Transcripts For CNBC Power 20240704

Is a big reason why, bouncing back, 6 today, more than 6 as this rally picks up. Its about 15 to drop off in the last month or so. We will have more on that in a moment. Started the big deal if u. S. Steel sewing 30 , even though it rejected the takeover offer from cleveland cliff. Its unusual to see that kind of move. Whether this deal or a different one could be on the horizon for the original x, tyler. Stocks have been falling across asia. This is about real estate in china. Lets bring our friend dennis. He works with u. S. Companies doing business in china and has been warning about the troubled state of chinas economy, and this does nothing to improve that, does it, dennis . In part because real estate is such a huge percentage of the chinese economy. Tyler, 25 to 30 of chinas economy is real estate, so when you think about it, you take 25 to 30 of our economy, it went down, and how much that would be . You spoke about last week chinas really poor Economic Performance in q2. Ever gran was a chinese Real Estate Company that had some debt issues a few years ago. How in scale and importance does todays development regarding compare to that one . You put your finger on a really important issue. Ever grant, today, host 30 us 300 billion in debt. Thats a lot of money, but the country got in, the one we will talk about in a bit, is four times as large as evergrande. I think probably the last week was the number one largest private Real Estate Developer in china. Now, its number five. Lets bring you to the our present live on the ground in beijing. Now the property sector in china is an enormous part of the economy there, and ripple effects from it seem to affect, as they would, not only the equity markets in that country, but also Consumer Behavior in that country because if the property markets are shaking a little bit, that rattles confidence, doesnt it . Reporter absolutely. Whenever you hear about some companies having trouble, that really does affect the psychology here, not to mention the fact people are also worried about inflation. You mentioned Country Garden. We had more bad news about Country Garden over the weekend in terms of financing, saying it suspended trading in 11 onshore bonds, and that was on top of the company missing 2 bond payment last week, and if you remember, the developer, also, we also heard from Morgan Stanley now, that it would cut the rating, is a lot of bad news has been hitting the sector, and in addition to that, Country Garden state developers announced they were having issues, as well as another private Wealth Management had said it also was putting, dealing with some troubles. We are seeing these issues are starting to thread on either side of the real estate sector, which unnerves a lot of investors today. Eunice, as we debate, we are concerned about whats happening with the chinese economy. We began to speak about this earlier already. Again, the fragility is not just about the property sector at all, is it . No, its not. A lot of investors here, as well as regular people, have been wondering how the economy will perform from here on out. Reporter we will get numbers on tuesday, which will reflect that, especially in terms of retail sales figures. People are eyeing that, but there is great concern about exactly how healthy the economy is, and in terms of the government, the property sector has not been making n a major moves right now. Theyre trying to get more companies do, say, making it easier for people to get loans, but making sure of any direct rescue, we have not seen anything like that. The hope still is there that the government would come in and ate some of these developers. Dennis, im famous for my compound questions, and you are the beneficiary. What does Country Garden own, how did they get into trouble . Thats number one , and to bring this home to our viewer, Country Garden is to china and china real estate as what company would be to u. S. And u. S. Real estate . Those are two tough questions. Number one, what Country Garden has done is done private developments of apartments in real estate throughout china. They have 3000 different projects going on right now, and when you think about what that means, the largest player in private growth and real estate in china is a big problem, but the Chinese Government has tried to support this date out soe companies that do real estate development, but that really has not helped in the private sector, and as far as the u. S. Question you gave me, i dont have a clue. I dont know who is the largest Real Estate Developer in the u. S. My guess is there may not be one as percentage large as Country Garden is thats why when evergreen two years ago had serious problems, this is four times as great, and thats why im worried about not just one, but the global economy. There nay not be developer as big in the apartment field. Units, eunice what got them into trouble . Was it the consumer economy dried up and there were not buyers or renters for the apartments they were selling . People become cautious, defensive as a result and part of covid, so they just werent buying what Country Garden was building . Reporter the deli verse did not cite specifically colbert. They said a lot of the following property failed as well as the prices just in the past several months or so, so its not necessarily because of a covid problem, but yes. The problems in the real estate sector had been dating, you know, the past couple of years, the authorities had to try to stop some of the debt issues and challenges that they foresaw in the property sector, which kind of triggered a lot of the financing issues these developers