good afternoon, everybody, welcome to "power lunch" for a friday afternoon i'm tile tyler mathisen, we'll joined by morgan brennan in a moment a rally, all of this before 2:00

p.m., and right now we're near the nigh of the session. the nasdaq coming up, still a track for its third week in a row in the red and then the ten-year yield reversing as well. now lower for the day after surging on that better than expected jobs report more on that as "power lunch" starts hello, everybody i am morgan brennan, what a week, what a day of trading. we just have two hours left. nasdaq at one point was on pace for its worst week in a year we're now up nearly 1% for more on the volatile tried let's go to bob pisani morgan, the important thing here is what's going on with the ten-year yield you see how the market is jumping all over the place high and low today, that's telling

you the market can't decide what is going on with interest rates. is the yield is.5 or goods to 2% three months from now? when you market can't decide, it just bounces around. generally we're seeing some of the megacap femme steps. you can see some of the big names, the semiconductors, paypal, apple, nvidia, but don't kid yourself it's been a rocky week and a half let's show you the same stocks, how far they're off most of which they hit just a few weeks ago. xilinx, a lot of -- there's apple, 17%, as for kathy wood ark's tough. tesla, square, roku, teledoc, all continue to say drop you live by that sword, you'll die by that swore. obviously big growth here.

it's not the overall market. we're only 3% off the historic highs. it feels like we're in a massive correction, but we're not. it's the high-growth tech names. s&p is only 3%, the dow is only 2%, transports 1% off their historic highs just bear in mind, keep a perspective on what's going on meantime, the new usual wants market, it's sensitive to interest rates the spac markets 20% off its recent highs, the ipo etf almost 20%. biotech although business high beta mover, and china now down 13%, as you can see. it's all about those interest rates, guys. back to you. sure is. robert thanks very much today's big jobs report initially sent those rates soaring, as we get more positive economic data in the coming months, is the market due for a while ride

let's bring in ron insana, as -- and jamie cobbles, managing partner -- >> less than 30 days away. >> that's right. i think the question for the afternoon is this, jamie let me begin by asking you this -- is the momentum in the economy, in the ration neighbors trade, the reopening trade strong enough to propel this market higher you even in the face of rising interest rates. which will win out between now and year end, which is the stronger force? >> i think gdp growth already wildly more important. what you will see probably happen is interest rates sort of moderate where they are around

here i don't see them climbing wade -- a lot more from here, but i do believe that what you're going to see is a massive surge in demand that we've been waiting to see for some time you'll see economic data in prints you've never seen before, like 900,000 job gains or a million job gains. these will take gdp growth levels we thought we wouldn't see under 2023 o. 2024 people need to realize there will be a lot of money in the system and that will drive markets higher i don't believe that would translate into remarkably higher interest rates over the short term markets will be way stronger as the year goes on, not weaker

>> ron, which is going to be the stronger force. >> i agree with jamie in the longer term. you can't put on a recovery trade and hope the recovery never comes so interest rates stay low it's kind of a be careful what you withish for moment i mean i would have a slightly different and nuanced view i think interest rates would pop up and that would caught a problems, but we're a market in transition, we're going for wishing for the recovery, to experiencing the recovery. markets, you know, have to digest that reality. we've run of at an extraordinary amount, until we get confirmation that the economy is going to be as throng as was just suggested. >> once we get there, gdp, earnings growth, the mark will go into that >> yeah, talking about the highly levered areas of the market, can you make the

argument, jamie, that the disruption chain has been disrupted. that being said, are there areas in tech right now, where some of these momentum areas that are actually good buying opportunities, given the pullback, the correction we are seeing >> yeah, i mean, i'll deal with two sectors. the first is technology. a lot of people are paying attention to the real momentum trade. i think the large-cap tech stocks like microsoft, facebook, google, are actually better places to be price-to-edges, price-to-sales, those metrics are not so stretched. a lot of people are paying attention to electric vehicles those will be highly volatile through the year, about you if you're an apple, microsoft, large-cap tech perks, you'll be fine, but the other sector people are buying into and thinking has a lot of leg says financial. people are buying the money-centered bank, but the london exchange, exchanges

