welcome to "power lunch," everybody. alongside seema mody good to have you with us, i'm tyler mathisen wall street breathing a sigh of relief today as the consumer continues to prop up the u.s. economy, consumer spending jumping in july. retail sales up a full percent walmart's results also not as bad as feared, not at all. and that seems to be giving hope for a soft landing scenario. plus, the ceo of starbucks

talked about work-life balance and spending time with family after 6:00 p.m now he's a former ceo. in 2024, can you really unplug from work, especially at the highest levels of big corporations we'll discuss. first, a check on markets as stocks are rallying across the board. the dow jones industrial near the highs of the day, above 40,000 the nasdaq higher over 2%, tesla and amazon are the standouts and despite some recent turmoil, the dow and s&p 500 are only 2% away from their all-time highs >> we begin today with the strength of the consumer as evidenced by those retail sales and walmart's earnings numbers we have the details on walmart melissa? >> walmart and other shares of retailers including target, best buy, and macy's are rallying after walmart's quarterly results defied fears of a slowdown it raised forecasts to reflect a strong first half of the year after beating on the top and bottom line. same-store sales in the u.s.

rose 4.2% and e-commerce sales jumped 22% in the u.s. and 21% globally walmart is seen as a bellwether for the u.s. economy because it's the nation's largest retailer and grocer. chief financial officer john david rainy told me that walmart has not seen a change in shopping trends. he said every month of the quarter was relatively consistent he said consumers remain choiceful, discerning, and value seeking, but he added "we don't see any additional fraying of consumer health. for the first time in 11 quarters, walmart's sales of general merchandise, items outside of the grocery department, trend slightly positive still he said the company decided against raising expectations for the back half of the year, saying it wanted to be a little guarded since dynamics like the election and conflict in theest lao could hurt consumer -- in the middle east could hurt consumer sent sentiment. inflation was flat at walmart. all of walmart's sales came from unit growth, not higher prices >> so they're actually selling more stuff, and notably selling more stuff out of the grocery

store aisle for the first time in a long time >> yes, exactly. and that could be a positive indication for walmart, or it could be a positive thing for everyone that will be put to the test because soon we'll hear from target, macy's, et cetera, some of those stocks rallying in relief here. it's important to note that john david rainy, walmart's cfo, took some of the credit he said, you know, while that may mean that -- while people may interpret that to mean people have more left in their wallet after paying for everyday se essentials, he says walmart has grown their third-party marketplace. that means it has a lot more stuff to choose from and that could also be why it's seeing growth in areas like home and fashion that people didn't historically find a lot of assortment at walmart before >> the ceo said the customer is weaker overall how do they maintain this level of growth? >> that's a good question. one way is drawing consumers at different income levels.

so they've been drawing in more high income levels in fact, high income which is over 100,000 is how they define it in annual income, or actually the fastest growing part that's adding to their market share so that's been one way they're doing. that they're tracking them in a variety of ways. of course with price, but again, with that mix of assortment and with things like faster delivery >> good sign >> thank you very much melissa rabko. walmart adding to the positive momentum of today's market rally the three major averages trading above the lows from two weeks ago as strong retail sales numbers and solid jobless claims data is calming those fears of a recession. our next guest expects the markets to move sideways from here as weaker data challenges the soft landing scenario, how should you position your portfolio? let's bring in chief investment strategist at piper sandler. michael, welcome >> hey, good afternoon >> seems like we have some positive data not only retail sales but jobless claims came in at a one-month low two weeks ago we were talking

about a potential recession. but that -- that scenario seems to be changed. >> the markets clearly trading now on economic activity and growth data. so let's remember the last two years when the markets were really trading on inflation data and every other cpi print we'd get volatility in the market and narrative shift, you know, going from the fed's going to be cutting six times at the beginning of the year to the fed possibly hiking was the narrative in april and now we're pricing another several cuts this year into next year and so let's keep that in the back of our mind as the data now continue to be volatile and create this back and forth between the narrative. >> now a look to the next jobs report that's the next piece of data we have before the fed makes its decision on whether to cut rates in september how do you think that could influence what we hear from jerome powell then >> yeah, the next jobs report obviously is going to be focused on there's potential that we

