russell 2000 is up 46% in just two months the small caps acting like big stars recently. >> the bitcoin is up another 8% today, trading above $47,000 ethereum, another cryptocurrency has been also moving higher in a very big way as well brian, great to be with you. thanks for watching "power lunch. "closing bell" starts right now. thank you morgan and brian welcome, everyone, to "closing bell." i'm sara eisen along with wilfred frost. the major averages hitting record inextra day highs in a calmer day of trading. the dow and s&p looking for their serveth straight day of gains. record closes all around if we get anything higher. the reddit trades continue to unwind game stop below $50 per share. crypto is still booming. bitcoin hitting a new high

boeing is among the best performers in the dow after they delivered 26 planes in january more on that in a bit. sectors that have been doing well like consumer discretionary are pulling back, after big gains on the year. it is a rotation other groups higher. 59 minutes left of trading, again, anything higher is a record all around. >> the russel up 3% on the week. on the show, jacke lew about president biden's meeting this afternoon with business leaders and his thoughts on stimulus, the retail trading frenzy and much ore. plus counting down to earnings after the bell from twitter, lyft, cisco -- plus, canopy growth is coty, two stocks moving in opposite

directions joining us, mike santoli, tracking the market agency and kayla tausche has the details on the president's meeting with business leaders a few minutes ago. mike, let's start with you. >> volume is light, drama level is low we had a negative opening on the indexes, and didn't bring any follow-through selling seems like pretty much this upwand grind mode is intact until further notice we had a little drop plow that trend. i seems as if this is still where we are everybody anticipating we are ripe for a pullback, not happening yet. do want to look at tesla which of course maybe one of those risk-appetite bellwethers for a while. this is on a one month basis this is honestly just the recent act. but the drive etf is the electric vehicle and autonomous driving etf. that's up. nasdaq and s&p are doing fine.

tesla down almost 4% from the high now it is up from 400 and change to well over $800 a share right now from november. so obviously, it has doubled in a rapid amount of time, hit a massive high but you could say there has been positive news flow it hasn't been able to capitalize on including that fleeting pop on investment in bitcoin. keep an eye on it. not necessarily a bellwether but regsing on huge gains. small cap is a lot of speculative stuff in here. this is the record distance between the index and its 200 day average. it is up 40% never happened before. what it means is you could have a nasty sharp check, and it doesn't change the overall trend but it would feel like a change in character of the market if we were to get that it is not just about main street blocking and tackling companies. there are alternative energy

plays in there, sports gambling a driving a lot of this index. >> mike, is it fair to say the first part of the latest leg higher was the more cyclical names, oil and banks i guess what it points is is that everything has had its run already. >> that's true also, if you took a much longer term chart relative to big cap stocks this isn't all that dreemt, believe it or the not. it is making up a lot of lost ground it made up a lot over the last two or three years but if you go back throughout the whole s.e.c. decade it is just cutting into the lead of large caps so there is a lot of ways you can look at it from several angles. >> look at the recent move mike, we will see you soon mike santoli. turning to washington wrrk president biden held an oval office meeting with the ceos of jp morgan, walmart, gap, and lowe's, to talk about the latest stimulus plan. kayla tausche with the

highlights. >> president biden convening leaders of some of the world's largest multinational companies to try to help chart a path forward for the administration on multiple policy fronts including pressing forward with its stimulus plan and talking to companies that are doing okay without it consumer spending patterns, keeping row tail workers safe, whether stimulus recipients are saving or spending that money. the white house has leaned heavily on one set of projections by moody's, but this conversation could provide new ammo for their argument. the companies and their trade organizations have all called for urgent action to inject new aid into the economy but stopped short of calling for specific amounts in specific programs biden is expected to take their temperature on a proposed hike

in the minimum wage. he said he was going to be talking to them about how to mord forward with this policy what he said, down the road. all of those companies in some form or fashion have hourly workers. they all pay them more than the $7.25 fed rar rate and they will all be weighing in on how the proposed hike will be playing out in the economy wilf and sara. >> where does the white house stand right now in terms of what is likely to be passed if they move through reconciliation, that process, what does that do to the overall price tag? >> i think the price tag would stay pretty similar to where it is the reconciliation legislation language right now would call for $1.9 trillion even though over the weekend president biden suggested that the minimum wage hike would likely get scrapped because of senate rules. so the forgs of the package that that represents would get subtracted from the overall

total. so that is what you would be looking at if they passed it through reconciliation now, there was seen to be some movement in that suggestion by biden that he could scrap the minimum wage as part this proposal as a way to potentially get more republicans on board, invite them back to the negotiating table. and they are still negotiating on the phase-out for the direct checks above a certain income to keep most people who earn six-figure paychecks from qualifying for that money. that was also seen as a way to get not only republicans but some moderate democrats on board, too but we will see exactly how that plays out and whether those two items are enough to win republican support >> goldman sachs saying they expect $1.5 trillion on the ittest negotiations. after the break, keeping up with coty. the cosmetics company plunging

on the back of mixed resubtle. we will talk with the ceo with those numbers, the kylie jenner partnership, and covid's impact on makeup. you are watching "closing bell" on cnbc. at cdw, we get these new ways of working bring new threats. that's why we started an office commune. not a security concern around for 50 miles. unless you count the wolves. you know at cdw, we can design a security solution using hp elite devices with real-time threat intelligence to help protect your data from new threats, anywhere you work. anywhere? ring the bell thrice, we're going back to the office! for technology that moves you forward, trust hp and it orchestration by cdw.

when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

welcome back we have 49 minutes left in the session. let's have a look at individual markets movers here's a way to play the bitcoin surge. jp morgan adding signature bank to its focus list. they say the company is well positioned to benefit from the increasing institutional and corporate adoption of crypto assets the stock is up 7% shares of haynes brands higher after a earnings and revenue beat saw earnings in the champion brand globally the stock up 24%. >> the sweat pants economy another big mover today is coty. those shares getting crushed down 15% the beauty company reporting weaker sales despite seeing more profitability and momentum in

e-commerce and china i spoke with coty's new ceo. i asked her about where she's seeing the core business rebound from the covid slump >> what's rebounding at coaty -- this was probably a advise for a lot of us is our prestige fragrance business in general and fragrance business overall prestige fragrance is in a way -- i usually say with a smile that fragrances are the new lipstick index, if you may we have seen our fragrance business driving growth worldwide in every region of the world, in america, asia, also in europe our latest launch, which is perfect, which is a fragrance by mark jacobs is probably the biggest fragrance launch in coty history in the last 15 years

this launch has been totally i would say one of a kind launch it is the biggest launch that happened at the same time at the moment where normally fragrances shouldn't sell at all. but we have been in a way acting on this launch in a very different way, which gives us -- which gives you an idea the way we are going to operate in the future when it comes to fragrance launches it was a campaign that was digitally driven instead of having one face representing the brand on a tv spot it was 40 people casted on social media, but we are really telling how perfect they are, in a way expressing what there is individually, when we call self love, what it means being perfect in the world of today and the world of tomorrow. this really, if you take the example of tiktok, it dropped something like 10 billion views for this campaign, surpassing all tiktok, i would say engagement rates and anything like this. >> what about makeup as a whole

as a category? it was slowing into the pandemic while skin care was up what's happened? i can't imagine lipstick sales are up right now with everybody wearing mavs >> exactly lipstick sales are clearly the area that's most impacted by what is happening around us. we are seeing a shift towards a new kind of doing makeup both makeup with skin care ingredients, skin care benefits, also makeup that's clean e healthier for the skin and more sustainable. >> the clean beauty is a trend that i feel like the smaller beauty brands were way out front on how much of an opportunity is it for coty and how much of a pivot is it as you chase the growth in younger consumers? >> totally right it started with small brands but cover girl and sally hansen, which are going in this direction today are suddenly having a reach of hundreds of millions of people that maybe small brands cannot have so suddenly a lot of people have access to a cleaner, healthier,