had faced, but more recently, the combination of, you know, the problems theyve had, plus you have consumers and potential Property Owners who are now holding off and are trying, kind of worried about whats happening either because they dont have enough money in their pocket or they are thinking, the prices in the market arent going down, so i think i will hold off a bit whether or not i will buy something. That mentality has also been affecting sales, and then one other factor is the fact that these developers have not been seeing as much revenue when it comes to land because the local governments have also been unable to make as much money in terms of land, so the whole combination of it all has been really challenging for the real estate sector. Can i add one more thing very quickly . Go ahead, dennis. In china, early on, you were supposed to pay up front for your apartment, your condo, and eventually they would build it. What happened in china, as eunice pointed out, people are no longer willing to foot the money up front, so these these countries like them are not getting the money. Im sorry, kelly. No, i was saying people are watching currencies, that kind of thing. Well leave it there. Thank you both for your time. We appreciate it. Tech is on the move today with nvidia among others leading the s p. Solomons future. Is at risk . The golden ceo, under increasing scrutiny. We will discuss more when power lunch returns. The nasdaq, the best performing is nasdaq. More on what is behind this a 6 movement. Christina . Lets talk about the recent fall. Almost 10 off, and thats what is seen as an entry point for many wall street analysts, especially ahead of this earnings out this once they, the 23rd could Morgan Stanley, part of the reason you see that 6 bump. Nvidia is serving have to thats enough to drive revenues over 16 billion in the next two quarters. They say guidance of 11 billion, 50 higher than what analysts were anticipating, is conservative nvidia should blow past that revenue number driven by data centered demand. Not everything is perfect. There is a concern about lack of supplies, but for the ai chips. Chinese companies are trying to rush order their ai chips over fears the Biden Administration will impose even more export restrictions that would push forward revenues in the near term. Nonetheless, the bulls are still out in force on this. Dave made it today. Its pushing the nasdaq higher, but the five week win streak, theres a good buying opportunity here. We welcome and paul meek, Portfolio Manager at independent solutions Wealth Management. What key levels are you watching . Not necessarily any key levels on either the s p 500, nasdaq, nasdaq 100. What i have seen is there were a number of tech stocks that deserved to have big 2023 ramps, and there were a number of tech stocks that were probably frauds that did not deserve it, so unfortunately, the whole sector got grossly overbought, and now were starting to see some reality. Were starting to see some consolidation, and i actually think that consolidation might continue a bit further just as your reporters said. I really report for nvidia wednesday, august 23, but the pendulum never stops in the middle. I think we could have continued tech weakness. I dont necessarily see a buying opportunity today, particularly not in nvidia when the stock is up 6 in the session, i see a decent buying opportunity coming in select tech names. I love to hear which names you like and if you could tell us which ones are fraud, please that would be great. I dont necessarily mean accounting, financial frauds. I think theres a number of i wannabes jumping on this thing just like folks jumped on. Com back in 1995. As far as ones i like, the, i do expect is the upside in nvidia, amazon, and meta here now, theres a couple of value plays that are smaller names, except for one, at t, but then you have supermicro harmonic that are companies that have not done that much wrong, but their stocks have been crushed on their most recent reports, so i see a combination of tech values and lets keep on going with some of the biggest beneficiaries in longterm ai, some of those mega tech names. Some of those mega tech names, conspicuously absent, including microsoft and google. Why . Microsoft, i think, is one of those companies that really probably got overwhelmed and the ai hype, and when they announced third quarter, yes, they had interesting things to say about ai, theyre definitely will be a future leader theyre. Unfortunately, they came to the dance in the 1980s by selling software for pcs and consumer electronics, both the personal Computer Market and Smartphone Market will be under pressure for a while, so that negative impacts microsoft with their legacy impacted alphabet, i think its okay, but i dont like it as much as an ai play as i do see other favorites i mentioned earlier. Other Chip Companies that you like . You mentioned nvidia , and there were a couple others. Run back through that if you dont mind. Up course. Semiconductors will be enablers to the ai revolution, so if you like nvidia and believe amd can execute, i think they can under dr. Lisa hsu, who may be the best ceo in silicon valley. Those are two Semiconductor Names to keep an eye on it i think micron, while i would not buy it today because its explosive, would be interesting because micron dominates with only four companies in the world, memory chips and ai application here they have a voracious demand. Any other things that you are peaking at that there has not been any consensus . I think microsoft, ive stayed away from. Apple, i stayed away from. Micron, i do like, right . The stock has started to pop at about 