let's talk about this with pippa stevens.r the production cuts now they take effect, what will we see is that cut already priced in or could we finally see the spike people have been expecting >> oil has been volatile it spiked after the cuts were announced. since then, the opec cut has taken the backseat there is more concern around the slowdown we have the fed decision on wednesday. we have weak manufacturing data from china last night. the opec cuts are one part of the story. remember, we are not talking about all that many barrels given opec was under producing given the quotas opec announces the big actions and take barrels off the market. countries like saudi arabia are able to do that with the buffer and high production. some smaller players that rely on the revenue from oil production are not able to do tha that you can't just flip a switch so there are a lot of factors at play with oil production it could be 3 million barrels per day, but this price cut has been priced in we have seen how oil has rallied and come bac

. >>> let's check on the corporate stories with pippa stevens pippa. >> good morning, frank netflix says it has nearly 5 million monthly active users on its ad supported tier since launching six months ago speaking during a presentation, netflix ceo greg peters said the members beh members base doubled since january. >>> and a new law signed by governor john aforte of montana, it will be illegal to offer tiktok as a digital download as of january next year legal experts expects bytedance to challenge the law >>> and paramount global shari redstone is buying up $2.5 million of company stock this comes as the stock is near sa is near a 52-week low. >> down 7% year to date pippa, thank you see you later on. >>> now turning back to wall street tech continuing to perform with the tech spdr at the highest level since november of 2022 the key is semiconductors leading the sector higher. the moves come as those stocks rebound with the a.i. and expectations of the potential pause in the rate hiking campaign driving that trade higher joining to discuss is gina sanchez. gina, great to see you >> th

the company raised its outlook for 2023 >> pippa stevens, thank you.vue slightly higher it was the largest ipo since 2021 it's been a minute is this a sign the ipo market is thawing out? let's ask rashawn williams good to see you. welcome. >> good to see you >> i was here and i was watching that all go down on the floor. it was excitement the likes of which we hadn't seen in a while. is it the start of something >> it's not. thanks for having me back. i remember i was talking about the mobile ipo i'll reiterate the same talking points we saw johnson & johnson doing a technical ipo. that doesn't apply to all businesses you can restrict the supply, oversubscribe the book, they still own vast majority of the company. spinoffs are easy to do because they have control over supply, where they price it and they're just waiting for the multiples to expand for that to trade up the vast majority of companies where you have bcs, looking for liquidity and you have employees, they're looking at ipos to see if they can get fair multiples today. i think for all the c

pippa stevens back with that. >> reporter: one biotech fame is popping big today.ll tell you who and why coming up next >>> let's get back to pippa stevens for the stocks we're watching. >> reporter: sarepta surging 30% today after the fda approved gene therapy for muscular dystrophy. >> h&r block under pressure following reports the government is looking to create its own online tax filing program. the irs is due to release the report next week scott? >> pippa, thank you. >>> new 13-f filings continue to come in. leslie picker is back. what do we know here >> reporter: hey, scott, for all that talk about short sellers and regional bank stocks, one of the names is actually long and scion took new stakes in pacwest and western alliance both stocks surging today. first republic which was taken over by jpmorgan was part of the buy list during the quarter, but we don't know if he sold before the failure of that bank which took place on may 1st. he added new space in huntington bank shares and he took stakes in bigger banks like wells fargo and capital one as well. to b

our pippa stevens is here. >> frank, that stock is syneos health the group, according to the report,s elliott investment management, patient capital and veritas capital. it will pay for clinical research to drugmakers, that stock up 12% meantime twitter is set to add some new futures, elon musk tweeting that they'll add audio and video calls soon >>> tucker carlson has announced he'll relaunch his show on twitter. he has not signed a deal, referring to him as a content creator. he could be rewarded for possible advertising revenue it comes after tucker and fox parted ways in the wake of the dominion lawsuit settlement. >> pippa stevens thank you. >>> turning our attention to a developing story out of china. china names li yunze as head of the new financial regulatory body eunice yoon joins us what are you hearing about this story? >> it could be about tackling china's debt at the local level. a lot of speculation about this. this person is very little known outside of china but also little known in china his name is li lunze he's current deputy of a pro province he's a veteran banker