and ideally more sustainable beauty so this is clearly an area where we are going to have in a way winds behind our brands because this is the way consumers are willing to shop today. they are more sensitive to topics such as animal testing. clean fresh, long lasting mascara and -- sally hansen. >> i wanted to ask you about kylie cosmetics. what's growth rate is it growing faster or slower than before you acquired this big stake in the jb. >> thesecond quarter has been on line with the growth we had in the first quarter at the same time we have our skin care business that is growing quarter after quarter and compared to the year before, which is great news, especially in the middle of this pandemic because again even if skin care

has been benefiting from i would say a wave of self care at home, et cetera, it's still difficult to go in stores to try new products the good news is that kalee is booming in this area the other good news is that we have seen that this unique model of launching products. kylie is the inventor what have we call the drop model she listens to her hundreds of millions of followers she creates very, very quickly, very lim nimbly collections that are put in front of these hundreds of millions of followers and we have the recent examples -- the grinch collection in december or the cheetah collection or even the advent calendar on the skin care side that all sold out within minutes reaching turnovers of several millions of dollars per day which is really very unique. in this area we are going to continue to strengthen this area and make it stronger in our part

of the business. in parallel we are cleveland developing a new cosmetics line that's going to be visible probably next summer because the manufacturing crack we had with a manufacturer recently expired. this gives us room to create one unique kylie beauty experience on line with skin care and makeup this is going to be a huge lever because people love to buy the makeup and the skin care that goes with the makeup that goes with night there is a huge debate about what this actually is worth, what it was forth, whether you overpaid for it. forbes casting doubt on the $1 billion net worth of kylie at this point, when investors ask you if you paid too much for that stake, what do you tell them >> well, you know, this brand is to be compared to brands such as nike it has 400 millions of

followers. it is creating a new way of selling beauty that's really direct to consumers. these are really two invaluable assets to me these were the key assets that were behind the big of kylie and the sister company, kim kardashian west and her skin care system that we plan to launch in the summer to me this is two businesses that i don't see any other company owning today on the market. >> that is the fourth ceo in as many years in a row for coty trying to turn the company around through things like cost cuts and selling the brand the stock is down 44% over the last year. but it has been volatile this is a stock that was trading under $3 per share in october. it surged more than doubled into this report, which could have something to do with the decline

that we are seeing today you heard her. she said they are pivoting more to skin care, into fragrances which are really working well and the whole stay-at-home thing impacting makeup, it is a totally different routine for women out there. >> whatever they paid for those partnerships though with kylie and the one to kim, amazing statistics she was sharing of how quickly things sold out. >> yeah, those were the big two growth areas they are both jv so there is a question whether they would take an even bigger stake or bring out those brands. you will remember there were all sorts of questions whether they overpaid they valued kylie cosmetics at $1.2 billion and then it was said kylie is actually worth $900 million and then the stock took a hit on that as well comparing them to nike. >> we have 40 minutes left in the session. we are set for record closes

the s&p is only up by three basis points anything positive is a record close. the russel leads the charge, up half a percent. the alternative harvest marijuana etf on pace for its best day ever on the back of a new deal and earnings from canopy growth. we will speak with canopy's ceo about the budding industry top of the list, game stop back in a couple of minutes. sometimes, you want speedy but reliable. state-of-the-art but dependable.

in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. good work little buddy. ♪ ♪ ♪ we see breakthrough medicines getting to patients in record time. at emerson, our automation software is empowering pharmaceutical companies to accelerate their production of critical vaccinations for the world. emerson. consider it solved.

welcome back time for a cnbc news update with courtney reagan. >> here's what's happening at this hour n. wisconsin, former pharmacist steven brandenburg has pled guilty to charges of trying to ruin hundreds of doses the covid-19 vaccine prosecutors recommend he get a sentence of about three to four years. business software giant salesforce says most of its employees will work remotely at least part of the time even after the pandemic is over as a result, the company says it will trim office space in cities across the country. the second impeachment of donald trump has begun the house prosecutors told the senators they must find trump guilty or risk inviting future presidents to misuse their powers without fear of accountability for more on the impeachment trial stick with cnbc and watch the news with shepard smith tonight at 7:00 p.m. eastern

time that's our cnbc news update at this hour. sara back to you. after the break, protecting the front line, grocery chains are offering incentives from hero pay to vaccine bonuses. not all stores are approaching workers in the same way. we will tell what you local governments are pushing on this front next. plus another big afternoon of earnings. twitter, lyft, cisco, matel all set to report numbers. we will bring you the numbers and analysis as soon as they hit the tape. a quick check on bonds yields are mostly higher this hour, which jibes with the better economic sentiment out there. stocks are at record highs the ten-year is at 1.15, 30-year just below the 2% level we hit yesterday for the first time in over a year. "closing bell" will be right back

♪♪ ♪♪

♪♪ your grooming business is booming. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base. claim your seventy-five-dollar credit when you post your first job at indeed.com/groomer

time for our coronavirus tracker. case seem to be turning a corner in the u.s today is the second straight day the u.s. added less than 100,000

case asks current hospitalizations hit their lowest since november. vaccines continue the roll thought the u.s. wither inially 16% of the adult population now vaccinated alaska is leading. over 20% of its population have received its coronavirus vaccine shot uber and walgreens are offering to help get people who live in underserved communities vaccinated. grocery store workers have been american heroes during the pandemic now some west coast cities are heading toward laws to order grocery stores to boost pay for their front line they passed a law to pay $4 extra per hour to its hourly employees for the next 1-days. the response

kroger says it is closing two stores in the area i am told those stores were already under water and increasing pay andcos 30% would make them untenable. on top of this, walmart and target are both exempt from this new law. the grocery worker's union, ufcw calls long beach closers a ruthless taekt to create a chilling effect that will discourage other cities from doing what is right. albertsons safeway in the area as well is planning on staying open but may change staffing levels in the areas where ordinance will be enforced in other words, more job cuts in this industry could be coming. both l.a. and seattle are moving forward with mandate requirements that are similar n. seattle's case there is no specified end date making it nearly impossible for businesses big and small if you are in the grocery business to plan

financially. the grocers are fighting these laws in court. the bottom line is grocery stores are low profit margin business and while they did reap big billion-dollar profits during the pandemic labor is the big expense. just this week, its a really similar story. the cbo on a national level warned that increasing the minimum wage to $15 would result in job losses. this is very similar these municipalities in trying to reward front-line workers may be threatening their jobs. it is opening a debate and concern for some of these workers. >> it is interestingly structured, forcing higher wages in the next couple of months as opposed to, say a backward looking bonus to those who have been heroes over the last year particularly from the firms who reaped large benefits from being open during the pandemic by being designated as essential and therefore having the am mission to pay a bonus after the fact have some of these grocers paid

bonuses like that at the end of last year? >> a number of them have, including kroger which we mentioned a few times during the height of the pandemic even recently issued a $100 grocery store shopping card for employees. walmart, amazon, trader joe's, they have really all been doing it the problem is a lot of those one-time bonuses, even if they were repeated have ended that's why the local lawmakers are taking up the issue saying we are still in the middle of the pandemic the strains and variants are spreading and there is still a lot of risk. and that's why they are trying to force this legislation. but the other problem, wilfred is that, you know, grocery stores, which is what you are implying have had some of their best qufrts ever over the last few quarters that's not expected to continue as the pandemic wears down here and we get more people vaccinated it presents a business problem for them you can also understand where the local lawmakers want to

reward these employees. >> for shurk i don't think the pr for these companies is going to get easier over the next 12 months they had great returns and benefitted from an arbitrary factor they were designated as essential and allowed to stay open even if they had to pay higher wages they have had it better than the smaller stores that were forced to shut. so it is difficult as you said. kroger up 20% i think we just saw over the last year. up next we will talk to the ceo of canopy growth about its earnings result and path to profitability tt ocashastk surges surges "closing bell" back in a coupleh for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't.

