victoria greene and pippa, thank you very much, our pippa stens re stevens reporting. >>> gaming stocks life contessa brewer in las vegas with a look at what's driving the gains. is this the start of a turnaround, contessa >>> you know what, business is booming. everywhere you see it's pack why is it being reflected in the stocks i'm con tess at that brewer here on the las vegas strip is this the time to bet on casino stocks? coming up on "the exchange." at ? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. nurse mariyam sabo knows a moment this pure... ...demands a lotion this pure. new gold bond pure moisture lotion. 24-hour hydration. no parabens, dyes, or fragrances. gold bond. champion your skin. lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly st

pippa stephens here. pippa? >> oil dipping and ending off the worst levels of the day.e of the weakness is thanks to fears of the demand slowdown out of china the you're asia group with the bear's signals are overshadowing geopolitical concerns and supply constrains and wti down 7% at 104.10 and brent crude at 107.12 and natural gas surging another 6.5% after posting its first positive week in the last four and an explosion at a gas plant boosting prices asking texans to confirm power amid a statewide heat wave. the energy stocks starting the week in the read and one of the underperformers after goldman cut the stock with a neutral rating with 100% gain this year. >> yes 104%, in fact. shocking pippa, thank you very much >> europe is on high alert as russia temporarily suspends the flow of gas from a major pipeline to germany. now while maintenance on the pipeline is scheduled to finish later this month, germany's energy regulator is concerned that the shutdowns may extend to who knows how long as natural gas supplies are dwindling and that's just one piece of the crisi

it's below $96 right now pippa stevens joins us pippa, what is driving this big decline today? a really ugly day for oil. wti fell 8% and is just barely above its 200-day moving average of 95.35 it hasn't dipped below that level since december there area number of factors fueling this decline of course we've got the spike in covid cases in china we've also got the stronger dollar as well as recession fears. meantime, thin liquidity can lead to exacerbated price moves. traders, their net long positions in wti have fallen by nearly 30 p% in the last few wek and are now at their lowest in two years. this all comes ahead of president biden's trip to the middle east and rebecca babbin saying there isn't any risk appetite to buy this dip ahead of his trip. turning to the impact on energy stocks, we talked with the technical levels on the xle last week you can see there was a slight bounce off that level but the sector has retested that 200-day moving average matt nailey saying if it falls significantly below that level it will throw into question the uptrend the sector has been in fo

and felt like it wasn't ready for prime time, but with every passing year maybe we're getting closer pippa pippa stephens how one company is using clean energy to provide disaster relief coming up on "power lunch. >> and welcome, everybody, to "power lunch." happy monday i'm tyler matheson president biden with the chips act and set to move ahead in congress and it could move subsidies for the semiconductor business and dividends on pace to set a record this year, but there are a fe

i think here we got an opportunity generally speaking as pippa discussed the pullback in energy pricesent weeks. i do think that is an opportunity to buy a stock like halliburton. i think you trade this one this a range, generally speaking energy stocks, i think that weakness we've seen, it indicates that that run is slowing but not ending a lot of the sector overall coming into the 200 day average. we to preefer enp names on this pullback rather than the service names like a halliburton, but halliburton looks tactical here. here's the range i'm watching, 27 support on the upside, 34 resistance on the upside, and i think for now we've inflected higher and you get a continued run up to that 50 day average. >> we're at 29, and we'll see what happens after results pippa, thank you very much we'll see you soon, our pippa stevens, thank you very much for all of your picks and trades today. >>> coming up, with about 56 million americans forecast to experience dangerous levels of heat this week, we'll get a look at how utilities will be impacted and whether the alt energy names will see a boo

pippa, thank you for now our pippa steven after the break our interview with transportation secretaryttigieg following the s reellation of thousandmo flights this holiday weekend we'll be right back. stay with us on "power lunch." >> announcer: the bond report is brought to you by pimco, a global leader in active fixed income a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. >>> all right, what we're showing you right now are some of the big gainers on the session so far in a down tape. i would point out as kelly has numerous times over the last hour plus or so right now, we were down significantly at the lows of the session, and we are now down only 250 points for the dow. if you look at the trade so far today, you look at roblox on the kind of virtual reality metaverse game development platform side of things up 13%, crocs on a weak kind of basis, you've kind of got a 10.5% gain, etsy up 10% as well, norwegian cruise lines probably more on that economically sensitive cyclical side of things. big moves in those na

