good afternoon welcome to "power lunch. for a chilly march friday afternoon, i'm tyler matheson. seema mody joins us in a moment. it's been a wild week on wall street stocks pairing early losses as the rise in treasury yields takes a breather the yields on the 10-year above 1.7% wild week for oil, as well the commodity bouncing back after tanking yesterday. we'll look at the crude reality. later, a fiery exchange between china and u.s. reps last night as tensions remain high. we'll tell you the companies that could get caught in the cross fire of chinese/u.s. relations. "power lunch" starts right now

welcome to "power lunch. two hours left in trade and two big names are weighing on the dow right now. visa down about 5% following reports that the doj is investigating it over anti-trust concerns surrounding the debit card practices and nike falling nearly 4% after blaming supply chain interruptions and tesla the poster child of momentum stocks down again today. ending an ugly week down about 28% from its record high but it is not all bad news the nasdaq heavyweights, facebook up 4% as the ceo says the tech giant will benefit from apple's privacy changes and we are monitoring reports that faceboo facebook,en instagram and whats app is all down. bob? >> seema, the problem with this week is the narrative is jumbled, it is unclear what the primary issue traders should

worry about. are we worried about yields, do ko vid resurgence? the fed will not extend a pandemic rule that they had that allowed banks to relax the capital levels they announced that morning so the bank's going to have to apply more capital against the holdings some may decide the sell treasuries maybe they won't buy back as much stock but overall the narrative this week is individual concerns about rising rates are relacing covid and vuas a result of that we've seen pressure on the tech names. overall we are down on amd and pressure in the semiconductors but big cap tech is okay microsoft and apple only really down a minor amount given the activity we have seen this week.

we have noticed in the thematic tech etfs. there's the ark innovation fund with significant hits this week, significant selling all throughout the week. but these are very overbought so maybe not that surprising. i have noticed the value stocks are momentum stocks. so companies that we didn't used to pay a lot of attention to like whirlpool or merck obviously at the end of last year have now been resur gent and are now momentum stocks. i think the question is whether this continues and the problem is that this reports of a new lockdown in europe and paris is sort of throwing a monkey wrench into the idea what we ought to worry about is interest rates. some people say wait a minute. covid has not gone completely away guys, back to you. >> robert, thank you very much

for more on what's next after this wild week on wall street let's bring in ron insina and michael farr gentlemen, welcome back. ron, you last week were starting to talk about what you see as a major change in the let's say the context or the backdrop of investing and that is how both fed policy and fiscal policy are now favoring main street over wall street. explain what you mean and what the consequence is. >> let me -- i'll handle the first part first because it's easier investors going forward are going to have to deal with what i think are profound changes in fiscal policy we began to refer to as a move away from a 40-year trend of trial court l down economics to bottoms up budgeting that addresses the

needs of main street over wall street i think the q&a session that jay powell engaged in this week delivering the decision on interest rates is profound insofar as the fed suggested it will not act preemptively which is the case for 40 years to cut off incipient inflation. they want to see the data, not a forecast that is a wildly different position that both the federal reserve is in and the fiscal policy makers are in and if we start to see a modification of the filibuster or an end to it policy will get increasingly more progress from the fiscal side, more aggressive from the federal reserve side and that's something that i think the markets will have to contend with and create different types of winners and losers and is to be determined but wall street needs to really start thinking about what i think is a very important sea change both in fiscal and federal reserve

policy. >> so money directly in the hands of individuals at the consumer level as opposed to tax cuts that trickle down allegedly through the system and, number two, less concern about anticipating inflation, more concern about actually seeing it i'll come back to you and ask what kind of stock groups might benefit on either side but let me turn to michael for your reaction to that i know that you believe that right now in the face of a wobbly market here over recent days and weeks perhaps you say going to cash is fool hearty. >> i certainly think it is but i always think that market timing, tyler, is fool hearty. i think that markets already feeling uncertain got kind of a wobbly and uncertain message of chairman powell this week. he said, okay, you know, the economy's growing. we expect inflation and not

going to do anything about it at the fed. don't you worry, wall street everything is going to be okay we're used to hearing a plan from the federal reserve chairman if things are dire we'll be there and have a plan to go forward with we are hearing to wait and see and see what happens here. we have $900 billion in stimulus at the end of the year $2.8 trillion in stimulus in a single quarter coming into this market i don't know how you sit in cash when you see this much stimulus in a recovery. the vaccines, everything else. share prices are going up. can the fed keep on top of this? or will they stay at the party too long and will they kind of lose control of things i think that's the fear on wall street right now we are also at the end of quarter time without a lot of news and people get iffy before you get to april 15th now i

