great one. keeps going up analysts keep raising price targets. josh brown, interesting you picked the same >> yeah. patty, what's up, you didn't tell me? i agree with everything joe said this could be one of the largest financial companies in the world. >> good stuff. thank you. thanks for watching. "the exchange" begins right now. thank you very much, scott i'm dominic chu, here's what's ahead. the casino mentality carried away and extreme euphoria. those are some of the words famed investors used to describe the markets as they stand today. will they be proven right or will the numbers justify those high multiples investors are piling into one area of the market at the fastest pace in a decade as president biden takes over we'll tell you what it is.

and a moment of truth for intel. gaga for google. one less player in the smartphone wars and welcome to e-commerce baby boomers. let's begin with the markets it does look like at in stage you're seeing markets relatively flat for the second as stocks continue to march higher because of those valuations. the dow down about 19 points at this stage unchanged for the s&p 500. and out performance in the nasdaq we'll talk more about that in a few moments here stocks are continuing to march higher valuations are now being called into question with words like bubble and euphoria, overly optimistic check this out facebook, netflix and alphabet over the last week, a resurgence of faang stocks. those stocks are up 10% in one week for facebook. 14% for netflix, and alphabet up 10%. contrast that to the value oriented sectors

oil and gas etfs, xop, down 5% oil services etf down 8%, 9% the bank etfs, we had a big week of earnings here, that bank etf is down for the week are investors going back towards what worked other the last several years? that's mega cap technology these valuations are in question we have bubble euphoria, overly optimistic being thrown around earlier today two famed investors echoing some of those thoughts about the current state of the market and the heights that they're at. >> a bubble is a function demonstrated in enthusiasm so you look for signs that individual investors are getting carried away becoming euphoric. throwing away their fears and

their reserv reservations they're borrowing more money trading their shares >> the nasdaq did go down 82% in 2000 it feels like a lot like 1999 to me i think people should exercise caution and be careful not to be so levered long to this equity market right now >> joining me right now are art hogan, and james macdonald, ceo and chief investment officer from hercules investments. james, i'll begin with you when you have jeremy grantham and barry sternlich saying bubble, euphoria, how does that make you feel as an investor >> i've been saying the same thing for the past ten months.

we're at a point now where u.s. private sector assets are currently 6% of gdp, the highest ever an increase of 20% over last year this time total debt now, 120% of gdp, 50% higher than it was last year and the feds actions have been more successful with inflating asset prices versus actual gdp growth we're sitting at a point in time with valuations relative to earnings, price to book, relative to sales, that have only been approached before the biggest stock market crashes in history. >> james, i will throw this one to art here. you've been saying these things for the last ten months, you would have missed out on a massive rally in the stock market during that time span art what is the justification

for owning stocks over the past year when people were talking about bubbles and valuations this same time in 2019 and 2020? >> one of the people you talked about before has been talking about a bubble since 2012, 2013, every year we have to look at what the market trying to price in? it's trying to price in better economic activity. this is the first time in ten years earnings estimates have gone into a fourth quarter looking higher when we look at guidance for 2021, i think we'll have an explosion of economic activity for the back half of next year and simply using a barometer that is pe ratios from the last 25 years versus what they likely should look like for companies asset light and where interest rates are extremely low and stay there for a while, that's the wrong way to approach this people and investors lose more money preparing for crashes than

sticking to a diversified portfolio >> that's what financial advisers always tell their clients. you want to be invested, if you miss out on a few of those big days on the upside, you'll miss out on those returns >> james, you construct portfolios, what kinds of assets do youput into the portfolios that you market to investors >> we have to be kau cautious there are new asset classes, different ways to invest now but we're still using wall street guidance as a clue historically analysts have overestimated earnings by 30% for the last eight years consecutively every single year. actual earnings come in less than the expectation we can't always use wall street's so-called forward guidance as a clue we're putting people in volatility if someone hires me today, i've got to put money where it's low,

expect it to grow. we're buying volatility here it's at an all-time low similar to last year this is not a buy and hold this is a buy and be prepared for the worst. if the worst doesn't come, volatility is still a great valuation and great level. we like going forward 5g, artificial intelligence, green energy we're excited about the innovation that can come around e-commerce getting things into peoples homes and that last quarter mile through autonomous vehicles we're at levels never reached and the pace of ascension in this market that has never been seen before. >> arthur, what's curious about what james has just said is that many of those elements and artificial intelligence, 5g wireless, green energy, those

