we are going to all start looking back at the one-year performance of stocks, how has it done in the last -- well, you are going to see numbers that will going to blow your mind away but remember the base on which you werity starting. >> tesla shares up 18% 26% off its 5 -week high you mentioned the one year performance, up 442% over the last year. >> good to be with you "closing bell" starts right to you is this welcome to the "closing bell," everyone, i'm wilfred frost along with sara eisen. green across all the screens on wall street today. it's a big day for tech. excuse me. the nasdaq seeing a huge bounce after dipping into correction territory yesterday. currently up a staggering 4% as we head into the close lets look at what's driving the action treasury stocks coming off their highs.

tesla, and kathy woods arc innovation etf is working. zoom, pel on the roku and etsy are surging getting back a chunk of recent looses and boeing is boosting the dow after the company reported net positive orders for the first time in 15 months. >> big comeback for the tech names. we are all over the big market moves throughout the show, into the close. also coming up for you, the energy sector. it has been the top performing sector this year, upper inially 40% as oil provides climb. we have the ceo of chevron to talk about his new plan as they host its annual investor day tesla rebounding in a major way, up double digits we will be joined by an analyst who upgraded the stock the buy and has a $900 price target. let's look at the stories we

are watching during the last hour of trait. mike santoli tracking the market recovery and jerry bernstein from the council of economic advisers in the biden administration mike, kick it off with the comeback we are seeing in the nasdaq. >> yesterday was one of the biggest days in terms of divergence between the dow and the nasdaq the nasdaq releasing higher. the s&p 500 between those two dynamics almost a 2% move it has kind of returned the index back up into the zone we were talking about for a long time here. this sort of 20-day average is the first hurdle that you have to jump to say is this just a mechanical reflex bounce or maybe we have put in a decent end to the pullback phase. we will see if the s&p 500 can build. but there seems to be oversold

stocks there are a bunch of sectors the big huge scary disruptor like amazon that has done almost nothing or worse, whereas the disrupted during 2020 trounced them this got a little bit too wide at least on a one day basis. you see them kind of giving a little bit back. and you have nasdaq 100 type stocks also coming back. it is not just in retail look also in media we can see netflix, over a six-monday period done very, very little. and viacom, cnbc, and discovery considered to be the also rans in the sector, they went off this gap again too big people decided to give these folks creditor having figured to out the future we will see if it works. also cars, tesla, we were starting to give a little bit of that premium to the old legacy companies in here, whether it was correct or not, whether it was just about fund flows and everyone chasing cyclical and

value, i don't know, but finally we have mean reversion today we will see if it is more than just a one-day phenomenon. sara. >> helps that yields are lower mike, thank you. the house is expected to vote on the $1.9 trillion american rescue plan as soon as today after receiving senate approval over the weekend. measures include extending a $300 per week boost to unemployment benefits through september and raising the child tax credit to $3,000 from $2,000 if passed president biden is expected to sign this bill before those unemployment programs expire sunday let's bring in jared bernstein a member of the president's council of economic advisors welcome back to the show. >> thank you, great to be here. >> i will start with the question that many families are wondering, which is when do the stimulus checks start arriving >> a great, important question and if this bill stays on track as we expect it to, it is advancing through the congress the president is on track to

sign this law very shortly once that process is completed and we will then have what in my view -- you know, i have been around for a while tracking this sort of thing -- one of the most consequential and up with of the most progressive pieces of legislation in our history to directly answer your question, $1400 checks to 158.5 million american households going out -- starting to go out days after passage we are now pretty confident that we have this architecture well under way. we have been to this part of the rodeo before and that's what we are looking at >> one of the criticisms of this legislation, jared, is that it's just too much. it's a lot of money. $2 trillion, almost 10% of our entire economy and it's not targeted enough and one of those places i wanted to ask you about was the money that's going to go to states states are going to get money, many of them need them

but many of them do not. like utah, or california, which is in surplus, or florida. why are those states getting emergency rescue money >> a lot there to unpack at least one of your calculations i want to challenge. the reason you came to 10% of gdp is because you are assuming the whole plan spends out in one year that's not the case according to the congressional budget office, which has it scored out more gradually. to be clear, the checks and the unemployment coverage get out right away i think probably that's one of the most important things listeners can understand as you pointed out, sara, if we don't pass this within the next five days, enhanced unemployment benefits for 11 million would expire i also take issue with looking a the states strictly from the state of the revenue whole i understand why people want to look at it with you you also have to understand one of the key goals

of the american rescue plan is to finally put this virus behind us and every state in the union needs help could go that it needs top-down government coordination in terms of logistics of the type that this administration has been providing especially compared to the last administration. and not just controlling the virus, but producing and distributing the vaccine you can't just look at the revenue side for the states, you also have to look at cost side. >> do you think inflation and interest rates will rise as a result of this bill? and if so, by when >> i think what we have been seeing here is a important distinction. i have been tracing the numbers excessively, including before coming on. is the difference between heat and overheat i know there are concerns out there relating to overheating problems and of course that's always a risk that you want to consider but when you look at that risk through our lens -- it pales by comparison against the risks of

doing too little, of putting the virus behinds, providing relief for families and birx safely reopening schools, getting the check out, getting the unemployment insurance out and if you consider the spend out point that i made to sara earlier, if you consider how much slack there still is in this economy about an unemployment rate for blacks of almost 10% and hispanics of 8.5% -- so there is a lot of slack out there. when you consider some of these benefits are going to be saved before they are spent, then i think it puts downward pressure on the overheating concerns. >> jared, once this does get passed what do you think will be the top priority for the economic team for biden administration more stimulus and infrastructure tax increases? what will be the focus >> that's a great question the way look at it -- more importantly the way the president looks at sit moving from rescue to recovery. one of the things i tried to stress including in our discussion today about the

american rescue plan it is constructed to be of a magnitude to finally get us through to the other side of this crisis. once we get there, we are fail faced with a lot of the problems that were embedded in our economy before the crisis struck simply getting facebook where we were is insufficient for this president. the recovery agenda includes investments in clean energy, in education, in health care, in racial equity, in infrastructure and there will be pay-fors in those measures we are not ready to talk about them yet but the president has consistently said the temporary programs can be deficit financed but permanent programs, we should try to pay for them. >> not to harp on all this, jared, but know, there is -- >> harp away. >> $500,000 for museums and native american language preservation in this bill. it is important obviously to fund the arts and culture. but if this bill is about making it to the other side, the critics say there is a lot of waste in it, a lot of pork and