let's get back to pippa stevens now for a look at the key stocks she is watching, pippa. >> hey, scott. well, arista is firmly in territory as names that could benefit from the ai boom analysts are largely optimistic it could deliver the high performance high capacity infrastructure that ai requires. that stock was less than 1% from its all-time high at today's session high, and it's only a few minutes away from its best week since 2021, up more than 17%. >>> and atmos filtration technology shares come into spin off and raises at least $275 million in its debut. that makes cummins one of the largest ipos in a year like this so far it opens at $20.67 after pricing at $19.50. scott, back to you. >> pippa, thank you. >>> last chance to weigh in on our twitter question we ask ydo you agree with tom le that the s&p can hit 4,750 by year-end head to @cnbcclosingbell on twitter. do it quick because the results are coming after this break. >>> the results of our twitter question we asked, do you agree with tom lee that the s&p can hit 4,750 by the end of the year the majority of you said yes a

let's get back to pippa stevens what's watching the key stocks at this very moment, pippa. >> here with first solar which is surging more than 25% today, making it the s&p 500's top performer by a wide margin the pop comes after the treasury department issued proposed guidelines around what qualifies for the inflation reduction act's 10% domestic content tax credit now investors have been waiting for clarification on how the bonus credit would be applied and first solar is the only sizable domestic panel manufacturer and so is a clear beneficiary. the company is adding new capacity although has said it is sold out through 2026. >>> twilio shares taking a hit after cutting from neutral to by macro challenges the stock is down more than 10% on the week. following their earnings report on tuesday where the company issued weaker than expected revenue guidance, they point to weakness from customers and social media, ecommerce, and cryptocurrency businesses. scott? >> all right, pippa. thank you. last chance to weigh in on our twitter question we asked, are you more bullish on tesla now that

for cnbc business news, i'm pippa stevens. >>> solar power is set to take over for the first time thisear according to the new report by the international energy agency it will breach the $1 billion per day mark global energy spending is expected to come in at $2 trillion for the year of which $1.7 trillion will go to renewables i will be speaking to the executive director fatih birol at 11:35 cet it is the first on cnbc interview. joumanna, this conversation is bound to get interesting that report speaking about solar investment and that growing substantially which i find interesting considering how there was a sense that maybe things are dropping off a bit. i got to go to the shetland isle and the project to build 103 wind turbines had taken 15 years as a project to put together if you want to get into the renewable sector and it is taking 15 years to get a project like that together to power just the shetland isle and scotland mainland, that is worrisome. you will not move the needle as you should. >> it is also why we saw such a strong response out of the europeans once the u.s. ca

scott, back to you. >> pippa stevens, thank you. let's bring back in bryn i'm looking at energy. more than 8% year to date is a turnaround in the cards >> i think so. this area is really cheap, but cheap can stay cheap for a long time you need a catalyst. what's happened this year is since mid last year russia's pumped 2 million more barrels than expected. china not opening as robust as we hoped for then you have recession fears. what's the catalyst? bonds and oil, scott, are priced in at a recession right now while tech stocks are going to infinity as the months progress to the summer which is the strong season for oil, as we get into the narrative, if nothing breaks and we have this pickup, then oil is mispriced today that's the catalyst as recession fears get pushed out to 2024 if that's the case, that will be dwindling. >> as you mentioned, you've only got so much money left after the money that's gone into communication services and technology and with that extra money you're putting it in longer-dated treasuries and money markets as a safer play with less risk. >> sure. i t

