steve weiss. >> i'm staying with tilray and c chronos and the guy is a tar. >> great conversation, and perkinelmer and that is a stock i own. >> thank you, everybody. "the exchange" is now. >> thank you, scott. hello, everybody. i'm brian sullivan and the reddit revolution is back and it is going after weed. pot stocks are sky high right now, and one strategist says that the retail army may change the whole game. go ahead. name a commodity, any commodity, and it is probably soaring in price. so is a commodity supercycle about to hit, and bring the inflation with it? while there is plenty of corn,

there is a growing shortage of chips, and semiconductors that is, and starting to hit some unusual markets. we will show you where. all right. hello, everybody. and welcome and speaking of the markets, that is of course, and yourmoney is where we begin, because something rather amazing ishappening in the stock marke today. there are some stocks that are going down. that is right, down, as in not up. all right. all kidding aside, not something that we have seen a lot lately, and we are sitting lately at or all of the all-time highs, and for most of the averages up 6 of 7 days and today trying to make it 7 of 8. energy doing well, and tech underperforming today and nearly every commodity is higher lately, and everybody is apparently loves oil again. wr and we are about to hit $60 a barrel again, and looking at the broader markets, and joining us

is mark mayley and matt from investment note, and i will lay out the notes again, 123 members of the small cap 600 have gained more than 50% this year. this year. you expect any kind of pullback any time soon? >> i do. i think that the market, and i mean, it is kind of weird the way that we are kind of replaying what we did last year when the market was priced to perfection. a lot of good reasons to think that the market is going to go higher, but they have to fall into place. we were priced for perfection, and nobody expected that the downturn would take place with the coronavirus to have a major impact on the markets and the economy, and only a few people were warning about that. and now we have a few, the dr.

michael olsterholm who is talking about a hurricane 5 variants hitting the hospitals, and the hospitalizations are going to skyrocket which is going to cause more slowdowns and maybe he is wrong this time, but with the market where it is, and priced for perfection, and some people need to step back and not chase the market with so much speculation and leverage in the market, and be careful of a little bit of the pullback. >> yes, david, i wonder, because you are looking at the math, right, and interest rates are not zero, but close, and the 10-year is up, but it is still low. and maybe a couple billion new dollars going into the market when the stimulus checks hit, and 25% to 30% of the people have been putting the money into the equity markets, and this is a market that i have been putting on the market watch today, and it is hard to say that the stocks are going up because there is more demand than supply, but it seems to be the case. >> absolutely.

and it is really hard not to be near term positive on the market, because, listen, we probably have another package coming here soon of $1 trillion, and the estimate is that this time around, even more money might go into the savings and market, and upwards of maybe 70% of the next package. so, yeah, we definitely see, and obviously, the stimulus bubble continues. and there is some problems long term, but who is looking at long term not the flash mob of retail investors. >> well, david, the amount of equity, and jim cramer has pointed it out, and i have pointed it out, the amount of stockton market has come down by 30% in the last decade through mergers and buybacks, and you have huge amounts of money in the world, and stimulus coming, and i understand matt's possibility of the fourth wave or whatever it might be from the other strains, but the market doesn't care, right? because it is simply supply/demand which is why you

like apple and amazon? >> absolutely. it is getting down to that, and it is supply and demand, and there are long-term problems and people need to look at the risk and this is the problem here, and more risk management in today's market is great, and they are shrugging it off, and amazon and apple with $1 billion-plus quarters and valuation and apple people are worried it is 30 plus rev ni instead of the average year plus 17, but valuation has never caused the market collapses. so worrying about the valuation in this time period doesn't really make a lot of sense we like apple and we like amazon. >> okay, yeah, and matt, listen, we all know about the variants and the mutants and none of the threef of us are doctors and luckily the j&j and novavax have trials on those variants and in particular the south african one, and fingers crossed and outside of some renewed infection rate and lockdowns,

anything that is risky to you from the market perspective that is simply just, my gosh, the last six months has been a rocketship and in many cases, doesn't necessarily make sense, and on some level at least. >> yeah, the thing is that we are, again, i was wildly bullish from october through into early january for a lot of reason, and a lot it had to do with the supply/demand that you have been talking about, and the problem is that we have a great increase in the economy over last year, and great increase in earnings over last year, and not much better, but a little better than 2018 and 2019, and yet the stock market is up 50% from those years. we have gone from last place and seventh place as the baseball team to third place and that is great, and maybe going to first place, but the stock market is pricing in a world championship, and so something comes along and another thing that i am worried about is the dollar, and everybody is talking about the dollar, and everybody is positioned for a lower dollar.