that's going the compromise your ability to get bipartisan support for the other big bills you want to pass through. >> i think you have to be balanced when you talk about critic let's look at how this bill is polling out there with the american people. that's the most important constituency for president biden. it has support of well over 70% of the american public and in some polls, i have seen majority support from republicans. i mean, i think puppies and apple pie hardly get to that level of support so you can definitely find a group of republicans in this weird berg called washington, d.c. who have thus far refused to vote for the bill but remember, there are raungs who have long fought for the kind of child support, the child tax credit support that's in this bill. when it comes to the american rescue plan they haven't supported it but they have supported that component, which

reduced child poverty by more than half. we have seen republicans very much in support of getting these check out. but when it comes to the president's american rescue plan then it becomes partisanship i think you have to go out and talk to governors of both political parties, talk to mayors and you will see the pervasive support for the american rescue plan we'll do that. i guess the upshot, jared, if you are tackling this next biggie, which it sounds is going to include infrastructure and climate, senator manchin is already saying he would like republicans to be more involved in the process suggesting it shouldn't go through reconciliation are you worried that that's going to be harder to do after you pass the $2 trillion of stimulus with these objections just in the democratic party >> look sara, i will be straight up with you. nothing is easy in washington. i think we know. that i think when it comes to investments for example, in infrastructure there are a lot of republicans -- i know this for a fact -- who are willing to work with us and particularly willing to work with president

biden, who knows how to reach across the aisle on this issue so on that issue thing we probably can achieve some bipartisan cooperation probably some others as well. >> not surprising that a $2 billion stimulus bill polls well we are out of time. >> $2 trillion. >> $2 billion would probably each poll well >> i would argue that polling well is a good thing sometimes. >> of course i am just saying i am not sure the game changing factor that supports the bill parting. good the see you. after the break, shares of chevron climbed 30% year to date we will speck with the chevron ceo about the big moves and today's investor meeting you are watching "closing bell" on cnbc. dana-farber cancer institute

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welcome back a big day of green across the screens here on receipt driven by a huge surge for tech

the energy sector meantime has been soaring of late as economies around the globe rebound. it is down today but up sharply year to date 37% in the energy sector shares of chevron hit a 52-week high earlier today up 30% on the year outperforming the broader markets. the energy giant holding investor presentation today highlighting higher returns and lower carbon joining us, chevron's ceo. thank you for joining us. >> good to see you >> four words you said earlier, higher returns, lower carbon it is a powerful tagline my question is whether both of those are achievable at the same time in the short-term or wlits going to be a slow transition to when -- whether it is going to be a slow transition to when you can deliver on both? >> we shared with investors today we are ready to lead out this cycle because we are in a different place than others in our industry higher returns, our disciplined approach is paying off and lower carbon

we fully expect a lower carbon future and we intend to be a leader in that, too. i do think there is a time horizon dimension to this, wilf. we need to improve returns every single day we are hard at that we announced a 10% reduction in operating costs from 2019 to 2021. we have lowered our capital spending significantly coming out of last year we did a nice acquisition that will be returns accretive. so these things happen now and on lower carbon we are taking concrete actions today and we are investing in the future to be able to grow businesses in the future that can contribute to that it is not an either or we have to do both and we have to be a leader in both. >> so many in your industry are taking steps to be more environmentally friendly, greener, despite of course being an oil and gas company is that an omission that you

feel guilty about the sector that you are in. it is confusing when you see these announcements from oil and gas companies, which we all need, and it is find that the companies exist in that way. >> far from feeling guilty about the sector that we are in, wilf, i'm very proud of what our industry does to improve the quality of life for billions of people around the planet and we have been doing that for more than 100 years. in fact, this year we celebrate our 100-year listing on the new york stock exchange. and we've always been producing affordable, reliable, and ever cleaner energy that powers the world forward. and so it is essential to the quality of life on this planet and at the same time over that 100 years, expectations of society have evolved and our expectations of ourselves have evolved. and so we're on a journey to continue to provide affordable and cleaner and reliable energy into the economy and to do it in a way that meets today's expectations

so there's not an apology in there. there is just a recognition that the world evolves and we are evolving with it. >> on a related note, mike, i wanted to ask you about the future for automobiles gm says by 2035 it's not going to be building gas-powered trucks and cars and it is going to be all electric we have seen legislation like that pass in california, and the uk what is that going to mean for your business if we go to all electric cars? >> sara, the fundamental drivers of demand for energy growth are a growing population you know, 7.5 billion people on the planet today 9 billion people by 2040 and an ever rising quality of life for those billions of people around the world. and that takes energy of all forms. light duty vehicle transportation is only about 10% of global greenhouse gas emissions. so we need to find solutions to the other 90% in order to

address the challenge on climate. for our industry about a quarter of a barrel of gasoline ends up -- or quarter barrel of oil ends up in light duty transportation the other three quarters ends up in ships, in aviation, in petro chemicals, in heavy-duty long haul transport so electric vehicles, they are here today there will be more in the future there is no doubt. it is growing off of a small base but we anticipate by 2040 there will be hundreds of millions of heck trick vehicles in the fleet. we still forecast the demand for oil will grow over that period of time. so these are developments that are not new. they are trends that have been established and they are part of our fundamental outlook for the future. >> mike, oil prices have rallied hard up 32% year the date

is this sort of level ideal for you with your lower cost of production than some of the smaller players but clearly off the lows of the lastier or so? >> prices have rallied we see markets that are healing. demand is come back as the pandemic is gradually becoming better controlled. and supply has been somewhat constrained by opec and opec plus excess inventories are down and prices reflect a gradual move towards a more equilibrium state in mark. but worry not planning on hiking prices in our business the price we laid out assumed a flat $50 price in nominal terms. no inflation in there at all we contemplate a return to capital and increasing free cash flow so we are prepared for prices to be lower than they are today

if they are higher, we certainly welcome that but we are not counting on it. >> it's been a turbulent few years for your industry, mike. obviously you are one of the big ones the emerge strong but there has been consolidation and bankruptcies now that prices regained their footing here, what do you expect for the industry over the next year or so >> i think thee has been through a very difficult period of time. you will be at earnings last year you look at write ofs and balance sheets that have taken on a lot of debt, companies -- you know, there are a number that had to cut their dividends. so the industry has got some work to do to come out of that we actually entered with the strongest balance sheet in the industry we still have the strongest balance sheet. we didn't cut our dividend and we are in a position where with some of the changes we have made i referred to earlier, we are in a position to lead out of

this period of time -- we are stronger for doing low-end cycle acquisition last year of noble energy at an opportune time to strengthen our asset base and our company. and we are growing free cash flow and in a very strong position in an industry that has been through a lot so i think we are going to see only a gradual recovery. and certainly, the prospects potentially of further consolidation over time. >> due wo you welcome, mike, wa buffet's investment? how did the conversations go did he guide you that he wanted that balance sheet discipline, less capex, higher returns >> well, i believe chevron is a great long term value investment for any investor so we certainly do welcome berkshire hathaway's environment in our company and they are well-known as a