. >>> up next, we're tracking the biggest movers pippa stevens standing by with that. >> it's all about. we have one key report with one name on deck that's coming up next. our customers don't do what they do for likes or followers. their path isn't for the casually curious. and that's what makes it matter the most when they find it. the exact thing that can change the world. some say it's what they were born to do... it's what they live to do... trinet serves small and medium sized businesses... so they can do more of what matters. benefits. payroll. compliance. trinet. people matter. >>> less than 20 to go before the closing bell let's send it to pippa stevens. >> we are tracking the chips on semiconductor is the top stock today after the company posted earnings results that exceeded expectations. silicone carbide revenue nearly doubled. automotive revenue grew 30% year over year. other chip stocks on the move include invidia. after the bell, we'll hear from nxp. scott? >>> last chance to weigh in on our twitter question should you sell in may and go away the results after this break

pippa stevens?oil is up 8% and we have a pretty bearish inventory report so this is a continuation of the trend that everything is higher and oil is also going to go higher and not really trade today based on the fundamentals in the market. on that inventory report, stockpiles were up 5 million barrels in the latest week and that was again, what analysts thought would be a 750,000 barrel draw and that was on the barrel side. one bright spot is that gasoline inventory decreased by more than a million barrels and refinery utilization jumped ahead of the summer driving season and that's bullish for oil, because if refinery is higher and one quick thing though we talked a lot about how the manufacturing slowdown and how the good slowdown is bad for oil and goldman sachs actually found that the services side of the economy is much more important, and that services gdp drives 70% of oil growth. think about it a lot of the time you have to travel so you're driving, and so that's much more important and the

. >> pippa stevens is looking at this for us. >> hey, oil is getting killed today, down more than 5%f a triple-header here we have weak demand data out, weak manufacturing, i should say, out of china. got the fed decision tomorrow. we also have questions about this possible recession. with this, it begs the question of no one wants to be in the market it feels like there are no positive, upcoming catalysts with all these potential demand destruction events, people are saying, don't want to make a bet right here we are seeing thin trading volume despite this decline. it feels like, until we get some positive data, whether that be from china or the state of the global economy, there's not really going to be all that much of a turnaround. >> do these places make another production cut >> production cut from opec? i mean, we'll see. it does become the wild card they are meeting again in june we've seen that they have been much more active than in prior years in terms of anticipating production cuts. >> am i wrong? >> they cut the beginning of april, but people have basically forgotten at

pippa stay stevens with us >> thank you, frank. investors are paying attention to disney plus losses down 2% or 4 million accounts in the last quarter. speak speaking ahead of the g7 meeting today, janet yellen saying the u.s. defaulting on the debt is unthinkable adding it would undermine the economy. this comes after former president trump suggested that lawmakers should consider default as a viable option >>> china says consumer prices rose slowest pace in two years the consumer price index rose 0.1% year on year. weaker than 0.7% economists were expecting. frank. >> we will have more on the cpi report pippa, thank you see you later on. >>> now turning attention to the broader markets despite signs that cpi was easing with the headline inflation falling to the lowest level in two years. one top official is not convinced yet. richmond fed president tom barkin says inflation is high and not making progress to the target of the 2% it has been stuck in the range for months and the fed would like to see it moving down many believe it

toile er back tu >> we are learning what's happening with russian oil experts, and they are up pippa stevensails. >> the bottom line is they have remained incredibly resilient hitting 8.3 million barrels per day in april according to data released today by the international energy agency. and not only is that the highest since the invasion last year but that's actually significantly higher than 2021 when the country averaged 7.7 million barrels -- sorry, 7.5 million barrels in exports per day now, the bulk of this is going to china and india with each country getting more than 2 million barrels per day of russian crude. so that's more than 80% there. and it does really speak to this reorder of global energy flows because india specifically back in 2021 they only got 100,000 barrels per day of russian oil and now they're getting more than 2 million barrels per day so that is finding a buyer and as the iea said this is oftentimes at expense of fellow opec plus members. >> where else is the oil going besides china and india? who else is not participating in the sanctions? >> so turkey is one co

