can function and deliver prosperity, security, and opportunity for the people in this country and as my grandfather used to kiddingly say, with the grace of god, the good wilf the neighbors and the crick not rising -- that's exactly what we are going the do thank you every one of you i wish i could come back and shake hands with every one of you. next time we won't have to be so far apart. but thank you, thank you, thank you, and thank you appreciate it. >> right on cue, were president, just 20 seconds past the top of the hour welcome to the "closing bell"ing everyone i'm wilfred frost with morgan brennan in for sara eisen today. the president just wrapping up those remarks, of course, on the anniversary of the pam we have heard a lot from him the last couple of days on the signing as well of the relief

bill markets are essentially flat on the s&p 500 with one hour left in trade let's get to day la tausche to kick things off there with the main headlines from the president's remarks. >> this event is the beginning of a multi-week victory lap for president biden to celebrate the passage of the $1.9 trillion package that brings the total amount of economic aid authorized by congress since the beginning of the pandemic to nearly $6 trillion he's doing to take the show on the road in hopes that his first legislative achievement is not his only signature legislative achievement to try the drum up support among the american people in hopes that that trickles down to their representatives in congress to try to build more of a bipartisan coalition to help him with his next piece of legislation which the white house still says it hasn't quite figured out exactly what the contours of that will be because they don't know what the path forward will be for that n. just 56 days, president biden unfiled

the $1.9 trillion proposal that would become $1.86 trillion bill that he signed into law which is washington terms is nearly light speed. we rarely see thing happen that quickly. but he did it with just democratic support and now the administration believes that there is enough slack in the economy and that this bill specifically targets those who have not been lifted by stock market and other metrics of the economy that have improved over the last year such that it will not overheat the economy, it will not create an inflationary environment of course that remains to be seen, as does what happens from here, and whether the audience for whatever president biden does next includes any republicans, unlike today's audience will and sara? >> i'm going to take it kayla, morgan kayla tausche thank you. $6 trillion. let that sink in it is a mixed day for the market the dow on tractor a record

close. the nasdaq is lower, down about 1% right now the s&p is basically flat. let's get straight to the big stories we are watching. mike santoli is tracking the market action. meg tirrell has the latest updays on the coronavirus vaccines we are going to start with mike and the market >> morgan, a familiar pattern. we have the dow up a little less than 1%. you have the nasdaq down 1%. right in the middle the s&p threating out to not much movement meting around the highs. yesterday made a marginal new high, close to where it was exactly one month ago today. that has the look of a perhaps completed pull bag maybe it is going to end up being kind of more of a trading range sideways we will see how it goes. so far, treasury yields going up miking another cycle hi today, 1.62 plus on the ten-year note it has the sector rotation really active. so far the market is absorbing it even though tech is a little bit wary of what's going on. look at tech versus banks over the last several months. it is a familiar pattern this actually goes back a year

so many of the charts we look at right now have an inflection point there. this was actually january. even further back than that you have this october 30th moment when things really flip and you have an extra afterborner once the senate went democrat people priced in -- >> banks in particular and other value stock groups are starting the look like momentum it is impacting their valuing as look at the three big banks. this is prays to book value on a trailing basis jp morgan, goldman sachs, morgan stanly you can see they are making very strong moves in each case making a post global financial crisis high all of them are above where they started. we were in a different regime before that. higher leverage, higher returns on equity and higher book the price level in a financials-led market we will see the we are going to be returning to something like that it is fascinating because they

have a lot of fundamental and macro tail winds where they can obviously build and book value faster than in years past. we will have to see how that goes or if this is more of a sector fund flow. >> it makes the fact that wells fargo and citi are still below book value even more stark even though those stocks rallied hard since november as well back to the nasdaq, the nasdaq 100 in particular, which is essentially plat for the year, i guess the question is whether the bounce we have seen this week puts it back on the up cycle or whether it still has quite a lot to prove >> it does it seems like the burden of proof is still on those who would say this is a durable bounce or something that's going to be returning to highs i think it is safe the say it is unlickly to be a market led by the big mega cap growth stocks even if they do participate more you saw some signs early this welcome back that perhaps it doesn't have to be kinds of an either-or market where you could have multiple types of stocks

going higher in 201 when we had the panic about bond yields going higher that was the start really of faang. it wasn't as if tech stocks were routed at that point there is no rule in the universe which says higher bond yields means you have to sell big growth stocks. but that's the way it has been for a while. >> shares of novavax are higher on the back of new vaccine trial results. meg tirrell has more on the current state of the vaccine situation. meg? >> wilf, on the novavax news that came out yesterday after the close, really what it was was final efficacy data on a trial where we had seen the interim results at the end of january. the stock up 7.6% now. it was up as much as 20% earlier today. what we learned if there were more cases in the trial of severe disease, they were all in the placebo arm. among those who received the vaccine making it a 100

efficacy in south africa, 55% among people who were hiv negative and 86% against the b.1.17 variant. that's novavax we also have taken a look at the three vaccines that are here on the market in the united states trying to get a sense of whether there was a sort of brand preference that people might have remember, the message from public health officials is take which ever vaccine you can get first. but we asked folks through a global data and survey firm if they had the choice, which would they choose? more than a quarter of people said they really don't have any preference more than 40% said they would choose an mrna vaccine either pfizer or moderna. just more than 25% said johnson & johnson. but most people did say they are not waiting for their vaccine of choice and would get the first one they could get. >> great stuff thanks. we will talk more about the

vaccine rollout with the former fda commissioner scott gottlieb in just a moment. also, the kathy wood effect. the testing company inhe tnvita >> it is one of the most important companies in the genomic revolution in after the break we will speak exclusively with the ceo of invitaeabout the so-called genomic revolution gosh, just get to break. "closing bell" back after this

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wear activity in the coming hours and days we got a statement from mandiant he says we are anticipating more exploitation of the exchange vulnerability by ransom wear act noors the near term. though many may have been exploited by cyber espionage actors criminal operators pose a risk as they disrupt and distort victims by releasing stolen email. the microsoft he can change hack is still very much on going. now this warning that we might see criminal abilitiors releasing emails from some of the impacted organizations that could be happening any time now. presumably they have been inside these systems for well over a week that is something to watch for even as earlier today we heard from the white house from the national security adviser jake sullivan who says the united states government still doesn't have its arms all the way around exactly what happened in this

microsoft he can change hack listen to what he said. >> the precise number of systems that have been exposed by this vulnerability and having exploited either by nation state actor or ransom wear hackers or others, that is something we are working with the private sector to derp. it is certainly the case that the malign's actors are still in some of these microsoft exchange systems, which is why we have pushed so hard the get those systems patched. >> the white house not officially pointing the finger at china yesterday but saying official attribution for the microsoft exchange hack could be coming shortly witness thing to watch for now is whether or not these ransom wear attackers are going to leak emails from inside the impacted organizations. that could happen if those organizations tonight agree to pay the ransom that the hackers are asking you can imagine that a lot of companies across the economy now are deal with this problem this private right now. they could be dealing with it in