if we, and there is a lot more money in the currency markets than there are in the game stops, and the pot stocks, and the leverage has to be unwound in that area, and we will have a much bigger area of deleveraging which will cause a decline like never before and the investors have to be cautious near term, and opportunities to buy on the weakness. >> there you go d and maybe keep the oil going higher if the dollar is lower, and matt maley and david, thank you. like everything in the red today and even the russell 2000 taking a break from the massive run and hard to believe, but to be clear, it is up huge for the years, and outpacing the all powerful nasdaq and faang stocks, but according to the spokesman paul hickey, the stocks could be long overdue for a pullback. get the full analysis at cnbc.com/pro. sign up today. as we talked about a little

bit today, the commodities craze continues. you have a number of commodities hitting the multi year high today, and crude oil trading at levels that we have not seen since the pandemic, and closing in at $60 a barrel. copper at the highest level since 2013. corn, and it has been popping. remember, it is going into nearly everything that we eat. corn at a six-year high. where is bebeeks? and the let's bring in francisco blanch. francisco, i am not sure that the bullish of the bullish in commodities could have predicted this kind of run. we just talked about what is behind the equities strength. is it the same thing behind the commodities? >> i think that there is three things going on in the commodity land. first, you have very strong

micro fundamentals and the demand is improving as we deploy the vaccines in the u.s. and around the world. but also, we have had a major supply shock across many commodity markets. for example, mining is not the exactly friendly activity, because there is no ventilation 1,000 feet below the ground. that is one example. but in terms of the other two things that are driving this is the enormous monetary and fiscal stimulus that we put through the economy and not just the u.s., but around the world, and we have had twice the stimulus and fiscal and monetary perspective with half of the recession or maybe a quarter of the recession when it is coming to goods. not in the services, but the goods. everybody is buying the bananas, and remotely even if they are not traveling or spending in hotels and entertainm. and the third element here is

going to be what we are talking about, and that we are buying the stuff that much of it is produced in china which is the world's largest commodity buyer, and so the chinese currency is strengthening vis-a-vis the dollar which is allowing for more purchase power. so the three things are going on simultaneously, the better chinese economy, and better microfundamentals. >> i would say that, and we have a segment coming up later on the show about a container shortage because the chinese economy, francisco, it is not better, it is rocketing. i mean, their surge, and if you are looking at the export numbers from china to the united states and europe, they are off the charts and china came out of the pandemic months ago and life is 100% back to normal in almost every city, and how much has that impacted all of the commodities and not just in the united states, but around the world, and that surge in demand

from the world's second biggest economy? >> well, it is that impact is everyday. we see the shipments of the oil heading to china which is why the oil broke $60, and the other reason is that opec plus agreeing to extend the output curtailments for another quarter and saudi arabia adding a voluntary cut on their end, but we have had an enormous amount of oil headin ining to china, a natural gas in the asian markets hit $90 equivalent, and again, for that, and we have also had a similar reactions in the copper markets and the nickel markets and the iron ore markets. >> sorry to jump in, francisco. any commodity that you and your team are recommending and fist-pounding on the table that has upside

>> we think platinum and to some extent silver are commodities that we are focusing on. platinum has a lot of catchup to do with the gold. we don't like the gold so much here, because we think that the interest rate environment is going to help the gold, but the hydrogen economy, and the transition to clean energy is going to help platinum and also copper and the metals. so those are the ones that we like most. oil maybe a little tapped. >> silver market, and you made the redditers happy. so appreciate it. so we blasted through the entire grocery store and metals market there, didn't we well, no, we didn't. because that is not the only commodity flying high lately, and would you believe that wood is rocking. and apparently, diana olick in this case, money does grow on trees. >> it does, brian.

