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 the

week more on that in a moment comments from appaloosa's david temper helping to boost sentiment this morning the head manager saying it's hard to be bearish on stocks right now and yields should be stable the next few months, but bond yields are marching higher today and that's weighing on big tech tesla tumbling again, and the fang fang names are mostly lower. >> 1.8% on the big stand in just a few minutes, the woman who has captured the attention in the investing world cathie wood will catch us up so some of the stocks of hers jason robins of draftkings we'll speak to the ceo about the

latest moves wea've got a great voice to talk about women in the workplace. elon moy has the latest on the stimulus bill and where things stand on that mark, let's start with you a difference in the dow viersus the nasdaq today >> this excitement for an economic maturation, the s&p 500 is netting out to a little bit of pressure, a little bit of failed rally from this morning just to put this all in context, the balance that we got from the lows last week, you gained about 100 points so about 3% from those lows a lot of folks would look at that and say, is it just a bounce, a reflex or a more enduring recovery?

the levels people would be looking at is $38.80, $38.85 to say we mounted that and on on the up trend that's something to keep in mind, that we're in the bounce zone it's really an anti-momentum move this is the stuff that's been working the best in the past six months is falling apart here in the last little bit where value as a factor, large cap value, obviously has recovered. this is a one-year look. if you go back five years, there is still a massive spread here, like 50 percentage points between momentum and value the momentum, etfs are all going to rebalance and they're going to open a bunch of stuff momentum will be financials, energy, that's sometimes a lagging leader take a look at credit. this is the performance of the high yield etf against the high grade corporate debt etf so when this one is outperforming as it has been, it means the credit conditions are relatively strong, it means a still good risk out there.

this is really moving with prices of treasuries, although this has worn down a little bit, so it's not necessarily stellar, but it's still holding in the right direction for that enthusiasm, guys >> mike, when you see a momentum etf pull back like that, how interesting is it for the outflows is that something that can mount over the coming days >> people don't like these stocks as much as they did before they're selling the stocks and you do get some outflows etf, it's a little less of an issue when it's passes like this but it tells you that money is fleeing from that part of the market, so in the short term, anyway, it can become self-fulfilling. nasdaq down 1.9% now mike, thank you. we'll see you soon the near $2 trillion

stimulus bill has passed through the senate along party lines could be signed into law early this week. ylan mui with more on what's next, ylan >> the covid bill could be signed tomorrow. the goal is to have it signed by the president before the end of the week when enhanced unemployment benefits will run out. also critical, making sure those $1400 stimulus checks start hitting people's bank accounts as soon as possible. >> in approximately two weeks, these checks will arrive not months, not years, not wait for your tax returns back next january, right away. >> now, remember, democrats were forced to limit who could receive a check after pushback from moderates now anyone making over $80,000 or couples making over $160,000 won't be eligible. according to one estimate, that cuts out about 9 million people.

ultimately, though, how quickly the checks will be delivered will be up to the treasury department the white house said today that secretary janet yellen is focused on this like a laser no word, guys, on whether president biden's signature will appear on the checks the white house said its focus right now is on getting the bill back to the finish line. back to you. >> ylan, i wanted to ask you about senator manchin's comments on infrastructure spending which is likely to be the next one the biden administration takes up, and suggesting he's not going to pass another multi-trillion-dollar package without republican support or underreconciliation. does that change the expectations for what wall street and everyone else can expect >> you know, i think senator manchin did a couple interviews around that same day, and my take on what he said was that he wanted to have a good faith effort of getting republican support first before they considered this reconciliation process that they could use with only democratic support.

how quickly he turns toward reconciliation, how much of an effort the administration and democratic leadership need to put forth before they say, all right, this isn't going to work, we have to, you know, go it alone once again, that will be a critical question. i don't think he was ruling out reconciliation altogether, but i do think that the focus for both the administration and for moderate democrats is going to be on trying to find a way to work with republicans on this, because let's be frank, this was supposed to be an easy lift for the democrats. the template for covid relief was already there, and yet we saw at the last minute it hit the snag over the concern for moderates. so, you know, the contours, the shape, the size, even the structure of the next package right now are all in play, and everyone is trying to make sure they can put their stamp on it >> ylan, thanks so much as always still to come, draftkings on a hot streak the company inking new deals with ufc

we'll speak with ceo jason robins about those new partnerships and what they mean for his company, next. plus don't miss our cnbc interview with ark's cathie woods. you're watching "closing bell" on cnbc. hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge,

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welcome back by the way, the nasdaq session is almost down 2.5% for the nasdaq 500 draftkings making a deal with some companies. the shares of draftkings are up a few percent offering stellar

gains throughout the year. jason robins joins us, the ceo of draftkings. i want to start with dish. is that enough of a game changer if that had been possible 10 or 15 years ago in the smartphone era, do you need to place a bet on tv when you can just do it on your phone at the same time >> well, it's really just about having convenience, and actually, technically the bet is placed through the phone it's really just giving people the opportunity to pull up their bets on the screen where they're seeing the streaming and also to be able to interact with that. the bet actually uses your phone. the tv communicates, the system communicates with your phone, and the bet is actually placed through your phone it's really just about having one screen i know that a second screen is a term a lot of people use, and certainly with a phone, you're right, it's very convenient. i wouldn't say you need it, it's just another way that people who have certain preferences can

interact, and our goal is just too try to make it as easy as possible for people to be able it the way they want to it >> do you think people are betting more during a live game or drive more people to open an account with you as opposed to somebody else? >> the goal is to just really think about it from the company's perspective. there will be some people that prefer to do it this way, some people who prefer, as you said, just to take their phone out we're a very customer-centric company. we want to make sure that if customers find this a more convenient way of doing it that we provide that service for them >> what about the ufc deal, jason? what is the potential there? what is betting like on ufc at this moment? >> ufc has been extraordinary for us first, they're very a very forward-thinking league. they've been very much embracing the type of gains, fantasy and betting, that draftkings do, and they've done a tremendous job integrating them into the viewing experience it's been a very successful

relationship for us, it's been an incredible start to this new deal for us, and we'll really excited about what the next few years will bring they have really been a great team to work with. >> what exactly does being the exclusive official partner mean? >> what it means is when you're watching things like pay-per-view, you're going to see odds and other sorts of integrations exclusively from draftkings when you see the logos on the mat, it will be exclusive within the category, things like that just various places they can promote the product through their channels, through their pay-per-views, we will be a category and exclusive reels s - relationship for them. >> clearly investors like all these partnerships, jason. we've taken a look back this time a year ago where it was a different world for all of us. you were on this craze in april. how has the pandemic transformed what you do and what you're

