a result >> good stuff. appreciate your questions as always keep sending them. we'll try to get to as many as we can shaping up to be a big day on wall street. s&p 500 crossing above its all-time closing high. now closing in on its all-time intraday high. kelly evans and "the exchange" crew pick it up now. >> we are going to pick it up right there, scott thank you, and hi everybody. here is what's ahead back to the highs. the s&p and the nasdaq hitting new records today in terms of the closing high, of course. the companies that make everything from washers to jet planes to soda, they're reporting growth they're raising guidance, that's driving the gains. we'll follow it. also wall street's mixed blessing for lyft. they're getting ten initiations in the past 24 hours are the analysts all in or are they staying away? some of the commentary may surprise you and a social security warning. some startling new numbers from washington that have many worried about the future of their retirement we'll dig into that a little later on, but we begin with

today's markets. dom chu is here with the big numbers. >> stone's throw, the closing levels have been breached in terms of records for both the s&p 500 and the nasdaq composite. we just need to get a little bit more to get to those intraday record highs the real record highs, so to speak, for the dow industrials 165-point gain, near the session best levels of the day so far. solid gains for the markets, broad-based exposure small caps doing really well if you look at the s&p 500, remember, the last time we saw these levels, you go back to september 21st, and we see 2933. remember, 2940 represents the record intraday high that we saw, so again, very close and remember, a 25% gain since the lows that we saw in the s&p 500 on december 24th, and if you're looking for a stock to watch, how about two of them, event ipos, zoom video, pinterest, surging 6.5 gain for zoom, 8%

gain for pinterest do we see the market narrative being bullish carrying the ipo names or the other way around and the ipo bullish names driving some of the market sentiment? we'll see you in the coming weeks. back over to you, kelly. >> that is an excellent question, dom, thank you very much i'm kelly evans. oil is rallying, crude hitting its fresh highest levels since october. new home sales jumped 4.5% in march, the third straight month of gains, helping the home builders today and on a busy day for earnings, on average, earnings are coming in 5.5% above estimates. you know who we're going to for more, bob pisani is down at the new york stock exchange. quite a morning. >> reporter: yes, the beats you mentioned you coming in higher than typical, and that's what's powering all of this action. we have companies, look at these numbers, we have companies like lockheed martin and united technologies, and pulte group beating by double digits we have strong beats for

whirlpool and nucor the steel company. average beat is 3% on the s&p 500 so these are way above usual and another sign analysts cut expectations too much in december on fears of a global slowdown that haven't happened the guidance is also up, all the major companies either raised guidance or affirmed their full-year estimates. in a sense, if you want to look at this the right way we're back to where we were in late september at the old highs look at what happened this year. so far, 448 companies. 90% of the s&p 500 is up but wait in the fourth quarter last year it was the opposite 438 were down. this year, only 54 companies are down, that's 10% but wait in the fourth quarter, only 67 were up. it's an exact mirror image, why we're back to where we were in september. what is missing from the rally i see three things i need more individual stocks to break out, 13 new highs in the s&p, that's not going to do it we also need more volume, it's been terrible for a month. we could use a little more volatility, 12 on the vix, on a

breakout, eh, like to see more action back to you. >> bob, i can give you disney at all-time highs, mcdonald's and yum! at all-time highs, honeywell, mastercard, microsoft, aftericaoracle, not d enough >> reporter: i have 13 on the s&p coming down here out of 500 hitting new highs so yeah, you brought up some good names, dow jones names, but i want to see a lot broader breakout right now >> fair point. bob, stay with us. we're talking about the earnings, because it raises the key question, were those fears about a looming recession way overblown? let's bring in alicia levine, chief strategist at bny melon investment management. we get the nuggets from corporate america that point to consumer strength and pricing power. kimberly-clark and whirlpool able to raise prices and pass

that along there is strength out there, even if we had gyrations in the numbers for the last few months? >> hi, kelly there is strength and the interesting list about stocks you mentioned at all-time highs, all of them are multinational companies that have a large percentage of their business lefrd levered to overseas revenue, telling you the global picture is better than expected and you should continue to see this moving forward >> this is a great point what is the mismatch between the awful macro data out of china and germany and some of these countries and what we're hearing from corporate america are they able to execute well or you think it's actually the growth there is better >> i think what you need to separate is looking in the rear view mirror and the old data, and expectations moving forward. so if you unpack quarters, what you're really seeing is that there was weakness there was weakness in january and february march started to turn around and