i'm pippa stevens and here is your cnbc news update.land security secretary mayorkas released a statement regarding immigration enforcement efforts saying they are ready to humanely process and remove people without a legal basis to remain in the u.s. mayorkas adding the administration is ready for the transition of 24,000 agents stationed at the border to help enforce immigration laws >>> and dozens of new federal grand jury subpoenas went out in connection with the ongoing corruption investigation into new jersey senator robert men menendez he has been under criminal investigation for months as to whether he emproperly took cash and gifts from the owners of a meat business democratic senator and the company's owners deny any wrongdoing >>> and netflix is planning to cut spending by $300 million this year according to a report from "the wall street journal. netflix recently held an internal meeting where they reiterated there are no plans for a hiring freeze or additional layoffs scott, back to you >> pippa, thank you. that's pippa ste

it is very early nasdaq is also lower as well >>> let's check on the top stories with pippa stevens >frank, google the set to pull back the curtain on the annual developer conference today a.i. updates at the event will would be re vevealed a large model with coding and creative writing tests and analysis google is set to reveal the assistant search. >>> google is set to pay $100 million as part of the content deal according to the wall street journal google will feature on the time platforms. that includes taking part in the google showcase feature. >>> and elon musk joining texas governor greg abbott and others yesterday breaking ground on the lithium refinery tesla plans to invest $375 million in the corpus christi site it is looking to secure lithium which is a key component in the electric batteries and tesla's home and scale batteries frank. >> pippa, thank you. >>> turning to washington and president biden holding a face-to-face with the top congressional leaders in the oval office as he looks to break the debt limit deadlock. those set to attend are mccarthy and representative

i'm pippa stevens. >>> migration to the uk hit a record high last year despite government pledges to reduce the figure prime minister sunak has said he wants to bring net migration to below 500,000. the supreme court dealing a blow to the epa today issuing a ruling that limits the agency's ability to police water pollution on some wetlands n. a unanimous ruling the court said that the clean water act does not automatically apply to all wetlands on private property an idaho couple brought the case after officials identified a portion of the couple's property as wetlands and required them to get a permit before building >>> the head of russian army wagner says his forces are handing over control of bakhmut to the russian military days after hes been a rough stretch say the least for disney shares down 6% two firms cutting their price targets. this stock has been a dog. i mentioned the week, it's down 10% in a month i could go on but you already know >> bob iger took over about six mon ago and he threw the rudder over, changed the course we're going to control costs he started to do tha

. >>> pippa stevens, what should we be looking for when zoom resumes in a little bit in "overtime. >>spending. enterprise growth is top of mind as is the hike back in march trickling through as well as cost savings from the 15% work force reduction earlier this year the company has faced stiff competition in the videoconferencing market it needs to show growth in other markets. management will no doubt talk about the a.i. opportunity finally acquisitions is something to watch zoom did not reauthorize its $1 billion buyback from last year with the cfo says the company wants to maintain flexibility as valuations become more attractive perhaps some clarity there, scott. >> we'll watch out for that. thank you very much. >>> let's bring mr. santoli back i think rates are going to be a significant story moving forward. if you think that dimon is going to be anywhere close to what he says and with the kind of fedspeak that we've gotten now, the bullards, the logans, what is it going to mean? >> it could mean -- first of all, i think the signaling is very clear right now for june that they're

. >>> according to new data from goldman sachs, die bst backs are expected to fall pippa stevens joinsth who is buying back. >> overall companies are tapping the brakes on buybacks earnings growth slowed and fears around the broader health of the economy, which means share repurchases were down 21% year over year during the first quarter, according to goldman sachs. we're seeing a divergent between sectors. for the full year they see share repurchase growth in two areas, energy and communication services the other nine sectors are poised to reduce their buybacks with health care and industrials down 32% and materials will fall 45%. drilling down on specifically who has been buying. tech companies topped the list in the first quarter apple spent $20 billion on buybacks with alphabet and meta spending $10.4 billion, according to data from s&p capital iq those are some of the largest companies so it makes sense they would top the list in actual dollars spent. a different picture emerges as we look at who spent the most as a percentage of market cap fox corporation tops that list at 7.8%,

