the indicated price of $380 nap was off of a reference price of $250 you are looking at a valuation about 100 billion dollar it's a historic moment for crypto currency no matter how you slice it nap the "exchange" is next here is what's ahead o shining new coin we are awatsing coin base first trade with the indication of more than $200 above its reference price at this point. we have your opening trade and analysis coming upgy to health care to solar. why the sec could be headed in a crypto friendly direction. let's get a check on the market now. green on the screen very much so for the dough industrials.

half a percent there the nasdaq lagging here about .2 of 1% to the down side we're not far from the level right now. over the last year, yes, that 80% gain a lot of that is driving the sensi sensitivity. if you recall some viewers been with us since the early morning hours of squawk box, we showed these earlier. we showed them because they were all positive

you can take a view by owning some of these companies. these stocks are lower on the day. some of the money coming out of these stocks moving into a coin base type situation. we'll continue to watch and see if the trade plays out as well let's get straight to big story of the day coin base set to make the debut on nasdaq. the company will become first major crypto business to become public if america. the opening trade could happen at any moment. leslie, we watch that indication price creep high and higher. now we're at $380 or thereabouts which means close to a $100 billion valuation with certain assumptions in place take us through the play by play >> it's close to 100 billion valuation and surpass the

highest trade the company had during the first quarter of the year where it reached about $375 per share. remarkable for few reasons every one is seeing this as a water shed moment for the crypto industry 100 billion dollar company debuting on the nasdaq today allowing anyone who wants to can invest in this company now and get indirect poexposure to crypo coin base serve as an exchange they allow people to buy and sell and store crypto. you can compare it to a new york stock exchange or a nasdaq with the type of business model they have with regard to transaction fee that's how they make 90% of their revenue. some people are giving this country of a premium take the market caps of ice which is the parent company and

combine wit the nasdaq, you don't get $100 billion clearly, there is a lot of excitement around this company and what it does operating in the crypto space on the flip side, it's expected to be linked to crypto currency, particularly bitcoin the number one risk factor is you can expect some significant volatility with this company when it's off to to races. we will be chatting about this even more next hour. we'll be interviewing nelson gregs who is the president of the nasdaq where coinbase is listed >> it's interesting you're bringing up the comparisons with regard to this type of company which is a very pioneering type one. goldman sachs has a market value of $117 billion. you're talk about a company that's been around since 2012

that works in cryptocurrency that will rival one of the investment banks in history. any way investors may be looking at this saying it's indicative of more bubblish type of behavior you cover spacs and private equitity deal. >> i've been talking with inve investors, it was a direct listing. unlike a traditional ipo process, there was no marketing of the shares flp there was no price range by which to sell shares and an ipo price at that range. the normal kind of fundamental analysis that goes on with the traditional ipo wasn't taking place on a road show per se. that said rng, trying to get a s how they see this stock now once it begins trading, a lot of them were a bit more comfortable at lower levels that said there is significant interest the challenge for institutional investors at this point in time

is in idea of being able to really model this company, do some fundamental analysis for future cash flows for a company that revenue is so tied to what's going on in the crypto market and the volatility they are in it's really difficult to be able to do that one of the analysts had a research report where they were projecting tripling of revenue this year and then next year revenue going down 37% it really depends on your time horizon here it really depends on where you foresee the crypto currency, the underlying asset going in the future >> all right i tweeted out earlier, fundamental analysis needs total, you can find of figure it out from there i know you'll be with us all hour stick around, please tracking all of that coin base trading. this direct listing is a water shed moment as leslie pointed out for cryptocurrency coinbase is nearly at the 100

billion dollar market. let's bring in bobby cho and emily parker the co-host of "first mover" on coin desk tv thank you for joining us here. emily, let's talk about the macro environment that we're in now. how did we get to a point where we're seeing $64,000 per token for bitcoin and how is that translate sboing into the inves enthusiasm for an offering like coinbase >> thanks so much for having me. there's a lot of factors driving up the price but one of the main one s institutional investment and institutional involvement. even though bit coin started out as this rebellious that was supposed to be divorced from banks and big institution, a lot of what's driving bitcoin up is the brand flanames. you have a lot of the other names getting into the act