yeah, lumber prices could be at a new record high by the end of the week. framing lumber is around $945 and that is up over 110% year over year, and up 10% in just the last week, and matching the 52-week high. so what is doing it? three major factors. first increased demand for new homes, and housing starts up 30% year over year in december according to the u.s. census, and remodeling. the pandemic has everyone at home, and all of that money that we used to spend on traveling we are spending on expanding an improving the indoor and outdoor space. and finally the rock bottom interest rates are encouraging new home construction more. and one other factor mentioned to me by domain timber advisers, durable goods are increasing as people are buying new appliances and furniture, and they are shipped on wooden pallets. what does that mean to the housing prices

it adds 16,000 to the cost of a newly built home, and experts there are saying that it could add even more now. brian. >> yeah, oh, by the way, traveling tomorrow and i could not get a rental car, because the rental cars are sold out, and maybe people are hitting the roads again. the builders are passing this on, and in the form of higher prices, and so say i want to put a deck on the house, and to your point i want to not travel and stay home, and so for the budget, how much more do we have the pay for those basics >> well, brian, hold on to the wallet, because i have talked to a lot of the contractors around here, and you can see they are all over the place with the additions going on and up, and they are talking about 15 to 25% more in your cost for paythe basics, and putting on a deck or anything related to lumber, and prices up as well for anything that is going on with home

construction and you have to be budget for it and cut in some places just to be able to afford it. >> there you go. the great lumber run and maybe for the hometown company trex for the hometown decking. thank you, diana olick. and from housing to cars and we have market flash on toyota. >> brian, looking at toyota shares hitting an all-tie high and jumping up almost 2% since announcing within the last few minutes it is planning to roll out two brand-new pure electric vehicles for the market this year, and plug-in hybrid this year, and the significance is that toyota has not been in the game when it comes to electric vehicles, and today, the company said that we are getting in the game. two new all electric vehicles for the u.s. market coming this year, and that is the reason that the shares of toyota are moving higher in the last couple of minutes. brian, back to you. >> don't want to put you on the

spot, phil, but launching and will the cars be released this year, and they have been working on them secretly for a couple of years or announce to announce that the car is coming >> it is vague whether we will see them in showrooms this year or simply announced and hey, by the way, you will be able to get in the middle of next year, and we don't know if we are talk suvs or what are we talking about here in terms of the pure electric vehicles. >> yeah, we will find out hopefully and by the way, i hope they have a large stash of lithium and sense shall critical m minle lerals that we have talke about to build these cars. phil lebeau, thank you very much. so speaking of cars how a semiconductor shortage may have you paying more for your next car. we will tie it together. and call it the great container crisis of 2021, and maybe a new trade war. why what is happening in china has american exporters ticked off and paying a lot more.

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well, semiconductors and microchips are increasing power and pretty much everything that we own, and a growing shortage of them which could hit all

kinds of industries that you may not think about. and josh is here with a closer look at who is it impacting and how long might it last, and eunice in beijing of what china is going to get ahead and stay ahead, and first we binegin wit you, josh. >> well, from cars to everything, everybody is talking about the chip. and so sony saying they can't create the pss consoles without them, and also, this morning on the earnings call, gm saying that chip shortage could cost it up to $2 billion this year. ford's former ceo was also on cnbc talking about what all of this could mean for the auto market. >> there is going to be less choice on the lots, because the production just won't be there to the extent that the automakers have planned. the prices will be higher, because the automakers will

