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 higher today.

jpmorgan slightly lower but it is the crypto bank coinbase leing the market hey there, bob. >> you hit it, frank ther there's only two stories today first coinbase and put this in reference for you. remember the reference price was $250 it opened at $381. it got as high as $429 million all over the place but what's absolutely amazing now is the valuation. because we're talking about a valuation of about $100 billion. ice which owns the new york stock exchange is 65 billion bigger than the exchange but in rare if ied territory. 85 companies that you know, all of them, but in that $100 billion raunge, target, micron,

general electric which is around for more than 100 years is $118 and the biggest financial services firm out there blackrock is $120 billion. you get an idea of the scale truly amazing. these bank earnings alsomind boggling goldman sachs reported earnings 80% above what analysts thought. jp more began's 40%, 48% above where the analysts were thinking wells fargo 50%. how did they get the numbers so wrong? trading profits off the charts fixed income and equities were just off the chart wait a minute. if things were so great how come the stocks aren't doing much investors care about loan growth and fixed income and those numbers were good but not as

amazing and don't care about trading profits. they consider trading profits more of a -- low quality end and companies with significant loan loss and morgan i think that's consid considered lower quality back to you. >> we have a busy next few days. bob, thank you. let's get to rick santelli for a look at the headlines out of the beige book. rick >> yes my favorite is that the u.s. economy accelerated to a modest pace i think that really sums up the fed. there's activity going on but not quite enough and we know whether parts of the economy that aren't open, whether it's for a variety of reasons some states are fully open some aren't. manufacturing managed to grow a bit with supply chain issues these are the headlines. seen the pricing issues.

speaking about inflation and don't suspect any increases in rates until 2022 and one thing he reiterated today speaking chairman powell is he doesn't think based on the dot plots that there's a chance that the members believe there's anything going on with charts until 2024. i don't know how they could possibly see that far in the crystal ball if you look at week to date of 10s see yesterday is quite important. we held at 160 important technical level and moved higher and the test is 33 30-year auction. when you contrast it for what's going on in bunds looking to close the highest level since the 25th of february and the dollar index at lowest levels in a month. it's because the euro currency is looking at the best level in

over a month on its close. morgan, back to you. >> rick, thank you. let's get to steve liesman for the details from the beige book steve? >> let me fill in rick's excellent report there this is a beige book more bullish than the headline but a smell of inflation to it consumer spending strengthened with a pickup in leisure and hospitality, travel and came from easing of pandemic restrictions including greater vaccinations, as well as some other issues happening right there. auto sales grew. inventories restrauined by the chip shortage. manufacturing expanded despite the disruptions. employment growth picked up.

construction and leisure and hospitality, one of the hardest hit from the pandemic. hiringing a widespread challenge especially for low wage workers. wage growth accelerated slightly overall a comment that employment expectations were bullish. prices something to follow close by the fed. input costs rose across the board and one more i read before coming on and that's that prices overall widespread reports of price increases though not the pace of selling prices not at the pace of input costs i will tell you a very quick search, find the word disruption appearing for the first time as in supply disruptions is 22 times in the beige book in month. >> all right thank you a lot. we know you're still looking the beige book and want to bring in

john lynch, michelle meyers, both of you thank you so much for being here you are just looking through the beige book right now michelle, let's touch on something that steve just talked about. input costs. what are you seeing and how companies handle that? are they raising prices or absorbing the costs? how do you see that impacting the market >> i think steve summarized perfectly is that the input costs are rising for different sectors, particularly manufacturing, production where you have the types of supply chain disruptions and had a whole lot of demand in the last year which is creating the types of imbalances for those types of items. when you think about what happens with those inputt costs the beige book is noting that some of it is being passed on to the end consumer and that's actually very consistent with

what we see in the report of inflation data core goods prices were up pretty notably. not to the same extreme as we had seen for things like lodging away from hope or transportation services which have to rebound but core goods prices have been rising for the last six to nine months and the last report they increased further which i think is indicative of the input prices passed on. >> john, right now we see stocks turn lower after the release of the beige book for q1, 7% full year 6% so far are you seeing anything to lead you to revise that forecast >> no. we'll be consistent with it. to michelle's point we are seeing the consumption data, the manufacturing data i think when you factor in the stimulus data and the first half

