we've seen it before hopefully we'll see something similar this time around pippa, thank you very much're looking at another area of the economy where inflation is starting to hit. real estate, did why one housing economy says there are signs the market is softening and what it means for supply ahead on "power lunch. over to tyler. >> kelly, thank you, and welcome to "power lunch" for this last day of may i'm tyler mathisen, and here's what we have planned for you a critical and rare high level meeting at the white house the president talking with the fed chair as the central bank battles decades high inflation is the administration signaling perhaps that it will accept a slower economy >>> and rising oil prices fanning inflation fears. crude hitting $119 a barrel in trading today. a buck 25, 125 is that next? we've got the ceo of liberty energy here for his outlook on

those prices are surging at $110 a barrel for oil nat crossing the $9 mark pippa stevens is here with impact on the energy stocks >> good morning, dom moves are high popping for natural gas. it hit $9.40 btu which is highest since august of 2008 at the beginning of the year, it was around $3.60 it is up more than 160% for 2022 much of the surge came after russia invaded ukraine which roiled global energy markets also more expensive for the energy market. it is up 24% putting it on track for the third straight month with the more than 20% gain. turning to oil wti is holding above $110 per barrel and on track for the sixth positive month since 2011. the top group this week and month and year rising 54% for 2022 occidental and marathon and halliburton among the top import impot performers in the meantime, dom, this commodity price surge is a big part of the inflation we're seeing around us >> pippa, we know how strong the momentum has been. it is impossible to miss the surge of the gas prices. is there any relief coming for people at the pump i drive nearly 100 miles a day and fill up mu

pippa stevens is here. >> stocks are higher in a week in what's been a turbulent time for the overallost is thanks to the eu announcing a new plan to move away from russian energy. they say solar will be the kingpin of this effort with capacity doubling by 2025. a number of european countries including germany and denmark also pledging to quadruple offshore wind by 2030. the region represents a huge expansion opportunity for u.s. companies and the ceo is telling me that they're tripling down on europe now turning to specific stocks, max onsolar and tpi composites among the big winners this week and this is a big but, a week does not a trend make and these stocks are still down big for 2022 they face headwinds including inflationary pressures and rotation out of growth and the department of commerce's ongoing tariff investigation, kelly. >> pippa, if people missed it they should catch jeremy grantham this week he's bearish on the stock market and on the economy right now, but he's very bullish on resource names and on climate change so he called out lithium and a few other areas of opp

stevens, pippa? see a late morning reversal for oil with crude climbing into the close and now on track for a fourth positive week and this comes after two negative sessions which richard bush attributed to broader market action on anything on the fundamental side and the firm pointed on margin selling and other commodities and assets as sparking those declines as well as harscher russian sanctions still support the bull case. wti and brent are around a gain of 2.5%. sticking with energy, we do want to see broad gains across energy stocks and the clean energy fund and the invesco solar fund with 5% and max onsolar among the top gabers all of those still well below their recent highs and the lithium fund ticker also advancing. back to you. >> pippa, you just showed brent and wti. yesterday brent closed higher. why is it -- i'm sorry, wti closed higher, brent closed at a premium, why is it that wti has the higher price tag >> the one for july delivery is a little bit lower here, but also some of that p

pippa stevens.re, the consumer is still spending and that's according to mastercard spending pulse and showing a slight shift on spending on services and travel and experiences. does that mean what we heard from the retailers is not so much of a disaster brickland wire is head of the economics institute. brickland, this is an important big picture data point is this a shift that we're witnessing more into services? >> yeah. you know, it's fantastic to look at how the consume has evolved here they spent a whole bunch of money in discretionary services when they couldn't get out and experience the world as we've shifted back as restrictions have been removed and people have gotten back out there, we've seen the travel come back in force and people have shifted their spending toward the travel and the experience economy which has been quite remarkable. >> to what extend t are they dog so does it offset the spending on goods and what do you say to those in walmart and target and conclude that the low-in

