they have been buying back it's really the sweet spot when it comes to internet of things >> so much, too much money >> salesforce. it's down four it acts terribly slack deal can't close there's nothing to like about it buy it >> thanks if watching. "the exchange" starts right now. love that. nothing to like about it but go and buy it here is what's ahead for a busy hour a 2 trillion dollar bet as the president unveils his infrastructure plan. we'll break down the one sector analyst think no matter what ends up in final bill. what's the biggest risk to the market right now higher rates a covid resurgence we have some answers from our stock survey and goldman sachs wants in on the bitcoin craze. details on the potential plans to offer digital assets.

dom will join us i have a president ent for you. >> the lovely plant we have all for you. >> i'm going to take this plant with me right now. it might be a way to symbol infrastructure or digging or something like that. i don't know what's going on i'm going to hold this plant basi awkwardly. i'll put this on the side. the dow industrial is green like that plant at one point. the s&p up 32 fp nasdaq far out performing up nearly 2% on the day. 240 point gains. we're watching an interesting thing play out awaiting president biden's remarks on the long awatsed infrastructure plan. we heard about it from many presidents before.

united rentals is down now it hit horde highs earlier today. there's a question there's a little buy the rumor sell. i would notice that u.s. steel is up 2% on the day so far sells fell shy of expectations they upped their guidance for the full year. it's up 5% down component up 22% frror yea. tyler, i no longer have your plant but i'll send things back over to you. >> you handled it beautifully. president biden will unveil the plans of his infrastructure plan later today. it's his second major initiative following the nearly 2 trillio covid relief bill passed earlier

this month according to the white house, some of the key provisions of this new bill include more than $600 billion for transportation ungrades for roads, bridges and other mass traens transit. 4 400 billion to help care elderly and disabled americans it will be funded by the made in america tax plan increasing the corporate rate from 28% to today's 21%. measures to curb offshore profits by raising the global minimum tax. it's not a slam dunk at all to pass through congress while some democrats say it will help the recovery by creating jobs. republicans argue that more spending will send our economy heading in the wrong direction and saddled with more and more debt for more on how this could play out, let's welcome stephanie miller

stephanie, what are the odds that the president gets not all of what he wants but even most of what he wants and what are the odds he'll be able to pay for it by raising taxes. >> i think he will get a lot of what he wants or none of what he wants. >> who he is negotiating with mr. moderate democrats or republicans will shape where this is headed at this point it really seems like democrats are planning to do this on their own if that's the case, they can get a little closer to what biden wants than if they brought republicans in but probably not

that close >> the proposed corporate rate here would be 28% up from 21% today. there obviously some wiggle room there. the numbers could be moved a bit on a sliding scale one way or another. do you think any republicans would vote with president biden and the democrats on what you see as the bill right now or the package right now, including tax hikes? sgr dep >> depending houn on how they move it there congress, no

they are going to reverse course and raise taxes. that's a non-starter on the infrastructure bill there's bipartisan support i think the republican leaders already indicated he's not probably not going be on board might be able to get a couple of republicans. can they get to ten and get around a filibuster, probably not. that means they will go to reconciliation and do it party line, go it alone as stephanie alluded to that probably tilted more towards what the president is kind of outlined >> do you think -- brie yarngs let me finish the thought there. the idea then would be that the democrats would have to and remain completely united on

this can the democrats hold together? >> it becomes much tougher than what we saw in the covid relief package. >> the answer is probably but not definitely yes you had a couple of centrist democrats up in the northeast who suggested they will not support a package unless they get a reinstallment of the state and local tax deduction. they start to hold out, what's going to get them back on?

the point is, yes, they can do it on reconciliation they can stay united but the negotiations will be much more intense, much more complex than what we saw if february and march. >> stephanie, let me turn back the you. we know what the parties say about tax hikes. we know the democrats are open to the idea of raising taxes on the wealthy of i believe it's household incomes of 400,000 or more we know the republicans oppose the tax hikes as matter of prin principle. what does the country say in what do voters say are they posed to the idea of raising taxes on the 400,000 and above people are they opposed to raising the corporate tax back to 26 or 28%. what do the people say >> loif that question.

