steve weiss, before we get to the broader market, let's react to this. you do own the stock d. said it was a historic moment in any way for the stock from here which is lower. i mean, it's taking a little bit of a move lower, but it is still higher on this day >> well, the big issue is not so much what the costs will be because amazon's paying some good wages the issue really is in terms of the shifts and how they can then work their -- work their schedules for employees. so employees will have more of a choice now and they don't want to work at night and that means you have to get more of the players working at night look, i don't think it's a disaster for the company clearly, it's a bump along the road and you have to wonder it's not, and it will expand across the country and you will see prices go up to the consumer so it evens out somewhere in terms of what it means for shareholders i'm not worried about it other than the headlines that cause consternation and it's not a reason to sell the stock. >> so let's go back to what we were talking about with pete and pete said some

i mean, you remain remarkably bullish when jonathan, another person we closely follow, steve weiss, says defensive momentum continues to the point that we were making that jim is rejecting, if not just straight up, you know, he's refuting it if not rejecting it. industrials look vulnerable, he says k krenskri says. and are breaking to materials. we would avoid the former, industrials, and favor the latter materials. what do you think? >> look, i think materials had a great run. i'm not one to buy at the top. i've been involved i got out of cleveland cliffs too early. it was a great call by jim you know, look to me, it's an emotional spike to me, everybody is looking at the technicals or materials. every strategist saying stay in commodities. as i said, i missed it i'm just not getting it at this level because i think they'll be the next ones to fall. look at honey well everybody's favorite stock it's not nothing for two years it's gone down >> don't rub it in to joe. i don't know if he's still in honeywell. he has been the last two years, right, joseph? >> i certainly have, your honor. c

steve weiss, you own goldman there's the stock basically doing nothing. it was a beat, top and bottom. >> yeah. and i appreciate doc's self-analysis, but stay away from my goldman. they did perform, and they did beat top to bottom, which is unbelievable in this environment. so, look, the cream rises to the top. this is one of the best franchises in financials b of a, of course, i own it being another and they'll have a decent quarter relative to expect egg expectations and to the point that everything is priced into the market, i guess this wasn't and to the point that the market is a bear market look at the stock after earnings and i will continue to own it and it's one that i've not shared and the yield curve will steepen and they'll do well regardless keep your comments to itself >> shannon, do you buy that that these things are going do well i mean, because the stocks are meh, right >> it's been a challenging time. we've been very diversified. we own j.p. morgan, but we've been diversifying our financials' exposure exchanges on names like schwab becau

steve weiss, i'll get back to you in a second. that's a pretty real view of how treacherous jamie dimon appears to think the road ahead could be are we fully appreciating it >> i agree with what he's saying, obviously, that's the reason of my positioning i don't think the market is prepared for a series of 50 bip hikes and that's what the fed has to do and what they've talked about they've tried to tell the markets that's what they're going to do, but when it actually happens, when the rubber meets the road, i think that's when the market's going to fluctuate a little bit. we're used to free money and right now, we're at a 2.4. i'm not really worried about a recession because we're not going to know we're in a recession until we're almost out of it, but we'll see it in the indicators and to me, what we're seeing in freight pricing, and i haven't sold any fedex, s still an open question >> what does that mean it's an open question? >> as to whether i sell it >> that's what you're thinking of selling because before, you loved it jus

steve weiss, it's no position for you. why? >> well, you know, look, paypal -- jenny had a great call on this, as well she kept saying maybe i'll get to 150 and it got to 140 and that was when the stock was a lot higher my point is the stocks can still go lower i don't view them as cheap and i view that the landscape is competive and it's getting more competitive still if you look at the company pipeline i just don't see any rush. i'd rather miss the first 10% or 20% up in some of these names than catch a falling knife so i'm not anxious to go in there at all >> jenny, i need it to be quick. fiserv, you prefer that over these? >> right it goes back to valuation. so i think this is an exact highlight of what i mentioned before where it's not about the stories and it's about the valuation. for us, we own western union and pfizer both of those are trading at valuations and it's fascinating to see in the face of this positive upgrade you have the two that were upgraded, paypal and square down 8% and 5%. you have the two that are ra

