tv Power Lunch CNBC August 17, 2021 2:00pm-3:00pm EDT
fed to start tapering and then scrap it. >> that is not going to look good but that the problem that the fed has. is that this inflation story is not just a discussion, this is now a main street issue. this is to the point where you now have congress people that are writing letters to jay powell like manchin did saying we have a potential inflation problem here and this is an experience that the current federal reserve, the modern day central banking has not had to deal with. >> yeah. >> and are they going to focus on stag or the flation >> we'll leave everybody with that image thank you. it is good to see you. that does it for the exchange. but "power lunch" starts right now. >> welcome to "power lunch" and here is what ahead on this busy hour a market sell-off like we haven't seen in quite sometime a spending slowdown but the decline in retail sales may not be as bad as it seems.
an industryin seeder will explain why. inflation, it is on the menu today. restaurants facing surging costs but some are handling the price hikes better than others a top analyst will name names for us and boise's boom, the power trip heads up to the northwest, idaho. and a veteran realtor said it is a market like she's never seen before but things are starting to turn just a bit we'll dive into one of the biggest surprises of the pandemic >> looking forward to it a rough day on wall street, the dow down 501 so a lot of bouncing around. the s&p is down 1% and the nasdaq down $1.25 and on the flip side health care hitting a record united health marked j&j living the index and some of the stocks hitting new 52-week highs including regeneron and sba communications. >> we start with the consumer
today. sales at u.s. retailers falling more than expected in july as rising covid fears hit consumers or began to get a hold there the drops were in nearly all categories, clothing, autos, sporting goods one area that did see growth restaurants and bars are we seeing then a shift in the way consumers spend their cash and if so what could it mean for tradition retailers where you buy stuff. jarm storech is from toys "r" us in hudson bay and the ceo of storech advisers a retail consulting firm. welcome. good to you have back with us. you say that modest numbers on retail sales are not as bad as meets the eye. why? >> look, it is never good to miss a number. but some people stair at numbers and looking at medusa, i'm surprised their heads don't turn to stone they make a lot out of very little sales on a month to month basis,
july of 2020 to july of 2021 were up 15.8%. in june theyer with up 18.7% on a two year stack, both months were up very healthy so there is a health consumer spending a lot of money. that is the bottom line. when you look within the categories here. what you see is what looks like a reopening type of a trade or situation. with restaurants up as you mentioned at the outset of this program and grocery, not quite growing as much as it was before you also see e-commerce growing slowly than bricks and martar and then you see things like the building materials not showing the robust that clothing might be showing so it looks like in july people were ready for reopening by the way, the delta variant isn't even in the numbers yet. doesn't mean it is not a real number oh, i keep hearing that. delta variant, that is what happened in july the cdc didn't start talking
about that until the last week of july. and it has zippo to do with what happened july it may be a real issue in kaug and going forward but it is not in the july numbers. keep that in mind. one category that looks bad is department stores. so talking about truth telling, they are not up that much on a two year. >> but i still like some of the winners in that area and they're not the classic department stores you like target, walmart, costco, where you could buy anything you want and in bulk and kcompared with the macy's ad the nordstroms and everythings. >> when i look back and what i learned is i wasn't revolutionary enough and they are nowhere near revolutionary enough, the department stores are not succeeding in reinventing that model the same that were winning
during the pandemic they are winning now and whether we go backwards with the virus, they're going to be the winners. walmart, target, costco, amazon, dollar general, tjx, these are value players that could do well in good times and bad. they know how to pass prices on to the consumer when they have to and in inflation and they're going to win no matter what. i promise you that if you just bought the retailers one year ago, you would be rich now. >> it seems so easy with the benefit of hindsight i want to ask you about back to school that was not strong in july and the big question is it just delayed into august in which case we could see a rebound because the seasons would not expect it that late in the season or is there a rix risk that back-to-school shopping is not what it once was. >> we had to back to school and back to work and even though their putting
back off and many where going back in whole or in part and the clothes that they bought a few years ago, they deents fit the kids any more after two years so we're seeing a strong season coming up and a consumer still has the money. the one variable, inflation is not the problem for retailers. they do well in a mild inflationary environment like we have right now they do well because they could pass prices along and rent don't rise proportionately. the real issue is the delta variant. and if it takes off, the consumer shows she's going to shop way shifting back online and the habits like from the pandemic so i remain very optimistic given the fluidity of the consumer and how much money people have and the way that people are 13ebding and it is not going to stop. >> i think you put your finger on something there there is a lot of pent up spending across many different categories including