going to do going forward? >> a lot of what we've seen has been, you know, very much two things one, from a business perspective, there's been some real tailwinds i think the stay-at-home nature, the reduction in entertainment categories of the production of time has expanded in terms of what draftkings does we've also seen state budgets ravaged across the country which we think really could end up leading to faster adoption of legalization across various states then the other side of the spectrum is we've seen such terrible things happening that it's really pushed us to try to be a responsible corporate citizen to give back today, for example, in celebration of international women's day, we actually gave employees the day off and were hosting a charitable contest where we will donate up to $350,000 depending how many entries we get in the contest of the pool it was entirely based around female athletes. it was really a great way to

showcase things women have done in sports as well as to create a real ability for our customers to drive draftkings to increase our donations to great causes. >> jason, i wonder where you thought we would be in terms of gambling legalization in, let's say, five or even ten years' time, the end of this current decade whether it's the right move or simply because the floodgates are open, and whether you start legalizing things in one state, it will be in another state. do you think by the end of the decade, all forms of gambling will be legal across all states in the u.s.? >> it's hard to say it will be all states i think certainly we will see a much faster adoption curve as more and more states do it others will get comfortable. i think there is momentum right now. hard to predict how long it will all take, and i don't know that it ever makes its way completely to 50 states even brick and mortar is only in 40-some states, it's not in all

50 lotteries have even been not quite 50 states. so there is gaming that have not made their way to 50 states, but i think we'll certainly see more betting right now. >> jason, what about the risks do you wonder if -- part of the bull case on your stock and the entire opening up of the business has been that the taint of gambling is fading and it's becoming more mainstream but what about problems like addiction and psychological and financial harm and whether that starts to get more attention certainly it's increased as a result of the pandemic, whether tied to gambling or not. but isn't that a huge risk for your business, ultimately? >> well, i think what a lot of people don't realize is that sports betting is already happening all over the country today in all 50 states there are hundreds of billions of dollars being spent on illegal, offshore, sports betting. it's happening right now

the only difference is that's unregulated. there are no safety protections for consumers, there is no tax revenue generated, so this is about taking an activity that's already happening and taking it into a legally regular lartd f - regulated form at draftkings we take this very seriously. we don't want to see people damaged because we don't do the right thing by the other 1%. we have teams trained on intervening, you know, and escalating things that need to be taken to higher levels -- people with higher levels of training who are trained to deal with these sorts of things we have a number of tools that customers can make themselves to set limits, have cooling off periods. we've also partnered with a professor at harvard university. we've given him our entire data set to conduct a study on what types of patterns can actually

be used to flag these issues quicker. one of the things that's great about digital, about mobile, is there's so much data so it actually allows you much easier than a brick and mortar form to be able to tell, through really sophisticated systems, that there's something that needs to be looked into that's the first step, and as i said, we have teams trained on interventions. this is still the beginning of the journey, but our goal is to be seen as the golden standard in this area for many years to come >> pretty interesting, the data. jason, thank you for joining us on the new deals it was good to talk to you still to come, travel demand starting to pick up as more americans get vaccinated we'll talk to the ceo of booking holdings about flights, hotels and more plus we have an our view with ark's cathie wood we'll get our playbook of anything from tesla to bitcoin as we break, check out our

top surge tickers on cnbc.com. 10-year yield has been up there for the past few weeks so has tesla, apple, gamestop which is soaring again today around 35% and ge, which is a little t bi unusual. s&p is down a quarter of 1%. ideas exist inside you, (vo) electrify you. they grow from our imagination, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that.

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we're getting more information about a massive cyberattack that we first told you about on friday, which is hitting tens of thousands of

businesses eamon javers has a look. eamon? >> the scale of damage to lots of companies, tens of thousands of companies the federal government is warning companies, especially if they're using microsoft exchange software, to really check krour sys -- your systems for this. use those microsoft patches. there was a follow-on last week of other attackers using the same ex ploiploits that the chi allegedly used to get into the software themselves and therefore be able to get into company's e-mail servers and read their e-mail, potentially steal documents. some very scary potential damage here, but the question is when will we see that damage actually play out in companies?

i talked to steven adair he's the ceo of volexity he said the problem is you don't exactly know everybody who has gotten into these systems. >> this is something that's in the hands of the chinese government affiliated attackers. it's now potentially in the hands of anyone who has a computer complex code and can exploit this >> that means anybody else wh whwho was able to replicate this hack was able to get into the servers and tale e-mails as well the bad guys can use this for all kinds of other exploits, potentially ransomware and other damage we haven't seen companies being hit by hackers intentionally disrupting their systems by putting in fake e-mails or fake data or that sort of thing just yet, but that's sort of the next wave of what cybersecurity experts are worried about now that the barn door is open for

this attack as kcompanies across the country are scrambling to patch that software and figure out what the damage is, and what, if anything, got stolen. back to you. >> yeah. it's going to be a challenge for the administration dealing with it as well thank you, eamon javers. time for rahel solomon rahel? >> louis desilva can now run in next year's election that's after a judge released him from a sentence that was tossed the filing of tax returns already behind last year's pace, democrats are calling on the irs to again extend the deadline from april 15th to jeweluly 15th reactions to the meghan-harry interview, boris

johnson didn't really have a reaction to the revelation that megan markel contemplated suicide because of actions by the establishment. but there were comments from the white house. >> meghan markle is a private citizen, and so is harry at this point. for anyone to come forward and speak about their own struggles with mental health and tell their personal story, that takes courage. that's something the president believes >> the interview was actually three and a half hours and they edited two hours out we're still getting drips of information from oprah online of things that might have been said in that interview that we actually didn't see on television explosive, i think a lot of people would say back to you, wolf. >> captivating and shocking in many ways. in fact, shifting the focus slightly, cbs' stock up 13% today, i think linked to the incredible viewing numbers that the interview garnered rahel, thank you very much after the break, flagship

fund falling 10%, now down about 25% from its peak. we'll speak to cathie wood after break, the bonds on the rise up to 1.59 on the 10-year.