guess may 15th but it is an iffy time of the year. >> maybe we'll just take off next week here at cnbc i'm for that let me ask you this. interest rates at 1.7, 1.72 on the 10-year. longer rates the fed has the ability to control the low end of the curve, not as much the high end. what is did market telling the fed if anything here >> i think that the market's telling the fed they'd like more clearly defined parameters and the i think the fed is saying we don't have them and it's an uncomfortable message on both sides. if you look at an old wall street guy what the 10-year is doing the yields edge higher and when they rally back lower they don't go as low as they've been before and seems the trend for the yield on the 10-year is high it is establishing it looks like

a new sort of a high or bottom in prices but we'll feel better once that sort of looks like it will set in. stock prices do the same thing as the tech shares are selling off and now momentum stocks are really starting to get a bid and a broadening of this market rally. >> ron, the 10-year yield up 30 basis points over 3 weeks and prompted a discussion around the outperformance in financials trading record high territory. but then earlier today one group saying it is time to sell some of those stocks and perhaps that these banks kptd continue to move higher here where do you stand >> obviously they been fit from the net interest margin that goes up on the loans and that's why they're rallying for several weeks and then the issues that the fed discussed this morning that putt a lid on those stocks.

something we haven't discussed is what level of long term interest rates if the fed is more worried about employment do they decide to impose yield trade controls it's something that steve liesman asked on wednesday you would have to sell bank stocks i'm waiting to get more clarity around that. the recovery trade is still on because we have peddle to the metal at the fed and fiscal policy and not necessarily walk away from that investment thesis but start to look very, very carefully and comb through comments from the fed going forward and take a very close look at every piece of legislation that's heading through congress because as we get closer to a passage of an infrastructure bill later in the year i think at the marginsed favors main street over wall street and banks will be subject to two different items

>> final quick question and answer, please, michael. as seema asked the question i saw you shaking your head. why? >> oh come on. banks are well positioned for this rise in rates, a steepening of the yield curve, asset prices are getting better i think the banks are in a cat bird's seat for 12 months. i would be careful to trade out too quickly. >> thank you very much have a great weekend >> you, too. >> seema the great reopening may be under way. the tri-state area taking the biggest steps yet, increased restaurant capacity, returning of sporting events and more. consumers seeming to fuel the revival. restaurants seeing a big rebound in sales and traffic hotel occupancy at a 20-week high hite senior vice president tells me that demand for events and weddings are on the rise.

>> we look at demand for events and weddings, we are really thrilled with the way that 2021 has kind of kicked off our lead activity into the system has been really strong, almost since the new year and if we look kind of even over six to eight weeks almost a week on weeken crease in interest and activity has been building and we're really delighted that close to 60% of that demand is for 2021 of course, people are looking beyond '21, as well. >> the group bookings are a big driver of profits and hilton and marriott are seeing an uptick for group events this year the reopening trade is on fire we have been watching the hotels, airlines, restaurants post strong gains in 2021 and the question is, as we watched europe reenter lockdown, especially germany and france, whether this can continue. >> in our family we have a wedding coming up later this

year much less anxiety now about whether it will -- you're all invited, by the way. come on out. i wonder about corporate events, big trade shows,big conclaves. are those coming back or is it the 250, the 150-person family event? >> yeah. that's a great question because corporations really -- hotels rely on those corporations to book con fences. that's a big driver of profits they're starting to see demand and corporate events and into 2022 but some companiesare also using a hybrid model where some people will attend in person and others will attend from home they'll use technology where if you're at home you can feel like you're there by using a 360 sort of view. that way you don't feel like you're left out and partners

with grub hub and seamless so those not there in person get that advantage of that free food so you are starting to see some level of activity. >> that's great. thanks very much. coming up, the u.s. and china in a war of words at the first meeting under president biden. we are going to dig into the china threat for wall street tensions are running high. plus energy the best performing sector today and the worst performing sector this week as oil slides is there more pain ahead we have that one covered and much more after this quick break. siness, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business...