you're seeing that throughout the multinational complex, and we saw that with the financials. we saw it with the industrials and i suspect we'll see it with tech, painting a picture of linearity getting better i felt comfortable with this moving forward >> sure. >> the data is weak. europe in particular looks mired in its malaise however, the market's up 17% this year. >> um-hum. >> over there, and what that's telling you is that we have bottomed expectations have bottomed last week we had the terrible pmis and the markets were up >> they weren't terrible bob, let me ask you about this as well. are the earnings helping the market get to new highs? simply because it was better than feared, or do they tell us something about a sustainable strength in the u.s. and even possibly the international economy? >> i think what we're seeing here is flattish earnings growth in the first quarter and likely also flattish in the second quarter but no earnings recession. that's number one. number two, the big debate is where do you come down on the

recession debate if you think this is a recession in 2020, earnings are going to drop 10% to 20, and so is the market right now the evidence supports the idea there isn't a recession in 2020. china bottomed in january or february we have shanghai up 30% this year europe is iffy, but the evidence even there is at least stability, if not some kind of bottoming. >> guys, thank you both, bob pisani and alicia levine shares of twitter are surging 15%, and on pace for the best day now since october of 2017 they reported a strong beat and good daily user growth remember julia boorstin told us about that esterday? she's back with more on this quarter. hey, julia >> hey, kelly, that's right. in addition to a significant beat on earnings expectations, twitter's user growth is striking monthly user numbers returned to growth after more than a year of quarterly declines, and the new

number that twitter is focused on what they are calling monetizable daily active users, it grew trostronger than expectd up 11% to 123 million. cfo ned siegel telling us the efforts to make it more user friendly are working >> we did a lot to improve relevance around the home time line and the notifications that bring people back to twitter and we saw benefit from that this quarter, as well as the ongoing marketing that we do >> segal along with jack dorsey stressing twitter's biggest focus is improving the health of the platform, eliminating bots, fake news and harassment, and that's also a big part of their investment and where they'll be spending their capital expenditures over to you. >> stay there. steve kovak is cnbc.com's technology editor. snap is up on twitter's results. they report after the bell why are they perceived as telling us something about social media companies beyond

just twitter what is that execution story >> exactly what they've proven is you don't need to have 2 billion users like facebook, you don't need to be at that scale to keep the users engaged. advertisers see this engaged somewhat smaller audience is actually very monetizable and they can really show ads in them better than they could in this big ocean of facebook. twitter used that with 130 million-issuesers and snap after the bell >> you can, julia, be niche and we heard this with pinterest earlier today, he said look, i can see a viable business model in the long run, even if they're a niche player because an ad supported model is one that usually works. >> the key thing is engagement is the name. steve used that term several

times. this is the shift to talking about daily active users are about. these aren't people that check twitter once a month they are there every single day and paying attention and the audience that's valuable for advertisers. i do think that we've seen facebook be so successful even in the wake of all of their scandals, when it comes to their quarterly numbers and we'll see what happens when facebook reports tomorrow, but there's been a lot of questions, sort of who could steal share from facebook or who could thrive as facebook is facing on the scrutiny, and what we've seen here is that twitter is really executing on these different issues that they've committed to, such as the health of the platform >> right >> and it seems to be working. >> so steve, what about the backlash, the tech lash? i got off the platforms a couple years ago. >> right >> so why is it that, or does it matter, if there's enough of a segment of the population that enjoys these platforms, finds value in them, engages with them every day, again, do they need to show that that daily user growth is kind of going

parabolic or enough to show it's steady enough, our core user base is engaged, we're not worried about the scale of facebook >> jack the first thing he said on the earnings call today, i'm focused on the health and safety of the platform. he said what happens online can affect people or happens online could affect people offline and that's what they're really focused on and they know it's a problem. this has been a problem since the dick costello era and it's been a year to take it seriously. there's progress but clearly about the there. last week it was reported she was getting death threats still up on twitter, a representative, so they have clearly a lot more work to do >> investors will say great, the stock can still run. thank you both, appreciate it. steve kobach and julia boorstin. here is what else is ahead on "the exchange. coming up, a new way to play the energy boom that doesn't bet on energy companies.