. >> steve liesman time for a news update let's get to pippa stevens. >> president joe biden honored the third anniversary of his death and leased a statement for congress to enact meaningful police reform and send it to his death. floyd died on this day in 2020 when derek chauvin kneeled on his neck more than nine minutes as he yelled he couldn't breathe. he's in prison now for floyd's murder. >>> china is bracing for a new wave of covid infections the country could see as many as 65 million cases per week by the time this surge is expected to peak at the end of june. the latest omicron variant xbb is fueling the resurgence in cases after the country dismantled the sprawling infrastructure for dealing with covid including harsh lockdowns and mass testing >>> and south korea and u.s. forces began their largest ever live fire training exercises today near the north korea border 2500 troops are participating in the training over the next five days, which will simulate an attack from the north. north korea has warned it won't tolerate the drills, calling them an invasion on its doorstep

polluters too now thanks to the inflation reduction act, a greener jet fuel could soon take off pippa stevens with key details. >> we're talking about the sustainable aviation fuel and that's important because right now it's really the only viable way to cut emissions from planes which is one of the most challenging industries to decarbonize. hydrogen is not ready for planes and batteries are too heavy. so this is the only option it's used from used cooking oil and animal by-products and it's blended with traditional jet fuel all told, it can cut emissions by 80% but so far, the industry has failed to take off because it's simply too expensive costing between three and five times more than jet fuel the inflation reduction acts will be offering tax credits when combined, credit suisse estimates it could become cheaper than jet fuel. airlines like united, delta and american are buyers on the other side still, a very nascent industry >> saf >> and the fuel works as good as regular jet fuel. >> up to a certain percentage. it's blended with jet fuel, but it's a drop-in product >> same engine works

been a tough year for solar stocks these are the two worst performers since jan 1 let's bring in pippa stevenstility of these stocks continues to asound what now >> i think there's been a mismatch between what we're hearing from executives and how they performed however, we do need to extinguish between the supply chain. first solar is soaring because they are a panel manufacturer in the u.s. so they have operations worldwide, but including in the u.s., and they are the only actual sizable producer in the united states. and so we got the updated guidelines today, with that 10% domestic content credit. we knew that was coming, but it -- >> what does the 10% credit mean >> there's a 30% credit already, and the 10% is specifically for domestic content so that's on top of the 30%, meaning if you're a utility scale provider, you get 40% in total if you buy those panels. this is very confusing, because it's divided the industry. some say it should have been at the sell level, while the you tilt companies say it should be at the module level, because they said if it was the more limited and narrower

got to bring in pippa stevens. what is happening?> yeah, following below that $70 per barrel level for the first time in nearly a month private wealth say a lot is due to anxiety before the opec meeting. essentially takes no-win situation because if they cut production further that means that demand is weaker than the market is anticipating if they keep it where it is, that also will disappoint a bunch of traders and then also challenges of just enforcing the cuts they have already announced. and so this weakness in oil is driving down energy stocks but there is one name that is bucking that trend and then some and it is equi trends and midstream. they construction the mountain valley pipeline. >> why didn't somebody give us a head's up about this one stock to look at that might -- >> yeah, it was up 40% earlier today, last i checked 35%. that is because the deal includes specific provisions that would fast track this pipeline that is so important to senator manchin. they are the builders, it is a joint venture. and equi trends was s