long term investor, a value oriented investor, and one that we are very pleased to have in our stock. we actually haven't had discussions with them to this point. and so i can't -- i can't infer anything other than their investment decision would suggest that there is some confidence in the long term future of our company and in our ability to generate value for shareholders over the long term. and i look forward to meeting with them in the weeks and months to come >> mike werth, it was great to have you on the show today thank you for joining us. >> you are welcome, sara. >> chairman and ceo of chevron. we've got just about 36 minutes left of trade. look at the markets. we are in rally mode across the board. and technology for a change is leading the charge higher. nasdaq popping 4.25% it is up 532 points, near session highs. the dow for its part, up 200

you have names inthere like apple and microsoft helping to lead but boeing is actually contributing the most. we will have much more on the market rally as we take you into the close. after the break, a new cnbc survey monk kyi poll showing the huge impact covid has had on women this the work force. before we head to the break, today's top searched tickers ten-year yield right up there again. today it is backing off a little bit relieving some of the pressure we have seen on pressure we have seen on technology

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dow is up almost 200 points, on track for a record closing high the pandemic has had a huge impact, we know, on working women. a new survey from cnbc and survey monkey shows how some hard-won gains reversed over the years. julia boorstin with the story. >> sara, women have been hit so hard by the pandemic they are calling it a she session one year in there is a meaningful deline in women's ambition, which could exacerbate gender gaps and depress economic growth a our survey pound that 42% of women described themselves as very ambitious, that is down from 54% before the pandemic women of color are seeing the

largest decline. the percent of black women who said they were very ambitious fell from 75% to 54% over the past year. hispanic women saw the biggest percentage point drop, from 65% to 42% this all comes as 65% of all the women we polled say the pandemic has made things worse for women in the workplace 22% say their career has had a setback. and 37% say they have considered quitting their job now, women's participation in the work force fell to a low in january 20% more women than men left the labor force this the past year sara, as you well know, there have been a number of studies showing equal participation had the work force can drive trillions of dollars in economic growth. >> it is such a setback. what i find surprise being the results, the survey data is it doesn't only point to women staying at home and taking care of their kids.

that's been the narrative, as soon as the schools reopen that will help and bring the women back but it sounds like something else is going on here had he it comes to the ambition and the burnout and everything else. >> we have fascinating numbers on burnout we have more on the study on cnbc.com the burnout numbers are interesting because, yes, there is burnout for parents of young children, parents with children under 18 show a lot of concern in burnout because of work/life balance. there are also women who don't have children or children out of the house. they are also experiencing burnout. burnout of course is a problem for men as well but the question here really is whether women are taking themselves out of the work force, they are not applying for jobs or not applying for that promotion or rise which could have ripple effects down the line is that we are at a session high, 530 points higher on the nasdaq composite. just off the high.

4.3%. >> time for a cnbc news update with rahel solomon. hi, rahel. >> hello good to see you. here's what's happening at this john kerry meeting ec president von der lie yen on climate change kerry says that addressing climate change is a top priority for the biden administration british talk show host beers morgan quit the show good morning britain after saying he didn't believe meghan markle's comments about the royals. union lever removing the word normal from its beauty products the move will affect 200 items from brands including dove, vaseline, and axe. match the news with shepard smith for more on the changes. two congressmen are requesting a hearing on conservatorship and citing brittany spears for their

interests. meg gates is one of them questioning whether americans including brittany are getting trapped in conservatorships they cannot escape. apparently a long time brittany fan. who among us isn't into that documentary was pretty eye opening. i didn't each know that those rules kind ofity existed >> you shocked me. i would have expected you to have watched that. i am impressed. >> you would or wouldn't have? i did watch it >> i would not have. but i am impressed i am glad you did. >> of course rahel thank you very much. we will see you next hour. still to come, pedal to the metal. shares of tesla are surging following a fierce pullback. we will speak with an analyst who just upgraded the stock to buy and says there is much more ahead. here's a check on bonds. still above 1750 on the ten-year

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a huge rally for big tech today. the nasdaq currently up more than 4%. names like snow flake, zoom, and lemonade are all surging higher as well. deirdre bosa has a look at the 2020 darlings making a comeback today. >> those names have been hit hard over the last monday by valuation concerns and ricing bond yields. today they are roaring back. you mentioned some of them but it is nearly all the momentum names in last year in the hot cloud, a.i. and fintech spaces rebounding today. shopify up 6%. still down 15% over the last month. doc you sign, palantir, peloton making up recent losses as well. while we have seen more interest in legacy tech games, oracle, hp, cisco they are working today, they continue to climb

higher in the tech rally though their game is not as strong, in the 1% to 2% range back to you. >> nasdaq now down only 7.4% from the all-time highs. deirdre, thank you. according to cnbc morning consult poll 35% of americans say they won't return to normal when it comes to routines after the pandemic up next we will talk about the need for covid testing in this next phase with the ceo of adaptive biotech that stock on the move, up 6%. we'll be right back. this is how you become the best! [music: “you're the best” by joe esposito] [music: “you're the best” by joe esposito]

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nasdaq surge, up more than 4% as we head into the close according to a cnbc morning consult poll two thirds of americans believe vaccines are the best way to stop covid-19. the cdc report noug nearly a quarter of americans over the age of 18 have received at least one dose meantime, on the testing front, the fda just approved adaptive biotech's t cell test for

emergency use that stock is jumping today. similar to an antibody test it detects whether you have had covid-19 before. let's bring in adaptive biotech's ceo chad robbins thank you for joining us with all the focus on vaccines now, where does your test fit in in terms of the market and how it will be used? >> sure, first, sara, thank you so much for having me back on "closing bell. i want to put the launch into context. the pandemic put the world on notice about the importance of understanding how our bodies and our immune systems respond to disease. but up until now, we have only been able the look at half of the immune response, which is antibodies, with money ocular vision with this launch and the emergency use authorization, we are now look able to look at the virus with binocular vision. we can look at t cells, which are specialized cells which detect kill and importantly

remember any disease the body encounters it is the first in a new class of diagnostics for the fda it is also the first time we are able to read how our bodies are naturally seeing a disease from a single blood simple. >> which sounds great especially because you have heard anecdotally i have heard of so many people getting the antibody tests and swear they have had covid and the test doesn't detect it. the price is high. it is $100 a test. how is that going to work? it seems like it is high to give to everyone. >> the current cost is $150. it is a self-paid test we wanted to make it available to patients as quickly as possible we are working with payors on reimburse men for future t detect tests this is a first indication in a pipeline of diagnostics for many different diseases it is also important to remember, if you want the know or you really need to know if

you have had covid, t detect is going object the best test to be able to tell you that. even if you are asymptomatic, even if you didn't have symptoms let's say you had -- let's say you did have symptoms, and didn't get a pcr test, or even if you had a negative serology-based test, t cells not only come up quicker, but they last longer. if you want to establish a medical history for example, for long haul covid, t detect would be the perfect test to get. >> where do you get a test like this can you do it at home? where does the analysis get done how much does it cost? >> it is relatively simple everything is donan line except for a blood draw you go to t deny detect.com and you have a prescription for a glad draw. you can go to any one of holdups of lbs or a mobile flebologist

will come to your home they submit the blood sample can then we can provide you the results right through an on line portal. >> thank you for joining us. >> i appreciate it. still to come w 16 minutes left in the session we will go to the "market zone. apple shares are surging, the kes tive news crossing on the liof boeing. much analysis coming up in the "market zone." - [announcer] if you've tried college but never finished,