70 per share, but yes, they had a disastrous past year or so with too much supply, not enough demand. Remember that micron and some of the other Memory Companies do sell into some of those same pesky consumer applications like smart phones and pcs. But the ai driver for micron, over time, not necessarily today, will be unmistakable. Paul, thank you very much for your information and insight can we appreciate it. Further ahead, rising risk, the death toll reaching nearly 100 in maui as a result of erose devastating fires out the. Truly, just an amazing scene kid well look at the growing damage, when we return. What if buildings could tell you how they could be more efficient . Im listening. Well, with ibm, you can use software to help you connect and analyze data from hvacs to elevators to lights. What if we use aidriven insights to pinpoint inefficiency . Yep. And act on it. Saving energy, money. And emissions. Yup. Thats a big one. Now youve built Something Better for everyone. Thats the sustainability solution ibm and a global Real Estate Company created. What will you create . Ibm. Lets create. Un monde pliable by jeongpill song [camera shutters] [camera shutters] [camera shutters] u. S. Steel, surging more than 30 after rejecting a bid from cleveland chris. Huge move today in the largest sale company in u. S. Come u. S. Steel rejected that bid which values the company at north of 7 billion with more than 40 premium. U. S. Steel called the offer, quote, and reasonable and set it initiated a former process to evaluate alternatives. They cited antitrust concerns. The ceo said he believes the deal will ultimately go through. Not only prudent, but enthusiastically supporting it. Its among the top 10 in the world. Youre going to be able to finish the deal. He said the partnership with the union is ironclad. U. S. Steel said it received multiple unsolicited proposals, but the action in the stocks today it looks like its optimistic. I was going to say the reaction in u. S. Steel, that shows you that stock is in place. Like the company said, they received multiple proposals it it seems like this could be something they are looking at, considering, and if shareholders like the deal, and the backing of that of clevelandcliffs and u. S. Steel, the majority of their workers are from the union. He always seem to know everything were going to ask you about, but just so you know, i dont know that much about the fuel industry, but we know going back decades, Many Companies were 42 billion. Are they considered direct competitors to the likes of u. S. Steel and potentially clevelandcliffs, but rds a different product categories operating . Im not a fuel expert, but clevelandcliffs and u. S. Steel has more of the class furnaces. If you own your own iron mind, it makes it possible. It is more costly. Its also more work in that environmental aspects of the are specific applications that need the highest grade steel that can be made with that virgin iron or, and Cleveland Cliffs and u. S. Steel have those products. You need that really pure material that you dont get from recycled scrap. So, its recycled, it can run on electricity versus coal that needs to be heated at high temperatures, but there are some products. The ceo of clevelandcliffs, you expect him to be confident. He said were in the black. Were going to get it done. His shares are almost 10 , which you hardly see from an acquisition. It does seem he feels particularly confident this will go through, but who knows . The automakers might voice concerns because they can help 100 lock on the electrical marker and still produce for that. Which is what the shareprice is telling you. They are going to be setting the price most likely. It would be great to hear who the other bidders were, people sniffing around. Pippa stevens. Recovery efforts are now under way from the deadliest wildfire in modern u. S. Histor. At least 96 people, confirmed that in the lahaina fire in the island of maui. Well have the latest details, when power lunch returns. Welcome back to power lunch. Check out shares of hawaiian electric, the stock 38 unconcerned power lines may be deadly links to the deadly wildfires. Lets get to the latest with bertha cooms. The governor of hawaii said the death toll in my we now stands at 96, but in the coming days, searchers are likely to find 10 to 20 more fatalities a day. Governor josh green said one of the reasons for the grim death toll for that is that the fire burned lahaina at the rate of one mile every minute, fueled by 81mileanhour winds. With so many people still missing or unaccounted for, the state has set up a maui county family assistance center. Maui families have been providing dna map swabs there in order to help document the missing and identified the dead. More than 60 of the customers without power in now we now have the lights back on, according to the local utility. Crews are working to restore power to 5000 additional people in the area, but hawaii electric , which supplies maui with most of its electricity, is facing scrutiny for not immediately have a cut off the power in the areas where winds were high. Back over to you. Bertha, thank you so much. Extreme weather and wildfires become more common. American workers are also bracing for longstanding impacts from smoke with decades to come. Explaining the rising risks on climate change. Reporter from las vegas to new york city to midwest metros in between, smoke from wildfires in canada and the u. S. Is disrupting life and impacting livelihoods. We wont know the full Financial Impact of this summers smoke until it clears, but we do know wildfire smoke reduced earnings in the u. S. By an average of 