it's way lower than it was before 2017. i also think there's changes or fixes maybe they could position it that represents with very gettable voter base that's oscillating between voting for trump in 2016 and then sort of creeping back over to biden. >> if a republican did that, doesn't that guarantee that they would be primaried

>> i think both parties are in parallel disarray when it comes to the pressures from the outer edges. i think it's hard and i think democrats don't seem to be interested in seriously negotiating with republicans if they were, i think republicans would be amenable. >> interesting i don't know how process that. thank you very much. bryan always great to see you. >> we'll see you again soon. the $2 trillion infrastructure investment plan would help rewire the semiconductor industry in the u.s. chips are the building blocks of the digitally economy. powering everything from elec electronic devices to cars the likes of applied material, kla corp., they all stand to gain dpr a hard reset when it

comes to semiconductor investment joining us now is vivek. he's a research analyst at bank of america securities. you argue in nip way this cookie crumbles of infrastructure spending, winners will heavily tilt toward semiconductor companies, semiconductor manufacturing equipment manufacturing companies and like why is that true >> thank you, tyler. i think there are twa pekts. we're in the midst of unprecedented digital transformation it will not just be a bridge or road or broad band li it will be a smarter bridge. the second the the competition to be more self-relieant and self-sufficient. we think it is a o as important as energy independence has been in the last century. both the aspects of

transformation and competition will drive ithe u.s. i think companies like broad come are in the smarter industrial like texas instruments or automotive industries they're the basic building blocks >> before i get some of your favorite stocks in these various spaces, let me ask you a question about 5g. i don't know what that extra gx will do for me as a consumer is 5g and its potential build more on what it can do for consumers, individuals like you and me, or is it what it's going to do for businesses and their processes and their ability to

deliver or create? >> sure. 5g will have three different applications or something new to it first of all, it's foster mobile broad band every generation has brought us another step up in speeds. if 4g was able to dlaeliver a fw tens of megabyits, 5g can take that out by ten. second aspect is 5g is unique in a spectrum can be carved up for other applications it's connecting a lot of cameras and other senators that will -- sensors that will be used by 5g. the key is that today, china is leading in 5g. last year they had 70% of the

global deployment of bay sse stations that's really a positive >> it's a question really of speed and i have to say the 5g on the company i use is intermittent it's a question of speed and the connected world. let's go to the stocks you think will benefit most. gich m give me two or three names >> sure the top one is applied materials. if second area that we like a lot is automotive. the third is 5g infrastructure marvel is the one we really like

because it's exposed to every base station vendor that will help us export all these new spectrum and the auctions that have gone on those three would be the ones on the top of the list. >> very clear answer there thank you very much. coming up, nearly half of the participants in stock survey say there's one thing that tops others as the biggest threat to the market and we will tell you what it is and break down all the numbers. apple moving high r as ubs upgrades it to a buy and hikes the price target flp as the stock looks to great a two month losing streak. that's been rare for apple the details are ahead.

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welcome back cnbc out with its quarter stock and investors seemed to be concerned about interest rates when asked what the biggest threat to the market is now, 47% said higher rates. 29% said another covid wave and 24% said higher taxes. joining me now with more on raising rates and impact on stocks is jim mcdonald

jim, welcome back. investors seem worried about rising rates if i'm reading you correctly, you say whooey you expect rates on the ten-year to fall toward 1.25% from the quarter 1.7% level why do you see that? >> well, first off, our expected range is 1.25 to 1.75. we think rates are justified but they are influenced by the fact that rates started the year on the ten-year at 1% and have gone str straight up to 1.75. we think the higher levels will bring in new buyers. we think inflation expectations have probably peaked and that means that we likely see the short term highs in interest rates. >> you are not -- so, let's work our way back what i'm hearing you say is you

