growth outperforming value, tyler. the three best performing stocks on the s&p all have ties to the reopening trade. we talked about norwegian cruise lines submitting that letter to the cdc, tesla, and the two sectors that the in the red, energy and real estate it really tells you where investors are placing their bets. >> thanks for watching "powe lunch. "closing bell" starts right now. >> welcome, everyone, to "closing bell. i'm sara eisen along with scott wapner who's in for wilfred frost. the dow and s&p 500 setting intraday records the nasdaq is up more than 1.5%. we are tracking for two record closes sentiment starting off on a high note following friday's blowout jobs number. march jobs increasing by 916,000 with the unemployment rate falling to 6%. tesla among the biggest winners

after the company beat expectations for first quarter deliveries we'll have more on that in a bit. and the president's infrastructure and jobs plan remains type of mind for wall street along with those tax changes. to that end janet yellen pushing for a global minimum corporate tax rate in remarks today. 59 minutes left to go in the session. record close watch, scott for the s&p and dow. coming up cleveland fed president loretta mester joins us following friday's big jobs number we'll ask her how a stronger than expected rebound could impact policy. plus world bank president david malpass joins us as well let's get straight to the big stories we are watching this hour mike santoli is tracking the market rally joining us with a look at where retail investors are putting their money to work is j.j. kenihan. mike, you start off with the

market action. >> yeah, scott pretty positive action it was pretty much a gap at the open and we've got sideways since then good economic news does still get traction in the market s&p 500 over the last year i pointed out the 4,000 on the s&p didn't have a whole lot of technical significance people were targeting 4,100 as a little bit of a test because it coincides with the upper end of this trading range we've been in for a while. if we talk about the market getting short-term stretched as it was here on september 2nd, we had this burst higher. it was a little bit higher we've compounded on the s&p close to a 25% annual rate so it doesn't mean short-term concerns will manifest in poor returns even if you have a setback wanted to point out a couple of subsectors of the market that are not quite at record highs. this is going to get a little

more focused, i think. semis are just about at a high we're kind of just challenging that level from a few weeks ago. the nasdaq 100 more prominently is still sort of well below, laboring below that high this is the vanguard extended index, everything except for the s&p 500. it has a lot of hypergrowth mega cap names. so it's not necessarily an all-inclusive rally to the highs. as a matter of fact, the russell 2000 is underperforming as well. we did want to look at the volatility this is a two-year look. we talked about how 20 was acting as a little bit of a floor. we've collapsed below that i want to show you what it looked like in 2019 when we had this more kind of grinding, mostly uptrending market it was really from 12 to 22 was the dominant range that's when you get into this boring market. real question whether we can get

here because the underlying economy is volatile. it's going to grow really fast but that creates more unpredictability about where yields are going to do, what stocks are going to do and what policy is going to look like. >> broad rally today, though, right? you've got new tech highs. facebook, alphabet, microsoft. then a number of etfs hitting new highs today. it's pretty broad. >> i would say it's eclectic in terms of its leadership. it's not as broad as you would expect in terms of the number of stocks that are building on those gains. from the open there are a lot more stocks that are down than up doesn't mean this was the culmination of a rally but it does show you it's not as predictable in terms of being just growth, just value or just small caps which has been the case over the course of a lot of days. >> there's been a lot of either/or days it's good to see that too. for more on the market, let's bring in j.j. kenihan from

td ameritrade. what do you make of today's action >> it's pretty incredible. we start out with the number from friday. you didn't have any underlying stocks in premarket, et cetera, so i think people were maybe a little hesitant to get the futures too far away from the underlying stocks. then you had that ism number this morning which helps just confirm everything we saw in the jobs report. also i think, scott, anecdotally, people are off this weekend, three-day weekend weather nice in many areas of the country. they're seeing things open back up they're seeing people at restaurants. i think there's a psychological element to this also. >> you've got your movement index. what's retail doing? what are we thinking now >> so three months in a row, scott, we've seen our imx and it measures what people actually trade, not what they say they might do

three months in a row our clients taking more exposure to the market continuing to buy for 2021 taking 8.5% more exposure in march than they did in february. maybe back to the optimism that we see overall what's really interesting to me is some of the areas they bought we see apple which has been a perennial favorite we did see some chips. we saw amd, we saw nvidia and a name you don't often see, walmart. walmart hit its six-month low tick last month. our investors were there to buy it our clients are 100% there ready to buy a lot of underperforming stocks. >> the tech names are also interesting, j.j we've wondered whether growth is back in favor after a few bumpy weeks. the nasdaq hasn't caught up with the s&p and the dow. do you think it resumes its leadership position based on the

action you're seeing from retail traders? were they buying the dip >> i think it may continue in certain areas. i think chips will continue to do well. one of the things we saw on the sale side, sara, is facebook being sold people have been buyers of that the first couple months of the year facebook, i think, a little bit of that is some of the drama that goes with facebook, some of the government stuff, et cetera. but we do see apple, we do see microsoft so you have the opportunity for these faang stocks to really come back in a way. if you combine that with some of the things we're seeing with chips, we also saw square as a buy last month you see a lot of opportunity for those stocks to continue, which really the test will be as we head into earnings because i don't think anybody is going to be forgiving in this earnings coming up. you're going to have to perform or you're going to get slapped down so i think that's the most

interesting thing we'll come to to test the market. >> it is interesting that retail is looking to take some profits on some winners. you see that in facebook, which as i mentioned hit a new high today, but also citi group and wells. >> yeah, the banks particularly, it's a little bit of people and i'm going to say confusion i don't mean that in a bad way the market is telling you one thing with these 10-year rates, 1.7 and higher the fed is telling you something else, we're going to keep the money flowing. so i think a lot of our clients are like i'm not sure which way to go. they were buyers of banks last winter so they're going to take some profits and see where that leads to the other interesting name you've got a lot about is gamestop our clients were sellers of gamestop last month. it was like 200 was a trigger. as soon as it hit over 200, our

clients, particularly the week starting march 8th, our clients became big sellers of gamestop when it hit 210, it's sell with two hands if you will. so it's really interesting the price action there, 200 was the magic number. >> speaking of gamestop, what about overall retail trader participation in general, j.j., is it still hovering at the levels that we saw in january when the gamestop frenzy really started taking off or does it cool off a bit and does that represent a headwind to the market >> well, i think, sara, our clients tend to follow the overall market you've seen volumes falling over the last couple of weeks i think it's due to a couple of things this year more than ever perhaps spring break went more to people you had a report on earlier today about the fact the tsa reporting the amount of people going through security over the last week and a half or so has been absolutely phenomenal,

we're nearing pre-covid levels so normally you see a little break this type of year as many people have spring break and the fact that so many people have been in front of screens, working longer days than normal and see their kids in front of screens all day long i think people really, truly want to take a break more than ever, so not completely surprised to see volumes in the market falling off overall as the year progresses and more things happen, i think you'll see volumes return maybe not to the january level which was crazy but i think you'll see volumes snap back up. >> j.j. kinahan, thank you. >> thanks, sara, have a great day. after the break, loretta mester joins us for a first on cnbc interview following friday's jobs blowout number you're watching "closing bell" here on cnbc 49 minutes left of trading