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in the first bilateral meeting with u.s. and china things got off to a rocky start meeting in alaska. the meeting that was originally scheduled as a four-minute photo-op was a one-hour long exchange between the two countries and affecting the broader markets. tesla is taking a hit as the chinese government instructs officials not to use the electric vehicles over privacy concerns and other companies have been under pressure like wynn casinos and for more on the state of the relations and wall street, i'm joined by ian bremer and liz economy.

it is great to have you both on. liz, we were hoping that with a new president, the expectation was that this u.s./china relationship would be a reset. we would see the political temperature come down but given the fiery exchange last night between both sides it seems like we're headed for a more challenged relationship. what do you think? >> i don't know whether the relationship will be more challenging. the biden administration has reduced some of the inflammatory rhetoric but i agree with you that the temperature remains high and i think that's because at the core, right, we have very different visions for the future of the world and approach the international system from a very different set of values and that's what the biden administration wanted to do, get out there and basically lay out how it was planning to approach the relationship with china and more broadly how it saw that relationship within the context of overall u.s. foreign policy. >> ian, the topic of trade and tariffs where wall street wanted to see progress but given the

start to talks between u.s. and chinese officials, your thoughts on the likelihood of tariffs removes for u.s. companies that import products from china. >> the chinese didn't walk out of the meeting and still engaging with the americans on issues and trade is one of them and over time there's going to be potential for progress. but i want to be clear the biden administration was quite surprised with what the chinese did during this meeting. they didn't expect it. they're in the middle of a policy review right now. this review will now be made much more challenging by those in the administration that were hoping to argue for greater interdependence and calming down tensions not only because of those inside the biden administration have a more national security perspective but also because of the blowback that biden will get from republicans who are looking to paint him as weak and the chinese as rolling over blinken

et al. there was a reset here it came from china they saw that americans were increasing sanctions in the days before meeting, they met with the quad before the working level meeting and the chinese said we may have said two minutes. we are throwing out protocol to show you that we intend to be treated as equals and as liz just said the americans find chinese world view and political and economic system deeply unacceptable and hard to get a meeting of the minds on this stuff. >> liz, the chinese technology companies are facing increasing pressure not from the u.s. but their own government, beijing. how do you see that story playing out? that certainly hurt the stock prices. >> right it is difficult for them because

they're confronting a double barrelled gun that the point and the chinese side the chinese have their concerns about the technology companies first they operate outside the bounds of what china feels, the government feels governmentible with regulation. they're certainly concerned with tiktok, for example, that these videos and other things in terms of information and ideas spread that those move outside of china is very strong constraints, ideological constraints and of course there's just that issue of you have the robin lee and these guys that are international superstars and can only be one superstar in china and that's xi jinping. they face challenges from their own government. >> ian, i see a couple differences between the biden administration and the trump

administration one may be rhetorical. the trump administration paid more attention to trade imbalances and the biden administration maybe more attention to human rights but a key difference here to me is that the biden administration seems much more focused on a multilateral approach bringing alliances in with the united states where president trump was much more inclined to go it alone. do you see it that way and which one portends better outcomes >> you're right that the key difference is not on policy. even on issues of trade and human rights, ultimately where the biden administration want to get, not all that different from the trump administration but the multilateral approach of the biden administration to just meet consistently and try to build coalitions on the asia side with the quad, on the transatlantic side with the uk,

germany and france is absolutely a very different orientation than the trump administration which is much more transactional in approach. the interesting thing is that the biden approach is going to work very well in asia where most countries share america's concerns about what happens when china gets massive and start imposing the rules and preferences on the countries where in europe the most important ally, the transatlantic relationship, they do not see china as the principle national security threat at all and if we are moving towards decoupling and containment, the germans and french are not down for that the uk might be and clearly momost aligned with the united states but they're not a part of the eu anymore so this is very interesting to see how this plays out under the biden administration. >> elizabeth, the talks continue this weekend what do you expect

