from natural gas or has chosen to cut itself off. >>> let's get a check of the top headlines with seema modyema, good to see you >> brian, let's continue the energy the biden administration is reportedly looking at issuing sanctioning over a global network helping export iranian oil. according to the wall street journal, the companies and individuals in focus have been using ship to ship transfers in waters between iraq and iran and forging documents to hide the origin of the cargo. the potential sanctions would be part of the white house broader effort to escalate diplomatic pressure on tehran as the u.s. pushes to reach the deal on the iran nuclear program. >>> house speaker nancy pelosi kicking off her visit to asia. pelosi and several others are in singapore today with the delegation set to visit malaysia and south korea and japan and no mention of taiwan. she may end up visiting the island during the trip. >>> boeing clearing the hurdle with the regulators in the bid to deliver the 787 d.r.e.a.m. liners separately, boeing has temporarily averted a strike by workers at three plants in th

seema, thank you seema mody mike, seema raises the question peak travel demand is that what the marketing us >> yeah, for the most part it is you look at the airline stocks, they really haven't even gotten much of a lift with the decline in fuel prices even hotels, which have been really strong within the group, have faltered a little bit here. so if you wanted to make the case, if somebody had a sense out there that in fact travel demand was going to be more consistent and travel on through the fall, it would seem the market would actually -- it would be an opportunity there. right now the message is nobody is willing to go out on a limb and say that the consumer is going to continue at this pace we've been on this summer. >> we've got to hit coinbase shares up sharply today. they're off the highs, but still up double digits the crypto exchange announcing a new partnership with blackrock that will allow its institutional clients to buy bitcoin. blackrock is worth more than $8 trillion under management. and for more is oppenheimer senior analyst owen lau. likes the stock. clearly this

i'm going to join seema mody on "power lunch" which starts right now. ♪ ♪ >>> tyler, thank you i'm seemahat's ahead on "power lunch "qwest stocks high are today as the markets brace for a lot of fed speak from jackson hole. is the fed near the end of the hiking cycle or full speed ahead? we'll get some stock picks and look at how this is all affecting currencies and emerging markets plus, the twitter versus elon musk court battle begins right after a former employee blows the whistle on the company we'll talk to an analyst who is downgrading the twitter stock today. tyler? >> seema, thank you to you and welcome, everybody let's check the markets as we're seeing some green on the screen with the nasdaq leading the way. some of the high beta volatile names are on the move today. netflix, meta, t

headwind in its latest earnings for more on the commodity and currency fallout, let's bring in seema modyce of gold jumped at the onset of russia's invasion in ukraine, in early spring to $2,000, but as higher rates started to dominate, the narrative, prices fell and then spiking slightly in early august on the prospect of tensions between tie ban and china following house speaker nancy pelosi's visit the real catalyst behind the fall in gold is the rebound in the u.s. dollar and rising yields all leading to about ten consecutive weeks of etf outflows a big number there, and considerable losses for gold miners, bernstein analyst bob baracker says the debate around these will focus on the price of gold and where it heads from here and he raised concerns around newmont mining he's downgrading newmont mining and barrick gold fed speakers will embrace a more dovish tone and that could support prices from here on out. they say the support level is 1724 to 1745 you can see gold trading at 1760 john. >> okay, so when there is demand, where's it coming from who's buying gold? >> as we've seen ove

. >> shares of deere have been on fire up 23% leading into the company's earnings seema mody joins uslook at what deere has to deliver to keep that going hi, seema. >> hey, tyler, farmer confidence has recovered in the last month as wheat and corn prices stabilize plus those tax deductions incentivizing partners to buy more agriculture equipment and that's why deere shares have rallied 25% from its recent low however issue the ceo of agco, the key competitor said supply chain issues are making it difficult to schedule delivery the key number to watch when deere reports tomorrow are cancellations. are farmers willing to wait it out or are they giving up their place in line and as always, investments in technology will be key it will outspend its peers with industrial by one to two times on research and development and that's one of the reasons why it is listed and tech and robotics etf with a 4.5% weighting and wall street wants to know when will it expect on drones and ai start to pay off and that will be a key point of discussion with the ceo >> and the idea of going electric i thoug

