welcome to "power lunch" on a frigid tuesday in march. along with contessa brewer, i'm tyler mathisen contessa will join us in a minute or two. here's the 2:00 takeout, everything from electric vehicles to solar stocks they're on fire but is there a green tech bubble? talk to the head of sustainable

investing about where to find opportunity in the space it is a big one, how do you do it plus, could the ev boom, electric vehicle boom, spell trouble for tesla? why he sees an avalanche of competition coming for the big t. and later, senator elizabeth warren pushing for an ultra millionaire tax and we'll ask the billionaire, tilman fertitta what he thinks about that as "power lunch" starts right now good tuesday, everybody. i'm contessa brewer. glad to have you along we're watching stocks mixed in what's been a choppy session really, it's tech stocks getting hit the worst after yesterday's big rally. let's bring in bob pisani. sort of like the tennis match turned vertical here, bob. up and down, up and down >> yeah, right, exactly. last four days, two days, nicely

up and then sideways today but we're trying to go positive. i keep stating we wait for the s&p to turn positive look, we were down 24 or 25 points in the s&p earlier, but we sort of have turned around here and getting very, very close to going in the positive territory. you can see, dow made it in the positive territory s&p not quite. triple q there's the tech stocks. they haven't been doing much today and that's always a problem. the russell 2000 also a little week that's the biggest subsector that's moved on the year a big cap tech, it's tough to keep moving when the chips don't cooperate, so your big names like nvidia aren't doing anything micron not doing anything. apple lounging around. facebook and amazon, they sort of stopped dropping. so stable to slightly down in the tech area. in the meantime, old economy stocks out there, just roaring ford at a new high these automotive stocks.

b borgwarner at a new high occidentals near a new high. freeport mcmoran, these are old school names and nice to see them do well the s&p, we're not far after yesterday's rally. 30 points from an historic high. we only hit that a couple of weeks ago. so 39, 34. should be our old closing high that we have just about two weeks ago. keep an eye on all that. back to you. >> robert. thank you very much. one sector that's seen quite the run-up is clean energy the big etfs dragged space up since the march lows last year components of these etfs posting massive gains fueled partly by hopes for more subsidies under a biden administration names like n faze energy and sunrun plug power, and the electric vehicle maker nio. but some of these valuations

become too lofty my next guest said for some companies, we may be in a green tech bubble. andrew lee here to explain from ubs global wealth management let's be clear here. not the sector as a whole is in a bubble but some individual companies may indeed be unhinged or unhitched from reality. >> i think that's right. what we've seen is certainly the price runs that you referenced on in some of the pure plays but i think the longer term thesis and the opportunity in environment and climate-related technologies that help to enable cleaner energy mix and enable energy efficiency, you know, these, the broader thesis remains in tact. i think the four key areas we look at within green tech opportunities are clean energy smart mobility and electric

vehicles some of the enabling technology like semiconductors that feed into a number of those opportunities. broadly speaking, i think the thesis is there. some of the names we've seen runs in with the long-term thesis, you may see corrections here or there, but yeah. >> i want to get a little closer to one of the things you said that you prefer a broader approach to investing in green tech rather than focusing on richly valued pure plays, we recommended a diversified but selective approach across industries and geographic regions. tease that thought out a little bit to me and i don't want you to name names particularly, but maybe you can point directly to some things you consider what's a pure play here and what are those ones that are more diversified across businesses and regions. >> sure. so i think when you talk about pure play, when we talk about pure play, think about some of

the names that have seen some of the big runs an example would be hydrogen fuel cell providers, more of a pure play approach that has seen where you have seen significant price moves but some of the larger industrial gas players that are clearly part of the hydrogen supply chain, you haven't seen as much of those runs and actually, have underperformed the s&p 500 while you've seen a significant run there. so, you know, that's what i mean by pure play versus some of these more diversified plays where you have exposure to those names, or to the similar drivers but you haven't necessarily seen the same price action. and i think, if you look at some of the indexes, right, and clean energy indexes versus something like a smart grid infrastructure index, you can see some of the differentials in terms of performance where you're exposed more directly to some of those pure plays in the renewable or clean energy space and you've

seen significant price run a little bit of the direction since the highs in early january but you look at something more like smart grid infrastructure where you've got a little bit more diversification, more of the infrastructure related plays where there's also end markets that are not just renewables or climate, but actually valuations pretty comparable. so haven't seen that same price correction over that same time period >> i was going to ask you whether you need to take that call, it was probably just a robo call. i get them all the time on the air. how dependent this long-term favorable trend is on government action and activity. the general view is that the biden administration is more friendly to green tech and those companies then than the prior administration or maybe subsequent administrations may be how dependent are these gains on what government does or are they equally being driven by the marketplace? consumers and companies?