stocks are more interesting. largely because i feel like there's consolidation, the companies have mote, they're building these businesses to depend more on analytics, good dividend, good cash flow those are good spots for people to pick apart, as they're trying to decide what to do if these volatile markets i think that's what you'll see play out >> ron, let me close with you. i'm tempted to ask you about the etf we talked about on this show yesterday, the buzz etf, but i know your answer there is what it is, and you're not fond of it, but let me turn to energy, which is making a big, big move here is this a reopening trade? why is energy doing what it's do doing. >> it's both the reopening -- if you assume that leisure in

particular is going to come back by car, by masses transit. obviously that will absorb some increased amounts of fuel, and it's a recovery trade insofar as opecs or opecs-plus has not yet decided to start to increase production to bring down, you know, $65, $66 a barrel price. it's a bit of both at the moment yes, energy, of course, has always been a strong economic indicator. yeah, it's a good i indicator. i coupled with the rise of sensitive commodities, as phil was just saying, rhodium is up dramatically for auto production i would in it as an economic indicator. >> all right ron, thank you very much have a great weekend ron insana, jamie cox, same to

you. we have a news alert now on uber, and deirdre bosa has the details. >> tyler, a major executive shake up, the company confirming the departure of two top executives from the food delivery team. daniel danker will be leaving for instacart. and the head of uber eats u.s. and canada will also be leaving. we don't know where he's going the head of new york america rides will now lead uber eats north america, so a few takeaways here, morgan and tyler. they're moving more resources to eats remember, over the pandemic, uber has really put the focus increased revenue in eats, so it counts for more than ride sharing as a total also keep in mind that uber has not been able gain market share, in fact it's been giving it up

over the years will the departure help? hurt their case? maybe change their strategy here they're making a big push long term. >> certainly investors seem to be eating it up. deirdre, thanks for the new. as we've been discussing, the markets have been turning against the stocks and groups that had been the hottest, the cnbc spac 50 index is down this week, lower for the year, just turned fractionally higher in trade. for more, we turn to leslie picker hey, leslie. >> hey, morgan, it's been very volatile today, especially for an index now, a basketof 50 such spacs has recouped some of the losses it saw earlier today, still down

17%, though, over the last two weeks the biggest decline here, whose star power had previously garnered momentum for their spacs, including two of the spacssh two of brad gerstner altimeter spacs, all trading significantly lower, but the post-deal index has been hit perhaps even harder. this is comprised of the largest spacs that have announced merger. the sent mess was pry sip dated

by a merger that was highly anticipated, but one that really fell short of investor expectations >> i think that's such a key point, leslie. you have the world awash, it seems like, in spacs right now it does seem like some of the vehicles out there are getting increasingly more creative in terms of the types of companies they're going after you have to wonder, is there enough supply for demand >> that's right. you have $7 on billion raised just in the last -- the only two months of 2021 that's a very remarkable pace. it would which was above and berecords by any stretch of the measure. with all of this capital chasing so few deals that are really out there that could work in this

merger situation, you know, a lot of experts have come on our air, lloyd blankfein, you know, larry fink, who have shed some caution on this world, because there's just, you know, adverse incentives that take place when you have that much capital out there looking for a finite amount of companies that would make sense speak of spacs, one of those high-profile names that put this in the mainstream in the, virgin atlantic off lows of the trading session. it was trading as high as $60 last month today, what is putting pressure on the it stock? the chair sold his stakes to redirect that capital into what he calls a large investment towards fighting climate change,

saying he remains as dedicated as ever to the team, mission and prospects. his social capital, still holds about 15.8 millions shares, but on the heels that they won't his launch commercial -- also the former ceo george whitesides leaving to explore opportunities in public service, again, tyler, this is one of those what you would call i guess momentum names that's part of the broader swath of the market we have been seeing selling off more steeply as well. >> morgan, thank you very much still ahead, we will have more on the market's wild week, and we're watching the nasdaq very closely, as it's now higher after three days of precipitous declines bitcoin below 50,000 after selling off. we will talk to the ceo of bitgo

about that, and the demand from institutional investors. that's next when "power lunch" returns. live bookkeeper for peace of mind. your books are all set. so you can finally give john some attention. trusted experts. guaranteed accurate books. intuit quickbooks live.