i'm going to join seema mody on "power lunch" which starts right now. ♪ ♪ >>> tyler, thank you i'm seemay here is what's ahead on "power lunch "qwest stocks high are today as the markets brace for a lot of fed speak from jackson hole. is the fed near the end of the hiking cycle or full speed ahead? we'll get some stock picks and look at how this is all affecting currencies and emerging markets plus, the twitter versus elon musk court battle begins right after a former employee blows the whistle on the company we'll talk to an analyst who is downgrading the twitter stock today. tyler? >> seema, thank you to you and welcome, everybody let's check the markets as we're seeing some green on the screen with the nasdaq leading the way. some of the high beta volatile names are on the move today. netflix, meta, tesla remember tesla's stock will be split after the closing bell today, 3 for 1 it will be a $ 300 stock tomorrow cruise lines -- that's what you follow, seema, among the biggest gainers in the s&p 500 today there you see royal caribbean, karn ral and norwegian all with sporty gains there

million the cruise line operator planning to use those procedures to restructure its existin debt seema modyns us. seema, carnival stocks after its stock offering, why is royal caribbean getting crushed on the bond deal? still struggling financial deals for this group >> sara, investors are being reminded that how much deb these cruise lines have had to take on during the pandemic an now that needs to be refinance at a higher interest rate. it's important to highlight each group is taking a break to i and it is not diluted in the way the concern vax stock sale are. jason liberty said raising equity, a very high bar for us we don't have any plans to d so but clearly with about $ billion in debt maturing nex year there are no new shares, but clearly again a news that is still pressuring the softest idea that as interest rates rise these companies that took on a lot of debt have to refinance. and at a higher rate sara >> seema mody, thank you >>> we've got just about two minutes to go here in th trading day. mike, it looks like we have lost the gains on the stock market. despite the fact we hav

. >>> seema mody has our news update. >> the justice department says it has evidence that classifieds at former president trump's mar-a-lago estate were likely concealed and removed before the fbi search to retrieve them. the doj says the request to appoint a special master is unnecessary and would significantly harm important governmental interesting, including national security interests. >>> after a failed attempt earlier this week, nasa will try to launch the next-generation saturday on a test flight to the moon artemis 1 was scheduled to take place on monday, but they encountered a -- and the second largest internally flawless fancy vivid pink diamond to ever appear at auction was unveiled in london about sotheby's, the williamson pink star will be sold in a single lot auction on october 5. back to you. >> seema, thanks. >>> coming up after the break, a deep dive on the sector, underperforming the s&p, wh itit underperforming the s&p, wh itit basically flat now ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco q

seema mody. karen, it sound like a big number. >> a big number but a giant company. but you know, for years, this is part of home depot's playbook, and they have done great job. and we know how under pressure the housing sector is. but i thought the earnings were fine this week. and i am long home demow and low. >>>'s shares on move after reporting results. the numbers next,. rrcyndus mean trade and crypto cuen a single stock. he tfs the rise and risk of the high investments. don't go anywhere. don't go anywhere. fast money is back in two. and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. and your digital transformation is helping find new ways to unlock energy around the world. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones power e*trade's easy-to-use tools like dynamic charting and risk-rewa

>> welcome back before we go, check out shares of vacasa surging 34% after blowout earnings our seema modywhat's behind the earnings >> the ceo matt roberts says the softness in the economy is pushing homeowners to rent out their home. >> it's something that people are interested in earning income to offset cost and we're making incremental availability by people offering more nights for us to rent out >> and that's good news for vacasa it is in the business of managing rental properties from fixing toilets to getting your homes booked they say the overall cost of staying at a home is making it more attractive than at a hotel. >> we're less expensive than hotels. >> people can eat in versus dine out. >> so strong bookings in july for vacasa which allows for 40% to 50% of the business the stock is surging today, but still down about 50% this year it's competitors and airbnb and expedia sitting on significant losses despite outperforming the past four to five weeks and hotels, interestingly enough, marriott, hotel, hilton have held up better than the home rental stocks rushed back to big cit

shares have dropped on three of the last four reports and they're still around 12% short interest seema modyn food prices, wall street wants to know if that's resulting in higher demand for its ag equipment. typically when prices rise, you start to see production increase, not just here in the u.s. but key markets like brazil and europe, and that results in farmers buying more tractors and other agriculture equipment. is that what the ceo john may is seeing this time around? now expectations are really high going into this report about 65% of analysts are bullish on the stock. it's risen about 22% in the past four weeks the inflation reduction act, there are incentives there, kelly. it could benefit john deere and its rollout of the electric tractor that would run on batteries in 2026. can they speed up the time line with the new credits that is what analysts will look for clarity on from ceo john may when he speaks to shareholders on the call. lastly, supply chain we've had a divergent view amongst the industrials on how the supply chain picture is sort of forecast for 2023 caterpillar real