>> tell us exact lip hly how ths model out value. if you look at price action we're seeing now in coinbase indicated at the open with a nearly $100 billion valuation, would you be a buyer even at those levels >> i'm a buyer. con coinbase hasbeen around since 2012 there's a core growth story that's tied to coinbase there was a big idea that

traditional firms would come in and disrupt the crypto markets i think a core piece of that is coinbase customer base of 56 million people that's more than some banks out there. >> bobby, if i could follow up there, earlier today i remember because it was on our 55:00 a.m hour, they are an ermarly investor we asked what he thought the fair market value of coinbase should be and as an investor in the company, he told us this morning, he thought $98 billion nap that was the value he saw there. why should you pay more than that if the investors are sayings the about $100 billion at this point. >> i think it depends on your time horizon the way i look at it is in terms

of comps and different aspect offense that one could be a company like paypal which is arguably three and a half times bigger than coinbase right now it's not a question of why paypal started to integrate more crypto products mainly because they see this idea that coin base could grow even bigger and start to if they haven't already, their product and revenues >> emily, you brought up the idea of this anti-institutional affect that was a driver behind much of the interest before. it was maybe a number of years back when we used to mention bitcoin in the same sentence or phrase as arms dealers or drug dealers. television shows were writing into their scripts about people taking it as payment for good and services.

>> crypto has been the underdog for a long time. we had to explain to our families we're not in the money laundering business and this is a legit thing. now you have the sec giving coinbase the green light to list on nasdaq. this is a lujhuge deal. there's crypto purists who may resist this idea of crypto becoming more institutionalized and you'll likely see more adoption of more decentralized finance exchanges. that would argue hold on more to the origin al ethos of crypto >> it's funny that the conversation used to be that bitcoin was the underdog

we talked so much about this cd that bitcoin is the driver behind this enthusiasm is this room for other crypto currencies like all these other coins out there. is there way that all of that eco system really feed sboos the broader success story for a company like coinbase? >> if you look at it like an asset class versus some individualized token out there bitcoin generated a number of ideas out there. a will the of these tokens at this point are looking for a home in terms of the case much like some of the start ups in this case. coinbase went through the same discovery process when they launched in 2012 they were looking for product market fit and they achieved that i think there's room obviously, i think we're scratching the surface in terms of where crypto goes from here i think you are seeing a number

of tokens that are trying to tackle certain cases in real estate and other products like that and it's tbd to see where that goes. >> emily, in a former life you were part of the institution itself you work at the state department a while back and you're like very much neck deep in this crypto market here how big of a threat is the institutionalization in terps of the overall government side of thing pps the regulatory aspect. the crack doin that some governments have already made or may make in the future with regard to these products with coinbase itself, one of the big thesis about this is they are legitimizing it. they are asking for identification they are issuing 1099 forms for your irs tax returns how big of a deal will government regulation will boun e down the line? >> government regulation will be a big deal even amidst the bullishness, that's the biggest thing to

watch out for. how governments handle the rise of crypto. i'm not that worried about the united states. i think the countries to look at are india which has definitely hinted at banning crypto in past china has cracked down on crypto although people are trading crypto there know country can crack down on crypto entirely. it's pretty impossible to shut it down. that's the magic of bit coin is it's decentralized and immune to government control governments can make it much for difficult for the average person to access to crypto market that's one of the thmain thingso watch out for. >> bobby, this could be just the beginning. this is the first major crypto related public offering in america. what do you see as the next it ration or what's going to come next in terms of the company that goes public in this particular arena in is it something with regard to digital wallet is it something in regard to other exchanges?

what do you think is the next step here? >> that's a good point, dom. i'm reference back to a few nights ago on shepard smith show kathy wood was on there. if you look at company like coinbase, they could be the native home to start this movement they already have it with crypto when you start thinking and talking about the newer products out there which you talk about daily now which is nfts or other digital forms of prublgts out there, coin base would be the natural place for that to start in my opinion.

i think next in line coinbase pave the way for a lot of crypto companies how they should be operating. i think it will be fun to watch. >> this is the scratch the surface part of the conversation thank you very much for being here bobby cho, emily, we'll seal you later on when the shares start trading in coming up, are there still cheap names out there that investor can buy wall street analysts say yes we have those names, a few of them coming up next. plus, why we could be on the verge of a more crypto friendly washington, d.c. we touch that conversation just this last hour we're still waiting for coinbase first trade. the indication right now for your information is $381.56 on the nasdaq. we're back after this.

hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need.

want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings.

investors are awatsing coinbase first trade on the nasdaq last night prize was $250 per pop. the latest indication is up to $381 for each share sold we have full team coverage kate rooney is wrapping up with this means for the crypto currency and bob is digging into

the regulatory risks for the company and the crypto world kate, we'll start with you >> there is so much excitement around this. it's about the biggest milestone you could imagine for crypto the largest u.s. exchange is about to be a publicly traded company after years of skepticism from wall street about bitcoin. coin base help to take it from an internet hobby to a mainstream investment today. the company was founded back in 2012 about four years after the founder of bitcoin published the first white paper. one of coinbase early peers was hacked in 2013 and then it shut down silk road, if you remember that name, the dark web marketplace first gave bitcoin a reputation as a currency for criminals. bitcoin believers lived through the ico boom in 2017 the crypto currency around that

time got close to $20,000. bitcoin crashed about 80% the following year it's back up near 64,000 today the company is seen as the reason bit coin has become a household name this will continue to grow along with crypto economy. analyst expect a lot of volatility in the meantime

the next phase is called decentralized finance. bitcoin bulls talk about this be as a netscape moment there are plenty of questions and a lot of head wind bitcoin prices said the revenue is correlated to crypto and krading volume regulation is another big one and there's competition that analysts worry about back do you. >> you mentioned bitcoin so many times during conversation that we're having right now how much are you hearing from folks that you chat with, the investors you talk to, the crypto industry folks about how important the other parts of the digital asset space would become how big of deal is the other part of the crypto atmosphere

right now in. >> the key part is they talk about it they're really the only game in town for coinbase and the other exchanges. the cost of decentralized finance and what could be things like stocks being tokenized and the whole economy moving to block chain is the ideal scenario for these guys. there's so much excitement about what could be. a lot of these things are early. we'll see a lot of new bitcoin millionaires, potentially billionaires they will probably take some of that money and invest it into early stage companies where you think they are going crypto, block chain. that's seen as a big boost for this early stage economy we might see the results of that three, four years down the road. >> we know that it's one of the biggest we have seen in a long time can you compare tin vester hype or enthusiasm, the buzz around

this particularly offering say against robinhood or some of the other big unicorns we have seen. just how big of a deal is it with some of the other big names we know in fintech >> the big thing they have in common is the excitement from the retail investor. you can see a lot of parallels those are the same cohort. they are excited about names like robinhoods. they are betting big on payments and sort of the next phase of the economy and they are taking big bets they'll have to believe this crypto economy is going somewhere. there's a lot of people taking very bullish, long term stances. in that sense, you could sort of group the companies together and robinhood likely will see some of the same enthusiasm >> all right kate, stick with us. we got a lot more to talk about here let's bring back in bobby cho.

also emily parker. now is the time the pair some of those bets out there i know it's too early for people who aren't in it yet for peas who have been there for years, this is a lot of money that's been made on paper and they can realize it with a big liquidity event. >> for sure. it's a ton of money that's being created. a ton ofw wealth that's being created. if you were believers back then, you're more of a believer today.

at the spoint i don't think we reached the point -- >> bobby let me stop you. it's just opened up for trading. the opening print, $381. that's up roughly 50 some% you can see on our screens right now trading at just about 386 and change at this point let's just ballpark it the numbers are huge it's roughly 55% upside right now from the reference price of $250 per share it's hit 390 per share let's bring in leslie picker i'm seeing 394 figure right now. this is just going highe higher >> it's 99.553

the market really does like ta nice round even $100 billion valuation for this company that reference price that we're looking at up 57% from there, no money was exchanged at that reference price that you would see in an ipo. the number we want to track is 381 and what the upside is from there. it's worth noting where 381 is relative to where the stock was trading in the secondary market. here in the s1 during the first quarter, the highest the shares traded in the private markets was 375.01 significant upside from the