public before too long back over to you. >> microsoft slipping .8% or so today. of course the nasdaq is d down .9%. meantime, shares of invitae popping more than 20% this week after arc's kathy wood called the genetics firm one of the most important companies in the genomic revolution in our interview on monday. here's why she thinks it is underappreciated >> the disconnect for many people here is when they think of lab tests they think of lab corp. and quest diagnostics which are effectively mature companies, commoditized value stocks so it is a little bit like tesla in the automobile industry >> joining us now, ceo shawn george thank you for joining us, good to see you >> thank you thanks for having me. >> how would you describe your company's mission? >> very simple genetic information is of fundamental importance in coming

up with people's health outcomes and lowering costs we are relentless in pursuing getting that information into mainstream medical care everyday use to improve outcomes and medical costs for billions of people on the planet. >> how big or where did the opportunity come from in recent years? because of great advances in genetic testing? people's readiness to be tested? or our own technology that stands you out against the crowd? >> it is a confluence of factors. semiconductors kicking off and igniting the computing and networking industry in the '80s and '90s recently, tech following has drech down cost curves even faster than moore's law. that has enabled application providers like us to change what has fundamentally been in the past a rationed good and health care in a niche sample by sample lab industry setup to something that looks very much more like

an information industry. in the future this information will be on hand for everybody born into the modern health care system and we intend to be the leader in providing that information at the right time at the right place for an individual and care providers tending to their family, improving health outcomes and improving costs. >> to dig in more, we are talking about an information system and all the data that will yield what does that mean in terms of applications into how we test for diagnose and also treat diseases >> absolutely. so if one looks right now in the portfolio and the coming pipeline of oncology therapeutics around the world 90% of them are targeted to a specific genetic bearing if you look at the therapy pipelines for rare disorders, pediatric disorders, developmental diseases, somewhere around 80% of them are developed and targeted specifically through a genetic variant. one in six individuals walking

around has genetics at the core of their primary health care outcome and disease. most of them don't even know it. the central importance of genetic importance in health care is about to, i am certain in the next five or ten years about to become front and center as an ability to get the right theory earlier to individuals that can benefit identify people at risk, and put in place monitoring and prevention modalities to certainly delay, if not even prevent theion set of disease and generally provide a core understanding of risks that run in families. i will point out 6 million pregnancies per year in the united states. 30 million pregnancies in the market we serve around the globe, very few of them use genetic information we can readily provide to improve health and health outcomes for mom and baby involved. ten years from now we are going to look back that anybody in the modern health care sim had a baby without a comprehensive

genomic.maing for the family. >> i like that example having gone through genetic testing with my most recent pregnancy myself i heard you lay out the case from an innovation standpoint. how do you make money off of it? what are the innovations. >> we are taking a bit of an or thogonnal approach genetic information, when we started this company cost of a single gene test was this the $4,000 to $7,000 range to get a panel, a number of genes to really diagnose any one of a number of complicated diseases could cost $50,000 and $60,000 and take six months. today insurance will cover most of thesests the, $900, $100. if they don't, we offer $250 patient pay pass the bet we have made is because there are 2 billion people around the kbloeb that can use this information as a

information service at the right time and right place, before they ned it not as a rationed good health care that is too expensive for everybody to get at the right time that's the twist we have made and how you make money is over time in the future whenever one of those fids is using our information services acquiring our tests with our clinicians to make decisions ahead of time before diseases that instead of multiple thousands of dollars on a single test basis, few hundred dollars per year times plenty of people generates plenty of cash plow in the future. >> what do you think of companies like 23 and me and ancestry.com that offer to tell you where you come from based on genetic testing. >> i am a huge fan i was one of the earliest customers of both. i think they have done a great job of demystifying genetics, helping people understand genetics and how helpful they

can be albeit in a different landscape, different perspective. fun information about where people are from. i think they have done a fantastic job getting genetics out there and service. it is a fantastic product all told i would have to say we certainly benefit from the last ten years of the market education, the marketing and the general familiarity with genetics that they brought. >> we will leave the conversation there sean george, invitae ceo thank you for joining us. >> great thank you again. >> we didn't even talk about covid. we must be starting to move closer and closer to recovery here. still ahead it has been a volatile month for ev stocks tesla is set to close out with double digit gains on the week we will discuss the latest on a new lawsuit surrounding elon musk's tweets. plus hyundai's plan for an electric vehicle as well with

the company's head in north america. >> check out today's top searched tickers on bccn kam tesla, gamestop, apple and the nasdaq 100 stay with us

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it is time now for a cnbc news update with rahel solomon. >> here is your cnbc news update at this hour the city of minneapolis has agreed to pay $27 million to saelt civil lawsuit from george

floyd's family over floyd's death in police custody. it is being called the largest pretrial civil rights settlement ever you can see what the family is saying about the settlement on the news with shepard smith tonight at 7:00 p.m. eastern. new york governor cuomo says he will not resign despite the growing number of lawmakers calling on him to step down. cuomo says they lack the evidence to judge him. >> politicians who don't know a single fact but yet form a conclusion and an opinion are, in my opinion, reckless and dangerous. >> and covid-19 has knocked yet another basketball team out of its conference tournament. the men's basketball team for the kansas jayhawks pulled out after a positive test for covid-19 it is now the third team to withdraw because of the coronavirus. that's our cnbc news update for this hour. wilf i will send it back to you. it seems to be a new team every day. >> as we approach the need to

enter our brackets as well rahel, thank you. we are at the moment flat on the s&p, lower on the nasdaq higher on the dow with 35 minutes left up next, president biden says he will direct states to open up vaccines to all adults by may 1. we will discuss that with dr. scott gottlieb. later and the trade on raising rights we will ask how the rising yield is affected. the ten-year yields jumping today to their best level in% than a year. we are back in a couple of minutes. we see access to fresh food being the global norm, not the exception. at emerson, our cold chain software and technology keep perishable food at proper temperatures, to assure its safety and quality. emerson. consider it solved.

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welcome back to "closing bell." president biden addressing the nation last night calling on states to open vaccinations to all adults by may 1st. and michigan governor gretchen with itmer announcing today that all adults in her state will be eligible for the vaccine in april. >> 35 million people have been

fully vaccinated in the country. for more on these headlines and more, let's bring in dr. scott gottlieb, he sits on the boards of pfizer and illumina and is a cnbc medical experts thank you for joining us. >> thank you >> 100 million vaccines administered does that surprise you? did you think it would take longer >> it fits with what i was expecting and what we have talked about on this network i think by the end of this month we will be close to 100 million americans vaccinated at least one dose in 100 million americans. we might not quite get there, but we will get pretty close to it right now we are put being 20 million vaccines into the market each week. if you are figuring 80% of those are actually getting into arms and there is a 60/40 split on first doses and six second doses it means we are getting 10 million first doses in arms