. >>> welcome back i'm seema mody with a news update within the last hour, house speaker nancy pelosied in taiwan with a congressional delegation in a ridden written statement ia she touched down, she said the visit honors america's unwavering commitment to supporting taiwan's vibrant democracy. china's embassy in the u.s. calling it a serious violation of the one china principle >>> in a statement today, the foreign ministers of the g-7 industrialized nations say they are looking at ways to prevent russia from profiting from its invasion of ukraine. one option, it may move to block the global transportation of russian oil, unless it is bought at a price at or below a designated price >>> and tiger woods turning down al of money to play in the saudi-backed liv golf league in an appearance on fox news, liv ceo greg norman indicated woods we have received something in the neighborhood of $1 billion. woods has criticized liv's guaranteed payments to players, saying they remove any incentive to, in his words, earn it in the dirt john, back to you? >> earn it in the dirt i like that. seema

. >>> i'm seema mody united nations inspectors have arrived in the ukrainian town near the huge nuclearower plant held by russian troops the mission seeks to make sure the plant is operating safely. a top ukrainian official says the mission is also a step towards removing soldiers from the site. >>> u.s. life expectancy fell nearly a year during 2021. the decline is due mostly to covid, but drug overdose, heart disease and other conditions also playing a part. in the first two years of the pandemic, life expectancy dropped by near will he three years. that's the biggest such drop since the height of world war ii. >>> an american born last year can expect to live to be 76 years old. the last time it was that low was 1996 >>> and it was 25 years ago today that england's princess diana died in a car crash. memorials have been set up near the site of the accident in paris and outside her former home at kensington palace in london at the time of her death, she was one of the world's most recognized women and high profile supporter of humanitarian casses. >> seema mody, thank you. >>> back to

it remains kind of the biggest -- the elephant in the room let's call it seema, thank you seema modyg news on boeing now. let's turn to phil lebeau. phil, what's happening >> kelly, take a look at shares of boeing. i'm not sure we're going to see a ton of movement on this because we reported it last week, as did others, that the faa was expected to officially sign of o'on the inspection protocols that the company has put in place for the 787 dreamliner today the faa just a few minutes ago officially said yep, we like what we see from what boeing has put together, we are clearing these aircraft for deliveries. now, each individual aircraft will have to be still inspected by an authorized agent for the faa, but this still clears the way for the resumption of 787 dreamline deliveries and that's going to happen in the next couple of days american airlines gets the first one. so this is important, kelly, because this is a catalyst for them finally getting the dreamliners delivered again and you're going to see a big improvement over time, not initially but over time in their cash flow as

it is a loss back to you. >> seema mody.ley is out with a list today of 15 stocks they say you can hold for the next 12 months among those names amazon, exxon mobile, palo alto, and more. steve weiss, lockheed is on the list you going to hold it for the next 12 months >> i like lockheed it's steady and has been for as long as i can remember given what's happening geo politically in the world i think it's in a good position. i see army stocking up, lockheed being one of the better companies and leader in that yes i intend to hold it. >> josh, simon property made the list >> yeah, look. i am of the belief that the once in a generation shift we've seen of people moving out of cities and into suburban areas is not going to reverse itself. thankfully the cities are being repopulated by people in their 20s and early 30s and that's exactly what should happen but now we'll need a town square anden ceasingly a class malls are becoming the town square for this massive suburban exodus and the foot traffic numbers prove it so simon only

i'm seema modi. >> 4:43. house speaker nancy pelosi raising tensions overseas, the reason that her trip to asia is already sparking anger from leaders in china. and also how her office is responding. a lot more news ahd. ea >>> welcome back on this monday morning, 4:46 right now and you are watching today in the bay. a live look in downtown san jose, there was a little cleaning as the city saw much needed light rain over the weekend and you do see sprinkles on the screen falling in this video, but there is concern we could see lightning in the coming hours, kari watching that . >> a couple of weather systems acting together to give enhanced energy that could bring lightning. we are still seeing rain around parts of the bay area, as we trucking on satellite and radar you do see a lot of green. mostly showing light showers as you drive to work this morning. anywhere from around the hercules area to parts of marin county. it extends into southern sonoma and napa counties as well. let's get a closer look as we zo