plus, forget going to the mall for clothes how about going for an escape room, axe throwing or even sky diving we're looking at the changing face of the mall, and how investors are of profiting and the alarming new numbers about the expected social security shortfall is your retirement at risk one-millionth order. millionth order. ♪ there goes our first big order. ♪ 44, 45, 46... how many of these did they order? ooh, that's hot. ♪ you know, we could sell these. nah. ♪ we don't bake. ♪ opportunity. what we deliver by delivering.

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welcome back oil prices are sitting at six-month highs, but exxonmobil has some big news in the natural gas space today. they secured a 20-year lng deal for china to help them move away from coal. investors can get in on this trip to cleaner energy tortoise, which rang the opening bell at the new york stock exchange this morning is offering one path. michelle johnston is the company's senior managing director and chief strategy officer. welcome and congrats on ringing the bell >> thank you >> i want to talk for a second about what's happening with the pipelines and things we're seeing in the energy space there has been such a backlog, such difficulty moving natural gas and other things around the country. is that starting to ease now >> yes we are seeing that, and we're seeing some really, really interesting trends right now in this area that we call essential assets and particularly on the natural gas side there's a real story there with

the u.s. really leading the world in the production of natural gas but it needs to get somewhere and so the energy inf infrastructure is an important part of that story >> is it all the permitting process? because people don't want the pipelines in their backyard that's holding this up the president made a big announcement about this a couple weeks ago. is there, is the public coming around at all on this issue? are companies coming up which think even on keystone, trying to move forward now? >> i think there's a lot of different drivers. obviously politically, but also just as a nation, in terms of moving forward as a society, and becoming independent from an energy production perspective, and you know, if you go to the natural gas side, there's just such a big need for cleaner energy, and you know, we're also seeing a rise in wind and in solar as well. $8 trillion is needed on the renewable side and natural gas coupled with that is a really interesting opportunity for us as investors >> you mentioned the fund, just so people we talk about, tortoise essential assets

interim term fund. >> long. >> social and energy infrastructure want to talk about tesla elon musk had a big announcement last night, talking about how it would be financially insane to buy any car other than a tesla spread indicated on that, the idea those electric cars will be in demand and the grid, michelle, this is what i want to ask you about, will be cleaner by supplying, filling your electric car than your gas-guzzling one right now the only ways to get that grid cleaner, natural gas, renewables, maybe nuclear. how much progress are we making in that direction? >> it was an interesting announcement, and i'd say we're rooting for that, from a natural gas perspective. we see a big opportunity if you think about the power grid in particular, $5 trillion or so is needed to upgrade the state of the power grid in the united states and we see' big

switch from coal to natural gas. from a carbon emission and reduction perspective, unbelievably, natural gas is leading the way, higher from a renewable perspective by 1.5 times over the last three years. and they're compatible together, and so we just see a very interesting opportunity there, and it's one of those things that we call essential assets, the transition to a cleaner energy future for the next generation >> all right, hope investors can make some dough off this, because it's the right trend michelle, thanks for joining me. >> thank you very much >> great to see you, michelle johnston from tortoise coming up at 2:30, jeff currie we'll ask him about the oil price and so much more still ahead, horses and robo taxis. more on elon musk throwing down the gauntlet talking about he said the implications for tesla and the whole industry plus #thankgoditsmonday,

does it increase productivity? we'll ask. "the ex-change" is back in two when issues become inspiration,, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved.