sglees recovering after drove more than 3%, and new developments out of the cryptoworld, records that paypal was looking at bitgo they told customer

cryptocurrency on their behalf it requires certain state by state approvals. one of the company bitgo, got the go this week the goldman-backed company produces already 20% of global transactions, and has seen the assets balloon with the recent craze. joining us is the ceo mike belshi thank you for being with us. mike, do you have you? >> yeah, i'm here, can you hear me >> okay. great. the fact you have this trust charter from new york state department of financialservice this week, what does that enable you to do for investors, and what does it mean in terms of growth for your own business >> that's right. we've been a qualified custodian with state charter license for 2 1/2 years, one of the first cuss to do wants in the space.

we already process a fairly significant volume within the ecosystem, but new york has had more restrictions. they've got specific legislation and regulation that's in place, and we've been having new york trust specifically we could before service new york clients, so we're excited to be here we now have two different trust companies all in one. >> what does that mean in terms of how much demand are you seeing from institutional investors or others? we keep hearing we're at this inflection point in terms of demand for bitcoin is that something you are experiencing >> absolutely. there was a question a couple years ago as to whether institutions would be able to make the turn into crypto and bitcoin. today, you know, that's not really a question anymore. we see it on corporate balance sheets, in funds, conservative insurance companies, every other day you see an announcement. our assets have swelled over $30

billion, and so tremendous demand, and it's a pretty exciting time. >> what does the future look like for bitgo we talked about it the intro, the fact that paypal was reportedly in talks with your company are you looking to potentially go public? are you industrial open to the possibility of an acquisition off merger >> the gold of any company is to add value to shareholders. we're really pleased with the growth we've had, and we're continuing to expand security and safety for institutional investors. is it started out with technology components, and then today it's about financial services, starting to build market structure that institutional investors expect so we're in good progress. it will have an outcome in one way or another i think it will be as big as gold manual sax at one point we'll see how it works

i had a basic question we hear -- one of the hearing we keep hearing and part of the reason that it's finding it's way into the asset class is it's a hedge against inflation. i realize we're slightly higher in price right now currently, but we have seen cryptos and bitcoin sell off somewhat. which one is it? >> well, there's no doubt that bitcoin will reserve its strength, you know, against infl inflation. in the immediate term we have the fed admits that inflation broadband the byproduction of the 25% money supply that's been printed in the last 12 months alone. most folks on the institutional side logically and with common sense have recognized sooner or later you need to start looking for some sort of asset, which is not going to be prone to the whims of money printing.

so while we haven't seen in the day-by-day price necessarily an instant uptick, it would be sorted out scarcity does matter, and we will sigh the prerise. >> thank you for joining us today. >> thank you so much still ahead, check out shares of google making a big comeback, and its move to end user tracking sends shares of another stock shrinks this week. we'll tell you that name plus shares of kathy woods' ark innovation etf the etf erased all of its gains for the year we'll have more on the ongoing momentum sell-off, when we return

♪ irresistibly delicious. ♪ ♪ pour some almond breeze. ♪ ♪ for the maestros of the creamiest-ever, ♪ ♪ must-have smoothies. ♪ ♪ it's irresistibly delicious.♪ ♪ more almond breeze, please! ♪