let's take care of business. at&t. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. we see smarter software delivering cleaner power. emerson's breakthrough technology enables the power industry to integrate renewable energy sources to modernize

and improve the electric grid. - [announcer] grubhub perks give you deals emerson. consider it solved. on all the food that makes you boogie. (phone dinging) (♪ singing in foreign language ♪) ("2 phut hon (kaiz remix)" by phao) ♪ get the food you love with perks from-- - [group] grubhub! - grub what you love.

shares of canopy growth raleighing following earnings before the bell. the company posted a smaller than expected loss for the quarter and announced it expects to become profitable in the second half of 2022 fiscal clear. joining us ceo david klein thank you for joining us. >> thanks for having me. >> stocks reacting well the your earnings up 1100% over the prior 12 months the earnings set up was tough and you beat it. talk us lieu the headline on the

numbers and where you think you particularly outperformed. i think it was a great quarter for our company in that we had a record revenue quarter we gained share in our core market of canada and we also benefitted from growth in the u.s. on our cbd business, led by our martha stewart brand of edibles which after just being launched in september is now one of the top-selling cbd brands in the u.s. this comes at the end of a year that we called a transition year so it's nice to be through that transition and be in a position to be able to meet the very large opportunity in front of us and be profitable. >> martha, as you know joined us recently to talk about it. maybe we will get to that product line in just a moment. bigger picture first all, david, which i think leads into the performance coming earnings, how much of a change is it to see a president in the white house who

is ultimately supportive in some way of reform of cannabis legislation? or is it not in fact as much of a game changer as perhaps the share price move would suggest and this is still really a state-based decision-making process? >> no, i think that the game is really about winning in the u.s. in aggregate and we will be able to come to the u.s. when we get the right combination of legislation and executive action so having a democratic -- a democrat-controlled senate, a democrat-controlled house, and, you know, the white house in democrats hands is valuable to us the other point, though, that i might make is that this isn't necessarily a republican versus democrat issue because a majority of americans in both parties support legalization of san b cannabis over time. >> what's your play for the u.s., david? how have you pivoted and

rethought the strategy given the fact that we are -- and it really has been a blue and reddish you at least in the united states senate but it looks like the democrats have control so how do you change the strategy >> we really have three things going on, going for us right now. we have a play with multi-state operators. so we have an arrangement that's already in place whereupon federal per missability we will own acreage, which is one of those multistate operators we will have an ownership stake in another multi-state operator that springs upon per missability in the u.s so we have the thc play somewhat under way. in fact, acreage is bringing our drinks brands to the u.s. this coming summer. they already sell our tweed branded flower the second component of our u.s. play is being able to establish supply chain infrastructure and

routes to margaret with brand like martha stewart cbd or our sports nutrition brand biosteel. and the last component is we are continuing to build the infrastructure at canopy as a typical stock standard almost cpg company with capabilities around supply chain, brand innovation, insights with either partners we have build or with our alcohol partner, the giant constellation brands >> one of the outstanding risks for the industry as a whole is if things go too far too soon and overstep the mark in terms of people potentially abusing or misusing the legalization. with that in mind i wanted to ask about martha stewart's line. we touched on it with her a little bit, going into pet products to what extent does that start to be a little bit of self

medication by owners of dogs without veterinary approval. clearly, you would never give a dog alcohol. you would never give a child a cbd product without a doctor's approval do we get into a bit of a gray area there >> i think not as it relates to cbd. you know i think that thc of course is the psycho active substance in cannabis cbd, we have been able to show, can be safely used in pets we have been studying this for years. and it helps pets with pain -- you know, some pain reduction as well as decreasing level of anxiety. you know, i think -- and martha is a great example of this, even with the human cbd products. i think that where we are headed is a continuation of the wellness journey that started with physical wellness back in the '70s with people exercising and eating well. i think we are now coming into a place where people want to be able to manage their emotional

state and their mental state a little bit more than we have in the past i believe there are ways to safely do that with cannabis and various canabinoids. >> not to belabor the point but i know when i am feel anxious. how do you know when your pet is feeling anxious. >> i think you would have a pet on a regimen built around their normal behavior problem. if they get anxious when people aren't going to be around for several hours you can provide cbd. again, it doesn't deaden their ability to feel. it's not a straight up medication it simply takes a little bit of the edge off of them from an anxiety standpoint >> i have had a nervous dmaug my past i actually was asking, david, about till ray, your competitor,

surging 40% right now, aphria also up. they are about to merge. till ray got a deal today with grow pharma to import and distribute medical marijuana this the uk opening up potentially a big market with the nhs. how do you compete with that as first of all the merger, these companies are getting together for scale ask. second of all, getting a pretty big footprint in terms of medical marijuana globally. >> sara, i think you are going to see a fair a. m&a across the cannabis space across the next several years as companies try to really define their strategy. for us, we are laser focused on canada, the u.s., and germany because we think that being able to play strongly in those markets will enable us to create a lot of value for our shareholders, innovate our products, and you know, potentially then carry our products elsewhere in the world. so, you know, i think you are

starting to see the beginning of companies defining their strategy a little bit more maybe a year ago it was almost good enough to say you were going to be in the cannabis space. now you have to explain why you are different as you are playing in the space is this we are seeing big moves in all the stocks, especially till ray aphria david klein thank you for joining us on earnings day canopy growth. news to tell but on robinhood. kate rooney with the story >> sara, robinhood is preparing to will bey some pieces of legislation in d.c. that if passed could really weigh on its business model they assembled an in-house team to start lobbying last friday. i have been looking into this. one of the bills that robinhood plans to target is called the wall street tax act of 2019. that was introduced by two democrats in the house and would

impose a .1% tax on certain financial transactions it could include stocks, derivatives, options these trading taxes have been floated as a way to sort of dampen some of that frenzied trading activity that we have seen in recent weeks of course less trading could weigh on the profits at robinhood. that's really the revenue engine for the brokerage firms now that commissions have gone to zero. they of course make money off of payment for order flow which came under scrutiny last week during some of the game stop trading frenzy we did not get a comment from robinhood on these lobbying plans but the ceo is expected to testify at the house financial services committee next week back to you guys >> that will be interesting. kate, thanks kate rooney. >> we are gearing up for a big average of earnings. the key thing to watch for taylor swift and lyft's report when we go inside the "market zone" next

when you've got a business, you don't want to worry about slow internet or confusing cybersecurity. so get comcast business internet with fast, reliable speeds, and add the advanced security of comcast business securityedge. it combines the speed you need with threat protection. plus there's 24/7 support. it's internet and advanced security - made simple. so bounce forward - with comcast business. get started with a powerful internet and voice solution for just $64.90 a month. and ask how to add comcast business securityedge. call today.

flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. 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. we see breakthrough medicines getting to patients in record time. at emerson, our automation software is empowering pharmaceutical companies to accelerate their production of critical vaccinations for the world. emerson. consider it solved. this is how you become the best! [music: “you're the best” by joe esposito] [music: “you're the best” by joe esposito] [triumphantly yells]

[ding] don't get mad. get e*trade and take charge of your finances today. >> announcer: the "market zone" is sponsored by etrade trade commission-free today with no account minimums. ♪ with 13 minutes -- 12 minute to go in the trading day, we are now in the "closing bell" "market zone." commercial-free coverage of all the action going into the close. cnbc senior markets commentator, mike santoli, is here to break down these crucial moments of the trading day. and today we've got wells fargo investment institute's scott wren back as well. welcome, scott we are on record close watch for all four averages. any close higher for the dow, s&p 500, nasdaq, and russell 2000 will result in a new record high mike, if you look across the

asset spectrum, oil is higher, the dollar is weaker, lately that combination be that a driver of higher growth expectations for the u.s. economy. is that what continues to push us higher? >> yeah, that remains in force in fact, those things were not necessarily true at the open of trading. the stock market, the s&p 500 bottomed and narrowed its losses and treasury yields hit their low for the day, then lifted modest moves est that was also when oil went from negative to positive. the instinct of this market to reflex is to reprice things in that direction until it changes. in most cases we are just pausing after a good start to february across the risk assets. >> cnbc.com prosing an interview with jp morgan's head of corporate and investment banking daniel pinto here's what he had to say about the overall market quote, there are, with very few exception, no sectors that are

cheap. i think the market will gradually grind up during the year i don't see a correction any time soon unless the situation changed dramatically pinto specified we could see mini corrections this year you can read more of that interview on cnbc.com. well worth reading, including why he wants to see the economy be kick and dynamic and difficulty from the likes of fintech. also commenting on spacs saying it is a lot of liquid capital trying to find a new home. a relaxed outlook is how i read it mark, what is your take do you think it could be the norm maybe a bit more volatility this year than the thunderstorm but new highs regularly? >> we are hoping for volatility retail investors are still sitting on a lot of cash they want to deploy to it the

stock market and they need the pullbacks for people to be stepping in. we haven't had much late lieu but we certainly expect volatility here. for us really it comes down to the market vaccine logistics, we are getting these vaccines out we are vaccinating well over 1 million people a day we know the fed is going to be easy and we know we are going to get a big number out of congress here in terms of the stimulus. so i think those are the types of macro issues. earnings this time around, it is a confirmation process day to day, stock by stock, you might see some big beats and misses and daily moves but the market is way more focused on what lies ahead. reopenings stimulus, continued easy fed more transvaccinations that's driving the market right now. >> what about bitcoin? do you look at this as a tell in the market right now >> first let me say that wells

fargo is not issuing any guidance at all on bitcoin if you look at just the market action there is more risk taking that's not a mystery to anybody. you could argue that that's one indicator that people are taking risks. i think, you know, if i look at what's going on out there right now relative to let's say march of 2000, something like that, we have a very broad market the russell 2000 is feeding the s&p 500, which is feeding the s&p 100, the oex that's the exact opposite of what occurred come into early 2000 market breadth, still some hesitation, not a whole lot of chasing going on those are the coined of things that make us think the market is going to go higher here. >> boeing shares are getting a boost today after the company announced that it delivered 26 planes last month. phil lebeau with the details. >> look at shares of boeing. you will see a pop in the middle of the day this is not a huge pop but the

stock did move up noticeably why? because the company reported improving numbers when it comes to orders and deliveries granted these are still nothing to write home about compared to where boeing was a few years ago. orders, negative 13 planes that's when you include the accounting adjustments in there. deliveries, 26 planes, more than they did in january last year. the backlog is 4,000 planes at 4,016. as you look at shares of boeing over the last year keep in mind they are not only now delivering to airlines here in the united states but they are going to start increasing their deliveries to airlines in europe that's why you saw shares of boeing moving higher today and why that dow component helped the market overall >> phil lebeau, thank you. mike, signs of stabilization in the orders they also sold more to their biggest competitor, airbus.

>> it is incremal. one of the positive points almost exactly two years ago when the stock hit its high, twice the level it is at right now is that these cycles are so long and service revenue stream and the order box have a great long tail to them. it is kind of the opposite because you have to kind of rebuild that anything that moves them into that direction is going to be a positive it is perceived timing to back to normal more than anything else because you don't have a current cash flow story to pin it on. >> just negative in the s&p and the dow no surprise after such a surprise to the month. what are the key levels? does 4,000 matter or is it a glossy number? >> it probably matters to some degree, not just because it happens to be a new thousand-point threshold and a round number of the it would be roughly 80% up from the lows of 11 months ago or something like

that you see a lot of the technical targets in terms of how far and fast the market has gone from 3,900 and 4,000 that seems like it is bringing a lot of focus into that zone i also think a good rule of thumb is 4,000 is 20 times the $200 estimate for next year's s&p earnings, that's 2022 earnings that's a look at the back of the envelope to say where we are in terms of valuation and what's price in. >> five minutes left twitter is headlining another big day of earnings after the bell today julia has a preview for us. >> twitter is expected to benefit from the same advertising growth that bolstered its rival platforms. expected to grow 23% and earnings by 18%. more modern is how fast the company can grow its user base after adding just $1 million monetizible active users in the

quarter. in the first quarter, twitter permanently bannedformer president trump. shares of twitter today growing at 3%. the stock trading at another all-time high today. it is up about 62% over the past 12 months. >> julia, thanks scott, what's your take and i guess following the likes of google advertising exposed on line companies should do pretty well. >> wilf we have liked communications and services. we have liked technology those are growth place where is people want to be. so i think you are going to continue to see some performance there. clearly, these stocks are at very high levels you know, 20, $30 ranges sometimes in a day are not uncommon i think you have to fasten your seat belt. buy look at things from a sector perspective. communication services, technology we like both of those particular sectors. they are going to benefit from all of this working from home that most people are doing and

then also just growth in their services and products as well. >> big run-up here for twitter just over the last month here into the print lyft results are also set to be released in just a few minutes deirdre bosa with a preview for us >> ride sharing remains under pressure investors are going to want to know how that recovery is going and how uber and lyft are using their networks and drivers to take advantage of delivery now, lyft has pivoted later than uber, but its strategy as outlined last quarter is very different and could tap into a less saturated market. excuse me -- instead of a fully fledged consumer-facing platform, lyft said that it was looking at offering different delivery services for restaurants. that's a model sara that could allow it to undercut commissions that uber, doordash, and some of the others charge. shares are up almost as much as uber's over the last six months.

amazing performance from both of them er inially 80%. >> thanks for. that looking forward to those numbers. just over two minutes left in the session. slipping a fraction, down .2% on the s&p. mike, what are the internals showing. >> net positive. have been most of the day. if you look at up versus down stocks on the new york stock exchange really modest changes. near the flat line with the ind indexes you did see a little bit of an advantage for advancing stocks look at the month to date chart for the u.s. dollar index. it did get a decent bounce in there toward the middle of the month into a few days ago and it has given it all back. i think a lot of people were looking at that as a bit of a concert trend short rally. now it has somewhat resumed the trend and it is not far above those recent lows. it is in line with the high liquid it story and the recovery toods out there.