everything we have, we've earned. we got no free pass. the unmistakable lexus is. lease the 2019 is 300 for $329 a month for 36 months. experience amazing at your lexus dealer. well cocome back. shares of coca-cola are rising after beating estimates. a shift from sugary drinks boosted sales. jetblue is in the green and giving a lift to the airline

sector, reporting better than expected earnings. you can see the theme. it was in part thanks to increased passenger traffic. those shares up 3.5% nearly. the home construction etf, the itb is on pace for its eighth positive day out of nine today it's led by pultegroup up more than 3%, having illustrates best day since early april, after the strong new home sales report this morning. now let's get to scott wapner for a cnbc news update >> thanks so much. the supreme court hearing arguments over the trump administration's plan to add a citizenship question to the 2020 census three federal courts already blocked that question. several dozen protesters against the question gathered outside the court. workers have started installing temporary tarps over net redame cathedral to offset potential rain damage. the cathedral isn't expected to reopen to the public for five or six years. nbc news reporting joe biden will announce his presidency, presidential candidacy, excuse

me, thursday morning with an online video he will then appear in pittsburgh monday for an event at a local union hall. he will then travel to all four early voting states the following week. the national hockey league said it would purchase carbon credits to offset emissions during the stanley cup playoffs, the announcement coincided with earth day is part of the league's efforts to address climate change that is the cnbc news update at this hour. one thing at a time for joe biden, back to you >> i was thinking, finally scott, thanks. shares of kohl's today are up more than 10%, on news that the company will start accepting amazon returns in all of its stores across the country. kohl's hoping once customers step foot in the store to return an item they'll stay and shop. our next story is not just the stores themselves getting more creative to try to lure customers. malls overall are doing the same thing and courtney reagan has

that story for the exchange. >> reporter: the american mall, it may not be the gathering place of the '80s and '90s >> i love the smell of commerce in the morning >> reporter: but extinction headlines take it too far. >> they're not dying they're just changing. >> reporter: it's true that more than a quarter of the nation's malls have closed. 19,500 store closure announcements in the u.s. since 2017, some from bankruptcies due to heavy debt burdens but lower sales and jr. margins as more shopping moves online. anchor locations are the biggest traffic drivers making them the most important and most expensive to replace but green street advisers estimates malls will be more than 93% occupied this year, that's above the historical average. last year, tenant sales were the best in six years. mall operators are getting creative, filling empty real estate with experiences, things you can't buy on amazon. >> things like axe throwing, things where people can go and participate in some sort of

experience these used to be in remote locations, now they're coming to your shopping center >> there's an escape room where a bankrupt limited and limited too store was in new jersey's woodbridge store this fitness is where jcpenney used to be it has a water park. the american dream mall in new jersey changed hands three times in the 16 years since it was first conceived, now run by the family that owns minneapolis' mall of america. it's almost ready to open with an indoor snow park, a dreamworks branded indoor water park, aquarium, cirque du soleil venue, hockey rink and vice media food hall, with over half the tenants entertainment or food, it will hardly feel like a mall at all. >> we are a consuming public we like to shop. we like to have experiences. i don't believe retail as a category is headed toward armageddon i think it's headed toward repositioning. >> reporter: the biggest mall own has peloton owners, tesla

showrooms and supermarkets >> today the best shopping centers are cure rated about 30, 35% apparel, 20% home funnishings, 20% entertainment, 15% to 18% food, 10% electronic and digitally native companies, which is sort of the biggest flow of tenants. >> reporter: simon property group owns some of the strongest malls in the country in recent years its tenant composition has changed with fewer pure clothing stores and the addition of 15 brands that started online, like warbie parker, casper and untuckit. >> you have axe throwing >> real creative, skydiving and axe throwing and escape rooms and water parks. >> it's fun. it's interesting you said simon has some of the strongest malls. the shares have done okay but a lot of the major mall reads despite the great occupancy numbers, tenant sales the best in six years but mass george

washington prime are down 20, in some cases much more than that >> in the piece there, we said a quarter of the malls that once lived in this country are now closed and i don't think we're done closing malls so i think the future is sort of still up in the air. that being said, i think we have to be fair that malls are not dead but they are changing if you're going for an escape room or water park, it doesn't look like a mall anymore it's a property, a mixed use property some have office spaces and health care centers and even apartments at one end. we couldn't get in every example, but i think when you're looking at those shares, it's going to change what you're buying when you're buying a share of a stock that is a read that underlines them all >> i know if i'm going to that mall where the life time fitness with the double pool, i'll take that any day of the week >> it's creative >> i give them a lot of credit we'll see if the performance catches up courtney, thanks so much here is what's coming up on requesting the exchange. >> coming up, the president is upset about harley-davidson's

earnings wall street breaks its silence on lyft, and forget a rolex. russell wilson with a different kind of thank you to the men that protect him and helped him get his contract it's all ahead, in "rapid fire." hi. this is the man that's going to check your eyes grandma. cognizant ai solutions are helping healthcare companies advance diagnostics and prevent blindness in patients with diabetes. everything looks good. you have beautiful eyes. ♪