pursue margin, right they are going to reduce incentives. >> so why is this shortage happening? well, patrick morehead is chalking it up for the recovery of phones and cars and no letup in the work from home trend, and people are buying all of the pcs and especially the powerful and higher quality models and bottom line, the pressure on the supply across the board, and no easy fix here, and no quick switch to flip, and the semiconductor making is costly and lead times is 26 weeks is the norm to complete a finished chip. brian, back to you. >> josh lipton, thank you very much, and now the other side of the story and literally the other side of the world. eunice, how is china trying to get ahead, and how is china trying to stay ahead, because people are blaming the chinese companies for this shortage. >> yeah, that is right, brian. and beijing has always had big

ambitions to have the own homegrown industry, but the u.s. restrictions not only on chinese, and sales to china for chips, but also especially on telecoms giant huawei which has acted as a stimulus for the industry. and so beijing has made the chips as a priority for the next five-year plan which is going to be unveiled in march. independence is one of the five quote fundamentals of the china's economic development, and $1.4 trillion has been ear m marked for the semiconductor industry to have 75% of the chips used in china made in china by then. so china is offering incentives such as big tax breaks and expediting the listings and directing state funding into the startups and publicly listed companies and right now the most headway is in some of the lower tech memory chips with the

companies tightened smic still just four or five years behind the leader tscme, and so the money dedicated to the sector has really not only motivated a state firms, but private companies who are concerned that just like huawei, they could one day become a target of the u.s. government, so now they are seeing it as a necessary to support the domestic industry in order to have a supply here as opposed to something that would have been nice, but that they of course would have loved to usually choose chips that are overseas, because they want to make sure that they would argue here that they have to have the best of the best when it comes to chips. >> yeah. eunice yoon is staying up late or getting up really early in beijing, and it is an important

story for us. thank you, my friend. thank you very much. well, those tiny little chips are throwing a big time wrench into the global auto supply chain as well, and some carmakers could be facing massive losses in fact, the ihs is predicting that the auto chip famine could result in nearly 700,000 fewer cars built in the first quarter of this year, and talk about this and the overall story with the senior principal analyst at ihs market covering the semiconductor space, and phil, we think of the phones and the com computers, but not cars, but they are motorized computers themselves at this point. so is there some type of political reaction from the u.s. that may help here given that these shortages unfortunately like so much these days is coming from china, because they control almost the global supply. >> i don't know if i would say

that, but clearly a governmental concern as you are looking at this, and there have been meetings between i believe germany, u.s. and other countries as, as the partners to the oem have gone in to meet with the tcm to try to get higher priorities, but from the political standpoint, there is not going to be a political short term solution to this. and there is not going to be a manufacturing short term solution to this. right now, it's the number of ics that can be produced is relatively fixed. you can't just create capacity overnight. so now it is a question of priorities. and the oems are trying to get more priority, and in the short term, they are getting some commitments for getting to the head of the line. but that only gets you so far as one of the earlier reports had said, and we are talking about the 26 weeks lead times, and so

you are not going to be able to prioritize oems for that long period of time. >> well, listen, also, you know, china makes a lot of stuff, and semiconductors and make things that semiconductors go in, and if the domestic market needs it, that is that, but on the report, phil, a lot of people are thinking that smic and taiwan semi in china, they are frustrating if you will global supply at least, and is there anything that we can do or literally has to let the bottlenecks that happen, because of lockdowns and rapid reopen in china, and let it work through the system >> i mean, at this point, that is essentially i am afraid where we are at. the situation is what it is. i mean, the creation of this really goes back to the covid crisis of last year that created a drop in demand, and then, the

foundries were looking to fill it up, and they were able to fill it up and by the time that the automotives started to show recovery the demand had been consumed. so it is a great problem for semiconductors and no great thing to expedite, but everything that you are making, you are selling to the gameboy or the new car or computer right now, and so in that sense, it is a good time to be a semiconductor supplier, but it is a lot of pain and suffering as people are trying to get to the head of the line and trying to get more material for their individual projects. >> yep. yep. phil, thank you for looking at this market. >> my pleasure. >> it is not just semico semiconductors, and as u.s. companies are trying to sell anything to china, they are crying foul at the crisis at the ports.

this story is next. and why joe moglia is going to tell us about fintech.