. >> meantime, we continue to chop around around 4140 >>> let's get a news update with pippa stevens. >>> a rare shootingand stabbin attack in japan left three people dead, including two police officers. local police say they were called to a home for a report of a man stabbing a woman when officers responded, they say the man started shooting at them with what may have been a hunting rifle. the stabbing victim and two of the officers were shot dead. gun violence is rare in japan, which has some of the strictest gun laws in the world. >>> super typhoon is now barrelling towards the philippines and taiwan after hitting guam the storm brought hurricane-force winds to the territory and brought widespread power outages. no deaths have been reported. >>> and fda approved paxlovid today. the pill is specifically advised for the treatment of mild to moderate cases in adults older than 50 or in people who suffer from certain high-risk medical conditions the fda first made the drug available in december 2021 under emergency use authorization. the latest decision means there is now extensive cl

. >>> let's get to pippa stevens who has the headlines.ant to note the dow is approaching 250 points to the upside what else is going on? >>> hey, scott here is your cnbc news update this hour. a federal appeals court in louisiana will hear arguments on the future availability of abortion pill mifepristone it will remain on the market the legal battle could come anytime after the arguments. the losing side is likely to ask the high court to hear an appeal of the decision. >>> a spokesperson for prince harry and meghan said the couple was involved in a, quote, near catastrophic car chase with paparazzi in new york yesterday. the pair were followed by photographers after attending an awards ceremony and had an nypd escort they were able to switch cars at a local police precinct to lose the paparazzi. >>> the turkish president said the deal to allow for the safe package of grain through the black sea has been extended for two months the agreement originally brokered in july to reopen key ukrainian ports amid the war in ukraine was set to expi

the day key technical signals are looking bullish and that the sector is at a very cheap levels pippa stevensns us to break down some of those calls with wti, i think, three-week high or so, pippa. >> and looking specifically at energy stocks, after two years of outperforming, the sector is lagging this year and has the lowest p\e ratio relative to th s&p 500 in more than two decades. now, drilling down on the sector, the refiners are currently with valero energy trading at five times and six times forward earnings, respectively apa corporation and phillips 66 also on the relatively cheaper side, while williams companies are the most expensive names in the sector when it comes to wall street's favorite energy stocks, halliburton, targa resources and schlumberger are the top picks on the flip side, kinder morgan has the fewest buy ratings at 29% with occidental also at the bottom at 34% and coterra at 34%, as well >>> now, goldman sachs said the recent weakness stems from higher than expected russian oil supply concerns around industrial demand and a broad rotation into technology stocks. whil

let's get out to pippa stevens for the numbers. of the weird last few days for oil price action. >> and the weirdness continues today. heading into the close, oil reversed on a 2% loss from earlier today and turned positive there doesn't seem to be a catalyst for why i've been talking to people. there is some chatter about the d.o.e. and unrefilling the spr but there is not a whole lot new there. secretary granholm said before they will look to refill the spr once the maintenance is over and once it makes sense from a price perspective. that could happen as soon as later this year but did not say it will happen a lot of people seem to be pinning their hopes on that at this point because it was thought that wouldn't happen for a few years but it doesn't seem like there's been definitive language from the spr, sorry, from the d.o.e so kind of different forces going on here just speaking to the wacky trading recently >> not to take this totally off course but can we talk nextera for a minute this is such a fascinating -- the market ca

while some people think so, pippa stevens takes us through the space. >> after two years of outperformingenergy stocks are lagging this year. now sitting at its lowest level in more than two decades drilling down on the sector, the refiners are currently the c cheapest, with valero and marathon trading at 5.2 and 6 times earnings hughes and williams are the most expensive. when it comes to wall street's favorite energy stocks, hall burton, targa resources are top picks, with more than 90% of analysts rating them as buy. on the flip side, kinder morgan has the fewest buy ratings at 29%, with coterra at 34% now, looking forward, goldman sachs said investors should focus on companies that have underperformed relative to peers, but that have positive catalysts on the horizon, and that includes names like conoco, hall iburton and hf sinclair. >> thank you, pippa? steve? >> if you think back on what pippa started off that interview with, was the smallest percentage after two years of outperformance if they -- their percentage didn't grow in the last two years, it's not going to grow. i think th