before he do that, pippa, borisjohnson has beenin do that, pippa, borisjohnson has been in sweden todayd of the decision tojoin nato. he mutual defence pact of head of the decision to join nato. he was a little bit ambiguous about what that needs. —— what that means. are we talking about boots on the ground? how are we going to be there? the expectation — how are we going to be there? the expectation is, because under the article _ expectation is, because under the article five — expectation is, because under the article five of nato, if one country's _ article five of nato, if one country's invaded, the rest of the alliance would respond. exactly how? the transition period in which nato's. — the transition period in which nato's, sweden and finlandjoin nato.~~ — boris nato's, sweden and finlandjoin borisjohnson going nato's, sweden and finlandjoin boris johnson going there today in making _ boris johnson going there today in making this visit to underline britain's _ making this visit to underline britain's support was really important. i think ultimately, it means— important. i think

well, pippa, thank you, and that will do it for "the exchange."does, jon. thank you very much, and welcome, everybody, to "power lunch" for tuesday i'm tyler mathisen, and here's what's ahead we've got the ceo of robinhood of, that stock of course cratering, users trading less. the company laying off workers, so oare new products enough to kick start growth? we'll ask the ceo about his plan to shore up investor confidence. >>> how about buffett, warren buffett's big bets from citi, to paramounts to chevron, if the world's most respected investor is buying into these stocks or into stocks, should you? but first, welcome to julia boorstin who's in for kelly evans. >> hi, tyler

energy complex closing for the day on nat gas and pippa stevens is all over it for us.teadily climbing higher throughout the day and it is up at $8.77 per mnbtu mizuho attributing it part to powergen rag since coal prices are also at record levels. more muted for oil, we have recession worries weigh despite an outlook for higher demand and the wti is flagged at 110.28 and at 113.31 and the sector is hovering around its highest level of 2014 and our performers include marathon petroleum which trade an all-time high as well at exxon which is at the highest in six years and btig noting that the sector is 30% above its 200-day moving average which is the widest it's been in the last two deid decades and they expect some reversion >> an interesting point to points to, pippa, thank you very much let's stick with energy as prices continue to rise across the u.s. with the national average above $4.06. the international energy has a warning unless we see big production increases the only hope we have to avoid big trouble in the oil markets this summer is weak chinese demand. wit

pippa stephens with all of the latest pippa? >> u.s.on track for a fourth straight week of gains. during the session crude did spend much of the day in negative territory before jumping this afternoon on reports that iran has seized two greek tankers in the persian gufrl. t this matters because any supply disruptions will rattle an already tight market ministers are calling on oil and gas producers to, quote, act in a responsible manner and respond to international markets the group prepares to meet next week here in the u.s. the recount fell for the first time 31 weeks and let's check on prices and wti is at 114, and for a gain of half of 1% and brent crude up 1.2% and natural gas pulling back currently down 2% and the energy sector keeps climbing since september 2014 and valero, diamondback and marathon petroleum hitting record highs pippa, thank you when it comes to energy, rising prices may not always lift all boats. our next guest says you have to know leverage for each company and that's the key to investing in the sector and scot

stephens joins us with the commodity report hi, pippa. >> hey, tyler.t much of the day in the red, but then reversed course around noon erasing a 4% loss now trading higher data out of china which showed factory activity contracted in p april had been weighing on prices and eu energy ministers met today to debate a sixth round of sanctions against russia reportedly moving closer to an oil ban. john kilduff adding there was a technical bounce from support around the $100 mark he said the chart points to a price breakout the next leg could be in either direction. let's check on prices. wti up half of 1% at 105.27. brent crude up 0.4% at 107.60 and natural gas up another 3.5% after jumping lerche11%. diesel prices hitting a record for a third straight day it will now cost you $5.32 according to aaa. >> pippa, thank you. >>> another cause for concern and that is semiconductors and you know the story, one of the hardest-hit sectors and a divergence is under way. western digital is up about 10% during that time and the best performer in the xlk nvidia, the ot

tyler, back to you >> pippa, very much.cal glitch from rick and if we can fit him in later in the hour we doll our best the federal budget deficit expected to shift as pandemic wanes. showing the shortfall, the budget shortfall in 2022 will be a trillion dollars, but it will increase over the next decade because of higher interest rates and healthcare costs for an aging population joining us exclusively now on "power lunch" is mr. swagel. good to have you with us >> all right let's make sure we have phil swagel's microphone on for us. my guess is your prediction seems to be getting past the worst in inflation and it will be decidedly moderated at 2.3% for 2023 what makes you confident in that and what signs are you seeing that that may be happening >> that's right. that is what our forecast has that it has the strong demand and powering inflation with the supply constraints that both of those are moderating and we see it in current law that the fiscal support that was enacted over the last couple of years and the pandemic i