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the nasdaq is un underperforming the major averages today cathie wood who saw nasdaq at session lows etfs are now negative for 2021 joining us now is ark ceo cathie wood good to have you back here >> thank you

>> it's sbeen interesting to watch your funds rise over the last year, but it's been brutal, the ark etfs down 10%. how concerned are you about the rising interest rates and what that's doing to the growth in your companies >> sure. we've been struck that the market never priced in 0.5, 1 or 1.5% interest rates. we think the market never believed interest rates would stay down here, so it, over time, we believe, has used a sort of normalized 3% to 5%. we don't think that is why the market is correcting here. we do think the speed of the increase in interest rates is scaring people it became very comfortable in a low interest rate environment, nothing much changing, the fed has our back and so forth, so become involved with the market. and i think this has shaken a lot of investors up, perhaps,

and i would say in the bond market in particular, we've been in a 40-year bull market in bonds. so i think there is a lot of confusion, and i think there is a little bit of paralysis here i also think that there is a very rapid rotation now into value stocks we've seen energy up year to date, 39%, financials up about 16%. those are traditional value sec sectors, and so i think that's been part of the reason for ark's setback. but if i could add a little perspective to this, this happened to us in the fourth quarter of 2016 as well. right after president trump was elected, the stock market took off because tax rates were going to go down and so forth. and so the market started pricing in a very strong cycle,

which was correct. in that period of time, our strategies went negative, and what i said at the time and what i believe now is that the bull market was broadening out to incorporate value or more cyclical sectors and i thought that was going to be very good news for our strategy longer run. the worst thing that could have happened to us was another tech and telecom type bubble where the market narrowed so that only a few groups won right now the market is broadening out, and we think in an underlying sense, the bull market is strengthening, and that will play to our benefit over the longer term >> how about tesla, specifically, which is now off 37% from the recent highs, is down another more than 5% today? everyone wants to know what your

new price target is, cathie, because the last time you gave a price target it seemed high to most people but not now that it rockets at 7%. >> we're going to post in the next week or two our new forecasts. our confidence for tesla has gone up for a number of reasons. one, it didn't lose share of the electric vehicle market when all of the traditional luxury brand names started bringing their own electric vehicles to market. now, we expect it will lose share, but our expectation was that its share would go from 17% at the end of 2018 down to 11% as more electric vehicles were coming out instead what happened? this share moved up to more than 20% and roughly 80% in the u.s. market, 80% of electric vehicles so that's the first source of confidence, market share up, not

down the second is autonomous we believe that elon musk, who over the weekend tweeted out that he would offer or tesla would offer full-service driving to anyone who wanted it saw an incredible burst in demand so for him to be able to do that suggests to us that he's going to be able to show us the way to autonomous much faster than most analysts and investors expect. so the probability we have put on tesla really winning the lion's share of the autonomous taxi network market in the united states also has gone up so you might imagine the price targets have gone up considerably >> i have a broader question on tesla in a moment, cacathie, bu quickly, first, on the self-driving technology, are you saying all the news in the last

few weeks have only improved your outlook of the company? because some analysts were underwhelmed by outlining they're more like level 2 in terms of that technology than some expected the announcement to be. >> well, we believe that tesla has been doing this differently, staging the movement into autonomous different from other companies like waymo and cruise automation so i can understand why there's some confusion we think their strategy and not market by market, ultimately, but national and so i think there is a misunderstanding about how they're going to market. >> my bull question on tesla, cathie, and you have been so right on this company and so many other companies that i sit here and think, who am i to even bother asking this question, but i think it is fair to compare things today to amazon, to

people who write to be bullish on amazon as it pulled back in 1999 for a couple years because of where it is now but it did take almost a decade for it to get back above its pre-pullback '99 peak. during the period of time when it continued to take market share, continued to grow revenues, continued to grow profit, but there was a nine-year period where the share price was under water. is that not possible to apply to tesla even if you're absolutely right that the company's tom and bottom lines continue to grow, continue to take shape >> i know the amazon story well because i was living, eating and breathing it the entire time so what we saw in the tech and teleco telecom bust is the recognition that we were not ready for prime time for a lot of the companies evolving at that time. so there were a wave of bankr bankruptcies, and the psychology became, well, many people thought that the internet was a

figment of wall street's imagination and that no one would make any money off of it, amazon included. the time period you're talking about, wilfred, was when amazon basically was saying, look, we will be as close to cash flow neutral as possible, but we are going to turn every revenue dollar we possibly can back into investing. that's how they won, but they did not show profitability, not any substantial profitability but often losses, for many, many years. they just believed that if they invested aggressively at that time that they would win the lion's share of the online retail market. that was absolutely right. i think tesla has already passed through that phase of its life it did invest aggressively, and it has, on four metrics, it is leading the charge, so to speak.

battery technology costs lower than anyone else's out there and will remain lower. artificial intelligence chip, it designed its own no one else has designed its own chip this is analogous to apple in the day. smartphone -- no, cellular companies, nokia, erickson and motorola didn't see the future but qualcomm did now, of course, apple basically accounts for the lion's share from all the profits of smartphones in the world we think this is going to happen also with tesla. maybe not worldwide, because we know china wants its own champion but that ai chip that tesla designed, our analyst said, was four years ahead of where nvideo was at the time, and this was a couple years ago they have more data collected than any other company by orders

of magnitude not just by any other company but by all other companies out there, because the largest pool of data with the highest quality is going to win in the ai game they have the largest data and finally, until recently, tesla is the only automobile manufacturer able to improve performance of its cars with over-the-air software updates. i got my model 3 in 2018 never had a problem except a nail in the wheel which they couldn't correct over the air, of course. never a problem. so what they've done is extraordinary, and i think this is their market to lose. i think they're in a very, very different place also we're not in the tech and telecom bust, we are 20 years later all later. all of the seeds for what is coming out were planted back then now they're coming to from you

i -- fruition cathie, if you could, stay with us we have a lot to talk to you about when we come back. crypto, i know y'roue a fan, and others we saw on the wall. the dow is at 4.72 the dow is at 4.72 we'll be back with [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

we're back with ark's ceo cathie wood. cathie, thank you for sticking around i want to ask you about the next decade do you think bitcoin will continue to be correlated with risk assets, or will it be negatively correlated the way gold has been in the long term or the dollar has been in terms of its correlation with stocks >> what's been interesting about the correlations, bitcoin to any other asset class, is the correlations have actually been very, very low over time in fact, the highest correlation is between bitcoin and real estate now, the irs taxes bitcoin as property, but i don't think that's the reason for this correlation, it just so happens it's that. so we think that as it becomes a better accepted new asset class, and we are seeing institutional movement into the space, and