. >>> i'm seema mody in for kelly evans. a big hour of "power lunch" ahead.fter the fed warns of rates for longer how to protect your investments and whether dividend payers are the best place to hide, but first we get to tyler with a check on the market. ty >> welcome, seema. welcome, everyone. the hawkish comments from fed chair higher sending all 11 sectors of the s&p 500 lower leta

find a complete list on cnbc.com/pro >>> let's get to seema modi for our cnbc news update here's what'spening at this hour greg mcmichael has been s sentenced to life in prison plus serve years for hate crimes. his son got a life sentence plus ten years. both men are serving life sentences for killing ahmaud arbery their neighbor will hear his federal sentence later today >> gabby petito's family intends to file negligence claims against the moab police department they could have prevented their daughter's death by intervening further when officers responded to a fight between petito and her fiance weeks before she died the family is seeking $50 million in damages from the police department as well as city and state officials >>> and efforts to feed a dangerously thin beluga whale that strayed into the seine river in france and got stuck have failed so far vets nairians have given the whale vitamins and appetite stimulants as well as medical treatment. they're hoping it makes it >>> ahead on "power lunch," a worsening situation. nv nvidia issuing a warning and know sending a panic signa

new data shows money pouring back into tech our seema mody is tracking it. eema >> hey, frank. that's right the fund flows data from bank of america shows investors are doubling down on tech, over $2 billion in the last week, strongest inflows in over a decade, followed by consumer discretionary. in fact, growth sectors in general seeing strong buying tesla, amazon, apple, microsoft have collectively added over $1.4 trillion in market cap from the low hit in june. buying has been led by hedge funds. institutional clients looking to buy the dip following a steep drop that we saw in the first half of the year, and just in the last two weeks buy backs by corporate clients accelerating to the highest level since january just as the inflation reduction act is passed. julian emanuel at evercore isi says it is supportive of the rebound in tech. however, when you factor in the move in meme stocks and surge in call actions volume he says it is reminiscent of the speculation in 2020 when growth began versus stocks. an 87% beat rate across the sector cisco is set to rep

seema mody a quick look at the markets here we have the s&p barely in positive territory we started off much stronger a number of names outperforming including meta which we've hit many times which i think they may talk about on "techcheck." let's not waste any time and get over to "techcheck" right now. >>> good wednesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa snap cutting a fifth of its workforce, but the stock is surging. we'll tell you what's behind that reversal in a moment. two sides of the hp coin hpq warns of a significant slow down while hpe forecasts enduring demand. our exclusive with hpe ceo is next b of a likes activist elliott in the name and what it means for future shareholders. guys, got to start with snap this morning, down big in the premarket, but now in the green as they confirm that good scoop yesterday. >> this is a big deal i think, carl, because of -- i don't know if you want to call it a head fake, a crossover, they're cutting 20% of the workforce yet they're saying they're still going to be at a higher level of empl

20% off its june lows as bank of america says it' seeing some of the biggest in-flows into tech seema mody joins us. >> -- led by tech which saw over $2 billion of buying in the last week at the largest amount dating back to 2008 according to bank of america. the net buyers primarily institutional clients, hedge funds after selling the previous week whereas private clients of the bank were net sellers. data shows investors are drawn to large cash which is consistent with what we've seen in the market over the past few weeks. apple, alphabet, microsoft, rebounding considerably from the june low as earnings came in better than expected portfolio manager richard bernstein says the fact we've had consistent inflows makes it hard to argue that sentiment is tremendously negative as some have been arguing, but also puts valuations into focus following a bruising first half of the year the s&p 500 tech sector trading at a forward price-to-earnings ratio of 19, now above 24 times forward earnings at a time when retail interest is also growing. back to you. >> seema, thank you. hedge funds also made

seema mody has the story, and i've been waiting for something like this and it's just as cool a startng down. >> the surge in travel that we saw over the summer is starting to ease and that will bring prices down with it this fall. hotel rates across the nation have been down, we peaked in late july at th$159 a night andw are now at $149. a 10% decline in prices that can bring profits down for hotel owners 15% to 20%. ful that hot spots, maui or florida keys are not seeing softness in prices sfp travelers are gravitating toward big cities this fall the most popular destinations this fall new york, las vegas and orlando. data from priceline also shows car rental prices have started to eases well. we're down 11% from the six-week average. vacation rental rates are expected to drop at a faster pace than hotels projecting a 2023 rate cut to half of next year to 3.4% as travelers transition from expensive vacation destinations to smaller that tend to be a bit cheaper and i think that will be a big trend for names like expedia that i cover any air b and b. >> i know airbnb in particular mov