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the dow is up more than 350

points dow and s&p 500 hitting intraday record highs following better than expected jobs, that report on the march numbers u.s. treasury yields also climbing over the weekend. could this prompt the federal reserve to raise rates sooner? loretta mester joins us for a first on cnbc interview. great to have you join us, welcome. >> thanks for having me sara. >> does it change the way you think about your policy path >> so it was a great report. it's nice to see those numbers you know, we're still almost 8.5 million jobs below where we were before the ppd, so we need more of those kind of job reports coming out to actually make more progress than we've seen so far, but i do say the economic outlook is brightening we're hearing that across almost every sector in our district i think the vaccination rollout is certainly part of that.

i think that's gone much faster than some of us thought it would. it's allowing for more relaxation of safety restrictions, there's high levels of savings, there's p pent-up demand and there's that support of fiscal policy and also monetary policy so i'm thinking that we'll see a very strong second half of the year but we're still far from our policy goals so that's what we're looking at and i'm particularly looking at as a federal reserve policy maker are we at maximum employment are we at 2% inflation and moderately above 2% inflation as our forward guidance says. so it was great to see that report we need more of them coming our way. >> the market is pricing in a federal reserve interest rate increase december of 2022. that's a full year ahead of where you guys are forecasting raising rates. who's wrong? >> well, we all have our own

forecasts, right what we're doing is sticking with our forward guidance. of course that's based on what happens in the economy so you can have different policy paths. the market can have a different forecast than us fed policy makers do. i revised up my forecast for the economy from december to our last meeting when we had new seps, taking into account some of the resiliency we've seen in the economy so far i like to point out to people who say, wow, the economy is really resilient, it had a lot of help from fiscal policy and from monetary policy so i think that explains some of what's going on. i think we need to be very deliberately patient in our approach to monetary policy and really focus in on hitting those goals that we have for monetary policy >> sure.

patience may be for rates, but what about all of the asset purchases, all of the bond buying stimulus that's out there. do you think it's realistic, for instance, to expect the taper to begin before the end of the year >> well, again, we're going to be consistent with our forward guidance, so it's really about how is the economy going to perform over this year you know, we've said that we're going to continue at least at $80 billion per month on treasuries and $40 billion increases in abs until substantial progress on our goals have been made we had a good report but as i said we're 8.5 million jobs below where we were when the pandemic hit so we just need to see more progress and see more of those kind of good numbers coming our way. >> president mester, it's nice to see you it's scott wapner. you said recently we're not going to let inflation run ramp

anx ant. i'm wondering where you can control where inflation goes, especially given the fact that you've got now a $2 trillion infrastructure plan on the table, not passed but on the table on top of a considerable amount of money that's already been spent >> well, you know, we're going to be looking at the readings on inflation. i think in the next couple of months we'll see some high ones. but the real question is are those high readings -- and as you know, some of it is because we had very low readings a year ago. so the real question is are those going to be sustained. there's some supply chain issues that are going to contribute to higher inflation readings, but is that really going to be an elevated inflation readings for overall consumer price inflation? and my guess is and my forecast is that, no, we're going to see some high readings but they're

not going to be sustained. when i talk to business contacts in the fourth district, a lot of them are citing some input price increases that they're facing because of those supply chain issues but when you ask them are you planning to pass some of those cost increases on to their customers, they don't feel like they have that type of pricing power. so that sustained continual increase in inflation, i don't expect that to happen right away i think we'll be acouple lafb on our policy because we do want inflation to move up above 2% for some time. of course we always have to be evaluating the economic outlook and the economy. things could turn differently than i'm anticipating. but i don't have a concern that inflation is going to run away from us. there isn't a lot of evidence that that's happening now. and the factors that held inflation down over the last

long expansion, so that flat phillips curve, globalization, technological change, those things are still working so they're going to work against the demand and supply factors that are going to be pushing inflation up and then we'll have to see, but we have tools at our disposal if things turn differently than we expect i just don't think that that's the high risk now that we're going to see that happening. >> and the fed chair himself has said he'll use every tool he has in the box and he still thinks you have a considerable amount of tools remaining let me ask you this. he continues to use the words temporary and transitory as it relates to inflation what does that mean to you are we talking four months, is that six months? is there a time frame that you have your mind wrapped around that transitory or temporary really means >> well, it depends on the causes of the elevated readings. some of the reasons that

inflation will be up is because some of those low, low readings we got when the economy shut down will fall out of the numbers. they're transitory some of the supply issues may take a bit longer. some of the people we talked to about some of the issues in the auto industry and the chips, that could be a six-month thing before capacity increases so it depends on the causes of those higher readings. but again, a lot of the things that we're hearing in terms of the supply side is that it could last six months or so. but that's different than seeing it pass through to long run consumer price inflation that we would not to sort of think about is that underlying inflation that we're aiming to get a little bit above 2% for some team >> what about the move in bond yields off of all of these factors, higher growth prospects, potentially more inflation. we've seen the 10-year yield

reaching 1.78. not surging today, interestingly, off the back of jobs we saw it a little on friday at some point or what level does it stick out to you as a potential worry and going against what you're trying to do >> sara, that's exactly the way we should be looking at it from a monetary policy point of view. so far financial conditions are still overall very accommodative. i think the higher yields are understandable based on the improving economic outlook and the increase has been an orderly increase so i'm not concerned with the rise in yields. i don't think there's anything for the fed to react to, again being deliberately patient in our policy i think is supportive of this better outlook we're really focused on our goals as laid out in the forward guidance in our statement, so we just have to stick with that be consistent and stick with that and as the economy unfolds,

we'll see whether making those -- whether the economy is getting back to maximum employment and price stability goals or not >> finally, is there any part of the economy or the markets that just looks like it needs to cool off to you, it looks like it's being a little overdone, whether it's housing, where we're seeing prices rise 10%, which makes it hard for first-time buyers, or potentially gamestop and the rise in the retail trading frenzy, spacs? there are a lot of areas that seem ripe for speculation. what are you watching? >> there's always many moving parts. it's interesting because this recession was unprecedented. it was very unusual. a lot of the things that happened in the economy were very unusual i'm not surprised that the recovery is quite unusual too in different respects i'm always watching to make sure

that we have good resiliency in the financial markets. the banking system was an important conduit to businesses and so we always have to keep watching for things. but right now i think the outlook is pretty good and we're going to be continuing to focus on our goals and do what we can to support the economy and recovery as it moves forward. >> loretta mester, thank you for joining us today. >> nice to be here. >> cleveland fed president. we do have some sad news in the economics world today. the passing of bob mundell he was one of the foremost experts on exchange rates. he laid the groundwork for the creation of the common currency. he convened top economists for his beloved conference i was lucky enough to attend several years as a young

reporter the debate was always lively and deep in the weeds and there was a ping pong match between him and paul volcker he will be missed, he was 88 years old. want to make a name for yourself in gaming? then make a name for yourself. even if your office, and bank balance are... far from glamorous. that means expensing nothing but pizza. your expenses look good, and your books are set for the month! ...going up against this guy... and pitching your idea 100 times. no, no, no! no. i like it. -he likes it! ...and you definitely love that. intuit quickbooks helps small businesses be more successful with payments, payroll, banking and live bookkeeping.