creed — corroborates and we saw pippa creed to — corroborates and we saw pippa creed to a _ corroborates a fantasticjob and also — creed to a fantasticjob and also by— creed to a fantasticjob and also by castle which she worked on with— also by castle which she worked on with the guardian. itn news is not _ on with the guardian. itn news is not seen _ on with the guardian. itn news is not seen as a partisan part of stage _ is not seen as a partisan part of stage two, the whole brand has done _ of stage two, the whole brand has done a greatjob and it points— has done a greatjob and it points to _ has done a greatjob and it points to the fact that number 10 is— points to the fact that number 10 is a — points to the fact that number 10 is a hit— points to the fact that number 10 is a bit shocked because there — 10 is a bit shocked because there are _ 10 is a bit shocked because there are sections of the press, _ there are sections of the press, particularly on the right, _ press, particularly on the right, who have been very supplicant to number 10 and i think— supplicant to number 10 and i

>> yeah, so, you know, we just saw the numbers that pippa was showing on oil and gas you know, oil up00% in the last year. gas about 300% those are not durable increases. we're very unlike troly to see prices double again in the next year 35 75% of the cpi increase is oil prices and used car prices the chip shortage is starting to show some signs of ameliorating. my guess is that inflation numbers will trend down lower. the pundits have it down sub 2% by the middle of 2023, and i think this will be a distant memory i think that we really have to worry about is i would actually take the somewhat out of your comment, tyler i think we are going to see dramatically decreased economic activity globally. i think there's going to be a crash in economic activity if you've seen the picture of the ships anchored off the ports in china, they can't get in to unload, they can't get back reloaded to bring stuff back hear supply chains are going to get worse. you've heard people all over davos talking about it i think that we're on the verge of a really difficult period, and i don't want to be too a

pippa? >> hitting 99 cents this morning before giving back those gains and then some. more than 8% and we do need to put this move in perspective and still up 11% on the week and holding above eight bucks. back in march we were at 450 that is a big move today's action is a combo of locking in profits as well as weakening weather-driven demand next week and moving over to oil which is higher and on track for a second week of gains the looming eu ban on oil remains in focus here. wti remaining at 109.78 and brent crude at $112.36 turning to energy stocks, the big outperformer today and up here almost 9% for the week. eog is leading the way following earnings that stock trading at a three and a half year high today and other notable movers include devin at a seven-year high >> it took these stocks a long time to break above previous levels pippa, thank you very much >> despite what we've seen in the markets all of the major averages are down 10% and 20% for the nasdaq my next guest says the bottom is not in and david trainor is with us and he's with research firm david wh

, thank you pippa stevens.'s talk about opportunity in this sell-off. let's bring in nancy tengler laffer tengler investments ceo and cio. nancy, give us some sage advice here what strategies, approaches, price levels, stocks where should people be looking right now? >> well, thanks, kelly you know, as a young portfolio manager i cut my teeth on black monday when the market was down 22.5% in one day and we had a client meeting that afternoon. we'd already prepared the materials. we had to tell them their $10 million portfolio was now 8, if you could just cross that out and make note of it. but what i learned from that is it's rarely a good idea to bet against the u.s. stock market and the u.s. economy for a long period of time if you have a long-term time horizon this is an interesting time to be looking for the kind of names that are going to thrive in a slowing economic environment. because make no mavg, we knew we were going to slow this year the first quarter gdp number was a bit of a surprise but it was al

pippa stevens. as crude oil prices continue to surge, the uk taking bold steps.dfall tax in oil and gas companies in a last-ditch effort to ease soaring energy prices and they're easing the fund-raising to pay for low-income subsidies for consumers. will it work and be counter effective? let's ask francisco blond at b of a securities. good to see you again. kyle bass this morning told us, he thought it would raise prices and harming consumers in the long run what's your take >> hey, kelly. i can't disagree with that certainly, when you tax excess profits that companies are making at times like this, you're going tos for a reduction in investment which is the only thing that will get us out of this hole and get us into a better position in the long term remember he has a huge supply shortfall going up and into very, very low levels and if you adjust for consumption we had in decades meaning that we didn't have a buffer to accommodate the next energy supply shock, so i don't know the uk government is using that to appease consumers which are obviously getting hit v