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president biden has announced sanctions against myanmar in reaction to the coup by the military. he is calling on the military to relinquish power and democratic leaders. the white house also says that this is not the time for migrants to come to the border. press secretary jen psaki pointed to the pandemic, and the administration's short time in office to set up new migration procedures. just in time for valentine's day, federal regulators said that romance scams jumped 50%, and reported losses hit a record $304 million and the pandemic led people to seek more relationships online, and look, scammers could then say, no, i can't meet you in person, there is a pandemic on. minnesota police say that the gunman who opened fire near a health clinic had made previous threats of a mass shooting at the facility. you can watch the news with shepard smith about more of the positive motives of the shooting, and who those victims

were. brian, back to you. >> thank you, contessa brewer. well, it is time for the daily vaccination update, and where we stand on the race for the shots and the numbers of where citi is going to be hitting a speed bump, and just over 43 million doses administered and 32.8 million people getting at least one shot, which means that the percentage of u.s. adults over 18 with at least one shot ticked up a little bit. 12.8% from yesterday's 12.5. all of this is the biden administration is focusing its attention on a key issue which is convincing every american to take the vaccine. according to a new cdc study 49% of mile an hour americans only will be vaccinated which is up from september, but still low. we will talk more about this gap in the coming days and what is the lag between the first shot and the second shot, and that three to four-week lag that you

have the take or if a lot of areas will be building up the supplies, because we are hearing the reports of of the empty vaccination locations. the story to watch. all right. ahead, a rising market is not just helping the 401(k), and believe it or not, it might be helping to save the state budgets as well. we will tell you how. and looking at twitter on beating the earnings on top and the bottom lines, but it did warn that the growth would slow on the upcoming quarters and this is what the cfo said about getting the users to stay on the often confusing platform for the users. >> we don't focus on how much time people spend as we think about helping them to find what they are looking for on twitter. if we help you to find the topic or the information and whether it is around the super bowl or politics the or entertainment, you will come back over and over again. what if you could have the perspective to see more?

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keeping you sharp for tomorrow. join us, the defenders, in our mission. cybereason. end cyber attacks. from endpoints to everywhere. all right. welcome back. you could maybe call this next story the great container crisis of 2020 and 2021, and the cost of the shipping container and

you know the big metal boxes that you can see everywhere. they are going through the roof, and in fact, from china to west coast port like l.a. or long beach, the prices have more than doubled, and close to it from china to the east coast. now in is actually causing a huge problem for u.s. companies looking to sell their goods either to asia or other parts of the world, because it is now so lucrative for the shipping companies and the leasing firms who control the boxes that they would rather send the cargo containers back to china empty rather than go inside of the united states, indiana or oklahoma or elsewhere to pick up food or other exports and this is such an issue for trade that the u.s. government is getting involve and the maritime commission is asking questions of what is happening and how the fix it. carl benson is a federal commissioner, and he is joining us and as the author of that

letter to the shipping containers and for those of us not involved in the world of shipping, and in seaman's terms, what is causing this massive spike in the container business? >> brian, thanks it is nice to talk. we have had a big challenge with covid-19 going from in february, march situation where the imports in the united states of containerized imports were down 20 to 30% to a situation in may or june when we increased by 20 or 30%, and sort of a complete revers reversal. so as we imported ppe and ecommerce and the population adjusted to living at home. so, we really have were taken by surprise, i think that in the early summertime frame when we

didn't have enough equipment. we didn't have retailers that were building up cargo, and not getting trucking back to the ports, and in time to get cargo processed through ports. and ultimately, we ran into a situation where we are right now where we basically have gone from zero ships outside of the port of l.a./long beach to 41 waiting one or two weeks to be able to discharge cargo. >> wow so we have seen, carl, and let me jump in, we have seen the helicopter shots, and it is amazing if you are off of the coast of l.a., there is gigantic ships just sitting there that were not there a couple of months ago, and zero to 41 in a couple of weeks and empty containers and so what a couple of people on twitter and a couple of people i have asked, why more profitable to send an empty container back to china or wherever than to put it into commission inside of the united states to pick up soybeans or