pippa stephens is here now with the story. pippa? >> that's right, kelly it's not just nat gas.urging as well which is a major driver of the decades-high inflation we're seeing around the world. the war has pushed up prices, but they were already rising prior to the invasions years of underinvestment means not enough was spent to either meet fossil fuel demand or to move the world to renewables barclays summarized all of this by saying, quote, decades of uninterrupted affordable energy have come to an end. consumers worldwide set to spend a record their 10 trillion this year on energy consumption that's according to the iea and an equivalent of 10% of gdp. looking forward, we're hearing more about an all of the above approach to energy policy as countries look to shore up their supplies transforming the system will take decades and cost 150 trillion according to barclays, and in the meantime, clean energy spending on track for a record year, as well in the u.s. some of the largest players are clearway energy, aes and nextera, and that includes honeywell and johnson controls beca

but as pippa was talking about, they've been very disciplined in the spending as long as they remain. chevron is spending 25% less than it was in 2019. so they're being very disciplined. they've pulled back a little bit. if oil will remain at these levels, the energy, you want to have exposure to the sector. maybe not after today after chevron had the best earnings reaction day in 20 years but as the stocks are in there and have exposure. >> two minutes to go in the trading day. it looks like we'll end here on a high note. to what has been a high month. and paul we've talked a lot about technology this hour, but it the not just technology, it was broad based and the transports having a great day. up 6% for the week up nicely for the month. caltrans port up 3%. so the question is beyond do you want to get back into growth and teg but cyclical at a time when there are worries about the economy. >> yeah. and that is a great question you look at headlines today and you think why is the market rallying after, you know, second straight quarter of negative gdp. but what you have to remember

>> exactly, pippa, thank you very much. big headache for the transports. now we'll have another westport port strikes and we'll dig into the implications on "power lunch" which begins right now. ♪ ♪ >>> and welcome to "power lunch. i'm eamon javers in today for tyler matheson an inflation battle. strategists say stocks won't rally until inflation shows signs of rolling over. it's a key question for the market we'll debate the answer and what it means for your investments. plus, how much would you pay for a new car? according to edmunds, a record share of new car buyers are shelling out a thousand bucks a month. the ceo of group one automotive talks sky-high car prices and whether they're here to stay kelly over to you. >> let's check in on the markets where stocks were negative last hour and now they're back into positive territory and the s&p up 10 points and t

, thank you very much our pippa stephens that does it for us.a tipping point that's next on "power lurnch. i'll see you there >>> and we will welcome you over here to "power lunch" in just a moment, kelly. welcome, everybody i'm tyler matheson, here's what's ahead a top analyst says sell. sell meta, the estimates are too high and competition is intensifying and it may take a long time to payoff and we have the call of th

pippa? >> that's right, kelly we are back about a hundred bucks on u.s.is market volatility continues and we had this ongoing disconnect between the physical and the paper market ubs saying the recent demand concerns are triggering a massive liquidation by oil conditions while the physical market remains tight meantime, president biden's trip to saudi arabia not yielding an immediate agreement to ramp up output and the president saying the saudis share the urgency to increase supplies and to expect further steps in the coming weeks. opec is set to move on august 3rd and saudi arabia, of course, the de facto leader and at 102.56 and brent crude up 5% at 106.23 and nat gas up 7% and approaching the 7.50 level and that comes as much of the country and the world faces scorching temperatures and that, in turn, kelly, driving demand for nat gas. >> thank you very much, pippa stephens >> let's zone on 3% and now hanging on to two-thirds of a percent gain with delta agreeing to buy the 737 planes. marking delta's first major boeing order in over a decade, but as

and felt like it wasn't ready for prime time, but with every passing year maybe we're getting closer pippa, thank you very much, our pippa stephens how one company is using clean energy to provide disaster relief coming up on "power lunch. >> and welcome, everybody, to "power lunch." happy monday i'm tyler matheson president biden with the chips act and set to move ahead in congress and it could move subsidies for the semiconductor business and dividends on pace to set a record this year, but there are a few companies that our guest says have unsustainable payouts and a market veteran has some names to be wary of that's coming up, kelly, later this hour. >> hi, tyler thank you. hi, everybody. let's start the week with the look at the markets and the dow has been fluctuating in a very narrow range and it's down seven points and the nasdaq is the clear underperformer and it's down two-thirds of 1% and a lot of nervousness about big tech results and most of those names are under pressure today check out newmont mining the worst performer in the s&p after reporting a quarterly loss, and hurt b