- [narrator] grubhub perks give you deals on all the food that makes you boogie. (upbeat music) get the food you love with perks from- - [crowd] grubhub. welcome back take a look at shares of fedex. >> yesterday we discussed the recent announcements to go carbon neutrally 2040. i asked about the global supply

chain pain that we have seen and companies have talked about, and what he's seen in the fedex network. take a listen. >> regarding the broader issue of the global economy, let me answer it this way we are seeing strength in the manufacturing sector, january manufacturing grew 1% in the u.s. over the previous months. we see that, um in the gdp forecast, quaefr over quarter 4% for the first quarter, and driven by particularly manufacturing and retail sales, especially e-commerce, so i think it's a multispeed economy as we come out of this pandemic, with manufacturing leading the way. the entry is low we can see that in the retail

sectors, so there's restocking going on >> which raises the question the strength we have seen in freight rates. that's telling me fedex continuing to month thatsh but he does not expect capacity to come back to what it was pre-pandemic anytime soon. i suspect we're going to hear more about all of this come march 18th, when fedex reports earnings in the meantime, tyler, it just gives you a bit of a sense of how a major transportation and logistics operation like fedex moves so many goods arounded world is thinking about and seeing the signs of recovery. >> i think it's interesting and fedex -- anding this think aboue

planes and cargo, they plan to go carbon neutrally 2040 when the big consumers of energy like fedex say we're going to do it, it's the corporations that are going to lead the country and the world to that kind of cleaner environment, not necessarily what government does, though government may encourage it morgan, thank you. fall jute continuing from google's decision to stop using tools to track users across the internet it's up almost 2%, companies in the ad tech space are getting crushed this week. let's bring in deirdre bosa for more >> you're right. ad tech is getting crushed google not so much they're actually rebounding and barely reacted to that guidance now, that is because shares have

those third-party ad tech names you showed at the top, third third-party cookies that google is going to get rid of they can still access first-party cookies, which gets through chrome, android, and youtube on nearly every device in the world alphabet is painting the move as support for a, quote, privacy-first web. it wants to prove it's on the side of consumers when it comes to that issue, but the company could also be making more industry enemies, as antitrust scrutiny beginning to ramp up. we spoke about this earlier on what he calls a, quote, monopolistic power play of the first order, guys. >> deirdre, thank you very much. morgan

up next, slowing momentum, big temperature coming back after a rough start, but the momentum names are still down for the week me, where are the best bets across the globe our traders will break it all down stay with us we see harnessing natural gas unleashing the promise of cleaner energy. at emerson, we advance the safety and efficiency of the lng industry to meet the world's need for reliable, affordable electricity. emerson. consider it solved. ♪♪ in boxing or any other business,

one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪

want to save hundreds on your wireless bill? with xfinity mobile, you can. ♪♪ how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings.

welcome back i'm rahel solomon. here is yooismt cnbc covid update a of detroit's mayor says he has full confidence in the johnson & johnson shot, and earl yes this week he turned it down, saying the moderna and pfizer vaccines are the best, and he wanted his residents to get the best. the white house says it's been in touch with the mayor and contended his remarks were misunderstood. hospitals got better at preventing deaths from covid during the first six months of the pandemic researchers say 22% of hospitalized patients died in march, compared to 6.5% in

august a new study by cdc response that last year states with mask mandates saw a drop in almost 2% in cases and deaths. tyler, you are up to date. i'll send it back to you. >> let's look at the markets right now. what a day it has been of whipsaw action the dow is higher by 460 points. the s&p up 1.6%, and the nasdaq is now up, ditto the russell 2000 the oil market is closing for the day. let's go to dominic chu. >> it's closing just off the best levels of the day so far. u.s. benchmark prices, $66.03, at the highs of the session per barrel, we were closer to 66.40.