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welcome back here on thursday we told you about that bad batch of johnson

& johnson vaccines caused by a mixup at a factory in baltimore run by emergent biosolutions now the government is putting j&j in charge of the factory meg, i guess he wasn't convincing when he came on our show thursday. >> yeah, a lot of things to scratch your head about after that interview, including that bob kramer, the ceo of emergent biosolutions, said it was not a contamination of one vaccine with the other they had been working on both vaccines over the weekend j&j as told to take control of that factory and only make j&j's vaccine. astrazeneca will be moved to another location this after that batch of up to 15 million doses had to be discarded. we heard that it didn't meet quality control specifications, but jen psaki, the white house

spokesperson today saying there was in fact a contamination so they're only making the j&j vaccine at that facility j&j still expects to meet its goal of 100 million doses being delivered to the u.s. by the end of may you can see the supply we're expecting from the three authorized vaccines does get us to enough for every american by the summer, guys and so there is a question of what role does astrazeneca end up playing here. we asked andy slavitt from the white house this morning at their covid briefing about what this means for astrazeneca here's what he said. >> this is not a decision that had in any way anything to do with any concerns about the astrazeneca vaccine. it is still scheduled to go through the fda's authorization process as soon as an application is submitted >> so, guys, they are expected to submit their application to the fda in the first half of this month so we'll see how that plays out and where they ending up but for now j&j taking over

manufacturing at that plant. >> just a question on the rising case numbers that we're following and a little bit of a tick up in hospitalizations as well the death numbers, though, are still loecw. is that because there's a lag and we're waiting for that to happen or are we just in so much better shape not letting people die and are these antibody treatments finally being used? >> well, i don't know if it's the antibody treatments. it might be the vaccines having an impact that more older people are vaccinated and more older people usually account for most of the deaths. and so while you are seeing hospitalizations tick up a little bit, hopefully that won't lead into the same tick-up in deaths that we have seen in previous surges because of the protection from the vaccines we do know that some younger people are making up more of the hospitalizations now in some ways it's good news that vaccines are providing protection for the older folks now it's just the rest of us

that need the protection from the vaccines. we're going to talk about the battle against the virus when we speak to the ceo of quidel who just received emergency use information for its at-home test kit. here's the latest. a police officer who died in friday's attack on capitol hill does not appear to have been stabbed, slashed or shot this according to the associated press. authorities say noah green crashes his car into two officers and a barrier green was fatally shot after getting out of the vehicle and lunging at the officers with a knife. arkansas governor asa hutchinson has signed a bill to ban the transgender bill it only takes a simple majority to override a governor's veto. greg abbott is refusing to throw out the first pitch in response to major league baseball moving this year's

all-star game out of atlanta because of georgia's new election law get the latest on the expanding battle lines over voting laws tonight on the news with shepard smith. a hedge fund billionaire and his wife say they will donate 5% of their wealth every year they are the first to sign on give while you live that seeks to speed up charitable giving. back to you guys. still ahead on the show, world bank president david mal pass and his thoughts on janet yellen's call for a global corporate tax rate. plus morgan stanley chief u.s. equity strategist will join us with a sector shift he is recommending to clients. brand new note out this morning. a check on bonds yields are lower today the 10-year right around 1.72% we saw them tick higher in isishl

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we have some news on google. let's get to deirdre bosa for more on that. >> hey, so cnbc has learned that google parent alphabet plans in the coming weeks to stop using oracle financial software and instead start using similar software from another provider, sap. now this move only relates to the software that google uses to track finances there's no indication that the company is moving other systems off of oracle. however, remember, guys, just earlier today the supreme court ruled in google's favor in a long-standing lawsuit between the two. now, that is separate from this latest decision to stop using oracle software, but guys, the main point of this and the broader story is that increasingly these two tech companies are rivals and they're competing in the same cloud computing market so we'll continue to monitor

this for full stories go to cnbc.com. back to you. thank you. not hurting oracle stock still 3.5% almost today. we've got 24 minutes left to go before the bell looking at a record close for the s&p and for the dow. currently the only sector lower in the s&p is energy and we're seeing highs by microsoft, amazon, tesla, google. dow transports are also at a new record high so it is broad up next we'll expect tesla's better than expected first quarter delivery number and how one auto company is upping the ante in the ev space hey, dad! hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror?

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shares of tesla jumping today after the company blew past estimates for first quarter deliveries ford and gm are up a bunch as well phil lebeau with the details. let's start off with tesla and as you mentioned the stock moving higher as the company reported far better than expected first quarter deliveries they did this on friday morning

and we're seeing the impact on the stock today. what we're showing you here is the trajectory of deliveries on an annual basis. they are expected to blow way past 499,000 this year and that's what we're seeing after delivering 184,800 vehicles in the first quarter, many believe that they will deliver well over 800,000 for all of 2021. the estimate, the consensus is about 831,000 vehicles today a couple of things happened after reporting these delivery numbers first of all, webbush moved this to an outperform rating. jp morgue and and deutsche bank raised their estimates on the back of these delivery numbers speaking of wall street firms and ev expectations, wells fargo initiating coverage on gm and ford these stocks moving higher by 4% and 5% respectively. they like that ford is turning

around the company focusing on evs and like the way gm is positioning itself with evs. speaking of gm, this is the hummer ev suv. you might be saying, wait a second, didn't they already show us the hummer? that was an sut, a short bed in the back think about a pickup truck this is an all-electric suv. first edition starts at $110,000 deliveries start in 2023, but gm continuing to push the message that it will have a wide range of ev vehicles coming out over the next couple of years. >> ford too, right >> oh, yeah. >> ford is not sitting idle. >> no. >> i've been in the new ev mustang. it's sweet. >> the question becomes how quickly can they get all of these models, all of the ones that they're showing right now a lot of them are not coming out until later this year or next year or 2023 that's when people are saying we need them sooner. >> yeah. all right, phil, thank you

>> you bet. >> that's phil lebeau. straight ahead, could google be the best way to play the rebound in travel? we'll discuss next in the market zone you can always watch or listen p. us live on the go on the cnbc ap "the closing bell" will be back right after this the rx crafted by lexus. lease the 2021 rx 350 for $439 a month for 36 months. experience amazing at your lexus dealer.

