reins are tight, and 64 and 66, and we will throw up the gamestop and looking at a quick look there, and halted a few time and crazy volatile there, and last time it was halted and this time to the upside and volatile day for the stock market including the nasdaq up and down and now positive and a lot to talk about on "the exchange" which begins right now. >> thank you, scott. i'm melissa lee, and this is what is ahead in a few minutes we will look at the 10-year bond market which is something that the investors are waiting for. and then one year after the pandemic has been revealed, the economy turned on its head as investors turned its tech in for contact lists. and now we are looking at the jump from last year as covid shutdown some people online. can that momentum last as some

companies reopen. and can that reality last? dom chu has the numbers. >> following up on it, it is green across the screen, and right near the session highs, the dow industrials are up 435 points today, and about 1.5 gains there, and s&p is about shy of one half of 1%. and the performance is thematic at this point in the year, and looking at these two etfs and large cap growth caps and the value stocks. they in orange, and tracking closely for better part of six months now, and then just about, again, a few weeks back, and we have seen a huge underperformance in growth, and outperformance in value-oriented name, and financials and energy, and industrials and that sort of thing, and that trend is going to be something to watch for the time being.

take a look at the meme stocks and scott walker mentioned it that gamestop is all over the place, and it is up 4% right now, but that is not telling the whole story, and cost is up 61% and cost share about 31%, and many of to messaging darling are volatile, and how volatile, melissa? this is what is happening with gamestop stock today. at the highs of the session, and talking about $348.50. at the lows of the day, you are talking about $172.06 or tl thereabouts and that is how much of the intraday action for gamestop, and goes to show you many of the things are not for the feint of heart, and gamestop is in play after a number of trading halts, and i will send it over to you. >> thank you, and tech slid into

correction territory, and rebounded a day later and pushing to the gains of the year, and have we seen the bottom or could another rainy day sell off be on the way joining me is shelley water, and steve teeter. and i will start with you, shelley, you are seeing the 10-year yields targeting at 1.7%, and what we are seeing with the rotation is fueled an super charged by the climbing rates that we have seen, and if the rates are stabilizing at 1.7, do we see the fierce rotation as we have been witnessing in the past few weeks? >> well, i think that it is a great question. thank you for having me. i think that right now the investors are feeling somewhat of what i would call change fatigue. it is when the lifestyle with the pandemic, and then another big change moment coming, and this is the digitizing of the u.s. economy. so to answer the question within technology, i think that instead

of looking aging at either/or, h the portfolio to reflect either of the themes, and to look at the idea of laddering within the portfolio, and looking agent the portfolio maturation and what those maturations might look at within the portfolio, and looking at that, technology is going to be holding an important place within the portfolios regardless of the inflation term. as the vaccines are rolling out, and the economies open, the inflation trade is under way, but these long-term trades manifesting need to be importantly integrated into the portfolio, because we have seismic shifts happening, and technology is the underpinning of the majority of the sectorssh and instead of owning tech, and we wanted to encourage the investors to talk about which sectors are benefiting from the

underlying infrastructure change that is benefiting within those sectors, and infrastructure is an example of that, and cost saving, and digitizing the transactions, and that is something that is going to help the banks to save the money, and those teams continue forward. >> and sherry robert, we have the much anticipated 10-year auctions, and we want to go to rick santelli. >> yes, everybody is anticipating this auction and primarily because the three-year short was horrible three weeks ago, but 38 billion 10-year notes yielded 1.523 and the issued market was trading 151.5 and yields dropping all morning. i gave it a c-minus, charlie minus, and that is generous. going through it. the 10-year to cover, 4.2, and light here at 2.38. and 56.8 is indirects and this is the lightest since november