don't see things continue to rise at the same pace in terms of the unemployment rate we're going to be looking for clues well before that we'll get a handful of jobs-related data between now and the next jobs report, between consumer sentiment data, job openings, small business hiring, et cetera. so the data we're focused on are obviously in the employment data, but also the housing data. if you could about the economy as a train, housing is the locomotive, the front of the train. and employment, the caboose, back of the train. if we're expecting the economy to pick up here, we'd want to see the housing data really start to improve, something we often see at the beginning of a soft landing, as soon as interest rates decline if we look at mortgage rates, they peaked in late april, and today we just got the homebuilder confidence, the nhb con decks, that hit the lowest this year. we saw a pick up in ri e-fi

activities i think the picture is still mixed. that's going to continue to -- we're going to get good data we're going to get some bad data i think market reactions are going to be extreme as we've seen for the last two or three weeks. >> michael, a lot of folks lately have started to talk once again about dividend paying stocks i'm curious what you think lower interest rates will mean for the appeal, the attraction of the dividend payers. and there are good boy and good girl dividend payers, and less good dividend payers how do you separate the one from the other? >> yeah. we have a model we call the ability to pay model or ability to sustain those dividends you want to be careful late cycle especially when stocks are getting hit under earnings pressure, looking at a dividend yield as being attractive when, indeed, it's a reflection of the fundamentals deteriorating rather than a company that has a good dividend yield that is a function of actually improving free cash flow yields. so we want to be focusesing not

only on the dividend yield but also the sustainability of that. we've seen pretty large dividend cuts this year, intel being one of the biggest, the most recent. and so we want to combine dividend yield with free cash flow yields to make sure that companies that are paying dividends will continue to do so, and we're not looking at high yields as a value trap. >> what about big tech right now? the nasdaq utperforming here >> yeah. you know, there's -- there was a huge scare in the momentum trade which was -- still the best performing strategy this year. took it the hardest last -- couple weeks when we saw the market selloff, but has rebounded the sharpest i think that goes back to largely a lot of these higher momentum stocks still continue to have better earnings. and we put that in the context of the great rotation trade which, you know, i think is really over. i know today small caps are getting a bump this week we got good data

but when you look at the relative earnings of large caps to small caps, it is still a straight line up, and without broad improvement in earnings coming from the average stock or the smaller stock, i think we're going to continue to see big tech, high quality, faster growth companies outperform from here. >> okay. also looking at the russell 2000 on pace for its best day in nearly a month michael, thanks. >> thank you bond yield rallying alongside stocks the ten year getting back above 3.9% for all the details, let's go to rick santoli in chicago. hi, rick >> reporter: hi, tyler indeed, what a wild morning we had. at 8:30 eastern we saw the data on retail sales better than anticipated, a drop in initial claims although we had ten consecutive months continuing above 1.8 million. let's look at twos and tens on

one chart. twos overperformed to the upside if you look at where yields were at 8:30 eastern, we're up 14.5 basis points from that level in twos right now only up eight in tens. you heard seema talk about equities have recouped, everything from jobs, jobs, jobs, august 2nd, friday's big move well, let's look at two year most closely associated with the fed, you can clearly see on the far left-hand side is where yields were right before that jobs report was released look at the right side of the chart today. we've gotten all that ground back, and the reason i picked the two year is because of the implications for the fed and how that theoretically changed everything with respect to what was going to be the catalyst for the first rate cut finally let's look under the hood of the equity move that was negated by jobs on friday. look at the vix, that's the vix starting on the 2nd of august. it climbed to 65 -- almost 66,

and now look where it stands now -- 15.5 is the last price. basically that went down every day after that initial shock seema, back to you >> rick, thanks for bringing that to us rick santelli. soft bank and intel have been in discussions to build an a.i. chip that would rival nvidia however, those talks broke down after intel struggled to mideast the requirements that according to the "financial times. the japanese conglomerate is reportedly talking to taiwan semiconductor. remember intel is aiming to compete with taiwan semi once it's unand running in the u.s. the t underscores the challenges companies face when trying to compete. another going public this fall are working on rival chips wall street doesn't seem to be -- see these companies taking market share from the company. you can see nvidia's comeback continuing the stock has recouped a lot of losses, up just 17% this week,

tyler, and the company reports earnings on august 28th. >> soft bank was looking to collaborate with intel, ton take over intel >> that's right. work with intel, hand in hand, to produce an a.i. chip that would compete with nvidia. but again, doesn't seem like that is going anywhere as reported they had troubles working with intel on that. >> all righty. quick power check. on the positive side ast space mobile, the shares soaring 40% after revealing an inaugural launch date for its space-based cellular network investors include verizon, at&t, and google that's some financial power. the shares are up nearly 400% in 2024 on the negative side you've got dillard's, the department store chain, sinking on disappointing second-quarter results, including a revenue miss, management highlighting a challenging consumer environment, and rising costs on the earnings call. that is your "power check.