i'm seema mody in for kelly evans. here's what's ahead.es bullard is here and he's known to speak his mind about the central bank's inflation fight. how big should the fed go in september? stay tuned to find out, and if you're looking to protect your portfolio against inflation our market pro is buying up some energy names we will tell you which ones later this hour. ty >> seema, thank you very much, and welcome, everybody materials, communication services and financials leading the market higher at this hour there you see the dow industrials up 114 the s&p 500 higher by about three-quarters of a percent and the nasdaq, if i move my hands out of the way you will see it was 1.09%. two cloud stocks moving in different directions and snowflake on 2% this afternoon on strong quarterlies while salesforce, sliding a disappointing forecast for fiscalate 23 shares of peloton tumbling after the company reported its sixth straight quarterly loss. the stock surged 2% on a partnership with amazon. seema? >> the biggest event of the week for investors

let's go to seema mody for a cnbc news update. >> good afternoon. >>> a judge has rejected a deal thatld have meant no prison time for the driver of a limousine crash that killed 20 people in upstate new york the judge says the plea agreement was fundamentally flawed the 2018 crash was blamed on faulty brakes and it was the deadliest u.s. transportation accident in a decade. >>> an excessive heat alert for san francisco and the entire bay area has been extended the region is expected to get some of its highest temperatures of the year and possibly upper 90s along the coast and well into triple digits inland. the worst of the heat is expected from saturday morning through tuesday evening. >>> near houston an historic battle ship has been moved for a much-needed overhaul the "the uss texas" was a museum and it is in a $35 million restoration. >> seema, thank you very much. >>> we have news out of washington and eamon javers has it. >>> he is suing michael saylor for not paying texas and he's lived in the district of columbia and has never paid d.c. income taxes and he's suing microstrate

. >>> i'm seema mody in for kelly evans. a big hour of "power lunch" ahead. stocks getting hit hard after the fed warns of rates for longer how to protect your investments and whether dividend payers are the best place to hide, but first we get to tyler with a check on the market. ty >> welcome, seema. welcome, everyone. the hawkish comments from fed chair higher sending all 11 sectors of the s&p 500 lower let's take a look at the dow, the s&p and nasdaq on pace for the biggest one-day drop since late june. there you see the numbers and if i can see them, we'll bring them for you. they were down about 700 on the dow. the s&p 500 off a 3.5% decline tech the forecast for interest rates go meta and apple down 2% and that was most drive driven after jerome's, could this mean a recession is looming whatever it takes to get inflation down our next guest is looking to tech and defense for safety. jason ware is a partner and cio of albeon financial. jason, you say the worst is behind us on inflation, but there looms another risk it is a big one. it is called recessio

our seema mody we'll trade the other vacation name that has analysts hiking their earnings outlooks coming up on "power lunch" which starts right now. ♪ ♪ >>> good day, everyone welcome to "power lunch," i'm tyler matheson kelly will be along. companies are raising prices at a rapid pace and once they go up they will take a long time to come down if they ever do, the company investing in domestic production even as the sector slows down the ceo will explain his strategy and outlook for the company. kelly? >> thank you, tyler. hi, everybody. let's get a quick check on the market picture the dow is up 157 points and we've cut the gains in half and it's still a half percent gain and the s&p up 0.4%. the nasdaq has turned lower after that monster session yesterday and a move from the recent lows that has put it up 20%. so we're seeing a pause here and the nasdaq is leading the way in the vein today it's the best performing dow stock after reporting that strong quarter last night and increased spending at its domestic theme parks looks better in contrast to six flag which is saw attendance drop

now to seema mody for the cnbc news update. >>> good afternoon a british national who was a member ofamic state terrorist group has been sentenced to life for killing two americans and taking two dozen hostages he was found guilty related to the death of four americans. jim foley, peter sutlef and kayla mueller. >>> three men have been indicted in the killing of mob boss james "whitey" bulger. nearly four years after bulger's killing the men were charged with conspiracy to commit first-degree murder. he was 89 years old when he was b beaten to death. he was placed into general population, a move that sparked heavy criticism. >> nasa has identified regions of the lunar's south pole for astronauts to land it's targeted for 2025 this will be the first time astronauts will set foot on the moon since nasa's apollo 17 mission in 1972. tyler, back to you >> it's impossible to believe it's been more than 50 years now. >> i thought the exact same thing. >> seema, thanks >>> classic cars have been racking up double-digit price hikes and rapid sales as collectors view them as inflation hedges ro