20. and 10-year is 61%. so maybe the one bright spot, and the most important bright spot is direct bidders which might include the japanese is 17.8. a couple and a half above the auction, and to forego the primary dealers and this is too high and none of the metrics are spectacular, and i could have gone d-plus here, but i cut the slack that the overall market was sliding in yield, and rising in prices, and the equities are remaining firm, and long maturities are what is it all about considering this morning is the last bus stop of the low cpi inflation data for this cycle. melissa. >> last bus stop is a nice way to put it. and i want to bring back in sherry paul and robert teeter. and robert, with the yields where they are, and have you seen this pullback as a buying opportunity or are you taking the longer term view on this >> well, yeah, the rotation has

been powerful toward the cyclical side, and it can continue longer here as the investors are pulling forward and the earnings expecting off of the strong economy, but be careful not to get too carried away. as the covid starts to wane away, the investors will want to know what is next, and be careful of the organic growth off of the technicality. >> and so it is not just the high value names, and we have highlighted the chips and the software names and the zooms and the pelotons that have been hit the hardest, but at the same time apple is leading the declines which is flat over the last six months and microsoft almost the same story, and netflix the same story, robert, so whole ssaling of the tech an the ones who might have the organic of growth and beneficiary of reopening that are exhibiting the growth that you are talking about? >> well, two reasons behind it,

and rick was touching upon it with the rates as they have climbed a little bit higher that have challenged the valuation stocks, but i think that the other issue is the natural rebalancing, and they have stayed online well, and the rebalancing is the massive economic regrowth, and the massive increase in earnings that we are expecting to see, and that is allowing the investors to president p-- to pu some pressure on the stocks which is natural and healthy. >> sherry, what about the cyclicals now, and if they are pricing in the growth that we are going to be seeing for the remained per of the year >> yeah, i think that things are pretty well priced in, but i think that things can actually be better than any of us could ever dream of at this point. we have $5 trillion in money market funds and stimulus package on the verge of passing,

and we have potentially another bill coming in terms of the infrastructure spending, and a really successful now accelerated vaccine rollout. and so to 10-year treasury coming and morgan stanley thinking the inflation at 1.7, and so it could accelerate in ways that people are not accepting. with that said, i want to go back to the again what that means is the longer term themes of digitizing the u.s. economy also should play an important role in the portfolios, and this is going to span, you know, from biotechnology to genomics to space exploration to how we pay for things, that this is a debate going on in the u.s. economy for years and corporate america trying to consume the economy remotely, and that debate is over, and the adaptation, and the adopting of the usability of the technologies is now here to

stay, and we should not forget to be forward thinking about the investing opportunities for clients to be particularly around things like blockchain and cybersecurity and biotechnology >> it is interesting, robert, how quickly consensus changes, because sherry had just said that she thinks that the recovery going to be much stronger than anybody had anticipate and that used to be contrarian, and now it feels like it is the consensus view, and at that point, robert, does it concern you that maybe everybody is baking in an extremely strong recovery? >> it is a great bservation, and it is certainly something that is starting to be a little bit concerned about, and it has a little bit room to go, but once the covid starts to wane, the investors need to focus on what is next and what is coming next there you have to have the longer term structural headwinds and there are industrials that have to have a policy mix that is favorable to them, but again, looking careful to keep the balance of organic and cyclical

growth. >> and so, thank you for analysis, and sherry paul and robert teeter, appreciate it. we are awaiting the first the gaming shares of roblox. it appears as if the patience is about to pay off. roblox with the direct listing route waiting for the market to get frothy, and we have doug with us from capital venture, and where do you think it is going from say 65 a unit, and again come out of the pandemic, and going to enter the tougher comps? >> well, the price to me says that consensus in the last segment is that they are going to be having stronger growth and continued growth coming out of the pandemic tailwind where they