of the year it is front end loaded for 2021. i would like to see capital investment pick up in the second half and even if that does -- seeing 7% growth in the first quarter, maybe 6% in the second quarter, may be disappointed with a 4% pace of growth in the fourth quarter which characterizes the last couple of years and an excellent number but the gradual reduction or as the beige book said accelerating as a modest pace, will be more modest in the second half of the year. >> taking the beige book today, couple it with a tidal wave of a week including federal speak today, anything that we have heard or seen that changes -- not change the message but would change the market's interpretation of the message from the fed right now >> i don't think so. while i'm reading the beige book i'm trying to think about the --

what you can't really know which is what would a beige book look like after the economy emerged from a pandemic. and it's impossible to know but you would see an economy coming back you would see robust activity in sectors that were the hards hit. leisure and hospitality, potentially tourism and not also crazy to expect disruptions. philadelphia calling them severe others said widespread why? the manufacturers are suffering the same kind of problems that retailers and everybody -- not everybody is back to work so the global supply chain is not back up and a lot to be expected and the reason i answer you this way is that this is the outlet that i believe the federal reserve expects, that there will be these bottlenecks, pricing pressure in sectors that com back quickly especially without the labor to provide the

services that are demanded by the pickup in demand you also have a lot of stimulus out there in the economy so i don't think this changes very much. powell today in his speech at the economic club washington was very clear that, look, we are looking for a variety of things to be in place and get people back to work and inflation above 2% we are having some inflation now but i don't think it changes the fed's outlook and will be keeping a eye on it. >> michelle, we had domino's, one of a number of ceos and companies on the air said it's a tight labor market and competitive trying to hire people to come in. when you take some of those comments we get from employers right now, particularly of people that are maybe on the lower end of the pay spectrum and then coupled with what we see in the beige book today,

what is the takeaway in terms of the labor market and how tight it actually really is right now? >> certainly the narrative of today's beige book of difficulties finding labor, particularly lower income jobs, but i tend to think it will prove to be somewhat temporary. >> transitory? >> transitory is the word. and we saw a big drop in the labor force participation rate on the back of covid people left the market because of health or concerns of taking care of children et cetera. and the hope is that once we get past that, once you are where the economy is considered safe enough, people reengage they come back in especially once the impact of stimulus and the social safety net starts to fade when you kind of put it all

together and it really is a question of how much of this is trance fire versus sticking in the economy and from the fed's perspective assuming this is temporary and see how it plays out and not monetary policy based off the data. >> john, before you go, taking a look at stocks right now and stocks going -- hey, steve. >> yeah. no i was going to -- going ahead. what is your question? >> two minds thinking alike there. what do you think investors are seeing one data point you brought up is s&p equal weight outperformed the cap weighted index in q1 and what commentary do you think is driving the markets lower right now? >> in spite of the insight just shared on interpretation i think it's important to see how the markets interpret it looking at that equal weighted index outperforming for two or

three weeks and that's changed and i think it's fascinating to think about did we see a peak in services manufacturing? 900,000 jobs the minute we got that -- close to the minute we got that data the 10-year peaked and cyclical leadership halted to the faang stocks, big five and curious that could be an interpretation of everything being priced in, concern about virus variants or a concern about tax increases in 2022 even though the market with the dow at the record now being very cognizant of the fact that leadership underlying the markets has changed and i think that will be a very important development in the coming weeks. >> steve, we'll give you the last word. >> very quickly. i was just going to say i find it interesting that stocks reacted but not bonds. with the 10-year slightly down if there's an inflation concern in the market it would show up

you would think more acutely in the bond market. it is not. perhaps that's to follow in the moments to come but right now looking at it's stocks that have taken it on the chin with this beige book assuming there's some kind of overriding inflationary concern or a pricing pressure issue where the feeling is that inputt costs go up and companies cannot pass it along. >> key point you made there with the nasdaq in particular at session lows right now thank you all for a great panel to kick off this show. john, michelle and steve. coming up, coinbase starting to trade in the last hour opening at $381. it's about $369. up 47% from the so-called reference price. we'll have more on the action plus later this hour speaking to the president of the nasdaq nelson griggs about what's being called a watershed moment. so much more "power lunch" after this