are less worried than the market is about incipient inflation even potentially in the face of another two, three trillion dollar stimulus package that would flow through >> prices are recent discussions with companies indicate they are seeing some pressure on km comm commodity prices but unable to pass it through at the retail level. we will see it lead through pressures but we don't think that's going to persist. i think it's really important to understand, inflation is not juan time rise of prices it's a year after year after year increase. we have just been in a 20-year period of disinflation and we don't think that's over. >> yeah. you've got a lot of disinflation or depolice station nar pressures throughout the system. let me drill on one of the things you just mentioned. that is commodity prices

i'm thinking specifically of lo housing and hold building. lumber is way up that price rise is not being passed through people buying new homes or improving their homes >> i would say that is clearly being passed through when you look at what's going on, there's food and beverage where you have higher alum numb costs and higher on the food side the retailers in those spaces are not able to pass that through. one thing analysts will have to pay attention to here is the companies that are seeing these cost pressures and whether they can get a pass through housing is red hot there's very low financing costs. ij those costs are able to be passed through and still be able to be afforded by the consumer >> if you were to answer that question that we began with, what's the biggest risk to the market going forward interest rate, covid or higher taxes. how would you order that sdm. >> i would order it first interest rates i would order it next taxes.

i think covid is not a material risk anymore of the markets. we're talking about a fourth wave we got through the second wave without any confidence that vaccines were on the horizon and the market didn't blink. what are the odds that the fourth wave will cause the material a decline in the markets. i think it's really no longer there. >> that must explain why what would be a 60/40 stock, you're at 68% risk asset or equity and 32% something else, right? >> that's correct. that's a reflection that we expect a low return environment. it's a bit of a hedge if we're

wrong on the view that inflation is going to stay contained >> bitcoin ain't cash, is it, jim? >> bitcoin is not cash >> thanks very much. good as always to see you. coming up, more positive news on the vaccine front as pfizer announces its first result in trials involving teenagers. we have those details coming up. hopping on the bitcoin train. exclusive details on goldman sach's potential push into the world of crypto. coming up, we will speak with the coca-cola ceo about corporate america's response to the new georgia voting law you won't want to miss that from the biggest company based in georg georgia. right back after this.

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welcome back let's take you through the markets now. the dow is higher. at one point it was you were about 106. about 42 points higher 41.7 nasdaq is higher as well the stand out right now, as you see, right there is the nasdaq up 258 points or nearly 2% sectors, consumer discretionary and consumer services are your leaders. financials and energy are your laggards right now as some of the energy commodities are moving lower take a look at some of the

movers this hour shares of chewy are higher and better than expected guidance. strong customer acquisitions in spending trends are socme of th tail winds harley davidson spiking higher it was the first time since 2016 that it had rated that stock outperformed the company change in strategic direction were among the positive factors behind that upgrade. marijuana stocks are rising higher new york state passed a bill to become the 15th state to legalize recreational use. let's go to rahel for a cnbc news update. >> prosecutors say the derek chauvin trial are laying out what happened before george floyd was arrested christopher martin described how floyd bought cigarettes with what martin believed was a counterfeit bill and how he looked on with disbelief and

guilt as floyd was arrested. honda will replace fuel pumps that can cause engines to stall. russian opposition leader has start add hunger strike in prison he's protesting what he sees and says is a failure of officials to provide proper treatment for his leg and back pains proterss are back on the streets in myanmar france has called another emergency meeting of the u.n. security council as the death toll has topped 500. tyler, back to you thank you very much. coming up right here, right now, ubs says no super cycle. no problem apple is a buy right now plus, amazon back deliveroo fails to deliveroo big time and there's a new way to celebrate at robinhood

that's all ahead in rap id fire. we show the chart and tell the story. today's chart is coursera. it's up 18% in its trading debut. there you see it moving higher here is the ceo on why he is bullish on the road ahead. >> institutions, businesses and governments and even campuses are now really in need of online learning it will cost us to build a direct sales force but that institutional learning where people are learning at work and even earning fully accredited bachelor's and masters degrees while working, we think that's what the future really looks like

we see breakthrough medicines getting to patients in record time. at emerson, our automation software is empowering pharmaceutical companies to accelerate their production of critical vaccinations for the world. emerson. consider it solved.