restaurants, bars and social settings and also travel are you sensing that people now as they feel a little safe and want to get back to a more normal life are substituting experience spending for spending on stuff. >> i read that people say that a lot. but what i see is they're spending on both and i really haven't seen consumer spending go anywhere but up for a very long time and i expect that pattern in the future so don't bet against the american consumer. you won't win. will it shift more toward experience of course it will. the two year stack for restaurants was up 13% last month. that is good for two years when they went way the heck down during the pandemic and so people are going out and eating more and i don't see everyone pulling back and going back to the days of last year when you are hunkered down in your home. >> appreciate your insights. >> the dow is coming off the session low down about 502 there are a lot of calls notto
buy the dip but our next guest said he likes health care names an that is asy sector. peter anderson is anderson capital management there is a little bit of a theme because i think yesterday we spoke with an investor who liked health care and now the sector is outperforming what is going on here. >> i think health care not just in general but specific names in health care are mainly elastic to whatever is going on out there, kelly so the reason why i like select health care names is i have picked them regardless of what the outlook is for covid, inflation, china, whatever you want to throw into the mix, retail sales, i think it distorts your basic thesis and i try to find names where i could ignore all of that stuff because it is very, very difficult to factor in all of the those issues and in health care, it is something that we just won't give up. some health care we will
elect riv procedures forr instance but that is our last leg of spending to give up, i think. >> and people might be surprised about your particular place here which include hearing aids and pet meds >> yes pets and humans. and first a little bit about humans people as they age, about 50% of the population, although they don't want to admit it, most of them do lose hearing capabilities too a great extent sometimes. and sin ova is a thinly followed company. i was surprised when i discovered it that more analysts weren't looking at it. but they are at the high end of hearing devices. a lot of these simple hearing aids are merely amplifiers and they don't work very well in crowded rooms and so i sought a name that would have the highest level of technology because we have that capability now we see it in other technologies
and hearing aids have been late to the game. so they make the top end hearing aids that most people are very, very satisfied with. and it is not followed at all by wall street. because it is an adr it is a swiss company and it looks very promising. >> and it is up 50%. and i think zooeta peer are familiar with. and in our house we've been trying to consolidation, amt is a cell phone tower place and equinox and which is data storage and you think the need there is vast. putting aside the day-to-day concerns about delta and the fed and bond yields and how this is going to play out, you see people like me with 20,000 f photos, they could drive secular trends. >> you are not alone all of us out there and that is the wonderful thing about equinox, is the demand is so
strong because there is so much volume of material either very, very serious things like medical records or cat scans for instance that are very dense in data down to frivolous things like filming your dog singing twinkle twinkle little star and this has to have a home and equinox is a place that builds all of the data storage. so i don't any that will goo away either. >> a good friend of mine has a dog i met two weeks ago who actually sings along with taps at the end of the day. it was the funniest thing. this is a poodle and it was -- i mean it was really something >> well i hope it is on film it will be on film and stored somewhere as you know, tyler. >> i'm sure that steve shanker will take care of that for us. but at any rate, what do you think of what is happening in the market today how do you explain today
>> you know, for yu viewers and for my clients and all investors out there, i think this is much more challenging than 2020 and i think we're all desperately looking for a road map. and a lot of us tended to think well maybe 2008 would be a road map. but that is a world credit crisis this is a world health crisis. so i don't think that applies. but as i was preparing for this, i thought there is one bright data point, i think, that we now have about covid which is from march 2020, to march 2021, the s&p doubled. that is a a firm data point that we have developed during this pandemic and so i look toward that as uh-huh, that might be a map for how we will perform going forward. if we have another break out for instance of covid, whatever variant is might be, maybe that is how the markets will respond and that gives me a lot more confidence in trying to model
this as some past catastrophe or sell-off that we could try to r replicate. i don't think that is the case and people are getting frustrated with trying to find a ca compass for this and the s&p doubling and if you had me on in march 2020, i think the tone of all us was very, very different and low and behold, a year later we're up double where we were. >> but you're not wishing for a return to those days, in any sense, are you >> well, i'm not wishing, but you have to be a realist in this and let me give you an example if you google how effective is the j&j vaccine against the variant, you will get back-to-back answers, one answer will be very effective, i'm summarizing and then the next answer will be questionably effective. and i think that is endemic of what we know about the future