volatility index, familiar story. we are still hovering near 21. near but not at the lows of the post covid crash it has been reluctant to go. you have a lot of people who used to sell volatility insurance. they are not willing to do it as much anymore hope flee for the bulls it resumes downward trajectory the we are going to have upward grinding years. >> the dow and s&p have gone negative barely little moves here. but that means we won't get a record close anything higher for any of the major averages would be a record there is the dow as far as what is working today. mcdonald's, united health care and boeing are the biggest winners. dow, and nike, the biggest losers different leadership flavor as real estate financial and industrials are leading. energy, which has had some tremendous gains lately over the last week or so it is up over 9%

is the worst approximating sector despite the fact that crude oil turned higher on the session. nasdaq a little bit higher the tech performance is split. weakness today in names like apple and amazon and tesla even though bitcoin is higher and despite elon musk's love fest there is the bell. looks like a record close for the nasdaq and the russell 2000 index of small caps. not quite for the s&p and the dow? as you said works record closes and only slight declines for the other two indices. welcome to "closing bell." i'm wilfred frost along with sara eisen and mike santoli. the dow closed down three basis points or ten points s&pdown .1%. nasdaq up .1%. and the russel continued its recent outperformance, up .4%. up 3% for the week, up 11% so far for the month of february. energy the worst performer, down 1.5%, but it soared yesterday. investors are now set for several big earnings reports

cisco, twitter, lyft, matel all expected to report momentarily we will have the numbers and analysis for you when they cross. includes plus an exclusive interview with jack lew. scott rand is with us. and cilia joins the conversation mike santoli, first question to you and the broader markets. we mentioned of course the levels closing in on 4,000 we have got the russel pretty stretched at the moment. are we back in those sort of overbought territories >> getting there yeah, i mean it happened relatively quickly after that little pullback we went more or less strayed up from a 3% decline to a new high. i think modestly slow. also, february isn't typically

that busy. you know, a day like today is purely a pews pause. no real selling pressure it is not as if the defensive safety assets did particularly well that would give you a sense that things were changing in terms of the tone of the market. you think you have to say keep expectations low for the long term but nothing should tell you the trend is in jeopardy at the moment. >> nasdaq closed at a record, mike i mentioned the split performance in tech. software did okay. semis, not so hot. some of the fangs not so hat tesla, what do you make of the fact it went down even though bitcoin went up? are those two going to be attached at hip or what? what is going to happen there? >> i hope not for the sake that the idea that markets are somewhat rational. i hope they don't trade similarly because this is an 800 billion market cap company that put $175 billion of spare cash

into bitcoin it shouldn't be a swing factor in the equity trades but the equity trade is trading so much on the story lines and the hopes promised to it by the founder that, et cetera hard to know if it is going to trade that way. tesla has been heavy for the last month it had a tremendous ridiculous run after it was named it was going into the s&p in november so you have to give ate little bit of room. at some point it is somewhat conspicuous if the growth themes and the trend stocks are, work asking tesla is not. you have to ask what's going on there. i know they had struggles in terms of china regulators putting the squeeze on them. who knows if that's going to be a story that has legs. >> one of the factors that started to raise questions whether we are in bubble territory have been the spac craze and trend. where do you stand on that >> i am a big fan of the spac enthusiasm in the market i think it is a great way for investors to get to m&a types of

deals that weren't available before we heard the new wrap spac dreams out there dispelling some of the sort thing. i think spacs are great and you can get exposure to the most liquid highest market gap names out there backed by strong leaders, strong balance sheets they don't have to sort of pick a blank check company and pick a winner i think the idea of spacs are interesting. the top performing spaks, virgin galactic, social capital churchill on the rumor of spacing with ev, i think there are some great opportunities out there. and finally with the access vehicle of an etf out there, investors get to invest. >> how long is this window going to be open, scott, for spaks or ipos all the hot capital markets activity >> it is pretty hot. not as hot as in '99 or 2000

but it's pretty hot. i think it is going to be open for a while. when the market is doing what it's doing those kind of things become very popular. it seems like a frenzy in this 24/7 news world that we live in right now. but for us it's not a broad enough frenzy that has involved enough investors to really say, gee, the top is year that's not what we are looking for at all and you know, i mentioned earlier a breadth in the market. not a lot of chasing going on. lots of money on the sidelines lockdowns easing all those sorts of things. i think there is obviously pent up demand in the economy but there is also some pent up demand for stocks which may sound funny because we have moved a of the lot but if you look at retail investors -- many of them -- i am not talking about traders i am talking about investors they have really trickled money

into the market. they haven't dove into the market and i think we are far from that. >> sylvia, did you think that economic growth or perhaps more importantly earnings will deliver sufficiently in the second half this year to justify market levels? >> i do. i think we sort of deliberate whether or not the market is in a bubble or it is too high but the volatility is still there, we do see days of pullbacks and whatnot. that tells me the first quarter is still uncertain and we will have up days and down days gdp growth is going to be good some potential liquidity that will come into the market, $1.9 trillion coupled with vaccines and getting into the arms of people will really help boost the market and there is so muchent approximate up demand. we are all sort of signature at home we haven't consumed services we are not flying on airlines, we are in the on cruise ships or

at movie theaters. things like that once the world gets back to normal and the america reopen trade actually takes place and we do see it happening i expect to see the market to rise even further. i think there is great opportunity for them to look at the sectors that are beaten and perhaps in services and look at the long game there. >> twitter is out. the stock is down. julia boorstin with the numbers. >> beating expectations on the top and bottom line but we see the stock going lower in afterhours trading as user growth fell short of expectations top line, revenue growing 28%, $1.29 billion, exceeded expectations of $1.19 billion. earnings of 38 cents per share, seven cents better than analysts projected. but monetizible daily active users, they were 1 2 million that is up 5 million over the course of the quarter. about 1.5 million less than the

latest analyst consensus now, the company noted that some changes around the election -- they made people able to add a comment if they wanted to retweet something had a negative impact in the quarter. twitter doesn't usually give guidance on users when they say here that the increase in absolute users through the end of january was above the historical average for the last four years so that's indicating there was no negative impact from the president being banned from twitter in january interesting there. in terms of guidance, the company is guiding to revenue between 940 and $1740 billion in the first quarter. that is ahead of analyst expectations of $965 million so then the all-important question, ios change to ios 14, they expect total revenue to

grow faster than expenses in 2021 not as big of a warning as we have seen from some of the other companies. >> and the stock turned around and its now higher julia boorstin, thank you. don't miss the first on cnbc interview with twitter cfo tomorrow morning on "squawk box. certainly they will be asking about the impact of president trump being booted off twitter and what that will ultimately mean it is not going to be in this number though it does seem like the user numbers were a bit disappointing even though they did represent growth. >> they were, for sure this is a company that frequently has been hard to get a fix on in terms of what it is going show trend wise, user growth, monetization and all th rest of it they are interesting to hearing what they are going to try to do, are had he going to become a

bujtdser of subscription type con content. that's what you hear from those who think about where the company is going pinterest has a bigger market cap right now than twitter snap of course much bigger along with facebook all of them are $1 trillion in aggregate and they trade at the huge multiples to sales people love the space. they want to make sure twitter is going the retain a interesting spot in it. >> cisco numbers crossing. >> q 2 eps of 79 cents the stroet was at 76 evan are, 11.9 billion analysts looking for $11.92 billion. looking ahead for q 3 they expect 80 to 82 cents on the bottom line. that's in line with expectations and revenue of 3.5 to 5.5% street was closer to 3%. the core infrastructure platforms business, $6.39

billion. applications, $1.35 billion. security, 822 million. ceo rook robbins saying week we are seeing encouraging signs of strength across our business showing how our technology will be a powerful engine for recovery and growth. heading into the report the stock rallied 30%, though slipping after-hours call is at 4:30 eastern. >> don't miss tomorrow an interview with the ceo chuck robbins. "squawk on the street," 9:00 a.m. mike santoli, it has had a good run over the last couple of months but unlike rivals still below prepandemic levels. >> yes it is definitely been a broad range. down from a year and a half, two years ago. it is a similar story in the sense of old legacy tech, tough to grow the top line but they have very good cash flow metrics. it is a dividend yield story financially it is very sturdy. it just is tough to got any growth quarter to quarter.