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commercial-free commentary of the action going into the market close. today we've got nancy tengler back we've got better services numbers, hitting a record. both the dow and the s&p hitting record intraday highs and are on pace to close at record highs. what should we be watching into the close? broad based rally, energy sits it out we're seeing participation from tech, transports, reopening trades what else? >> you're seeing a good variety in leadership but for a market where you've been up a percent and a half on the s&p most of the day, it's a little spotty on the surface. if you look at financials are down it's actually stocks advancing and declining is not that strong so my point is it's selective. the market is finding a way to

keep itself supported. it's low key defensive because you have mega cap tech leading the way and high beta stocks are taking the back seat that could be the market's way of letting the overheated areas cool off but that's what i'm focused on as we lunge for new highs opening this morning and couldn't build on it. >> nancy, do we get away from the either/or environment we've been in to something where both work at the same time? >> that's a great question, scott. we have barbelled our portfolios to take advantage of that by having some of the deep cyclical names in there which we have been net sellers of recently and adding to technology as technology underperformed. i think when we get to the second half and the market starts discounting a slower economy, slower consumer spending, pent-up demand if you will, i think you'll start to see the growth trade reaccelerate but for now i think you want to hedge and you want a foot in

both of those camps. >> mike, you could have told a story today if the market was down and treasury yields were higher that there was a strong reaction in the bond market, big sell-off on the jobs report, on the services number, better economy, more inflation ahead and that was hurting valuations. why isn't that happening why do you think such a tepid response in bonds, which is also a green light for stocks, especially tech? >> it's interesting, sara. as we got into april there has been a little bit of a bid in treasuries some people have pointed if you hedge out the currencies, global investors like japanese investors can grab some good yield right now. also when you see the ism services and manufacturing well above 60 at 35, 40-year highs or all-time highs, whatever they are, it's almost a -- it doesn't really get much faster from here in the short term so maybe we're seeing a culmination of very aggressive economic indicators get priced in and maybe now we can just ride them for a little

while. i'm not saying this rise in yields is over, but clearly we've gone a long distance in a short period of time in terms of pricing in growth in the treasury market. >> travel stocks taking off today. seema mody is tracking that. >> tsa numbers ticking up, hotel occupancy improving and norwegian asking the cdc to allow its cruises to set sail in july from its u.s. ports virgin voyages backed by richard branson telling me the cdc requirements are unfair. cruise body calling the cdc's new requirements largely unworkable it's unclear how the cdc will respond, guys, but the cruise lines once again leading the s&p, led by norwegian cruise line more analysts saying that google is also a beneficiary of this recovery that we are seeing in travel and bookings. alphabet higher by 4%. booking higher by 1% scott and sara

>> google has always been looked at as a reopening trade. that's one of the reasons why the stock that had lagged last year in terms of the faangs is one of the leaders this year there's more opt sichl around the reopen that alphabet is going to do pretty well. >> mx also a big travel play. >> how much good news is priced in about the reopening, the rebirth of our lives >> a lot of stocks have run hard i think you want to be careful about jumping into the pure recovery or reopening phase. but assayer sara mentioned, youn invest in stocks like american express. we've stocks that haven't necessarily run as hard as some of the gaming stocks or even some of the cruise lines and those trades have been very

violent. so as long-term investors, what we recommend is that you find spots that will benefit consumer discretionary as well where we're way overweight that sector of the market. and you hold on. buy companies you can hold onto for not just the reopen but the growth trajectory that will be in place in coming years. >> what do you do, nancy, on the flip side with the stay-at-home winners. peloton is down another 2.3% today. not all of them are down, they have been hit relatively hard lately, but is it an either/or situation there? >> i think to some extent that's true some of the technology stocks will benefit post stay-at-home but some of the stocks like peloton that have a limited appeal in terms of hardware and usage, i think you might want to take opportunities where there's strength to trim your way out of or at least reduce your exposure

to names like peloton for sure >> by the way, speaking of reopening and travel, don't miss jim cramer's exclusive interview with the ceo of norwegian cruise lines. much more discussion about whether you can take cruises again. wednesday on "closing bell" carnival's ceo will be here to discuss when his cruise lines will set sail. a big monster battle delivering big results at the box office this weekend. julia boorstin with the details. >> certainly the biggest film opening since the pandemic began over a year ago. legendary's "godzilla versus kong" released by warner brothers far surpassing expectations the nearly $49 million opening weekend at the domestic box office far surpassing what the analysts' estimates were now, these numbers are particularly notable because just 55% of theaters were open over the weekend and the film was simultaneously released on

hbo max free for subscribers the box office prompting to upgrade amc shares that stock moving almost 15% higher today guys, back over to you take a look at imax as well. i want to point out that imax accounted for nearly a tenth of the domestic box office and those shares up nearly 5%. guys, back over to you. >> nancy, is this part of the reopening trade that you like, the movie theaters which have gotten crushed >> we're not in those, sara. disney is a great sort of diversified way to play the reopening. the theaters, you know, that's a trade if you ask me, so i'm thrilled people are getting back i hope to be in a theater soon i don't know if i'm going to see that movie but we're looking for, again, names that will continue to outperform once the reopening trade has taken place. and we're hedging all this with

calls against the vix, which we purchased last week, and puts against the spy because we are overdue for a correction at some point. then that might be an opportunity to step into some of these names. >> that's an interesting point, mike, that nancy makes about the vix. what, are we talking about the vix under 18 >> it was. it's a little over that now. look, you can look at it two ways one is that it's never been cheaper to hedge than it is right now. the other is that it's still stubbornly above 17. when the vix hits a new 52-week low the forward returns sometimes aren't that great in stock. so it's not so much that there's an absolute high number or low number that magically tells you what to do with the vix or with hedging, but it does tell you that it's certainly less expensive to protect downside than it has been for a while. >> assuming interest rates, mike, don't start shooting higher again, maybe you get into a more serene environment.

>> it could very well be. >> because we're looking forward to the reopening and the recovery. >> you definitely kochlt the market has behaved in a way that's conducive to that the index has been very orderly and in a calm uptrend. on the other hand when the vix is at 11, 12, usually it's because everyone knows the economy is going to be plodding along and not doing anything exciting just because the underlying economy is a little more dynamic or slightly more unpredictable, the vix might stay a little elevated out there. gamestop shares under pressure after announcing plans to sell stock. josh lipton has those details. i guess the word on this, finally, right >> so gamestop is in the red right now, scott, but it's well off its lows it was actually down as much as 14% in today's trade it's still up a whopping 800% this year. and now it's looking to cash in there, announcing today that it's going to sell up to $1

billion of additional shares in what's known as an at the marmarket equity program some investors do have high hopes for ryan cohen, the board member hoping to lead the charge here at gamestop they think hopefully he can work his magic the say way he did at chewy. >> what's retail's play going to be here? how important is retail for the market's next move is probably better said, just coming off of gamestop which was driven by retail. >> a lot of that has come off the boil to a fair degree. people pointing out option volumes are off the peaks they hit in january and february. you do see volumes in something like game stastop are way off the company will offer up to 3.5 million shares this was trading routinely more than 50 million shares a day and

more recently it's been 7 million to above 10 million a day. so 3.5 million incremental new supply shouldn't necessarily be that big a pressure point but it does require a constant flow of new buyers to take it up from these levels right now we don't know that the company planned in any specific way for this money they're going to raids. >> but at least they finally did it they could have done it since december amc did it what's taking so long. two-minute mark, mike. we are seeing the dow back higher, 380 right now. i think session highs was above 400 points what are you watching in the internals? >> it's just a little softer under the surface than you would think based on the headline indexes. nothing too worrisome but it's less than 2-1 advancing to declining volume on the new york stock exchange right now you would normally think you're up a percent and a half, it would be a little stronger small caps are really not doing