, thank you very much, pippa stevens. >>> now let's look at the rise in dividends that we've seen andhe etfs that track them despite how rocky the markets have been, dividend payouts hit another record in the second quarter. according to s&p dow jones, companies in the s&p 500 paid out a record $140 billion in dividends last quarter they estimate that dividend payments will jump more than 10% in 2022 year on year that's the first double-digit increase since 2014 and there are a number of etfs, like the vig from vanguard, the dvy from i shares and the vym they're all actually down for the year, which reflects the price action we've seen, within them some names that come up constantly and are pretty familiar big dividend payers, widely owned names like coca-cola, pepsi, verizon, and broad come other popular names, ibm, exxon and phillip morris tyler, over to you >> thanks very much. >>> after the break, today's working lunch, we got jon fortt who's going to speak with the ceo of cliff only at vanguard you're more than just an investor you're an owner. that means that your priorities are

pippa stephens has the numbers pippa?een all over the place today in a volatile session, closing here slightly higher. brent crude approaching that $100 level with wti right around 96.23. we did get the latest read on the market from the international energy agency today which said that, quote, higher prices and a deteriorating economic environment had started to take their toll on demand larger than expected supply from russia is also easing some of the tight market krconditions, u chevron ceo michael worth is warning that it might be short lived and here's when he said on cnbc's evolve global summit. >> i think it's good for the economy that prices have moderated, but i also see the risks remaining skewed toward the upside >> several factors that could push prices higher influcluding demand rebound when it fully reopens and ongoing sanctions as nations move away from russian energy finally, take a look at nat gas on the move again up more than 8%, dom, as higher temperatures boost cooling demand back to you. >> thank yo

pippa?jon oil is getting a boost today, but still on track for a fourth negative week in the last five as recession fears weigh brent crude is back above 101 with wti right around 97.74 for a gain of 2% president biden arriving today in saudi arabia, but officials saying no immediate output boost should be expected from the kingdom. the white house officially announced this trip back on june 14th at which point wti was trading at 119 obviously, a lot has changed since then and we are now below 100 bucks, so pvm noting the president's case here for more saudi oil has been significantly weakened by this latest price drop looking at nat gas, it is up another 6% today and crossing above that $7 level for the week up more than 16% for the best week going back to april and all of this translates to a boost for energy stocks. every component is in the green led by the refiners and marathon petroleum and phillips 66 and valero, john, all up more than 3% >> pippa, thank you. >> software stocks higher

our pippa stevens.ck with energy now with shares of liberty energy, which is the second-largest fracking company in north america rising at least a percent on expected earnings today. they are also announcing plans to put equipment to work as strong demand has boosted pricing for the services. chris wright is the chairman and ceo and he joins us now. chris, it is great to see you. >> thanks for having me, kelly. >> so how do we fix the global energy problem? >> the solution here will come slowly and gradually. but what we are seeing is a culmination of eight years of under-investment, and frankly bad policy demonizing hydrocarbon and not allowing the needed infrastructure to bring the immense amount of american gas over to europe. better to get gas from the u.s. then get it from russia. we have that gas, we can deliver that gas, but we need the infrastructure to move it. >> we also know that it is going to be a record all-time high for gas exports, until that stability caught fire and went off-line. wha

oil is closing for the day after a volatile week and let's head to pippa stephens for the latest pippas in the green after posting its first negative month in seven, but it did end q2 higher and the ninth positive quarter for the first time ever. driving today's action is supply outages in ecuador, libya and norway, wti is at 108, a gain of 2 1/3% and brent crude at 2% at 111.40, looking at nat gas up more than 5.5% as it tries to make back some of yesterday's 16% drop turning to prices at the pump, we have started to see a little bit of demand destruction. the product supplied which is a proxy for demand fell below $9 million per day on a four-week rolling average, that's according to the eia and that is the lowest seasonal level since 2014 with the exception, of course, of 2020. for those hitting the road this weekend, the national average is currently $4.84. >> at least it's not five. >> our pippa stephens. the auto sector is in the middle of both and an opportunistic time and a challenging one gm warning of continuing manufacturing issues that came as inflation raised car prices an