125 billion a year between 2007 and 2019, nearly 2 of manual labor income, according to studies from the university of illinois and michigan. Those numbers are rising with the effects of climate change. The events weve seen the last few months are 2 to 10 times as large as the offense we have in our study. Reporter even one or two days with smoke, he said, can trigger lasting employment losses, and hourly workers without paid leave are particularly at risk. The share of workers, if they dont show up to a job, they will lose that job. The decline in their productivity or their ability to come to work and then be passed on to those workers in the form of lower earnings that arent possible to make a. Reporter that risk is not lost on Major Public Companies employing thousands of workers globally. Amazon already had air quality protocols in place on the west coast , like air scrubbers in warehouses, but this summer in chicago, they were sending n95 mask to drivers, cutting routes short, and issuing alerts for employees to return home if they felt unwell. We are going to have to change the way we think. These events are not going to decrease. They are likely going to increase. What we are learning with that data is power. We are finding the more data we have, the better we can react and quicker we can respond. Reporter minnesotabased ecolab, which ironically helps companies reduce their environmental impact, so four times the number of smoke warnings this summer than usual. The senior vp of health, safety, and environment said they may now use the strategies they learned when covid hit. We have to form teams, follow data, science, and develop precautions, processes, methods. We will do the exact same if the wildfire smoke continues throughout the u. S. And other areas as well. Reporter employee safety is of utmost importance, but companies will have to start focusing on their bottom lines, looking at the earnings of potential losses , not just to their employees, but also to investors. Back to you, guys. Im curious what the effect will be, diana. Reporter this is a strange summer because we saw the smoke come early from canada, whereas our wildfire season started later because we had a wet spring and winter, and now we have possibly more ahead this year. We appreciate it. Still to come on power lunch, Goldman Sachs current ceo, under fire. Some updates, after the break. Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. Before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. My cpa told me i wouldnt qualify for the erc tax refund, so i called innovation refunds. Their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your Small Business qualifies. Thinkorswim® by Td Ameritrade is more than a trading platform. Its an entire trading experience. With innovation that lets you customize interfaces, charts and orders to your style of trading. Personalized education to expand your perspective. And a dedicated trade desk of expertlevel support. That will push you to be even better. And just might change how you trade forever. Because once you experience thinkorswim® by Td Ameritrade theres no going back. Ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. He spoke to one of the men at the heart of one of these companies. Protect lets get the context for this conversation. He was a bit upset at the New York Times about their profile about david solomon, where the lead was the anecdote about the supposed inpatient lloyd had with the progress they were making, things like that. What he said to me is it was mischaracterized. The conversation happened, but he did not express in patients. He was very supportive of david, that he wants him to have a long 10 year, and he is in his camp. He reportedly said he needs to spend less time on the jet, something to that effect. And that perhaps was part of a different story. In general, it positioned him, and lloyd said that he was supportive of david and his conversation was mischaracterized. To take it one step further, we all know about this trend of ceos. Asked him point blank, lloyd, and he said, look. There is no intention of that. He had got his retirement, and he has no thoughts, and theres been no conversation about returning in any way like that. What about solomon . Apart from the article, apart from any friction, which it sounds like there is little between mr. Blankfein and solomon , what about solomon . So, you know, ive had conversations with other partners, existing and former partners, to talk about the morale. They said it is low. Its not a fun time to be at Goldman Sachs right now. There has been other times in which its not been fun at Goldman Sachs. Uis will recall, 2008, 2009. So, we talked about a rivalry. These were difficult times. There was the narrative that goldman had benefited from the rose woes and came out looking remarkably well and destroyed a lot of other firms, and that narrative took hold many years. It is an unpopular time to be at Goldman Sachs, but for the most part, they are used to that. I pay for what its worth, as long as the stock , and we pointed to it earlier in the show, holds. As long as the Goldman Sachs stock does not collapse, he has time, and yes time to execute his strategic vision, which is increased amount of revenue they get, to sell some of their consumer businesses. Consumer banking was a notable stumble, correct . Anybody would look at this, and i talked about this, how it was both poorly executed and strategic error. They pulled out too quickly. That much is clear. For the most part, they are saying that in the past, although they are still paying for it, but the future looks potentially brighter. If you look at stock