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welcome back a few stories that should be on the radar today. it's time for "rapid fire. here are morgan brennan, bill griffith and kate rogers we have a full slate of stories to discuss here. >> we do talk fast. >> harley-davidson is a first stop they are blaming bad u.s. sales and high tariff costs from the eu for a 26% drop in profit. guys, that led president trump to respond on twitter today, he pledged to retaliate against what he calls the unfair eu tariffs. he was pulling for a boycott of the motorcycle company just last year >> remind me again, are we boycotting them or protecting them >> really, boycott >> declined to comment >> i think that was a retweet of another group boycotting the eu tariffs were retaliatory for the steel and aluminum put

in place on motorcycles last year harley is impacted and shifting some of their production from the u.s. to thailand for specifically that european end market which has been a big growth opportunity for them >> which prompted the initial ire of the president >> yes i spoke to the ceo of harley-davidson, matt levitich i asked him about the tweet. he said he has no response and again saying we are running the business on the facts and circumstances in front of us the facts and circumstances are that the tariffs in the eu that are expected to go up. >> working >> to 56% by june 2021 if all of this trade tension between the two countries remains, those tariffs are in place harley is eating the costs, affecting the company at a critical time. >> turned the president into a defender of theirs now, which is not nothing. >> we need a consistent trade strategy of some kind. you're either for the company or not. jimmy carter years ago was criticized for micromanaging a lot of times, and i think

there's a little bit of that going on here, when you're focused on one company and trying to develop a strategy based on that. as morgan implied, having said that, hog has bigger problems than tariffs their demand is going down and the demographic. >> they need to attract 2 million new riders by 2027, setting up a motorcycle school i believe. and testing an electric bike >> getting millenials involved >> would you let your daughter ride one of these? >> first i need to go to the ariding academy since i don't have my license but it was a key part of their earnings today >> everyone is using the electric scooters. next up, wall street analysts are out with their first notes on lyft, at least they haven't put out a note the consensus is largely bullish. one firm describes it as the future of human transportation, which is not an investment story.

keybank keyb keybanc is neutral on lyft, sector wait, $67 price target. a portion of the profit potential will be unlocked after the driver is removed. i'll take the over >> i'd like to revise the calls the day after uber becomes public the whole world will change i think for lyft on that day so they're making hay while they can right now, but wait until uber comes to market >> i'm not sure i want to get into a lyft without a driver we talk about this all the time. i'm not there yet. obviously we're several years away >> why would you want to get in any car without a driver >> exactly that just makes me nervous, but it's interesting to see all of these bullish calls on lyft today. >> the ones that are calls based on the future of transportation, tell me the business model, that is not a business model >> that hasn't changed in the last couple weeks. a lot of the calls are more tied to valuation, given the sell-off in the stock, even if it's not

explicitly said. the other thing i think is interesting is given the elon musk tesla -- >> robo taxi >> -- the announcement yesterday, he's talking about building out a network of self-driving cars, you're talking about platforms like lyft and uber and interesting to see whether the companies work together in the longer term. >> wait for the uber ipo and have the discussion. >> just a couple weeks ago he's champing at the bit in the meantime, hasbro, this is shocking, having its best day since 1996 after posting a surprise profit in earnings the toy company attributing strong performance to its focus on digital and esports initiatives, the online platform magic, the gathering arena, the card game that i think i remember from the '90s >> they digitized those cards now. >> esports >> they're talking about also old school stuff, sales growth of monopoly, play-doh and transformers. >> blah, blah, blah. >> we talked about piper jaffrey taking stock from team survey.