we're seeing the diversification of balance sheets into -- from cash into bitcoin, we do think it will behave actually, i would say, more like the fixed income markets, believe it or not if you think about bonds from this level, you know, this idea of a 60-40 balanced portfolio is a bit problematic. we've been through a 40-year market in bonds. we would not be surprised to see this asset class become a part of those percentages, maybe 60 equity, 20-20. that might be the biggest surprise >> i wanted to ask you about fin tech i know you're a big believer there and i wondered if you looked at incumbent banks differently than you do the auto seller tesla or apple ten years

ago. all the interest they're putting in tech like goldman, investment with google or zell. will those make plays on fintech or will they get crushed like autos have been? >> it's interesting you say that we have often expressed a point of view that there is old dna and new dna. when the technology platforms shift, it's very hard for dna to shift from old to new. that said, you've seen with walmart. you're going to have a walmart, a target, a costco so you'll have maybe two or three megabanks, and yes, a lot of them are investing aggressively now, which is what they should be doing but we do believe that two of the biggest sectors that will be disrupted in the world today are the two that have been best performing this year, energy and financial services

so choose wisely and make sure you're on the right side of change, make sure these companies are investing enough, have invested enough so many companies simply leveraged up to buyback shares and now they're facing this huge investment mandate so make sure -- make sure -- that you invest in those that will be the survivors. and we do think that the carnage is going to be pretty significant in both the energy and the financial services sector long term now, in a v-shaped recovery, and we think we're in a very strong recovery right now, they're going to do fine they're going to do fine in fact, the yield curve is very wide by recent standards, so that should accrue to the benefit of financial services broadly. so we're not saying that this is a freakout short term, but we are saying, long term, watch out. >> cathie, just back to your funds performance just recently and what we've been seeing

how are you navigating these first heavy inflows and now outflows and my other questions related to that is why are you selling liquid stocks for illiquid stocks in a downturn >> it's part of our strategy in the coronavirus, we concentrated our portfolio towards our highest conviction name so the flagship portfolio got down to 33 names always the bull market extended, we added names it's up to 55 names. many of those names were much more liquid stocks, so you're right, sara, when we get opportunities like this to invest in pure plays instead of more mature plays, still innovation, but more mature and not as pure play, we will move back into pure play. those are the more volatile names, of course, and so we're getting great opportunities. just to give you a sense of that, our minimum hurdle rate of return for any stock to enter

our portfolio is 15% over a five-year period that's a doubling over five years. now, consider the source, but given the very sharp pullback we have had here recently, nothing has changed from our point of view on our long-term projections. so the only thing that's changed is the rate of return. so a 25% rate of return over five years so we're becoming more and more optimistic about our portfolios in the selloff >> we could go through a number of stocks that you like and that are all high interest on the street, from palanteer to square why don't you give us, besides tesla which we know you're a big fan of, which one do you think is the most underappreciated name right now in your portfolio that you would be looking to add positions to >> we just went through this this morning in the metro diagnostic space is probably one of the most

important companies in the geoeconomic evolution. it is getting hammered it's a company that hils torically has had cushions, although they've rectified that with auctions, which is great, but they intend to be the leader in the molecular diagnostic testing space. the disconnect for many people here is when they think of lab tests, they think of labcorp and quest diagnostics, which effectively are very mature companies, commodotized value stocks it is like the tesla automobile industry the new lab tests which are going to be informed by artificial intelligence and big data and super computing power are, we believe, in a winner take most market as we move into personalized medicine. much different from one test for

all, although we'll see multi-cancer screenings certainly in that realm. but we think the move toward personalized testing is going to give just a few companies the lion's share of the market those companies with the most data, the highest quality data and the best ai expertise. >> cathie, great to see you. thank you so much for joining us today. >> thank you, wilfred and sara, very much. we've got nine minutes left and we've got 2% of the nasdaq and 1.35% of the dow and 1.35% of the dow more

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five and a half minutes left in the trading day cnbc mike santelli here to break down these crucial moments of the trading day. and we've got officer nancy tengler with us as well. nancy, let's get things off in the broader markets. nasdaq down 2%, dow down 1.3%. do we ever see days where you've got almost a 4% spread between the dow and the nasdaq 100 it's almost taking the rotation to unreasonable extremes >> it's been decades since you've had specifically this wide a gap it also is a result of how concentrated the nasdaq 100 has become of course, we know all the stocks have done nothing or worse in six months, so it really is remarkable that the overall market is able to absorb this sell-down in the overcrowded growth stocks. it seems like that rotation maybe is going to get stale at

some point, but right now it's working. the equal weighted s&p is up over 1% today even with the fang stocks getting hit >> nancy, it feels like, if you want to have a certain view on sectors in the market right now, you have to know, or at least have a view of where rates are going. tech gets hit and cyclicals rise what are your thoughts on that and how do you position accordingly? >> sara, thanks for having me. i actually think this market is analogous to the 1990s we had labor slack plus capex spending and productivity growth if you go back to 1992, sachs peaked at 7.8. then in '99 we saw a decline i almost think the stocks are trading more on expectations of robust growth. why pay up for growth if i can buy something else much cheaper

that's still going to grow thanks to coming out of a recession. so i think what investors want to do is barbell their portfolios, because i don't think you want to flee tech here this is a great opportunity to go in and pick off some high quality names at lower prices while all the while your overweight financials as we are, health care as we are and industrials as we are. i think it's a bifurcated market rather than just deep value for deep value's sake. >> we want to hit on disney because shares are popping on some encouraging theme park and box office news. julia boorstin with the details. julia? >> sara, disney is driving higher today that stock at more than 6% going into the close at another all-time high. disney bolstered by news that it will be able to open its southern california parks in april with 50% capacity. they also introduced their first

film into theetatheaters the film grows less than $9 million in the u.s this is because it's feeding its film in less than 90% of theaters future opening seems promising gamestop says the company takes new steps to transform its business josh lip ton has the details. >> they're announcing a new committee here it's going to be hided up by ryan cohen who joined that board in january they will focus on selling the company's transformation mike bowen says he tries to transition this company into more of an e-commerce player, building on chewy which he sold for 3 billion. at the end of the day, he says