more on that name in a minute down 8% but first let's get a news update with seema mody. >> good morning. as he left delaware this morning to see flooding damage in eastern kentucky, president biden told reporters he's not worried about taiwan and while he doesn't think china will expand on its military moves in the area, he is concerned they are doing as much as they can. >>> on ukraine's black sea coast, two more ships loaded with grain are on their way to turkey for inspection after a third port opened. the grain is flowing under an international agreement to guarantee the shipment's safe passage in hopes of easing a growing global food shortage. >>> and cuban and government television showing video of a fuel tank exploding at the country's main oil storage facility it had been burning since lightning struck on friday a fire at another tank has been brought under control. the country had already been suffering through a fuel shortage that is responsible for daily electricity blackouts. jewel yashgs i'll send it back to you. >> terrifying video there. >> yeah. >>> meanwhile, nasdaq is

let's get to seema mody with a look at what this is telling us about the broader market seema. >> kellyfour weeks of inflows into high yield credit, about ten billion dollars according to bank of america, and that's also allowed credit spreads to tighten. >> the peak for equity investors is now you can actually start building on an argument to say, look, maybe there is a scenario for a soft landing >> reporter: however, fast money trader guy adami says you're starting to see some potential cracks in the credit market. the widely followed high yield ihgi etf in the last week has underperformed the broader stock market just yesterday stocks ended higher while the hyg turned lower. >> on tas days when the market significantly like yesterday, the hyg was lower. we saw an interesting reversal late last week as well st it's something i'm watching i don't think the all clear sign is there despite the fact that the s&p 500 has rallied some 700 points or so off its low i still think we should be focused on credit and all things around credit. >> kelly, so far no signs of real distress in high yi

pressure along with the rest of the market the away etf down more than 2% more than 8% this week seema mody has a look at the biggest decliners in the group in today's session seema. >> and jon, you might just blame amc for the move in cruise lines. according to patrick scholes he says the meme trade failure along with low liquidity and concerns ahead of jackson hole are pressuring the group royal caribbean, carnival, norwegian all down and are among the most shorted names in travel down about 4% today after closing down by a similar amount on friday. currently on track for their worst three-day run in a month and it comes as all three cruise lines have removed covid testing protocols and other requirements which analysts say will widen the pool of its customer base. but also increasing concerns about travel budgets going into the fall ubs today writing that ubs consumers are increasingly feeling their standard of living has decreased and they're not saving enough to meet future needs. take a look at hotel stocks, marriott, hilton, hyatt, all three beat street estimates this earnings season

. >>> let's get to seema mody for a news update. >> a news update is also fun president biden has arrivedia where he is set to speak shortly about his plan to bolster police forces across the nation and reduce gun crimes this includes hiring and training 100,000 police officers over the next five years >>> three months after the shooting at robb elementary school in uvalde, texas, a promised evaluation of responding school police officers has not yet start and those officers will be allowed to continue working in the district this fall many citizens are expressing their frustration and disbelief and are asking the board to suspend the officers until the evaluation is complete. >>> people who drink tea may be likely to live longer than those who don't. scientists from the u.s. national cancer institute asked about the tea habits of nearly half a million adults in the united kingdom, then followed them for up to 14 years. higher tea intake they found, two or more cups daily was linked to a modest benefit of 9 to 13% lower risk of death from any cause versus non-tea drinkers so tyler, if you

as you can see we're off the highs of the session d deere to report its quarterly earnings seema modychecks suggesting farmer confidence rose in july as wheat and corn prices stabilize. the street is also optimistic that the credits tied to the inflation reduction act will speed up deere's fully autonomous battery powered tractor to market. the current target is 2026 deere has its eye on drones and robots that is what got cathy wood interested according to research deere outspends its peers by one to two times on research and development but, of course, wall street wants to seep the bets pay off and better understand how it's tackling the on sl going supply change that have plagued analysts average price target of $388 and right now it's trading at around $366 and change. frank? >> all right, seema, thank you very much. >>> here is one thing jim and weiss agree on, they both own deere. what's your take on the stock? you hear seema talk about it being a more tech-focused stock. >> yeah, i actually -- the other stock has done so well going into a quarter, it always gives me some angst b