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welcome back to "power lunch. an american russian former ballerina has been extentsed to 12 years -- sentenced to 12 years in a russian people colony her crime -- high treason. she donated $50 to a ukrainian charity. while most americans were about the safe return of "wall street journal" reporter evan gershkovich and basketball player brittney griner, many were also concerned about the potential hazards of making deals with vladimir putin. to make sense of this all, let's get more, this seems totally unfair what do you make of it >> seema, this goes to this question of incentives when you do these kinds of trades with vladimir putin is the united states government incentivizing the putin regime to simply snatch up other americans or dual nationals to hold for the next round of

trades and that is one argument about what happened here i mean, this seems like a fairly thin pretext, the $50 donation to the ukrainians. don't know the back story, what her involvement with ukraine might have been. what she was doing in russia all of these details will come out i'm sure but there has been a lot of criticism of the biden administration about that deal they made back on august 1st to trade a whole bunch of people. and there you see some of those people arriving. the guy in the picture there, seema, in the tan shirt who hugged vladimir putin, who you can now see behind the flowers here in this shot, that's a guy who might be important for our audience to know about because he operated a massive insider trading scheme on wall street that hit american investors or investors in american markets to the tunes of tens of billions of dollars -- tens of millions of dollars i should say, in ill-gotten gains he was one of those people who was traded back in that most recent exchange of prisoners

between the united states and russia and as it happens, seema, we have a new podcast called "the crimes of putin's trader" out on all major platforms about the life and times there you see the qr code on the lower right-hand side of the screen you can scan and check out that podcast. that conversation continues when you trade people like this who did enormous damage to american financial markets. is that worth it you know, if you're evan gershkovich or his family you might say yes. with a hard nose strategic look at this, there are people who say the biden administration may have traded too much in that last round >> yeah. first of all, your podcast, congrats i've been listening to it. it's fascinating back to the story about the ballerina who's now in jail in russia, how do you think the recent moves by ukraine sort of making inroads into russia influenced this decision >> well, i'm not sure you can necessarily say there's a one-to-one linkage between the

ukrainian invasion into the kursk area and the decision to pick up a dual national in russia but i think that, you know, the more the putin government feels under siege and feels they need to have bargaining chips, they're going to go out and look for those baringing chips to snatch up -- baringing chips to snatch up and wait for the next trade, whether territory and prisoners in ukraine, prisoners with the united states i mean, in the last round of trading with russia, you know, the united states agreed to force the release from germany of a russian assassin, right, who had killed someone in berlin was traded back, and the people that we got as the united states were journalists, civil society people and the rest. it looks like two totally different groups of people here. >> very interesting. thank you very much, appreciate the time all right, warren buffett revealing interesting stakes in berkshire's 13-f filing. we'll check the charts for potential opportunities in the

market navigator next.

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in our "market navigator" segment, as we mentioned the markets are pushing higher today. we have done volatility hedging ideas lately what if it was one stock that could serve your portfolio as an offensive and defensive play carter worth of worth charting joins us now your idea, carter, is to buy berkshire hathaway b shares. how does this sort of go both ways in a portfolio? >> yeah. well, before we look at the charts, one thing we know is of course year to date it's been quite a happy outcome in the sense that both the s&p and the qqq up 15%, 16%, and berkshire up 23% so doing its job both offensively and defensively, less of a drawdown let's look at two charts they're both identical with different annotations that speak to the current situation we know from its lows of october of a year ago, it surged from