dog food and video games, very different markets. ge up 9% this year, about 6% off its high >> just one minute left in the session. mike, what are internals showing us >> more positive than negative if you look at the new york stock exchange, it has been positive the s&p also has skewed toward the upside that's a pretty good un underpinning pave, is that coming after this fiscal pushback? we'll see. it's up 2% had a good year. the vicks, lots of dwernl ens in the market and that's keeping vicks pegged here for 2021 we are still up sharply

higher in the dow by disney contributing to the dow, along with home depot fin financials, utilities and materials all sharply higher while technology services and health care are lower. that explains the weakness in the nasdaq it looks like it will close down 2.4% so a big decline. the loss is accelerated for technology in the final hour of trade. there's session lows right there taking s&p down .6 of a percent down with it small caps close up about half a percent. earlier crude oil reaping its highest level since 2018 it's the growth story of higher yields which slams technology. that continues to be the threat. wilfred. welcome to the "closing bell." the dow closed at 3%, well off its highs which was 362 points

the s&p lower. they dragged to half a percent of declines particularly in the final hour of trade. and the nasdaq composite closing pretty much at its lows, down 310 points for 2.4%. the nasdaq down, tech getting shelacked today. consumer discretion also helped get in the red the others in green highlighting that tesla closing down by 6% other names like apple down a big 4% today coming up, the bill and melinda gates foundation co-chair melinda gates and the timeline of reaching immunity of coronavirus around the world you don't want to miss that. caroline tembel joins the discussion perhaps something people will be

disappointed by or at least the bulls will be because a steady selling, having had a pop earlier in the session >> right, and it's the pressure that's most focused on the large growth stocks. we've highlighted it to say they don't seem as crowded, people don't have as high hopes for that group like they did six or eight months ago, but still they act as if people own too much still. why is that? we talk about rotation, we talk about pricing in a higher growth environment. they're due to have 18% earnings growth the entire s&p 500 will have 25% earnings growth this year. we're no longer in a market where growth is scarce or tax is skwars we're wondering whether that becomes a source of instability in the market. semiconductors are also joining the down side.

every time it was up, we said semis leading is great now a lot of premiums coming out of that area, too, so you have to raise that as a red flag, at least. >> karen, where do you guys at bridgewater think that treasury yields are going >> well, the fed is at a really tough, challenging moment facing an extreme dilemma, because on the one hand, we're looking at a very strong recovery that's likely to evolve here, especially as the virus fades as the main kind of cause-effect driver of the market there are, of course, incredibly strong fiscal stimulus coming our way, expectations are rising, so the treasury yields coming up kind of expecting you're going to see some tightening into that makes some sense, especially when you have a bubbly activity in the stock markets that we've seen. on the other hand, the markets don't want to go too quickly social conditions, how much they

de deteriorated, and we know they've looked at as the recovery goes on and on, it works more through the work force and more people get back in the work force. i think the fed will be in a tough spot in that situation, and for an investor, looking at things like real assets in that situation where inflation has to go up first before you get a real tightening is a good place to look. >> nancy, clearly the reopening names have done well of late, and again today. where do you stand on disney which julia told us about just moments ago. up 6% today. does it play into sort of all parts of the market, growth and reopening? >> disney spis part of our best2 ideas portfolio. we added it last summer. it's not just the reopening but it's kind of where the consumer

means digitization and that would be obviously in di di di disney plus. it's a great example of a great management team making lemonade out of lemlemons this has been one for the book, i should think >> we should say the nasdaq is 11% off the highs. we're at close down 10%, more than that from the highs ark invests saw record flows, but all of ark's managed funds have had outcome we spoke to ark investments ceo cathie wood.

listen >> right now the market is broadening out, and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term. >> what do you think of that idea, karen, that the bull market is strengthening and broadening out it doesn't feel broad on a day like today but as a general long-term thesis are you guys there or not? >> well, i would say that you're very likely to get a very strong broad-based recovery that said, for any individual stock, it really depends, you know, what is already priced into the stock relative to the strength of that recovery and where the recovery ends up in terms of which sectors a really interesting shift in the economy used to be driven by monetary policy. now the economy is much more driven by fiscal policy where you really get policy to be much more directed and going into whatever parts of the economy you want it to get to. so you can see how you send

checks to people and what those people literally do with the checks makes a difference of stocks going up. just like the one consensus of let's go build infrastructure and let's transition away from carbon, those are the sectors that will do well because fiscal policy is much more directing where it wants the company to go >> the comment cathie made that the market are broadening out, is that a way to describe the markets the last couple months, or have we seen a couple sectors like energy surge so aggressively that you need to start talking about those pulling back >> it's a delicate choreography, i think. not everything goes up at the same exact pace and seeming to be sustainable long term it's generally fair to say the market has broadened out remember where we were last summer when everyone was passing around the same charts of how it was just five stocks responsible for more than 100% of all the

gains over the last whatever number of months and it was a tremendous amount of market cap and it was the only game in town i do think it's broadened out. it doesn't necessarily to me mean you've added years to the life of a bull market because it's broader now i think it can play either way i also don't know necessarily why that's a prerequisite for the long-term disruptive technology bets that ark makes to kind of come back and thrive. but it is fair to say that the market is broad. as i say, the equal weight s&p was up 1% today and at a high. >> nancy, you said earlier that you were taking an opportunity amid the carnage to pick up some tech stocks in your barbell approach here. which ones what names do you like >> in large cap, sara, we like names like microsoft and crm an

intel. capex has gone totally capex which is part of cloud which is still growing. i'm not just a tech advocate, but i do think it's important to note that when interest rates have risen in the past seven periods, tech was the top performer, and in the last five inflationary periods, tech was a top performer. we needed to clear it out. we've been expecting a correction maybe we got it in the nasdaq and now i think you just want to begin to start looking i don't think it's over yet, but i do think investors can start to step in and pick off some of those names. and in the small cap space, it would be names like t6 and momentum we have earnings out cori reagan. >> stitch fix, earnings shares quite better than expected but

still a loss of 20 cents the street was looking at a loss of 22 cents. the shares are down 16% after hours. active users were up 12% which is 3.9 million more active client additions than the entire last year with one of the strongest januarys on record, but some of those financial records clearly not something that investors are cheering here right away sara, back over to you >> ouch. down 16% it was a 200% gain over the last 12 months. it's been caught up in the selling as well lately courtney, thank you. courtney reagan. thank you, nancy tengler

glenn fogel on summer travel and whether he's seeing an uptick in reservations co-chair melinda gates of the bill & melinda gates the bill & melinda gates foundation will talk to bike shop please hold. bike sales are booming. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from our resume database. claim your $75 credit when you post your first job at indeed.com/bike.