are some of the most overvalued parts of the market right now. where do you find value where a market is up consistently to record highs >> that's such a great point we like a lot of those thematics. i agree with you, dom, as well, when we think about electronic vehicles, stak spaks that have out with multi billion market caps, there are parts of irrational enthusiasm. for us, we would rather play the 5g theme invest in security software. i acknowledge that there are valuation gaps where you don't want to be invested in certain penny stocks have run up companies like gamestop and blackberry have exploded you have to be careful about pockets of irrational

exuberance but in general when we look at the s&p 500 it will be higher by the end of this year earnings estimates for this year are understated. >> arthur hogan, james macdonald, thank you very much for joining us >> thank you speaking of a hot part of the market, cannabis stocks are taking a hit today but they rallied a lot this year on increased homes of legalization on a large scale or decriminalization at the federal level now that democrats control the white house and both chambers of commerce, but have some of those names run too high too quickly? look at some of those, you'll say whoa what a year for 2020 into 2021. i'm joined by vivian azer. the pot stock trade has been one of the hottest in 2021 what is driving all of this optimism >> it's been a tremendous start to the year. the end of 2020 was good with

the outcome of six different ballot initiatives the start of 2021 reflects optimism for some progress in the form of decriminalization, we think, at the federal revel after democrats control the senate >> what's the likelihood we'll see a wave of legislation at the state and federal level that will make the total addressable market for marijuana for cannabis one where the valuations are justified >> at the state level, there's been hiccups in new jersey new jersey will ultimately legalize adult use, as will arizona, nevada, montana governor cuomo has been clear about his aspiration to legalize adult use. he introduced that in his budget that would be meaningful in terms of the incremental

revenue. we contemplate connecticut, rhode island and possibly pennsylvania, though the state legislature looks to be contentious. not a lot of bipartisan progress early days in this session from a federal standpoint, you're right there will be a lot of legislation. you start with a clean slate when the new congress starts so they -- they redraft all the legislation that already existed. if you think back to what was on the table in 2020, you have the safe banking act, the state's act which is a decriminalization bill, you have the moore act which is a legalization bill you will recall late last year, the house did review the moore act. we think the states act with some modifications is the most likely to pass we think that's awfully from

gou standpoint progressive >> where is this market in the next five years? many of these stocks, there's not a lot of clarity with how much of the business they can take what will be that total size of market for the cannabis industry in the united states if all of these trajectories play out at the state and federal level? >> we estimate legal adult use and medical sales were $20 billion in the u.s. in 2020. just factoring in state level changes for the nine states that i outlined would double the marketplace, from 20 billion to $40 billion. that does not contemplate any incremental progress while the stocks have had a good run, amongst the u.s. operators listed in canada, the most listed are trading at 7, 7 1/2 times forward revenue. i cover beverages, monster energy drinks is trading at nine times. those companies don't have

nearly the potential for positive earnings revisions like our u.s. cannabis companies do we have not factored in new jersey adult use sales into our models we don't have clarity on times seven times is based on the market place today and it doesn't factor in the incremental factors. >> are there companies out there that caught your attention as ones that will benefit perhaps out performance wise in the industry >> green thumb industries, we also like clear leaf holdings and cresco labs. >> vivian, thank you very much coming up on the show, muni madness. investors are piling in the market on hopes of a new stimulus package what happens if it stalls or perhaps worse can't make it through congress

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welcome back president biden's 1$1.9 april trillion relief plan is causing massive moves in the bond market in the days following the georgia senate elections, investors plowed 2.5 b$2.5 billn into muni bond funds, according to lipper these inflows are the third biggest on record. here to discuss the direction of that muni market is mark parish for investco's fixed income group. thank you very much for joining us the muni bond market is not something that we talk about often but it's literally billions and billions of in investor dollars flowing in. what is it about the administration that gets muni investors excited right now? >> i think there's a bunch of factors working in our favor yes, we do have a democratic