performance, of, let me call them the big three, j. P. Morgan chase, Morgan Stanley, and goldman and Morgan Stanley stock is where it is. It is the outperformance there since mr. Solomon took over, and i cant imagine that goldman, which is accustomed to being the top cat in this set in wall street likes what it sees there. No they cant be happy with it pdf to look at the context. Those businesses are in a cyclical low. Morgan stanley has moved into Asset Management and asset gathering to a different scale. Annuity livestream revenue, they get paid regardless of whats going on. They do better. As far as somebody elses slogan . Is goldman hoping for an ipo return . Talk a lot of areas that might happen, but what is up with the Consumer Products . Projected consumer business is under a cloud of intrigue and uncertainty. We dont know if they are holding onto the credit card business. That is in itself a source of uncertainty. This is the apple branded car. I recalled Something Like a 10 year deal left with apple. They would need apple to sign off on that transaction. For the most part, their continued business will look like, at the end of the day, deposit taking operations, in which they take money from the market platforms. They pay people 4. 3 currently, and to use that money to fund their business. These problems go back and are more attributed to blankfein. You were asking about that point blank, but what would you say about that criticism, which we see in seo transitions, that this problem was not his making. Solomon would own it, without a doubt. 7news out involving banking regulation,. Marty greenberg, speaking at an event detailing, quote, Lessons Learned from the spring Bank Failures and additional rules with the aim of making future wind downs more orderly. There are three main lessons from yesterday hes hoping to address. The first is already part of that endgame proposal that came out last month, up dating regulatory capital with banks ad losses or gains on available Internet Security at the Long Term Debt requirement for banks would have more than 100 billion in assets. This debt could absorb the losses before the fdic needs to get bloomberg said investors would need to have incentive and exit pressure for Risk Management banking. They need to look for resolution plan, including the top establishment of virtual Due Diligence in data rooms and uptodate information on e personnel should a windup occur with those plans in place. It may have mitigated some of the friction we saw. Ive been surprised that long and yields have gone back toward their highs lately. We have not seen more pressure across the banking complex where did all the bad stuff go . No, its a good question. I think the level of those unrealized losses, as we saw in q2 reports, those are still there. The question remains what happens on the deposit side of the Balance Sheet, and we did not see much in the way of, you know, withdrawals and deposits, nothing out of the ordinary in the second quarter. Were looking at a quarter to quarter basis. There were so weaknesses after those downgrades, especially as you look at the Options Market and the bond market too for some of these corporate insurers. Theres definitely a sign that people are getting a little bit more concerned. Leslie, thank you so much. Shares of octa opted to buy shares of Goldman Sachs. Thats a pretty tough past year. Dacey federal margins and subscription growth come with an agreement . Hi. You dont have to keep tabs on rotating categories. This is the only rotating i care about. Or activate anything to earn. Your cash back automatically adjusts for you. Can i get a cucumber water . Earn 5 cash back that automatically adjusts to your top eligible spend category, up to 500 spent each billing cycle with the citi custom cash℠ card. I love it. [voice vibrating] my cpa told me i wouldnt qualify for the erc tax refund, so i called innovation refunds. Their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your Small Business qualifies. Somebody would ask her something and she would just walk right past them. She didnt know they were talking to her. I just could not hear. I was hesitant to get the hearing aids because of my short hair. But nobody even sees them. Our nearly invisible hearing aids are just one reason weve been the brand leader for over 75 years. When i finally could hear for the first time, i started crying. I could hear everything. Call 1800miracle and schedule your free hearing evaluation today. Elon musk sent another tweet in the direction of his potential enemy competitor mark zuckerberg, just for this heck of it. This is taking a new twist and turn because he said hes going to test teslas Self Driving Technology at ask the car to drive to zuckerbergs house codes that also gives them a chance to tweet or excess widescreen video, so he said you can monitor our adventure in real time. He says if i get lucky and zuck answers, answers the door i cant really see what it is. The fight is on. They are still playing this. Must is playing kidnapper yesterday, i think zuck is moving on. He wants to test the Live Stream Technology that failed during the run. Now its time for stock lunch be looking at three big movers with our traits today, victoria greene is here. Lets start with tesla, victoria. Dave also reignited the price war in china, announcing cuts to the whats the trade here . Beyond like not getting involved in the elon musk or the zuckerberg drama the stock is up 93 . Youve seen all of the pressures on markets markets close to 18. 