now video games 14% of what males are spending their money on, manic the gathering is an older game maybe they'll bring in a new audience turning to esports. it's the third highest part of the wallette after food, of course, and then clothing. >> for the teens, i believe that >> male teens in particular. i think the older brands are seeing revitalization in sales really speaks to the fact you have millenials like us, having children, and going back to the brands we loved when we were kids not saying we're old >> we should embrace it. we're the biggest in terms of numbers but we're not cool you're cool. i'm not cool >> i moved to the burbs. i don't know how cool i am >> we boomers will always be cool hasbro is only as good as the latest movie they have toys for and bumbleby was the latest one and they have made a lot of money tying themselves to motion pictures, and they have a new deal with paramount pictures, bumblebee is the first of those,

and as long as -- >> transformers movie.pictures,t of those, and as long as -- >> transformers movie. >> as long as they are tied to hit movies they'll be okay >> this is the big starbucks competitor in china filing for an ipo here. let's look at the numbers. luckin could have u coffee losses nearly double the net revenues and with coffee consumption expected to double in the next four years, luckin is doubling its size as well >> my first question why are they listing here not in china or hong kong and i found the answer, because hong kong requires you to have at least three years of financials. this company is less than two 2 years old. it was founded in june of 2017 it's losing money left and ri t right. it has an aggressive expansion plan and backed by blackrock blackrock thinks it's time to get out so they have to ipo now. >> here is the crazy thing we talked about lyft and how it

might not be a business model. i understand the luckin business model in the long run, spending a ton of dough, doing a ton of marketing. you're telling me you don't want to have a store on every block in china i was there five years ago or so, you had to walk a mile to get to a starbucks i think luckin could have a great long-term story. >> what is the hurry though? >> because you have the capital available. people will give it to you in a way starbucks is expanding so fast from china, we better expand before they take all the open territory >> starbucks isn't backing off in china they're expanding aggressive starbucks has 3700 stores in china. er this looking to double that in the four years. same-store sales in china up by 1%, last quarter they report this week. they talked about no softness in the chinese consumer and they don't seem to be backing off the expansions >> i love they're call coffee to

chinese consumers. >> and analysts call them the dunkin basically of china. >> there you go. we'll see. finally, love this, seattle seahawks quarterback russell wilson, the highest paid player in the nfl is giving offensive linemen gift, fairly common but this type of gift is not, it's $12,000 worth of amazon stock. he tells his teammates in a letter to say he's investing in them and wanted to give them something to help achieve their dreams >> cool idea, but remind me again, oh, wait, the late paul allen owned the seahawks, the co-founder of microsoft, and you're giving them amazon stock? is that a comment on valuations or something >> i love the fact look what they used to give people in terms of the linebacker gifts and it was like, hot tubs, watches. >> yeah. >> motorcycles >> you bet >> now it's so good but also so boring it's amazon stock.

>> you talked about preparing for life after football. >> it's a well-written letter. very touching. >> amazon is trading at what, $1900 a share, you're talking six or seven shares. >> right, it's an odd line how do you figure out -- anyway. >> could have gotten a lot more microsoft shares >> there you go. >> stuck on that >> well -- >> also trading at an all-time high today >> yes >> it would have been a good investment as well >> we applaud him for doing the financially stobl thing. thank you all. >> we're done already? >> we moved fast bill griffeth and kate rogers. the cnbc stock draft kicks off thursday, noah cindergaar den eighth blowry thursday at 2:00 p.m. eastern on cnbc. now, economist john maynard cains predicted nearly 90 years ago by now people would work 15 hours a week up next, a closer look at how

the changing economic and political landscapes have actually given rise to workism in america

welcome back look at the dow 30 heat map off the session highs of 185 points higher united technologies and merck are the biggest gainers. procter & gamble which fluctuated since earnings this morning is the biggest laggard in the blue chips. the 40-hour work week is no longer the standard for professionals, often putting extra hours at the office and at home according to one great economist t wasn't supposed to be this way. the famously prediction we'd all be working 15 hours a week seen even as we've grown wealthier americans are working just about as much as ever the rise of workism is showing up all over social media, where millenials are postin postinposting #thankgo posting #thankgoditsmondays

