>> pete, i am still focusing on the specialty. >> yes, we talked about the semiconductors and marvel, and we see the huge call volume, there and this is a stock that you have to own. >> and pete, i see the rest of you out there on "fast money" and great to be with you this friday and "the exchange" with dom chu begins now. >> i'm dominic chu, and this is what is happening on "the exchange." housing soaring, and trillions of dollar in stimulus, and sounds like a recipe for inflation, right well, maybe not. maybe it is stuckflation, and we will explain later on in the show. and plus, the banking industry is feeling pressure to adopt the bitcoin, and the pressure is not just coming from the clients, but it is coming from within, and the details of exclusively in the tug of war coming up, and the mass adoption of the trading is coming up in a beauty boom

ahead, and fleeing to florida and one new york staple goes from sweet to sour, and that is all ahead coming up. but we begin with the markets and stocks right now trading in a narrow range to close out the week in the any kind of move here and trying to close on the green in the s&p in the nasdaq and in the record close by the way if we could get there, and the ind dices on a pace for upsd in the nasdaq as well outperforming in the same bit as well. so those three indices are a key focus. some media highs today talk disney, comcast and news corp. and those stocks are record highs, and discovery is at a six-year high today, and twitter is at a seven-year high and on pace for a ten-day winning streak. twitter, and it was not that long ago that wall street was not enamored with the stock, and watch social media and traditional media and lot of big highs today, and semiconductors are in focus, and the etf that

tracks it, and the smh ticker is 3/4 to the upside outperforming the market, and now going back to last november, lamb research, and applied material is up 10% just this week alone, and so keep an eye on the semiconductor stocks, and meanwhile, despite the valuations being through the roof by some measures, our next guest says that the economy is headed for a state of stuckflation meaning that we should not fear inflation or deflation at all right now. for more, we will welcome in jim mcdonald chief strategist at northern trust and they have a lot of money under management, jim. stuckflation sounds to me like no inflation, no deflation, and the perfect environment for risk assets. is that the way it is supposed to look? >> well, so, dom, stuckflation has been a theme of ours for five years now, and it is a reflection of the fact that technology is coming into a lot of industries, and earning in capacity at low cost and then it

is preventing the pricing power from taking hold. we do have a shorter term theme which stuckflation may be tested, and it is maybe tested because of the huge fiscal stimulus, and very easy monetary policy and cyclical recovery and we think it is going to pass the test, and we will be in the stable inflation environment for years to come. >> if that is the case, then a stable inflation environment that almost suggests like there is no real risk right now priced in with credit on the treasury side of things, and that seems to me that it is a constructive environment for many assets including stocks, and is that the way that the investors should read this >> well, it is the case. if you are looking at what has happened in the market, there is certainly a lot of rally in things like credit spreads and expansion, and pe multiples and the biggest risk is that we have the test of the inflation that leads to the highest rates and the view is that it is highest

likely to be the problem over the next 12 months, and we have risked our exposure in the markets and high yield has had a big run and we have reallocated some of that into the natural resources which is a play on the recovery, and also into u.s. equities. so we are broadly overweight u.s. equities and with the overweight in some natural resource areas and also in globalist infrastructure. >> jim, is that indicative of the broader call on this rotation to value that many experts have talked about in four to six months here in the idea that the most beaten up parts of the industrials market, the energy market and oil and gas and that sort of thing is the place that you want to be rather than in the mega cap technology or media? >> we don't believe it is an either/or, and we believe that the laggards are going to recover and this is one of the themes, but we don't believe that the case or the technology stocks is over, so i would describe it as much more of an environment where the environment and the laggards are

going to perform much better relative to technology, but we don't want to make a call that it is time to tilt the value and we do want to talk about value and growth. >> what is the scariest part of the market for you, jim? >> as an investment value, there is a difference of growth and trust. >> are there things that get predominantly themed in your mind to the risks of the market right now outside of covid >> sure. outside of covid, i would have to say that there are certain areas of euphoria that have demo demonstrably occurred over the pocket retailing or the spac phenomenon and those are signs of individual concerns. the macro concern around the market beyond what you are saying around covid is that things are priced beyond perfection, and that means the lower concerns of the last couple of years and that does not mean that we are set up for the big correction, because the strength of the recovery over