back to you. >> pippa, thank you very much.nching a hostile bid now for irspirit airlines, this after offering $33 a share for that discount airline and now the spirit airline ceo is ready to speak out and none other than phil christy >> thank you for joining you from the spirit headquarters in miramar, florida i know you can't go into details about the tender offer of $30 a share. you still need to go over it with the rest of the board from spirit, but what's your reaction of jet blue coming back and making another bid to buy spirit >>. >> thanks for having me on you're right we can't comment on the tender offer until the board has had time to review it, but what we can talk about is the prior proposal that we received from them at $33 a share and why the board determined that it was not a superior proposal to our current merger agreement with frontier, and it circles around the primary issue of whether or not that transaction could be consummated and we invested extensive time with jetblue and their regulatory advisers and fi

tyler, back to you. >> thanks very much, pippa stevens.at's behind today's massive move in nat gas and what does it mean for consumers let's bring in francisco blanch at b of a global research. this is like our weekly date we get together once a week fail or not while why today? why the move what can you tell us >> hey, tyler, thanks for having me the market in natural gas is getting very nervous as you know, we have a global energy crisis going on it's just they haven't impacted the u.s. yet, and what's been going on is there's been a big rally in the global price of thermal coal, which is essentially the basis of generation for all our countries, and we've seen coal prices in the u.s. rallying, so natural gas has been getting closer and closer to that coal price rally, and that's been the main trend in the last few weeks. that's really been the main driver of gas, the rallying global power prices and global coal prices. >> so as europe tries to wean itself off of russian natural gas, which it appears it is going to try to do, the pressur

pippa stevens here as well on the strength today in energy, very notable best performing sector and markey on tech's rough week and which stocksto buy now. stocks are extending losses after yesterday's massive sell-off but off the worst levels of the day and we've seen a little comeback here the dow is down 523 at session lows now down 110, mike energy and utilities are doing all right. it looks like -- i was looking for a reason yields are still a little higher but everything in moderation compared to yesterday. >> yeah. i don't know that it was so much a specific reason as it was we came into this day with what seemed near washout conditions yesterday and people very apprehensive about whether some investors are trapped or there's ongoing big liquidation. and the reaction to the jobs number was relatively mixed. yields going up. people very fixated on labor force participation. and so far you haven't really found additional sellers near the lows for the week. it's very, very faint praise, i would admit, but that's where we are right now. still held hostage by where treasury yields go,

to the villain, unless you're an energy investor the commodities complex has oil in the green but pippa, gasoline prices just keep going up. >> yeah, today's gain is pushing u.s. oil into the green for the week, the third straight week of gains. now, the eu is still mulling a ban on russian energy, but starting sunday there are some new restrictions traders will no longer be permitted to purchase state-owned russian oil unless strictly necessary so let's check on prices wti at 110.33, brent crude at 111.42, both up around 4%. i do want to focus on gasoline futures which are up 4%, hitting a record high today, and that does not bode well for prices at the pump with just two weeks before the busy summer driving season begins. the national average for a gallon of gas hit a new high in each of the last four days and now stands at $4.43 according to aaa. bob yeager noting that inventory has fallen over the last 13 weeks at a time when it's usually increasing ahead of driving season he said, kelly, that the national average could be heading towards six bucks. back to you. >> he said $6? >> ye

pippa stephens is at the cnbc commodity desk what's the action?de moving between gains and losses before ending the day here modestly higher and opec and its allies met today deciding to boost output by 432,000 barrels per day, although i should note that it's been consistently missing goals and it also remains in focus let's check on prices and a third of 1% at 108.22. brent rising two-thirds of 1% and nat gas continues to be the story here, surging 4.4% to $8.78, per btu, hitting the high today since august 2008. the contact now up 21% this week ubs noting that usually demand destruction would come from utilities swapping gas for coal, but there's no coal available and coal prices are also spiking. i also want to note, since we've been watching diesel, they've hit retail prices for the second straight day >> very active in the conference for more on how to play the rise in energy, paul sankey with sankey research. you say this is potentially the most interesting market you've seen in 30 years what do you mean by that >> it is the most profitable