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13 minutes to go in the trading day, we are now in the "closing bell" "market zone." commercial-free coverage of all the action going into the close. cnbc senior markets commentator, mike santoli, is here to break down these crucial moments of the trading day. and today we've got scott wren from wells fargo investment institute as well. welcome. we will kick it off with the broader markets. the stocks are surging today the nasdaq bouncing back hard after closing down more than 10% below its record high yesterday. the dow was tracking for a record close, it is losing steam. it is only up 100 points basically up 200 points when we started the hour the stimulus is seen to pass that's helping what else is helping the group that was hit hard. >> the scene was set by the fact that the bond yield came back down

that in combination honestly with how oversold the sectors were, all the tech we have been saying that for a few days it doesn't always happen oncue but that may be a factor in the bounce and honestly moon reversion. doesn't seem to be more to it than that. as ferocious as the bounce is today in the nasdaq it kind of gets you back to just a couple of days to where we were trading toward the latter end of last week. >> yields have pulled back this week do you expect that to continue toer will we see them rise in the next few weeks >> wilf, i think this the short-term i think we have run up pretty quick. if we give back some of that in terms of yield that wouldn't be a big surprise as we look out, our mid range of our target range is 2% weaver expecting interest rates to go modestly higher, inflation to go modestly higher. in our opinion, that's a good

thing. it is reflective of the growth we are going to get robust growth this year we are probably going to get good growth in 2022 as well. for us, if we see 5.7% gdp growth this year, which is our number -- i mean you this the ten-year about at 1.5? that seems a little low. >> shares of apple getting a big pop today. its market cap is back up around the $2 trillion mark josh lipton has more for us. >> we foe that's coming after a stuff stretch, too, with recent pressure for that name apple is down about 10% this year it is off about 15% now from its all-time highs why the weakness elevated valuation levels. after that monster run in 2020 when it surged about 80% two, a perceived lack of sat lists by some in the months ahead. on the other hand, i talked with luke munster who bets appel is

going to be the top performing fang stock in 2021 as people will upgrade from their older iphones and the 5g accelerates. >> of the big cap techs, it was the biggest sufferer in recent weeks? >> it was. the one that at least in this phase trades most in line with what bonds are doing, i really feel likal apple trades based on the fact it has endless cash flows. yes, when we are close to a new phone release we get caught up in the updates it makes sense, though, with the treasury yields backing off. >> what is your strategy for stocks like that that trade as sort of bond proxies >> we are trying to lean into stocks that are more cyclical. we have taken on more risk i think you know if you look at

stocks that are growth stocks that are making money, whether the economy is good or bad, you know, that's one thing where people hide. those are similar -- you could say that has a lot of characteristics to bonds for us we took money off the table in tech a couple of months ago. we are comfortable with that we are still i don't have weight we are more interested in things like industrials and materials and financials and those kinds of things. we went to lean into a continuation of this recovery. and that's what we have been trying to could. we have done it incrementally over the course of the last nine months or so >> well, it certainly has been working so far this year shares of paypal and square are also seeing big moves higher today. kate rooney is tracking that action kate >> sara, digital payment companies are joining the rebound in tech names. paypal up about 7% today square is up more than 11% both have been big winners during the pandemic but got hit with the rotation out of growth

stocks this week waegt woods' arc innovation was among those scooping up square during the dip speaking of fintech, soify announcing plans to buy golden pacific bancorp for $22 million. this is part of soify's plan to bring banking in-house instead of using a third party they would be able to hold customer deposits and issue loans. the deal helps them cutcos >> arc innovation up almost 11% today. kate thank you. scott i know you said you like the cyclical groups like financials and industrials and materials. is there anything that got caught up this the sell off around the higher treasury yields that you like, the payment companies, square or paypal semiconductors software anything that looks good to you? >> as i said, technology we continue to be overweight.

semiconduct soars always a good subindustry group to be in when you are at the beginning of a new cycle, which we think we are. anything that is caught up in a selloff that has to do with consumer spending and electronic payments and lower unemployment driving more spending -- you know, those are the kind of things that we're really interested in. if we are right and we see a 5.5% unemployment rate at the end of this year i mean there is going to be a lot more people out there with jobs when are going to be willing to spend money. people want to get out as new york loosens up, you guys are seeing this. as california loosens up you know, people are out i mean, these restaurants, they have limited capacity, but they are packed so consumer spending is what you want to focus on, what's going to benefit from that and we will probably see some good business capital spend gz as well. >> paypal doing well the rest of the banks aren't

the dow is at the low of the day as we speak. though still in positive territory. to what extent is that a risk if we see the bounce in tech today being a one day event if the cyclicals that have been outperforming start the roll over as well. >> everything has to line up correctly supporting the market in this rotation today is a rerotation from the rush we had into the cyclical groups nothing alarm being the behavior of those groups. they are cole dating they are still in the upward trends and they have the favorable headlines whether every is upgrading their advisory guidance. but this hand off zero sum gain from one stock to another, sometimes the baton gets dropped. that happened a couple of times. >> shares of boeing giving a

boost. it certainly was the rest of the dow pulling back after the company announced orders for february. let's get to phil lebeau. >> the headline is not just that they had a positive february its first positive monday in terms of orders since november of 2019 to be exact. for the month, boeing delivered 31 aircraft. that's net of cancellation, 31 aircraft were delivered. but the real story here is the 737 max. the orders outstripped cancelling as here let's be clear, the orders 39, not 32 39 orders. 32 cancellations deliveries, 18 overall as you take a look at shares of boeing, keep in mind that they are still a long ways from where they were back when all of this began with the 737 max. but this is an improvement the backlog is starting to improve. up to 4,041 plaebs >> phil lebeau thanks for that boeing up 41%.