an awful lot today take a look at the equal weighted s&p, tells the same story. up 1%, that's a great day for the average stock and s&p. however, it's underperforming the mega cap led s&p 500 the vix did collapse late last week we got into a new month, into a new quarter. people probably seem less likely to enter on the downside it's whether we're going to see an upward grinding markets and that would probably cause downside pressure on the vix not a lot of programs out there systematically selling volatility the way there used to be just for income, sara. >> less than one minute to go before the close take a look at where we are in the market the dow is surging we're heading for a record close on the dow and s&p 500 the dow up 3 s74, what's takings there? home depot adding 50

microsoft, and others adding s&p 500 heading for a record close, still above 4,000 the only sector lower is energy. best performer, consumer discretionary, consumer services and technology each sector up 2% apiece the nasdaq up 1.7% having a very strong day growth over value but a lot of the sectors working. and small caps up half a percent. >> ringing the bell at the new york stock exchange today is wall street bound celebrating the organization's mission to recruit and train 10,000 diverse years for careers in finance by 2030 a big shout to troy prince for all the great work that he is doing. welcome to "the closing bell." i'm scott wapner for for wilfred frost along with sara eisen and mike santoli new records for the dow and the s&p. pretty good day there, up 372 plus for the dow rates holding steady, which meant that the nasdaq was

getting a decent boost there's the s&p, up almost 1.5%. not a record for the nasdaq but still 225 points higher. very strong day. coming up, the world bank president, david malpass reacts to janet yellen's new push for a global minimum corporate tax nancy is still with us greg brants joins the conversation mike, first comment to you. >> look, it was a faang-type day. we did have the great jobs number on friday that had to get priced in. it did in terms of some of the travel type names. the consumer did fine. but really what's interesting to me here is the market is sort of on the hunt for stuff that's lagged we're now at record highs. some stuff looks stretched if you want to look at the pure infrastructure plays, it's no surprise to the market that we're talking about infrastructure so it went back to being a

microsoft day. so you could say this is very healthy bull market behavior it's a pretty well supported bull market but i'm on alert that maybe sometimes this is the way the market acts when it's finishing up a rally phase as opposed to getting started. >> nancy, are you adding to positions at this point? are you sitting tight? >> we're adding. we have been taking some gains in some of the names that have had a nice run since last summer and we've been adding around the edges to names like corning, for example. we added recently to some of the consumer discretionary names i mentioned earlier. so we are remaining -- we're keeping our portfolios bif bifurcated with the hedge i mentioned in place and we're trying to be careful to take enough risk and not to pull back on the risk spectrum because we do think we're in the early phases of a new or continued bull market and we want to be

exposed. we don't want to just go after the deep value play because we think that's a cyclical trade. >> that's interesting. greg, mike has been asking all day whether the market is in a sweet spot now or is this as good as it gets. it sounds to me like nancy thinks we're in more of a sweet spot what about you >> long term i agree i think there's a powerful back-half story of earnings and consensus being too light. the jobs number is indicative of that it came in 50% higher than consensus. so the pre -- we haven't reached on estimates yet the pre-pandemic levels. many sectors estimates are a good 30%, 40% below those levels but there is something we have to watch out for which is a spike in inflation, although we know it is coming. if it is more acute than the fed said, the 2.2%, that level at which they would not worry about it, it may very well force the fed's hand and i think the

market is keeping one eye on that. >> so how do you position for that scenario, reg >> right now we're taking a wait-and-see approach. there are certain companies and certain sectors that we feel have a very powerful back half story. but when we see that spike, the market will react the way it reacts and so a spike in inflation would drive yields when we drive yields, that is more deleterious for tech and growth than it is for value and cyclicals. so on the tech/growth side we're sticking with stories that we know have legs, that we know have a powerful growth story that is underappreciated. >> mike, rates will very much drive the answer to your question, right? >> probably so the market has been sort of left to search for its own pain point on rates the fed is not going to step in and do much of anything to block it at this stage but i think it can make its peace at

successively higher yield levels it's shown it could do that. it's just a matter of which stocks can perform and lag in that environment we've been above 1.7 during this run, almost to 1.8 each time it has to prove it can sustain itself in terms of valuation on those levels. >> we did speak with the cleveland fed president last hour, loretta mester here's what she had to say >> well, we all have our own forecasts, right what we're doing is sticking with our forward guidance. of course that forward guidance is based on what happens in the economy. i like to point out to people who say, wow, the economy is really resilient, it had a lot of help from fiscal policy and from monetary policy so i think that explains some of what's going on i think we need to be very

deliberately patient in our approach to monetary policy and really focus in on hitting those goals that we have for monetary policy. >> loretta mester. mike, i thought she was pretty dovish, actually, as somebody who doesn't lean that way. despite almost a million jobs being created during the month, all signs point to sharper growth and she was optimistic but saying we're not in a rush to talk about tapering or higher interest rates that's key for the market to hear the question is whether the bond market pushes them on that or challenges them on that rate, right? >> exactly she's very much in that tight core built up around powell being resolute saying of course the economy will look better for a while. we are not going to overanticipate that moment we'll wait until it's in there in the numbers and you'll have to get used to the idea that

we'll tall late inflation running a little higher for a while. exactly right, is the market going to try or test or pull forward that date when the fed will have to get back in the game in terms of changing policy probably will. probably be scares along the wi but it's not coming from fed officials just yet. >> she didn't seem worried about that at all. i mean no matter how many times you could try to press somebody from the fed on the issue of inflation, they certainly think they can keep it under control if it runs a little hot, so be it they don't think it's going to be a long-term issue in one way at all. >> yeah, and that's right. and they have quantified it for us, right? they are expecting a spike this summer into the 2.2% range the question becomes if it goes higher than that or if it persists longer, the market reacts in anticipatory ways so we won't need direct words from the fed.

you'll see bond yields start to rise in sympathy anticipating that the fed will at least have to change its posture. >> one of the other questions here, nancy, is do higher corporate taxes hurt the market, hurt the economy if that's what's coming? if president biden gets his way and they pass it through reconciliation, what does that mean for the market and why do you think we're not seeing a sell-off >> yeah, the market has totally underreacted to higher tax rates. i think that's partially because we don't know yet exactly how far this is going to go. we had two big announcements today with senator manchin saying he's not at 28 but he could be at 25 and then we had treasury secretary yellen saying i want a global corporate tax rate for companies around -- or countries around the globe so i think people are trying to figure it out and how do we factor this into our models with potentially higher rates and

nowhere to hide. i also think that the individual will come to play because if we get higher inflation, higher interest rates to some extent and certainly higher energy costs, then some of that bullish picture around the consumer is dulled a little bit in terms of spending, and that will obviously impact margins labor slack will help. but we are watching all of these things that have factored into our bullish view in the previous months. >> so did i characterize you right? >> you did, scott. we're going to hedge away some of the risk. we did that last february. it was dumb luck, but it helped our clients immensely and kept us clear eyed so we want to keep the hedge in place because i think greg might be right, that the market is underestimating even the inflation decide of things and therefore will get more volatility as inflation spikes even if it is transitory. so that will be an opportunity

for many investors to get in for the next leg up. >> nancy tengler, thank you. greg, thank you. up next, mike wilson on today's rally and the sector he thinks that is ready to break out. and later, world bank president david malpass on whether treasury secretary janet yellen's call for a global minimum corporattax e will become a reality we're back in just 90 seconds.