i mean, my feeling is that if you are in the energy business at all, you better be in some of these green energy areas or you're going to be left behind. >> you think you're exactly right. i mean, i think investors are really driving this. regulation and policy are certainly playing a part of in that you saw with significant price movements in the market a reflection of that optimism leading up to the november election and certainly after that as well so i think policy spend and regulation and where things are going are certainly a big part of this market, but i think investors are certainly saying this is a trend for the future it's a long-term theme as we view it, and this is how we want to be positioned certainly, i think you're seeing companies respond to that as well a lot of net zero or climate neutral policies being set and i

think that that's the response o w what investors are looking to see and positioning for the future i think there is a significant component of it that is policy and regulation driven, but what we're seeing not just from the biden administration but also in europe and in asia also supports this quite strongly. so the underpinning drivers are really there >> we appreciate your insights today and hope to see you soon barclays out with a new note today on some of their top picks in the clean energy space including names in the electric vehicle charging space you can read more about that at cnbc.com/pro contessa >> yeah, and tyler, a big part of that green tech boom is the electric vehicle space it's putting pressure though on tesla. over the last month, shares of the automaker are down nearly 20% off of the january highs for sure our next guest says while tesla is doing everything right, an

avalanche of competition is coming steve wesley, founder and managing partner of the wes lee group. that's a vc firm investing in mobility and smart energy. all right, so steve, talk to me a little bit about the ways that all of these big old traditional automakers doubling down on electric vehicles creates a scenario that might be a problem for tesla. >> look, you're exactly right. i've been bullish on tesla for the last ten years hard to imagine executing better than tesla has, growing 31 billion and then on track to do 50 billion no one else in the auto world is doing that having said that, tesla's not going to be king of the hill in electric forever what's important to note is that volkswagen said we're all in on electrics. mari barra said all electric by 2025 and then came out yesterday. one of them all electric by

2030 what's interesting, not just getting hit from the high end which is great, but now getting pressure from the low end, especially the chinese what's interesting is in markets that tesla's dominated like europe where historically they were number one, now number four behind hyundai, vw, and also the. so they're all getting competition from sectors they have to double down to compete. >> that also means, steve, they're competing for supplies as well. if you have all these people who say, look, we're going to come in, we're going to grab batteries to fuel our evs, then are those supplies going to be shorted and is tesla going to have to go out and pay for more for the materials that it needs to manufacture the batteries >> i think that's really the least of tesla's worries let's get clear about that

a lot of people worry about a shortage in lithium and i will tell you right now, lithium is one of the more plentiful materials in the world people have alleged you can only get in certain places. in bolivia, hard to get to, in fact, seems quite plentiful. a car company, in some cases, rare earth minerals like cobalt but a lot of firms, notably tesla, working on making clean or green batteries that don't use cobalt things to be worried about are semiconductors that shortage is real as you may know silicon valley was built on semiconductors, but increasingly, the production moves to china, taiwan, and korea. that should be a wake-up call for america and every auto company in the world now is trying to figure out how they can make sure they have plentiful supply of semiconductors for vehicles in 2021 some shortages there. >> what about, so steve, i'm

just looking at my own living situation. it seems to me like if you're a long haul driver, the evs are not quite there or at least you have to do some serious planning for where you're going to recharge if you're a city dweller, driving short distances, you might be parking on the street and charging becomes an issue there. how crucial is infrastructure to seeing this whole industry boom? >> look, the whole world is going electric and here's why. people used to worry about range anxiety. i've driven an electric car for years. in early 2000s, you might have to worry about that. not anymore. over 100,000 electric charging stations throughout the u.s. and get over 300 miles increasingly, you see cars get 400 mile range the simple fact is 97% of the american public doesn't drive over 400 miles in a year so i think that issue is largely behind us. there's one issue holding

electric cars back because, remember, they're faster, more fun to drive they are safer, safest car ever tested 100 miles per gallon versus average 25 miles a gallon. the only missing issue is electrics historically have cost more to buy and consumers don't like that. that narrative is changing by next year for the first time, you'll see electrics starting to cost less than comparable internal combustion engine vehicles and will continue that way for the future why? >> steve, real quick here. let me ask you about tesla buying $1.5 billion worth of bitcoin. they say they'll accept it for payments smart move >> tesla's whole brand is about being audacious and doesn't get more audacious than taking $1.5 billion of shareholder money and putting it in bitcoin.