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continuing to sell off, down more than 2% in today's trade as tech stocks weigh on the overall market it's that tech communications services and consumer discretionary all holding back the market with groups like semiconductors also getting caught up in the selling today wilfred? >> the cdc saying fully vaccinated people can have gatherings indoors they say they shouldn't travel unless absolutely necessary even with vaccines. bookings are down 20% in 2020 versus 2019. joining us now talking about the year ahead, glenn fogel what are the game changers in terms of a rebound is it the changes in rules from governments in terms of what people are allowed to do, or is it also a change in sentiment amongst consumers? >> truly both.

one right away is safety two, people need to feel it's safe to travel do you feel safe getting on a plane? do you feel safe going somewhere? government restrictions, clearly that's very important particularly with international travel with so many restrictions, you really can't go a lot of places sbe internationally, so for us with both things people will feel safer and governments will feel safe letting those restrictions go >> do you think once we reach that moment, it's onward and upward from there, or do you feel there will be another d downturn in wintertime if cases go back up >> i think there is a bit of uncertainty about the vaccine and how well people go against them we have vaccines, and the question will be, in the summer or the fall, will we have enough

vaccines to really dampen down these mutations so we don't have to worry about somebody gets sick, we find out the vaccine didn't work. it's one of the things nobody really knows, but we're hopeful. >> glenn, what are we seeing on pricing for airlines and hotels? is that starting to come up as demand rises and people book again, or are they still really good deals out there >> there definitely are deals out there, but i would certainly urge, and i would say this any time, but it's true, book now. the great thing is so much of today's inventory is cancelable. you go to booking.com and you're looking to do something in the summer, get the booking now and if you want to cancel, you can cancel and it's free i do see prices going in some places, and we've seen airfares going up, too, for the summer. people want to travel. everybody is just anxious to get their lives back to the way it used to be i would say go out there, book it now, if you have to cancel, you cancel >> glenn, is what your website

service offers is frankly lower because the main sites are offering such big discounts, anyway >> the suppliers are desperate for demand right now travel is down so much the suppliers, when they need more demand, they come to someone like us because we have the biggest platform, the worldwide demand for travel anywhere they come to us hoping they'll be able to attract the customers that come to booking.com it's a little bit of the reverse. when times are hard for suppliers, like they are now, we actually are better off. >> just looking at your stock, glenn, it's such a good indication of where investors think we're going in terms of this pent-up travel demand your stock got as low as 1100 back in march. it's now trading more than 2300, so more than a double. there is a ton of optimism, and what people are trying to figure out, is it too optimistic about return to travel or not

optimistic enough? what would you say >> well, i would say this. i usually look to the long term, and i think travel is one of the greatest industries in the world. people are always going to want to travel, so we're optimistic about our long-term future in terms of valuation, i let the stock makers worry about that. >> glenn, thank you. good to see you. >> thank you up next, mike santoli will look at the huge influx of stock values and what that says about investment trends. next, what melinda gates says about the coronavirus invitae closed about 5% on the session. cathie had called it one of the st important companies in the genomic revolution genomic revolution we'r

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a very mixed session on wall street today the nasdaq and s&p tumbled while the dow rose a few points. let's talk about the recent changing trend we're seeing in

investing. mike >> we know that money chases performance, money chases the hot story. this is the cumulative net inflow into those types of funds. this is 2021 to date, and this was for the full year last year, and you saw, of course, after the election things just shot higher by comparison, large cap growth, which is kind of the polar opposite of small cap value in terms of style, have lost money to drate right now. the concern becomes where is the hot money going and is it going to cool off? this is the look at them thematic etfs as opposed to general etfs it shows you the fast growth thematic etfs. things like alternative energy or cannabis or even some kind of

particular strategy out there. that's where the money is. people want to latch onto the buzzy thing as opposed to just broad exposure we'll see if this gets pullback in some of those story stocks and the areas in the market in the last several weeks, guys >> what is this offset by, o outflows, mike, or -- >> it's coming out of large cap corps, even vanilla objects. you're looking at the beta and stuff that's moving the fastest. >> mike, thank you women have been leaving the labor market in droves during the coronavirus pandemic up next the bill & melinda gates foundation, co-chair melinda gates talks about what women can do to return to the workplace. we're spotlighting some of our cnbc contributors.

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today marks international women's day, and i had the opportunity to sit down with melinda gates, co-chair of the bill & melinda gates foundation. we discussedstimulus, the covid-19 vaccines and the foundation's role in the fight against the pandemic listen >> we're here to talk about international women's day, and it feels like this year, melinda, there is more urgency to draw attention to the gender inequalities that have been exacerbated due to covid-19. you have been sounding the alarm and offering some particular policy prescriptions is anybody listening >> yes, i've had many conversations now with president biden and many members of his administration they are putting in more provisions for the caregiving sector i think congress is realizing, and certainly the administration

knows we need more paid sick days and family leave days families are struggling. they're dealing with needing to quarantine themselves or take care of a loved one. i think we'll see some immediate action, but also this administration is talking about long-term action that's needed in the policy space. >> because some of these problems are pretty deep-rooted. they're structural it depend on industries that women are typically a part of, child care responsibilities. what are some more specific policies that get at those structural issues? >> we're seeing that women are leaving the labor force in droves, and we know when a woman leaves, it takes a long time until she comes back and we want women to be able to work, and so in building back and in this recovery, one of the things congress is really going to need to look at is paid family medical leave it is a long time coming in the united states. we are literally the only industrial oized nation, if you

can believe it, that doesn't have paid family medical leave and because this crisis is right now, women are sandwiched between taking care of children and the older generation, i think we'll finally see some action there >> it is about time. o the other thing the biden administration wanted was to raise the minimum wage to $15 an hour do you think this would have a good result for women who are in jobs as a cashier or child care that may be impacted >> we know many women hold those jobs in the hospitality sector that have been lost, in retail, in the child care industry the child care industry in and of itself is collapsing. absolutely, i do think a higher minimum wage would help people, families who are struggling. and then in this particular stimulus bill, i know they're putting in some money for the child care sector, which is