oil is closing toward day and another gain overall for the crude market pippa stephens pippa?t enough to make up for heavy losses earlier in the week that puts crude on track for its third negative week and wto up around 1.05. a couple of key things to watch, president biden headed to the middle east with a stop in saudi arabia and the president has been calling on countries to increase output and saudi arabia, of course, one of the world's largest producers and the de facto producer of opec and it is set to all-important nord stream 1 pipeline for annual maintenance and this web a routine procedure and this time some are worried the kremlin won't turn the taps on >> it's a volatile trade pippa stephens, thank you very much for that. >>> one of the big markets has been the bounceback on the faang stocks for more on the tech adjacent and whatever you want to call it, let's bring in steve kovac and managing partner and a tech with research and investment-type firm and maybe we'll begin with you, just the setup here, why are people buying tech again. >> i'll tee it up with my boy

pippa, thank you very much our pippa stephens if you thought energy was expensive, try buying a home we'll go to austin, texas, and a snapshot of the market there and our latest installment speaking of which, "power lunch" begins right now >>> kelly, thank you very much welcome to a friday "power lunch. welcome, i'm tyler matheson. excuse me, i have to clear my throat a little bit. snap's stock tumbling 35% today. excuse me. weakest sales ever painting a grim picture ahead of meta and alphabet a big rally ahead and our market pros this hour say all of the bears are making him bullish. he'll tell us which stocks are higher. >> bless you, tyler. the nasdaq is down 2.2% and snap is not helping and snap shares, we'll show you a little bit in a moment down 38% and taking the social space down with them. the s&p is down 1.25% and the dow at session lows down 220 points or more than two-thirds of 1%. the s&p had claimed 4,000 earlier and the nasdaq well below 12,000 today, as well. some of the worst-performing stocks are meta, data dog, alphabet and docusign. we're seeing meta down 7% after

cnbc's pippa stevens joins us. sara, and recession fears are front and center with the idea any type of economic slowdown will curtail demand for oil on petroleum products there are a number of other factors weighing as well including the stronger dollar as well as an unwind of the oil as an inflation hedge trade but on the demand side, i think it's natural to look at prior downturns in prior recessions to try to gauge where demand might come in, if there is a slowdown. but experts say that kind of ignores the supply situation right now which is so tight and also the consumer is a lot stronger today than, say, in 2008 meaning we might not have that same kind of slowdown if we do get an economic downturn. it was noted the xle, which tracks the energy sector, fell below its 200-day moving average. it's only done that three other times in the past year and each was able to regain the level in a matter of days and so this time around if they can't regain the key technical level that could be a sign of concern for the e

thank you very much, pippa stephens let's turn to the housing market where we had weak data, but is itign that sellers are still in control here? mortgage demand falling to a 20-year low and prices setting a new high in inventory in a record low is there a soft landing in the housing market instead of a crash? let's ask mark moody it feels like we're going into a deep freeze than we are going into a crash >> yeah. i think that's a fair way of putting it, kelly. home sales, housing demand really took it on the chin 5.1 million and i expect home sales to weaken and that was weaker than i had thought, but it makes sense with the higher mortgage rates conflating with the higher prices and they can't afford to buy in and trade-up buyers they were kind of locked in because they sell and buy and the monthly payment. then you have investors. a lot of those folks, i don't think they're selling and they might get an opportunity here down the road. so demand is really weakening very rapidly and you're right. i think it is going into the deep freeze. >> i get that buying activity is drying up and

in a big way today after a big drop yesterday and still up 13% in just a month and let's get out to pippatephens. >> i'm starting to get whiplash from these commodity moves and oil is back above 100 bucks after settling yesterday at the lowest in three months and natural gas surging 13% and you can see the big move there at 11:00 a.m. and that's when the latest inventory report dropped showing a lower than expected build, evw analytics adding that on a technical basis nat gas was near oversold levels and despite this jump, still down more than 30% in the last month and turning to gasoline futures and also on the move up 5.7% today, still in the red for the week. so we could continue to see some relief at the pump, but a lot does depend on the direction of oil. finally, energy stocks jumping apa, the top performer was marathon oil and diamondback also on the move and new energy in the green, as well and the invesco held clear energy fund and the ticker pbw up 11% with solar up 5% led by genco solar >> pippa stephens, thank you very much for that. >>> many are attending a concert for the fi