3.5% gains there as well, and by the way, the energy sector in the s&p far and away the best-performing sector so far today. take a look at some of the context around that. with oil prices over the last two years, you've seen multiyear highs almost at this stage for oil prices you have to go all the way back possibly at this point now, back a couple years, and just in the last, since october span here, that's an 85% gain in crude oil prices as well take a look at the energy sector s spdr, so keep an eye, morgan on those stocks they have been leading the way higher in the markets, even though energy is one of the smaller sectors in the s&p back over to you. >> i'm so impressed how you and mike santoli, for that matter, manage that board and write on it, make it look so easy. >> lots of practice. >> have a good weekend. >> you too. as we head toward the last

hour of trading, check out the laggards, momentum names like peloton and moderna getting slammed. let's bring in katy stockton, founding manager, and tim seemo. katy, is there more pain to come >> i think so. the difference is the loss of momentum is more than just short term, it's intermediate. the weekly indicators that we follow have flashed sell signals. that's to be expected. you highlight the momentum stocks, if you look at one of the etfs just this week and lone it was down more than 12%, well off its highs. so we are seeing in serious corrective price action, but it should be healthy.

the up is very, very steep coming into this >> katie, you have to interrupt you. we have some tape from the president. >> fewer jobs than last year at that rate it would take two years to get us back on track. we have 1 million fewer educators. the 1 million fewer educators. we have lost 400,000 small businesses all those empty storefronts aren't just shattered dreams, they're warning lights going off in state and local budgets that are being stretched because of the lack of tax revenue. some of last month's job growth is a result of the december -- packing. without a rescue plan, these gains are going to slow. we can't afford one step forward and two steps backwards. we need to beat the virus, provide a sense of relief and

build an inclusive recovery. people need to help now. in less than two weeks, enhanced unemployment benefits will begin to expire for 11 million people. at least 7 million kids don't have enough food to eat on a regular basis. 13 million people are behind in their rent the rescue plan is absolutely essential for turning this around, getting kids back to school safely, getting a lifeline to small business, and getting the upper hand on covid-19 that's what we're going to be talking about now, so i thank you all for coming in. thank you. >> reporter: mr. president when will you unveil the build back better plan? >> thank you, thank you, guys. come on, let's go. all right. so that's president biden talking about employment on the heels of that jobs report we got this morning, also noting that 400,000 small businesses have closed their doors, talking about the stimulus bill, the

$1.9 trillion bill that's making its way through congress, the need for more fiscal help right now. we're going to go back to the conversation we were just having about the markets. katie, i know i interrupted there. i want the rest of your thought in terms of whether there are opportunities within those momentum names, or whether the pain will continue, and then tim will take it from there. >> i would say probably not yet. my thinking is this pullback, which is still under way -- not today necessarily, but probably will resume next week by my measures -- that won't necessarily create an immediate buying opportunity some of these stocks have taken out short-term support levels and may take additional consolidation based on what we're seeing in order for the market to find its footing against. it's a mean reversion, reverting back to what is more reasonable. so i think it's going to take

more time, but ultimately we do want to look for the buying opportunity to take advantage. >> tim, i want your thoughts on this are there opportunities here have you been buying anything given the downdraft we've seen >> well, it's important, morgan, to understand the difference between covid epicenter tech stocks like zoom and peloton, that i don't think the investment secular story is over, but that the valuation dynamic didn't even make sense a month before when you look at momentum stocks in software, and some parts of the technology chain, they're really companies that are not profitable in the short term also on the medium term dynamics, i think some of these will be more of a skeptical look in their businesses. when you look at other parts of high momentum, or places where

you're outside of the tech sphere, but you have seen, obviously that's going to continue and going to continue based upon a fundamental dynamic. energy companies are momentum stocks, because the fundamentals have changes the companies are run better and run for profit differently than a few years ago. this has been one of the noiseiest 4.5% pullbacks i realize a lot of this is centered around high-tech nasdaq stocks, but ultimately this is really a good things for the market. >> katie, just mentioned the stimulus bill. you look at that, and look at the stronger than expected jobs number this morning, where do you fall within this debate around economic growth versus inflation and what it means for the trajectory for rates from here >> when i look at treasury