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let's catch you up on a few stories that should be on your radar. time for rapid fire. let's start with apple it's moving higher today after ubs upgraded the stock to buy from neutral the move reflects a stable long

term iphone demand environment along with apple's entry into the auto market. the stock has lagged the broader market since february as rising bond yields put a dent in some to have big tech names josh, let me start with you. apple has under performed the first couple of months this year basically a little bit ahead for march. it's rare that apple goes through a slump like this. how important is it for that company to have this kind of upgrade and how deeply do you buy into the thesis that this is a company that could be major player in the auto space >> apple, listen, it is coming off 2020 where you saw this remarkable run up about 80%. there were some on the street who did have concerns. what are the catalysts they were wonder that would move this stock higher. i'll give the alternative take it doesn't have to be a super

cycle. there's so many people who are older models and by older they say three plus years they are counting on enough people in older models that will keep upgrading to new phones with those features that are faster, tougher, better camera and they think the 5g roll out picks up speed in the back half of the year. it's why guys like gene munster continues to bang the table. he thinks apple is the best performing fang name this year >> let me turn to you, do you see a day when apple is an automobile manufacturer or is the more likely path that they partner with an automobile manufacturer and deliver maybe the heartbeat and the brain of an automobile? >> it seems like that's the way they are moving. they did try to build car all by themselves and a multi-year project that seemed like it had a lot of problems associated with it.

they have moved into this partnership route. building a car is really difficult. maybe the fact they have been taking a long time on it suggests when this thing does arrive, it will have a lot of pullish on it. amazon is one of the company's biggest backers. it owns 11.5% of shares after the ipo. what went wrong here, kate >> i think there's a few different things but one is uber having to reclassify its drivers in the uk. actually as employees saying that they are able to get minimum wage, paid time off and

potential concerns around what that means for other gig economy players. they are not just food and grocery. they are in whole delivery they have a ghost kitchen component. i know there was a bit written about the duel class structure and that being a turn off for investors. profitability also a factor as it is with many of the delivery companies. i think particularly in london and in uk there's a lot of focus on what happened with uber and how that may have a ripple effect for some of the other companies operating in the gig economy in that space. >> deliveroo of alcohol, josh. this is sort of been floperoo so far. it's gone down 35% on its opening day amid the hype. this is a problem and the path to profitability is the issue. >> yeah.

kind of these fast growing names that really benefitted during the pandemic i think you see investors questioning what does life look like for the names the growth rate for the flames after the pandemic ends. post pandemic when the world looks more normal. take a door dash take that example. look at that chart yikes. that's down 25% this month it's up about 50% from its high. >> let oos's move onto the next. that is the alt snacking space. whatever that means, that's heetsing up. i think of plant based foods like the oatmeal thing i see there's plant based jerky products plant based eggs

talk to me >> eggs, jerky, milk, ice cream, et cetera. we asked pitch book particularly about the plant base and alt snacking component of the industry the jerky market was under $4 million in 2019. the analyst said he think that could grow into the mid teens, millions all types of things. eggs, proteins they will be working on alternative and plant based snacks and dreinks the pandemic has accelerated this trend so many people were grocery shopping possible foods and beyond meat are looking to bring their prices down. consumers are opening they eyes of indulging in those and looking to get healthier

there's the environmental component of people looking to put their money where their mouth is a will the of room to run it an space to grow there. many companies looking at that >> i am no skeptic here because i see an awful lot of people going on plant based diets for health reasons, for economic reasons and indeed as kate points out for environmental reasons. how about you? >> i'll throw another factor into the nmix which is the rise of remote work you have a lot of very eco conscious people that were getting all of their snacks at work now they are responsible for all of their own snacking. as people are settling into long term remote work you'll see much more snack conconsumption. >> i'm using a lot more oat milk in my coffee, on my cereal almond milk as well. josh, are you a convert yet? >> i'm not the guy to talk to about this i've had one plant based meat

and it was only because i mistakenly bought plant based meat balls at the grocery store. that tasted like sawdust i'm not the guy here i get it one question and maybe it's for kate as you raise the profile of these plant based d meals, doet raise the profile of the acceptance of those alternative proteins cri cri crickets some think bugs, big business. >> kate is just smiling. >> i might not be the person to ask about eating crickets. that doesn't seem like something i would like to indulge in i've been using a lot more oat mil milk and dairy alternatives. i think there's a lot more discussion and awareness 140 different companies working on different darp ri alternatives that market will continue to grow in the years to come. beyond and pepsi will be big