330 to 430, you see that there it's been ranged down the past six months since the february high just now starting to move out of the range. a second chart, same chart but just different -- way to draw the lines, whether you want to call this an ascending -- to name patterns, it's not about what you call it, it's typically resolved as follows -- after strong advance, 330 to 430, 30% move, then a pronounced consolidation, the standoff is usually resolved in the direction of the proceeding advance. so the breakout here that's under way i think carries quite a bit further. tyler, final chart that might be informative and instructive. this is a -- a racial chart which is to say it's one thing divided by another it produces a relative strength lie. that lie is simply berkshire divided by the s&p and of course what you see is that berkshire's relative performance, the market peak in

the dotcom was in a lull. you see the peak which was a financial crisis lull. everyone was throwing everything away, and of course they were hiding in berkshire. so berkshire's peak performance for the market actually goes all the way back to the financial crisis it's never exceeded that relative high. we think ultimately berkshire will make new relative highs to the market, offering both an offensive and defensive trade. >> if i'm understanding you correctly here, carter, we looked in those first couple of charts at a stock that is breaking higher relative to its -- breaking higher in that last chart, what we saw was a stock that does better relative to the s&p in times of stress >> well, essentially that's right. it's a defense -- one look at year to date, outperforming the market if once like the cyclicality of

berkshire which it has, tied very much to financials, but it's also a big railroad, has a lot of consumer brands, we think it, again, because of the cash holding which is not a technical thing, it's fundamentals, because of the person in charge, i think you get both sides of the coin here. >> all right carter, thank you so much. great to see you, my friend. carter worth >> likewise, you, too. coming up, work-life balance has become more and more valued by american workers, especially in a post-covid world where they got used to working from home. can the same rules that apply to can the same rules that apply to employees apply to the ameritrade is now part of schwab. bringing you an elevated experience, too? too? we will debate that.rms ♪♪

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work-life balance to "fortune" last year. >> railroad disciplined about balance. if there's anything after 6:00 p.m. and if i'm in town, it's got to be a pretty high bar to keep me away from the family anybody who gets a moment of time after that better be sure that it's important. >> so can there really be a work-life balance at the highest level of major corporations? i think of those jobs as 24/7 deals, or is running a business in this day and age really a job you cannot leave when you walk out the door joining us to discuss, julie balky, president and chief career strategist at the balky group. steve onlin, cnbc contributor, former ceo of office depot and auto zone. welcome to both of you julie, let me start with you no one's really contending here that laxman was let go because he opined in favor of work-life balance. it was the numbers that got him.

>> right i think generally if ceos are delivering strong numbers, how they're doing it isn't as much of concern but what he's getting attention for obviously is he's saying, look, i did this job differently. i had work-life balance, work-life integration, and i think he deserves kudos for role modelling that behavior. the store results numbers is a completely different story >> steve, where do you come down on this? my bguess is the issues had to d with the profits, revenues, china, and far more than whether laxman was leaving at 6:00 >> i think that's right. work-life balance is an important part of the employment proposition today. however, as a c-suite member, you have to be on, and you have to be available because you have obligations to your customers, your employees, and your owners. and you can't just be non-present for non-accessible he didn't say that, but it is a

different kind of a -- of a stress on the leaders of an organization now the good news is we have technology today that facilitates that and you know, you can go watch your child's game, but you really cannot disconnect from what's going on. you have to be available should there be emergencies this is especially true in retail organizations or other kinds of companies that have seven by 2 had operations or global operations -- 24 operations or global operations where parts of your company is operating all the time it's accessibility for your constituents >> julie, is work culture set at the top? i think there are a lot of ceos who feel they need to lead by example, and by saying they leave at 6:00 p.m. to prioritize time with family, that that will set the example for their employees. >> yes it does set an example. steve is right, it's not that you shut everything down and become available, it's just that you're better at setting priorities and boundaries in your life. technology has made it possible, but it's also made it harder to

unplug and truly focus on the other things in our lives. look how all of us are tethered to our phones. so it's -- this technology's a blessing and a curse it's wiped out any sort of boundary between work and the rest of your life. work is part of your life. i think we have to find ways to put stakes in the ground and say i'm also going to be present for my family or my community, or any other things that are priorities for us. and yeah, ceos, you do have a different type of job. the pressure's on you. but i do think also people are looking at you for leadership around what the culture is and what it's going to be. so you have to be aware of that, as well. >> let me turn back to you, steve, for a quick question about eric schmidt of late of alphabet he was of course the ceo at google and on the board and chaired that board he has walked back comments where he was perceived to be