and #riseandgrind. join me author of "the once and future worker" and robert frank, professor of economics and management at cornell university's johnson school of management we call you the other robert frank around here. welcome to you both. it's great to have you orin, what do you think is going on with the workism trend? >> i think as a culture, we've really started to define work and what you do as a job as sort of where you're supposed to find meaning and fulfillment and how you make a difference in the world. for some people. when we talk about these milleni millenials, the college educated segment of the population who have heard the commencement addresses and have put work front and center in their lives, frankly, at the expense of everything else. >> so it's a positive thing, right, that people find meaning through their work, that it's part of the social fabric of society. in a way, are people working when they don't have to? in the sense okay, if we say

look, you're productive for just maybe half of the hours that you're in the workplace or the employers requiring you to be there, what is this hustle culture about? >> people get fulfillment out of their work and passion if you found your passion and want to do it, that's great. where it becomes a problem first of all when it's not necessarily what you want but you feel like you're in sort of a race to the bottom, where if you want to make progress in your career, you have to beat out other people and then it becomes a problem where you start building your life around it, so you don't have anything else you don't have the family. you're not engaged in the community and then it's like i might as well, i'm now home in the evening, might as well do some work. you don't have anything else going on, that's when i think it tips into not such a good thing been. >> that's a great point, robert. we're dealing with a lot of these trends about people having no families or smaller families or not a lot going on outside of work and you see this phenomenon among wealthier successful people, not necessarily a correlation between achievement

and working less, that maybe it's a positive correlation between achievement and working more >> yes, you do see it at every level, and i think it's important to see why cains was wrong about this he thought in 15 hours a week, we'd be able to buy everything that we might reasonably be said to need and in that respect, he was correct. what he failed to see clearly was that there's really no limit to what we want. we want something that seems cool we want something that seems interesting. we want something that stands out. those are all relative qualities, when we get used to something, then we look for the next thing, and there's really no limit to how much we can spend on things that are a little bit better than what we're used to. so i think in the workplace, too, everybody's natural impulse is to get ahead, and so getting ahead is also a relative competition. >> so what's the response to

this, then robert, i'll ask you first and orin how do people in the long run, do they end up saying, i actually, i did start a family i have to set some limits at work or what ends up being the limit then >> this isn't a new problem. we've had this through the industrialized era the way we used to solve it was with limits on the labor contract you couldn't work more than 40 hours or your employer would have to pay you time and a half. that's fine for the hourly worker but doesn't work for the professional worker. those are the workers that we're seeing, logging 70, 80, 90-hour work weeks. >> fascinating point >> we need to come up with an environment that lets those people take time off for other aspects of their lives >> and you, orin, say to that? >> i agree with that i think this distinction professional versus ultimately you're talking about less educated workers, it's crucially important and to recognize workism isn't what everybody wants. a lot of frankly, sensible people want to build their lives around other things and if we

send the message unless your job is where you get your fulfi fulfillment and passion, if anything else that is a dead end job that's the wrong message we need to celebrate people being productive contributors, supporting families and getting on with whatever else they want from their life, too >> thank you both. great conversation orin cass, robert frank, appreciate it very much. >> thank you elon musk is announcing plans to introduce an autonomous ride hailing service in some ti nyear we'll have more on the street's reaction, next to introducing products faster... to managing website inventory... and network bandwidth. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence.

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[ sigh ] introducing an easier way to move with xfinity. it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. welcome back elon musk is announcing the latest autonomous advances 2020, could hinder the ability to meet deadlines. philip lebeau has the very latest phil >> kelly, the hurdles out there for this robo taxi service, they are many and let's start with one question that a lot of analysts are asking today. what's the level of autonomy we can expect from vehicles are you talking about nobody inside the vehicle at all driving around many believe not likely to happen by the middle of next year which elon musk discussed and if happened, what would