1 just to sell cars. And elon said it himself, well happily sacrifice profit margin to stock more cars this doesnt bode well for tesla in the long term i look at trimming back the stock. They have faced competition in china. And some of the july numbers, the cars they manufactured and distributed in china in july, was down 31 youre seeing pressure, with li, and neo, even though its questionable i think tesla is a little too risky and something i would take profits after this nice runup lets go to octa, shares getting a runup after Goldman Sachs says its more than 25 upside your take on that one, victoria . I see more headwinds than 25 upgrade. They are facing extremely stiffer competition between microsoft and crowd strike getting into this Identification Software you have large accomplished players well within fo fortune 0 companies. Were seeing deceleration in some of the trends im not buying they dropped out yet. Its a sell for me can we get her on u. S. Steel. 30 today. The 7. 3 buyout proposal over the weekend. Would you be an owner of the stock. Its a buy for me you look at the valuation and where the deal is priced, there is 10 upside. You see it 32. 50 a share. They have other interested parties for selling off parts of it i think the relatively for a bidding war. If this is the initial foray into it. Their ceo is known as a big deal you kn dealmaker. They have a technology they really want. They did switch over, away from just pumping iron ore into steel and taking scrap those are cheaper and less emissions and less workers using them i think u. S. Steel is attractive here its a merger play they may be able to play different bidders off of each other. One more little deal being talked about in the market these days do you see that as potential kindling that burns higher at the end of the year . Yeah. Goldman would love that, speaking of goldman. They would love to see that mna market unfreezlf you see a little thawing there im still very surprised you havent seen more mna in the financial markets. I think theres potential for consolidation. You see potential lift for consolidation. I love the companies with the wall lance sheets that might be able to snap someone up. One thing thats interesting, we havent seen Warren Buffett with his massive cash boards. He is a dragon on the gold stockpile there. He hasnt moved yet. Thats interesting if we see berkberkshire, you ha some of the Huge Companies that have the Balance Sheet in cash to make the acquisitions, you could. You could see second half warm up a little bit. Victoria, thank you a few minutes left. A lot of stoes we riwant to get to its closing time. We earn your trust. Maintain our financial strength and stability. And deliver solutions that meet complex needs. Massmutual. Partnering with financial professionals, benefits brokers, and institutions. My cpa told me i wouldnt qualify for the erc tax refund, so i called innovation refunds. Their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your Small Business qualifies. We have several stories we want to tell you about lets get to it. After three years of haphazard plans of getting workers back to their desks, the return to effort moves have remorse. 80 of bosses regret their return to Office Decisions they would have approached differently, if they had known better what the employees wanted this sounds like theres some sort of regret that they were as forceful and didnt take into account which employees wanted, more flexibility and i think with leadership, sometimes its best if you dont tell people. You just kind of do it this department, the overly explicit nature allows people to get riled up one way or another. According to the new survey from credit karma, half of borrowers say when their federal student loan payments are due, they will have to choose between paying their debt and paying for necessities like groceries and debt the poll questions, you can answer maybe theres some family budgeting and so forth either way, it s going to be a jolt for individuals that have Student Loans and have a 3,000 or 4,000 student loan payment you talk to b of a institute, and they tell us that the budget of household are sound, with the Student Loans resuming well see if this evidence or the kind of data tells the true story. A troubling report from the wall street journal, talking about how americas Homeless Population is growing at a record rate, up 11 year over year, to the extent that statistics can be relied upon. Or that individuals can be counted. Thats the biggest jump since Government Data became available since 2007 among the biggest drivers the hypothesis is, is high housing cost and lack of affordable homes. And the fentanyl crisis, the drug crisis affecting so many in the Mental Health crisis Public Policy thats a big contributor to homelessness the only thing ill say, no matter what the cost, if its bad now, and the economy gets worse, you have to it will get worse policymakers will have to get ahead of this. And saudi arabia Soccer League is adding another star have you seen neymar he added christianio. The English Premier League began this weekend the shortest offseason of any League Big Interview coming up on last call. Brian talks to Florida Governor and president ial hopeful, ron desantis thanks for watching power lunch. Closing bell starts right now. Thanks welcome to closing bell. Im scott wapner at the New York Stock Exchange this makeorbreak begins with nvidias bounceback. Is it a sign that the big tech selloff is over that question, as the sector gets a muchneeded boost today heres your score card with 60 minutes to go in regulation. The dow has been fighting it out all day long stocks have been green for much of the day the s p trying to afford the fourth down day of the last five the tenyear hitting the highest level of the year today