private markets. significant upside so far from where this stock opened and it k continues to climb in the first few minutes of trading it's a remarkable sight to see largest direct listing ever. largest company that is exposed to the crypto space to go public and a remarkable first day of trading for coinbase here. >> i'm going tostop you right there. those people watching it on our screens now just saw it hit $400 that big figure in terms of per share. we're showing the intraday charts you can expect to see what we're seeing right now it's a very volatile trade it's holding up around $399 to $400 per share against the reference price of $250 a share that was put out there last night. let's bring in bob who has been tracking this action as well maybe no surprise this was going to be a hot issue to begin with. were there any kind of real expectations among the traders that you speak with on a normal

basis about how high pcoinbase could go >> what's amazing is trying to figure out the valuation even a week before, i was seeing estimates of a 50 billion dollar valuation, 100 billion i saw 150 billion dollar valuations when you're dealing with magnitudes of order off on the estimates you have traders unsure of what's going on. this is a new technology it is essentially an exchange. i was around when the nasdaq went public in 2000. i covered that i remember the feeling that here is the a company that's been around for a while, since 1971 the nasdaq represented a really new way of trading a public exchange out there. it was revolutionary at the time target is 100 billion dollar

valuation. micron is 100 billion. general e lelectric is 118 billion dollar we're dealing with a very r rarefied atmosphere. he's going to be the guy ruling on a bitcoin etf down the road he will be in charge of new regulation for bitcoin securities bitcoinis a commodity. it's controlled. it's regulated by them but bitcoin security, like a bitcoin etf or ico, coins, they are regulated by the sec he'll spend alot of time tryin to figure out a new regulatory

scheme for these crypto assets how important is it for company like coinbase but the entire industry that there is a more easy way, if you will, for many investors to get in on this which could include things like exchange traded funds that buy these on behalf of knewmutuallyl clients? >> that's why this listing is important because coinbase is seen as a gateway to the mainstream world it's relatively easy to use. it's trusted and new investors to get into the market by the same token, that could be a risk to coin base over the long term because coin base will start seeing more competition

from banks if there is an etf, will that pose a risk to coin base or if a bank allows to start buying crypto out of your checking account, will people use coinbase as it gets more and more main mainstream, coinbase will have to maintain that >> spread compression is inevitable come petitors will eke their wa into part of your pie. we flow the institutionalization of cryptocurrency adds le legitimacy to this market, spreads will compress. is that any way kind of discouraging factor for

investing in a company like coinbase right now knowing it only gets worse from margin perspective from here on out >> i think a view of those viewpoints are shortsighted in my opinion i think they are missing the mump bigger picture here there's 56 million customers on coinbase and growing this is not a story, in my opinion, about where crypto takes coin base or where coinbase takes crypto. this is the idea of how coinbase will be about to star to cross different products that you may have gotten from other financial services which had a monster quarter. there's this opportunity for coinbase to access all different types of traditional products. two years ago i believe they bought keystone broker dealers that's in the works. there are other ways they haven't packed into in terms of monetizing those are currently making money such as market data. at this point, market data is

free but at some point they will start to latch onto some of those revenue streams. i just look at all of that as a growth opportunity here of just within the crypto space but again the bigger picture for me is this overall eco system they are trying to build with what i consider their best ascheset wh their customer base. >> if you look at the customer base now, this is a situation where they are growing it but at some point they will face that competition. how exactly then does that competitive landscape start to evolve in the next 6 to 12 months does this give, at least some kind of a push for some of the companies out there to expand their marketing efforts, their client acquisition efforts because they have seen what coin base can do and has done now that it's a publicly traded company? >> we have seen this slowly play out after people saw what happened with coin base in first quarter. a lot of companies probably realize that is an extremely

profitable business. we also got numbers from robinhood. they have about 5.9 million people trading crypto. it's huge compared to what they were seeing last year. there are people quietly nipping at the heels of coinbase bakers of coinbase, they have first mover advantage. they have things like security people go to the company for that reason. you have people like robinhood or paypal. the big risk, fee compression. the idea somebody could come in and subsidize this offer trading for free and get more customers, kind of eat into coinbase margins we might see the same thing play out we saw with the brokerage

firms. i think they the on nnous is on them to diversify and play up the other sides of the business. >> it's a new frontier for sure. wa we want to thank our panel here. we'll be talking with you for the rest of the afternoon, the rest of the day here and beyond on this big, big moment here for the crypto world thank you very much. coming up, as the markets hit all time highs, we'll look at some of the names that wall street still think are undervalued and keep an eye on coinbase for you you can see roughly 64% higher $409 per share the exchange will be right back. plap before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight.

thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

did you know that geico's whole 15 minutes thing... that came from me. really. my first idea was “in one quarter of an hour, your savings will tower... over you. figuratively speaking." but that's not catchy, is it? that's not going to swim about in your brain. so i thought, what about... 15 minutes. 15 percent. serendipity.

15 minutes could save you 15% or more on car insurance. with a bang, serenergyty. and change me to every part of our universe. seismic or small, it continues. change is all around us. shaped by technology and human ingenuity, we can make it work for you and your business.

. we have quick news alert on walmart. the company announcing a plan to move more of its part-time associates the full-time with a goal of having two-thirds of its associates full-time by the end of the year. the company says that they have been on this journey since before the pandemic and in 2016, about 53% of the hourly store work force held full-time positions. by the end of the year, if they hit the goal, that means that

approximately 100,000 more full-time positions will be available than were five years ago. shares of walmart are little change done here just lightly. both part-time and full-time associates are eligible for health benefits. you just have to work about 30 hours on average a week. back over to you >> how much of this has been kind of like this evolution that many companies have had about trying to raise or elevate the standards of living wages and whatnot for many of their workers. this is just the next it ration of that kind of an effort between them and target and everybody else there who have been raising their wages as well >> it's got to be. for years we heard about walmart workers that have been unhappy they haven't had consistent hours or enough hours making it harder to plan their outside lives. for years walmart has been adding a number of other benefits things like education, health care, expanding parental opportunities for time off

they did a lot during covid, during the height of covid this is fullinally a move that e employees have been asking for for a while. the company has 80% of its work force time in the distribution centers. they have a model for this and they are moving more toward that way for the store employees which has been a request for that time. >> courtney, thank you very much for the update on walmart there. it's been a sdtellar year so far. after a rough few weeks, the nasdaq just is 1% from its own record fp if you're looking to put money to work and any values left out there with much o high find them? based on wall street estimates the answer could be yes. here is a group of stocks trading about 20% or more below the average analyst target prices across a different number of sectors we'll start with the oil and gas

patch. the stock is trading around 41 ducks. the analyst price is 26% above that level the stock is down 9% so far this year next up analysts are far more bullish on end phase energy than investors seem to be the average target price is 43% higher than its current price of just around 154 bucks a piece. name we usually don't talk about these days, viatris. the company as formed after a combination gene mylan and pfizer up john drug unit the stock is down 16% so far this year.

are there names you like in this environment that you don't think are over valued? >> there always are names that are misunderstood and thus mispriced. that's my basically philosophy of how to run money. the way to do it is to have a longer time line and then have themes that you pl into. there's two themes that i like one is pretty much in the news right now and that is semiconductors are under supplied and looblgs like they will be for a long time. then there's also the low interest rate environment is driving housing and the millennials are moving into that family formation part. they are driving housing

those are two areas i look to now. >> take us what you think are the fundamental cases for each of those >> sure. for fidelity national that's a title insurance company. anybody that's bought ha home have had to pay title insurance. it allows the mortgager to understand who owns the house and hopefully it's the bank and not like some weird financial thing that went on in the past. it looks like the new ceo will turn that around even in this week's news it's going to try to help the auts toe makers correct their imbalance of chips

>> michael, you have run top rated funds for years now. your job is to g out there and hunt for value are there values that you are finding and if so, what kinds of companies are you looking at >> there are my philosophy is similar to kim in terms there's always opportunities. even in this market which is not cheap, by any means, there are a lot of names trading at below market plul market multiples some of the names are freeport we're looking for stocks that will play the trade, that are liquid and have dividends and maybe recession proof or inflation proof or a situation where market interest rates decouple from the fed's desires and it be neutral to those situations freeport hits on all levels.

