good afternoon, everyone welcome to "power lunch" for a monday the dow surging 500 points, hitting a record high following friday's rebound rally, but the nasdaq is still lacking. it's down about 1.5%, near the lows of the session. we're going to look at the great division of what's going on with the industrials and nasdaq the big cyberattack with w

widespread impact. we've speaking with david kennedy. elevest is helping to put money in the pockets of more women-led businesses "power lunch" starts right now welcome once again, everybody. frank holland and seema mody join us this afternoon for the hour glad to have both of you with us on another, another big day, folks, for the markets frank? >> tyler, that's absolutely right. a big rally, tracking for a record close while tech seems to be sitting out the party let's bring in bob pisani with a look nasdaq falling about a percent and a half, what do you think?

>> what's happening the gap between growth and value stocks is getting wider and wider, but it's even simpler, that it's tech versus everything else. tech being down today is the reason we're not get a lot of energy faang stocks are doing grange. citigroup at a new high. even industrials, eaton is at a new high some of the materials are at new highs. exxon mobil is at a new high look at tech, as you heard frank say, lagging the party there big-cap tech and xilinx, and advanced micro same thing it was less than a month ago when we

were hitting new highs we have lots of new highs, darden, exxon as i mention ed ad you can -- you want it simply, how you about disney versus apple? did i any jumped in early november, on the announcement the first successful vaccine test, disney jumped finally, california, of course, saying disneyland can reopen. that's a big help today, but this has been going on for a while. look at apple, straight down since the middle of february that's when interest rates started moving on. it's disney up 10% this year, apple down 10% guys, back to you. >> robert, thank you very much

technology seems to be -- can they rally without the tech lerl joining us, ubs managing directorialie mccartney, and ceo karen finerman who joins us on the phone. good to have both of you with ali, am i better off riding this rally, some of the consumers or am i better off putting it in today's last loved into -- >> one of our themes where technology and nasdaq -- so last

year we had a zero interest rate environment, with lower for -- and economic activity very much curt curtailed. we're 26 days into a rate reversal, and so now i think is when you get back into the cyclical and value trade i would say you don't have to ignore the tech names. i think you rebalance and pull back a little. so take raj of volatility to do that make sure you have exposure to names that can tolerate and will continue to be -- but very restaurants, casinos, and you name it. >> if i have a nice tax refund i'm looking to put to work, but

should i rite what's working, or should is look to spice some of the unloved stocks, those high-growth tech stocks into my portfolio in i don't have them >> i think i always come up with some of 'em. , and that super high-growth stuff that it's come down a lot, it hasn't come down that much. this race here, we obviously talk about the rates here, but the other thing going on some of

the loved stocks like a docusign or zoom, they also were great pandemic stocks, so even though even though that may be the case, since the sentiment is so strongly outflow from that and into what really wasn't working before, and airlines and retail, and i have a broad mix, but really not very much, but not a lot of super high flyers i'm part a valuation girl and never could get there way at the top, can't really get there right now. but you do have some faang that i think of value tech, that i think will do better as we reopen leisure and travel will come

back that's good for google >> officer the last late trading days, is there something she could see that would convict you to take time of the pullback, and start to build a position in these technology names >> look, i think part of the issue is they technology names, apart from the two narratives we're dealing with now, which is are interest rates moving because of inflation or because of anticipated global growth, and b, the pandemic versus the reopening, right they have been the recipient of a lot of this. they are going to continue to be the recipient of a great deal of momentum, but i think that's the issue, right it's the momentum of these stocks it was a combination of retail and institutional investment

that was a great beneficiary of. remember, there's still an immense amount of money on the sidelines. stock is going to go in. if you look at the number of inflowing, it's been absolutely intense, but i think, again -- this is what karen was talking about, is that it's not that growth is a bad thing, right it's that if there's so much notwithstanding it is chasing these multiples up when there's not any free cash flow and the multiples are really out of whack, then yes, whether it's in a spac or, you know, in individual equity, you have to be careful and look at what you're buying, and look at the cash flows and growth you are buying, and is it real, or is it simply buoyed by a lot of money in the system and a zero interest rate environment? >> we'll leave the conversation

there. ali and karen, thank you for joining us today the s&p higher today, and now up more than 20% since the beginning of last year one reason stock versus held up, plenty of government stimulus, and a new relief bill is expected to pass this week we'll bring in steve liesman on whether the bill will get passed, and whether it's coming too late. >> government relief is famous for too late and often too small, but not this time the federal government in four major bills pumped trillions into the economy last year and now again this year. 33% in the second quarter of 2020, growth came back by unexpectedly strong 31%.