were up 100% year over year, and if you are looking at the projections of the 2 billion bookings this year, that is 10% year over year, and so it is a difficult comp, but they are maintaining the users that came on to the platform in the pandemic, and continuing to spend a lot of time on the platform. i'm a little surprised how hot the price is given it is a direct listing and we don't see a lot of moves out of the gate with the direct listing, but people are excited to finally invest in roblox. >> and every share is sold from early investors to insiders, et cetera. how should we look at the growth, doug, because we did see the astronomical growth because of the pandemic, but for the daus the growth is 59 to 60% year on year, and for the second quarter, it is expected to be 3 to 9% year on year, and that is the heart of tougher comp, and do you price it high growth company even though we are not

seeing the metrics bear out? >> i think that you have to think about the next three to five years and what that growth picture looks like. if you are moving beyond the tough comps, you will see a company growing something more in the strong double digits year over year, and they could sustain something like 20 to 30% annual revenues or bookings growth over the next several years which is a better indication than what we are seeing right now off of the tough comp from last year. >> what in your view is the most important metric there was a study out from sensor tower that lifetime spending across googleplay and tower was 2.5 billion coming off of half of that, and revenue per user or revenue per user over the lifetime of the player or the daus and what is to you the most important metric? >> it is two things. i am looking at the bookings, and that is an indication of how much people are spending on the

platform and buying the roblox, and another thing is the amount of time spent. if we continue to see the time spent stable and continue to grow some, that is a good tailwind that provides the users a reason to keep spending money on that currency in the game. >> this one that has been mentioned on the reddit chatboards and you had pointed that out to producers. >> well, it is good thing that any time reddit is getting a hold of something, you have to be cautious. as a long-term investor as we talk about at loup, a move of 50% in a direct listing on day one, it is going to give us a little bit of pause of what the near term could bring, but it is still a company with great growth prospects and stable user base, and they own that pre-teen

demo, and so it is a great company to keep an eye on long term investing even if the near term here is choppier because of the excitement. >> doug, great to speak with you. thank you. doug clinton of loup. and coming up, adidas is predicting a strong 2021 growth and dividend, and this is not all. they have a brand-new partnership with peloton. we will hearfrom the brand-new ceo. and to swipe or not, and how the kick it in high gear, a listened the trend and the huge rally in those stocks continue? the exchange is back in two. your daily dashboard from fidelity -- a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity.

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shares of adidas are higher as the sportswear giant expects a rebound in sales this year. we are joined with sara eisen who has more. >> and they have set out a number of ambitious goals after coming off of the worst year after sales tumble and the profits slid more than 70%. now the company is rolling out what is it called "own the game" strategy and projects 8 to 10% sales growth over the next 5 to 8 years by doubling the ecommerce sales and direct to

consumer business by 2025. and the ceo says he expects double digit growth by gains in u.s. and europe and china and a pipeline that he says has been in the works for months. and the new stimulus money just passed in the u.s. should help. >> when the stimulus goes into the market it is going into the affordable luxury and we are in the categories, and people tend to spend in our area. and of course, what is much more important is that you get the vaccine done, and get to the sustainable environment where people are working again and that is the kicker for the environment. and the stimulus is good, and the much more important one is the vaccine, and that is going to help us to drive growth for the next years to come. >> and rorsted went on to criticize the slow rollout of the vaccine saying that had not done a good job aside from the u.k. and so he was teasing a new

partnership with peloton, and also hired some new creative stars like jerry lorenzo who was previously at nike to build some excitement around a new line for adidas and a lifestyle and not just the athletics. so you can watch the full interview with kasp errorsted and his new partnership with kayne west, and putting him on the board as kayne has demanded. we have more on "closing bell. >> and that is quite a tease, and i have questions of why it faired so poorly when lululemon and others capitalized, and now he thinks that coming out of the pandemic, it is going to be the company's sweet spot. >> it is a good question and something that the investors have to ask themselves. adidas lost shares is and