controlled senate, house and the presidency and the feeling is that we will get a good stimulus bill the feeling is that that will help states and localities which really wasn't talked about the first time the other thing is that there's a perception now that taxes will go up a bit more whether or not that truly happens, i don't know. investors understand that the money you make on munies is what you keep it's tax exempt. the market is strong under fmf fundamentally. where you can get one of the biggest bangs for your buck is in munies, and if the perception is taxes will go higher, we'll see a strong year in muni flows. >> we know how the struggles are for state and local governments, especially in some of the coastal areas, some of the bigger revenue type state profiles how do investors get beyond that why areso optimistic with

these hurdles that can only be solved with taxpayer aid coming down the pike? >> i think states have a lot of leverage they can pull even during the worst of the pandemic, the metropolitan transit authority was able to borrow the state of illinois was able to borrow. municipalities can raise taxes, localities can raise property taxes. issuing paper, raising taxes, that's another thing they weathered the storm fairly well they had high days cash on hand, rainy day funds. you look at airports and toll roads, they were in good shape for this pandemic. i think they're waiting to see what the stimulus number looks like if it's a good number they'll have to raise local taxes a bit less the economy is going to come back the vaccines will proliferate

through the population when that happens, i think you'll see municipalities feel a lot better about their finances. it will be longer. it will take more time we didn't see a lot of defaults in the marketplace we didn't see a tremendous amount of downgrades municipalities weathered the storm fairly well and they have multiple levels. >> you mentioned some public works projects, stadium type things, taxpayers a lot that focuses on revenue project bonds versus general obligation or taxation bonds where do investors in the muni market go for the best relative values and outlook is it for cities, state municipalities, utility type bonds? >> i think we'll see some infrastructure dollars come towards the muni market. that's one place where there's consensus between democrats and republicans. that will be a good place for issuance in the market as far as where investors should be, yes, we like the essential

services of the muni market. you wake up in the morning, you turn the lights on, you support the power company. you go to work, you drive on that toll road we believe that essential services will come back. right now we're not going to airports or riding on the trains, we're not doing a lot of the public transportation. we will be doing that soon i think that's a great area for investors to be focused on between that and what we get from possibly an infrastructure bill, those will be good places for investors to focus on as well as some of the state and local governments where the credits are fairly strong. if you're buying a locality, you should be good to go >> is it certain parts of the country or areas that are better >> there's a lot of debt in my homestate of new jersey. illinois is always in the

headlines. it comes down to good credit research and if you're doing good credit research i think you'll be just fine. >> all right mark paris, thank you for bringing us up to speed on everything in the muni market right now. >> thank you coming up, regulation fear, what regulation fear alphabet hits an all-time high as investors and analysts ignore washington and bet on clicks plus dead money or ready for a return we'll look at what could be next for intel as they get ready to report their numbers don't forget you can always watch us live on the go using the cnbc app "the exchange" will be back after this

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we are morgan stanley. . welcome back to t"the exchange." relatively flat for the dow. n nasdaq up about 2% we are seeing green for technology and discretionary the underperformers here, financials, materials and energy some of those value oriented sectors. here's some of the other movers at this hour you have shares of ford going

up they had a massive run up of 30% in one month american eagle shares moving higher despite announcing it will close at least 200 stores in an effort to cut costs. it will refocus its attention to its ari business and union pacific falling despite a beat on profits and revenues the stock did hit a record high earlier this month so we could just be seeing some of that profit taking in what's been a hot transportation sector so far let's send it over to sue herera who has a cnbc news update >> good afternoon. great to see you here's what's happening at this hour the biden administration is reportedly proposing a five-year extension of a key nuclear weapons treaty with russia the current treaty is expected

to end next month. pete buttigieg says there's an opportunity to create jobs, rebuild the structure and limit climate change. a new york state judge rejected the nra's attempts to seek the group's dissolution bernie sanders mitt s that he wore to the inauguration yesterday have become an internet sensation the grumpy chic hand warmers were made by a teacher in vermont. she said she could not be happier. they have gone viral she could probably double her teacher's salary if she took some orders. >> some artistic followers on twitter have inserted bernie's mittens hanging around cnbc.

>> thank you i'll go right to it. another break in the battle to covid-19. ely lily says its new drug prevents the disease in nursing homes. we'll speak with the company about the break through and its plans moving forward. and are airlines optimistic this is the start of a turnaround we'll hear exclusively from unite the airlines ceo about rebuilding the business in the second half of 2021.