that's similar to what has gone on right here. it was in the 50s in 2019. >> lyft numbers krog deirdre bosa. >> better than expected results from ride sharing company. an adjusted loss per share of 58 cents. that's better than the 72 cents expected revenue also better than expected $570 million versus $563 million expected that is a decrease of 44% year over year. but this was to be expected. ride sharing continues to be slammed with the pandemic. that is an encrease of 14% quarter over quarter more green shoots there. active riders, the street was looking for 13.2 million lyft reporting 12.6 million. however revenue per rider better than expected at 45.40 there is 42.19. comment accompanying the release. lyft has been cutting costs

aggressively the cfo says that due to that they exceeded their target cost reduction by 20% i was also looking for details on delivery, which the company announced last quarter no further details in this release. we will be waiting to hear some more on the call but the company told me we can expect to hear more regarding its deliver hee plans that will look quite different than uber's doordash's for example, later in the year back to you. >> deirdre a, thank you. sylvia, let's go to you on lyft. i guess down 44% on revenue is an improvement i think up 14% from the quarter before? continues to show improvement also continues to show how much pressure this business is under. what do you do with a stock like this >> i think we expected a 45d% or higher loss. that's a slight beat lyft and uber are somewhat in the same boat. again, it is suffer trg the pandemic a lot of the riders are kind of

holed up inside and the idea of ride sharing is not something that we are willing to do any time soon. i think that until, again, we get the vaccines out there and we sort of get people back on the road and traveling and whatnot, the amount of daily users and drivers of lyft and uber will suffer so lyft definitely took a hit there. what will be interesting is to see how they get involved in the food services delivery business. i am curious to see whether or not it is a better model than the uber eats and jersey acquisition. i think with lyft again later in the year i would expect improvements i do think it is potentially a good place to go into the stock and take look ai it is up 14% year to date you would think it would potentially rise as we reopen. >> mike, having tripled from its pandemic low, it is impressive lyft's rally since then given it hasn't been in the types of businesses that performed over the last nine months. >> yeah. i think once the market made the

calculation that obviously financially it had the wherewithall and would be through this period they have been buying everything, everything that looks like an reopening trends, anything that looks like an app in an economy on other side. i don't know that it is a lyft-specific story. appetite for investors on all of those types of plays if you go back to the ipos it hasn't reached those highs but a remarkable comeback. >> up 3.5% after-hours, extending that comeback. scott wren, sylvia jab lonski thank you for joining us. coming up, twitter shares were moving lower, than higher after reporting earnings it was a beat. we will dig deeper into the results with an analyst who recently upgraded the stock to buy. it is down again then an exclusive with former treasury secretary jack

lew on how another stimulus package could impact the economy. we are back in just 90 seconds on "closing bell." i am black. beautiful. i must be respected. black lawy, educators, martin luther king, b.b. king, queen of soul aretha franklin. you're sitting in the place where giants ate. the four way, as a restaurant, meant so much to this neighborhood and we wanted to continue that. to have a place where you have dignity and belong, that's the legacy of the four way. ♪

-- $1.63 billion the street was looking for 1.579

billion dollar it looks like there was strength in barbie and american girl among the stronger segments. a strong gross margin of 51.4% they also talk about the optimizing for growth cost savings plan which is expected to deliver an aggregate $250 million of incremental cost savings by 2023. shares are, however, lower on this news by about 2%. back over to you, sara >> kourtney, thank you they have had a nice run of over 40% last three months. shares of twitter, on the other hand, are moving up a little bit lower after reporting earnings moments ago. for more on the numbers let's bring in -- oh, and they are now higher they have been back and worth the -- ed lee from the "new york times" is here rohi from mkm partners as well you upgraded the stock in

january. do the numbers live up to expectations are user numbers disappointing >> expectations were high from what we sue from pinterest, snap, facebook, google we thought they would have a blockbuster quarter. it did, but the numbers are soft they are meh in my opinion i think the bigger question is what is going to drive the stock higher what happens to users in a post -- era. i think that's the question. any comment about mdau trends in january, february is something i would keep a close eye on. >> mike -- excuse me, ed, as mike referenced earlier, the other question around this stock is what twitter decides to do with revenue models, subscriptions, cs, tipping bloomberg had a report that they

are seriously considering that what are they working on. >> i think what they are trying to potentially take advantage of is the rise in sort of newsletter subscription services a lot of individual or lone riders are doing that. it mimics twitter in that sense, let me tell you what i think but in newsletter format as opposed to on twitter. i think it is a smart move if they want to sort of go that route. it is also smart potentially in that supposedly it might be more curated type content edited content the over hang for twitter and social networks in general is what congress and what a biden administration is going to be doing with section 230 in terms of how liable these services should be for the content that's posted we lived through this trump era where twitter was a big megaphone for the president and as a result caused all kinds of ruckus congress is definitely going to be taking a closer look at

the more edited, the more curated, potentially better. at the same time, they are trying to wring out more wretch from existing users. advertising was up 31% i have done channel checks with media buyers what they have been telling me is they are moving a lot of their tv budgets over to digital. not digital video but digital period twitter, pinterest, facebook, google they are all seeing the benefits of that. there is an opportunity here but the overhang with the regu regulatory, i think it is something to look out for. >> roha is now the time to pivot to a paid model even though it means sacrificing users. >> i think twitter has a unique model. they offer something that no other social media network offers it's an extremely resilient model. and i think adding an extra layer of monetization i think is the right thing. it is perhaps the smallest social media platform but probably with the highest

capital valuation of monetizible users. they already talk about 50% growth in map, which is their mobile apgs for motion product they are adding layers of mobilization and perhaps is turning around a corner >> we have to leave it there thank you both very much up next, mike santoli will take a closer look at what the latest job openings data is telling investors about the economic recovery. and then we will discuss the outlook for the economy in an exclusive interview with former exclusive interview with former treasury secretary, jack lew and have helped thousands of students reach their goals. as a nonprofit university, we believe access to high quality education should be available to everyone. that's why we offer some of the lowesrates in the nation, and haven't raised tuition in nearly a decade. so no matter where you want to go, snhu can help you get there.

visit snhu.edu today.

want to save hundreds on your wireless bill? with xfinity mobile you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network. sure thing! and with fast nationwide 5g included at no extra cost. we've got you covered. so join the carrier rated #1 in customer satisfaction. and get a new samsung galaxy starting at $17 a month. learn more at xfinitymobile.com or visit your local xfinity store today.

let's get over to mike for a look at today's jobs report. mike. >> wilf, the job openings and labor turnover survey was out today. this is a chart of job openings themselves help wanted ads. official list listings a couple of things to observe here one is that the peak was well above covid. it was a little bit on the slide from 2019 down, that's usually late-cycle activity. then of course a rapid comeback. wanted to point out what happened after the last cycle here and just how long it took to get back to the peak. into 2014, five years after the

end of the official recession. this is the kind of low and frustrating comeback in the labor market that a lot of policy makers are trying to prevent. a big portion of those presumely, leisure and hospitality would come back quickly if we get everybody vaccinate asked the rhett of it. but i think this is another case for a fiscal support package to bridge the gap coming up, sparring over stimulus janet yellen and larry summers disagreeing whether president biden's nearly $2 trillion stimulus plan could cause the economy the overheat with inflation. secretary jack lew on etwhher he thinks the potential risks are worth the reward next

your daily dashboard from fidelity -- a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity. we see smarter software delivering cleaner power. emerson's breakthrough technology enables the power industry to integrate renewable energy sources to modernize and improve the electric grid. emerson. consider it solved. i knew about the tremors. but when i started seeing things, i didn't know what was happening. so i kept it in. he started believing things that weren't true. i knew something was wrong, but i didn't say a word.