yields, i see a major base breakout it's meaningful, long term in nature short term i have a bit of a contrarian's view. i have some signs of upside exhaustion there short term. i actually expect to see treasuries stabilize as equities continue to pull back. i think where we'll get the most underperformance is actually from that momentum they're also defor a pullback. i believe this growth to value rotation is meaningful and will also persist, but here in the near term, a lot of excesses need to be worked off. we need to get to the point where sentiment isn't as bullish. we need it to be more bearish, cautious, and that's when we tend to get buying opportunities. >> tim, just looking at the action today, it's like whiplash going into the weekend

more of this to come is this a special situation given we did see key levels where there were concerns? >> i tend to agree i think the fixed-income markets are overdone here. maybe while wee reversed trends, i think there's a limit to how high rates can go. i -- i would repeat a 160 ten-year than a 60 basis point ten-year the reopening bonanza we're going to see, there would be a lot of money dumped on top of the economy and the market, and i just think that we have taken out a lot of the froth >> all right we're going to leave the conversation there tim seymour and katie stockton, thank you. seema mody now has trading nation. >> a rough week for wall street, but it's a mixed bag beyond our

borders. what might in store for these markets where we are seeing entries on the rise, let's brick in the team today to discuss craig johnson of piper sandler and boris schlossberg. boris, is there one international market that you think can outperform in this environment? >> yeah, you know, politics notwithstanding in my homeland, i really like russia now maini it's an oil story. at this point it's pretty clear that oil has found a very, very strong consolidation of the 60 level. russians and saudis are able to control the market the biden administration is unfriendly to the sector, so supply is inclined to be relatively restrained. also that the commodity is

entering into a bull market, it only helps russia, to me the russia etf is very interesting >> craig, how should we think about the correlation between higher rates and emerging markets which tend to do better in a weaker environment? >> yeah, that's right, looking at the eem chart, and i look at that eem chart, that weaker dollar had been a very big positive for the emerging markets index, the eem index at this point in time the dollar is starting to reverse here. and we're actually starting to see a bit of a short-term top sort of being put in that eem index. it looks like it's time to take some approaches in that name if you switch beers and look at the euro stock -- it's lagged,

and from my perspective, i would still buy u.s. stocks rather than the european blue-chip names. >> craig and boris, thank you. for more, head to our website or follow us on twitter into the intraday chart, it sold off on higher rates, now moving to highs of the dame up 1.4% for the dow. much more on the big jobs data right after this break

we made usaa insurance for renters who make the most of their space and money. that's why we make it easy to cover the stuff you love for as little as 33¢ a day. usaa. what you're made of, we're made for. u-s-a-a

we have a news alert right now on robinhood leslie picker has the details. leslie >> that's right. i am hearing from several sources that robinhood has selected nasdaq for its public listing. that is an indication that it's inching closer to that listing as select of an he can change is usually toward the end of that process. i am told they have not yet confidentially filed but they are getting closer to that point in time. it is unclear if they have decided to pursue a direct listing or a traditional ipo at this stage but of course that s-1 gets filed regardless of the method the nasdaq and robinhood have both declined to comment on this back over to you, morgan. >> we know it is not a spac. leslie thank you. the nasdaq capacity making a v-shaped recovery. down 2.5% at the low of e dathy.

right now up more than 1%. we will be back with more on the markets, coming up sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. make fitness routine with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. pure protein bars and shakes. for every fitness routine. how do plastic bottles pure protein bars and shakes. turn into this?

wm and repreve have given new life to over 20 billion plastic bottles. and we're just getting started. see how recycling is one of the many ways wm is always working for a sustainable tomorrow at wm.com/stories.