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welcome back we have good news in the fight against covid-19 a new study found one of ely lily's antibody drugs reduces covid-19 related illnesses in at least one vulnerable part of the population meg tirrell joins us with that story. it's all about the elderly that's right we know nursing home residents are the most vulnerable to covid-19 and ely lily ran a trial to see if they could prevent covid-19 in this population to do this they used cool mobile

vans for these clinical vans, they sent them to nursing homes that had outbreaks, administered the antibody drugs to prevent them from getting sick and they found they could reduce that risk by up to 80% there are a lot of questions about how best to use these antibody drugs, to help us anthem is the chief scientific officer of ely lily. he joins us now. thanks for being with us tell us about this study that you ran, what you found and you know, we're trying to get vaccines to nursing homes right now, how do you see your antibody drugs fitting into tha paradigm >> thanks. since the pandemic we've been focusing on nursing homes, the vulnerable population there. almost 40% of the deaths are people in nursing homes. we were approached with an idea from the nih and their

collaborators to see whether we could try a prevention trial in nursing homes. so we went into the nursing homes, assisted living facilities, offered residents and staff an opportunity to participate in research. we followed them for eight weeks to see what happened what we found was among people who got the drugs, statistically significant less infection with covid-19 and less symptomatic disease. it was most pronounced in nursing home residents the actual residents we had an 80% reduction in the risk of getting symptomatic disease. that's hugely meaningful we also saw fewer deaths so we think even in this study we were able to save lives, which is incredibly heart warming in this population so the next question that you raise is if this is authorized

by the fda, that's the next step to discuss with them, how do we make sure this is available to residents of nursing homes we envisioned a rapid response in these facilities. this is not a replacement for vaccination. it's not a choice. it's for people who have not been vaccinated, where there is an outbreak happening, and there's other residents and staff infected, now this could potentially offer an immediate response to that outbreak. hopefully over time the residents all will get vaccinated >> what is your take on the new administration's embrace of antibody drugs as a solution for covid-19 we heard from the new cdc director, dr. rochelle walensky earlier this week saying they're not a panacea for treatment because they're too hard some people can get access to

these now for treatment early in the course of covid if they're high-risk, but not everybody eligible is able to get them is there support from the biden administration to facilitate more access to antibody drugs? >> i'm confident the new administration will do everything in their power to bring all vaccines and treatments to patients one of the obstacles here, it's relatively complicated to administer infusion. we were able to do it with a small group of people who turned up in a van and were able to set this up. when you combine that with skepticism from physicians who ask is there enough data or not, that makes it hard over the last few months we've seen more and more data about the power of neutralizing antibodies this is a large study. i think that will add to the body of evidence and the as

assurity that we have that these antibodies are an important tool with that doctors and hospitals will go that extra mile to make sure they can administer it to as many people as possible over the last few weeks we've seen utilization of these antibodies for treatment in the outpatient setting increasing. we get calls every day from people and facilities telling us about the results that they're getting. >> we just got a minute left sorry to ask you a complicated question with not much time. these variants, everybody is worried about them we talked to dave ricks who said the variant associated with south africa may be of concern to how well the antibody works are you looking at that? >> it's a really important question based on all of the surveillance we have here in the united states right now, it is effective against 99.9% plus of

the strains that are circulating. the remainder are hit by our combination therapy, which is under review at the fda for emergency use authorization. i think we're good right now but the threat is looming. and that is variants such as the south africa variant which has so many mutations in the spike protein. they threaten the efficacy of all the moneyoclonal antibodies we are working we have antibodies in our labs that will neutralize the south african variant. we're ready to move those forward. we're watching if this catches on and becomes a global threat of course we'll respond quickly with new antibodies. >> all right we appreciate you being here we look forward to next steps

and we'll talk to you soon >> thank you thank you very much for that report bob swan's last earnings report at intel, gaga for google and a big chunk of smartphone market share could be up for grabs. dal that and more coming up in toy's rapid fire "the exchange" will be right back ♪ ♪ ♪ ♪ i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business.