a huge impact came from the government flooding the economy with cash. fed in june had -- ended up down just 3.5%. the current impact will be like putting the economy in enter shape for the turnaround there are questions about inflation, deficits and whether in fact more money is needed what's clear here is the rule book has rewritten for government response in future crises to go big and go early. inflation and bond yields in the months ahead will reveal whether there was a limit on how big with you go. >> now, seema, the question is the inflation story, will they come pouring into the economy, will it spark inflation? >> you know, i was listening to tyler better, seema. he talked about the mountain of cash i can show you the shadow of

that mountain, when you look at the savings rate if i asked you, where do you think the government stimulus was passed, just like at the savings chart. it was run around 7% it spikes way up to 33%. it will spike again. we did see some inflation rebound with the increase in savings, but it came back down, so i think there will be some spending, some increase in the aggregate price level, but i'm not sure that means there will be sustained inflation these are one-time items i don't think people will count on that, and the question is whether or not inflation sort of ingrains itself in the psyche of the population the fed at least right flow is betting on that not happening. >> all right, steve.

we'll pig it up from there. coming up, the rally is on with materials and industrials leading the way, but track is lagging. the sector is still down 5% in the past week. we will have more on that. plus a second massive cyberattack hitting the u.s. within months. tens of thousands of microsoft servers are vulnerable we have the latest details when "power lunch" returns.b■=■ we see engineers simulating the future to improve today. at emerson, our digital twin software makes power plants smarter, helping facilities optimize operations and increase worker safety. emerson. consider it solved.

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the cyberattack on microsoft just growing in scope. some estimates claiming more than 30,000 accounts may have been compromised microsoft contributing the attack to a chinese group. the white house is preparing russia for retaliatory attacks and their role trusted tech founder and ceo, david thanks for being here. >> thanks for having me on can you give us a sense historically and in scope how big is this attack does it have the potential or has it already touched the markets or companies that rely on foreign investing or just for banking? >> this is a huge hack, probably one of the largest i have seen in 15 years. just the broadth and scope of what we're seeing from the

chinese group. what's interesting about this. 30,000 right now is the low-end estimate we're talking hundreds of thousands. our teams are working trying to battle all of this we're still trying to asset the full extent and damage and the objectives from the chinese on why they were doing this we don't usually see this kind of overt action. it's very unusual for them. >> you called it over-action, but i think the real question is, what do we do next some differences in performance, but the question is, should investors have confidence in our u.s.-based companies and if so, what do companies need to do >> this is a shifting and changing market all the time we saw really with a big supply change, the solar winds that

happened there were other big data breaches, and cybersecurity is one of those try trying where you need to evolve and innovate. while you may not have been able to identify this, what the hackers did after the fact and the probing, those are things we can detect those are what companies need to be focusing on, responding much faster and minimizing the damage microsoft got wind of this in january, unfortunately we just got the -- and all of this exposure was occurring we have to move much faster. these types of things can be prevented. it's a matter of companies bolstering and focusing most specifically around detection. >> unlike other technology firms, microsoft does. it's been on the mainland since

1992, i wonder how you think that relationship changes following this adak. >> you know, it's unfortunate what we're seeing today from a cyberwar fare perspective is there's little to no rules or regulations or rules of engagement it's kind of the wild wild west. the united states hacks china, china hack the u.s., russia hacks into the we're. they're on intelligence gatheren, as well as is tech -- and also we have a discussion about what cyberwar fare means, these are going to continue to happens, and unfortunately they're going to be more and more frequent as things come along, especially as relationship deteriorate unfortunately, this is one of many to company. >> we'll see how the white house

plans to respond david kennedy, thank you still ahead on "power lunch," gamestop jumping double digits today as its board member and activist investor ryan cohen is coming to the rescue again. plus how much is this tweet worth? jack dorsey is about to find out, putting up the original tweet for auction. and why digital assets are being valued lie art more "power lunch" after this. ♪♪ for skin as alive as you are... don't settle for silver