it's worked out well so far. i'm not sure i'd bet on that in the future tesla's future is about making great cars competition is coming quickly. they need to focus on that. >> all right, steve, good of you to join us today thank you for your insight >> thanks so much. >> contessa, thank you make sure to check out cnbc events evolve live stream innovating energy on thursday, march 4th at 3:00 p.m. brian sullivan will speak with john kerry, president biden's special envoy for climate and then ceo vicki hollub as we look at how this industry is innovating for a more sustainable future you can register now at cnbcevents.com/evolvelivestream to take part in that special event. coming up, financials in the second best performing sector so far this year with a recovery in progress and interest rates

rising is now the time to bet on the banks? plus, senator elizabeth warren laying out her plan for an ultra millionaire's tax that could raise, she says, $3 trillion in ten years. the billionaire tilman fertitta will be here to weigh in nd wt his.nk you'll find out next on "power lunch. 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. ♪ ♪ ♪

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for volatility trading is now resumed the online mortgage company on pace for a record gain look at that up 51% but also has a big short interest and options activity also being cited as a reason for the size of today's gain another one of these crowd source stocks? time will tell contessa >> there we have it. trading by chat room, essentially, tyler welcome back, everybody. a choppy day of trading for the markets after yesterday's big rally but check out what is working here the banks. the sector up more than 10% in the last month it is the best, second best performing sector this year as interest rates continue to rise and the recovery gains steam let's get more from megan. part of the m&t family and david, chief investment officer with matrix asset advisers

great to see both of you today megan, we look at the banks. they've outperformed the s&p 500 by 20% since november 1st. is there still room for improvement? >> we do think there's still further room for outperformance of financials over the s&p 500 they're one of the best ways to play for an economic recovery and we see ourselves as approaching an inflection point where economic growth is just going to take off and could see the highest since the '80s so we think it's good, pent up consumer demand should alleviate and put the worst of the losses behind the banks and we also have a massive effort to return capital to shareholders both through strategic acquisitions as well as dividends and buybacks and lastly, financials are even with the recent outperformance,

they're still compared to the s&p 500 the most attractive valuation levels we've seen in decades. >> those share buybacks part of the reason because the fed allowed the reinitiation of that let's talk a little bit about the tail winds behind the banks. there was a lot of concern before the election about the regulatory crackdown that might happen under a new administration are those worries completely subsided at this point >> janet yellen is a wonderful appointment as the pressurely secr treasury secretary generally positive toward the group. you didn't have a loose sweep, which means you're not going to have anything punitive about the baj. and the new relief package coming out will put money in consumer and small businesses' pockets until june or july when the economy opens. they're starting to catch up but a lot more to go

32 times earning for the s&p 500, one of the cheapest areas out there. a lot of things that we're working against the banks last year that are now working for them think we have a lot of room to go on the upside and momentum investors jump before that and that's going to move them another 10 or 15%. >> megan, when you're considering financials, do you look at all life insurance i look at, for example, metlife up 26% year-to-date. aig which has just announced it's going to spin off its life insurance business up 20% year-to-date how did those factor into some of the tail winds you see for the banks? >> yeah, well, that relates to the interest rate environment and we do see the outlook for higher interest rates to not only benefit banks on the spread between the loans and deposit and steepness of the yield curve but in terms of overall outlook

for interest rates our expectation, assuming we get a stimulus package of at least $1.5 trillion which seems pretty likely, we're likely to see the 10 year move higher over the next year to 1.75 and approach 2% and i think that would be helpful for the insurers and regional banks that are a little bit more tied to the interest rate environment >> and it's really interesting we heard bob pisani earlier talking about the old economy stocks which maybe when you consider insurance, that's the case but we spend so much time talking about the reddit driven stocks that are performing here. are you looking for some of these old economy stocks to start being the stars in 2021? >> we think you're starting to see a lot of rotations the last rotations that we're looking for are definitely some old economy stocks but then also, the consumer staples have done miserably as of late and that's a group to be in. health care has a lot of very good pharmaceutical companies

selling at 12 or 13 times earnings and they haven't performed at all utilities have been crushed this year we think that's going to be a very interesting play over the next 12 or 18 months an article this week that talked about them being lk electric car plays. buy the cheapest valuation you have over the last five years. >> green seems to be the theme on this tuesday for "power lunch. david, megan, thank you very much appreciate it. >> thanks a lot. >> thank you to the bond market we go rick santelli tracking the action hi, rick >> hi, tyler indeed much talk about mefrsnervousnes. promoting policies to try to accomplish keeping rates lower, of course, it's going to get their attention. but everybody needs to relax a little bit because the market is cooling off on its own look at a two week of 10s.