. >> wow, pippa, thank you very much pippa stevens.next for crude our next guest has a unique perspective on energy prices as the leader of the second largest fracking company in north america. chris wright is the chairman and ceo of liberty energy. chris, it's great to have you here let me ask something that came up earlier about who can fill the supply needed in the global market how much more could the u.s. do right now? >> well, kelly, u.s. production grow, and it certainly can continue to grow there's a limit at how fast we can grow right now with tightness in labor markets, equipment, supply chain, and, frankly, permitting and pipeline and infrastructure and all the things it takes to grow u.s. oil production >> well, that being said, we'd obviously prefer to see it come from here than from other sources that might be less friendly and more complicated. we also have seen the uk moving to do a windfall tax on producers trying to kind of carve out a way to still incentivize production and then giving the proceeds to low income hous

play an even bigger role, which is sending diesel, jet fuel and other refined products surging >> pippaest has been pretty concerned about the energy markets and expecting the turmoil to remain well into the summer let's bring in francisco blanch, head of global commodities and derivatives research at b of a global research. we ought to call this tuesdays with francisco welcome back my friend, it's nice to see you. >> thank you, tyler. thanks for having me. >> why don't we talk about a couple of -- a little more obscure parts. why has diesel been going as high as it has i saw it over the weekend well above $6 a gallon at a station out on long island >> well, so very simply, tyler, russia is one of the largest exporters of petroleum products, the largest one being the u.s. of a russia comes right as number two. it has roughly 6 million barrels a day of refining capacity we've seen a meaningful curtailment of russian exports as we've seen a lot of companies going for self-sanctions, and then of course the u.s. has also sanctioned russian energy exports as has the uk. so that's tightened a

prime minister, ou sa will go to pippa. prime minister, you say that _ will go to pippa.to carry on that investigation, so in the absence of any other— investigation, so in the absence of any other statement what were you your wife _ any other statement what were you your wife and five aids doing for several— your wife and five aids doing for several hours with alcohol and snacks — several hours with alcohol and snacks in _ several hours with alcohol and snacks in your flat that evening? specifically, did you or any of your senior— specifically, did you or any of your senior political team see her report before _ senior political team see her report before this — senior political team see her report before this morning neither have any role in _ before this morning neither have any role in editing it or requesting the removal— role in editing it or requesting the removal of— role in editing it or requesting the removal of any facts about gatherings in downing street? know, so the first eyesore _ gatherings in downing street? know, so the first eyesore of _ gatherings in d

, building up good contacts, putting the work in, checking that everything corroborates and we saw pippao a fantasticjob and also by castle which she worked on with the guardian. itn news is not seen as a partisan organisation and paul brand has done a fantasticjob and it points to the fact that number 10 is a bit shocked because there are sections of the press, particularly on the right, who have been very supplicant to number 10 and i think they have been quite shocked at the tenacity with which a lot of these papers and broadcasters have stuck with a story and i'm afraid i absolutely push back against some false equivalence. 120 fines at downing street versus one beer in durham, which the police did investigate. they said, "nothing to say here." let's see what they say but i think this is the daily mail kind of collaborating with number 10 to push out this false equivalence line, which i'm afraid i don't think washes with the public. stephen, i'm interested to ask about that. do you feel the mail is collaborating with number 10 or putting across... it was the mail last year which brok

the mirror have exposed it back at the end of| have exposed it back at the end of last year with pippat of that. i think there is a continuation of that, and we had this report today, there isn't anything particularly new or even more damaging, i don't think, in terms of any kind of smoking gun in this. a lot of the detail we've known about has been clear for a while. there is more colour and there is more detail in terms of some of these events that took place, the extent to how late people stated, how drunk people may have got, the treatment which i think is pretty abysmal of sunken sodium �*s —— for some custodians and other staff who do very good job there. this is what i think will chip away. there's also the other context of this. it talks about people actually knowing what they were doing were wrong —— was wrong and worrying about what the media response would be. i think that's at odds with what we have been told, that people thought these were just work events and that's what they thought they were doing. kim and that's what they thought they were doing-— and that's what they