the next 12 months where the fed is not committed to the moving rates means that the buy is higher. >> jim, do you believe that the activity of trading in bitcoin and cannabis stocks is in any way unhealthy for the market >> i think that when people start talking about fundamentals not mattering any more, and that the old time investors don't get into all that matters is the news flow and what is going to be the next hot stock, that is disc disconcerning. and over the intermediate and long-term fundamentals will prove out and matter. >> thank you, jim mcdonald of northern trust. have a nice weekend. >> thank you. the airline industry is facing a long runway to recovery and covid test to get on a flight could make the runway even longer. that issue and more is being tackled at a meeting between the white house and covid response team, and airline executives

happening today, and our own phil lebeau is on top of everything in the skies and even on the ground, and phil, what exactly did they talk about and how much more stringent could it get because of covid >> well, if the white house decides that there should be a negative test for anybody flying domestically, it could become more stringent, but there is not a case that it is likely to happen any time soon. i talked to a number of people who were part of or listened in on the meeting today between the white house covid task force or airline executives and this is a virtual meeting and it lasted 30 minutes, and everybody that we talked to said the same thing, this is a good exchange in terms of the executives saying that this is what we are doing, and the white house task force saying that this is what we are focused in on the scope of covid-19, and again, no decision has been made of whether negative tests are required for airline flights. the airline executives have stressed that they have talked about this for a long time, and they believe that masks and

disinfecting and along with heppa filters on airplanes is limiting the spread of covid-19, and the concern for the industry is what would happen if the white house says that, look, all domestic flights have been doing what you are doing on the international flights and you must have a negative test to fly, and if that were to happen, then what happens is this chart right here what you will see that few people are flying right now, and down between 50 and 60% compared to the same time last week, and di pendepends on the the week, but concern for the airline execs is that number going to be depressed for a number of time, and you won't see a snapback of the recovery in domestic demand for the flying of the number of time. and so looking at those who have a ceo who is attending virtually this meeting, and not a whole lot of reaction here, dom. and the reaction is that the airline industry is confident at this time that the white house

will not require a negative test for domestic flights, and again, that could change, and the white house made it clear that they are guided by science, and if they believe that the science indicates that it is the smart thing to do. >> and again, the important date is that airline employees are watching march 30th, of when the airline industry extension expires. >> i don't have a complete layoff number to be laid off or furloughed is critical. for the airlines and the industry, if there is a snapback and they believe there is a snapback and it is going to be coming back quickly, they want to say, ramp up the services as quickly as possible, and keep the people on the payroll. >> all right. phil lebeau on the latest of the airline industry. thank you very much for that. >> so what does it mean for the

future of the airline industry and who is best positioned for the recovery let's bring in helen becker and senior analyst at cowan and gordon bethune who is the continental chairman and ceo and also a cnbc contributor. helen, we will start with you, and we heard phil lay out some of the state of the industry. and from your perspective, is the industry on and upward trajectory albeit modest and to be optimistic about it or too many hurdles to get over >> well, thank you for having me on, dom. and yes, to all of the above it is a lot to get over, because of these restrictions that are in place. the industry needs revenue. if we could just open things up so that people could travel even if they have to mask up when they get to where they are going, and son on, it would be o much better where we are right now.

the roughly million or so people traveling and kind of hanging around the 800,000 to 1 million people on the on-peak days, rather, it means that there is a lot of pent-up demand. people want to travel, but it is just that their governors or the governments are not allowing them to. and so, we have to get past the issue of locking down and so on in order to have a great recovery, but i think that phil hit it, the nail on the head, there is a lot of pent-up demand, and people want to go. >> and helene is bringing up a great point, gordon, undoubtedly unprecedented time for the airline and unprecedented tax dollars put in to support the overall delivery system, and in your mind, have the restrictions put on travel, have they been too onerous, or just the right amount or not doing enough i mean, you used to run the airline that traveled all across