bourbon or whatever it might be? >> it is a confluence of issues. generally the cargo that we get from china is high-tech. it has greater value than for instance soybeans, and perhaps not bourbon, but for the most part, u.s. exports are lower value agricultural commodities and with the rates going so high, the cargo, the shippers, the carriers have been trying to get containers back to asia to take advantage of the rates that they are getting to ship from asia to the united states. >> and i have been working on this for a couple of days, and i will be traveling tomorrow about it. i asked, a dumb question, and i said, why don't we make more containers and they are basic thing, and in fact, there used to be too many of them, and now not enough, and why is there a slowdown in the manufactur

containers, carl >> well, it is unclear, because the slowdown of covid, an all of the manufacturing takes place in china, and so it is an issue, and we have to consider the reliance of this metal container in terms of the trade and the objectives as a nation, but, they stopped manufacturing them, and they have been very slow on the uptake on manufacturing containers. at a point where they are manufacturing all sorts of other imports that are coming here. so we really need to take a look at what is going on and evaluate it. we see now that a price for a container is 50% more than it was earlier in the year. we have seen reductions over the year of 30% in terms of the manufacturer of the containers that we use for shipping. >> which, carl, we have to leave it there, but that is making no

sense, if the price of something is up 50%, and the people who make that something are generally trying to make more of it to sell it, but the new supplies are down, and the prices are up, and it is a heck of a story, and commissioner carl benson, we appreciate your time. thank you. >> thank you. >> and certainly, we are not talking about them much if ever, but there are companies who are benefiting from the rising prices, and they are container leasing or owning company, and the stocks have been booming. check out these recent moves from the lows in triton international up to 160%, and cai, 260 and tex tainer group is up 285% from the lows and they own and lease containers, and by the way, this is affecting every aspect of the global trade and not enough just sitting here, and when we dig into the story live from a port on south carolina friday and tune into cnbc all day for that. we will be at the port of charleston. all right. coming up, billionaire joe

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all right. welcome back. we have a little merger news today in the fintech space involving fg new america acquisition. who is that? well, that is the spac led by former td ameritrade ceo joe mo moglia, and he is joining pob by sani. >> good to see you. and today, there is a new merge wer opportunity financial, or oppfi, a it is to trade under the ticker o-p-p-f-i.

and it is a technical financial to provide credit to consumers. and joining me is spac manager joe moglia. and you told me this morning that what attracted you to the company is nearly 60 million consumers lack access to financial products, and oppfi provides those services. >> there are 60 million people in the united states that literally live pay check to pay check and they don't have access to credit and when they need to pay a bill or fix a car or fix a window or get a book for school, they struggle to do that, and what oppfi does is to do everything it can with the platform which is incredibly scaleable, and they have greater capacity than that to reach out to individuals who have both the ability and the willingness to be able to pay.

and when they can do that, and they are successful to do that, they increase the quality of the life for these families. so that is something that is very much drew me to it as well as they have an incredible management team that we want to work with. >> i have known you for so many years and of course at td ameritrade, you were helpful to me as a reporter, and now you are in the spac business and what is amazing to me is that the market is saturated with spacs and this year alone, joe, 133 spacs have raised $140 billion and ipos who have raised $17 billion and where is this money coming from? and aren't you concerned this is way too many companies going public too fast? >> well, we have to put it in perspective and the market is saturate and a lot of criticism. some of it is fair. and the stats least that i have, and beginning of last year, as of february 5th, 366 spacs that

became public. now, pes lsh foir the retail investor that is watching the show, that is a shell. and the whole objective of that spac, and that ibo and ipo is to wind up with a merger candidate down the road. most of the spacs won't be successful. then at some point when they do have a merger candidate, there an announcement, and then the key to an nouns. is who the spac is going to merge with, because by the time it closes, it does not exist, and the company has to be able to stand on its own, so as the individual investor, you have the opportunity to trade and get involved in the ipo and the announcement. but when you get to announcement, you have another three months to do the research on the actual firm and decide what is going on. so think of it more in terms of the maybe a lot of people out there trying to do it, but not that many people are getting it done successfully. >> and of course, the key is the optionality which is what you are say and that is what everybody is loving that you can