let's start with the energy space and pippa stephens hi, pippa. >> courtney, oil dropping again todayelow 100 bucks yesterday for the first time since may the main driver here is recession concerns and what that means on the demand side we've also got the stronger dollar and an uptick in covid cases in china, but a number ever analysts including ubs and goldman saying yesterday's drop was overdone they said oil's responding to a deteriorating economic outlook rather than fundamentals which points to a tight market and to put this move in perspective, we've seen a lot of volatility in march, brent crude hit 140 and it was 97. so things like this have been happening. wti is still above its 200-day moving average of 92.50 which is also the intraday low for march and april. so that is a key level to watch. let's check on prices here wti down .75% and brent crude down 2% at 79 don'ts and the energy stocks, once again the worst sector down more than 2% apa marathon oil and devon, among the biggest losers all below their recent highs in june, kcourtney, those number have had a fast fall >> t

of individual movers and enphase sunrun and sunnova, kelly up more than 30% this week >> increddin pippalighting that and we'll pick up on it because our next guest says one of the leaders could be first solar and it's moving bigger and colin rush senior analyst at oppenheimer it's weird to see you and not be talking tesla. welcome. >> thanks so much for having me. i'm happy to be talking solar, and i'm more constructive. >> why are you more construct they've half of solar companies have gone bankrupt and -- >> it's much higher than that. >> why is now different? >> it's a tremendous market and we've seen about 100x growth and we think three to 5x growth including solar market from an insulation perspective and solar is the cheapest form of new energy for the power markets we're seeing, you know, a couple of important trends. one, energy security is a huge issue that this bill addresses in a meaningful way. secondly, we're seeing the elect ri nation not only of the transportation market and also the heating market so the demand on the power grid will be substantially higher and as we mov

let's get to pippa stephens and we saw prices in the low 90s this morning, pippa. >> yeah, kelly it wasild day for oil and at one point brent and wti traded below where they closed on february 23rd and that was the day before russia invaded ukraine and they've since recovered the majority of those losses and check out this chart at 24 hours and you can see the big dip which sent prices tumbling 6% hitting a low of $90.56 the contract fell below its 200-day moving average before bouncing off that level and we did see similar price action in brent and we do remain sharp low lower in the month between the price action and the state of the physical market which including dan jurgen last hour remains tight and recession fears are driving this narrative, although we have also started to see some demand declines amid high prices and wti is down half of 1%, at 95.86 with brent crude down about a third of a percent back to you. >> wti still holding below $96 a barrel thank you. >>> let's turn now to retail and a new report from deloitte shows more than half of points are hitting back to school s

much let's get all of the details there as it's down $96 a barrel and we're watching nat gas, as well pippaphens, what's the latest >> oil is dipping and nat gas is as well into the close and still hovering around the $8 level you can see on the chart the jump off the lows at 11:00 a.m. and that was after the inventory report that showed a smaller than expected build during the prior week and it is still on here 13% of track and over in europe, nat gas prices have retreated and are down for the week and in the uk surging another 16% today, and up 56% for the week energy stocks underperforming today, as well, but there are notable outperformers in the last week including, kelly, lng plays like eqt and cheniere. >> pippa, thanks let's pick it up with europe's growing energy crisis. you know nat gas flows have re-started from russia to germany and it doesn't solve russia's problem which is permanently getting off the russian gas. brian has more >> decades former german chancellor helmut coal said we shouldn't do gas, russia ended up being more than half just before putin started the war cheap

. >>> our pippa stevens has the story for you. >> hey, david.cross the board, which is a major contributor to the decades-high inflation we're seeing fuel switching is not an option since all are elevated decades of uninterrupted and affordable energy have come to an end this year, worldwide spending on energy consumption set to top $10 trillion for the first time on a record according to the iea. that's equivalent to 10% of gdp. russia's war is the latest catalyst and prices were rising ahead of the invasion thanks to years of underinvestment not enough was spent to meet existing fossil fuel demand or to move the world to renewables. ultimately securing energy supplies is a multi-decade challenge with barclays saying $150 trillion would be required. meantime, clean energy spending set to hit a record this year. prices remain high and volatile the better the case for renewables looking forward, some say there needs to be an all of the poof approach companies are spending around renewables including clearway energy and aes leslie, back to you. >>