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crypto economy it is a new economy. it has now hundreds and thousands of companies created in this space. hopefully coinbase going public and having the direct listing is going to be viewed as a landmark moment for the crypto space. >> for more on coinbase, joining is michael buccili and sarah kunst. sarah, key metrics, key things to keep in mind given the valuation of the company and seems to be such a bull/bear debate around it the thing that's not debatable is this is a huge success for krup to overall and seeing the first major ipo, the first ipo ever really for a crypto company, for a crypto exchange in the u.s no matter what happens with their stock price minute to

minute over the next few quarters this is the first milestone and crypto companies are here to stay even in the public markets. >> yeah. michael, in so many ways coinbase is seen as and expected to trade in the the near term alongside bitcoin. and that way it almost feels come mod tized the way you see energy stocks trade alongside crude. the flip side of that is that longer term is seen as potentially sort of a next driver of a new era of internet infrastructure how do you see it? >> yeah. so trading right now around $365 it's tough to turn it out to a 12-month number and taking a bet on a cryptocurrency company. a few that will ever exist or

ever public right now and you take a bet on the future of brian armstrong and the team through very richly valued equity and cannot discount how important that is. i think this is a very good analog to that and with respect to being a beta crypto there's enormous operating leverage in crypto fees are collected in crypto so you had anacceleration in fees plus the acceleration in price gives you an almost levered to the space. >> we are looking at this eye popping market cap for coinbase and valuation is tied to the rise of bitcoin and the idea it's a safe platform cyber security, a risk for all companies. do they have any other mode or

way to fund off competitors? >> it is safe. we have seen coinbase, never had a major security breach and huge back to the days where it was common to wake up in the morning and a entire exchange disappeared so they have that advantage. they also just have a lot of accounts they have over 45 million accounts already and so the leverage there beyond just crypto but the leverage to say maybe at scale it looks like an neo bank and we can keep your deposits safe and trusted with the credit cards and already seeing the moves in that direction so the security piece is huge but i wouldn't underestimate how much of a method they have with the number of accounts people created. >> the institutional piece of this with more of these investors adopt or warm up to

bitcoin and cryptocurrencies in general how great is the runway and the trajectory for growth as you see that adoption rate potentially beginning to accelerate >> enormously. coinbase is a handful of those that institutions are willing to work with. we have seen an enormous uptick in institutional demand. going from zero to some number of basis points, 1% of the portfolio in the space very few players to work with and i think that risk is enormous coinbase, fidelity, a few others you will see this point of the economy behemoths take hold and this is a beneficiary of that. >> finally, sarah, we are talking about coinbase but gary genslinger taking the helm today and seems to understand

cryptocurrency what are the expectations around more offerings, the possibility of a bitcoin etf with a new leader at the helm there >> i think that it's very much reasonable to assume in the next 12 to 24 months to see the first u.s. etf of crypto gemini tried this several times. others have tried. i believe sky bridge we have them in canada as for institutional investors get more interested in crypto and retail investors i think the etfs are inevitable and will grow the overall market cap of crypto sitting at $2 trillion total with half of that, a trillion, being just bitcoin. >> thanks a lot, michael and sarah. we appreciate the insight. thank you for being here. we are watching the markets with stocks at record highs. energy is the best performing