we spike and now we're starting to consolidate this is somewhat normal and look at the 20 year chart, here's what you should be paying attention to everyone in the world is nervous at 141 we spiked to 161 but prior to covid, the all-time low close was 136. that was the all-time low close. what are we, 141, how much difference between 141 and 136 handful of basis points. that's the point we have rates already low, even though they have jumped a bit. now, if you look at tens minus twos to spread since 2016, that's the last time it was hovering around 130. if you put the kbw index on top of 10s and 2s year-to-date, you could see why banks are so happy in the last couple of interviews and finally, what i like to do is look at the year-to-date on the kbw and consider this. they're now promoting the idea we should go back to the twist meaning flatten the yield curve. so we need to manipulate more of the past manipulations to do a better job

i don't know, i think the yield curve has been high as 291 right now at 128, it's got a lot of room. keep the thumb off the scale tyler, back to you. >> rick, thank you still ahead, target falling after a big earnings beat and hot january. we'll tell you what the ceo said that has shareholders pressing the sell button right now. those tas ghafr is quick break. i'm made to move. but these days, i'm not getting

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all right, folks time now for power movers. target lower right now even after beating on earnings and revenue. stores up 20%. digital sales double target not offering forward guidance in its report next up, novavax after lower than expected sales. that will do it to you but the company said its vaccine could get approval as early as may right now down 14% as we mentioned, rocket companies, briefly halted overnight. it rose to the top five on the think gnome tracker of stocks being debated on reddit.

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welcome back i'm rahel solomon. here's your cnbc covid update at this hour. latest cdc numbers show 16% of the u.s. population has received at least one dose of the covid vaccine. today, the white house said that it's optimistic it can get the number even higher now that merck will be manufacturing the just approved johnson & johnson vaccine. >> the u.s. government will facilitate this partnership in several key ways include invoking the defense production act to equip to the standards necessary, safely manufacture the vaccine and asking the department of defense to provide daily logistical support to strengthen johnson & johnson's efforts. >> a group of cancer doctors recommend that when possible, women should schedule mammogram exams either before getting the covid vaccine or at least six weeks after getting the shot that's because it's normal for

lymph nodes around the armpit to swell and could be mistaken as a sign of cancer the university of alabama is confident that the pandemic will ease enough to allow the crimson tide to flow at full strength this fall. it's planning to fill the 100,000 seats at its football stadium but says that it will also continue to monitor medical guidelines as the kickoff approaches contessa, the university also planning to allow for full in-person instruction this fall as well. so tyler, looks like things will be back to normal as much as possible in alabama this fall. >> we will see and we'll talk just seconds to tilman fertitta, owner of the houston rockets and what his plans may be to allow more and more fans into his arena. >> that will be interesting. >> thank you, rahel. and tilman will join us now. bernie sanders leading democrats in proposed 2% tax on wealth and 3% over a billion. this in order to, quote, level the playing field, end quote

warren spoke with "squawk box" this morning. >> a direct wealth tax, a 2 cent wealth tax is what yields the revenue. the revenue that we need just a straight across the board. it's the fairest, it's the most progressive and here's the thing. it helps level the playing field just a little bit. >> we're going to take a pause because of an audio problem here and we'll come right back with hopellfuy, tilman fertitta on the other end of the line. we'll be right back.

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tilman fertitta. great to have you as always. let's start with the wealth tax. 2% on so-called families with 50 million or more in assets. i would find assessing wealth a very, very difficult thing to do apart from the fact if you take away 2% of someone's wealth every year, it's not all that long before you have no wealth left >> you know, tyler, it's ludicrous, okay.