>> robinhood canning the controversial confetti on its trading app after facing criticism. here is how the ceo responded at february's house hearing >> confetti talls every time they place an order. they get push notifications. they are encouraged to trade if a trend signs up, they get a free stock, on and on. why have you added specific gaming design elements to look like gambling to your app? that encourages more frequent trading. >> congresswoman, as i mentioned earlier, we want to get people what they want in a responsible, accessible way we don't believe in gamification >> you will see the con fefetti that the app used sth d to shown

the right is the update. if you're not showing confetti when you sell, which i'm told they did not do then you're subliminally telling people buy, buy, buy >> right the number one reason that people were trading a lot on ro robinhood is it made stock trading free for first time. that's the big factor. there were things they were doing that led people to want to do it even more. showing people confetti does give the whole thing a certain slot machine element to it i think it was way past time to get rid of features like these and try to encourage slightly more responsible trading >> do we need to protect traders from themselves? if congress gets involved and says no confetti because it's going to induce people to trade and turn this into a game, isn't

that rather patronizing stance to take? >> i think you can look at it from both sides but congress pointing out the confetti might be gamification was enough for robinhood to change that and say we'll use confetti when our users meet certain final goals of theirs to make i less like a game you know, whether or not it's game fi meification and making u and games and whether or not they need to be protected, i don't know if i'm the person to answer that. >> josh, final thought is yours. >> yeah, i want to be careful. here is what i don't want. i don't want new online traders to sit and watch this and say, josh lipton, thanks for your ins insight. thanks your your guidance as you try to save me from myself and i'm an adult with my own money

and make the bets like i want to do i get how robinhood is under a ton of scrutiny and thought we don't need to be known as game fiing platforms. if you had to kill a feature, this would be the one to do it >> thank you good fun as always another big step toward covid herd immunity from pfizer today as the vaccine provered effective in teenagers we will get the details from the latest study and what it would mean for the economy let's look at the plmarkets now. the nasdaq up 2% the s&p all time high and inmping closer to the 4,000 mark leading the s&p right now. the we're back after this. diane retired and opened that pottery studio. how did you come up with all these backstories? i got help from a pro. my financial professional explained to me all the ways nationwide can help protect

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we see smarter software delivering cleaner power. emerson's breakthrough technology enables the power industry to integrate renewable energy sources to modernize and improve the electric grid. emerson. consider it solved. i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow.

welcome back pfizer says it's covid-19 vaccine is 100% effective in kids age 12 to 15. the drug maker hoping to get the vaccine authorized for emergency use in that age group before the new school year. meg joins us now with the very latest on this this is a little bit personal for me because my son, as you may know, is 15. >> there you go, tyler it would be months away from when a vaccine could be available for him. pfizer has been testing its vaccine down to age 12 and that existing clinical trial that it used to test it for older folks. it's the same dose what that he found in this group of about 2200 kids ages 12 to 15 is 100% efficacy against covid-19 disease they got that 100% because there were 18 cases among people on the placebo and none for people who got the vaccine. those are still pretty small numbers but a very strong result importantly, they also saw that

it was well tolerated in this age group. they weren't surprised to see that the immune response was stronger in younger people because you often see that they had to look closely at whether that led to how you feel after the shot well tolerated is what we're hearing. the ceo of pfizer says it plans to submit the data to the fda in the coming weeks and other regulators around the world with the hope of starting to vaccinate the age group before the start of next school year. the company is also moving into you younger groups last week starting a clinical trial in ages 5 to 11 and planning to move down to ages 2 to 5 and as young as 6 months. a lot of parents hoping for vaccine protection for their kids this is coming >> those 6 month old infantastics will have a sore arm. i sure did let me ask you a couple of questions here, if i might you said that sample group here