every week just a little bit less than that you extend this out over the course of the month and assuming a step up in the pace of vaccination you get close to 100 million americans who will have at least one shot. we are doing good. we are picking up the pace and more supply is coming on line in april and may. >> may 1st the deadline to open up vaccinations to all americans -- does that sound feasible to you? does it sound conservative >> well, the president said by may 1st he wants everyone to have opened up vaccinations, anyone in the state who is over the age of 16. it is going to be well before that in okay we talked about it being in april, really. probably the end of march or early april. i think by early april in most states you will see states opening up eligibility to anyone i think supply is going to outpace demand at some point towards the end of april states will have to quickly expand eligibility if they want the supply of the vaccine to keep up with the demand in their states. >> does the u.s. have to be

concerned about some of the data and semilockdowns in in your opinion or not because the big difference the percentage of population vaccinated. >> i think we need to be concerned about it i think we are in a different situation here in the united states we are a couple of months ahead of europe in terms of populationwide immunity. certainly with respect to the pace of vaccination. i think there is more population level immunity in the population here in the united states. we don't face the same risk. but we do face a risk that as we relax our measures, people stop wearing masks and start engaging in more activity you are going the see a resurgence in infection. we are already seeing it that doesn't mean we will have a fourth wave of infection but you could see a stalling in the number of cases. regionally we are already seeing that new york and new jersey. i don't think it is going to be happening on a national basis. hopefully the vaccinations are quick enough that it will set

off the stall and uptick in infection rates. right now in newark and new jersey you are seeing an upparticular in infection. that could be because of the spring wave from last year -- that immunity is starting to wane people like that may be getting rein reinfected i am not sure what is happening but we are seeing a pickup in cases here, and it is concerning >> well keep our eye on that in the meantime, astrazeneca how likely is it that the tens of millions of vaccines the u.s. is sitting on -- how likely is it that we let those doses go to other countries right now? >> i think it is going to be dependent on what happens with that vaccine from a regulatory

standpoint if it is approved in the united states i expect the administration will want to hold onto the doses >> doctor, when you will be at vaccinations administered at the end of the year in the u.s., do you think it will be predominantly 90% plus the three big u.s. names, pfizer, moderna, and j&j? we are getting good data and good results from others but will they have to fiend their demand elsewhere around the world for 2021 >> i think there will still be demand in the market for another entransparent. two thing are going to be happening. one there is going to be continued pace of vaccination. not everyone is going to be vaccinated in the spring and the summer what happens as people become eligible to be vaccinated a lot won't get the vaccination. especially younger people, and a lot of people will say i will wait until fall to get

vaccinated the prevalence is going to be declining, the weather is going to be getting better, people will feel less vulnerable to covid. there are going to be unvaccinated people in the fall. i also think it is likely wohl be giving boosters and new vaccinations to people in the fall there is still going to be a robust market for a new entransparent. getting more competition into the market is good for pricing and good for supply. we welcome the competition. >> the other piece the puz cell therapeutic. we got more news this week, the vir antibody treatment we got yesterday, we seem to be moving closer to the possibility of a tami flew-type treatment as well how does this fit into the broader picture, especially when you talk about the folks who may not want to get vaccinated right now. >> the antibody drugs, i think it is unfortunate they prospect prescribed more. they could have been helpful and there was relucksant to use

them the data coming out is val validating their utility in high risk patients. early in the course the disease those drugs do provide a benefit in terms of substantially reducing hospitalization with respect to a tam flu-type drug for covid we haven't really factors that into any sort of thinking about the contours this epidemic that could be a game changer there are three drugs in the pipeline right that coming out in the next months, either one could be beneficial in the treatment of early covid people newly diagnosed with covid. that might be a game changer if you could treat someone with a small molecule dlaug blocks replication and reduces disease outcomes that could help. >> thank you for joining us. we have 25 minutes or so left the dow just hit a session high, up 260 points.

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welcome back 2 minutes left we are at session highs. 280 points higher on the dow stimulus checks could be making their way into the hands of americans any day now. and the extra cash could of course go into the stock market. let's bring in touchdown ameritrade's jj kin hand, chief market strategist at td. thank you for joining us >> hi, wilfred. >> do you get the feeling that stimulus money made into your clients' account and into the markets over the last couple of rounds will it do the same this time? >> you know, it is hard to say for sure we don't keep track of that exact statistic. but i would say you saw the last couple of times it came in we did see the market rally pretty quickly. i think as much as -- if it does come into account -- one thing i want to clarify it is not a huge amount of money. any amount obviously helps

so that going directly into brokerage accounts or anything on an individual basis might not make a huge difference but all that money together certainly would. the other thing about it, i think it is the message of hey because of this the economy is going to improve, people are going to spend i think you have seep that over the last couple of days with what's going on with the retail stocks particularly the brick and mortar ones. people have this hope, okay, we are getting through the worst of this because of the vaccine news on the other hand people are going to have money to spend approximate and when they go out they are going to be able to spend it to the just on line but walking into the store >> what do you think of big cap names like tesla on the pullback >> absolutely. last month, through this week, wilfred, the faang stocks along with tesla and microsoft so when people talk about

technology and selling tech, i think to separate that out a little bit those more established big cap technology stocks are actually the trusted ones during times like this. and tesla, you know, maybe it's the ceo a little bit as well as people believing this the technology, et cetera. people want to be involved with tesla. with that, wilf, we have also seen a bit last month and particularly over the last few days, the buying of neoalong with that. it is a lot of halo effect on the upside from tesla. and our clients have come in to buy that one interesting on those fronts. interesting as we see this tug-of-war between what people think is going to work next. personally i believe the vix is going to stay between 23 and 30 for a while, for a month or so because people are trying to figure out what is the next trade? when we talked a few months ago

around the last stimulus check it was about the docu-sign and the zoom and the pelotons of the world. zm was a net sell from our clients last month we are not seeing the things like docu-sign is peloton like we saw in the past as people are looking i don't want to say past that but maybe not for the kind of growth they saw before and looking what's the next area i can about to the see the growth. >> that was my next question, it has not been equal across the board. to that point, just to dig into it a little bit more, are you seeing any kind of rotation out of, whether it is from some of these smaller stay-at-home tech names to the mega tech names beyond that are you seeing rotation into the so-called value stocks as well >> yeah, you know, morgan, absolutely actually a kind of change one that's actually come off the last few weeks has actually been 3m which you certainly don't

think of. >> huh. >> i wouldn't say the traditional sort of names. we have seen some energy stock interest, that's for sure. and -- which is actually a little bit strange in higher interest rate times because often people use those energy stocks as a yield substitute but i think with the great move in crude oil you are starting to see the big cap oil names be very interesting to folks also so, you know, that's where you are seeing some of this. it will be interesting to see ge, as it started to get hit the last few days. yesterday, certainly, we saw people start to come in and start to buy that stock, which, again, is not one you necessarily think of at least in the last couple of years as people going into to look at some sort of a value play overall. but apple leads the way when it comes to where people are still most trusting of, in times of turbulence it tends to be a very popular stock with our clients anyways but out of the fang stocks

themselves, you know, netflix maybe not getting the love it normally would in these situations but the facebook, alphabet, amazon for sure, and apple for sure, you are seeing people coming in there as trusted names. >> all right jj ken hand thank you for joining us have a gookd weekend. >> thanks morgan, you too. >> elon musk in hot water following a new looet. and the market gets bullish on the apple car. and march is women's his tremendous month here is stephanie link with her advice for the next generation of women. >> work harder and smarter than anyone underpromise and overdeliver keep your head down, and ask questions along the way. there is no dumb question, by the way. and most importantly, don't be afraid to go for it. if you want a promotion and you think you deserve it and you have the confidence, go for it