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check out this rally the nasdaq, though, falling more than 1%. time now for power movers for a chilly monday here in the northeast. we start with a check on bitcoin. it is once again above 50,000, and paypal is continuing its push into crypto, today confirming a deal we discussed last week. it's buying curve, sources saying the price tag is less than $2 million. trade desk is one of advertising technology companies that got crawford last week when

google said it would stop tracking users around the internet now it is at 684 that vogue tilt is nothing compared to what we have seen from gamestop, of course, the to be is higher today as board member and chewy cofounder is have a committee wanting to transform the retailer into a technology company all right. this month jack dorsey sent hi first tweet many years ago, but now selling it and bitting it's topped $2.5 million, the latest bit of craziness in this brave news world of fung intokens robert frank has more on the millions being spent on digital art. >> that first-ever published

tweet from jack dorsey adding to an mania bids for those five years now at $2.5 million some say it could go higher form the report for an nft was actually set last week when another work by -- bitting now for that,under under 4 million those are digital works that are assigned ownership on a blockchain, now topping $400 million, most of that just over the past three weeks songs, music video, cartoons being turned into nfts, the singer and artist grimes sold $6 million in videos and music with one video going for $395,000

top shots, with a lebron james video selling for $208,000 >> so nfts, i don't understand them, but i understand they're not just for art, but i do understand collectibles. can you tell us more about the nba? >> all collectible assets are going on because of the -- golden actions sold a kobe bryant cart, mint condition, rookie cart for $1.8 million you also had lebron james selling two cards for a combined $2.8 million, yet a tome brady rookie card selling for $1.3 million, all of these fusing with the nft craze and top

shots. there's just so much money chasing these assets unclear how high it will go, but so far there's no signs of slowing. coming up on "power lunch," we are watching these market movers the dow up more than 500 points, while the nasdaq continues to be dragged down. plus it's international women's day. we'll speak to sallie crawcheck and the ceo of rent the runway much more ahead.

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welcome back here is your cnbc covid update at this hour president biden praising merck and j&j for working together to save lives as he toured a veterans medical center administration vaccines. the two companies have a deal, brokered by the government, for merck to help manufacture the j&j vaccine. biden will meet with the ceos and give a primetime address on

thursday. cdc shows more than 60 million people getting at least one shot and the contracts also out today with guidelines for people who have been fully vaccinated that's defined after the second dose of a two-shot vaccine or two weeks after the one-shot vaccine. and low-risk unvaccinated people can be relatives fully vaccinated, but still should not travel to see them we would like to give the opportunity for vaccinated grandparents to visit their children and grandchildren who are healthy and local, but the travel guidance is currently unchanged. you are now up to date frank, back to you, but still everything is being encurrented

to wear masks in face coverings. >> got to still stay safe. turning back to the markets, the dow is still up more than 500 points, but the action again is happening on the nasdaq let's get over to dom chu with much more. >> the composite index was you will, call it 81 points at the highs of the session at the lows we saw, we were down roughly 206 points, just to give you an idea of the range again, the highs of the day 13,001 if you look at some of the big-cap technology stocks, it's alphabet down about 3%, facebook down about 2%, netflix 2.5% declines apple is a key one here, the most heavily weighted stock and the nasdaq composite and 100 as

well apple shares taking it on the teeth. check out what's happening with the work from home trade that have readily let to do up side peloton, zoom video a 5.5% decline, and 4% for done usign as well. oil prices, look at wti, $65 that so keep an eye on all those value sectors. they could taking it tough today as well. ty, back to you. >> one of the things that stand out is the trend can be your friend, but it also can leave you pretty quickly, as with some of those pandemic stocks, zoom and peloton, and so forth. of course, last year energy was

down down down dom chu, thank you. today is international women's day, a day meant to celebrations the contributions that women have made this year it comes at a particularly challenging time. according to a national women's law center analysis 275,000 women dropped out of the workforce just in january. that with us their labor parts rate at just 57% now, a 33-year low. talking about a new in addition to support women-led businesses is sallie krawcheck, and jen hyman, ceo and cofounder of rent the runway welcome, ladies. sallie, why do you think the recession last year and the job losses we have, why have they

fallen so disproportionately on women? >> disproportionately on women and women-led run and women-run businesses they have lost jobs because they're more in the service industry they have disproportionately risked their lives ball they're frontline workers. women who is privileged enough to work from home have lost product looking after the kids, while men havegained productivity and women-led businesses have been disproportionately hurt giving, they're more retail and service, they've been hit. some call it a pink pandemic today, we call it a she-cession. >> jen, let me turn to you, and welcome back, also to you, sallie we haven't see you in a while,