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welcome back let's catch you up on a few stories that should be on your radar today. it's time for rapid fire, here with their takes, jon fortt, deirdre bosa and jack santoli. pat gelsinger is set to take over intel next month, he's replacing bob swan who has experienced big blows since taking the reins back in 2019

including massive chip delays and the end of a partnership with apple it shows on the tape as well intel down 3% in the past year other chipmakers as you can see, big green arrows they're soaring. nvidia up 119% is this the beginning of the end of intel's pain? >> boy, hard to say, dom that is the question pat gelsinger, here's a guy who almost literally grew up at intel. he was a teenager in rural pennsylvania before he came to intel literally as a teenager, spent 30 years there before leaving, now he's coming back. and a couple years ago i basically suggested that he would be an interesting candidate for the top job at intel. and he said no thanks. responded to me on twitter and said software is the future. i think software is the future in the chip space as well given what's happening in the enterprise and in the cloud. i'm really eager to hear what

his game plan is for intel beyond the obvious manufacturing issues that they're having for working with the amazons, the microsofts in the cloud and those like apple that want to design their own chips and peel off from the intel path. >> mike santoli, the intell story has attractive qualities it's a value oriented company, it pays a dividend what gets people excited about intel? >> it has to an persuasive message that they found a way to redevelop or maintain an edge. it's like a 7% free cash flow yield if you want to think about it that way. 13 times free cash flowp producing every year the stock has been sideways for three, four years. very tough for tech companies to get out of that value mode where they're considered zero growth

or low growth. whether they can say the design piece is going to be their edge in terms of the emerging chip areas and they can do something on the manufacturing side that makes them less capital intensive, we'll see next up we have the street loving google, alphabet, the stock is at a record high. it has an overweight rating and a $2,056 price target saying in its note that alphabet is much more than a digital ad name, saying it looks like a diverse if ied internet technology etf they shrugged off the idea of regulatory issues. shares are up 10% in one week.

d deirdre bosa, can google be stopped? >> yes, it can regulators are working on that when you read these notes, regulation is almost like an afterthought i was reading the piper sandler one, it says regulatory doesn't look like an issue, dot, dot, dot, in brackets, yet. what i worry about is who investors are complacent regulation likely is not going to be one moment where the company is broken up it will happen overtime. we're already seeing this happen google has been fined more than $10 billion in total on either side of the atlantic that has not done much the next thing is looking at structural changes europe is doing this the draft rules put out last month were some of the most aggressive since gdpr. we don't know if this will result in action, but it is treated like an offthafterthougt even with the biden

administration, which some think will be friendly towards big tech, it will be hard to stop this moment. >> jon fortt, i remember the earlier days in my career when i talked about microsoft the same way that we talk about alphabet today. facebook has been a more recent example of that. mega cap technology seems to overcome these hurdles why maybe will alphabet not do it >> it overcomes those eventually, but microsoft went through a very long dry season you can see it in the stock chart between 2000 and about three, four, five years ago. the danger for alphabet and google is not that the business completely falls awart under regulation, it's that they lose their mojo, that he lose that sense of investor belief that they're in the lead and growing. i think the danger is that amazon continues to lead in the cloud.

amazon moves into advertising even more aggressively and starts to have more success there. investors just go, eh, maybe google is yesterday's news they don't deserve this kind of multiple microsoft was growing revenue and profits gang busters throughout the 2000s and beyond. they didn't get the valuation credit >> where does alphabet unlock that value where do they get that investor optimism and excitement going for them what do they have to show? >> what's interesting is i would argue that investors are not very worried about the regulatory threat because the story with google from the wall street point of view was just please let the core block box algorithm run. stop trying to enlarge the empire we want you to be a dominant in search and monetize the overall move into digital advertising. maybe the idea they do have their sales trimmed a bit is not the worst thing in the world but they have to show that that core

advantage is not under threat. their basic ability to monetize search won't be lessened by whatever scrutiny there is, whether it's how they privilege their own search results or something else i next up, lg, the korean company reportedly close to ditching its overall smartphone business as it struggles against competitors like huawei, samsung, apple in a company memo verified by "the verge" lg's ceo said growing competition could force its hand saying the company is considering all possible measures including sale, withdrawal and downsizing of the smartphone business. lg did tease a rollible smartphone at last week's consumer electronics show and said it plans to release it sometime this year jon fortt, you've been covering the handset business for a good amount of time this seems like it happens all the time

i think of ericsson, nokia the is that a company that has to throw in the towel? >> the biggest thing that jumped out to me about this story is it reminded me lg still makes phones >> apparently they have 13% of the u.s. market but only 2% of the global smartphone market >> there's not real money to be made in that space you don't get that sort of profit you need to invest and innovate and then come out with something really great we've seen so many industries go through this phase where the bottom tier, the ones who don't have the brand, who can't charge the premium get shaken out sony avoided that thus far in part because it is subsidized by their great imaging sensor business i got an lg refrigerator, that's