the dow slipping only up .2 right now. scott what's your take on boeing >> for us, i mean, i think -- you know, boeing obviously -- i am no boeing expert. but, certainly, as the global economy comes back, you know, you want to watch something like these backlogs on these orders you guys were just talking about it that's really the important thing. and you know, i think there is enough capacity out there in the airline industry as is, but we have a lot of old planes that are around a lot that probably need to be replaced. i think you are going to see that particular subindustry group probably perform well here as the globe comes back from this pandemic and these back logs build i don't think that's a surprise that you are seeing backlogs build in these airplane makers >> boeing and home depot, mike, both adding about 40 points to the dow, which is still higher, but we have lost momentum here in this final half hour or so. the dow is only up 47 points

it was at an irn tre day record high tracking for a record close. not there any longer what has take ten steam out. >> obviously this is looking much more like a rotational day as opposed to all boats being lifted by the ferocious rebound in the nasdaq. especiallily it has been positive not as much as it has been in recent days. let's take a look at the new york stock exchange volume split between up and down volume it has -- you know n prior days we have been setting records in breadth. we are still well more on the two to one positive to negative. still positive the equal weighted s&p has not outperformed the market cap weighted one as it was yesterday. look at new highs and lows on the nasdaq that's come back very strong more than 300 new highs. obviously 52 weeks ago, we were looking at 52-week highs we are close to the crash mode we were in last march. a tail witnessed there but this had a uptick in new

lows pull out of that trend at least for one day. volatility is elevated but not getting in the way of the market making progress. it shows you nobody wants to sell volatility insurance given maybe how whippy the market has been in the short-term. >> just over one minute left the dow, which had been set to close at a record high is only fractionally positive. slipping significantly over the course of the last hour. it was up 348 at the high. now only up 42, or .1% though still green cross all the major amples today the s&p 500 is up 175% and the nasdaq composite up 3.7% three of the sectors are negative, industrials, financials and energies, recent outperformers having a pullback. the reverse is true for the recent underperformers consumer zegs discretionary and

tech up nearly 4%. the arc innovation etf is up 11%. amc enter statement, zoom, doordash up 10%. strong rebounding there. dollar is higher gold and silver nicely higher. at the close, sara, only .14% of a gain for the dow 1.5% for the s&p the nasdaq capacity up a resounding 3.6%. >> closing at session lows for the dow. higher across the board. welcome back, every, the "closing bell. i'm sara eisen along with wilfred frost and mike santoli, cnbc senior markets commentator. take a look at how we finished up the day on wall street. the du closing up just bearly, 29 points. we started the hour up a few hundred points the high of the session was over 300. we reached a record high during the day for the second day in a

row. did not close near that level. doeg and.ael the biggest contributor to the dow rally losers includes disney, american express and caterpillar. the s&p 500 up 174%. groups like technology, consumer discretionary and entertainment services led us higher energy and industrials lagged. nasdaq was the big winner today, up 3.7%. again, it was up, 4.25%, though, more than 500 points so it did close off of those highs. still a strong day the small caps also rallied, about 2% on the day. had some huge moves in some of the recent losers like tesla, which closed up double digits, best performer in the s&p. up 19.6% etsy, nvidia, they were all among the winners. coming up in the show this hour, portfolio manager david hero tells us what he's buying now as a value investor.

plus the ceo of rd company author industries on the heels of its big earnings beat we will talk about the market, where he is seeing the biggest growth if his company and what he is doing to meet production demand during the pandemic first let's talk about the markets, scott is still with us. dan joins us first you, mike, on the comeback that we saw in technology and growth stocks. certainly yields came down that was a help. what else stood out to you >> it seemed like it was a very tactical day i mean not to necessarily conclude that it was inconclusive but you had the most blasted out out stocks rise the arc portfolio up 10% tesla flew the stuff that was under the most pressure did come up the most today the nasdaq leading the upside whereas the rest of the market really did kind of fade and the bid didn't last until the end of the day.

doesn't it mean it was a disaster doesn't mean we didn't reach a recent low for this pullback but it shows you that around 3900 in the s&p, really couldn't break above that to stay over the course of the day, people are willing to sell it down i think tactically we just don't if it was a quick reflex mean reversion day. big picture, everything is holding together but just in terms of figuring out how this particular phase of chop is going to proceed from here, i don't think we got clear answers today. >> dan, does today signal it is time to go back into tech and out of cyclicals and values again? >> yeah, i think that's right. i think mike hit it on the head. i mean when you have these big one-way extreme moves in the market it is not uncommon to have these sort of reversals over the course of that. but i think the underlying trend here is intact i mean you look year to data, look month to date it is kinds the same number.

energy and cyclicals are up big and tech is essentially flat that's probably the biggest thing that people are missing, there is a lot of runway for that continue not just over the next couple of weeks but over the next couple of years. >> what parts of the market do you want to be in the that continues over the next couple of years where do you see the best value? >> yeah, well i think this is going to dovetail off of what scott was saying earlier i think when you are going to see the biggest profits pickup in a decade you want observe the biggest benefactors of that picup. energy, industrials, small caps, emerging markets, all of those are going to do very well and put up better growth numbers than you see out the innovation disruption stories it is not often that you get growth and attractive cost >> vix down today. but still no lows based on a

long term historical an snis ever since the crash last year it has remained to a degree higher than you might expect given the fact that the market has been routinely setting new highs. there are some technical factors for that there is definitely a reflex to stay more hedged out there in the market than there had been before also, and this is a factor that has been pointsed the over the last month the massive and constant demand by retail investors for options, buy and call options filters its way into a more elevated vix i am also told that potential institutional hedges that used to be popular are no longer as easy to access or as aattractive. i think it stays above 20. but it hasn't been informative argue bleerk it has limited some

of the downside stabs in the market because you have had people who have been insulated from declines because they were already hedged. >> one stock insulated from this rotation and rerotation scott wren is gamestop up 27% today it is up on down days. it is up on up days. what's with that >> you know, sara, you know, as a former foreign exchange trader, market maker in currencies, you know, i saw some pretty wild trading days in my time but gamestop is a whole different story. i think you want toleave that to the retail traders. i think that's who is running the show there i don't know that that's a fundamental story. i know nothing about gamestop other than what i see in the headlines every day. traders, have at it. as far as fundamental invest oofrs, i am not sure you want to step into that one. >> tesla shares closing around 19% higher today but the stick is down 27% from its all-time

high yesterday we talk to tesla bull aegt kathy wood who told us why she likes tesla despite the recent selling pressure. >> tesla 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 unelse has designed its own chip this is analogous to annell the day. >> kathy said she also likes the ability to apply over the air updates to update its cars pierre, good timing, congrats on the upgrading of the stock why up to $900 why today? >> thanks for the question why today? well, you -- our job is really