to navigate your active days, weathertech has you covered. mirrorfone secures your phone to almost any smooth flat surface. ♪ ♪ cupfone keeps your phone secure while driving. ♪ ♪ hi mom. -hi. the deskfone even adjusts for horizontal viewing. ♪ ♪ while the tablet holder keeps everything in the perfect position. nice. the best way to secure your devices is at weathertech.com welcome back to "power lunch. to the bond market we go rick santelli is tracking the action at the cme. hi, rick. >> hi. indeed, a wild day, but as you look at a chart going back to last thursday on ten-year note yields you will see we took out last thursday's spike, then we

drifted. it is normal for a friday. stocks have been on the soft side they are going up. treasury rates, of course they have been pushing them up, to you they are buying and pushing them down. up 13 on the week. fifth week in row it is up one week worth of boons. down a lit the distance seems to be growing. tens minus twos, the chart in november all the spreads are so wide because the long end is doing all the heavy lifting. over five and a half years since we have been there tens to boons now they are hovering a the widest of the year we need to pay attention to that year to date, the dollar index january, under 90. the dollar has been on the strength side this week. tyler, back to you. >> thank you very much, rick it has been a wild session for stocks because of the rising rates that rick just pointed out. the market has reversed now, surging across the board the better than expected february jobs report providing a bit of a spark, and there is

hope that a stimulus deal among those who hope for it may finally get done this weekend. marc morial is the president of the national urban lead and joins us now as he does most jobs days. mayor, the jobs report i think was unexpectedly positive, particularly for people in the hospitality industry, the restaurant industry, hotels, and so forth but there are still gaps here, we are not back to where we were a year ago. >> look, ty, you know, we see sam thawing beginning to take place, but there is still -- we are still 11 million jobs away from where we were a little over a year ago so the economy needs aggressive, old, and imaginative stimulus which i think the $1.9 trillion measure being considered by the senate right now would give by putting money in the happnds of

people who will no out go out and spended that money, consumer spending being a driver of economic growth, and also making some important investments in accelerating the pace of vaccine acceptance and participation, which i think is essential to us hopefully by mid-summer or in the fall getting back to a more normal situation when it comes to distancing and the events and hospitality and travel so there is a pickup in the restaurant business but we are still very far behind. it was a little bit of a downturn this the construction business construction sector, related to probably weather and other considerations, but this is thawing. but we have a long way to go >> are you surprised that the unemployment rate which we are just showing there at 6.2% -- of course a year ago this time it was i think in the threes, the high threes. are you surprised it has come down as quickly as it has from where it was last april, may,

june because i am. >> i am not surprised, because i think the determination by those who could pivot and work notwithstanding the distancing rules notwithstanding the pandemic people are in survival mode. so those who can are going to keep their businesses open those who must work or can work are going to continue to work. but here is what is important. that 6% rate doesn't tell the whole story. the real rate -- we have talked about this many times, ty, is more like 12 when you count those who sort of stepped away from the labor market, when you count those who have no job to go back to and may not be lookilooking, and who count those who are working part-time and wanting to work in a full-time job. i think the real rate is more like 12% so these numbers, as we discuss

every month, have to be interpreted in a very real way because the unemployment rate really measures the number who have looked against the number who have actually found jobs in the last 20 days we have a long way to go, the stimulus is needed, and necessary. >> we've got about 60 seconds, mayor. among the citi critics of the stimulus package there are some who say not enough of it -- apart from the stipends that go right into people's pockets, not enough of it really goes to covid-related topics, not enough of it goes really to opening the schools now. it's phased in over years. do you have any concern that not enough is going to help us rebound from covid quickly >> if i had a concern, ty, it would be that this is a $2 trillion stimulus. a year ago, the first stimulus -- one of the largest

stimulus that was passed was $3 trillion stimulus. so it is puzzling to me why some who embraced it a year ago have now become critics some members of the senate who criticize it today voted for it last year. we needed it then. and we need it again now so i think people should stop, if you will, nitpicking, and recognize that this stimulus is necessary to help us get back on our feet as a nation. >> mayor, we thank you we have to leave it there. we will see you next month next time. >> morgan, thank you for joining us, and thank you all for watching "power lunch. "closing bell" -- we took a few seconds up from them we will make it up to you. wilfred and sara. >> no problem at all, tyler, morgan, thank you. welcome to the "closing bell," everyone i'm wilfred frost along with sara eisen a frantic friday on wall street, the major averages were up more than 1% near the open before plunging deep into the red and rallying sharply back into the

gree