during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia related psychosis. and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your healthcare provider about nuplazid.

yelp earnings are also out frank collins with those numbers. frank. >> sara, shares of yelp more than 6% higher, at one point more than 8.5% higher after reporting a beat on skprechb a big and surprising beat on eps estimates had the company losing less than a penny per share. instead they reported a 27 cent gain per share they also said they expect to return to sustainable revenue growth in 2021, however the revenue guidance for q 1, that was absolutely under estimates yelp with a huge beat on eps more than 27 cents above

estimates. shares now about 4%. president biden and testry secretary yellen meeting this afternoon. on the agenda the stimulus proposal and his efforts to tackle the coronavirus at the same time. >> i am interesting to see how they think we are approaching this issue and see if we can find common ground i know i found common ground with some of my republican friends. i think we are on the right track. >> joining us now, gentleman, lew. mr. secretary thank you for joining us. >> thank you >> there has been debate including within the democratic party over the last week or so whether if in doubt you should do more stimulus or less where do you stand on that particularly we are hopefully nearing the ends of the pandemic and there has been so much

stimulus already wil . >> wilf i think it is important to start where i think most democrats agree is that there is an urgent need for more information to respond to both the health and the economic fallout from the pandemic. when congress acted at the end of the year, it quite deliberately didn't go far enough the unemployment benefit expires in the middle of next month and we are a long ways away from seeing 10 million-plus workers get back on the job. there is an urgent need for action i think there is an urgent need for very substantial action. when you look at the what's in the package that's really crit it ranges from unemployment insurance, to housing a"ussance to nutrition support to health benefits both to provide the vaccine and treatment. and the list goes on these are immediate needs. i think, you know, the areas where there was not agreement in december are still very real,

things like state and local assistance is critical exactly what the size is, people might be able to debate but the fact that the needs are great i think is pretty objectively clear. and there are things in this package that do a lot to bridge some of the gaps we have, the childhood poverty problem which has been exacerbated by the crisis the lack of health coverage exacerbated by the crisis. when you get to the question of how big should it be what is the trait trade-off between deficit and engine response, i never thought you should start with a number i think you need to start with addressing the problems that you need to get through the crisis and to get people through the crisis and to make sure we don't leave tens of millions of people behind you look at the size it is going to be big. i think the starting point where the senate republicans were was not anywhere near close enough is there room for something maybe a bit smaller?

sure, you could target the tax payments, the stimulus checks. you could trim some other things but when it comes to the inflation risks, i think this is not the right time to be worried about that it's not very likely that this money will spend out exactly the way the worst case scenarios look at it it would have to all go into the economy at the same moment to overheat in the way that people raised fears about my experience with spending packages like this is they have a long tail and people are worried that they are spending out too late, not too quickly. as secretary yellen has said, you know, there are a lot of tools to deal with inflationary concerns if they come up and as chairman powell has said, the fed is going to have to be a little bit more flexible in targeting because trying to hit no more than two has not worked to bring the kind of balance and there may have to be some room

to be a little bit over. we are nowhere near that point right now. >> i wanted to ask specifically about the stimulus checks. do you think they should be used for things like investing in the stock market if indeed that has been happening or should they only be going to the people who actually need the money to spend right now rather than save it or invest it for the future >> i have been consistent on this for the entirety of this debate the more targeted the assistance is to people who need it immediately, the more it is going to help the economy and the more it is going to affect the adverse effects of the economic crisis. we have seen savings build up because, in part, the stimulus checks went to many people who didn't have the immediate need i know there has been a lot of bipartisan support to keep the level very high, to the extent that the checks are targeted to people who need it the most, i think it gives you the most bang for the buck

i think when you go back to the question of targeting, we have to remember that the effects of the pandemic have not been equal across every part of society they have been most severe at the lower and middle income levels and they have been least severe at levels where people have been able to continue working remotely and have had very little disruption. to me, that's what should guide the decisions. >> secretary lew, it's sara. should the biden administration give up on trying to pass $15 minimum wage along with all of this after the cbo report yesterday showed that could cost the economy 1. -- 1.4 million jobs. >> good to be with you, sara i think the issue of raising the minimum wage is a very important one. it is just wrong that people working 40 hours a week are

living below the poverty line. and the proposal to raise the minimum wage i think is the right proposal i can't speak to where the procedure considering in the at any time is. that's always a question on bills like this. if it's not addressed here, i think it will need to be addressed going forward. and we need to have that debate about what the right level and right pace of the minimum wage is i think having come through a period when low wage workers have become essential workers that have made it possible for society to continue is the right time to be having that debate. >> i wondered what you thought, mr. secretary, about the work that secretary yellen has done in the years between her two public roles i think everyone is understandable, in fact supportive of when one leaves public services and enters the private sector that they can do what they like and make as much money as they like if they then return to the public sector, is there a conflict of interest in some of

the speaking fees she has earned from wall street firms >> secretary yellen has had a long and distinguished career in public service anyone who knows her as i do knows that she's going to speak her mind about the substance of an issue based on the facts and the analysis and as she's indicated, she's going to comply with all the requirements that relate to ethics fwragreements and potentl conflicts. i know her to be a person of both high intellect and high character and i have confidence in her. >> is it less than ideal >> i think she brings experience from a lifetime of work that we need at this moment. and we need to be looking at issues from all perspectives when you look at her life's work as a labor economist -- and she's focused on the kinds of issues that we have spent most of this conversation talking about for her whole career

how does economic growth reach those who are so often left behind and how do you balance the trade-off between inflation and growth and making sure that growth is inclusive? that's the debate we need to have as a country. i don't know anyone better equipped to be at the helm than her. >> what should she do about game stop we know she's looking into it and called a meeting with the other financial regulators do you think there is an action to be taken as a result of what happened >> look, i was glad to see that she convened a meeting of the regulators because in my experience when there is something happening in the markets that's turbulent like this, it is rare that you know right away what happened. and it takes a deep dive into the technical details, and that takes time i have to say, it was a breath of fresh air that the regulators got together right away to commit themselves to making that review as we have seen for the last few

years, it hasn't been a high priority to kinds of keep the radar up i don't know what the right answer i know you can't get to the right answer if you don't go deeply into the analysis and do it by going across regulatory bodies ultimately there is the question is there a reed need for action? i can't answer that but i know the process is the right one the question appropriately are what do you need to do if anything to protect financial stability concerns or consumers? >> finally secretary lew, i just wanted to get your take on when you think the economy will resemble something normal again, when you will see those 10 million jobs that we are still missing come back. because though the cases are trending in the right direction and we are getting vaccinations out businesses are delaying when they are telling people to come back to work these new variants are spreading and there still seems to be uncertainty of when travel is going to resume normally again and work and life as we know it.