to do commentator analysis and capture opportunities where the market is getting concerned by like short-term risks and catching that moment in the market we start looking back at the longer term basically. so today the stock is down with the rest of the market more than the rest of the margaret because investors are concern about -- they are concerned about developments in europe new fact trees in europe and in texas. we think these concerns are very short sight examined the reality is that delays in production are not going to stop tesla were being able to produce 2 million vehicles annually in 2023 and when we get there in 2023, with 2 million units, what we see in the traction tesla is getting

today is that there will be more than enough demand to sell this car. so tesla will still be complied constrained at 2 million units that's what we take from seeing the success of the model p in the u.s. how strong the rampup is everywhere else in the world and so on that basis, we think in 2023 tesla will be in a position to -- earnings per share. basically, that flows directly from 2 million units the highest products of 2 million units. th that means we would have like two years of very, very strong earnings revision. what we see happening in the next 12 months is short-term concerns are going to get behind us because these delays in fact re

ry ramp ups and concerns in europe -- beyond that we will have a steady seem of earnings revision what you see is that tesla today is going to maintain a multiple between 50 and 100 times earnings and that's how you get to the exciting target price of $900n a year from now. >> it is still down for the year and for the monday, and in a bear market, if you want to quantify it that way down 25% from the highs here isn't the latest -- isn't the last few weeks an indication of how risky it might be and how tight it might be to the move in treasury yields, the rotation into value stocks, and everything else that the market has been focused on so far this year >> yes so i think there is an element of like north micro market related risk that can impact the stock. i to look at that -- as an

analyst what we do as a team is we bring in fundamentals base in and we let the clients who are like a portfolio manager paint that in the broader picture. yes, high growth is highly valued do we have a issue with that probably not we like very high growth stocks. once we bring the picture back -- we constantly bring the picture back to fundamentals and look at -- i will mention 2011 in 2011 none of what was happening is happening when the market realized they would grow 20, 30% a year for years and years this stock was righted to grow at 100 times earnings then it stayed between 50 and 100 times earnings for a decade long and this is our call on tesla. and of course that call tends to transcend what is happening at the moment in the market. >> mike on the technicals or the

chart, clearly a 20% jump in a day is absolutely massive. approximate we look over the last couple of months it has had two big intraday one off jumps that didn't then hold. and it has pulled back since then is this a he radio sounding break of the recent cycle or not yet? >> you wouldn't say that based on today's activity. this kind of just spring loaded action is not necessarily as bullish as something that's gently uptrending. obviously it has found buyers at levels that are still way above where we were trading just five and six months ago i think everyone has to justs keep in mine exactly how vertical the stock went last year so that even this dramatic pullback is mostly cutting into relatively short-term gains. it has also been mostly driven by all theturious options activities and i dare say not 2023 earnings estimates at least in terms of this last ramp to the $900 that we hit early in january? we will leave it there

thank you for joining us, pierre, scott, and dan. tech stocks surging today. our next guest says there may be better opportunities elsewhere wtalk with david hero and find out where he is putting his money to work, particularly overseas we will be back in a couple of minutes. them personalize experiences with watson ai while helping keep data secure. ♪ ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪ ♪

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now. joining us right now is david hero from harris associates, runs the global fund david, good to talk to you you have had a good three-monday performance here up 31.5%, but a rough overall 12 months at least underperforming. where are you right now? where are you getting the best returns? what's your best idea? >> when you really look at what is happening in the world today with the increase in economic activity, increase in inflation expectations, increase in employment as we recover from the pandemic, what we are seeing is kinds of how we are positioned, that those companies which are economically sensitive, whether it be the financials, the industrials, consumer discretionary, this is really in our view the place to be because if you look at things over the medium and long term and compared to the valuations of these businesses today these companies sell at 5, 6, 7, 8% free cash flow yields ants

compared to the tech sector which has a huge market caps, very little if any free cash, kind of infinity valuation, clearing going into an economic recovery tech is not -- at least the tech that is associated with large market caps and the low cash flow streams -- this type of tech is not where you want to be you want to be in economic sensitivity. this is where the value is today. >> which country do you want to be in in economic sensitivity and value. bass you do run the oak mark global fund. >> we are country agnostic meaning what we really search for are underlying businesses that meet our value criteria value means to us we are looking for low priced companies that are good casualty, quality returning streams, good assets,

good management, generating free cash which generates shareholder value. when you take look at these characteristics, certainly the united states from a quality perspective is there, but it not might not be there as much from a price perspective. so we are a bit unweight this the u.s. because we are able to find better value in other places namely europe and the united kingdom, which have really lagged over the greater part of the decade part of it started off as a currency play. as the dollar got stronger these places became relatively unattractive but today we really see this as where there is value keep in mind people often confuse just a european company being part of stagnant europe but not realizing that european companies and even uk companies earn their money all over the world n the united states, earn

it in the emerging markets, as well as in europe. i think this is one of the anomalies that enables a medium and a long term investor, which kind of describes what an investor is, as something you can take advantage of. it is a market imperfection. >> you like europe are you concerned about the vaccine rollout, meaning you might get less impressive 2021 returns than you had initially hoped at the start of the year. >> not really. the vaccine rollout fumble bumble around like what is happening -- this is what happens when you have big bureaucracies that are slow moving uk is much smaller and they had a good vaccine rollout when you look under this type of microscope, you know, europe is going to be just fine in terms of these businesses.

sure, they might be reopening a month or two or three later than, say, the uk or the u.s the u.s. opens up at different speeds depending on the state. but eventually what we are going to see is all this pent up demand combined with the u.s. stimulus which one might even say just dumped a whole bunch of gasoline on an already strong fire with you this is going to help grow not just the u.s. but the rest of the world. with the reopening of the global economy you see already the estimates are 5 or 6 gdp growth. it doesn't matter if it is going to open in may or june or march. what is evident is it is going to reopen. the pandemic is starting to slow down and you are going to see explosive growth as such, i believe investors should be looking for where they can find value in those companies that are economically

sensitive. >> are you still in buy do, which recently had the news that it could list on the hong kong exchange, and alibaba, which has also been under regulatory scrutiny. >> yeah, we are still invested in alibaba but baidu -- all you have to say, evidently, is that you are looking at electrification of automobiles and it triggers share price reaction just after baidu announced they were going to look into investing in electrification shares were over 35% to us it didn't warrant. this company is not 35% more valuable because they may or because they are going to enter electrification. this is one of the numerous companies that are out there and by the way, this is one -- these excesses in the market, spacs, electrification, tesla,

overdone in terms of valuation these types of excess are what are going provide the fuel to prosell the businesses that have low valuations and are about to see a pick up in earnings and are able to generate strong cash flow streams but are not being priced as such in the market today. >> david hero, thank you for joining us much appreciated it. >> thank you for having me. up next, the nasdaq finishing with a blowout performance for the day but it is till is weakest of the major afternoon this is year mike santoli has a checkup on where tech valuations stand now. a reminder watch or listen to us live or on the go on the cnbc app we'll be right back. hern new hampshire university, we're committed to making college more accessible by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me when i saw how affordable it was.