scott, back to you >> seema mody, thank you very much we have our big call of the day coming up.ing you want to hear. i also mentioned that somebody was listening and wanted to call in it's mohamed el-erian. you were listening it's great to talk to you. you were listening to our discussion at the top of the program regarding what the fed is likely to do, what it might mean for stocks. what do you want to share with our viewers on what your current view is? >> thanks, scott look, i really like what josh and others were saying about what the fed should do the data, the commentary, all of it points to higher for longer i don't have any issue with that it really is what the fed will do this fed in particular what will it do? remember, the chair's comments have always been hawkish until he gets to the q&a he didn't get to the q&a this time around. the global economy is weakening much faster than most people expected the only question i would have is not what the fed should do, but what will the fed end up doing? because if it flip-flops, that's actually worse for stocks than if it's p

it to, quote, kill movies, we're going to discuss in a couple minutes after a news update with seema mody. >>> the labor department says initial claims were down by 2,000 to a total of 243,000. that is below this year's peak of 261 but still above the pre-pandemic average of 218,000. >>> california regulators are set to votelater today to ban gasoline powered vehicles. the proposed rules would not keep existing gas powered cars and trucks off the road, but they would require all new vehicles sold in the state to be powered by electricity or hydrogen by 2035. >>> callaway golf is changing its name, reflecting a new emphasis on active lifestyle equipment and apparel brought in by its acquisition of topgolf last year. callaway was best known for premium golf clubs dee, back to you. >> i guess golf is active if you walk the course, seema, thank you. >>> peloton, shares deep in the red by 20% cnbc's lauren thomas is with us, she broke the story yesterday. it's all been erased, plus learn with you i want to zoom in on the total member count, this quarter fell to just below 7 million. mccarthy,

. >> all right, seema mody, thank you. >>> and that will do it for "the exchange." "power lunch" starts right now >> thank you very much, john, and welcome, everybody, to "power lunch," along with courtney reagan, i'm tyler mathisen, here's what's ahead this hour, stocks mixed right now following yesterday's big selloff. top tech watcher will tell us if this selloff is warranted after the two-month rally we have had. >>> plus, is american reliance on chinese manufacturing ebbing, becoming a thing of the past apple for one stepping up production of its newest iphone in india, what this shift could mean for the u.s. and chinese economies. courtney. >> thank you, tyler, thanks for having me. i am courtney reagan markets are mixed, the nasdaq the only major average in the green right now. a reversal from what we saw yesterday. it was hard hit and down for four of the past five sessions, down 5% in just a week, still up nicely off the june lows helping tech today, chip stocks mostly higher on a semi and mat, mat tell leading the way also cybersecurity stocks are higher a

with your cnbc morning business news i'm seema modi. >> thank you. this week the today show taking a deep dive into the meta- verse, something very few americans have tried, even as corporate america pushes it. facebook focused on it, the company changed its name to mehta, but so far millions are unclear about the benefits including shopping, social gathering and concerts, as today's craig melvin finds out from one of facebook's top executives. >> i don't think any building places in person replaces physical connection but we spent a lot of our time and digital experiences, and we want to make those digital experiences better. more immersive. >> the first installment from 7:00 a.m. to understand this $8 trillion business, and the future of virtual technology. >>> friday night i got a chance to do something special for one of my favorite tahoe neighbors on instagramming facebook i posted a clip that serves as a reminder of how important it is to try to do nice things for others. we got together to celebrate our neighbor, barbara's, 99th birthday and s

. >> seema mody, thank you so much for that. >>> in time, the biden administration today set to release the monkeypox vaccine. so far, there have been more than 14,000 confirmed cases in this country. you can see where in the so-called heat map on your screen. this as new york state is moving to switch up its vaccine strategy. the governor announcing the state is switching to intradermal injection to make the vaccines last longer. hey, good to see you this afternoon. >> reporter: hallie, good to see you. yeah, that's right. i'm in front of one of 13 vaccination sites here in new york city. we just had a man walk by and ask, are monkeypox vaccinations happening here? and they are. we've been speaking with individuals who got that first dose and 28 days later, they're eligible for their second. and now, they're frustrated and afraid and confused, because they don't know where to get them. also just this past weekend, new york state had its first case of monkeypox in a minor. so a lot to respond to. and just this morning, we heard from new york's governor about monkeypox. let's take a list