another name would be the lockheed martin that big portfolio if aerospace whether it's defense, commercial airlines we see the global macro environment out there now. lockheed is right in the sweet spot there the third one would be morgan stanley. the financial companies hit great numbers today. we're expecting big numbers from morgan when they report. great portfolio financials, whether it's asset management, underwriting, ssyndication,

tradings, et cetera. well below the current market multiple we think they are good long term opportunities. >> five picks managers kim and michael, thank you both for joining us. coming up, the fight between kohl's and activist investors is over. before break, look at coin base shares. those shares trading up about $385 well off the session highs up about 54% reference price 250. we'll be back after this is shug down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow.

worth is watching your employees grow with it. principal. for all it's worth. you can try to predict the future or you can create it. we're driving it. everywhere. we emit optimism, not exhaust. we plug in our vehicles as naturally as we charge our phones. we. we are generation e. we want smart. clean. and safe. to also be fun, easy and powerful! ultium! a battery that charges fast. runs long.

it fits everyone. nobody will be left out. and that, changes everything. ♪ ♪ cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ welcome back check on coinbase's trade on the exchange we have seen a huge move off the size of the session. up 55% from the reference price of $250 per share but at the high of the day this was a

$429.54 stock. at the lows of the day it was $380.97 after a $381 opening price. kohl's has reached a deal with the group of investors pushing to seize control of the company's board in a public corporate battle courtney reagan is following that story for us and spoke with the retailer's ceo earlier courtney >> hi there, dom there's a resolution between kohl's and the activist group. the activist group own 9.3% of kohl's and they tell me they're pleased with the outcome kohl's ceo told me she, too, is happy to have found common ground after what she calls constructive conversations which adds the best candidates to an already highly functioning board. two of the activists suggested

five candidates will join the board. thomas kingsbury and margaret jenkins from pvh corp. and city trends kingsbury sits on the board of big cots with aaron goldstein. they like the addition of christine day, too she worked with michelle goss previously at starbucks and day was identified from the experience in athleisure to be a great fit for kohl's plan to lean further into the active and wellness space steve burd and frank sica with retire michelle added this doesn't change anything. kohl's has momentum and had a

great strategy already in place. i think the bottom line is both sides are happy today. dom? >> courtney, i have watched your interviews with michelle about the issues of kohl's coming up with the new board members in place what can we expect to see from goss and the executive team at kohl's to right the ship? >> so i think that these new board members do bring some added retail expertise some outgoing board members didn't have the same areas of expertise that some of the new board members do thomas kingsbury was with burlington for a long time and did a good job transforming that business and then christine day is the former ceo of lululemon and kohl's does have some momentum in the active space they added under armour several years ago and did well for them.

i think christine day adds some nice experience there. i think that that helps but the overall strategy that the activists had suggested a lot of it was what kohl's was frankly already doing and both sides had the same end goal in mind which is to raise the share price so i think that you may not see a lot of big strategy changes but a deeper expertise to execute it better and that's the key. >> courtney reagan with a great report on kohl's, thank you very much see you later on. let's get another check going out to "power lunch. for coinbase, $385 opening trade was $381 per share after pricing with a reference price of $250 per share. rem remember, it is just about $100 billion of valuation at this point but the highs of the day, the stock was at one point as

high as $429.54 so we'll continue to watch that i'm sure "power lunch" will have much more on the first day of trading with nasdaq coming up with nelson griggs an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. ♪ usaa ♪

we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. we kept going. working with our customers to enable the kind of technology that can guide an astronaut back to safety. and help make a hospital come to you, instead of you going to it. so when it comes to your business,

you know we'll stop at nothing. (vo) conventional thinking doesn't disrupt the status quo. which is why t-mobile for business so when it comes to your business, uses unconventional thinking to help your business realize new possibilities. only one 5g partner offers unmatched network, support, and value-without any trade offs.

welcome to "power lunch. i'm morgan brennan with frank holland. the dow and s&p hitting record highs. we await the release of the beige book we will have a lot more on that in a minute. plus, we are watching coinbase beginning to trade after the direct listing on the nasdaq the crypto exchange going straight to the moon it has a valuation more than $100 billion already later we are going to speak to the president of the nasdaq nelson griggs about the massive direct listing but first, frank,over to you. >> thank you. financials leading the market highe