the world, and much of this is an issue did the government go too far? >> well, i don't think too far. helene is right. we need less restrictions of early recovery on the balance sheets being quashed by this cast of boarding a domestic flight and i can't think of anything more devastating than to have a test before you board. we don't require that buying groceries or that, and to have something by the government, and i would hate to have them do something like that to apply domestically, so i hope it does not happen. >> and gordon, if i could follow up on that, and looking at the overall state of the business, anded there is no doubt that the government assistance anded the

taxpayer assistance is critical to the industry, and is there a way that the industry can get back to, and in fact, get back on its own feet without having that much more taxpayer money on it, and have a way to operate out of this efficiently, and if so, what type of characteristics do the companies of the airline businesses need to operate to get back on their feet quickly. >> well, the passenger revenue is growing albeit slowly, and with helene, i'm with not going backwards, and airplane traffic is building slowly, but those who say snapback are probably correct, and the number of cases and deaths are going down and all of those things that enable to do our jobs with covid is becoming a better known and more aware, and so people are traveling more, and they are going to have to not keep them

from traveling, but coming back now. >> and helene, put it in perspective here, because you cover all of the airlines as an investor, and looking at this, are there certain airlines that are better positioned to weather the storm, and merge stronger, and ones that are perhaps weaker hands right now that you want to stay away from as we expect them to recover >> yes. so thank you. i think that domestically, we are going to recover faster, and that is obviously going to presuppose no testing. we just need people, and people want to break out of jail. that is what this is going to be. you know, we think that we are losing spring break, the march. at least march. and maybe easter we will see the improvement, and we are really hoping that case counts and hospitalizations are down by memorial day weekend so we get a good summer and not great summer. and in that environment, you want to own the domestic u.s. airlines like southwest, spirit,

and allegiance, and those are the top three picks and internationally as we recover that is a 2022 event. you want to look at united, delta, american, in that order. and i think that the recovery will start to come back as we come back and we need revenue, and the only way to get that is by opening it up. i agree it has to be done safely, but there are ways to do it without these tests and so on that really causes people to say, oh, too much of a hassle, and i'm not doing this. so we are hoping that it is recovery in earnest, and let's just say late may and june. >> it is one of the most impacted industries of course in this covid pandemic, travel and tourism. helene becker and gordon bethune, thank you, both. have a great weekend. >> thank you, you, too. >> thank you. and mastercard is in and

paypal is in, and square is in, and so why aren't the traditional banks in wall street is starting to feel the pressure of adopting bitcoin and currency and it is coming from the unlikely source, and the exclusive details are coming up. and plus, a trade war is happening over shipping containers and brian sullivan is live at the port of charleston, south carolina, with more. brian? >> yes, dom. and if you are one of of the people out there that have ordered a peloton or a treadmill or rowing machine or whatever it is, and they are telling you three to four months until you get it at your house, it is not their fault, it is probably because of what is happening in these and u.s. exporters are also ticked off, and we will tell you about the container crisis next on "the exchange."

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>> welcome back to "the exchange." there is a serious problem in global trade and it could hold back the recovery both here at home and abroad as well. brian sullivan is live at the port of charleston in south carolina with that story. brian? >> yeah, john lennon said that the war is over, and i don't know if he was talking about the trade war or not, because if

there was a trade war, it is with these containers now, dom, because the volume of imports that we are consuming and buying from china and other parts of asia is the greatest it has erbeen and it is causing a huge dislocation, and imbalance in these things, the ubiquitous shipping containers that we never think about and we never had to think about them, and by the way, the u.s. companies never had to think about them, because they were cheap, and everywhere in ohio and chicago and everywhere, but not anymore, because the volume of goods from china is going so great, that the price of these has gone up 250%, and that means that they are being sent back empty rather than going back into other parts of the u.s. so you are sitting at home, and thinking, i'm not an exporter, and why do i care? well, we gave you the peloton example and here is who is hurt. the exporters and if you want to sell something to china and other parts of the world, and you need one of these, you can't find one or you want to try to