according to the mpd group they lost share down to 9.5% market share, and while we did see enthusiasm for athleisure, and the growth of nike and lululemon and even the competitor puma managed to outgrow adidas, and what rorsted is saying that they are going to refocus and getting rid of reebok, and consolidating with the strategy around sports and getting rid of the extraneous categories like field hockey and focusing on basketball and running and three core geographies with north america and china and europe, and that is what the core strategy is. but it comes down to who has the it sneakers and what we have seen there is that yeezy and kayne west sell out right away, and it has helped, but the rest of the line has not captured the enthusiasm like what we have seen out of nike and the

competitors, and this is something that adidas is hoping to change. he said they have been working 18 months on the pipeline and hired new designers and ready to gear up, and outgrow the category for this year, but now they have to execute and perform, because they are making big promises which is why the stock is up. >> sara, thank you. we will see you on "closing bell." and now, the pandemic that was to take years has been condensed to a few months. and now, the pulack d lbanthe dip in the faang stocks, and we will tell you why. rade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk.

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welcome back to "the exchange." the markets are across the dow it is up 1.4%, and the nasdaq with a roller coast ride intraday and up more than 1%, but now it is up 0.2%, and 10 of the 11 sectors are in the green today with the financials in the lead, and technology is in the red. and watching the shares of general electric on the news that it struck a $30 billion deal to construct an airline leasing dial. and the ceo was telling david favors that they will use the surplus to pay down debt. and looking at buzz, the social media mentioning of stocks is up just over a percent and now it

is up 0.8%, and outperforming the nasdaq since the launch last thursday. chewy is one of the worst performers since it is launched. we go to rahel soloman for the news. and now, next week, they will hold a two-day summit with the u.s. and chinese in the delegation and an tony blinken will be representing the u.s. and now, in myanmar, the coup has received international condemnation. and now, more people have fallen behind in the rent and mortgages. and now, a new zoo has been

named. she celebrated with vegetables and rice, and tilla was named from over 15,000 suggestions in one week's time, and so a lot of public anticipation for the naming. >> thank you. and now, after a warn in february that a jump in the yields would set off a market correction, and julian was right, and he said that some of the big tech faang stocks have not been beaten up enough, and he said that some of the investors will get back in the techs and stop worrying about every tick in the market. and some of the stocks falling double digits earnings growths and they have them and they will be secular growers. read more about the call and the glass half full at cnbc.com/pro from btig's julian emanuel.

and don't count out the credit card names as mastercard is sitting at a near all-tie high and what is the better bet as we take a break going into women's history month. this is metropolitan president karen finerman. >> my idol was billy jean king at the height of her match, and i was a tomboy and i remember when she was playing bobby riggs and i have never rout sod hard for any person or any team as i did that day. i didn't really realize later all that she had done for women's equality and all of the sacric tt e d deifeshashhama.

welcome back to "the exchange." and for better or worse, the pandemic has changed the level of change, and what is to be pre predicted, courtney reagan

>> already, neiman marcus, and j. crew and jcpenney declared bankrupt quicker than possible and online shopping exploded up 41% according to adobe, and the chamber of commerce says that online retail is 41% of all u.s. retail up from 14.5% pre-pandemic. the retailers are using the stores and online together saw record demands for programs like buy in line, or pick up in the store, and those were up 48% in 2020, and also according to adobe, and now, target's drive-up option grew more than 500%, and those who didn't have the curbside option like best buy basically built them overnight. the consumer electronics company is calling itself digitally led which is causing best buy to reimagine the business model.

the online grocery had been small as a percent of the total before, while well off of the pandemic high, the online grocery share is now 15% which is more than double what it was pre-pandemic. and when we did go in store, we tried not to touch anything that we didn't have to, so contact payment soared according to the market intelligence, and mobile payment users have grown 32%, and the ease of this is expected to keep the trend going even after we are back to a little bit more of normal conditions. melissa. >> thank you, courtney reagan. roblox is open for trade, and it is up more than 50%, josh. >> well, it is not too surprising, melissa, to some. if you are a parent or have a kid in your life, you have heard of roblox.