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the nasdaq won the day, closed up 3.7%, its best day since back in november, november 4th. let's go back to mike santoli for a closer look at the tech trade. >> look at the last year in the high beta etf. that's leveraged to cyclical stocks also companies with a lot of leverage and they move fast in

response to new macro data whereas the qqq, the nasdaq 100, steady quality reliable growth last year in a world starved with growth it was all about those stocks leading the way vaccine stocks, november the georgia special election two democrats senators going in. higher leverage to gdp growth. feasting on leverage to the cycle as opposed to reliable growth what has it done to valuations the s&p tech sector still at a premium, 25 times earnings and 18% earnings that's respectable in a year when the s&p 500 is supposed to grow 24% in earnings, probably lower than that and trades other that's when everyone wants to be geared towards the cyclicals. right now you are paying more for the tech than for cyclicals.

here you see the nasdaq relative to the s&p 500 it is plunged. it is about the lower end of the three-year range this tells you that on a risk reward basis maybe the big growth stocks are less crowded and less expensive than they have been in a few years probably because people are itchy to get back into them as we saw today >> mike we just saw a note from the chief equity strategist at citi grut, he see as turning point in the second half of 2021 where he says the shift occurs when confidence builds around a recovery and there is still questions for instance withing their with esg, questions on industrials because they have run up so far and on financials because he said they are a black box. what do you think turns the tide. >> first if people get their allocations up tobias is talking about a

reluctance from professional investors to embrace the companies that represent the cyclical trade once we get six months down the road and we are looking at 2022 earnings all of a sudden the cyclicals next year are going to have tough comparisons with the growth this year that's what happens, the calendar shifts your view. to me, that's how it waxes and wanes. >> mike, thank. up next, disney making headlines at its investor day today, announcing a big number for disney+ subscribers and a time line for its california park reopening we will discuss what america's opinmes r shareholders

shares of thor industries moved higher after posting a earnings beat. can the rv company keep its covid-19 business ombo rolling we will discuss with the ceo straight ahead on "closing bell."

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(. disney+ making its mark in streaming wars the ceo announcing that the platform surpassed 100 million subscribers just 16 months after launching. chapek also addressed the reopening of disneyland saying it is likely to happen late april. joining us, jessica ehrlich from bank of america securities which of these two paths are you more excited about, 100 million

subscribers or the reopening of the parks. >> the reopening of the parks. everybody knows that disney's direct to consumer platform has been a massive success but the question or the uncertainty is in the theme parks and in the reopening of the rest of their businesses this is a huge move. california is opening well before we expected we did a report a few weeks ago outlining the reopening. and we just did not expect california to open this soon so it's just a very positive sign >> that said, clearly, the stock has been on a tear has most of the stock performance been because of the direct to consumer platform? does it justify the share price performance? >> yes i think it is because of the direct to consumer platform. disney has executed flawlessly, better than flawless it has nearly been perfect and the sub numbers have surprised. there is clearly a platform that

will be a growth engine for the company for a very long time so they are transitioning in a successful way theme parks are 50% of their operating income and it is really important they have been closed or partially open all over the world. so having the reopening, where they are losing money in california they are partially open in china and florida. it's a really big deal i mean, our base case for disney in our $223 price objective, our base case values that the parks add $75 per share. in our pull case, which seems very possible, it is $100 per share. and it could be much better than that if things really get back to normal in 2022 as opposed to 2023 >> this is also a company that has laid off, jessica, thousands of people during the pandemic. at least 30,000 related to some of the theme park closings are they going to hire them all

back or not everyone? >> i think for disney and the same for comcast, your parent company, universal, this was a very unusual time. theme parks have never been close. maybe for half a day because of weather but never for this extensive period of time so both companies can use this time to really restructure the business, think about the technology, improve the customer experience, do things more efficiently. focus on yields management and so i think we will see a better product, a more efficient operation, higher margins, coming out of this >> what is your take on comcast, cnbc's parent company any saw you upped your price target, one of the highest on the street the we raised our price target but we did this baseball bear case on theme parks and the reopening. we did raise our price objective for comcast. we already had raised it for disney these are two companies that

will be huge beneficiaries of a reopening and the reopening is happening faster than our estimates significantly. we didn't expect covid to improve as quickly in california how could anyone know. but theaters will open next month theme park also open next month as well. they will go from losing money to making money. from the comcast perspective disney has gotten credit for disney+. comcast doesn't talk that much about peacock yet it has enjoyed great early success and should get a lot of attention once the olympics come this summer. >> finally on disney, did we learn anything about them reinstating the dividend >> they haven't said when they will but the reopening is a very positive step for both disney, comcast, and any of these companies affected by reopening. this is a really positive move for all the studios. i mean, reopening of movie

theaters, getting the movie business back on track, film and television production. hollywood has been shut down so -- i mean, it's clear the balance sheets -- well, disney can comcast have very strong balance sheets, but for the industry i think they will get a lot stronger over the next year or so. >> jessica, thank you for joining us much appreciated. >> thank you time for a cnbc news update with rahel solomon. hi, rahel. >> hello good to see you. the fbi released new video the person suspected of planting pipe bombs at the capitol on the night before the capitol hill riot they are offering a $100,000 reward on information. the governor of arkansas signed into law a near total ban on abortions they will be allowed only in circumstances where it will save the life of the mother. oklahoma

. it is confirmed, president biden's 3-year-old dog major caused a quote minor injury to someone at the white house the press secretary jen psaki says that the person surprised the german shepard the white house says that both of the bidens' talks are now in delaware and that they will return to washington soon. i will send it back to you they are still getting acclimated to the white house. they have only been there for a few monday they will head to delaware for a few months be back soon. up next, the red hot rv market thor industries seeing a boom in details amid the pam can that momentum kin. >> we will discuss with thor's ceo bob martin, after the break.