critical of the work-life balance culture, the work-from-home culture at google in which he implied that it was the embrace of that that in part caused google to be behind in the a.i. race. as i say, he has now walked back that -- those sort of comments but my question is more broad than that. what do we know about how work at home has affected productivity or performance of the corporation? >> well, we've done a lot of work on this at the conference board. and you know, there are certain jobs, of course, that can't be done remotely and we're not talking about those. you know, we've seemingly talked about either/or. you either are remote or you're in the office. and a lot of ceos said we're going to come back to the office 100% our view and what our ceos are telling us is that it's going to be hybrid, and a balance probably for the long term

so when you have that situation, then the leadership needs to focus on where what gets done, okay so if you're at home and you're trying to socialize, nobody's there. so you have to help people prioritize the work that can be done as an individual contributor, one on one, you know, by yourself at home. and then when you get into the office, don't try to do that kind of work because you get interrupted. but plan for the work that requires collaboration, learning, innovation, brainstorming, all of those socialization things so it requires that leaders deliberately change the -- where work is done and how it's done and schedule it and model that >> yeah. there's ways to make it better and more efficient, julie. i think also to the cooling jobs market we had two big technology firms announce reductions to their work force, cisco last night saying it's going to eliminate about 6,000 jobs that follows 4,000 jobs they eliminated earlier this year

and then intel laying off 15,000 workers. how do you think that changes the work-life balance conversation does it give employers more negotiation power? >> it does i mean, the pendulum swings slightly toward employers in these times. when i look back at 2008, the last big recession, it really paralyzed people in terms of changing jobs, they held onto jobs they hated just because they were afraid of being unemployed what's different now, 16-plus years later, is that we have a lot of younger workers in the work force, and technology has also given us a lot of other side hustle, side employment options. and so the -- where it would have paralyzed us in fear 15, 20 years ago, it now, it's not doing so so a lot -- you talk to younger people, they're like, okay, if i get laid off i'll find something else to do so it's never going back to where we are, you know, we are

going to swing with the amount of layoffs layoffs up, everybody stays. layoffs down, everybody goes i think it's always going to be some mix of that and the younger generations are creating a work world that those of us who are older just don't understand and so there's real push and pull on the side of employers saying everybody back, and the younger workers are saying, no, thanks and so the carrot and the stick that they've always used is not working. so employers especially i think have to find a new playbook. >> steve, do you agree >> well, yeah. you have to build the case for employees that it's better for them to be in the office particularly people who are earlier in their careers where all mentoring happens, all socialization happens, all teaching, all informal, all demonstration of leadership happens in a social setting. you know, call it the office and not that you have to be there 100% of the time it's not that you have to be there until midnight every night. it's just that there needs to be

a balance of what kind of work happens where. and people -- you know, younger people need to understand the benefits of being together in the workplace. >> it's an important discuss to be had work-life balance and balancing productivity in the workplace. julie and steve, thank you see you next time. let's get over to julia boorstin >> reporter: federal prosecutors say five people have been charged in connection with matthew perry's death including two doctors and his personal assistant. they are accused of forming a criminal network that distributed the ketamine that let to the star's fatal overdose last october prosecutors say they took advantage of his addiction issues to make money there's a contagious mpox virus circulating in africa. it is the first known strain outside of the continent it comes one day after the world

health organization declared an outbreak a global public health emergency. and striking hollywood video game actors picketed outside of the disney character voices studio in burbank. the roughly 2,600 union members have been on a work stoppage since july 23rd. they are demanding the studios commit to protecting their jobs from artificial intelligence a spokesperson for the video game producer says the companies are negotiating in good faith. tyler, back to you >> julia, thank you very much. coming up, nuclear power is back in the spotlight as power demand grows across america and the world. pippa stevens is in georgia where some big energy plans are under way. hi, pippa. >> reporter: hey, tyler. i'm at plant vogel where the first newly built u.s. reactors in 30 years are now on line. this plant is now the largest source of clean energy in the country. i got an inside look at the plan i got an inside look at the plan an