>> i don't think we're going to end up with a major accommodation. there might be an effort to take a step back from that really testy exchange that took place last night and kind of say we have expressed the opinions, no joint statement from this. they have indicated that maybe there will be a statement to the effect of agreeing room for future cooperation as a way to soften the blow but fundamentally this is going to be a very competitive and confrontational relationship moving forward i think there's more opportunity for cooperation with europe than ian indicated. we'll have a political transition and nato engaged deeply and more engaged in the security element against china so i think things are brewing in europe that may shift the dynamic a little bit. >> we like it when the guests don't always agree thank you both for joining us today. appreciate it. >> great conversation. up next, fedex is higher

after a big earnings beat. we'll highlight that and more. plus, bitcoin's dirty little secret is crypto mining killing the earth? as bitcoin soars again today up 916 58,000 we'll explain the risks when "power lunch" returns. all day long.in so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity. ♪ ♪ you can act quickly. it's not "pretty good or nothing." it's not "acceptable or nothing." and it's definitely not "close enough or nothing." mercedes-benz suvs were engineered with only one mission in mind. to be the best. in the category, in the industry... in the world. visit your local mercedes-benz dealer

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. welcome back, everybody. bo bitcoin higher today but wall street is warning about cryptocurrency's environmental impact kate rooney now with the details. hi, kate all right. let's step away from kate and get the audio figured out there. we'll explore the environmental impact, the power usage that is taken up by bitcoin and mining 'lta aui wel ke qck break

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i am ready kate rooney is ready let's go back to kate on bitcoin. hi, kate. >> it seems like i was on mute, tyler. that happens on zoom all the time but we're back. bo bitcoin is seeing more pushback

on the carbon footprint. crypto has seen price upside and need to weigh demand for environmentally friendly investments. to create new bitcoin it tacks an energy intensive process of mining so you can't do it on a laptop but high powered computers. estimated 65% of global mining from china and a third from the coal burning region in northern china. analysts tell me the energy to mine bitcoin has gone up with demand and according to economists the footprint is bigger than entire countries, that includes chile, austria and bangladesh bill gates warns about the impact bank of america this week in a note to clients and an analyst of bca predicts it could cause bitcoin to lose most value over

time institutional investors have been cited as a ke driver of bitcoin's 100% rally in year and dropoff in the demand could weigh on prices but the industry says it uses excess energy jack dorsey who have predicted that bitcoin will eventually be powered completely by clean energy tyler? >> so, kate, let me ask you the question about this. what about investing in companies that buy bitcoin and hold them on the balance sheet like dorsey's square, tesla? could bitcoin investments make it such that those funds that have esg sort of goals can't go there? >> that's right. certainly muddies the water. analysts say companies otherwise pure play esg investments, tesla, clean energy there,

square scores high on diversity, their bitcoin exposure might make fund managers think twice and it is very subjective and complicates and that bank of america note this week they mention that it is not just environmental but talk about negatives that regulatoring worry including money laundering. >> all right kate, thank you very much. let's get to rehell solomon for a covid update. >> hello, everyone here's the cnbc covid update at this hour. the white house expects the fda's decision on astrazeneca and the administration defends the decision to ship the vaccine to neighboring countries the czar of the coronavirus said that the action will not impact availability in the u.s. bosnia hospitals and morgues are struggling to keep up with the most recent spike in infections and deaths and

storing coffins on the floor until they're buried and many compare the scenes to the bosnian war. idaho state lawmakers will not meet again until april 6 after five members tested positive for covid-19 amid s concerns of a highly contagious variant behind the outbreak. represent kevin mccarthy said he tested positive for covid antibodies in december despite having the antibodies, republican leader said he never tested positive for the virus and is now fully vaccinated. seema, back to you. >> thank you. to the oil market we turn where the energy market is closing for the day. dom chu, hi. >> bouncing back green across the screen. wti crude prices up 2.5% world ice brent crude futures, 2% upside there and gasoline

bouncing back. if you look at the crude picture overall over the last year it is a huge move to the upside. wti crude negative prices at one point in the pandemic. we have seen a pullback here and a winning trade so far off low bases and then look at the moves in that complex, the energy stocks this particular energy etf lost a lot. of course, those individual names, tyler, hit the hardest in the five-day streak of selling so far -- each up 6%, 4%, 2.5% overall. those bouncing back big for sure back over to you. >> all right thank you very much. despite the selloff this week, the next guest has a positive outlook for oil joining us now is helema kroft,

a cnbc contributor welcome. good to see you. one would think with the reopening of the economy here in the united states if not in more places around the world eventually in 2021 the demand side of the equation is looking firmer what about the supply side and the saudis being able to maintain their role and their control over opec and supply >> well, tyler, that's a great question and it was the saudi and the unilateral production in january to give this market momentum i think even with the concerns about demand with the lockdown restrictions in europe, vaccine hesitancy, issues of softening in china i think the key thing to keep in mind saudi arabia is committed to right now continuing to play the role of the central banker for oil they will be cautious about