energy's been a place to hide in this market, but not today pipa stephens has the latest for us pippaties with oil giving back all of last week's gains several factors to watch here. the proposal to ban russian oil is receiving pushback notably from hungary the country's prime minister said that banning imports would be like an atomic bomb on the nation's economy and trying to demand a global growth kconcerns and also hitting prices and the energy supply risk le maremains significantly mispriced and the roller coaster ride for nat gas continues down another 12.5% today. it's now down 20% from friday morning's high amid this, energy stocks are getting hit hard, by far the worst sector down more than 8% and eog and aoa and marathon oil down double digits thank you very much. >> just as we're talking about these contributing to inflation and the possibility of a recession and the big worries for investors and my next guest, some of the indicators are starting to look better and let's welcome in travis mccourt and he's institutional equity strategist this will be a big theme with cpi and

well, pippa, thank you, and that will do it for "the exchange." "power lunch" starts right now ♪ >>> yes, it does, jon. thank you very much, and welcome, everybody, to "power lunch" for tuesday i'm tyler mathisen, and here's what's ahead we've got the ceo of robinhood of, that stock of course cratering, users trading less. the company laying off workers, so oare new products enough to kick start growth? we'll ask the ceo about his plan to shore up investor confidence. >>> how about buffett, warren buffett's big bets from citi, to paramounts to chevron, if the world's most respected investor is buying into these stocks or into stocks, should you? but first, welcome to julia boorstin who's in for kelly evans. >> hi, tyler, stocks are near session highs at this hour, the dow and s&p are up more than 1%. the nasdaq outperforming the others with a gain of more than 2%, but walmart falling 10%, the biggest decliner of the dow after an earnings miss and a soft profit forecast boeing the best performer on the index up about 6%. and energy is on pace for i

futures we're treating now down 6%, retreating from the $4 level that we saw earlier in the week >> pippa, thank you very much. let's continue watching the markets here with our next guest who says the problem isn't just inflation itself it's the expectation that it is here to stay for a while transitory that was so 2021 let's bring in ann barry, wheelhouse cio, welcome back good to see you. >> thanks, tyler. >> what has to change for inflation to go away >> we need to start seeing the big distributors of consumer goods start saying that they anticipate supply chain blockages and other factors coming down, tyler so when i look at something like the walmart earnings and i look at the target earnings, here's what i saw to worry. you have two of the biggest products in the united states saying our margins are being compresseded which means it means only one thing they are going to be putting up prices and putting supplies back they'll be close to the retail customer and to the supply chain for the foreseeable future and the expectations that aren't coming down in the wake of these news items

tonight with the context, pippa crerar, the daily mirror's political editor, and republican party strategist

i didn't write it, but the i writers holly and pippa have such an incredible _ writers holly and pippavity gradually threw - comfort zone. and lash. which gravity gradually threw down l comfort zone. and lash. which i gravity gradually threw down my face _ gravity gradually threw down my face it — gravity gradually threw down my face. it was like going on a night out in _ face. it was like going on a night out in manchester, i guess! laughter 0k! i'd like to talk about social media. you are not on at all. ho. media. you are not on at all. no. you have — media. you are not on at all. no. you have a _ media. you are not on at all. no. you have a really _ media. you are not on at all. no. you have a really positive reaction to series one, did the reaction to that convince you that you might go on or are you avidly against it? i on or are you avidly against it? i don't like looking at twitter or instagram or anything like that. i like to— instagram or anything like that. i like to take myself out of that kind of severe — like to take myself out of that kind of severe. but if other people w

she says, and this is being reported by the political editor of the mirror, pippa crerar, and we can zooming in on that. she talks about the partygate report. she says, and studying the report carefully, it is painfully clear to me that, given the extent and severity of rule breaking taking place over a 20 month period, it is extremely unlikely that senior leaders were unaware of what was going on. i therefore agree with sue gray�*s conclusion that there have been significant failures of leadership, both political and official in number ten, and the cabinet office. each of my conservative mp colleagues and i must decide individually on the right course of action that will restore confidence in our government, so she doesn�*t actually say in this letter that she had submitted, a letter of no confidence, but she is clearly criticising the prime minister and saying that there are important over the future direction of leadership of the conservative party. heart operations dropped by a third during the covid—19 pandemic and the british heart foundation is warning that england needs an ur