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don't get mad. get e*trade and take charge of your finances today. keeping your oysters business growing don't get mad. has you swamped. 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 a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo shares of thor industries ticking higher on an earnings beat, the rv company seeing its net sales up 36% thor has been a big winner over the past year as other travel options basically evaporated stocks is up 150% over the past 52 weeks can that demand continue as the country starts to open up. joining us now, thor ceo babb

martin sales up for both towables and motorized rvs, where do the numbers go from here. >> right thousand we are looking at record back logs. as we are talking to dealers and watching retail statistics, they are continuing to go higher. we are seeing the popularity the rv lifestyle expanding to younger generations, more diverse people in the u.s. and in europe. >> so interesting. you did talk about, though, supply chain disruption or limitation can you elaborate on that as far as what you are seeing and how long it is going to last >> yeah, it has been a lot of different things this year, through supply chain a lot of it is covid related some of our suppliers will have shutdowns and it could be a few days or a few week and it has rolled through over 100 different products throughout this year as we have all learned to build within new covid restrictions thankfully we worked through

many of those. lately, texas, the deep freeze a lot of petroleum products were affected a few things like that are happening right now. all of those are short-term. we will work through those this year and have a banner year stereo presumably the pandemic brought forward a lot of demand. can it last at this pace once we are back to normal >> a lot of what it has done is reached a younger buyer. it is something we have been trying to to through your marketingers, social media, is trying to introduce an rv like this one behind me to a younger buyer. so when people walk in they see they have their own bathroom, bedroom, their own sink, they are able to drive, be safe it becomes part of their life style. they join camping groups we feel it is sticky and we are seeing retail pick up. as we get into the next generation of buyers the millennial generation is larger

than the boomers we see this as a long term tune for the entire industry. >> so you don't see it as a threat that, say, the airline executives are so kited about the pent up demand and booking holdings tell us there is going to be so much appetite to travel once people get vaccinated is that not a direct head wind to your business. >> you know, it is a small percentage of the pandemic buyers that have come to our stock, or into our product it's really been a lot of our existing customers that were already in the buying mode before the pandemic. we were off the a great year before covid the lifestyle has been growing going into this. we think it brought more people to it. we think psychologically a lot of people will still be hesitant to travel and will want the travel in different ways once they have tried an rv lifestyle. >> you have been making gains in

europe, a market that has not been as keen on rvs over the long term? >> europe has been very interesting. the units you see behind usare prevalent in europe. it has expanded to 80% of the market that market is expanding as much if not more than the u.s we are seeing great strides. it is the younger more diverse buyers coming into our industry with this yearn or products and staying closer to home and being able to get outside on a nice day and enjoy time with friends or family. >> how many of these younger buyers, bob, are actually buying them outright, paying for them, versus financing and if so, what happens if financing conditions change, interest rates go higher as we have seen in the markets >> it is still probably 50/50, a lot of our customers do finance. they have to put 10% to 20%

down interest rates are still very low. we have had suck snes the rv industry with rates that are much, much higher. a gradual increase we don't see that affecting the business really at all but many people will pay in cash but it is still probably 50/50. >> bob martin, thank you for joining us. >> thank you appreciate it. >> good to see you still to come, cashing in on the nft boone. super bowl champ rob gronk is taking a surprising step into the crypto space we will sman that move ahead. plus what we are watching for the data ahead of today's huge tech rally. we are back in a couple of minutes. tasha, did you know geico could save you hundreds on car insurance and a whole lot more? hmm. so what are you waiting for? hip hop group tag team to help you plan dessert? ♪ french vanilla! rocky road! ♪ ♪ chocolate, peanut butter, cookie dough! ♪

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we do this, together. bounce forward, with comcast business. here's a look at wall street technology bounced back in a huge way closing up best day of 2021

the dow hit an interday record high, lost a lot of momentum into the close closed up 30 s&p 500 up 1.4%. up next, the latest game changer for gronk. we'll play is the american city over? boomtowns or zoom towns? who's getting the credit for disney transformation. a war of the words tonight at 00.meastern. closing bell will be right back.

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>> welcome back. quick check on gamestop and amc after hours. gamestop up 247 points, amc up 10% in after hours, adding to its 13% gain during the regular session. rob gronkowski is getting into the nft space. he's releasing five digital trading cards open sea excuse me.

digital cards of the key super bowl moments here with more cnbc's jabari young. break it down on exactly what this is that he's selling. >> well, good afternoon to you bringing it down as concise as i can, rob gronkowski is trusting the digital arts space right now, the nonfungible tokens that everybody is popularizing now. a guy like rob gronkowski, it makes sense for him to get into. i don't think you're purchasing a highlight nfl moment you're catching him as a figure. some critics out there are still not familiar with how the block chain is set up, if it's secure enough and how long this nft buzz is going to run he's talked to his friends about it it makes sense for him to get in on it. this is the digital age.

confer experiencing a digital movement where people are correcting these type of things thag there will be money down the line for now, it's nothing wrong with getting in the space and seeing if you can get some action talking to it. >> we are talking to kathy woods. she likes the crypto space gronk has had other business enderchs has he had success he's always got something. i remember interviewing him on cnbc for some product at least one year over the past few years. >> yeah. it's like -- that's right, sara. and he's a fun character we always have those pictures like i see these keith ledger joker pictures on the wall okay what's wrong with a rob gronkowski nft for the age you're going to remember a guy like rob gronkowski because he was a party animal

he made football fun again he's a hell of a tight end he's a good player with personality and character and who knows, maybe nft will be worth something some day they're attaching a meet and greet next year. when you're lucky to get the big special card, you get that attached to it so that ups the value of it. where other athletes will get involved, i think they will. even if it's a short term craze, ain't nothing wrong with making money short term >> we need something real, too jabbarry, mike, nft, is this a bubble sna what is the deal? >> if you think of it in terms of enthusiasts collecting authenticated items from, you know, from the artist, from the athlete, from the creator, and that's all it is

if you don't want to call it an asset class, i think it's perfectly fine it works right. there is a market in these things this is sort of a wrinkle on it. there's been some criticism that most of the prices you're hearing about in terms of the sh astronomical price tags attached to this. they bought crypto early and they don't any of it as real money. they're sort of exchanging it for something of a novelty that's fine, too where i would stop is to say that this means we're all going to be transacting. this proves this is the way we do it. i'm not sure that we have to make a leap at this point. >> it is taking the world by storm. jabbarry, good to see you. thanks for coming on much more gronk and nfts good day for technology if you

were bullish and sitting out this brutal ride it closed below 10% off the highs yesterday. what comes next? do we rotate back into cyclical tomorrow and do this all over gone or what >> it's completely unknowable. i think the fact that we feel off balance, and i think the inputs of today were the ex tr extremes we were some of the emerging tech got blasted. i know, whether it's a meaner version -- it didn't really prove it one way or the other. i think a real rebound starts as a bounce some of them don't get to the rebound status we'll have to wait the bond market has something to say about it but it's not all that's driving things right now. >> close to negative but not quite. we saw a bounce in gold and

silver >> that's right. essentially if something has been weak ream it got a bid today. that counts for gold and silver, although bitcoin itself has actually had a life of its own and has not had any give to it at all it was up today. >> tesla up 19%. we're out of time here on "closing bell. "fast money" starts right now. i'm melissa lee. tonight on "fast" we're charting the tech turnaround. one technician lays out the three best looking charts. plus tesla rallying nearly 20% what we spotted in the options markets that could send tesla cruising higher? we start off with a tuesday tech turnaround the nasdaq's urged more than