my nephew who is 8, is a roblox guy, and enormous growth there. you saw the daily active users jump to 80% to 33 million and 50% of the fans are under 13. so there are interesting questions though, and i heard the great interview with doug clinton and there are great questions that analysts do have about the company, and it is not just a question for roblox, but if you are a video game investor, and all of the growth and the momentum in 2020 and what happens in 2021 what is happening post pandemic when the kids can go back to school, and the fair and honest really answer to that is that roblox does not know and no company does not know and the investors don't know, and everybody is trying to give the estimates, so it is interesting that strauss zelnick thought

that the post pandemic will be stronger than prepandemic, because so many people have come to video games, but strauss said that there will be a falloff, but we are waiting to see how much. so in fact, the 2021 guidance did suggest a slowdown. >> yes, and in the guidance, josh, it was interesting that 245i wou they said that they would look for the older demographic to expand, and so the older folks like us, they will target us. >> yeah. it is -- right. and this is another really great point which is a question mark for investors, and so you have a lot of young kids in the platform, and if you are roblox, you want to move to the older demographic, because people spend more, and now, some are skeptical of that, and some folks on the street think that at the end of the day, what is cool to my nephew 8-year-old

jack is not necessarily cool to the 18-year-old, but, roblox could credibly say that, listen, we are at work with this, and they have traction and not just games. when they are talking on the platform, millions of experiences, it is games and entertainment, and virtual concerts, and some of them have attracted a number of eyeballs and the rapper lil' nasx had some traction. so you have to think about that. >> yes, up 50%, and josh lipton is going to keep us posted which just opened for trade. and meanwhile, these are closing from the record highs, and the legacy stock that held up pretty well, where as fintech, and square and pen pal are down from record highs. and mastercard's north american president joined power lunch

yesterday to discuss how she felt that digital payments are affecting the business. >> we are seeing the customers impact dij tam payments more than ever before. we started to see a hold in 2019 when the banks started to issue the products with contactless capability. what the pandemic did is to actually accelerate the use of these products, because people were not only concerned about the safety and security and convenience, but hygiene. >> joining us now is lisa ellis senior partner and analyst with moffitt ellison. >> thank you for having me, melissa. >> when we are thinking of the plays, how do they leverage it the increase in travel and entertainment, and is that how they are most leveraged to the reopening? >> yeah, for visa and mastercard, the single most important thing is travel.

prepandemic, the travel particularly into the international travel was almost 25% of their revenues, and that took a hard hit in 2020 of course. and so the most important driver over the next few quarters for them is exactly the rate and pace of borders reopening, and when people will get on the airplanes and start traveling again. wrap around that comes other spending, and entertainment spending, and luxury goods, and people want to buy the outfit or the handbag and all of that tends to be highly carded and often high use of the credit card which is all good of visa and mastercard. >> which processor or card issuer has the leverage to corporate spending, and how does that factor into the terms of viewing the players and how much they can benefit from the reopening? >> yeah, yeah. so american express has the most, you know, linkage to the corporate spending, and

prepandemic, and even for them, it is a relatively smaller than you'd think in terms of how much is corporate, the me and sort of in the 10-ish percentage range, and they are not, and we are not expecting that spending to come back ever or certainly not for a number of years. but on the flipside, with american express they are a huge recovery play if you believe in the concept of the roaring 20s and the set of luxury goods suspending, and high and tight to the luxury goods and travel, so if you believe that the consumers can't wait to get back out there, you know, amex has that offsetting, but they are the ones with the biggest exposure to the corporate travel spending and we and others will likely never go back to the levels of spending prepandemic. >> is that permanent to the valuation? >> umm, i -- i mean at some