that's why they call it an income tax, so we can tax everybody on their income, which is the right way to do it. first off, i could have your top four accounting firms come in and do an audit on my balance sheet and they would all come up with a different number because what is the value? you can never establish the exact value of an asset until you sell it. so it makes no sense and then people own assets in ranches and office buildings even take a sports team, let's just take a sports team that all of a sudden, this is all the family owns and it's worth $3 billion so they're going to tax it at $90 million a year but let's say the sports team only makes $30 million or $40 million a year how does that work it could be any asset in any class, but it's real estate. it doesn't make any sense whatsoever i can't even believe that they're even going there >> i would think it would be

very hard, for example, to appraise a piece of art. what's it worth? it may be worth 10 million today and 6 million tomorrow and 40 million two years from now it's very hard to do, and if you were to say, for example, we're only going to tax liquid securities, for example or something like that, stocks or bonds, mutual funds, spacs, then you'd have people run wning awa from the asset class to other things this is why i like the idea of taxing income and every piece of income at the same flat rate no preferences for capital gains. no preferences for dividends no preferences for carried interests. no preferences for other kinds of income. make it all be taxed the same, and rates will come down >> tyler, you're right but that's the problem is you make sense, okay

i don't know if because she hasn't been in the limelight since the presidential run or whatever, but to even think that this is going to happen, i mean, because of this minimum wage, i have people that have talked to bernie sanders and his team and there's things they didn't even understand and so they come out and they say, let's set this minimum wage tax or have this new minimum wage and don't think about the cost of living is 30% higher in new york and in l.a. versus the south, so how do you even have the same minimum wage? do we need to upgrade the minimum wage and stair step it up 100% take care of all the working people in america but you have to do these things right >> let's talk a little bit about business, but particularly, about the stimulus package that's moving through. it's now in the senate looking back to the first major stimulus package a year or so ago, how did it work how would you grade it and what

would you have the administration of this stimulus package do differently to make it work better for the american worker >> well, i don't think it's working better whatsoever. the stimulus package of just sending everybody a check is what happened last time and it seems to be happening again. i know people worth a lot of money that are getting stimulus checks and we're not getting the money in the right hands and that is why savings are continuing to rise in america. which is always great, but at the same time, this is supposed to be so you can live on it. it's supposed to be a check to go out and buy food and buy groceries and pay your rent. so if the savings is going up in america every single month, then absolutely, it's not working and you go back to the ppp funds, okay. law firms got it, investment banking firms. all your huge construction companies. if you had under 500 employees,

i know so many friends that are bankers and lawyers and their law firms got it and they never needed a penny of it we handle these things wrong in the u.s. and we've always got to get the money to the right people and i don't think we did it last time and this time the other side of it is, just get it out there i'll say it again. i get x amount of it >> you get x amount of it for your business. the ppp loans. but you didn't -- >> for my casinos, for my restaurants, for my hotels they spend the money >> right, but you said a moment ago, you know people who have lots of money who got those $2,000 stipends or now it's going to be a $1400 check. i thought only people getting, or earning $75,000 or less got that money wasn't that the way it was supposed to work >> i don't think it's right. i don't think they're right

there. i know people that earn a lot of money that have gotten checks. what the government says and what happens isn't always the same thing you know people that have gotten it there's people in that studio with you right now that have gotten it. >> there probably are and i know businesses that kind of didn't need the ppp loan, including some non-profits that took advantage of that to help their payrolls justifiably or not justifiably. let's look at your businesses. are they coming back the way you would expect >> you know, i'm only getting pieces of you right now, but they've got to get the money in the right hands and if they don't do that, does it still work yes, because the money goes in the economy, but why not take your time and do it right and then when you look at the $2 trillion stimulus package, there's only 10% going to the

people i've read all the different places that the money is going it's not a true stimulus package. it's there to take care of states for their pensions and lots going to the arts, going to bridges and everything else. >> tilman, thank you for bearing with us with the audio issues. i think we're going to leave it there. good luck to the rockets i think they play the nets tomorrow night and good luck to you, tilman fertitta, appreciate it and now to seema mody for "trading nation". >> great discussion, tyler we look at beyond meat upgrade to buy with citi analysts. the stock's price target increasing even after it's 200% rally off last march's lows. we know where citi stands but what about our "trading nation" team of tradinganalysis.com nancy. seems like beyond meat has to

move fast here as impossible, it's main competitor, is cutting prices and also gaining market share in this market. >> i agree, seema. i applaud wendy nicholson for upgrading stock with all the bad news that came out during the quarter. ceo with future earnings, lowering guidance for sales. you've got the margin pressure that you mentioned and then i just think there's ultimately a narrative question. i don't think the average consumer of beyond meat knows that a walmart burger that has 30 less calories than beyond meat burger and five times the sodium in beyond meat burger and the same amount of fat so the question becomes, what are we eating when we eat these products and what, if anything, can the company do about lowering some of the sort of alarms that go off when people do begin to understand what these burgers are made of? i think the company has a lot of