overspend, and that is going to hurt the recovery or the importers of things like pelotons and treadmills and machinery or equipment, and they are waiting months because of the backlog, and the farmers, too, they are particularly ticked off, because that is a huge part of the exports, and we talked to jim newsome who runs the south carolina port authority and particularly here in charleston and he has been in the business 40-plus years and het the imbalance is the greatest he has ever seen. >> brian, welcome to charleston, and this is the record level of imbalance, and looking at northeast asia and this is the three imports to one export. and this is even in l.a. and you need it in des moines, it is not very helpful. >> so dom, you want the road to recovery, well, we need to sell stuff to other parts of the world to have manufacturing jobs in the country, and you can't sell it, because you can't get a container or it is not profitable, and this is going to

hurt the recovery and that is why this story matters. >> it matters, too, but is there any sign out, there brian, that things are getting better? we are hearing about the shipping bottlenecks, and are there points that investors and traders can look at, wall street and main street, and things are getting better so to speak >> no. that is the short answer, and i will tell you lunar new year is kicking off and period where the people take a week off in china and everything is going to slow and bottlenecks es ease, and we have heard that factories are crank it out around the clock in china and provides a natural gap, but you 41 ships sitting off of the port of los angeles, and normally none or maybe a couple waiting to come in, and you have shortages in truckers, right? some of them have covid and some have stayed away because of the covid, but there is bottlenecks everywhere, but at the bottom of it, dom, everyone is sitting at home buying stuff through amazon

and walmart.com, and some of it is coming through one of these and around and remember, it has to be a two-way trade, but i hate to say it, dom, right now, there is not any kind of solution, and that is a frustrating thing to hear, and that is why we are getting the delays, and by the way, some winners if you are stock guy, textainer or atlas.com, and their stocks are up 150 or 200%, because they are leasing these. and by the way, the federal government is starting to get involved, dom, because there is a shortage and you think, make more, despite the prices being up, the manufacturer of these containers which is done mostly in china as well is down, and the federal maritime commission is starting to poke around, because they are wondering, what exactly is going on, and why don't we have more containers where they need to be or more new ones it is a big global trade story. >> shipping is going to be one of the huge focal stories.

thank you, brian in charleston. we will see you all day long. coming up in the show, it is not just the airlines, restaurants and hotels to benefit from the reopening as well, but an area of the market that is looking pretty. right now, they could get a big boost, and there is a hint looking pretty. but looking to get into the recent pot rally, one name that most analysts seem to agree is a good bet, and in fact, it has no sell ratings on wall street right now, and we have the name coming up. and don't forget, you can watch us live on the cnbc app on your smartphone, on the tablet, and "the exchange" is going to be right back.

welcome back to "the exchange." the markets are looking, we will call it stable. the dow is down 160 points and the s&p 500 is up about one, and the nasdaq is down on the nasdaq composite, and we have a split of the energy and the financials leading the way, and they are up 1 1/2 to 1.75. and you can see here, discretionary and retail and utilities are down here. some individual movers this hour. bumble is up after surging 64% in its wall street debut yesterday. you can see the big move higher off of the highs of the session. at the current price, the market

capitalization is now up to, get this, $15 billion for that dating app and company on that site. our second stock is illumina thanks to record orders in the fourth quarter and the company is issuing is better than expected guy dance for the fiscal first quarter and those shares are up 15% off of the session highs. and then check out the casino stocks getting a lift today on the news that casino capacity in las vegas can increase to 35% starting on monday. pen national gaming is leading the way up about 4% or so on the trade, but still wynn and ceasars and mgm and you get the idea. now over to courtney reagan who has the cnbc news update. >> hi, dom this is what is happening at this hour, former president donald trump's defense team says that the impeachment trial is a threat to the first amendment right to speech.

trump lawyer michael van der veen says it is speech that is ordinary political rhetoric. and today, there was joe biden trying to rally support for the $1.9 trillion relief plan. justin timberlake is apologizing to janet jackson and britney spears. he has been criticized for not supporting janet jackson for the super bowl wardrobe malfunction, and also criticized in the "framing britney" documentary. and also, pandemic bliss shows that you should book vacations. check out the news with shepard smith tonight to find out how to enjoy brief moments of bliss in these pandemic times. that is the cnbc news at this hour.