pippa stephens reporting on commodities. so what should investors as we dive head first into this earnings season? are there names that look attractive let's bring in managing partner and portfolio manager at dcla. also a cnbc contributor. before we get to some of the segments that we hit on in the dollar impact thing, why don't you talk us through how important the strong dollar is to the market and to profits as we begin to process the numbers this week, next, and the following. >> tyler, no question that the dollar effect is going to affect earnings i do think we have to look at the bigger picture having seen this through many turns on the dollar gets weaker and then what happens to earnings so i think you have to take it with grain of salt i think fund mentals are going to drive companies i think companies are using this translation effect, sometimes as an excuse to the kitchen sink to say things are slowing and cover it up with foreign currency as well so you really have to be careful. they're going to be company that's

police arrested sergio manuel puga-tenorio pippa lee say he stole and sold stolen items like over-the-counter medication and personal care products online equaling nearly $200,000. >> our investigators believe these stolen items were being sold in a different market and this arrest confirms that the online marketplaces were or are being used to sell stolen goods. >> investigators estimate that his operation was yielding over half $1 million annually for at least the last three years. >>> foster city will be rocking out tonight. >> the annual summer concert series is back. tonight the band pop fiction will play as classic hits spanning several decades. this is the first of six concert held at the o'ryan park amphitheater. the concert started 6:00 and will be held every friday until august 19th we spoke with the director of parks and rec about the return of the events following the pandemic pause. >> it's nice to see people back and smiling and having a great time, connecting with one another. so i'm hoping for good things and good things for the community. >> last summer foster city offered a

pippa stevens has more >> and first up, you know the climate crisis was a huge part of biden's presidential campaign but many of those goals have been sidelined and we can see that reflected in renewalable energy stocks. take a look at this chart. it tracks the broad range of clean energy names and you see the momentum lieu when biden was elected in november 2020 and all the way to january 2021 it has been downhill since then. and the administration has been unable to move things forward, leading to as one person told me deep pessimism on the policy front. but on the flip side, fossil fuel prices and a grid that can't keep up and more weather events mary powell telling me that demand for solar systems is off the charts but still stocks have been hammered more than 70% below its 52 week high >> and the bigger news seems to be centsenator manchin saying ls not move forward with this significant piece. >> and that was there, the biden administration's hallmark slenl legislation, more than $300 billion in the bbb for climate crisis goals and so biden could declare a nags at emergency, but we've

. >> pippa, with thank you we appreciate it >>> value is beating growth so far this year, but which stocks should you target in a slowing economy? we've got three picks for your portfolio. but first, here's a live look at the amazon fulfillment center near trenton, new jersey, with prime day officially underway. we'll talk about how much that matters to amazon's bottom line and one shareholder who sees the stock doubling from here we're back after this. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. >>> welcome back to "the exchange." shares of amazon are down more than 33% this year, and 41% from their highs, as the retailer kicks off a scaled down version of its annual prime day event. is amazon trying to downplay prime day? let's ask deirdre bosa d

watching pmqs was daily mirror's pippa crerar. she had a question. it wasn't clear.e no more personal statements today. bye, boris! bye! just after after 1 o'clock, a government spokesperson dealt with the idea of saying goodbye. would mrjohnson contest and win a confidence vote? yes, was the answer. but by now, ministers were resigning in groups. five ministers wrote this in their resignations broke the total to 26. and by half past two, sky news' political editor beth rigby had this update. that minister was in the trenches, at 3pm the prime minister was at a parliamentary select committee. it included a range of subjects, including a question on food production tbc. the pm had this update. we had the fertiliser roundtable recently and we'll see what we can try to do to help. one of those asking the questions opted for some multi—tasking. while mp huw merriman was talking about fuel duty, on social media, he released a letter of no confidence. and while borisjohnson talked with the committee the situation escalated again. and about 4:20pm, the bbc�*s political repo

i'm joined now by pippa catterall, professor of history and policy and the university of westminster. could've done that, the _ clearly of his party? we could've done that, the point _ clearly of his party? we could've done that, the point about... i clearly of his party? we could've i done that, the point about... once your mps have turned against you, thanit your mps have turned against you, than it seems increasingly difficult to do that. so it may well be that he has decided that he needs to go sooner rather than later — although this long stay of execution that he's articulated today is quite extraordinary because if you think about it, theresa may left office three years ago, and it seems like every three years the conservative party has a convulsion, that the majority of people who don't vote conservative after just watch whilst they go through this process of electing a new leader and so on. theresa may left three years ago, in 2019, and didn't have this incredibly long hand over a period thatjohnson is now talking about. i've never seen anything like this in history where a p