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[music: “you're the best” by joe esposito] [triumphantly yells] [ding] don't get mad. get e*trade and take charge of your finances today. >> there it is. >> morgue app loves this music >> 12 minute 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. today charlie barren skoi with us as well let's kick things off with the

broader markets. dow and s&p on track for record closes definitely a value day over a tech day i will come to charlie barren skoi for that first. charlie, the key question, is it the same people that stopped you in the street to harass you about viacom doing badly do they now stop you and pat you on the back, because it is up 1 5% over 12 mountains. >> thank you for asking. i appreciate that. this is interesting. there are a lot of people that were negative on viacom cbs. there was worried that there was a lot of cord cutting going on and people worried that was going to hurt cbs. the sporting events were canceled there was no masters there was a lot of pass mitchell out there. that's what we believe in, seeing pessimism as a positive if something good happens, you can get this kind of reaction. what you can't get, if everybody

loves the stock. i admit we didn't think it was going to go from 10 to 90 but we were optimistic that people were too negative. >> you reduced the position now a little bit >> yes, yes, i have. and i am sort of like bruce willis in die hard 2 where he is waving off the incoming flights. i have got to wave people off here if you open it, it is okay to own it but i can't tell you to come in at these levels. it is now trading with a lot of optimism i think it is still being helped by the short position. we still own it but we have reduced our position. >> the s&p more broadly mike it is flat going into the final ten minutes of trade here right now. if you look at what's outpurchasing it is industrials, but also utilities and real estate >> yeah. >> we have got treasury yields on the rise again, what's going on >> it is tough to say if those two things are integrally linked at this point. it is funny because we focused on every single tick of the

ten-year yield i think if you broaden it out you say we are talking about going from 1.5 to the low 1.6s so it doesn't up end everything. those groups that you mentioned right there are probably getting help from being laggards and very underowned. b of a had some work that says the proportion of s&p that's in utilities and staples is basically at a record low. in general it is a cyclical day, a day had he people are taking heart in the fact that the economy, all the economic indicators are coming in better than expected or happening sooner than anticipated. the good stuff. >> charlie, i want to get your thoughts i am reading your notes here you said you need to stop talking about the stock market why? it is the stock market are you saying that the rotation means there is very big differentials in terms of where the opportunities lie right now? >> yeah. you hear people is the stock market overpriced if we heard that a lot last year

the fact is there were certain parts of the stock market. large cap growth being especially overpriced that were. but small cap value was very cheap. and the two have not performed in line this year. this year, small cap value is crushing the s&p and crushing large cap growth you do have to talk about specific parts of the market and not paint with too broad a brush. >> tesla and elon musk are getting sues over his tweets phil lo bow has the details for us. >> this is a shareholder who has filed this suit against tesla basically saying, look, it exposes the company to liabilities if the tweets were not preapproved as part of the s.e.c. agreement we haven't heard a spans from tesla about this this is a day when we had a lot of reaction when it comes to ev stocks lordstown motors hindenburg came out and blasted lordstown essentially saying it has been misleading investors all around what happens with the preorders that they are announcing

the reservations one quote, the company's orders are largely fictitious and used as a prop to raise capital we reached out to hindberg and lordstown, lordstown said we will make our ceo available for comment. still waiting to hear from him steve byrnes knows our number. hopefully we will hear from him soon pea are looking at this sector saying which of these stocks do we truly believe in in terms of the start-ups and which still need to prove themselves. >> citi group's jim suinger out with a bullish note on the apple car saying the debate over whether apple will enter the automotive market is if but when and to what extent he adds it could drive an toal a $3 trillion market cap company

and the iphone being discussed apple and tesla, weather talking about evs, both pulling back again today. tesla still markedly higher on the week but apple experiencing a negative week. >> yeah, they keep the big tech stops, the real top nasdaq 100 names continue to act as if they are still crowded or overowned or maybe essentially nobody wants anything that's not geared to the cyclical economy. they got a reprieve. apple is down 15, 16% from its highs but it doesn't break back into cheap territory where it traded for a long time to me it is a mass ofly profitable company, we are in an upgrade cycle everybody ahead of is you positive. as opposed to looking at there are going to have an ev

entransport in 2024 and we should pay for that today. >> what do you think of apple and tesla, are there opportunities from a buying perspective? >> these are great companies they are bad stocks. it reminds me of microsoft in 20 0. for the next 12 years after 2000 microsoft doubled their earnings and the stock went down 30% because it started off as too expensive a stock. that's what is happening with tesla and apple. interest rates going up is very hard on growth stock valuations. we are still only at 163 on the ten-year when that goes up -- it is going to go up -- that's going to be a lot of pressure on these kinds of names is this we will get into that conversation a little bit more in just a minute. first we will discuss whether hyundai will be part of apple's electric vehicle plans when we are joined by the vehicle makers' north american ceo. at&t is issuing a bullish

outlook for its streaming business. >> at&t upped its guidance for hbo and hbo max saying it expects the service to grow from 61 million subscribers the end of last year to between 120 and 150 million subscribers by the end of 2025. that's up from the prior forecast between 75 and 100 million describers what's going on in they will lunch in 16 international markets and they will introduce a lower cost service as well i spoke with warner media's ceo jason kilar. >> we are going to price it to where the amount of research we get from marketers exceeds just a little bit what you see on the ad-free side of things when it comes to profitability it should be accretive in the next decade and beyond. >> some films will continue to

debut on hbo max the same time they are theaters. and some post 2021 will have an exclusive theatrical window again. we have got the report from the information that netflix has explored licensing some of its movies and series to other outlets. on one hand it feels like it is about time w all the content they are creating. on the other hand i think it speaks to how blurred the industry is become asking the tables kind of turning >> so, morgan, i reached out to netflix. they said no comment what this report does is it 100% solidifies the fact that netflix is a hollywood behemot it is a studio just like all of the traditional media giants that are trying to move into streaming. netflix has the power to now sell its content to the traditional media giants as well certainly a blurring there morgan, also shows the scale they have in terms of production and also potential to monetize content in different way sthoos presumably they would only want to sell to it a traditional

cable or normal tv company not a rival streaming service? >> presumably. one thing to keep in mind is the reason they haven't done this yet -- they are producing plenty of content, but the reason they have been keeping it themselves is their number one priority is to build their subscriber base of course this is important not just here in the u.s. but to have the content to build the subscriber base internationally. it would be off track for them to try to do this as untearior plan i think the question is whether they can generate revenue that way without it distracting from their primary goal. just under two minutes left in the session session highs. dow up over 1% what are the internals showing. >> positive. the big nasdaq stocks weighing on the headline indexes. two to one advancing to at the kleining volume this the new york stock exchange. a victory for the majority of stocks as opposed to the hugest small number of toxi look at the new highs and lows