>> so important in these covid times. thank you courtney reagan. it is a wild week for the cannabis stock as they are the new target for reddit traders. and now, looking at the poster chiled for all of this tilray. monday, 16% rally, and tuesday, 40% rally and wednesday up 50%, and yes, that is 50, 5-0, and then yesterday down almost 50%. today, we are seeing a move lower again, and while tilray may be the poster child for enthusiasm of cannabis, it is not wall street's favorite name. we combed through and saw that one name is coming up again and again as the top recommendation, and that stock is green thumb. for more on why that stock is wall street's pick and why wall street is a big fan, just go over to cnbc.com/pro. coming up and the show,

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>> welcome back. and i want to catch you up on a few stories on active fire, and here to catch you up is raheh frank and michael santoli, and pop stocks and retailers can't get enough, and this retail frenzy is boosting the online brokerages not named robinhood. and this stock is saying it added 100 new brokerage accounts up 200% over the same time last year, and the total client assets ballooned to 6.7 trillion and that is a 67% jump from the same time last year. michael santoli, and we have talked about the free trading stuff, and robinhood is synonymous with it, a and all of the brokerages are offering free trading right now, and how much as the day trading mentality permeated investing today does

it feel like 1997 to 1999? >> it definitely feels like it in terms of the this source of the energy coming from the broader public, and a little bit more excitement around certain types of stocks that seem intuitive to the group, but it rhymes. what is surprising to me to some degree is the difference that zero commissions made. and i was around covering the dawn of online brokerages in the '90s and everybody knew that the commission rates would go down steadily overtime, and when they were down the $5 people in the industry would say, hey, the average trade side is $10, and what is big deal of trading $5 and commission, and if you want to pay fractional shares and excited to trade more, this is what did it, so the pie is growing big enough for everybody to get a piece, and schwab is there for a long time, and enough of the asset market to get enough, and it is good for the industry in general. >> and robert, you covered the really, really rich people out

there, and how big of a deal is it that there is a so to speak democratization of it, and that the investors are not just the millionaire types and you can get in because of the things like the zero commission trading and the fractional ownership as well >> well, dom it is long overdue, and the stock market is the wealth engine of the market, and too long, the american families were left off, and the top percentage owned 88% of the stocks, and the numbers have not changed in over 20 year, and so the fact that we finally have new investors and many of them young investor coming into the market hopefully going from being traders to long-term investors is what we need. now what we do need now in addition to more investors is less gamefication and more education about investing. >> all right. so a big deal there for charles schwab following the big surge in retail trading. next up here if beauty is in the

eye of the beholder, then the future is looking gorgeous for beauty industry overall. the world's largest cosmetics maker l'oreal is expecting a 20's style boom, and the ceo said that the recovery will be the fiesta of makeup and fragrances. his words. this is as l'oreal reported better than expected revenue thanks to chinese sales and robust growth thanks to the skin products and others are reporting handsomely, if you will, and ul ta and coty and estee lauder and i know that you have been sitting in on the earnings call, and the big d, r beauty all year long or we have not seen it? >> it is not a resurgence yet, but the growth is the skin care, and the makeup sales have been

declining before the pandemic, and the pandemic accelerated it, because most of us were home, and maybe you were on the zoom calls, but the skin care is where it is at, and we heard the l'oreal incoming ceo saying that is the top priority when he assumes the position later this year. and also not skin care, dom, but what the companies put in the products like clean products is something that we heard from coty earlier in the week strong sales with the cover girl clean strategy, so i think that, yeah, i would, listen, i am here for the fiesta for the fragrances and the makeup, and certainly here for the boat lift, but skin care has been accelerating the sales, and they have been accelerating in the past years and we are likely to site, but d -- to see it, but now we have to deal with the maskne, and skin care is important for that, and lot of people can relate. >> so, robert, every time i hear about the roaring 20s and this is not the first industry or the