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welcome back time for today's power movers. gamestop jumping retiring $200 million of debt. a seven-session losing streak for gamestop. discovery is lower today credit swooes is unloading millions of shares from the fallout. and bed bath & beyond down 10% today. sales were below expectations so this stock not going to the moon, morgan. >> that is the perfect opening for the next discussion here so take a look at this just a short time okay jeff bezos' blue origin launching a test flight of the new rocket and capsule. see that right there it relanded that rocket booster. the capsule on top of the rocket there will carry paying passengers to the edge of space. as it landed with parachutes in

west texas des it the test is considered a test rehearsal. the goal, of course, to eventually carry people to the edge of space and with another successful test flight under the belt blue origin appears to be that much closer potentially in the coming weeks or months to start putting people on board the system. >> wow do you ever watch john oliver? >> i do! >> he said this is the reason why jeff bezos is lex luther. >> i haven't seen this. >> i will ruin if i try to tell it but it is hilarious. >> okay. ahead on "power lunch," cashing in on the nft craze. a company is betting big on digital sports memorabilia ceo's going to join us next. plus, coinbase begins trading, soaring from the reference price and slightly

below where it opened and speaking with the nasdaq president what this listing means for the market all when "power lunch" returns

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welcome back i'm rahel solomon. here's the covid update. dr. fauci is stressing today that the national pause for the j&j vaccine was done as a precaution and that all the covid vaccines authorized in the u.s. are safe. he's also urging people not to see the temporary halt as a reason to avoid getting vaccinated entirely. >> so a posed to looking at a negative safety issue it could be looked at as a positive issue where they know that when we let a vaccine be available and give it a go ahead to be put into the arms of the american people we do it with a considerable degree of confidence as to its safety and nevada dropping all social distancing guidelines on may 1. the governor said he expects every county to fully reopen at 100% before june 1 and does want everyone to know that the

statewide mask mandate is in force. back to you. >> ra tell, thank you. markets rebounding from the move lower after that fed beige book the dow is hanging on to some gains here up 110 points right now. thanks in part to bank earnings. the numbers from the likes of goldman sachs. the s&p did turn lower in trade today. 4132 there and the nasdaq underperform down .6% off the lows of a short while ago. today is a big day for oil josh lipton with the closing numbers for us josh >> morgan, oil prices surging today. wti and brent crude prices finishing the day higher by nearly 5% after the energy information administration reported that inventories fell by 5.9 million barrels last week, a bigger than expected

rebalancing. producers may need to pump 2 million barrels a day for demand the energy sector the best performing in the s&p today up 3% back to you all. >> thank you. the ft boom is showing no signs of slowing down. the sales of nonfungible tokens soars with twice as many buyers as sellers and an author weighing in on that trend. >> it's kind of having a moment right now so there's nft craze happening and something like this by the way is happening in crypto it seems like every six months with a new innovation and i think this is the internet or fashion with a new trend that happens periodically and nfts is

most recent one but i'm a fan. i think it's really cool that it's making it possible for artists to get paid. >> one company cashing in on the craze is humbl a crazy climb. this block chain firm works with athletes to mint and then sell nfts partnering with sports agencies to sign even more pros. for much more let's bring in humbl founder and co-founder brian foot thank you for being here. >> thank you for having me. >> loosen up it's not that serious. nfts are a red hot craze and so many retailers out there and people looking to the company for exposure to nfts and how much exposure do i get to nfts and what kind are you selling and putting out there? >> i think you're going to see cue rated verticals coming

online congratulations to those guys at coinbase i think what you will see in the space is you have sort of these theme park versus gallery moments where to brian's point there's going to be a lot of proliferation of these ideas and how people get access to them and then over time i think the artist, the athletes even large media companies start to consolidate that behavior and one click for the customer in the way to get an idea of price discovery and how people want to package the lifetime of catalog and we intend to package it up well for the customers. >> an nft that you highlight is all-star nelson cruz and other sports figures like the packers aaron rodgers. gives an idea of where this craze is going and do you see it growing mostly in the sports

field or where others see a similar boom >> we are starting to experiment with ideas so nothing set in stone with who we're working with and how but we are exploring ideas that we propose to customers and to athletes and artists and so on. i think for us we are in a spot where the market will discover where it wants to be and if we package that really well in a way they say that's something i want to be part of or media companies see a second life at the box office for things already cataloged like movies or music there's a strong opportunity for lifetime collectors to create new markets beyond stocks and bonds on the block chain and we intend to package it well so that you can move from a hype cycle into something that's lasting for creators and anyone who's a producer of content. >> it's morgan