back out of the deal. i have to uk about the a robinhood and gamestop, and the reddit crowd. and shortstop is fading, but what about the long trade. and can we turn the excited young investors into long-term investors and how can we keep them >> well, over time, each investor has to decide what he or she needs for themselves, and that is going to take place over time. and as great as the short squeeze was and i give credit to people who led it. what happens when the trade turns the around and they start to sell and the market is coming down youhe better education and understanding of what to know about the leveragegoing upn so if you understand the volatility that trade could be halt and a bear market is

different than bull market, and you have a better chance of managing the risk and learn more and progress into the long-term investor, but have to do with a brokerage firm and the individual investor, and then the social media groups that have to take responsibility for that. >> joe, i need a short answer on this, need a short ants on this, the question is they're not going to each vanguard accounts. they'll want something else. how do you -- what is going to hold them in there can we open new businesses that are robo advisers, i don't want them to think thinking they're angry, that the game didn't work for us anymore i want to keep the people. >> if they can do a better job of managing their downside risk and over time realizing -- they're going to have trouble going through a bear market. they need to realize over time exactly what that means.

if they start to understand that, this he will start to shift from somebody who dey trades all the time, but also thinking in terms of long-term investing. i think it takes play over time. it's a matter of education. >> i like them, i like their energy i hope they stick around joe moglia, thanks very much bob, great stuff joe, really appreciate it. coming up, some state and city budgets did not get hit quite hit as hard as last year. and it is black history month, so we continue to honor some of our friends and cnbc contributors here's some advice for the next generation >> the next generation of laiders, are on the other side of the camera. they're not sitting here, not me, nigh mott peers.

i want you to adopt a mindset you have limitless opportunities. opportunity met with tireless ever will lead to results. i look forward to watching the next generation imparting their nothing. and of course you can sew more bonawyn on "fast money" many times a year. and you can read more on cnbc.com we're back in two. ♪♪ dad, i'm scared.

♪♪ it's only human to care for those we love. and also help light their way. ♪♪ it's why last year chevron invested billions of dollars to bring affordable, reliable, ever cleaner energy to america. ♪♪ hi, this is margaret your dell technologies advisor to listen, is to hear more than what's being said... and offer the answers that make someone feel truly heard. i understand, let's get started call a dell technologies advisor today.

well, across the nation many state and local budgets are in shambles there is one unexpected part of this dire scene that is doing more than inare its fair share the stock market tax revenues. robert frank has this story. robert >> hey, brian, state tax revenues were expected to fall 10 to 20% last year. it turns out last year it fell only 1.6%, and jpmorgan analysis found that 21 states actually saw revenue increases l.a. year. the main reason was a surge in income tax collections from high earners and the stock market california, new york and

illinois, all of which relied heavily saw income tax elections rise revenue in december came in 26% above last year, that was largely thanks to ipos and a lot of stock sales new york's tax collections came in nearly $2 billion higher than projected. and in connecticut, they're expecting an extra $900 billion this year saying most of the upside surprise will come from capital gains. even new york city saw higher income tax collections before the pandemic state and local governments, though, they still have huge budget holes due to high pandemic costs and all those social service needs annual iics expected a short-day-old fall of $400 billion through all the states by 2022. states that rely heavily on tourism and oil are the hardest

hit. hawaii down 14%, florida down 8%, nevada down 13%. >> i'm surprised by florida. that does it for "the exchange." catch jay powell on "power lunch" after this quick break. i'm heading to south carolina. ve gfr treyou omhe ha areat day

welcome to "power lunch," everybody. melissa lee will join us in a moment we will bring you the headlines, plus will uber deliver we will look at its road ahead as the two companies navigate the pandemic tillray by up almost 40%, with a little help from reddit users. "power lunch" will light it up