they're in a pretty good position right now >> pippa stevens let's get to leslie picker for a cnbc newseslie >> thank you, tyler. the family of a colorado man shot and killed last year by a deputy will receive a $19 million settlement that is the largest of its kind in the state's history an attorney for christian glass's family says the 22-year-old was likely having a mental health crisis when he called 911 after his suv got stuck. glass appeared to be holding a knife when he was shot five times after refusing to get out of his vehicle >>> the u.s. embassy in moscow called the extension of a "wall street journal" reporter's detention in russia deeply concerning a russian judge extend evan gershkovich's pretrial detention by three months today. the embassy says russia's espionage charges against the reporter are baseless and says moscow unjustifiably detained -- denied its request for a consular visit to gershkovich last week. nbc news has learned florida governor ron desantis will announce he is running for president during a discussion with twitter ceo elon musk it will come as musk a

we're at 12% of interest cost to tax revenue and we'll be at 14 pippa stevens by the end of the yearour it debt trajectory in a better place to come out of this is austerity. >> you have the situation where rollover debt is going to be -- everybody has to pay more so that raises the servicing cost on the debt. how do you then avoid that austerity, or if you have that austerity, what does the austerity look like and what does it mean >> absolutely. i think we're in the first course so what we're trying to do is get economic growth as high as you can. the best way is growing your way out of it. we're not going to be able to do that as we talk about the debt ceiling, we're probably going to have a deal that limits discretionary spending, gets rid of the covid funds this is the low hanging fruit of washington what's happened now is that we have two trust funds that are now going to be exhausted in the next ten-year window and hasn't happened since 1981. you're going to have to have larger reforms in 1981, we saved social security, by making sure that we raised taxes and cut benefits. tha

pippa stevens joins us with today's cnbc "money minute." >> reporter: starting with amazon, its ring doorbell unit will pay $5.8 million to the ftc in a settlement over privacy violations. the agency filed a lawsuit against ring alleging unfair or deceptive business practices saying it gave third party contractors access to customer videos without having procedures in place to protect their privacy. >>> and a new disclosure from di felt says twitter is only worth one-third of the amount it was when elon musk and his co-investors bought it for $44 billion back in october. the marked down value comes after musk hired former nbcuniversal chief linda yacorino to navigate an overhaul of the company. >>> new list featuring the most loved brands in america. patagonia took the top spot in this year's axios harris poll 100 reputation rankings with costco, john deere, trader joe's and chick-fil-a rounding out the top five. tech giants amazon and apple ranked eighth and tenth respectively. i got to admit i am a patagonia loyalist so i'm not surprised to see that. >> i was looking it up again la

pippa stevens is tracking the action, telling us what's going on >> oil is now down 10% in the last threecovery in chinese demand that all the bulls were pinning their hopes on has so far failed to materialize, while russian output has remained resilient. crude is responding to fears around the financial sector. on this chart, you can see how the banking turmoil in march sent a drivedown in oil. and opec and their allies announced that surprise output cut, but since then, we are down more than $10. now, part of what's also pressuring energy equities, with the sector closing below its 200-day moving average yesterday for the first time in more than a month. halliburton is the biggest loser so far this year, followed by exxon, which did hit an all-time high last friday steven >> pippa, thank you. of course, speaking of losers, amd,tauc, srbksand estee lauder are all down after earnings. we'll get to all of those in the next hour of "squawk on the street" which starts right after this when you set up direct deposit. sofi get your money right. your record label is taking off. but so is your s