ceo who has made an allusion to the idea of the resurgence like the 1920s and people are emerging from the pandemic, but in your mind here, how much can it be that much like the roaring 20s, and the i think of the great gatsby and the roaring 20s parties and is it going to be like that? >> well, looking at china, and what is important to the makeup and the skin care products is the comeback in china. l'oreal had 27% growth in china and the most recent quarter and china is what the consumers could look like after the pandemic here, and what we have seen there is what they call revenge spending, and people are so tired of being cooped up, and not spending they went out, and the luxury industry is booming in china. all roads to luxury lead to china right now, and part of it is because of the demographically what is happening in china compared to the older u.s., but i think that

china is the north light of what luxury could look like in this country and in europe once we are out of this. >> i mean, it is one of the things that we talked about probably in april or may last year looking at a leading ind kay of wh indicator of what it could look like. and now, wanting to go somewhere warmer, and in florida, turning the real estate into one of the hottest real estate ever. and one of the most expensive homes there just closed in over $130 million just down the road from the billionaire investor david tepper, and robert, i know the allure, but how hot nor real estate market? >> well, just when we think it peaked, it is more incredible. look at palm beach, which is literally run out of the mansions to sell, and david tepper, the home that he bought

or in contract for $130 billion, and the brokers have to go around and knock on the doors to find the homes to sell. scott licher who bought the home was a spec house coming on the home in january and homes in palm beach are up 50%, and the sales contract in january more than doubled, so this is showing no signs is of slowing, because what used to be a millionaire migration is now a billionaire bonanza, and the wealthy, they follow each other especially those who are wealthier than they are. and so this is going to pick up steam. >> and mike santoli reasons for people in the northeast to be there in florida and they mostly split their time, and is this why wall street could be in south beach? >> well, i don't know to what degree we have to move the infrastructure, and right now, you have the hedge funds sit down there, and citadel did set

up in palm beach, so there is no impediment to it, but knit it together, there was a florida land bubble in the 1920s and people did, and it is always the repository for the wealth, and it spills out to rest of the country, so it not surprising to see what happens there with the tax arbitrage happening. >> oh, he is connecting the dots and implications there as well, and we will have to get to that later on down the line. and this is a bittersweet one for you candy fans out there, and the iconic dillons candy bar is closing the flagship upper manhattan eastside flagship location that is coming from the manhattan real estate watcher the real deal that dillon's candy bar is being sued for unpaid rents. and the rents for the real estate rents are being slidinging from pre-pandemic levels and this is another sign

of apocalypse there, and so is that inwhat is reflecting the larger country or just new york city >> well, i can say that being on the upper east side for sure, that it felt like a ghost town on columbus avenue seeing the empty retail space, but what is interesting is to see the landlords sue these, you know, the companies for real estate, and we saw it earlier on a simon property group upgrade by morgan stanley saying that essentially, that they are upgrading on the potential recovery of $410 million in abatements and so it is going to be interesting to see if the landlords are going to recoup the rents, but simon mall is going to get an upgrade trying to recoup the rents. >> and do you frequent the dillon's candy bar in new york

city >> my daughters did, but this company was having problems before the pandemic, and they are a giant sugar house in a sort of culture that is increasingly health conscious, and so overpriced, dom. would you pay $17 for a container of gummi bears and i love them, but $17 you can get them for $4 on amazon and before the pandemic, they were having trouble. >> i bought a massive bag of sour crawlers for $7 on amazon.com. have you been there? >> yes, there was a branch of the empire closer to me and it was a restaurant and 20 years is a great run for any location in manhattan and natural attrition, and the novelty wore off of that store, so symptomatic of something, but i don't know if it is necessarily something that the new york is going to lament for a long period of time like the old penn station being torn down. >> but the new penn station is looking good.

and so thank you, guys, very much, and that is today's edition of "rapid fire." and today, robinhood's ceo is going to capitol hill to answer questions about the rally and collapse of his stocks. and so it is black history month and we are honoring some of our cnbc contributors. this is the james mcdonald with the advice for the next generation. >> the most important advice that i could give the next generation of black americans is to look at the success as example that is before you. we have been the president of the united states, and been in some of the biggest financial institutions and been in some of the most financial institutions that are the most complex. go at it and be all that you can be. tphone deal. well i'm an existing customer and i'd like your best new smartphone deal. oh do ya?