bringing back their extra 1 million barrels that's off the market and the saudi oil minister keeps saying he's going to be very, very cautious about bringing barrels back on the market he remains concerned about vaccine hesitancy. he's not wanting to make any real sudden moves in the market so we can expect the saudis to continue to play that role in terms of keeping supply restrained. >> just a year ago, i don't know a year ago today or a couple days ago when oil is negative. now in the 60s what do you see for the price band for oil between now and the year end >> we are constructive we are looking at the recovery, particularly in the u.s. as more drivers get on the road, where we see the uptick of vaccines going well in the united states.

do we see wti in the 70s in the back half of the year? absolutely we think it's going to average $66 in the back half of the room and see room for wti and brent in the 70s in the back half of the year and watching very carefully what happens with opec i think a really interesting question is what is the price band the white house is looking for? traditionally particularly under president trump seeing calls to opec when prices go into the 70s and the interests question is will they be making the calls now? >> the former president is critical of the idea that gas prices as demand comes back are going to be pushing $4 this summer do you have a view on what the biden white house might do what kind of jawboning they might bring to the table >> yeah. i don't think that we're going to see president biden using the

power of diplomacy to manage the oil market but focused on accelerating the energy transition i think a call would be made if it's threatening global growth or if the price is moving in a direction that potentially giving the iranians more b bandwidth to withstand sanctions. that call may not be coming at $75. i think the biden white house might make it at 85 to 100 so i think that opec has more room to run when it comes to potential pressure from washington to cap the upside. >> always great to see you thank you for your answers today. seema? rick santelli is standing by rick >> yes it is a wild week, a wild six weeks. look at a two day of 10s and 30s. they could n't get over

yesterday's high yields but closing where the yields have been higher than yesterday as they are now both maturities up on the day and the week. a year to state of 10s and 30s watch february with bunds didn't take out the end of february minus 23 high yield close? that's a key level to watch. the spread of 201 bases points, 14-month wide. the dollar index closing up on the week seema, back to you. >> rick, thank you. up next, solar stocks flying too close to the sun the stocks had a huge run-up following the election our traders will discuss next. flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives,

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welcome back to "power lunch. solar stocks rebounding today but tracking for a losing week the t.a.n. down nearly 10% monday after the 280% rally over

12 months. the group cooling this week after californian utilities propose a change to a roof top solar program to charge customers a monthly fee so is this hot group set for a deeper decline? your team today is craig johnson and danielle this is a big priority but given the moves by states like california is it time to lock in the gains here >> it all depends on the time frame. in the short term, the charts have shifted and definitely in a downward pattern with t.a.n. in particular it could fall by 30 and i love this area i think five to tern years this is going to continue to grow and so for long term investors who are looking for an entry place it is a great spot to start looking. >> craig, you are tracking the charts is there a name to stand out to

you? strong balance sheet and looks attractive >> yeah. i'm going to agree with danielle but look at the big picture. only three times going bab over 30 years have i seen the 26-week price momentum in the work get as high as it is right now and once we have seen the high levels it is rolled over and the group corrected for typically three years before you find the next sustainable entry point and i come back and look at that t.a.n. etf and broken the trend line and gets you to 74, 75. still meaningful downside from here but where the group took off from was the low 40s so i'd be selling this relief rally not trying to buy it yet it is too early. >> a solar etf, thank you for joining me today

tyler? seema, up next, the nfl finalizing a new 10-year media rights deal with amazon. we'll talk to the ceo of online sports network overtime about what this could mean for the industry plus the dow remains de negative but check out tech stocks "power lunch" will be right back

welcome back amazon scoring a touchdown with the nfl. the nfl finalizing a new 11-year media rights deal with all of its existing partners late yesterday. amazon prime video will be the exclusive partner for its

thursday night football package. it's the first time a streaming service will carry a full package of games exclusively according to sources, al sean is paying about $1 billion per year it runs for ten years and will begin in 2023. seema, that deal raising questions about the future of sports viewing as college basketball's billion dollar tournament gets under way. our next guest runs a digital sports media company called overtime that produces original content across twitter, youtube, snapchat and tiktok. overtime has well-known backers such as kevin current, carmelo ant anthony. dan porter is the ceo and co-founder of overtime mr. porter, welcome. good to have you with us what do you broadcast or what do you stream what kinds of events