was 2200 or there about. is that a large number for a test of this sort? is that a common number and is that sample divided 50% placebo and 50% receiving the vaccine or not necessarily? >> i believe it was one to one just like we saw in the adult trials i'll have to double check the numbers for you. it is relatively large study although we know that the vaccines were tested in 30,000 person studies for those overall efficacy figures in older folks. this is fraction of that we know enough about the vaccines they were looking to see they were well tolerated and turned out seemed to be stronger than the immune response in people ages 16 to 25. they are getting the answers to bring there to the fda >> that's fantastic. thank you very much. good to see you. still ahead, dpoegoldman sa

following in morgan stanley footsteps and looking to open bitcoin investments to certain clients. don't miss cnbc race and opportunity special tonight at 8:00 p.m. eastern time amid the rise in antiasian violence in the u.s. we'll look at the u.s. and and social challenges facing the asian-american society m.onht avon ceo and that's 8:00 p. tig

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welcome back goldman sachs joining the ranks of the big banks cnbc.com banking reporter broke the news today and spoke with goldman's incoming digital head and says the bank intends to offer a full spectrum of crypto investment vehicles to the wealthiest clients how wealthy do you have to be? >> yeah. typically in the private wealth management group it's 25 million

and up this is for individuals as well as foundations some cases family offices and not just individuals but, yes, pretty wealthy. >> when she says a full spectrum of products for this class, what kinds of products are we talking about beyond the basic ability to buy and sell bitcoin in your portfolio? >> we have the contours of their intent and we know this is going to happen or that they plan for this happen in the second quarter which is right here. they're talking about an array of different exposures if you want to own physical bitcoin which is obviously a funny term to directly own bitcoin you should be able to do that through the vehicles they talk about, should be able to invest in traditional funds and if you want to have derivative exposure, to own a bet on the direction of bitcoin, if you want to short it i think that

ultimately will be part of what you can do and not just bitcoin but to be clear they're sort of want a larger umbrella than just bct and looking at box chain, digital assets >> so now it seems to me that this has raised eyebrows in part because formerly goldman and certain high-level people at goldman, i think the head of the wealth management group were not favorable toward bitcoin and cryptocurrencies at all. >> yeah. no, you hit on something that's key that we haven't talked about which is this push and pull not only within specific firms like goldman but wall street at large and plenty of people to find who think it's a story that's not going to end well or it's based on nothing so the chief investment officer that you refer is well-known for her

skepticism of bitcoin, not an appropriate asset class and not new but shows at the end of the day on wall street the clients -- client demand comes first? if enough critical mass of clients are asking for it then you better cater to these guys because this is not something to afford to ignore. >> there's no place more so than wall street where money talks and this is really a 180 because i believe that person to whom you referred said it was not appropriate for investors. bitcoin not appropriate for investors now the demand is there and so presto changeo there you go, rikght? >> it's a capitulation i think they were hoping it would go away but the fact that it's existed and continued to

exist from the previous boom and bust to the current boom and the fact that people have -- they're sort of two buckets of interest. whether you talk to the rich clients. one thinks this is a hedge against hyper inflation which all the money printing happening i guess there's a narrative there and the other is this is a dawn of a new internet and let me get into it somehow and call up the goldman investment officer. >> thank you coming up on "power lunch," the co cola cola ceo will join us i'll join courtney on the other side of this quick break

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we see breakthrough medicines getting to patients in record time. at emerson, our automation software is empowering pharmaceutical companies to accelerate their production of critical vaccinations for the world. emerson. consider it solved. i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you

one step closer to a better tomorrow. with every vaccine, cvs is working to bring you hey, it's good to see you. the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. cisco. the bridge to possible. good afternoon and welcome to "power lunch. courtney will join us in a moment here's what's on tap the s&p at a record high to close out the first quarter. so what's your best bet for the second quarter we'll break down the trends this hour dozens of blac