and it's a 200-point loss 289 is the yield steve weiss, you are short the s&p and you are short the qs powell was hawkish yesterday, reversed the market. why did you put that trade on? >> scott, before you do that, i think we have to hold a moment of silence for a loss of the investment family and that loss is tina. there is no alternative because now there are alternatives and that's the bond. so that's treasurys and at around 3%. so that had been a big part of the thesis for a lot of people being invested in the market and with the fed's hawkish stance and this is why i shorted those and i shorted them earlier in the week and i'm long sarc the fed is the most aggressive, i recall, in decades and there's one thing that continues to upset equity markets and that's the fed. you don't fight it no matter which way it's going and people still, like pavlov's dog, the bell rings and the market trade is down and they think they have to buy so there's hardly much risk management going on with those people and if they sell something, you buy something else i still think you want to be in cas

steve weiss, looking to a financial stock and it is? >> goldman, sachs. the reason i went to goldman, i thought it probably had the least amount of data, that you're going to see the curve start to steepen, you'll see the calendar which has been dead since the beginning of the year open up. and that's high margin business. plus they have a lot of growth initiatives. i believe in david solomon and his stewardship of the company i think it is a growth vehicle and it will do quite well. i don't know if it will be the top performer, on risk reward basis, it is very attractive. >> i can't wait for stock draft. don't miss it. 2:00 eastern time. tyler said on power lunch. >>> up next, unusual activity, we'll be right back. hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybr

weiss and josh brown lows 620, 1.75% and a decline for the s&p 500, the nasdaq is under pressure today and it's a 200-point loss

weiss, jon najarian, co-founder of market rebellion.com. where we stand right now, new month, new quarter, same issues, fed, earnings, russia. who knows what else? we're negative now ugly close yesterday and a little bit of carry through today and we can't find direction, shannon tom lee going full

weiss, joe the markets now, we're watching the s&p 500 because it was close to breaking its 50-day 4427 so keep an eye on that number throughout this hour d dow's down by 180. nasdaq really the epicenter lately down 8% in a week and some big name

i know you don't like it when i bring up my frenemy, steve weiss. he would answer the opposite and he has a thesis that we'll get down to a 14 multiple on forward earnings for the s&p 500 i just don't see that because i see earnings continuing to grow and again, back to what i said in the beginning of the show this is a tug-of-war between earnings growth and the fed. the market's been pricing in the fed for three months it hasn't been pricing earnings growth that i think will continue and i think it will be early in the earnings season and we've seen it already. >> jon, i'll ask you the short question do you think now is the time to look for opportunities in the market >> no, i don't, mel. i think jim's been right the market isn't just going to dismiss higher greats. the question is how much higher do they go the bond has done a lot of work. you've talked about that, mel, for the fed already. the question is are the rest of the fed market participants on the fomc, the voting members and are they going to be of the same mind as mr. bullard, i think n

going to be weiss. steve, go. >> micron. under 70, got to buy it. >> that would have been typical weiss. doc, you wrap it up. vodafone, scott, $16 stock they're buying the may 17s i bought it. >> all right i'll see you in "the ot. here is "the exchange. cathie wood coming up in moments. >>> thank you. >>> thank you very much, scott hi, everybody. i'm kelly evans. let's start with the market. stocks are in the green again today despite that surprise drop in gdp it's not last quarter people are worried about, though, it's what could be looming next year we'll check in with one seasoned economist who says there's no way the fed can pull off a soft landing. he thinks the coming downturn will be worse than he previously thought. he'll tell us why. plus, teladoc collapsing today down 46% ark investment's cathie wood we'll speak with her later this hour she'll join us live to defend the stock. >>> and the cnbc stock draft is back today ryan reynolds, david robinson, terry lundgren and many more will be competing. who will take the