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pippa stevens in waynesboro, georgia, where the first u.s. reactors built in years are now operational. pippa? >> reporter: hey, seema. it was hard to get a sense of how big this operation is. each of these cooling towers are 600-feet tall. in the background you see the newly built reactors, three and four, each weighing more than the statue of liberty. nuclear energy is about 20% of our electric grid, and the industry is getting another look one challenge has always been staying on time and on budget. this plant is no exception seven years delayed and more than trouble the estimated cost. southern company ceo chris womack told me a lot of that is because the u.s. had to restart the nuclear supply chain >> this country hadn't built a nuclear plant from start to finish in over 30 years. so putting the band back together in terms of supply chain, in terms of the work force, in terms of the labor resources, there were a lot of things that had to be brought together for the first time in a

very, very long time >> reporter: he added that unit four was cheaper than unit three, and took half the time to construct as things became more efficient. i saw the inside of the plant yesterday, including the turbine generator building which has hot water, cooler water, and steam running through miles of pipes it is hot and humid in there and it's where the electricity is actually produced and seema and tyler, let me tell you, getting inside was stricter than airport security. >> incredible story, pippa and live shot. how do politics, the upcoming election, how could that change our nation's ability to continue using and growing nuclear power here >> reporter: so i asked mr. womack about that, and he said that the industry has traditionally received bipartisan support if you look at how long a plant like this takes to come on line, remember construction here started in 2009. they have seen multiple different administrations and different parties. and the main thing is a project like this, of this size, it

provides a huge boost to the community at the height of construction there were more than 9,000 workers here at plant vogel day in and day out now there's 1,600 every single day. there's a lot of specialized labor. so that is always something that the industry has noted to. however, executives say that there has to be more public-private partnerships, there has to be more support the nrc is very, very involved in all of these plants and there's been some constraints around permitting, some flip-flopping and design models and things like that that have traditionally led to higher expenses while he said that there is support no matter who's in office, given the benefits of these projects, the administration and utility executives and the energy ecosystem broadly have to work together more. >> pippa stevens in georgia. thank you. our shares of ulta beauty surging after warren buffett's berkshire hathaway revealed a new stake in it worth more than a quarter billion dollars. we will trade that one and a

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welcome back time for today's "three stock lunch. here with our trade is sylvia jabloyski, co-founder of defiance tesla we have shares of deere jumping higher after the company posted a beat for the third quarter despite slowing numbers. sylvia, are you buying deere or deer repellant >> hi, tyler great to be here with you today. i think i'm on the deere repellant angle unfortunately. you know, the company, it's great that they beat on top and bottom lines but i think the agricultural business hasn't fully hit a bottom yet crop prices are too low. they're losing sales, revenues, they're losing money on farm pricing, farm revenues, and if you look at one of their competitors, caterpillar, it's grossly outperforming this name. i don't see a catalyst in

thenary term i think -- the near term i think until commodity prices move the other way it's going to be tough to see momentum to the up side on this name >> next up, ulta beauty which is surging double digits today. regulatory filing revealed that warren buffett's berkshire hathaway took a stake in the cosmetics a stake in the o'company worth over $250 $250 million during the second quarter. do you like this name? >> i almost feel bad saying this it's such a good day i think it's a sell on the rip for me, right? i love that warren buffett's in there. it's a good company. they generate positive cash flow, 66% of their customers are enthusiasts and they make up 80% of their business. they have a strong brand i think it's an over saturated market you have sephora sitting in kohl's and massive global expansion there. retail sales this morning told us that consumers are just fine in spending, but also kind of on nondiscretionary i don't know what the catalyst is, and if i was in this stock 8% ago, it's actually still down 25% for the year or so

i probably would take my gains and run. i'll look at it again next year. free cash flow is always good. >> why not all right, finally, we got your micro strategy shares are moving higher as defiance etf launches the first leveraged stock etf on micro strategy in the u.s. tell us about this new product and your thoughts on microsoft a single stock atf >> yeah, i love this it's 1.75, the daily performance of microstrategy the reason we launched this is twofold. one, it's the perfect cross section between exposure to ai and exposure to cryptocurrency and digital assets past performance is not indicative of future results but if you look at microstrategy versus bitcoin, versus all the bitcoin etfs, it's, you know, up three times that or ten times that in some cases including the cryptocurrency itself. so we just thought that, you know, hadthis is a stock that gs you exposure to crypto and

historically it's given you performance. it's a great proxy with the balance sheet that they have in bitcoin to get that kind of exposure >> so this is a 1.75 levered play >> that's right. that's right 1.75 of microstrategy on a daily basis. >> on a daily basis, so if it goes down a buck, i lose a buck 75 >> you do. and if it dwgoes up a buck, you get $1.75. >> glad you clarified. >> just because i'm a little slow i got to catch up here sylvia, thanks so much we appreciate it, defiance etf's cofounder and ceo. >> you can always hear us on our podcast. follow and listen to "power lunch" wherever you go lunch" wherever you go we will be right back. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis, help make trading feel effortless. and its customizable scans with social sentiment