great, it doesn't help you with the smartphones. >> deirdre, has it become like an olligopoly, will we just have three smartphone providers that make all the smartphones that we use? >> that's interesting. maybe five years you mentioned huawei, there's vivo what's interesting about huawei, it doesn't even have updates for its and droid operating system. the thing that stood out in this story for me, too, there was a report earlier this month that said lg was considering this and lg branded that report completely false and without merit only to a few weeks later confirm it was actually looking at perhaps shutting down this handset business i thought that was interesting you never know that a company will come out and say something

is completely false and then it is happening >> maybe the report made them think about it >> life comes at you fast in the thunderdome. >> as a reporter that bothered me >> the final story here, baby boomers are shopping online. i thought they were already doing it new data shows consumers aged 6n average of $1600 and change online, as the pandemic keeps people out of stores that's a 49% jump. that's huge for retailers, because the older folks tend to have more cash to spend and burn according to the aarp, consumers age 50-plus spent nearly $8 trillion in 2018, more than half of all spending in the entire united states. mike santoli, i always thought people automatically spent online, but there's a massive part of the population that is

apparently an untapped market. is that what's driving the optimism in that trade >> there's always some late adopters, and you love, you know, the story about there's always the lead anecdote of sort of the retiree's kid who just persuades him it's actually easy to order things online, and of course by necessity we've had to try to explore these options i do want to clarify the on-screen graphic was age 50-plus. not all 50-plusers of bumers. >> thank you all for that. a great edition of "rapid fire." still ahead for the show, united has fallen more than 50% in this past year as the pandemic puts travel plans on hold, but scott kirby is putting

a tuarndrnou plan in place "the exchange" will be right back nice game. your crosscourt shots are killing me. give any thought to that proposal i sent you? v 7 x 9 7 4? semi colon 8 d 3 f lowercase p uppercase t, you know? okay. 7 4 8 9 2 % . $ ) h b. oh, hey roger. 4 9 6 8. listen, k 9 3 b 4 8 6 2. h n 7 e. i can do h n 7 e. got to keep the shareholders happy.

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welcome back it's no secret that the airlines have had a tough go of it, but united has a rebuilding plan and it's ready to takeoff. our phil lebeau spoke with scott kirby and fills us in. is it optimistic >> i think it's cautiously optimistic i think united knows what it wants to do once the virus calms down and people want to say i want to take a business trip, a vacation, whatever it might be that said, shares down almost 6% today. that's because when the company reported its fourth quarter results yesterday, the fourth quarter is not what people are focused on they're focused on when do you get back to cash flow breakeven or better. yesterday they said we see encouraging signs we see the third quarter, the fourth quarter, they're improving more people are say, yeah, we're

planning on taking a trip. united said, we have no way given what we're seeing with covid-19, a timeline for when we expect breakeven or better it could be midyear, or if things with the pandemic improve, it could be sooner. >> the good news is what happens in the near term, we have real confidence in the long term and there's a lot of pent-up demand for air travel, but until we can put as a society coronavirus in the rear-view miro, it will be a tough environment for everyone involved in travel, tourism and leisure. >> this is the chart that says it all you see how the passenger levels start to tick down this is the first quarter for the airlines, fewer people -- it's always a weak time of the year that's especially the case as the pandemic continues to rage. >> ten seconds here left, when it comes to united's outlook,

what is the biggest could he they need to take away from this >> you have to wait for the vaccines once you see the vaccines roll, you'll see united's results improve. >> thank you very much for that, phil that does it for "the exc exchange." up next "power lunch" are holding on to their homes for longer, and buyersre a paying a price. i'll join morgan brennan after this quick break keep it right here before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

this is decision tech. find a stock based on your interests for a prospectus containing this information. or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

welcome to "power lunch. i'm morgan brennan dom chu will join me for the hour here's the 2:00 takeout. the nasdaq hitting a record high, on track for its best week since november as the faang stocks fight back. the housing market showing no signs of slowing down. a top analyst tells us the names that have more room to run the economy is not hot president biden inherited a laundry list of challenges first, let's start with the market