>> overtime is what i call the leading sports network for the next generation of sports fans a lot of times when i run into people and say what is overtime, i say take out your phone, text your kids and ask if they know what it is if they're 16, 18, 21, they always do. we really kind of cut our teeth in high school basketball. our specialty was going into things that people thought were smaller markets than they were but we're in basketball, football, video games, all places where 75 million gen-z love to watch and care about sports >> and you can carry your programming with you in the palm of your hand, as you would suggest. are you advertising supported, subscription supported or both >> we're a mixture between e-commerce revenue we really built a very strong community. people feel very passionately

about overtime and so e-commerce is a huge driver for us, including all kinds of overtime apparel. we work directly with brands because there are a lot of brands that want to reach the next generation of sports fans that used to find them on television, don't find them on television anymore and so come to work with us. >> a big deal in your face with amazon and nfl i want to get your thoughts on whether you think more streaming giants will be able to get access to live sports? >> i think it's super interesting for three reasons. one is, what does this mean for the end of the multi-cable bundle i think that change is incremental but it's in process. amazon is a very interesting player because they don't make their money from streaming they have massive other businesses when you look at all of the other media rights businesses that bid for this, they tend to be generating revenue almost explicitly from streaming. the third thing is amazon knows a lot about me

they know a lot about their customers. they know that i buy dog food. i may never have to watch a sports game and see a cat food commercial again as an asterisk, you look at what jeff bezos did with "the washington post" and the pace of innovation that he pushed there, i think professional sports is an amazing thing i often say when pocktalking ab overtime, it looks the same in the '70s and '80s as it does now. i think there's a lot of space in both broadcast, calling the games and every aspect that i think is ultimately going to push the future of live sports forward at a live clip. >> have you had other conversations with other streaming giants about your platform >> we just launched a brand new league, ote, overtime elite, for the most talented young basketball players in the world. part of the reason that we've

done that is because there's a huge need in the market. they're not being satisfied with the way they're being trained and getting prepared for a pro career but yes, i want to be in the media rights business. it's a tremendous business there is a shortage of live sporting events that have mass audience appeal, and it's become critical whether you're streaming or a live television broadcast network, so that's absolutely a direction that we're heading. >> the g-league that the nba sponsors is obviously already a threat to college basketball on this, the opening weekend of its biggest event. will your league similarly be a threat to college basketball >> here's what i would say if you participate in our league and you're 16 or 17, we will pay you. people often say, well, are these kids giving up their eligibility? and i say why is it about the young athletes in our league actually it's the ncaa that's

taking away their eligibility. so i would love for them to play in our league and prepare for a pro career and be also able to play in the ncaa and in the tournament but because we pay them for their work, there's some type of barrier there. so is it a threat? it's only a threat if the ncaa continues to expect athletes to be unpaid while generating billions of dollars of revenue if we rectify that, then i don't think it's a threat and i think we'll be able to prepare athletes both for the nba and ncaa eventually as well. >> dan porter, when we finish this, i'm going upstairs i've got two 15-year-old boys watching the ncaa. i'm going to ask them about overtime >> tell them -- >> thank you for being with us seema. >> all right stick around, we are going to get a nal ecfichk on these markets straight after this short break. sales are down from last quarter

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let's take a look at how we're going to finish the market week, seema. industrials are off by a third of a percent it was worse earlier after the fed moved early this morning to take some sort of technical moves regarding the banks that sort of took the wind out of the sails of stocks. but back they came as you see except for the dow off just

modestly. >> the bond market has been a big driver of the equity market, tyler. yields off the highs of the week but just the speed at which the 10-year yield has moved. we started this year at 0.9% and now at just around 1.7% so that will be a big focus for this market, ty. >> have a great weekend, seema great to be with you we'll see you all next week. thanks for watching "power lunch. sara and wilf are right along with "closing bell." tyler and seema, thank you both very much happy friday welcome to "closing bell." i'm sara eisen along with wilfred frost. dow down 11 points let's look at what's driving the action another leg higher in yields putting a chill on sentiment, although tech is in the driver's seat facebook, chip stocks rallying cyclicals are lower for a change peloton, zoom, airbnb all moving higher and a push and pull in vaccine