on the new york stock exchange lopsided highs over lows type number keep in mind one year ago we were vastly lower. we were right in the meltdown. we are pretty soon going to be -- we have like an 80% gain are the march 23rd low that's not surprising but at least it does kind of forestall one of the potential negative factors. the intraday volatility kept it above that 20 mark if the market can click to new highs we might be able the breach it. >> we have less than a minute to go here to the end of the trading week stocks are missed. a record intraday high for the dow. the s&p is slightly higher .1%. the nasdaq under pressure. down about.6 the ten-year yield touching on a new 13-month high single-edging closer to 1756%. although it has come off a

little bit tech communication services the two sectors in the red given the correlation between tech and growth and rates best performing stregtors, industrials, utilities, real estate which tend to be more sensitive. the to you looks like it is getting ready to close at a record high. >> indeed it has up .9% just off the high of the session. we were briely up over 300 closing at 293 up for the del. well to "closing bell. i'm wilfred frost along with morgan brennan in for sara eisen and mike santoli, cnbc senior markets commentator. as we just said, a record high once again for the to you and s&p. the do you up markedly, 293 points ten or 20 points off the session high the nasdaq down .6%. the s&p fractionally higher. some of the big cap tech stocks

lower. only two sectors lower, tech and communication services utilities, financials and real estate the best performing sectors in the s&p airline stocks taking off today. they have been significantly outperforming the broader market during the course of the year. coming up jamie baker will join us and discuss which carriers are best positioned to cash in on increasing travel demand. charlie is still with us and alley mccartney joins the conferring as well mike i will come to you first of all. clearly a positive week and a positive day in particular what are we looking at now as to what is looking a little stretched to the upside? >> well, you can definitely act at some of the traditional value and cyclical sectors that really have gone almost vertical. you were talking about viacom cbs. it's in the category of stocks that were really beaten down, neglected very cheap that have surged back and seem like they are acting like momentum

things like that are getting there. originalal banks as well kind of overbought, technically in revery strong trends i think the issue with trying to decide when enough is enough in these groups is that the news flow continues to be almost too friendly for the trend to break in the near term vaccines could outperform in terms of how fast they are getting out. we are seeing stimulus hitting probably sooner than a lot of people anticipated a lot of things that we thought were going to happen are happening either more for sure or sooner. with credit markets where they are it is difficult to see it getting upended. something will come up, so far not yet. >> alley, you think yields will reach a certain pain threshold we saw the see saw action in the equity market first in the tech and growth and momentum names given what we saw going on in the treasury market and there

seems to be a debate whether we sort of hit a key technical level and are going to stay here for a while in terms of yields or whether we can go higher. >> as to the conversation that happened earlier before i came on, yeah, i think there is going to be movement up in rates i think to a certain extent the market has priced that in. i think the issue continues to be as you said the see u.s.a there are two stories. story one is are we back from work from home stay-at-home stocks versus reopening stocks in and story two is the movement up in treasuries that yes we think is going to continue -- is that prognosticating amazing synchronized growth? or rather, is that saying that inpolice station is there? again to points that have been said the answer is yes to both but it doesn't necessarily mean it is bad for stocks right? so in the period that you have seen over the last 20 years when yields have gone up, and gone up much more pretip to usually than we are expecting to see in the

next yearer two, you still had stock markets that overperformed. the other two things i would add is exactly to what mike santoli said, which was right on in addition to the too bullish, the checks and the vaccine milestones you had two other things happen this week. you had a cpi reading that was below expectations which is what we think is moving treasury yields up. and you had a treasury issuance that people werereally concerned about would the market buy at that yield and there was no problem all of these thing to me continue to point to bullish uptrends that's why recently our investment bank went up to a 4100 end of year target in the s&p to a 4250 targets into charlie i know you have been expecting and have been bullish on inflation for some time does that mean you are bullish on commodity exchange names. >> some. some of those commodity names are not good businesses. what you are looking at here is

a company with sustainable competitive advantages that also does well in an inflationary investment we love msg, madison square garden entertainment some of the companies are not dpa businesses that's the trick to find somebody that will do okay we like the fertilizer names, mosaic we have got to be careful, we do think inflation is coming but that can push into bad company. >> let's get over to bob pisani. >> we had a great close here, up on a day with bond yields near 13-month highs that's a significant achievement for the market here. sector movers for the week the reflation trade is still on and tech is weaker but not as weak as it was before. there is your reflation trade. the retail stocks, doing great the bank stocks doing great. the industrial stocks doing great.

the nasdaq 100, big tech consecutivor down 1% but it is better than it was earlier in the week. it is an impressive close given concerns about higher rates and the impact on technology stocks. as for mega cap tech stocks this we are, yes the sem conductors were hit we saw xilinx was hit earlier in the week but look at the moves towards the end of the week. up 5%. amd up 3%. amazon apple was flat, 16 on monday, 120 today. again, white an achieve men for the everyall mega cap sector one thing that's starting to show up, the reflation trade is looking tired in the energy group. oil is having trouble at 6a going any higher this week after huge run-ups in the last few months most of these high beta energy stocks, marathon, devin, hess, and occidental all down a little bit. over overall folks, s&p 500 up 2.6% this week

closing at an historic high in a week where ten-year yields hit their highest levels in 13 months maybe the market is getting comfortable with the idea that higher yields are a reflection of a stronger normalized economy rather than inflation. i think this is an important close today with the yields above 1.6% have a good weekend. >> thank you bob pisani. alley, do you agree that it is not going to spook the broader equity markets >> yeah. i think -- i think you have to remember that right now we have $1.8 trillion sitting in savings that is desperate to be spent. that is why you see thing like consumer discretionary booming and that is why it is a necessity that at the end of this comes some price depreciation or what we call in our daily lives inflation. again these two things need not

be mutually exclusive. but there is a lot of money, which is why we have managed to have volatility we have in the last number of weeks but still have a vix large low around 20 pause there is so much money coming in every time yields move up and that pushes equity down it almost seems like there is a cushion or a mattress or a floor there. >> yeah. just to dig into that a little bit more, alley, does the reflation trade look tired to you? are there opportunities to buy still here >> i think so, because instead of looking at sort of all the absolute numbers you have seen this year because that says tech is trash and everything else works -- if you look at the cumulative last 18 months or since basically a year ago today i think that tells the story of what has been punished versus what has been rewarded if we are talking about already a lot of these solid reflation trades, reopening trades coming out and guiding earnings higher

because of what they are seeing anecdotally i got kicked off a plane the other day and paid $1,000 because the first time they said that united had seen a plane overbooked there is a lot of money, a lot of appetite to get back into some of the laggards that have been punished. to all the conversation we have had prior to this today you still have to buy the sam darnold -- the solid healthy companies that are going to be able to -- in the face of rising prices and rising cost that are going to be able to drive earnings as oppose to just cut costs. >> charlie, to round things off, which is the stock that you have been most keen to and you topped off in the last week. >> mosaic, fertilizer company. they are doing to take advantage of a strong cultural -- the farmer is doing very well right now. farm prices are going up inflation is very good for mosaic by the way a lot of fertilizer

comes in from overseas that's going to be restricted. shipping costs are going up. that's good for mosaic they benefit from all of the positive trends. >> fertilizer, hot ash i wanted an excuse to say that thank you for joining us today char lesion alley, have a great weekend. wilf, you didn't ask about financials or banks. i'm shocked. i don't know what to do with myself today. >> well, cbs and mosaic were more important today. up next, jp morgan's jamie baker on the airline stocks and which carriers look like the best bets in the reopening. and the ceo of hyundai, and how the automaker has avoid being hit by the chip shortage impacting many of its rivals weep be back in 90 seconds