♪ ♪ >>> i'm pippa stevens here's your cnbc news update.t abortions after 12 weeks of pregnancy will soon become law in north carolina. the generally assembly overrode general roy cooper's veto of the bill it restricts abortion to 12 weeks with exceptions to rape, incest and other scenarios the new law is set to take effect july 1st. >>> the demand for mortgages dropped last week. new numbers show applications dropped nearly 5% last week. a shortage of homes for sale is also taking a toll on demand >>> the san antonio spurs hit the lottery jackpot last night landing the number one pick and the right to draft one of the most highly touted prospects in history. the 19-year-old center is expected to make an immediate impact in the league back to you. >> thank you san antonio. tim duncan, david robinson perhaps another dynasty in the making >>> yesterday we had an interview with elon musk in which we spoke about a wide range of topics. china, artificial intelligence, and even advertising >> i believe in listening to shareholders and i actually

pippa stevens has been tracking the action and some of the names. good morning. >> good morning.y positive territory for the week. prices are still down sharply over the last month while equities have rallied, the oil market right now is laser focused on demand. china is the world's largest crude importer and the narrative around the demand recovery there has failed to materialize. add in the possibility of a u.s. slowdown and there isn't much optimism in the market energy stocks have now entered a death cross or when the 50-day moving average falls below the 200 day signaling bearish sentiment. players with exposure have been hit hard in the last month, oxy, diamondback and devon, despite what morgan stanley called another round of strong earnings results, noting signs of easing costs pressures as well as shareholder return programs remaining on track now one area to watch is gas focused emps which held up better than the commodity itself with nat gas down more than 50% this year. now unlike the oil curve, nat gas is in pointing to higher prices at the end of the year. >> thank

house backing a push to speed up energy project approvals ahead of a hearing on permitting our pippa stevens that's right, david permitting reform is front and center in congress with hundreds of billions of dollars in infrastructure projects at stake. ahead of the hearing on senator manchin's bill, the white house is throwing its support behind these efforts. the administration is urging bipartisan support for things including modernizing 150-year-old mining laws, expediting transmission projects for green electric power the proet posal touches on countries across the entire energy ecosystem you have lithium miners trying to get projects off the ground lithium americas just began construction at its nevada mine after a permitting process that took more than ten years then you have companies involved in transmission lines like quanta services and mastec, which mentioned permitting challenges on the latest earnings calls the ceo of nat gas eqt saying permit reform is inevitable because our ecosystem is maxed out. williams, a heavy user of pipelines, has also been pushing for reforms. this is

. >>> oil on pace for its worst month in two years let's get to pippa stevens with more on that. >> starting gas prices the group down roughly 1 1/2%. with valero, slp, the biggest losers for may, the sector is down 10%, the worst month since june wti is on the verge of posting its biggest monthly drop since november 2021. the contract has bounced off today's low of 67 bucks, but still down about 1% on disappointing data from china. factory activity contracted in may, fueling concerns about a drop in demand for the world's largest crude importer with few positive catalysts on the horizon, positioning in oil, is now the most bearish since the start of the pandemic. narc markets are on edge ahead of sunday's meeting with opec and its allies the group announced surprise production cuts in april, but done little to counter bearish head winds including russian production remaining resilient the country is now sending record amounts of oil to china and india at the expense of some other peck nations >> remarkable, pippa, thank you. an hour to trading stocks are lower in part because of what pippa

. >>> we've got two big transactions in the commodities industry pippa stevens is tracking that for usnt mining agreed to acquire newcrest mining it follows months of discussions after newmont sweetened the bid. newmont will increase its footprint in the gold market and up newmont's exposure to copper, instrumental to the energy transition s&p will forecast copper demand doubling over the next year and a new copper mine takes around 16 years to come online. this acquisition is a way for companies to increase output the deal, which would be the largest ever in the gold sector, is still pending regulatory approval a big pipeline merger, oneok announcing it will buy magellan in $18 billion cash and stock deal at 22% premium to where magellan closed on friday. oneok currently only moves nat gas so it will give it exposure to pipeline and refined products the deal still needs regulatory approval and expected to close during the third quarter raymond james saying the news came as a surprise but calling it, quote, a bold move to redirect the long-term strategy of both companies. this is not t