about you we're -- how has your business, one that caters to women, how have you had to pivot and change it over the last year to ride whatever tailwinters you've had and avoid the headwhea headwinds. >> so demand lowered just because of what we do. we cater to women who want variety in their wardrobe, let need to for that when you wear user pajamas every day we used the covid timeline to strengthen the business and make changes that would improve our margins across the board but we were in a fortunate position where we were able to do that, because raised significant venture capital in the past and we had supporters financially giving us the space to operate at lower revenues

this is where the rubber hits the road in terms of, we talk about women only being able to raid 3%, well, that means -- when you do ray money, you're raising far less, so the average woman raised $38 million to a man's $157 million clearly in difficult times men have a bigger bank account to rely on to kind of weather the storm. that's been the difference, but with rent the runway we had to make cuts very quickly in order to shore up our bank account and ensure we could use the period of time to strengthen the business. >> sallie, this is frank holland. i want to follow up on jej's point. new research shows that women, they invest in retirement and even stocks at a comparable percentage, but because of the income gap, they have less money to do so are there strategies that had

help them make that up >> we at ellevest are more -- we help women invest, we help them take care of their debt, and as we looked at how can we help women, come together to help each of us heal coming out of this pandemic. one important number to know, that is that women want to spend more intentionally 90% of women wand to buy from women-led businesses the challenge is they often don't know who they are. so ellevest is launches a rewards program to provide these rewards to women who shop at women-led businesses so we get more business to companies like jen, and cash back into women's pockets. i reached out to jen, i think i sat here and e-mailed her on a

friday at 3:h43, i said here's this idea, and she got back to me at 3:49, and we need to get together to support. we're bringing in goop, birch box, et cetera, but also a local companies. so that women can be broadly shopping women-owned business. >> really interesting initiative i want to get your thoughts on something else weave watching very closely that is the surge in retail trading that we have seen over the last couple months, and younger traders who seem to be more interested in short-term trades versus building longer-term wealth is that a headwind for your business >> no, not at all.

we don't do that we're sort of 9 the opposite of robinhood, but what we are seeing women are saying, boy, i got kicked back by the pandemic. in order for me to move ahead and accomplish what i want to, generational wealth is built through investing. so to invest for the long term, women are turning to it more and more, really over the past four years we have seen incredible growth there >> that's good to hear, the focus tends to be on the short-term trades. millennial are looking -- >> well, in fact, it performed better back in march, because they traded less, so less opportunities to make mistakes around things. >> thank you both. thank you -- >> but before you do, we want all small women-owned businesses to to apply and join gthis

program. >> thank you we turn to the markets here, once again heading lower, down 156 points, 8% down in just one week while investors -- old economy industrial names are soaring look at caterpillar up 80% should you ditch your tech darling and get your hands dirty? that's what we'll break down, next

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welcome back, the dow up 500 points, with industrials helping to lead the way. that, as u.s. manufacturing is on the rise and challenges some of the association of equipment manufacturers shows tractor sales are up 15% in february and january, as residential construction and farming activity picks up. with construction giants like caterpillar and deere trading -- have you missed the ride these stocks, mark, are in record-high territory. now the infrastructure talks are

heating up in washington >> they're up like 50% to 100% i think most of that news is already priced in. we keep hearing everyone talk about the reopening trade, but i think mo the most part you're too late i think you need to search deeper in my opinion trucking is an overlooked sector that right now is on a tear we own schneider, sndr ticker. they all need to move from one part of the country to the next, so i think right now the play is trucking over tractors i think there's more up side there. >> gina, some economists do use the data on tractors and trucks with the amount that's being sold every month as a gauge of the economy.

is this one way to track the reopening? if you take a broader view, you can play that broadly with the pave etf, it owns deere, but also owns things like vulcan materials and other weighing of that infrastructure play transports are hitting a new high today as well thank you both for more, follow us on twitter and head to the website. ty interest rates and stocks are managing to rally together today. well will go to chicago for a live report, and goldman up nearly 30% this year, in part because of the rising rates, and the company has quietly been making changes at the top. will the moving remake the company for the better that's what goldman hopes. stay with us

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all right welcome back interest rates again on the rise, putting pressure on the nasdaq, now back near the lows of the day let's get the bond market take from rick santelli hi, rick >> hi, tyler, and thank you. yes, if you look at the two-day, it's fascinating we had a 162 yield eye on friday, 161 today. we're only up a couple from 159, but we're not giving any ground up, and i think that's what you want to focus on look at the year to date chart of 10s you see that 153 we traded through that but see the rest of the world leads the stimulus charge.