about the company itself you did a reverse merger the stock chart's bahnanas. but you got three main businesses that i'm looking at here mobile payments. marketplace. the financial housing these investment vehicles around bointd and cryptocurrencies but not seen any s.e.c. filings. no earnings or financials released are you generating revenue how quickly are you growing? >> we are a new company and did something novel on the otcs. our intention is the nasdaq to move up and into that marketplace so for us we saw an opportunity to get our foot in the door as a stair step to the nasdaq and to grow our brand for customers and make that available early for people who wouldn't traditionally get in on an ipo you see choke points and with the faang stocks and people with

access to deal flow and the majority of the population that doesn't and wanted to do something novel and the market i think is saying if you try to package block chain in a one click we'll be there behind you so our intention is just to work hard and package something up for the customer that's meaningful and package the new new technologies we purchased a -- created an agreement for a ticketing business where we think there's just going to be a consolidation in block chain that this allows for. >> are you general rating revenue yet? which represents the greatest growth opportunity >> yeah. so excitingly we are we launched the etx products that function as diversify icato on top of digital.

the customers say we're hunting growth so we wanted to step many there as a layer on the exchanges to give exposure to the digital asset class and we are getting thousands of new customers and we have revenue coming in from that and the intention is to keep driving forward both on the etxs and nfts very exciting time for us. >> all right brian foote, we have to leave the conversation there thank you for having me. >> thank you. shares of facebook up 70% in the past year but looks like nothing compared to the 360% gain from snap which social media stock should you friend for your portfolio? our traders will weigh in.

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welcome back to "power lunch. it is a brewing battle web bush upgrading snap sharing the company for the platform and downgrading facebook to neutral on concerns over user privacy. snap is outperforming facebook and two guests are your trading nation team today. you don't agree with the call thinking that facebook is a good buy. tell us why. >> yeah. i am friending facebook and would block snap here. the web bush analyst talked about the privacy concerns which i think we're going to see ad revenue and maintain and grow but also a way for facebook and the social media platforms to

grow which is we are looking at the subscription based model you saw that instagram is rolling out a tipping feature for 50,000 creators who allow them to tip and then see platforms getting revenue from this being the middle person for that and room to grow for facebook. snap had such a great run and i wouldn't be chasing it here. >> looking at the charts, matt, you say 315 is share is a key level to watch shares of facebook why is that? >> it's funny because both charts look pretty good but facebook has the most upside potential here the stock is suck in a sideways range for eight montsds and when you break out of a range it usually seeing a good run. it's pulling back this week but it's okay because it was overbought now if i may pull back but above

the 315 level that you mentioned it's going to track the kind of momentum that they haven't seen in many months confirming the breakout and skyrocket higher. >> facebook down about 2% today. thank you. we are smack in the middle of big bank earnings. get tips on our website. back to you. >> seema, thank you. coinbase is the big story of the day. soaring from its reference price of $250 but compared to $381 opening price it is losing steam here versus that price coming up, we'll talk to the president of the nasdaq about the direct listing and a lot more stay with us >> and now, the latest from trading nation.cnbc.com and a word from our sponsor. >> for entries into breakouts some traders use buy stop limit orders placed above resistance levels unlike regular buy stop buy stop

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welcome back down base right now traiting at 33 a share but off their best levels of the day. come up, we will talk with nelson griggs about coin base. and while there is a lot of attention on coin ba, c'tsewean forget about the bank stocks lots of banks reporting today, off their high levels as well. we'll be right back.