needed, but more is going to be needed in the future we need to look at caregiving at large in our country, and i think there will be innovative solutions that we can come up with, but we've got to focus on this and luckily the biden administration knows we need this infrastructure, because he and many others realize we're not going to get as robust or as quick of a recovery unless we look at this infrastructure that we've turned away from for too long >> what about the health crisis, covid-19 the gates foundation has been at the forefront of fighting this what proportion of resources right now have been dedicated to fighting this pandemic from the foundation >> bill and i approved $1.75 billion, additional dollars, compared to what the foundation is already doing, which is about $5 million a year that we spend. 1.75 billion just for covid specifically and that is because we see this great need, and in particular,

the need not just in the u.s. but in low and middle income countries. because if we don't make sure they have testing and oxygen and vaccines, we're going to keep getting these breakouts, and it's going to keep bouncing. and new variants will come back into our own country it's the right moral thing to do to make sure we take care of everybody, but it's also the right economic thing to do so most of our funding is really to look at how do we get these solutions quickly to the low-income countries >> particularly on vaccines, in the u.s., which we're skewed by, the expectation is hopefully by summer, maybe by next fall, we can have some sort of herd immunity where we can get back to normal? based on the work you're doing in the developing world, how long is it going to take for the rest of the globe, do you guys think, to reach that level >> it will probably be sometime out in 2022, quite frankly, that as a globe we have enough vaccine out there, particularly

the single dose vaccines you're seeing some of them be approved now the ones that don't need this extreme refrigeration. those will begin to go out in the developing world en masse at the end of this year and the beginning of next year so it will be sometime in 2022 before we have full herd immunity >> president biden did commit $4 million to covax, and we did start to see those first vaccines get administered in ghana. should the u.s. be doing more, though, whether it's for the private sectors and the companies manufacturing these vaccines or the government >> the government is doing an amazing job. you're seeing fpharmaceutical companies getting vaccines manufactured by other pharmaceutical companies i think we do need to step up in terms of tests and oxygen. that's another place the u.s.

government needs to step up so companies can get this pandemic under control. >> how much are you engaged in funding treatments do you feel that treatments will still play an important role, and are you still looking pto expand r&d there >> yes, we are always looking for new ways to help with covid. whether it's r&d in the vaccine space, so we're looking at even second generation vaccines, some of the ones that aren't being discussed widely today, and we are still looking for medications. look, if somebody is progressing in this disease, you need to be able to stop it in its tracks no matter where they are, whether they're in mild, moderate or severe disease so we always need more tools to help with this >> some of the female leaders bringing it back to international women's day had better success rates at controlling their pandemics. do you think there is something to that? >> i do. you see how germany has made it through this crisis under

chancellor merkel. you see how new zealand has done under prime minister arden i spoke to those women in the first five months of the pandemic, and it was so interesting because we were also talking to other male leaders at the time, and the women were already thinking about where the gaps were in their system even though their countries were doing incredibly well with the crisis at that point, but they were thinking about everybody else so prime minister jacinda arden were thinking of the islands around here and how they suffered and what new zealand should do. angela merkel was thinking about the parts of her adminicountry t hasn't yet been reached. i think the women have a further view on what makes sense, and i think that's important >> you talked about the view that president biden has on this, and president biden campaigned on doing more and being more forthcoming do you think his policies so far

have been different enough have they moved the needle from what the trump administration has done in terms of just maching vaccines more available, testing more available and everything else he promised? >> absolutely. it's night and day different is it perfect yet? absolutely not but is it a sea change we are delivering vaccine as a nation most states, 15% of the population, has been covered so there is more to go but you're seeing more testing available, you're seeing more hope because people are seeing their loved ones who are older vaccinated i think, you know, he's just appointed the new head of the cdc. she has a deep global health back background she's fantastic. i think he's re-empowering places like the cdc. he's putting dr. fauci forward again, he's putting the head of nih forward again and making sure the real experts are talking about the science. >> high praise for melinda gates

for the biden administration, wilfred, she was pretty blunt on that night and day versus the trump administration which surprised me a little bit. as far as in the spirit of international women's day and just how brutal this has been, for women in particular, millions of women leaving the work force and being shouldered with the responsibility of taking care of kids at home, this new stimulus bill that just passed the senate, i should mention sdrks have some specifics that help make things better $170 billion to help schools reopen, expanding the tax credit for children five and under. those sort of things certainly will help, but i think economists are more worried about the longer term impact of women who, according to seizure vads, like a mckenzie survey, show women are less ambitious at work and less driven to be promoted which have come out of the pandemic because it's lasted

an entire year and what that means with the progress we've been making. >> the other thing that's really interesting and stand out, while jacinda arden does still stand very high in opinion polls in her country, angela merkel not so much. i guess, still -- >> is it a merkel issue or is it europe has it just been a disaster across europe? >> her party has suffered in the polls because of it, so you can take from that what you will either way, germany has still handled things relatively better than a lot of other countries in the region the vaccine rollout certainly hurting people in general and political positions. moving now, the company plands to enter the fitness

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time for a cnbc update hello, rahel >> hello, everyone the gop's attorney general are suing president biden over the climate change executive order he signed on his first day in office it dramatically increases the governor's calculation of the so-called carbon that's the dollar value that gets factors back into federal regulations. generally the higher the cost, the tighter the rules will be. they call it arbitrary and argue it will cost jobs. a climate change meeting in the u.k. that will be happening in

november, he tweeted that envoy john kerry will be important in the year ahead only 70% of teachers have actually agreed to come back into classrooms. here's a video you might want to see in moscow. dozens of people not wearing much clothing participated in a sporting event that includes running, ice skating ask skiing. some say exercising in the cold is considered healthy. they call it cryathlon i thought exercising in general was healthy, but no judgment >> maybe even healthier in your underwear. rahel, thank you rahel solomon. >> who knew. the rise in retail trading we're going to discuss what the prominence of robinhood trading