and so you have to include the fact that we may have another sell-off is it likely who knows. but as we develop this, i think we're in tender hooks look ago the retail sales and concluding that maybe covid shop ser a crazy shopper right now. we don't have a data trend on that so all scenarios are possible right now. and just think that is why it is more important to find stocks that almost are independent of all of those scenarios. >> covid proof. >> yeah. peter. thanks >> and coming up, restaurants rattled. will higher costs derail the sector's recovery. it may for some, not for others. we'll tell you which names are best positioned and why. and no more bidding wars instead home buyers increasingly are waiting in out in one of the country's hottest housing
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lunch. i'm kristina partsinevelos stocks are lower in the materials sector this is down almost 2% and teetering on negative territory for august. more than half of the sector's trading in so-called correction territory, meaning 10% or more among today's worst performers are freeport macmarion and albemarle and now down 9% in the week although laggards in the sector are a mix of chemical and fertilizer such as cf industries as well as the dow >> thank you weak retail sales and the delta variant and the fed playing out in the bond market rick santelli has the latest action >> yes kelly, yesterday more of my emails were retail sales much worse than expected and indeed it was but the problem is it was sort of built in. look at it inter day of ten year, and you could see right at 8:30 eastern we plummeted but we
come back fast there was some positive revisions and in the end restaurant spending is the only spending in this category. and if you recall, the service sector number a couple of weeks ago was historic and those numbers give you bigger moves to the upside than retail sales gives us to the down side. if you open up the chart to mid may, 1.17% is the low yield close and then if you move forward, you could see the end of july, the highest yield close since then is 1.36 and i could not stress that enough 136 to 138 until we get it close above there, we're most likely if in a range and if you look at dollar index right now, it is looking to make the best close in four and a half months since the end of march but very close to november of last year. and it might seem counterin tewive with interest rate
virtually flat but the rest of the world isn't doing as good in many categories as the u.s back to you. >> day to two now of the week long inflation series. we see this which ones deal with rising cost. today we focus on raurptss where chains are having to deal with rising food and commodity and wage inflation and labor shortage having a rough session today but that doesn't separate them from a lot of sectors today some names are better positioned to manage cost on to consumers or hedge the costs they win at the margins. let's bring in david palmer at ever core isi. he covers restaurants and packaged foods welcome. good to have you with us you cyte wendys and mcdonald's will ride out price increases which is both labor and food
costs. why. >> well the franchise business models, two names that are not on that list, domino's and yum brands are well positioned mcdonald's and wendy's to date are only up in the single-digits year-to-date. >> david, we're having a little trouble with your audio and so i'd like -- what i'd like to do is take a timeout here, i'm going to put everybody in a timeout, go to your corners, behavior self-s and we're col back to david in just a moment. >> and if we can't, i'll reveal what is the best sector. and the dow is off the lows. low is about 502 chip stocks are getting hurt on global growth concerns remember china slowing has been a huge piece of this we'll also be trading tesla, two competing wall street calls on stock and the stock is down nearly 5% again today. our traders will tell you how to
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issues and we solved it by putting our guest david palmer on the telephone old-fashioned way to do it david is senior managing director at ever core. why are wendy's and mcdonald's among others in a better position than some others are to weather inflation. >> yes, it is really a couple reasons. first they tend to have pricing power because they are lower check and the quick service restaurants tend to feel like they can take pricing these days you're seeing the likes of mcdonald's taking six points or more of pricing in the united states and their a higher franchise mix. mcdonald's 90% franchise mix that is helpful. casual dining on the other hand, higher check average and more family mix and they operate and own their restaurants. so they tend to have more joy and pain from inflation or
deflation on the bottom line. >> so why does the -- why are the franchises, educate me, why are they able to better beat back the headwinds is it because they don't have the costs or what? i don't understand. >> well in the case of a mcdonald's, they're collecting rent and franchise fee as a percent of sales. >> i see. >> so they get the benefit of that to the bottom line and they have relatively fixed cost in the form of rent and depreciation that they pay, pa mcdonald's does pay. so they have a inflation protected business and there is actually cross correlations between away from home fast food eating and at home where when there is a lot of inflation in food, that is passed along much more readily in the supermarket where you see the inflation and that helps mcdonald's and the likes of the fast food players and wendy's