. >> wcld, cloud computing, etf up 2% today let's get to our headlines with seema mody >> good afternoon here's our cnbc news update three men already serving life sentences on state murder charges for killing the 25-year-old ahmaud arbery are hearing their federal hate crime sentences today. travis mcmichael, the 36-year-old man who fatally shot arbery was the first to be sentenced. he received life plus ten years. the judge rejected the defense's request that he serve the time in a federal prison. >>> china announcing it will be extending military drills around taiwan a day after the scheduled end of its largest ever exercise it's retaliation for last week's controversial visit to taipei by house speaker nancy pelosi taiwan's foreign ministry condemning the decision to continue the drill saying beijing is deliberately creating a crisis. >>> a risk of a chernobyl style catastrophe, the united nations chief is demanding that nuclear inspectors are given access to the plant as kyiv and moscow trade blame for shelling kyiv is also calling for the area to be demilitarized >> seema, thank yo

. >>> we have a news alert on 3m seema mody has the story. >> reuters is reporting that a judge declined to dismiss the 230,000 lawsuits against 3m accusing that they sold defective ear plugs. the bankruptcy filing did not necessarily protect 3m from exposure to those claims back in july 3m said it would -- based on the comments from this judge, that is why you're looking at 3m shares down nearly 9% we have reached out to the company and will get those comments to you as we get them mike, back to you. >> seema, thank you. yeah, it's been a real overhang on the stock and now intensifying on this news. >>> let's get back to the broader sell-off here's a live look at the s&p 500 sector heat map. energy nicely outperforming, countercyclical again but everything else down quite a bit more technology, all of the higher valuation cyclical stuff such as consumer discretionary as well are underperforming, although industrials down about 3%. that has been a leadership group and materials also not escaping the pain utilities also have been hitting new highs recently, down just 1.5% today. >>> let's

our seema mody has more. >> the latest bank of america credit card spending data illustrates how americanst cash, on golf courses, for example, accelerating in august after posting a 5% gain in july theme parks were the strongest leisure stock. americans boarding royal caribbean and senator evenen cruises are spending about 30% more on activities than they did in 2019. in fact, virgin voyages says spending on board on luxury clothing, jewelry up 50% self-care experiences like spa and beauty, up 75% this year it follows a big rebound we have seen in cross-atlantic travel. however, b of a says they expect the dynamic to fade because of travel disruptions in europe, drying up the pechbtup demand and potentially peaking of the u.s. dollar, sort of mirrors a survey conducted by trip adviser, with over a third of respondents expected to take shorter trips. it's one of the reasons a lot of these hospitality-centric stocks haven't really kept up with the broader market. >>> thank you so much, seema >>> still to come, the president expected to announce student loan relief. we'll have more. dow is d

. ♪ ♪ >> good morning, 'em seema mody. here is your cnbc news update.aker pelosi's expected visit to taiwan at a time of heightened tensions between the united states and china, pewing saying it provokes >>> oregon authorities are investigating four additional deaths potential linked to last week's heat wave the state says the designations of heat-related deaths are preliminary, requiring further investigation. >>> california's governor declaring a state of emergency to speed efforts to combat the monkeypox outbreak it is the second state in three days to take the step. governor newsom says the declaration will help to cured nate a governmentwide response, on where people can get treatment and vaccination. >> carl, back to you. >>> about an hour into trading stocks here. >> bob pisani has more on today's moves. >> a look at the sectors here, and the commodity story is very key here like materials down here, mosaic talk, about good demand they like it when commodity stocks come down here very curious about tech. catty wood's ark fund is doing wet today.

20% off its june lows as bank of america says it' seeing some of the biggest in-flows into tech seema modyby tech which saw over

i'm here with seema mody david and morgan are off rear live at post 9.the rally coming off the yesterday. oil below $90, definitely a head scratcher today, at $89.88. >> we are 30 minutes into the trading session here and the three big movers we are watching this hour. we're going to start with clorox shares are moving down about 3%. higher costs and more leading to a revenue miss then bookings holdings, the company reporting better than expected quarterly profit, but guidance is where investors are worried. they say travel disruptions cutting into growth. paramount also lower, despite a revenue boost from "top gun maverick" subs topping 43 million shares, fractionally higher here. and alibaba. hi, eunice. >> reporter: covid testing sites like the one behind me weighed on alibaba's business in the quarter, but did ease up a bit in june. the revenues stagnated net revenue halved, a lot of that is because of the weekend consumption. of course, the economic uncertainty, people concerned about not having jobs. chairman daniel jong said the signs of recoverie