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♪ ♪ ♪ ♪ welcome back to "closing bell." airline companies getting a pop this week despite news that u.s. passengers decreased by around 60% compared to january of last year the airline sector is now set to receive $14 billion in payroll assistance from the american rescue plan to help minimize furloughs and ease the recovery. here to talk about all of that and more airline analyst jamie baker. thanks for being with us today as we talk more and more about -- can you hear me

we have got a technical difficulty. >> all right i have got you i got you. sorry. >> jamie. >> okay. >> as we talk more about -- as we see more signs of reopening and recovery within air travel right now, which carrier, which companies, which stocks that you recover are positioned to reap the rewards most quickly >> well, look, if you listen to the market, all of them, apparently i am at not sure that i agree with that. there are definitely some positive things to emerge from covid. internationally, long term, we expect there to be less competition, less capacity, higher fares, higher irnl mos. that's a good thing. all of the u.s. airlines have a plan to get back to 2019 unit economics but with lower head count, fewer aircraft. so the airline industry is becoming lower cost. of course the down turn has proven just how important the loyalty programs are i don't want to sound like a

occur muslim-majorition, those are all positive things, but there has been damage done balance sheets have been under pressure shareholders having signature can'tly dlibted not the case of alaska and delta two outliers, those are the ones we like here and there is a huge overhang what's going to happen next with kormt travel it is not clear to me. i think we can rule out the industry being worse off we don't think it is going to be worse than that. but we are not sure if it is a lot better or a little better than it was in 2019. >> when i hear you talking about damage to balance sheet and all the debt issued over the pastier or so and i couple that with the news we got this week of the merger between g cash and air cap which i know you cover right now, uh-huh. >> is it a good time. >> yeah. >> for aircraft? >> the leasing model is more

resilient than the airline model. leasing stocks were treated just as poorly as airline stocks were during the pandemic. we are bullish on the prospect for the lessors on a long term basis going forward. >> jamie, not only did you not have your mic on, but you have also got your phone on loud. there we go. i wanted to ask you about the opportunities where we have seen capacity reduced significantly, perhaps internationally, certainly routes like that, and which airlines are best positioned to capitalize on that coming out of the pandemic >> look, you know, everybody wants out of their house at this point. i want out you want out nobody is content sitting at home watching tiger king reruns at this point. the domestic market is the one that's recovering. several airlines have already spoken about the month of march booking ahead of expectations. we think that's probably true across the the board southwest, jetblue, spirit, alaska, they are going to lead

the way out of the downturn, you know, given their all domestic or nearly all domestic exposure. but at this point the reopening trade has run. maybe it has more legs but the next thing we have to position ourselves for is the resumption of business travel and the opening of international markets. that's where a name like delta is better positioned >> this latest tranche of federal aid, is this going to be enough to get the airline industry and specifically it is workers through what's left of this pandemic and the economic effects? >> yeah, you didn't ask me on your show today because i am a taxpayer you know, so the fact that i may be disgusted by psp 3.0 is probably not relevant to your viewers. as an aaron analyst i am thrilled if policy is to throw good money at the airline industry when they have access to capital. i shouldn't say free money

30 cents of every dollar has to be paid back some industry turned down government loans they didn't need the money will they take the handout of course. who wouldn't but the industry is not in peril. it does not need psp 3.0. >> jamie baker thank you for joining us. >> story for the telephonic issues take care. >> no problem at all and thank you for your candor as always. on monday don't miss an exclusive interview with the ceo of jetblue fresh off the jp morgan industrials conference which jamie is organizing next week robin hayes will be with us on monday. up next, mike santoli will look at why there could be a major rebalancing away from stocks to bonds on the horizon and how it could hit the market. plus, a $200,000 investment in top shots like these are now worth $2 million we will ask a prominent nft investor why he is so bullish on

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shy welcome back the dow, s&p 500, and russell 2000 finishing with record closes let's get over to mike for a look at supply and demand in the stock market mike >> wilf, there is a lot of attention right now on wall street in terms of trying to

figure out where the next incremental sort of demand might come in for stocks and supply. retail has been a big story in terms of the surge in participation by individual investors. this is the share of all trading that's basically a prokssy for retail activity as a percentage of all daily volume. it has gone from the mid 30s, reached 37, 40% in fed february. backed off a little bit but probably is up again as we speak this we can. this is telling you that obviously there is some of this activity it is here to say. a strong source. and people are talking about the stimulus checks going to individuals, how much of it might make it into the market. it is unclear. however, if you have this build up of equity value out there look at the potential for rebalancing away from equities going into quarter end this is from jp morgan it shows you the equity expez our of balanced mutual fond those that hold both stocks and bonds. typely a 60/40 mix

it is high relative to the beginning of next year as you get into quarter end you will probably see them peel back 5% of equities and shift it into fixed income because the performance tread is between stocks and bonds have been incredibly strong. it will be one source of supply, one possible head wind for stocks going ahead. >> the what do these newly funds make up? >> institutions in general professionally managed money is still the bulk of it as well as the market makers and high frequently traders that more or less trade the intraday noise? up next, hyundai north america's ceo on electric vehicle wars and the world chip shortage. - we have a location that has experienced

four floods, a fire, a hurricane, and obviously now we're in the pandemic. this is during hurricane harvey. the water was like a river. - when you talk about nasdaq, people don't think about insurance or catastrophe risk but that's a product they offer. we have 12 companies that build these models. for example, we have fathom. they are experts in building flood catastrophe models and we get it through our nasdaq platform. so insurers would be able to provide the right guidance to janice and people like her project forwards the risk and actually use that to advise the policy holder where they buy their house or where they buy their next commercial property. - now we have this predictive flood modeling that we can go to and find out if it's gonna flood there or not. and if it's not, then guess what? we get to sleep easier. we get to go on a vacation. we get to grow.

shares of hyundai up 20% so far this year, this comes as automakers face a global chip shortage that analysts say could cost the industry $60 million in sales. hyundai bought chips and managed to keep its assembly lines rolling for now. joining us for an exclusive interview hyundai north america's ceo jose munoz thank you for joining us. >> thank you for having me. >> let's talk about the chip

shortage globally. was this luck? was it foresight that you managed to stock up in advance how long will your stocks last >> first of all, i think this shortage has impacted everyone and it has definitely impacted us as well what happened that if you remember when the pandemic came top the u.s., it had already had an impact in asia. and then we were monitoring very well what was happening in the global markets we saw that in particular in south korea and also in china the markets were coming back a little earlier than we initially predicted. so as such, we maintained our supply we decided that all these components should continue to be purchased. at the same time, i think we have done a good management in terms of prioritizing the components, the chips, to the most important markets, being north america, the number one.