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exchange" and it is friday and that is a good time to look ahead to what is in store for your money and investments next week this is the friday fast forward. >> a shortened trading week, but plenty of action ahead. walmart headlines the earnings front off of a quarter that saw the online sales jump 79%, and also palatir reports for the second time since the ipo and the stock up 40% in 2021. on january, the retail sales, and the economists are hoping for a rebound after two months of declines. is housing hot reads on exists sales are a clue. and the fed are the minutes due of the fco. and the rover is scheduled to land on the red planet. and back on earth, robinhood ceo is going to testify about the

reddit takeover. and it is sure to be a fiery one. and what to expect we bring in kate rooney who covers all thing fintech for us. and kate, this is a big deal, because it is so much main street popular attention, and just how hot will it get for the folks over at robinhood this week >> dom, that is the question. hearing is supposed to be about gamestop, and some of the trading sort of the chaos that we have seen in late january and in the past few week, and this is becoming the poster child of that, and with senator ted cruz and aoc are going after robinhood, and they are a target in a broader issue which is in some ways a lot of the volatility, and young traders are pouring all of it in the same stocks and some of the backend wall street systems that have worked perfectly fine until some of the factors have jumped up. so robinhood's ceo vlad tenov is

going to testify, and they are going to deflect and turn some of the attention to clearinghouses, and some of the back end systems that they say could be run more quickly and they call it the fact that it ts to settle a trade. they're really saying there were issues, but let's look at some other problems going on. >> certainly a lot of bipartisan support. kate rooney, thank you very much we'll see he later on. have a nice weekend. >> see you,dom. coming up on the show, wall street banks could be close to adopting bitcoin cnbc's hugh song has the exclusive scoop. he joins us next to bulk about why they want bitcoin adoption c. - we have a location that has experienced

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missing out. it was a week that saw bny mellon, america's oldest bank and mastercard announce they intend to begin in some way administer bitcoin this year cnbc reporting that employees at jpmorgan chase have been asking when their turn will come. banking reporter hugh song joins us now on if and when a big bank might have give bitcoin a big moment it's quite something else when it becomes a part of the traditional banking system, rye, hugh >> yes, happy year of the ox to you, my brother. when you look at what came out of the bny mellon, you look at jpmorgan's businesses they have a -- you heard the news from mastercard they have payment rails as well.

so you're see and banking being the most heavily regulated they have so many difficult business lines, asset management, obviously big, big corporate investment banks so it would be a huge stamp of legitimacy for the asset class if a jpmorgan or if a goldman sachs were to get involved. >> who is pushing for this i alluded to the fact it could be internal employees. if it is internal employees pushing for this, how are the executives at they organizations answering some of those questions from employees >> as you know, there is a groundswell, okay? look, even in the two weeks or so i've been looking at this story trying to get insider information. bitcoin went to almost 50,000. more than a 50% increase just in the two weeks i've been researching the story.

it is insanely volatile, insanely surging at the moment so when you have that kind of price action, naturally, you know, you think about the makeup of a wall street trader and look at they charts and these to get involved, because make markets with these characteristic should be profitable if you can hand the risk the jpmorgan town hall, they engaged on this. they had to. there were scripted comments between the head of the cib, the head of the wall street division, head of markets and trading. they brought it up they discussed it, and for the most part were open-minded about it when i heard wind of this, you had daniel to actually say, basically, look, when this is a mature asset class, or mature asset class and everybody else is dealing with it, we have no choice but to deal with it, and it's more likely than not they

will eventually grapple with this. >> it's a huge story one of most heavily regulateds industries out there hugh son, thank you. i'm sure you'll stay on top of that. that does it for "the exchange." "power lunch" starts after a quick break. have a great holiday weekend 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

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good afternoon, everybody. welcome to "power lunch" for a friday morgan brennan will join us in a minute's time or so. we're following big money today and where wealthy investors are placing their bets now and why there's a global shortage, and later, a blooming business 1-800-flowers, the stock doubling in the past year. "power lunch" starts right now good afternoon let's begin with the markets all three major averagin