level, yes. meaning, yeah, that is a piece that everyone has sort of taken out of numbers and not expecting to come back in. they are on the flipside though, you know, what we have been talking about digitization of payments broadly, of course, benefits them in particularly for amex i highlight in small businesses, they have a ton of spending, and heavy check users and like 50% of the small business payments were done with checks, and now with the pandemic, of course, people are not in the office, and not cutting checks can, an-- checks, and so another offset is moving into the valuation is that the expectation of the small business spending where they are very, very strong will, you know, will now digitize much more quickly than it was, what was happening prepandemic. >> and lisa, you like square and paypal which have seen, you

know, sort of the head winds from the rotation that we have seen in the high valuation names, and when you advise clients, would you take that into consideration how it is valuing the high valuation names in a visa and mastercard over them >> yeah, we are preference vie sand mastercard right now, and actually amex, too, over pay pal and square for that reason. just because of the relative valuation spread and they are all beneficiaries of the secular trends, so we do like a one-year time horizon, and the visa and the mastercard network better, but with that said, you can't go wrong with paypal and square if you have a longer term time horizon, because many of to secular trends that i would point out particularly with the paypal that is tied to the ecommerce after watching the last segment, it is still only 21%, and we have a huge amount

of runway to go in the ecome and we are expecting a lot of that, you know, the elevated rate of ecom to continue in the year because it is better for consumers and it is going to take time for the retailers to build out of that infrastructure, so if we were going to pick one, we would they the safer bet with pullback in the stocks more recently is paypal, because we continue to be bullish on sort of the momentum related to commerce. >> thank you, lisa moffitt. and now, a study from eli lilly could mean a major breakthrough for treatment of covid-19, and we will talk to the author of what it means for the fight against covid-19. and it just opened to $72 a bue e, and up to 62% in th det. "the exchange" is going to be right back.

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exchange" and good news on the eli lilly antibody cocktail. meg tirrell with the latest. meg? >> new results of the eli lilly's cocktail of the two antibody drugs for covid shows that it can reduce the risk of hospitalizations and deaths by 87%. this is in the setting where this drug has emergency use authorization, and high risk patients recently diagnosed with this disease. now the eli lilly compound as well as one from regeneron with forms of antibodies on the market for covid. in the beginning, it was difficult for some patients to get access to these, and questions of how well they work against the variants, and so for answers to those questions we bring in the chief scientist for

eli lilly, and dr. gravanski and we knew that the data was good behind the antibody drugs, and what does this data brin drug >> yes, meg, it was less than a year ago we talked about kicking off this program, and now a year later with the highest level of evidence for drug, and two randomized control drugs, and highly statistical significant on the key outcome measure here which is reducing hospitalizations and deaths. it is beyond our wildest expectations that we could achieve this level of efficacy. if you are looking at the data from the trials, and the trial that we announced today, we had about a six percent hospitalization and death rate in the placebo group and less than one percent in the treatment group. so you need to treat 20 patients to prevent hospitalizations and

death. in the group, 14 people died in the placebo group of about 750 subjects. no subjects out of more than 1,000 treated died. so just over 50 treatments to avoid one death. that is incredible data. we don't have many drugs against any disease, and any disease as common as covid-19 that can offer that level of efficacy,s what that means is that we have the evidence, and it is going to open up more usage of the drug as you pointed out that there has not been a lot of awareness and in some cases physicians have been skeptical and so now we have passed the highest hurdle of evidence and open up for so many patients now. >> at the same time, it is so odd to say, well, there was and a wareness, because these were the kinds of drugs and not yours specifically, but the regeneron cocktail that president trump got when he got covid, but now, are more people getting them, and what is biggest barrier, and

is that getting fixed? >> well, it is a fair fix, and maybe it is the right kind of awareness which comes from the randomized control trials. and that is one of the barriers is the doctor's acceptance of the data, and moving from anecdotal to controlled tests. and so now, it is down to 16 to 20 minutes is going to make it easier for patients and health care facilities is important, but the biggest factor here, meg, these drugs work best in the early disease course, so people at risk and then affected. people feel it is not that sick, and i have the flu and i will get better. they are probably right, they will get better, and in some of the trials, they do, but to see

