything. this is all your teams working as one. this is the system you built, creating a lasting impression.

proposals include up ending the payment for order flow and this afternoon gensler speaking for the piper sandler fintech conference says his staff is actively studying whether to route equity trades into competitive auctions versus through the two or three wholesalers such as citadel securities is a couple who currently hold the power. gensler questioned whether wholesalers may not be passing along the best execution price to individuals and you the trader. >> right now, you see , there is not a level playing field amongst the different parts of the markets. the wholesalers, the dark pools, the exchanges. what one might call market centers, and so further, the markets have become increasingly hidden from view. liz: as gensler hints the opportunity to execute trades should be now up for auction, we have team coverage of what this means for you and your portfolio. our floor show traders are standing by to give their insight and decades of experience in trading on how this could effect the future of trading but first we begin with charlie gasparino, whose got the nuts and bolts of the plan gensler

yesterday i spoke with piper sandler's chief economist, nancy lazar.sely which are a rising trend. maria: the oil shock is deepening, opec is considering suspended russia's participation in oil production after the european union issued the harshest sanctions on russia, including banning oil imports and blocking insurance companies of insuring cargoes of crude from russia. we have the price of brent at one and a third percent, the price of crude oil up 1 and a quarter percent there. gasoline prices even worse, hitting new highs today. new high of $4.67 a gallon in the united states. all this after president biden's meeting with jay powell yesterday left the onus on the fed to fix america's inflation pain. >> i'm meeting with the chairman today and secretary yellen to discuss my top priority and that is addressing inflation and in order to transition from historic recovery to a steady growth that works for american families, starts with a simple proposition, respect the fed. respect the fed's independence which i have done and will continue to do. maria

s&p 500 up 12 nasdaq higher by 30, after often across the board sell-off yesterday joining us piper sandlerarnings for second quarter what are you expecting. >> we're expecting a lot of downward revisions a lot of misses earnings estimates about a percent off highs for the year engendering helped that a lots underneath the surface more weakness in discretionary and tangential we think probably 10 to 20% too high that, that downgrade is not happening overnight going to happen over the next few quarters, into 2023. maria: because of macrostory talking about university michigan sentiment ugly number last week inflation 40-year highs macrostory that is the issue here? and the estimates will come down. >> i think story is quite simple even though a lot of complexion event around the world from record easing to record tightening i can't think of time last 40, 50 years so many different avenues of tightening that are happening now all things, that generally lead to slowdown more often recession so, yeah, i think rising inflation, oil prices gas prices, now fed getting more aggressive, weaker econo

managing director and senior research analyst at piper sandler joining us now rich, good to have you i know sam bateman, the comment about no active discussions is being portrayed by some as a quote, denial. he owns 7.6% of robinhood. if i say there's no active discussions, it doesn't mean that i'm not thinking about making it. i wouldn't call it a complete wipe out, would you? >> good morning, brian first, thank you for having me yeah, you're absolutely correct. and i think you pointed out earlier this morning that the initial bloomberg news report that broke the story stated that there was no formal take over offers in the works. no formal m&a talks in the works. i've gotten to talk to that reporter, and there's nothing that sam said afterwards that changes the story. the story is that they're actively considering it, but you pointed out earlier today. >> yes, and by the way, thank you for listening and watching worldwide exchange, rich, where we did the story, the broomberg story was widely misconstrued as ftx was ready and just basically set to pull the trigger on a deal that's n

down, 4/10 basis point a week and a half ago 3.2%, european markets look like this nancy lazar piper sandler up 76 dax mayor by 123 in germany jairn markets there we have a fractional gain for shanghai composite, up one half of 1% worst in hong kong korea down 1% stocks there. the coo meta stepping down sheryl sandberg announcing will step down from roll more on changes to facebook parent this morning "mornings with maria" is live right now on fox business. . >> jpmorgan jamie dimon warning a quote economic hurricane is on the horizon, as a result of the federal reserve monetary policy tightening war in ukraine, said jpmorgan will be very conservative with balance sheet as a result, joining me right now center square investment management he chief investment strategist scott, rebecca hien rooikz mark tepper thanks for joining the conversation what did you make jamie dimon comments. >> i think jamie is right weather ahead less favorable but i am not sure, that we are stepping into a hurricane. one of the reasons for that is that there is already early signs that inflation is peaking if you lo