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when you post your first job at indeed.com/promo major averages all closing in the green with the dow and s&p with record closes it's always good to talk to you. new records, so how do you feel about stocks right now what do you tell our viewers to do >> look, we're in this powerful bull market. what we've been trying to do, scott, we've been trying to rotate around, trying to catch these moves inside the market that have been quite frankly more important than calling the index. we've had some success in that most recently we made some more changes in that regard we think that basically this recovery is happening at light speed for a lot of different reasons. policy support, pent-up demands, vaccinations are going well. we're seeing a cycle progressing about two times as fast as it

normally does. it means we're going from the early cycle phase part of the recovery to the mid-cycle part of the recovery. what that means is there are certain things that do better in that kind of economic regime one of the key things we think will come back into favor is higher quality stocks. they have really underperformed, which is typical in the early cycle part of the recovery now the quality factor will start to work again. >> i'm kind of surprised looking at the notes it says that you prefer staples over discretionary i thought for a minute when i looked at that it should be the other way around, shouldn't it >> that's the way it's been. we've been the other way since the recession back in april of last year. we basically made the pivot to discretionary over staples as you go into mid-cycle staples do better. the discretionary stocks are classic early cycle recovery stocks everybody is bullish on those because we're going to reopen. the market knows that. we've had historical outperformance in the last 12

months so it's time to rotate away from those into areas of higher quality. >> you're impatient. we're almost moving to mid-cycle? it feels like we just started. >> we have in time, that's right. i think that's the trick here is that this cycle is moving twice as fast as normal. and that's a function of a lot of different things we've written about over time. weav we're in a different regime now. we have pent-up savings, pent-up demand think about this, we'll literally turn the economy on like a light switch. normally a recovery happens gradually as employees are hired back and business improves because of this one-time event of reopening the economy, it's going to happen more quickly and so that kind of tells us that it's time to move into the mid-cycle area. >> your staples call is interesting because a lot of people hate staples. but one reason they hate them is

interest rates are going up, yields are rising. that typically is not attractive for staples, which pay high dividends which are a low yield alternative. do you think that represents a threat >> yeah, but that threat has been taken out to some degree. first of all, to be clear, we are neutral on staples we went from underweight to neutral. we've been underweight because we expected rates to move up at the beginning of the year we are out of consensus but that is happening now. the market can no longer ignore rates and they have punished these stocks high multiple growth stocks have been punished. we think there's more risk there for the really expensive areas, but generally speaking the rate shock is no longer a shock anymore. it's a known known and now it's just a pace and direction and how fast we get there. >> so what does the mid-cycle call mean for faang? we really started to see them perk up today and some new highs across the board after they got hit pretty hard?

>> that's right. they have underperformed really since last summer when rates bottomed on a real basis that was part of our view. today we added google to our fresh money buy list for that reason now google of the big major faang stocks looks the best to us on a relative strength basis. it's got terrific fundamentals our analysts think it has some near term catalysts and they are very well positioned absolutely that fits the bill of higher quality for sure and valuations are more attractive bosses they have underperformed due to the interest rate increase. >> do you worry at all that inflation gets away from the fed? we have mester on today and not concerned one bit. >> yeah. i expect it to that's been our call the last 12 months we think inflation will surprise on the upside. it's probably not going to be as transient perhaps as the fed thinks or maybe as many investors think. and we think the risk in the near term -- most people think

hire inflation, prices are going up we think risk in the near term is more in margins we're hearing a lot of evidence that suggests that supply shortages are everywhere, inventories are at a record low. that's potentially good for orders but if the supply isn't there and prices go up for those goods or services, it's not clear that they can pass that on for the next two quarters. so we think the risk the next two quarters is high pressure. >> but if it is being driven by supply chain shortages and issues that we've had, wouldn't that argue for it being temporary or transitory when things eventually return to a more normalized environment without things like the suez canal issue on global chip shortage those issues should go away? >> they'll subside i don't think they'll go away. our inspection is that the fed

will achieve its goals and maybe do a bit better. we're going to see acute inflation in the next couple of quarters i agree we probably won't stay at those levels but the idea that we're going right below 2%, we disagree with that. we think there will be more persistent inflation they probably will be raising rates sooner than some people think. by the way, the market thinks that too the market is challenging that view because the evidence is becoming quite clear that we have plenty of fiscal, we do have supply shortages and inflation will probably overshoot. >> reminding me quickly of your s&p target for this year >> we're still at 3,900. we have a 4175 for our bull case we're right in the middle of that right now so the index level not that exciting but there's a lot of interesting stuff going on under the surface and we're trying to capture that. >> that's mike wilson from morgan stanley up next, mike santoli digs

into a new asset allocation strategy and why it could mean stocks have a lot more room to run. plus david malpass on how increasing vciti resacnaonat are exacting the global economic recovery looking forward to that as well.

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let's send it over to mike santoli for a look at how individual investors are allocating their assets. >> yeah, we often look at the weekly aaii investor poll. that's a sentiment indicator that says what investors are thinking at a given moment but they also ask these folks how their money is allocated right now it's right here up around 70% it's only been higher once before during the whole post financial crisis period in early 2018 so it is getting stretched basically smaller investors are very well exposed, have full allocations to equities. this is cash on the left scale that's pretty much as lows ait gets in the late '90s we are routinely above 70% equity so there's not a hard ceiling on this number. a lot of these are harkening back to late '90s type of regime but i think it argues against the idea that small investors have been sitting out the market, don't like it and

therefore have a lot more money that they have to throw into stock, guys. >> you've been looking at what institutional investors are doing. if you look at the bank of america flow show which we all pay attention to, there's record outflows of tech for the last two weeks. part of me wonders if that's like a contrarian indicator. >> right on a short-term basis it most certainly is it does tell you tech is starting to get some traction again in the market so i would say sectorwise that's probably true what's more interesting is the gloenl fund managers survey had very low cash allocations so pretty consistently across the board. i don't think everybody is all in but i do think largely people are exposed. this has been a year when it almost forced people to kind of raise their stakes in equitequi and they have. >> mike, thank you mike santoli. treasury secretary janet yellen today calling for a global minimum tax rate. up next, world bank president

david malpass on whether that would eliminate tax incentives for companies to relocate around the world. plus the ceo of diagnostics company quidel on whether demand for stteing will decline as more people get vaccinated. we'll be right back. that's a very good question. will there be an ev for me? what about me? an ev for me? what about me? can i get one too? an ev for this princess? what's an ev? and there better be one for me. and what about michelle from michigan? me? what about me? us? will there be an ev for me?