regulators say at the federal or state levels and also, is it going to be a limited rollout? because let's be honest, you're not going to see a million of these as elon alluded to yesterday. that's the technology he believes will be in those vehicles and then it becomes the question of, what happens with deliveries of model 3s in other words, how many of these model 3s will continue to be the focus being sales to customers who are buying them or further assisted by some going into a tesla network these are questions that will no doubt be on the question tomorrow >> thank you very much, philip lebeau ten minutes until "power lunch. i am joined by melissa lee >> on the weekends, kelly, or maybe during the week, you go to stores, right? you do some shopping. >> a little bit. mostly grocery store >> you pull into the parking lot, you don't realize there might be satellites above you taking photos when you pull in,

where you park, you walk in, make a purchase, put in an email address and loyalty number where does the information go? >> to hedge funds. >> and other players people make money off of you and me leslie picker, a great story we'll have on "power lunch." >> i think when we talk about social media platforms, the data collection opting in. people don't think about this and just go to the store. >> you can't opt in when you and over a credit card, right? you can't opt in when somebody is taking a photo in a parking lot. >> i think it's a great topic. see you next hour or in ten minutes. social security is facing an uphill, expected to exceed funding. the long-term picture oks lo worse. more on that next. we're back in two. what's a target date fund?

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go to flexshares.com for a prospectus containing this information. read it carefully. so, every day, we put our latest technology and unrivaled network to work. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country. e-commerce deliveries to homes internet that puts alright boys, time to eat. that handles anything. [ crowd cheering ] that protects what's important. and reaches everywhere. this is beyond wifi. this is xfi. dire picture being painted about social security by the trustees of the program. costs will exceed income by next year and funds will be depleted by 2035 unless congress takes action joining me to talk about this is kate davidson who wrote about this in the "wall street journal" today with our own ylan mui covering this as well.

it's great to have you both here and kate, i'll just begin with you because at least this was delayed a year or two from the last report but some major changes still need to be made, don't they >> that's right, kelly so originally, i guess last year's report, they had expected the program would run into the red by the end of last year. so fortunately, the healthy labor market has pushed that back a bit they are collecting more payroll taxes, so that's helping they're getting more revenue to fund the program and some of the beneficiary costs have come down that's pushed it back but still by next year, basically the trustees are saying now is the time congress needs to think about making some changes. the last time there was a big effort to rein some of this in was the early '80s and those changes were phased over a long period of time they want lawmakers to start thinking about this now. >> there's three directions to go gradually continue to raise the full retirement age.

you could test it so those below a certain income level won't get full benefits or, you know, you just end up saying, okay, we're going to raise the amount of your salary that's taxed in order to fund this >> yeah, i think right now, lawmakers are really coalescing around that last option, kelly it seems to be the least painful one. there is a bill from congressman larson who's on the house committee that would start taxing incomes above $400,000 and that way, there would be more money going into that social security trust fund there's actually a social security caucus that was started by bernie sanders and elizabeth warren and some members of the house last fall, so this is definitely an issue that is on the radar but unfortunately, we know that congress likes to work on a deadline and the deadline for this crisis is not really until 2035 when you'll start to see beneficiaries receiving less money in payments. so there's still a long time horizon here and for capitol

hill that makes it really difficult to build momentum to action. >> kate, it seems if you wanted to raise the retirement age from 67 to 79 and phase it other a long period of time, at least it would make people feel more comfortable with benefits in the future and many fear they won't have benefits at all. >> i was chatting with someone yesterday who made the great point that this isn't just a problem for future retirees. if you look at that date, 2035 or if you look at the date the medicare fund insolvent, 2026, that's not that far away that's a problem that could affect current retirees. the newest retirees are starting to get benefits right now. they could see the benefits reduced in their lifetime. i think it seems like that just emphasizes the urgency of the problem. >> the larson bill is going to get any traction right now >> they're hoping to hold hearings on it in the house. there's that, but in terms of

the senate, republicans getting on board with this, i don't think so >> thanks. no laughing matter it was a wry laugh we'll see if they do tweak anything like we have the time kat davidson, ylan mui and thank you sofor joining me it's time for "power lunch" which begins right now. >> thank you, kelly. we'll see you in just a minute it's an earnings field rally up and away from year. lyft down from its ipo and wall street bullish about its future. should you hit the buy now and everyone making money off of your data except for you where it's ending up and how it's being used. "power lunch" starts right now let's get a check on the markets at this hour it's an earnings field rally the dow is up half a