and mcdonald's have not done that great and lagered to the like of domino's and yum brands. that is why we bring up those two. >> let's talk about labor inflation here you've got commodity price inflation but you've also got wage inflation how is that effecting -- and the ability to get workers period, how is it a effecting these companies? >> it is a complications issue because right now the restaurants are understaffed they want to have more staffing. they often times are double-digit down in labor hours percent versus pre-pandemic. so the labor cost as a percent of sales are lower, even though they're dealing with 5% to 10% higher wage per hour the hours are down so much that they're leveraging the labor the drive through players are doing quite well franchisees are making a lot of money. and a lot of these are share gainers on the back end of this. but after enhancement employment
ends in september and as people get back to school and work, more in person the variant is a big wrinkle in that, the labor should come back because there will be more available and that should uncork another layer of sales both from through-put but the need for convenience as people are back commuting back to school and work >> just a final note here, david, so we've talked about for each of these sectors that we move through this week, the stocks that would do well from pricing power and ones you're more concerned about in texas roadhouse and the casual designing space in general, you have some concerns? >> yeah. texas roadhouse is well positioned from a demand perspective. and they give great value to the consumer they have a very protein centric input mix and they're dealing with double-digit inflation on wages and with food costs right now which is remarkable. and so they're feeling that. but even the dardens that have
done so well on input costs and wages to date, they'll be feeling more of this in calendar 22 so we took down our erarning because we know inflation will catch up to the players as their contracts roll off at the end of the year typically that happens for protein. so casual diners will be fine, but it is a little bit less margin in '22 than what we were expecting before and probable a value pick there would be brinker that we're sticking with here and they're going to have the earnings tomorrow. >> david, thank you so much. we're sorry for the little technical interruption but we're glad we got. take care. now to rahel solomon. >> here is your cnbc update at this hour. in the last half hour, word from the white house that the taliban say that their prepared to provide safe passage of civilians to the airport, yak sullivan said that the u.s. will
hold them to that commitment he was asked if the taliban are now the legitimate government in the country and said this. >> thereis chaotic situation i kabul where we don't even have the establishment of a governing authority so it is premature to address that question. ultimately it is up to the taliban to show the rest of the world who they are and how they intend to proceed. the track record has not been good >> tropical depression fred bringing heavy rain. with the risk of flooding for the appalachians and parts of the panhandle. leaving a lot of water in its wake and damage with 65-mile-per-hour winds as it came ashore. miguel cardona visited a new york city school today promoting the american rescue plan and asking people who are eligible to get a covid vaccination. and pete buttigieg and his husband chassen will send a
child to school several years from now they announced in a tweet they're going to parents they've been tried to adopt for a year no word on the the sex of the child or a name. but they are saying thanks for the well fishes. >> they could be a long process. thank you very much. let's get a check on this market sell-off. we've gone from down more than 500 points >> i think it is time for power movers and as soon as the camera comes over here i'll tell you about them more carnage in the ev seconder. shares of romeo power, well not finding its juliette today falling about 17% in today's session. kroger shares however are higher after warren buffett increasing the stake in that grocer according to a regulatory filing it picked up nearly 11 million shares in the second quarter and moderna getting a lift
the stock, the best performer on the s&p since the pandemic lows. up more than, yes, 1300% since march of 2020. ahead on "power lunch," silicon valley tech work hes took to the mountains bidding up home prices in boise but potential buyers have had enough the market on the verge of changing a little bit. our next stop on aur real estate road trip is ahead and as we head to a break. take a look at how the home builders are faring today. they're a little been there is the dow and how it is faring it is off and there are your home builders lower across the board. i've spent centuries evolving with the world. some changes made me stronger. others, weaker. that's the nature of being the economy. i've observed investors navigating the unexpected, choosing assets to balance risk and reward.
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welcome back to "power lunch"ment i'm bertha comes. on a down day we're seeing health care hitting a new high by drugmakers on reports that the fda could approve a booster shot for people who have had the mrna vaccines from pfizer and moderna after eight months after they've had that course of treatment.
