benefit from high inflation that your good old-fashioned commodity stocks, i love those exxon mobil, valero, caterpillar, although stocks should be very good in an inflationary environment and if that tells us it is here, don't fight those guys. liz: you have got to imagine the names of the materials like rio tinto, u.s. steel, these are the commodity names that truly stand to do quite well because they have pricing power, do they not? >> yes clearly phil is right in one respect you want to own the companies that have the ability to pass along price increases as abc price increases there are many companies that have the ability to do that, on the other hand if i heard chairman powell correctly i think he address the whole issue of inflation yet again and he still insists it's transitory and he even drilled down a little bit to explain what he meant by that, i guess it's a case do we want to fight the fed or believe the fed, yes right now we have a lot of inflation but it remains to be seen where we will be six-month or two years from now on the other hand what you don't want to own up or in

it's walgreen's, carnival, norwegian, live nation, and valero, the losses for the week.ns on this friday morning. we'll be right back. ♪♪ ♪♪ ♪♪ uno, dos, tres, cuatro! [sfx]: typing [music starts] [sfx]: happy screaming [music ends] >>> here's your cnbc news update in a developing story this morning, the two pilots of a boeing 737 cargo plane have been rescued by the coast guard after they were forced to land the plane in the water near honolulu the faa says the pilots reported engine trouble and trying to get back to the airport. no one else was aboard. >>> the first hurricane of the atlantic season, the category one storm is bringing heavy rains and strong winds to barbados and heading to saint vincent and the grenadines and could hit florida by next tuesday. >>> the u.s. supreme court will hear an appeal in the case involving religious liberty and gay rights a washington state florist was fined after refusing, due to her christian beliefs, to make a flower arrangement for a same-sex wedding it had been upheld by a lower court and the ruling remains intact. >>> sha'car

getting down to the specifics, halliburton, occidental and valero leading the declines all falling morefor the year and so one question is whether u.s. companies will respond to this growing demand and restrained supply environment. the city saying that the stage is set for u.s. production growth to come back swinging in 2022 sara and courtney, back to you >> thank you very much, pippa stephens erin, i want to go to you with your reaction. energy prices sold off in the last couple of days on the opec plus news and is this an area that you could see buying at the lows even if it's for a short-term period of time? >> you know, i think from here, really it's going to be very much it's a pie-driven story and that's hard to gauge as an investor i think it's easier and probably smat tore place your bets elsewhere. right now supply constrains have been the real driver of energy price appreciation over the last six months if we start to see the disintegration and we start to see more supply come online that will continue to drive energy prices lower also keep in mind that current energy prices,

airlines on the travel and leisure front up 1%, norwegian up 2%, valero energy, i use it to represent gas and oil complex, and deere is just about flat but trying to hold some steady motion here. deere, caterpillar, those type of stocks trying to rebound as well specifically treasuries and the difference between longer term rates and shorter term rates as this has gotten narrower, you can see here, we hit the lowest levels since going back to early february in this stage ten-year note yields and t two-year note yields by the way, if you overlay a chart of these bank etfs, you'll so an arc lower. specific chit ten-year note yield and two-year note yield. bitcoin prices below 30,000. a lot have been looking at that 32,000 range for bitcoin prices. if there was a break below that, we could see more significant downside it's stable down only 3%, 29,758 there. by some measures, guys, record highs we've seen, we're now down, becky, roughly 54% from those all-time levels. lot of focus on what's happening with some of these bigger coins and tokens within that crypto occu currency sphere. >> y