they have not done that. look today at the boons built in the french tenure. many technicians are watching that to see if we extend the next leg up, so you want to pay very close attention the dollar index, in the last eight trading days, it's up almost 3%, from 89-2/3 and this is important with the linkage in interest rates it's the best rate in three and a half months. seema, back to you >> bank stocks once again benefiting with interest rates up 16% this year goldman sachs, one of those financials performing well the stock trading near its all-time high and that's despite the number of senior executives who have left or plan to leave the company. some say the exodus points to a change in culture at the bank.

kate kelly writing about the fact that in little over two years, the ceo has been there at goldman sachs. other high-ranking executives plan to leave. the exodus, do you think it's the ceo's style or do you think this has something to do with the culture internally at goldman? >> i think it's both, seema. i think you've got a new ceo in david solomon, relatively new, two and a half years, who really wants to run the company like a traditional public company with a top down hierarchy goldman has been public since 1989, so this structure is not new. but hank paulsen before him, they all try to retain this partnership within the structure. what does that mean? more clkohl collegial, more

peer-to-peer leadership. he's actually tried to shrink is with the goal of trying to make it more special. so some people who are leaving have said to me they feel like that culture is changing and it paved wait for them to want to go i think to another degree, goldman folks often get other offers, especially if they're at senior levels or they're building businesses that are competitive. that in itself is not new. what's new is the number of people who are actually grabbing those opportunities. >> so, kate, question. changing the partnership structure which a lot of people describe as more collegial and something that has a higher hierarchy like a publicly traded company, does that help david solomon and others within the company to make it more inclusive with women and minorities >> that's a good question and it's a bit of a double-edged sword. solomon gets credit for having added two black partners he put stephanie cohen in

chargeful strategies she's now co-running a consumer wealth management effort that's relatively new he's promoted other women to senior levels, beth hammock hat treasurer. that said, this current wave of departures includes some very prominent black partners what started the year with a black partner group of about 13 and one black female partner, one black male partner left. stephanie smith, who is going over to black rock, and jason matthews, who led an equity sales desk those are real losses. you have a senior woman leaving in karen patton who is their general counsel. she is being replaced by a woman as well, so you still have a more diverse presence in that seat there but it's interesting that you're seeing sort of two different elements going on at the same time >> female representation in the c suite, kate, it's improved, but we still have a long way to

go on that topic, jane frasier, what's the biggest task at hand? she's now been ceo of the largest bank >> it has to be exciting on wall street to see her in that seat this is truly a historic moment for women in finance she's got a lot of wood to chop. the bank reported year over year lower revenue and earnings their stock price, i was just taking a look at it, like other financials, as you pointed out, doing well this year but has a ways to go they've also had a raft of regulatory issues in the last year or so she's going to sort of need to bounce back from that, build back up some of their businesses i think there is a lot she's going to have to tackle. interestingly, though, they also have a relatively more diverse c suite. they have a cfo who is a person of color, and they have jane, as we mentioned, and that's going to be interesting to see as well >> kate kelly from the "wall street journal." we appreciate that reporting thank you and have a good day.

>> thank you stocks soaring to a record high tech stocks including apple just are not joining the party. check out a new cnbc special. it's called "on the edge" all this week at 6:00 p.m. eastern time you can expect some hot opinions and fierce debates about the biggest players in news and in the business world all week at 6:00 p.m. eastern. all week at 6:00 p.m. eastern. hope youour techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. watch it. have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t. we see homes staying cooler,

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there you see the industrials off by 1%. s&p 500 not mooving up so much, going the other way. nasdaq seems to have trouble overcoming the specter of rising interest rates not the specter, the reality seema, i was speaking earlier today to a travel agent in florida, and she said i think one of the key reasons is people are done with the pandemic they want to get back. they want to travel. this travel agent said she is booking cruises for 2023 because the ships are booked up in '22 >> fascincifascinating. surveys say 20% of people who are already vaccinated have booked travel for this summer. you look at disney, best performing name on the dow, that

tells you the story that this opening trade is heating up. >> frank, final thought is yours. >> i think we have to look at gamestop, todd i'm surprised we haven't talked about it all show. up about 30% right now it seems to be resonating with investors. >> the dow up about 500 as we enter the last hour of trade tyler and frarnk, great to be with you for this hour and thank you for watching "power lunch. "closing bell" begins right now. seema, thank you, and frank and tyler. welcome, everyone, to "closing bell." i'm sara eisen with max frost. it's another ugly one for the nasdaq one hour left of trading the senate passing the $1.9 trillion stimulus package this weekend along party lines with a house vote and a presidential

signature expected during th