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. well, the market's continuing to rally, let's give you a quick check at the dow, up 1.3%, or more than 500%. the nasdaq outperforming up more than 2%. amazon, nvidia, tesla among the biggest drivers of those nasdaq gains as you see there, up in each case 4% or better president biden speaking earlier discussing efforts to lower drug prices, including allowing m medicare to negotiate prices angelica peebles looking into that story for us. angelica. >> yeah, tyler, today is a big day because this is the first time that medicare has the ability to negotiate drug prices directly now, there are ten drugs in this initial batch, things like el kwis, and enbrel, that's just to name a few. the biden administration is saying this program will save medicare $6 billion and save patients 1.5 billion in 2026, which these prices go into

effect now, you're hearing a lot from the administration about these steep discounts that they're getting from the manufacturers upwards of 30%, even in the range of 80%, but it's really important to know that they're calculating these numbers off the list price, which nobody really pays, and it's hard to know what the true savings are here because the current prices are already discounted and, those are secret the biden administration says overall these new prices will result in about 22% less than the current net prices that's not as bad as some investors had feared, and you're seeing that reflected today in pharma stocks, which are basically float some of them are even up like bristol meyer squibb. three minutes left in trade. several stories you need to know starbucks revealing income ceo and chairman brian niccols compensation plan in the new filing he will receive $10 million in cash, 75 million in equity awards the equity compensation will vest over time, and for leaving

chipotle, he'll receive a separate 10 million cash bonus, 75 million in equity, which also vests over a three to four-year period wow, it's good to be brian. >> he can afford a venti, whatever he likes every day, maybe twice a day. >> any size. shares onf cisco revealing t is cutting 7% of its work force globally and also reported better than expected fourth quarter results. the company beginning a restructuring plan that will result in a billion pretax charges and allowing it to invest in key growth areas like ai it is cisco's second round of layoffs this year, but the stock as we mentioned there, having its best day in years up nearly 7% >> i was on the earnings call, ceo chuck robbins talked about how this is not so much a reduction. it's a reallocation towards the markets that are growing like ai and cloud. so clearly any tech company now really is trying to figure out

what role they're playing. >> how do we stamp it with ai. >> exactly. bill ackman's pershing square revealing a new stake in nike, disclosing it owned more than 3 million shares worth roughly 229 million as of the end of june. it's not the first time ackman's owned nike in pershing squared made $100 million profit taking nike shares -- trading nike shares over a six-month period. >> nike has been laboring quite a bit lately we'll see. it was up about 120 if i'm remembering, as recently as last fall, we'll see whether they've got the sauce to get it back. >> there's competition on holdings as well it's dealing with a lot. >> there are a lot more sneaker makers out there fighting for share and doing very nicely. amazon one of seven other companies looking at expanding drone use in the uk. the key is this test would let the drones fly out of the visual line of sight of the drone operator restriction of the faa in the u.s. has as well

a key part of the test will be etthe drones can detect and avoid other flying objects including, of course, airplanes or maybe cups of guinness. >> this was jeff baezos's pet project. we're still not seeing them out there. >> seema, great to have you with us. >> thanks for having me. >> thanks for watching "power lunch," everybody. >> "closing bell" begins right now. >> all right, thanks very much welcome to "closing bell." i'm scott wapner live from post 9 here at the new york stock exchange this make or break hour begins with this remarkable run for stocks, which are higher again today on hopes consumers are going to hang in there retail sales better than expected we're going to ask our experts over this final stretch whether data on the economy this weeks means the rally is really back on for the time being. take a look at the score card with 60 minutes to go in regulation it certainly is today, nice gains across the board we're higher all the way around. the todow is working on its best week since december. there's the nasdaq