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investors by cardify, 31% of women were not aware of the gamestop trading frenzy compared to 60% of men. i remember a -- 17% of men. mercedes, who are doing the best job at capturing that? >> i think women investors are often not as invested in the stock market we know there is this gender investing gap. where we do see some brighter spots are in companies that are more passive investment products they tend to have the highest percentage of women investors relative to other investment products so thinking about stash or acorns, they're known as industry leaders when it comes to women percentages that's just around 35% we are seeing some newer entrance companies like griffin that are seeing 50% of women be investors on their app

so there is some hope for women investors, but certainly a lot needs to change. >> my other question, mercedes, is how has the landscape changed for a lot of these start-ups obviously robinhood still planning to go public and other companies hoping to capitalize off the retail boom. it's still going on. some people did not expect it to last, especially after we saw the first plunge in gamestop, we're surprised that it keeps creeping back up over and over again for gamestop, amc and a number of others >> certainly i think the retail investor is not going anywhere, and people saying this was just a moment in time, i really view it as more of an awakening that retail investors understand that power that they have to work together or to just independently be a big part of the investment conversation i think historically there's public companies that aren't able to get enough retail investors to respond to some of

their proxies to pass different things for the company, and now what they're going to be dealing with is a much more engaged audience base. so i think retail investors are just getting started, and they started with equities, a lot of individuals, but obviously in the past couple years we've seen more people investing in mutual funds and etfs and now i think the direction we're headed is seeing etfs in more alternative investments, obviously with crypto and rft, there is a lot of the space for retail investors to continue their interest >> clearly a new entrance, roughly, like robinhood have done well to capture a lot of this trend what about the traditional brokers? are they also seeing similar sized gains and have they adapted to capture what retail investors are looking for? >> my understanding is the

existing brokerages, i, myself, i work with fidelity for my retail brokerage, and my understanding is they've adapted really well in the past few years to the changes you think about. they responded by lowering or eliminating in some cases their fees and making it more approachable for different types of investors they're also trying to add in a lot more educational resources so some of the trends in places where i think retail investing needs to go and needs to make retail investors feel like a member, they need to have more of an education like we were speaking of, bring more women onto their platform. they need to have more of a focus. fidelity has a stronger retail focus, so they're certainly looking and watching what's going on in the newer entrants >> how do you think all of this does in the downturn it's been a rocky few weeks for

the nasdaq, and how much of it is in the short term and how much are longer term money, which people have wanted to enter the market for years >> it's a great question and i haven't seen a breakdown of what percentage of people -- one of the big questions i ask myself are what percentage of people were buying just these mean stocks and not buying anything else the small data i have seen show that people are buying into these longer term saving stocks, maybe more of the tech stocks or brand names that they know in addition to some of the mean stocks the last two weeks are not just a wash in terms of people coming in and not participating overall, i think this is going to be really positive for long-term participation in the stock market >> mercedes, thank you so much for joining us good to see you. >> thapnks for having me. stitch fix and courtney reagan has it first. hi, court. >> we have a little bit more detail here with what's going on

at stitch fix as you see the shares continue to plunge olt earnings report. the shareholder letter has now been posted on the website which gives us more information than what we got from that initial press release about what happened in the quarter. the company is basically saying there was a revenue recognition problem because of the way that the checkout works for this company. ordering a fix, or you're bundle of clothing, you decide what you want and then you send back what it is that you don't want. so they don't actually charge you until after they've gotten it sent back as a result, they're saying they weren't able to fully recognize all of the revenue that really happened in the quarter because of shipping delays with the major carriers, both to the customers initially and then getting whatever was not wanted back and they're saying that these shipment issues are expected to continue throughout basically this current quarter which is their q3 as well as the second half of the year and so that is why they're guidance is coming in for

revenue less than expected and you could see the shares are falling more than 22% on this further detail in the shareholder letter about what the company believes is going to be a continued problem with the carriers and again the revenue recognition. back over to you. >> thank you so much. declining 22% after hours. still ahead, kathy wards arc innovation, slipping nearly 30% over the last month. she joined us earlier in the show with her outlook tor tesla. a key investment that has struggled lately we'll revisit some of the we'll revisit some of the comments next.♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because whose the gap, a world of possibility opens. ♪ u.s. bank. we'll get there together. ♪ we'll get there together.

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shares of tesla getting hit hard over the last month earlier in the show arc's kathy wood explains why she is still a big believer in the name plus tune into on the edge 6:00 p.m. eastern time with sharp opinions about the big players and news in the business world. world. closing bell will be right back. actually it's for both new and existing customers. i feel silly. but i do want the fastest 5g network.

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last hour we caught up with arc invest ceo kathy wood and got her outlook on tesla amid recent declines. listen. >> our confidence in tesla has gone up for a number of reasons. one, it didn't lose share of the electric vehicle market when all of the traditional luxury brand names started bringing their own

electric vehicles to mart. second is autonomous we believe that elon musk over the weekend tweeted out that he would offer or tesla would offer full service driving to anyone who wanted it. saw an incredible burst in demand for him to be able to do that suggests to us that he's going to be able to show us the way to autonomous much faster than most analysts and investors expect. >> comes at an interest time she didn't give us a price target but did tease that the new piece would come out in the next week. tesla was a big loser today and so was the nasdaq and the high-tech valued names and the question is, does this theme continue and are we going to see yields moving higher at the speed they've been moving enough to shake confidence in places like a tesla and like an

arc, which have been hammered at the forefront of the action. >> it was a catalyst for a lot of the action. but it doesn't seem as if that is tick for tick what is going on yields have been not -- just inching up more recently i think it is much more about it is smoking out crowding of hot money in certain themes and certain concepts and certain very high concept story stocks and that unwind is probably still underway i don't think anybody should change their very long term of tesla based on a price action but you have to consider what happened last year the stock doubled in five months at $400 and then went in at $700 and went up to $900. so it lost track of what it was supposed to be in 2030 for when the future is realized in this idea so i think that is what you have to keep in mind. not just is the story in tact, but what was priced in in terms of that story. >> and mike, quickly, perhaps energy, was positive but only just

and oil prices lower so i kind of wonder whether we're running out of steam. >> in general that value trade has been just running very hot for a while. >> on the topic of oil, don't miss first on cnbc interview with the ceo of chevron on the big rally in oil price and the outlook for demand tomorrow here on "closing bell." we're out of time for "closing bell." "fast money" starts now. i'm melissa lee and this is "fast money. tonight's trader lineup, guy, karen and bono game stock going wild again today and the monster move is giving new meaning to the retail trade. we'll explain. and new fallout to the massive hack attack, 30,000 u.s. companies possibly hit the key stocks that could see the most impact. and later taking flight, airline stocks soaring today, why now to be your last best chance to book a ticket on the reop