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rate. >> the consequence of an interconnected world has been a 30-year race to the bottom on corporate tax rates. competitiveness is about more than how u.s. head quarter quartered companies fare against other companies in global merger and acquisition bids it's about making sure the governments have stable tax systems that raise sufficient revenue to investment in essential public goods and respond to crises. >> world bank president david malpass joins us now for a first on cnbc interview. big week ahead, david. thank you for joining us so is this a good idea or not? >> hi, sara. look, i don't want to comment on janet yellen's comments, but what i want to say is for development, taxes matter a lot, incentives matter, the world is shifting a lot on international

taxation because of digital -- the social media taxation, the corporate taxes on those that's a big oecd topic. that will be a topic of the g-20 on wednesday when it meets and so i want to say taxes matter to development and it's important that the world get it right. that's cross border taxes, subsidies, revenue mobilization, the royalties on exports, all of that matters a lot >> i guess what i'm wondering from you from your perspective in talking to most other companies is how is the world going to react to this idea. are companies going to be willing to give up their attractive edge by lowering corporate tax rate to 21 across the globe? >> this is a little off topic for the core of what the

developing world is interested in they're interested in vaccinations, in the high levels of debt and in how do they achieve growth in a world that's in some ways moving on from where they're standing so a lot of the minimum tax debate i think is with advanced economies and the race to the bottom that janet yellen was talking about in terms of the rates among the various advanced economies. for developing countries, i think it's very important to think about how high a back tax rate is workable in a poor country. other topics that are important to them. >> maybe this is a ticket to growth if the oec does this, they can attract companies with more competitive tax rates it brings us to the theme of the week, which is this multi-speed recovery tomorrow we're going to get new forks from the imf the u.s. and china leading the world out of this recovery and

this pandemic. what does it mean for the emerging markets, for instance, that you work with how slow is that recovery going to come? >> it helps a lot to have the advanced economies, the u.s. and including china growing fast and that means some of the commodity prices have risen. that's good for the commodity exporters. as vaccines are spread more widely, that's going to help the tourism business of developing countries. i think that those issues are important. also the ways that the energy transition can be done is important. coming back to taxation, there's a very important issue of how do you incentivize or wind down some of the incentives that are

there for fuels, various kinds of fuels one of the big problems facing the developing world is a legacy of paying a lot in order to get electricity, for example we have to finding ways to do that more efficiently. >> you've spoken about the high debt levels of developing nations and just referenced it yet again, the great burden that that presents. do you think the developed world, the advanced economies, are setting a good example with their own high levels of debt at this point >> i'm not sure it's an example situation. we need to have a lot of capital flow from the advanced economies to the developing countries. that's going to be the way for them to catch up you know, inequality is a big problem facing the world so there needs to be faster growth in the developing world than the developed world in order to narrow the inequality gap. some part of that, a chunk of that, is how do you get capitol

to throw when right now a lot of the contracts are lopsided in favor of the creditors themselves also they have nontransparency clauses to make it very hard for people to know what they're getting in the developing world. the core of this is there has to be a fair deal for the people of the developing country in order to let them advance. >> what about on the vaccine front, should the u.s. be doing more to share the vaccines from some of the companies that have been developing it here? we're moving at a very quick pace, which is great for the recovery obviously in this country but so far behind in most other parts of the world. >> i think the u.s. did a lot in terms of inventing -- a core part of the inventions were done in the u.s., also some germany and also in the uk, so that's the starting point for everyone to do better, so we should welcome that and now by having a fast vaccination effort in countries,

it will allow some of the excess to be shared i hope we get to a system where quickly there could be a sharing of the extra supply and increase in supply. what the world bank has done is provide financing for countries directly to the countries so they have the option of buying from wherever they can get the supply in terms of safe vaccines and so that's the effort 50 countries with $4 billion of financing already prearranged, ready for them to buys athe supply becomes available. >> we hope you can get them out fast david malpass, thank you for joining us. >> thank you. >> president of the world bank we'll be talking much more about the state of the world recovery, the unevenness on thursday we're hosting an all-star panel. it includes the head of the imf, the head of the federal reserve, jay powell, the head of the world trade organization and the

head of the european finance ministers. you can watch that at 12:00 p.m. eastern. we're streaming it facebook, twitter and youtube pages as well. >> you got a one-on-one with the fed chair, he's welcome any time with you on "the halftime report." >> it's a great global perspective. >> looking forward to that. >> we'll be happy to join you on your show. >> good stuff. the ceo of quidel on his company's rapid of at-home coronavirus test it just received emergency use authorization from the fda here's a look at the winners and losers today at the nasdaq the nasdaq was up 225 led by tesla and alphabet walgreens and facebook with its own high and trerehe a some of the losers out of the nasdaq 100 as well. hard to cope with crisis. so we get to work. we mend, fighting for every person in every neighborhood;

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it's time for a cnbc news update with courtney reagan. hey, court. >> hi, scott, how are you? well, the minneapolis police chief says former police officer derek chauvin violated department policy when he kneeled on george floyd for nine minutes. he also testified that chauvin's

actions broke with the department's training, ethics and values. in a suburb of dallas, a family of six has been found dead after police say two brothers apparently killed four family members and then themselves in a murder-suicide pact police believe the killings happened over the weekend. new jersey is expanding vaccine eligibility to all adults anyone age 16 or older will be able to get their shots, starting april 19th. and in an extraordinary public feud amongst jordan's royal family appears to be coming to an end king abdullah had placed his half brother, prince hamza under house arrest for plotting to destabilize the kingdom. a lawyer for the prince says a resolution to the feud is expected shortly back over to you, sara that's quite a family fight to have in public. >> yeah, it's crazy. courtney, thank you. up next, the rise of at-home testing. the fda recently approving several rapid coronavirus test that you can take at home by

yourself we'll discuss how big that market is with one of the makers of those tests, quidel the ceo joins us rhtig after a break. "the closing bell" will be right back if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

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. testing for covid-19 could soon be a bit easier the fda recently granting emergency use authorization for three at-home over-the-counter

test among them is quidel's quick view test available to individuals without a prescription provided they agree to test twice within 24 to 36 hours. the authorization may prove to be a catalyst for the stock, which has fallen by nearly 13% in the last month after reporting a significant decline in testing demand. joining us now for a "closing bell" exclusive is the ceo, douglas brant. welcome back to the show, doug my first question is how much does it cost because that could help us try to envision how widely available it will be used for things like opening schools and office buildings >> thanks, sara. particularly proud of my team for having risen to the challenge once again and getting another eua clearance for something that's going to be meaningful in terms of getting people back to work and back to school we envision pricing into the retail segment at a cost that would be low enough such that the retail pharmacy would be

able to sell the product for less than $30 for a two-test kit. in other words, that each test would cost less than $15 >> less than $15 so do you envision this as being used by schools to test every kid when they come in the door every day? how big is this market >> well, there's a couple of different ways to think about it one is what is the actual at-home market the at-home market would include that retail segment that you just asked about, sara, but it would also include employers who want employees to be tested at home because it's significantly more convenient and of course it's beneficial to not have employees show up back at work and then there's what we would call on-site testing that's where i see some employers, like ourselves, we do on-site testing currently. but in addition, government purchases for schools and other state priorities could be quite

significant. the number of inquiries we've had is significant at this stage what we're doing is simply saying how many do you need for which use case and when to you need those products we'll use that to inform our manufacturing schedule but roughly right now we can do about 1/5 of our volume of at-home tests. the other product would be more for the on-site tests. so i would say it would be difficult to fathom exactly how big this market could be, but it appears at least at this stage to be quite significant and potentially endless. >> what is your volume right now, doug? how many have you already produced how many can you do and how quickly can you do them? >> we've had several million in inventory now anticipating the launch and we'll use that to seed the market. moving forward, we're doing just around a million tests of these

