So this year, as CNBC searches for our top state for business, Scott Con is visiting what could be the biggest data center yet. It's being backed by META, and it's going to require a lot of electricity to run it. Scott is at the construction site in Richland Parish, Louisiana with a very special guest.Scott, hey, Brian. Yeah, 10 billion dollars they're pumping into this. It is a big deal.This will be the largest data center uh in the Western Hemisphere at least. And we're about to talk to someone who was in ...

Welcome back to Power Lunch. Some new data out this morning. Pretty gloomy picture of the housing market as new home sales fell nearly 14% in May.High mortgage rates and affordability are continuing to challenge buyers. And that was the biggest monthly drop in almost three years. Let's get some more insight on what's going on here with power broker Ryan Sirant, the founder and CEO of Sirand.And uh Ryan, I I can't res. So I mean we've we got all the developments in New York City in particular today, right. I ...

the Fed announcing a proposal that was well telegraphed, well expected that does ease some capital requirements for the biggest banks uh in this country. It's responsible for uh the rise that you see there in the big banks over the last uh few weeks really and and today as well. So the details in the proposal effectively reduce capital uh tier one capital requirements by 1.4% uh for the biggest banks.uh they say that would release capital of about $13 billion for those purposes. At their deposiitories uh in ...

Uh here to go out on that limb is Shri Kumar, the president of Shrikumar Global Strategy. Shri, it's great to have you back. Good to be back, Kelly.And yes, I am going out on a limb and on a record day to be talking about a 10% correction coming by the end of the year. But the various macro factors that I'm looking at seems to suggest that there is no way this situation can continue. What are they.We are looking at truths in a sense in three different areas. One is the Iran um and Israel war. The second is ...

Let's bring in the aforementioned Paul Sanki of Sanki Research. Paul, thanks for joining us, especially on pretty short notice. You know, I kind of threw cold water on that reporting initially.It looks like that's sort of the correct way, but BP is this is out there. What's your take on all of this. Well, Brian, to to use the soccer term or football term, I think Bernard Looney got a yellow card and then a red card in fact, but the strategy was definitely a huge error in 2020.And of course they then had the ...

Paul, sit there for just one second. We've got some breaking news coming out on Fed capital requirements. We'll come back to this in just a second.Let's bring in Leslie Picker. Leslie, what's the latest. Hey, Kelly.Yes, the Fed announcing a proposal that was well telegraphed, well expected that does ease some capital requirements for the biggest banks uh in this country. It's responsible for uh the rise that you see there in the big banks over the last uh few weeks really and and today as well. So the detai ...

what we're seeing from the consumer really isn't surprising. You know, for the last few months or so, uh the consumer really has faced a lot of uncertainty and in a whole variety of ways, whether it's economic uncertainty or uncertainty with tariffs or global conflict. I mean, we all know the list and when consumers feel a little bit uncertain, um you know, they they tend to pull back on their spending a little bit and and so we we see that.I mean, it's one of the reasons why food at home consumption remain ...

Bess Freedman, Brown Harris Stevens CEO, joins 'The Exchange' to discuss housing in New York City and the mayoral race. ...

Ugly picture for new home sales this morning, hitting a seven-month low. Market doesn't like it. Diana Ol has the numbers and the why.Diana. Yeah, Kelly, you stole my word. I was going to say ugly report.No question. Look, sales of newly built homes dropped nearly 14% in May from April. The street was looking for a 6% decline.This count is based on signed contracts. So, people out shopping in May when mortgage rates remain stubbornly high. The average on the 30-year fixed mortgage started May at 6.83% 83% r ...

Joining us is Brian Reynolds, the chief market strategist at Reynolds Strategy. Brian, great to see you. It's been a while, and I I don't want to fully put words in your mouth, unless I'm saying this correctly, but you're pretty bullish on the market, broadly speaking.So, you just think that the earning season itself is going to disappoint and underwhelm the explain um all of the data points that you're watching. Bullish on financial engineering, which drives stock prices higher, but the fundamentals are ch ...