6% in the hospital, and 2% of the patients die, those are not the odds that you want to take. so it is creating that sense of the understanding that this could turn out very, very serious for any one individual. we are not great at predicting who going to have a bad outcome beyond the outcomes of age, and obesity and so to get that outcome, that is something that we have not thought about in the past. >> this is melissa lee here, and how do you look at the americans getting vaccinated, and the risk, but if you are vaccinated and the chances of being in the hospital and dying are slim, because the vaccines are so effective, so when you are taking the subgroup of people who have been vaccinated and they are sick enough to go to the hospital, are you concerned that the antibody cocktail may

not be as effective as the study rates show >> well, you are right. the study has been done in people who have not been vaccinated and the hope is that over time everybody is going to be vaccinate and the vaccines are going to be perfectly effective and nobody is going to be sick and go to the hospital, but it has not happened happenet for now, particularly for people who are not vaccinated, and there are so many people getting sick every day with covid-19 even now, this is an important solution for them. it's not our aspiration to be selling antibodies against covid-19 to governments around the world for years to come. i hope that we're seeing what could be the end of the pandemic over the course of this year as more and more people get vaccinated at the same time we want to be prepared if that's not the case and what happens if the spread of the virus continues despite more and more people getting

vaccinated >> on that point, and i have to make this quick, one of the risks to ending the pandemic quickly are these variants we have seen from some studies from columbia that against some variants your cocktail loses potency. are you working on backups in case the b1351 variant circulates more here or for use in places where it's pref valent >> there are a couple of highly mutated variants that are in other countries and not here in the united states in any real numbers. they're extremely rare, which is great news those variants escape the human immune system as well as synthetic antibodies like ours which mimic the human immune system we're ready if those variants come to the united states or other regions and start to spread we have next generation

antibodies that we're moving forward, one specific for these variants we can add to this combination that we have already today >> very interesting. dan, thanks for coming back to join us. we look forward to hearing more about that >> thank you ahead, the hacks keep getting more sophisticated, more high stakes with hush russia and china-backed groups on two cyberattacks this year alone are we headed for a cybercold war? one executive's warning next "the exchange" will be right back ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down?

or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪

welcome back the recent hacks of solar winds and microsoft revealed huge vulnerabilities in microsoft's cybersecurity. it could get even worse. eamon javers joins us now with the story. >> some real concern here today. this was at a yale ceo conference that was moderated by jeffrey sonnenfeld this morning. a number of ceos worried about where all of this could go if these attacks get worse.

we saw mastercard saying when we prepare for these types of sis cyberattacks, we're not preparing for the worst case scenario >> you need to think about the fact this is not only one sector that will get attacks, when country states come after us, they won't only come after banks or the faa, they will do the faa, the traffic light system and the hospitals on the same day. we do not do exercises across sectors. we barely do exercises with the security systems in a sector >> so that's how we ought to prepare for the next level of attack the question is how do we respond for the attacks that have already happened? we saw ash carter, the secretary of defense under president obama laying out his argument. he feels like the united states needs to hit back now in response to these cyberattacks from russia and china but not necessarily hit back in kind take a listen to what he had to

say. >> if somebody attacks you in one way, you don't have to respond in that way. you look at their entire surface of vulnerability and you go where you can hurt them back both the russians and the chinese do respond to pushback and it doesn't escalate out of control. >> ash carter there suggesting that maybe one way the biden administration could respond is by hitting back at president putin of russia, particularly in areas of his legitimacy and control over the society in russia that's one way for the united states to exercise its broad power here overall you get the impression now the ceos and government officials are thinking about this, to my ear, like a new cyber cold war that's not a hot war yet necessarily but a low level conflict where people are responding to each other, tit-for-tat provocations and responses, all of that with the idea if this gets much hotter it could get much worse

>> about time. thank you. that does it for us. "power lunch" begins after this quick break.

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