at-home tests per week we expect by the middle of the year to double that and then by the end of the year, because of this investment in manufacturing capacity and a new plant, we expect to be at about 50 million tests per month at home. and for the other legacy product that was first in the market in 2020, an instrument system, we expect to be able to do about 20 million tests per month of those. >> do people need to take tests if they have been vaccinated y that what these tests will do is enable, as the studies show, if serially performed to determine if someone can safely leave their homes. if i test at one point and within 24 to 36 hours later another test and i'm negative for both, then the data would say that i can safely go to

work, go to school, go gift my mom. but if indeed either one of those tests is positive, then, you know, i know i have an obligation to stay home. if i need to leave for any reason, i for sure want to make sure that i don't expose others, wear a mask, et cetera so i think this is -- i think this is the way forward. i think this is -- you're seeing a shift in telemedicine, a shift to at-home testing i think this could be rather significant moving forward. >> my other question was on the variants do they -- is it accurate for all of the variants? do you continue -- do you have to update it or continue to check to make sure that it's picking it up? because as long as we're getting these variants, it would seem to me that there will be demand for these kind of tests. >> it's possible the variants that are circulating right now of significance we've tested all of them and even though many people

would suggest that most of the mutations are occurring in the spike proteins, we have seen some mutation in the nu nucleocapsid protein so we need to know that we're testing and picking up those folks even at low concentrations. >> mr. bryant, it's an exciting product and a big day for you. congratulations. we'll talk to you soon that's douglas bryant joining us exclusively. coming up next, major league baseball pulling the all-star game from georgia and dozens of companies are speaking out as well we'll break down what's at stake. "the closing bell" will be right back

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dozens of organizations are condemning georgia's voting law, including major league baseball, which decided to move the 2021 all-star game from atlanta scott cohn here with more on this still developing story. scott? >> yeah, it's not at all over yet, scott, and it's not just georgia where the bill is signed into law according to the nonpartisan brennan center for justice, 47 states now are considering what

the center calls restrictive voting laws. 49 bills under consideration in texas alone where governor greg abbott canceled plans to throw out the first pitch at the ranger's home opener today in protest of mlb pulling the all-star game from georgia but abbott may have his own business backlash to contend with here is dell technologies michael dell in a tweet about one of those texas bills he says free, fair, equitable access to voting is the foundation of american democracy. those rights and especially for women, community of color have been hard earned governments should ensure citizens have their voices heard. here is dallas-based southwest airlines we believe every voter should have a fair opportunity to let their voice be heard this right is essential to our nation's success still unclear, though, whether any of the dozens of companies speaking out is prepared to back those words with actions so far the only organization so far taking its business elsewhere, that would be major

league baseball. scott, sarah >> this is really a question of how far do you want to take the fight. and it's to both sides, scott, right? how far do governors want to take the fight, and how far do corporations want to go beyond speaking out, as they have here? >> yeah. and it's really not clear for the corporations, you know, what they're going win by continuing this fight and actually pulling business we've seen it happen before in some of these divisive issues, the bathroom bill in north carolina a few years ago, the religious freedom restoration act in indiana where there actually were companies that moved businesses, moved events it's not clear that it's going to happen here because there is so much -- so much vitriol really on both sides so we'll see how it goes and the other issue is this is happening, as i said, in 47 states so it's not just an isolated incident of georgia or texas or anybody else >> which means that it's blue states and red states, scott

so how are the laws different or the same than each other what should we be watching as far as what could cause companies to take a stand? >> well, we'll have to see what the companies have to say, and we'll have to see what the activists on both sides have to say. there are -- we look at the brennan center, which is monitoring this, and what they would call restrictive they would call the georgia law unbalanced, restrictive because of some of the limits. and similarly, these couple of provisions that have already passed one house or the other in texas. but it is a little bit in the eye of the beholder. the proponents of these laws say we're actually doing things to codify some of the things that were put into place for the 2020 presidential race. in georgia, governor brian kemp insists he is expanding access of course, there is a lot of debate about that. so that's why from a competitiveness standpoint we look at this every year with top

states for business. it's really a thorny issue and really difficult to try and see how this is going to play out because it's happening in so many places. >> scott cohn, thank you very much we will continue to follow it. up next, a big threat to business apple coming under fire from the likes of facebook. but now apple's ceo tim cook is responding what he had the say after the break. "closing bell" will be right back retirement income is complicated. as your broker, i've solved it. that's great, carl.

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apple ceo tim cook speaking out on data privacy issues on cnbc contributor kara swisher's sway >> for us, privacy is a basic human right, and it's a right that other rights are built off of it's that kind of core, it's bedrock. and it's not something that i just decided a few years ago >> swisher also asking cook what he had to say about facebook calling apple an existential crisis for their business. here is cook's response. >> what we're doing, cara, is giving the user the choice whether to be tracked or not and i think it's hard to argue against that i've been shocked that there has

been a pushback on this. >> really. >> to gray >> mike, we did see it show up as a material factor in facebook's earnings, how apple has been cracking down the apple-facebook rivalry is something investors are paying attention to >> it's getting pretty sharp i do think to cook's point, apple can fall back on these being very consistent principles the company has adhered to for a very long time in terms of privacy and really shunning the opportunity to sell advertising. on the other hand, apple is also under scrutiny for using its market power in certain ways in its app store. this could sort of be folded into and saying that apple is being a little bit of a bully within its ecosystem it is interesting that whole push-pull. >> don't you get the feeling, mike, that tim cook is annoyed to some respects about he think there's is some bad actors that they have been sort of grouped with, and he is trying, and he

has tried in other occasions and arenas, venues, wherever, to make the point that we don't do that we care about privacy in ways that some say others don't >> yes >> we care about content in ways that some say others don't and you can read between the lines however you want >> without a doubt i think he is very kind of vigilant about trying to draw those distinctions whether they're fully accurate north. yes, they decided not to be an advertising-supported company. does that also mean that they want to have so much control over how things are paid for on the iphone that it's a misuse of market power that's the other question. >> well, one thing they share in common is they both had a nice rally today, up 2 to 3%. the s&p and the dow finished at record highs what are we watching tomorrow? >> finding a way to see if we really get more of a broad extension of this. right now today was largely about just going back to those reliable earners in mega cap

tech i do think that there is some argument to be made that we're kind of formulating a bit of an overshoot right here in terms of sediment, in items of where the market, at least in the short-term we'll see how that develops from here also volumes really have come back i don't know if the market is kind of going to sleep a little bit. >> well, the vix is so low maybe some people are. thank you. that does it for us on "closing bell." "fast money" is now. i'm melissa lee, and this is "fast money. gay gallegos, tim seymour, karen finerman a ripper of a rally. that's what tom lee says the market is in right now just how high he thinks the stocks can go this month and what's going to drive them plus, the s&p may be at a new record, but not every name has gone along for the ride. the chart mastaler lay out his picks for the stocks that are poised for a breakout. and the crypto craze about to get a little crazier. gray scale reafirming its plans to launch a bitcoin etf. we'll talk about this deal we start with the record rally on wall street the s&p an