what is your forecast? >> it is a great question. i have to say i am skeptical that macro models, which are notoriously bad at predicting the moments of kind of inflection points have never dealt with something like this health crisis where things are shut off, turned on in part, and cannot come back in full until we get to the other side of the health crisis. you know, the more damage that's done, the harder it is to come back so the big response is needed to get both businesses, small businesses especially, and households through the crisis. you know, i was here and listening at the beginning of this segment, the your report on jobs opening and labor turnover report the, the ability to reopen a business is very different than the ability to create a new one. so if you are looking at massive business failures, it will be a longer time before those kinds of jobs are created in new

businesses my own view is it will be a difficult year ahead and you are going to see probably faster macro economic growth than you do a return to the kind of robust employment environment that will put all of those 10 million people back to work, which is one of the reasons why i think it is so important for there to be a strong and sustained response. we can't look back at the end of this crisis and say we have left behind so many millions of people who through no fault of their own are out of work. on the other hand, i do want to underscore, i have never been of the view that we should not pay attention to deficits. i -- when others were saying they were a thing of the past, i said you have to keep your eye on maintaining fiscal balance. this isn't the time. the time to do that is when we get to the other side. then it is going to require the hard decision asks the hard debates. but i think 2021 is going to be a hard year for seeing those jobs come back. >> secretary lew, thank you for joining us today

much appreciated. >> good to be with you. still ahead on "closing bell," much more on today's wave of earnings after the bell, including lyft shares which are getting a lift after a smaller than expected quarterly loss what these nbe cld mn umrsouea for uber's report, due tomorrow. your daily dashboard from fidelity -- a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity. we see temperature control software giving everyone a shot at vital vaccines. at emerson, our software is shepherding medicines through every step of the cold chain, helping track conditions to keep each dose safe and effective. emerson. consider it solved.

keeping your oysters business growing to keep each dose safe and effective. has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo

time for a cnbc news update with seema mody. >> here's what's happening at this hour. authorities now say five patients were shot and wounded in an attack at a health clinic in minnesota a 57-year-old suspect has been arrested police say the attack does not appear to be domestic terrorism. the fired ohio police officer charged with murdering an unarmed andre hill is free on bail adam coy was released just hours after a judge reduced his bail from $3 million down $1 million. vaccine tourism has drawn more than 6700 out of staters to mississippi. that's 2% of all doses administered state health officials say they are against requiring id checks that could prevent some qualified people from getting their shots. and the second oldest living person has gotten covid-19, and

recovered. 116-year-old sister andre says she wasn't scared deerg her three-week battle with the disease. she is now looking forward to her 117th birthday, which is on thursday that's what you call a feel good story. sara, back to you. >> some people have really good genes. seema, thank you shares of lyft higher after reporting results just moments ago. we will dig into that move and lyft key rider data with an analyst, right after the break

flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. 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. some say this is my greatest challenge ever. for a prospectus containing this information. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) i knew about the tremors. but when i started seeing things, i didn't know what was happening. so i kept it in. he started believing things that weren't true. i knew something was wrong, but i didn't say a word.

during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia related psychosis. and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your healthcare provider about nuplazid. we see increased efficiency connected to more comfortable homes. emerson's energy star™ certified sensi™ smart thermostat uses geofencing to simplify how homeowners manage comfort and costs.

emerson. consider it solved. lyft shares are shooting higher on the back of just reporting earnings that did beat wall street expectations on the top and bottom lines joining us now to discuss, tom white, senior research analyst of d.a. davidson has a buy rating on lyft $58 price target tom, thank you for joining us. down 44% on revenues marks an improvement from the prior two quarters no, doubt about it also, the cfo talks about a growth inflexion coming in the second quarter which i guess is next quarter is that what the market is teeing off on here >> i think the market is reacting to the fact these guys are navigating well in a fluid environment. investors like the see the steady improvement of the trajectory of the revenue

declines we saw that. the active rider stat was maybe light but it shows that i think still they are able to beat revenues, lyft is focusing and prioritizing the highest value rides. then on the expense side they are knocking the ball out of the park managing fixed costs down we'll probably get an update on the call that means even thado is still n play the profitability time line, last quarter they talked about having a pretty wide range of refuse knew outcomes that could result in them hitting ebitda or break ian. it sounds like we're in that now. as you know, kind of the recovery in travel and ride sharing is probably not going to be linear. there's risks that it may ebb and floe i think everything is looking

forward to things the company's hinted at. it's hard to imagine that lyft isn't going to try to push into this space more, dpich that's where the action is for drivers. >> tom, thanks for joining us. much appreciate. >> thank you. >> jamie diamond out with a statement. he said question had a constructive and detailed conversation that covered a lot of ground. the urgent struggles of so many americans pass to a sustainable and economic recovery and the future of american competitiveness. i appreciated the opportunity to discuss these serious issues today and look forward to working with republicans and democrats to build an economy that is stronger and more includive. nothing hugely substantial in that statement, but it is a sign of the general gist of today, which is sort of warm dialogue between the biden administration and business leaders, only a

small number of business leaders compared to where we were four years ago and there were sort of bigger groups tended to go into the white house. interesting to see if it goes forward or if these people, doug mcmillon, jamie diamond are the representatives of a broader business community that go a number of times in the weeks and months ahead >> i agree i think it's always interesting to see who they picked it was a diverse group of ceos there are women in there, people of color clearly, it was concentrated in the retail space we'll see if he opens it up more to the manufacturing companies, for instance remember, president trump had a manufacturing council and we'll see who he taps in terms of advisors from the corporate universe very different that parading across the white house lawn, remember, during the trump days and everyone introduced themselves

a limb different vibe. >> a little different vibe i wonder where they gave push back was on the minimum wage but perhaps an issue for the next bill in due course, of course, the corporate tax cut, which so many better in support of last time around and it was something that biden was not in support of we'll have to see moving forward. >> no specifics there from diamond yet. up next, much more on this afternoon's earnings movers, including twitter's cost concerns concerns we'll be right back.on of critical vaccinations for the world. emerson. consider it solved.

i have an idea for a trade. of critical vaccinations for the world. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪♪

when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

tell aheadwe, 'll break down the biggest moves and dig in on the key reports we're watching the key reports we're watching tomorrow seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t. no one likes to choose between safe or sporty. modern or reliable.

we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure. ♪ ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪ ♪ this is how you become the best! [music: “you're the best” by joe esposito] [music: “you're the best” by joe esposito] [triumphantly yells] [ding] don't get mad. get e*trade and take charge of your finances today. what if you could have the perspective to see more?

at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. it used to be that brainstorming required a whiteboard and squeaky markers, but when you have devices that let you collaborate in real time from anywhere, the future works better. microsoft surface devices with teams, orchestrated by cdw enable employees to stay productive when working together, with high-quality audio-visual features designed for natural collaboration. so your team always captures every detail. microsoft and it orchestration by cdw. people who get it.

quick look at this afternoon's earnings movers. it's been another busy one everyone's higher except for cisco. uber among the big earnings to watch. we've got a few good interviews coming up as well. coca-cola ceo james equipsy will join me at 10:00 a.m. tomorrow after their report and then in "closing bell," the ceo of underarm ourselves will join us for an exclusive that's what i'll be focused on tomorrow, those two names. mike, what about you the dow pulled back just darely. >> honestly just looking to see if the market remains in this --

you know, the bias remaining to the up side, seeming like this sort of self-reinforcings. we get some of the weekly sentiment numbers and that's always worth a focus at times like this. >> we're pretty much out of time thanks for watching "closing bell." "fast money" starts right now. >> i'm melissa lee and this is "fast money. guy, james, tonight on fast we're tracking all three soft on the move after a result. we'll bring you the trades the chip crunch. ringing the alarm about a global chip shortage. later pot stocks blazing higher. is it too late to get in on the cannabis craze we'll talk about that. but first, lyft is rallying after hours. positive commentar