and but, still, we have a lot of challenges and then we have to maintain and adjust the production almost on a weekly basis. >> what can you tell us about discussions with apple were there discussions are there still going to be discussions? >> well, definitely, there were discu discussions, but the discussions have stopped i have to say that obviously apple is a great company, right, and i am not surprised that they looked at hyundai. it is a great corporation. er with particularly integrated with great quality of products and great technology i wouldn't be surprised either if you have been talking the other oems, but that's it. so far we have suspended those discussions. >> is it your belief that apple definitely will be launching a car at some point with somebody? and also your belief that it now definitely will not be with hyundai? >> i cannot comment on that.

i don't know. >> jose, i am curious about the shift and push into electric vehicles as well. as we talk about things like chip shortages and how a company such as yours is navigating that right now. the tech that's going to be involved in ev deployment and all the rare earth materials that are going to be involved in building out and deploying evs and putting them out on the road in a more mainstream would i what does that do to the supply chain and how you are going to be making those cars in the future >> that's really a great question first we have to realize that the market is moving there so if we look at the jp morgan power results cumulative to friday we have seen the share of evs has more than doubled versus last year. and we saw the same thing in 2020 so definitely there is a market demand there when it comes to what happened

within the environment, definitely the biden administration has opened the door very clearly to the battery trek lick vehicle industry and we have been in recent discussions within the industry about what are the consequences, how we should change our supply chain to support these demands and i think a lot of good things are going to happen. namely, in our case, for hyundai, we just launched two weeks ago a new brand for battery electric vehicles which is called ionic. we took advantage to launch our car within the brand called ionic 5, which is going to be launched in the states this fall a lot of new technologies, chips, semiconductors, battery, so supply, production -- a lot of these things are happening as we speak and i think we are really ready,

the best probably eom in the industry to respond to this demand. >> which raises the question, if you make it, will they come? especially when you think about all the infrastructure that needs to be built out to charge all the evs and make sure people can do thing like long distance road trips and not have it be double the time of a combustible engine-powered car. >> you are right this is probably the biggest challenge for this market to development is the infrastructure again, the u.s. government is very committed to support and develop the infrastructure and also the oems, we are working on that. the then the way we are working is by increasing the range again, our ionic platform is going to be able to provide more than 300 miles epa which removes a lot of the anxiety. and probably this the future with fuel cell vehicles we are going to be able to make it around 500 together with the government,

the infrastructure development, and the greater technology, i think we are going to help this industry to really boom. >> jose, did hyundai need partnership with someone like apple? are you seeking any other partners in this space or happy to plow on regardless, now that the conversations with apple have ceased? >> i think hyundai is large enough to be able to develop the business without the need of any particular partner. in the environment that we live in, in the ecosystem of developing a lot of technologies in many areas, partnership is one of the best ways to go but needing anyone in particular, i don't think so. >> jose, finally, as we do see vaccines roll out in a much more meaningful way right now, i wonder how you are thinking about that dynamic within your own work force on factory floors, for example. is vaccination something that you may require in the future or each incentivize for your

workers? >> definitely. so, in fact, in our plant in alabama, we have already worked with the local government, with the local institutions, the try to offer vaccinations to our employees. and actually, most of them volunteered. so we are very happy about that. it's not a requirement but it is recommended. we are happy to see the evolution. definitely a good thing. >> jose, thank you for joining us good to see you. >> thank you for having me take care. beeple is the hottest artist in the nft world with one piece just selling for $60 million at auction. coming up, we will ask the owner of another beeple creation why he thinks this nft frenzy is more than just a short-term fad. as we had to break a look at somef e othbigst losers on the nasdaq back in a couple of minutes. [music: “you're the best” by joe esposito]

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welcome back to "closing bell." it's time for a cnbc news update with rahel solomon >> hello morgan. hello everyone in toronto, health officials ordered an amazon warehouse to close because of a coronavirus outbreak thousands of workers must self

isolate for two weeks. officials have not said 'em how many covid cases have confirmed there. in new york a statue of ruth bader ginsburg has unveiled during women's history month and three days before she will have turned 88. the founder of theranos is pregnant she is due in july which is when her trial on a dozen fraud charges was set to again. defense lawyers are asking for the trial to be delayed until the end of august. up next a player in the nft game one of the top dogs in top shop nba digital collectors says he has no plans to cash out excite huge gains. plus the stock market and real estate teaming up to create a wealth boom in recent years.

more on that coming up on "closing bell. and in an emergency, they need a network that puts them first. that connects them to technology, to each other, and to other agencies. that's why at&t built firstnet with and for first responders

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welcome back football players rob gronk and patrick patrick mahomes will both begin selling digital

trading cards. and mike wingelman aka beeple just sold a piece of art for $69 million. all three talk about what this world of digital collectibles will look at. >> it is a digital trading card. it is a new era. it is great to be that guy to kick it off, to start this new boom that's going to happen and be that first athlete to get on it. >> the i think chiefs kingdom and the fan base that we have, they are so supportive of me so we just want to do whatever we can to find another asset for them to venture off and find a way to connect to me and for me to conduct to them. >> it is such a blank slate. with covid, we are not able to see a lot of the use cases i feel like we are just scratching the surface of what this could be used for. >> joining us now, michael levy,

who owns one of the top collections in top shop, a black chain method for buying and selling trading cards. thanks for joining us. >> thanks for having me on. >> are we still in early innings? >> i think so. i think a huge majority of people hadn't heard of nfts at all let alone top shot until the last few weeks i think in top shot's case in particular there is long, long way to go. some of the reasons i remain bullish. i know you mentioned i don't plan on selling. i will be verifying that, i will be holding on to my collection for a long time. worry aligned with the nba we have an enormous addressable market here. you need internet access and that's all in order to enter top shots. we haven't entered in china. in top shot's case we may be in the dugout, maybe the top of the

first inning but we have a long way to go. >> i imagine you are still having to explain what nfts are to people good afternoon how quickly it exploded onto the scene. how do you think about it? basically it is like we are buying a piece of code here, right, that no one else has in do you see it as a digital trading card do you see it as something else? what are the use cases where are the ultimate opportunities to extract value here >> that's a great question i think the easiest way to put it is exactly what said. it is a digital trading card some ask the question whether it comes with cope rights or royalties associated with usage. the answer is no, it is purely a collectible at this point. the way i view it as valuable is the same way anyone might view a sports card as valuable. an analogy is a mickel mantle card that recently sold for 5 dllds. i can replicate that card in my basement with a high quality printer and technology

i can make an almost exact replica with that card but it is worthless, because it lacks the thing that give the card the value authenticity, scarcity, mlb license, the story around the card and that there is a market that will pay significant dollars for that card n. my case the witness i printed in my daysment is worthless. at top shot they are digital cards but the cardboard is not an integral portion of the value. >> i guess scarcity is the component there. what is to stop it from becoming a huge supply across the nft space? >> we have a case study and a precedent world that exists today, the physical sports card market it set. there are all sports' cards