analysts over at every core rsi say that could be a boost for the drug stores. the mass vaccination sites are closed so they could make up share. and walmart saying that vaccines help boost its margins in the last quarter and health insurers are higher today. senty leading the group as it is reinstated for medicaid in ohio after settling a dispute with the state over its pbm, pharmacy benefit management >> thank you very much our power house road trip continues no as marched west as the fifth stop on the trip takes us up north to boise, idaho. prices are up 34% year-over-year and 63% of homes are selling above their list price according to zillow. my next guest said house hunters are starting to balk at the higher price and holding off on making offers. joining us now dawn templeton in
boise, idaho welcome. good to have you with us. >> thank you so much for having me and talking about our great market over here in boise, idaho. >> it is a beautiful part of the country. i spent some time in san point a couple of years ago which is farther north than you but one of the prettiest places i've ever been i got to tell you. let's talk about what you're seeing in the market houses are still getting a lot of bids and going above the asking price but tell me what buyers are doing, are they meeting their pain point a little bit and holding back >> i think so. what is happening right now is we'll list a property and of course it is a high price. but they're holding off a little bit because they don't want to get in a bidding war and have to pay even higher prices so a week into it or sometimes two weeks into it we'll start
getting offers so i think buyers are just having a little bit of buyer fatigue and are tired of getting into multiple bidding wars so the good news is we are seeing a surge in inventory, not a surge, an increase >> that is good. >> so i do foresee the market softening and that would be good for buyers s softening just a tad they have more than one home to choose from. >> and this is the time of the year when things tend to slow because families want to be in a place by the time school starts. where are the buyers coming from and where are they getting all of this money? are they paying cash is this part of a migration out of california, out of other more urban areas or is it locals who are buying and moving up >> it is both.
a big portion of our influx is coming from california it is the number one state sending us new buyers. and that makes perfect sense to me because there they could sell their homes for higher and then get a great home here, have a new lifestyle that is amazing, where you have a vibrant downtown and just ten minutes away you're hiking and biking and river rafting and all of that good stuff and they could buy a more affordable home so we're seeing the number one influx is coming from los angeles, california, second would be seattle and third would be portland. the rest -- and that constitutes about i think 18% -- no 20% of the buyers, the rest are all just idahoans that are moving up, i guess. >> dawn, it is kelly lear and i want to go through one of the listings that you sold i think people will be shocked at sticker prices and i've been
to boise and loved it. so this is a $1.1 million house you sold for $1.3. this is only a four bed and three bath about 2800 square foot home. this is a pricey selling. >> it shocked us as well but of course the buyers were out of town, they paid cash, they didn't do an inspection, and it closed in two weeks but the reason why that property sold for such a high price is because of its proximity to downtown boise it is very close you could ride your bike but you also have access to the foothills and river and greenbelt and all of that. so that is just a phenomenal location and the home had been completely renovated in the mid century modern style and done very well. and also it was on .4 of an acre can't get that in california any more. >> no. >> i like that little jab there, dawn that was good. >> the other listing that you mentioned, we could show a
couple of photos we have a ton of time. but this is a four bed two bath no garage, so again a much smaller size but really cute as you could see there. this is listed at 479 and it sold for 535 so again i think we could kind of get a feel for the strength of this market that perhaps like you said may be starting to rationalize. >> how hot has it been out there dawn >> temperature wise? >> yeah. >> why, it is been pretty hot lately close to 100 and we've had record days of 100 and over so it has been hot but fortunately we have an awesome lake, lucky peak, real close by, only 10 minutes away. >> and nice cool nights and it cools down at night. we have to leave it there. dawn, thank you very much. >> thank for having me i appreciate it. >> you bet markets fall and stocks near session lows consumer discretionary today's worst performing sector. we'll look inside of that group.
welcome back to "power lunch. stocks are off their lows of the session. but still in the red with consumer discretionary stocks the worst performers under armour and calvin klein and pvh and leading the sector lower. but home construction is floerj big stories with lowe's and lennar in the red. home depot is pulling around 100 points from the dow after the same store sales fell short of forecast. >> thank you tesla shares having have a rough start to the week. they're down nearly 10% following an accident potentially involving the auto pilot feature. one sees it going to 875 and another sees it down to 300. we're see where our traders stand next and the airlines and cruise lineshdi auts edngbo 3%.
the national highway traffic safety administration launched a probe into the company's auto pilot system but wall street is looking past the hurdles. at least gold mane sacks is. reiterating the 875 price target while bernstein softed its stance to a low $300 per share for the ev adoption space. let's break it down with quinn of grew financial and quint analysts split on the potential outcome of the federal investigation. who would you side with? >> you're right. they're so far apart you could drive a tesla through the numbers. so fundamentally, it is very difficult to find a fundamental valuation for tesla. i'm a long-term tesla bull but i also think you have to trade it you have to throw that trading hat on and sometimes we're in and sometimes we're not. we're not in it right now.