problems and we'll see how they do in terms of posturing and placing their partnerships, but i would much rather own something like chipotle trading at 6.9 times sales versus beyond meat at 20 plus times sales and proven track record. >> consumer preferences are changing a lot of people are going meatless what's fair value for the stock? market cap at $9 billion >> there's strong partnerships that propelled the stock you could use the stock to judge where you are. meat processing plants back online and big u.s. meat and evidence this is turning into a nutrition segment, that red meat not that bad as they told us

a harvard medical said low evidence red meat is not harmful and eat it no more than two or three times a meat i feel like the covid aspect is passed and the narrative change on red meat. i think it will be a challenge to be on meat despite the strong partnerships >> the fact that people are talking about it tells you something. todd and nancy, thank you and for more "trading nation," head to our web site or follow us on twitter. contessa, back to you. >> i'm thinking about the steak i'm going to make right now. good for me. i'm diving in. weren't those the days, i can't wait for the pandemic to be over bitcoin with gary genslr and upping bets on crypto currency stay with us >> and now, the latest from

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bitcoin down slightly today, holding just below $48,000 the decline blamed on gary gensler, president biden's nominee for sec chair. he said we need to crack down on crypto fraud but he also praised crypto currencies. >> people are looking to provide payment systems that operate 24 hours a day and seven days aweek at lower cost both cross border and domestically. >> kate rooney joins with us the story of one big company betting

big on bitcoin. >> paypal announcing an 70 in tax bit. it is a utah based start-up that offers software to help the crypto tax filing. it was part of a 1-million funding round announced this morning. in addition to paypal, tax bit is backed by coin base ventures, winkel base and bill actelman. currently paypal is looking to buy the crypto can be curve. they do custody. meaning they hold cryptocurrencies on their customer's behalf. paypal had been in talks to buy another crypto custody firm bit go but those talks reportedly fell through, paypal and bit go declining to comment paypal tells me the company is exploring m&a in the crypto space and is still talking to a number of start-ups.

analysts have been expecting paypal to do some sort of m&a based on the level of cash on its balance sheet. they invested in bitcoin in october. it is up 30% since then. bitcoin is up almost 300%. we mentioned bit go's ceo mike bell she will be on cnbc to talk all thing crypto >> square is making a big move today as well. >> that's right. the stock was up 7% today. it's more like 5% right now. but after four years, square finally launched its bank. this is called square financial services it's chartered out of utah for now, it's really only on the mchd merchant side, the small businesses that would normally go to square for the card readers and payment processing the ceo saying they are able to

cut out the middle man and be more nimble. they said, et cetera more for the long term, that it won't make much of a difference for the 2021 metrics but if you are looking at what square could become, it is like watch out wall street. we'll see. >> looking a the payment space, the digital payments and talking about transactions around the clock, it and makes a lot of sense to me when i hear the fed chair talking about making a digital dollar the priority, it does make me wonder whether all the con the cryptocurrencies are going to becomes irrelevant if the country develops a cryptocurrency that's to standard. >> the u.s. dollar on blockchain, would that replace bitcoin? the folks i talked to say the use cases are different. nobody is using bitcoin right now as means of payment. they say that sort of the appeal there is to be apart from the

central government they want something detached from any central bank policy that's why people go into bitcoin. jack dorsey, michael sailor they are looking at bitcoin as a separate asset meanwhile, the dollar, that use case is using it in everyday life and run on blockchain the way they are describing it is running next the each other, and bitcoin bulls and analysts think that's room for both. stocks taking a breather after yesterday's big gain the s&p 50050 points from its all-time high, down three points we will be back with much more on the markets coming up you can always watch or listen to us live or on the go with the cnbc app we'll be right back. ♪ oh my easy mountain... ♪

truth is... ...it's a cold, fast, crazy world out there. ♪ you've been on my mind. ♪ if you know the right places to go. ♪ you've been on my mind. ♪

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movements. up 59, 60% a lot of chat on reddit. short option action and options activity look at the movements today in rocket companies contessa, as always, great to be with you for everyone else, thanks for watching "power lunch. "closing bell" starts in about two seconds. >> and here we are welcome, everyone, to "closing bell." i'm sara eisen along with wilfred frost. stocks pulling back. major indes sees mostly in the red now. the nkds nasdaq down 1% after yesterday's ferocious rally. let's look at what's driving action stability in the bond market continues. the ten-year back near 1.4 but we are seeing growth stocks giving some back from yesterday's gains. tech, consumer discretion father, those are the losers today. apple down 1.5%. materials, energy higher another stock ripping higher rocket companies