khouw existing with tops, upper deck and other companies producing. at the end of the day we are putting a level of trust in debt reliance in the company that makes the decision on supply that's a decision we all have to be comfortable with. the same way that when you buy a piece of art or the sports card you rely on the creator not everysupplying the market. we have a long term view, 100-plus-year-long projects the ceo always says. their standpoint is to build a product that's attractive to users and witness way to do that is not to i don't have supply the market it is a risk but i am not worried about it. >> do you own those assets because you envoy having them or because they are an investment that you called correctly and they have risen sharply in value. i believe your day job was or possibly still is being a financial analyst. how do you value whether now is

a good time the take profit or not? >> in answer to your question, i think it is both i do enjoy the top shot moments as a collectible for the first two or three months i was collecting it wasn't a financial game. it was 500 or 1,000 of us in a tis cord chat talking about our top shot moments and talking about some of the into plays themselves there are two plays from last season that stand out the me as an nba fan, vicinity carter's last shot of his career, a year ago yesterday. in the year cut short by the coronavirus pandemic and lebron james doing a dunkest that was an effective replica of a kobe bryant dunk just 11 days after kobe passed away both of those are moments captured in top shot i love those moments and i do love it as a financial opportunity. i am in the position to make a

large bet on a risky new program. it seems to be working out. >> we are talking about top shots. it looks like you open a beeple. you bought it for $1 in december you own other nfts as well that speaks to the skyrocketing value of some of these different products in this new marketplace. how do you decide what the invest in and which up with to buy? what to choose >> it is a great question. the case beeple he had a drop in december, he had open editions, a few one of one pieces and he had $1001 pieces it was effectually a chase to see who could click fastest. everyone knew it would be worth more than $1 i was lucky to be one of those who got one of the $1 pieces

it is worth more than that today. a lot of creators in the world artists are seeing the dollars that are going to be available in the nft space we are going to be flooded with supply ten years from now what's going to be relevant if it is beautiful to look at. if it is from a relatively unknown artist it may not survive the test of team there is going to be a ton of supply coming on i would focus my dollars on nba top shot, crypto punks, the first that ever existed. blockchain, and names like fell oeshs, spoken about by the fifthygate founders and beeple who was on the show earlier today. i have tried to stick to very high quality assets that i think had stand the test of time. >> mikele a, congrats on the nice gains so far. >> thank you very much. >> thank you for joining us. up next a look at how some covid survivors are not only

facing debilitating effects but also crippling financial issues. we are back in a couple of minutes. ♪ if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances- designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right. ♪ ♪

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someone behind me, come on. pick that up, pick that up, right there, right there. as long as you keep making the internet an amazing place to be, we'll keep bringing you a faster, more secure, and more amazing internet. xfinity. the future of awesome. many people who have had covid and survived still dealing with debill fating symptoms months after beating the virus, that's also creating financial

challenges for many of those so-called long haulers sharp has details. sharon >> some covid survivors may have symptoms for months and they may unable to work they have to grapple with how to afford ongoing treatment and daily living expenses. here's one woman's story >> i have still not recovered. >> it's been ten months since she first experienced symptoms >> i had the ongoing fever i had a tremendous cough i couldn't breathe well enough to sleep without causing >> she still doesn't feel entirely normal. >> i'm always exhausted. >> unable to work for more than three months, the bar managers goes in only a few hours a day the wedding planning business she launched in 2019 came to a screeching halt in 2020. >> i'm not working fulltime and i'm notes doing weddings, which is my number one source of

income >> in long haulers, pasco has been challenged by persistent financial strain. >> facing job laws because they can't work or situations where they're going to doctors all the time >> carolyn mclanahan says the best remedy for that money chain is to try to protect your finances ahead of time her first tip. >> always, always have health insurance. >> the latest relief package provided health plans under the affordable care act making it less costly to get insurance, even for those out of work next, she says, get disability insurance. employers may offer it but aren't required to getting it on your own is more expensive but could save you from financial ruin if you miss work due to illness. >> we used to say three to six months emergency savings at least six months now. >> she and her fiance, a chef,

draped their savings when he was also out of work for a few months now they're working, they're turning a corner >> our savings is starting to increase again >> it can be difficult to improve your financial and your physical health at the same time, but planning ahead can also help to lessen the financial pain >> sharp, does this sort of financial advice in planning apply also to other people with other illnesses that they miss their work and their income? roo. >> it certainly can. if people have chronic illnesses or not types of disabilities, they're unable to work one of the other things that's an additional recommendation is to keep a health diary, as you're going through your imaging, doctors visits, everything that you're doing related to your health care. make sure that you keep a jury room or keep a record of it. it can be very helpful when you're putting in claims for health and zanlt insurance to make sure you get coverage and get those claims paid.

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the s&p 500 gaining nearly 60%, that helped create a new number of millionaires robert has the details >> there were 600,000 millionaires created in 2020 the number of american households with one million or more in investable assets hitting a new all-time high of 11.6 million according to a new report from the spectrum group this was strong growth up and down the wealth ladder over 100,000 we call those the mass affluent. the wealthy are with 25 million

and up, they grew by 18,000. there are now over 200,000 households worth 25 million or more over the long term, the number of american millionaires has more than doubled since 2008 u.s. households ended with a record 330 trillion in total wealth with equity markets alone adding five artillery kbron dollars in wealth to american households just in the fourth quarter. we've seen that continue this year >> i mean, when you see that, it is hard to argue with the thought process, at he's, behind the wealth tax even if the wealth tax isn't the best way to do it, the gap is growing and is enormous. >> yeah. it is. although with stimulus checks going out this weekend and that vast new 1.9 trillion dollars most of which will do to the bottom half, it does balance it

out, but you're right. this is going to generate more discussion about those at the top gaining even more. >> i would also argue, the flip side of this is when you have government policies, fed policies, for example, that have helped with asset prices, that is part of what has exacerbated this k shape as well have a great weekend it's good to see you >> ok. >> take a look, final thoughts at the market. we closed at a record high for the dow. we saw records in general this week for the s&p, the russell 2000, the transport as well. nasdaq was the laggard at least from that standpoint it did close the week higher >> the market seems like it's back in gear at this point the nasdaq is up off the lows. it is not a leadership area. it seems like going into next week, market at a high, you have, you know, a big selloff in bonds. you wonder if maybe some of this stuff is reaching a little bit

of a short-term extent especially when you have a fed meeting coming up on wednesday have to walk a fine ryan between acknowledging growth prospects along with saying we don't plan on really budging on their policy and maybe they're going to talk about what happens a year or two down the road. >> we are out of time on "closing bell" vchlt a lovely week thanks for filling in. "fast money" starts now. >> i'm melissa lee and this is "fast money. tonight on "fast" we're following major new developments in the wake of that massive hack attack one top security firm issuing a dire warning tonight that hackers could strike again in coming hours also ahead, a handful of big name companies getting inducted into the all time high club. chart of the week. stocks growing 20% since monday and giving new meaning