the history shows us that when really tesla starts to come unglued and people get bearish of the name, ultimately that is when you're a buyer. so i think jc will tell us the levels to watch. my guess is will probably break the levels to the down side. that is when i'm be a buyer. i'll look to go the other side >> let's turn to the technicals, jc before news of this probe, tesla was having a rough year. the stock trading down as much as 30% from the recent high. >> that is right tesla was a was a momentum stock it's incredibly frustrating for investors when you own a momentum stock that morphs into a stock that's consolidating, that's moving sideways, right? the question is how much longer does it last as quinn stated, we really need to pay attention to levels now, we're seeing some bullish signs to slowly starting to emerge, right? there was a short-terms down trendline that it broke above,
but obviously it was under some short-term distribution here first, on the down side, we really need to pay close attention to $610. that's critical technical chart support. a brea until there will show the bulls are no longer in charge. conversely, really watch that $730 level we break above that, all of a sudden tesla will be showing strong signs that it's ready to, you know, have the upside momentum renewed 730 on the up side, that's when you want to step in and buy. >> tesla down 4% just today. j.c. and quinn, thank you. for more, follow us on twitter or head to our website coming up, china stocks continue to get hit as the government begins to crack down on some of the biggest companies. should you just stay away?
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welcome back to "power lunch," everybody. the chinese stocks facing another wave of selling pressure, as beijing ramps up pressure on some of the country's biggest companies. alibaba is down another 5% they're drafting rules they say will prevent unfair competition. brendan, gra great to have you back the k-web keeps thinking i keep cathie woods saying she's not ready to buy a lot of names yet. what do you take in terms of how long this can carry on >> kelly, i think the key is we're finally getting a finish line the uncertainty on regulation has weighed very, very heavily
at the same time that uncertainty, if we're getting these rules put in place, that means we're at the finish line if we can confirm that the next few days, the fundamentals are still very, very strong as we're in the q2 season right now >> so if we're saying it's true, why aren't investors see the light at the end of the tunnel yet? >> i think it's this ad hoc, almost whack-a-mole regulation is unsettles to investors. markets hate uncertainty this lack of clarity, transparency, it's really weighed on the price of the stocks at the same time, the earnings have been quite strong, kelly, so we think hopefully if we can get to the finish line, hopefully we can get them. >> tencent is down, theaters
concerned about that business model being affected is it just one piece of regulation, or could there be a lot more >> unfortunately we're dealing with andy competitive practices, fintech regulation again, that's led to this almost whack-a-mole situation, where you get down with one situation, and then you have to deal with another one. we are seeing investors, almost $4 billion of net new inflow, and we think investors are making the right move by buying low. >> one more issue right now, i'm curious if you think that the signs that china's economy is slow youing contributes to the desire to get in. >> most economic data is
year-over-year comparison, so that low bar gets higher and higher i think one element about the july data that did not get publicity the is severe flooding, the severe rainfall we've had in parts of china over the last month, that certainly dampened some of that economic data at the same time we're hearing that thor more about policy supports makes those comparisons harder. >> as we are focused today on the geopolitics, how do the tensions between the u.s. and beijing over tie would not feature into future prospects? >> i think the rhetoric has weighed on sentiment for quite some time, tyler i don't think because of the u.s. pullout out of afghanistan means we would have a similar policy to not supporting taiwan.
japan said very similarly. if anything, the lack of involvement in afghanistan would free up resources. s in case of tie want. i don't think it's -- this sabre rattling going back and forth is unfortunate. >> i hear you on that. taiwan and japan absolutely different in the area of economic national interests than afghanistan was. at any rate, brendan, thank you very much. we appreciate it. that's brendan ahern of kranishares. a pretty broad-based decline today. >> but, remember, it's only 1% we're used to seeing bigger declines than that, but it is an across the board thing the home builders, retail numbers were not not
obviously there's -- i was taken by one of the points, i think it was peter anderson, it's not easy right now it's more complicated and more nuanced back then, when everything was taken off like a rocket. >> and first you were chasing the rebound, a state at-home reopening trade and now it's a big question mark. thanks for tuning in, everybody. that does it for powell"power l" "closing bell" starts right now. thank you, kelly and tyler welcome to "closing bell." nasdaq under heavy pressure, the dow off its lows, which were down about 500 earlier. >> and a look at what is driving the action today consumer discretionary by far the lowest performing, declining 1.1% retail
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