welcome back coin base going public today as the nasdaq's largest ever direct listing, period. the reference point was 250 a share. but coin base opened at 81 it is now trading at around 335 a share. for more on the historic moment, we are joined by leslie picker and nelson griggs, president of the new york stock exchange. >> thank you, nelson, for joining us today congrats on the direct listing it is the biggest direct listing by market cap and the first larm one for nasdaq interestingly, you have done about a dozen smaller direct listings the bigger ones that we have tracked, spotify, roblox, slack, pal anner the all went with the nyse what changed why were you able to bring coin base to the nasdaq in do you

think this will portend more large companies to pursue this authored of going public >> thanks for having us on truly a watershed moment for coin base, for crypto, and for nasdaq today we have been working with companies and talking to companies about direct listing for a while. for us, it was really a matter of time until we participated and had a large one on nasdaq. to have it be coin base, to have it be the largest of is a fantastic moment for them, and frankly, for us as well. it was a very smooth process i do think, to your second question, as the last few years have gone by, we always have a handful of direct listing conversations going on probably more now than ever. i wouldn't say it is anywhere near replacing the ipo we also see popularity in companies thinking about the spac process

clearly, direct listngs are here to stay and we expect to see more of them in nasdaq. >> do you expect to see the coin base listing today as a signal to other companies in the crypto economy as coin base calls it in its prospect us to go public in do you think there are other companies in the crypto world who think that listing on the nasdaq is a good idea, a good idea to become a public company. >> coin base is the category creator. they are the first one of its kind they have an amazing brands, so well-known so if you are in the crypto space, in the crypto exchange, you clearly look at this moment and understand that it is possible there is investor appetite i although i wouldn't comment on any specific conversations we are having, clearly this level of excitement around this transaction should lead to more interest. >> nelson, we have the share price on the screen there at 3332 a share it is well down from where it

opened up, $381 a share. at that levelst it implied a $100 billion valuation it is equivalent of a nasdaq and an ice, the parent company of the new york stock exchange combined with that said, obviously you are listing coin base. you welcome them onthe your listing platform but how do you see coin base as a competitor how do you see crypto trading in general as a -- you know, with regard to the exchange industry? >> yeah. well, they are clearly a very company than who nasdaq is so over 55 million users are -- registered users they have on coin base. it is clearly a different asset class. where nasdaq is today, obviously, this is a growing asset class, growing interest in it so we are participating, hopefully, with more listings. the etf market we do provide some of our

trading qualities to crypto exchanges. but we don't view coin base as a competitor. >> congratulations on the cane boys ipo obviously a big win for the nasdaq today earlier this year you didn't get the roblox ipo you couldn't get cue pang. do you think that today re-establishes nasdaq as really where tech companies should list >> well, i appreciate you asking the question this year, we will have -- the company is going the raise $1 billion or more. we will have 70% of those. many of those are technology tomorrow alone we have companies scheduled to raise $2 billion and $1 billion so we think we are getting more than our fair share of the large listings i think when you think about technology you do think about nasdaq and we love our brand positions. but more so, our value proposition to attract listing with an 80% win rate again in the large market we are really doing exceptionally well, especially this year. >> it is morgan. i am curious, the logistics to

pull this off today, what was involved what were the lessons learned. >> great question. when you think about a direct listing versus a traditional listing a lot of the processes are fairly similar what we had to think about along with the advisers is, as you saw the continuing rise the last few quarters of crypto interest, a lot of retail interest what we were prepared for for the day was exceptionally high participation by retail. the complexity is sometimes around when you hear the volume number it is more the number of orders we are going to see. that was a lot of our preparation, again working with the advisors, understanding what configurations we needed to have to execute when you think about the direct listing, it is a pure auction. it went off exactly as you would hope it would go off investors were able to see for good three-hour period where the market was in a very transparent way and they could decide whether they wanted to participate.

it was smooth. >> necessaryson griggs and leslie picker thank you for joining us as we watch shares of coin base trading right now. thank you for watching "power lunch" "closing bell" starts right now. thank you, morgan, and frank. welcome, everyone, to "closing bell." i'm sara eisen along with wilfred frost. mother mixed session on wall street on a jam-packed news day. the dow setting a record high, small caps are rallying. but the nasdaq and s&p 500 are in the red bitcoin is at a record and dome coin all the way up to 14 cents it's all about the base. crypto trading platform coin base making its highly anticipated wall street debut. the whole market is getting a lift setting a fresh high around $5,000 the federal reserve releasing its last beige book saying that the economy is recovering at a