liquidity in the marketplace >> doc >> zynga i believe they were aggressively buying those i love the gains i think this is one to own >> give me a name, weiss >> porsche >> good stuff. have great weekend see you next week. "the exchange" is now. all right. thanks very much here is what's ahead on the show the markets may be at new highs but one fed governor says the economy is ready to rip. will this rally keep chugging. plus, could covid's aftermath prove a positive for the airline industry one analyst says yes and he's betting on it with a double upgrade with a number of names he will join us in a bit a cnbc special investigation stealing from main street. the detail ofils of a nationwid

scheme that's cost taxpayers money. we have moderated some of those moves today. the dow industrials were much higher at one point. still up about one quarter of sun% the s&p 500 up about .2 of a percent as well. would it surprise you it's been the utility stocks that's been the best out performer the a defensive name that's a bit more on the up side there. meanwhile, financials and communication services to the focus for a lot of traders over the last several weeks are the under performers this week financials wrapping up this week maybe a bit of profit taking he's talk about whether or not we're seeing the profit taking

morgan stanley, pnc. three of the financially oriented bank type names reporting results today. morgan stanley, great off the top. allied financial hit a record high earlier in the session. now a bit of profit take and momentum slowing down. pnc holding up the gains keep an eye on those big financials markets are near all time highs but if the fed governor christopher waller is right, there may be even more room to run from here. mr. waller says the economy is quote, ready to rip. he points out that there's still a long way to go so there's no reason for the fed to be pulling the plug on support. joining me now to discuss, marco papichp. thank you for being with us here what about this market could be constructive going forward even though we sit at record highs?

>> i think what's constructive is the banks that reported so far where we thought there might be more profit taking. we're seeing them stabilize or if you look at the i shares equal weighted financials, etf, we will see that actually up slightly today the fact that they are holding in and there's not broad based profit taking is actually an indicator that investors are standing by and waiting to see a next leg up. >> marco, are investors justified to be as bullish given the massive run we have seen is the macro environment, the market environment still constructive overall with we say it's safe to own risk assets? >> it depends on what your time horizon is if you're a longer term investors, i think it's pretty clear we're in a bull market unless the covid variants become extremely deadly, i don't think

that will change the fed remains very easy. fisal support is ample also you'll start seeing global growth through the u.s i think the biggest risk in the near term is the economic optimism because the ten-year has stabilized below 1.6 with some of the big supply months coming up in terms of auctions in may and later in july and august, you will see higher ten-year yields it has to happen given that i agree we're in an extraordinarily strong economic upturn >> it's been one of those perhaps big questions that we talked about for weeks now at this point this notion that are there still value fin the marketplace if th markets are add re-- at record highs. we know things are getting better can you tell us just how far this can go with the economy still the way it is and projected to be even better in

the next two to three quarters >> if you're looking at the earnings to drive the numbers up and the p/e ratios down, which is what we expect, i think we can look at another upside here. i think it can be broad based. financials and the terms and the industrials. some consumer discretionary depending. i think it will be pretty broad based. if you look at the new york times article of today about the coronavirus and the variants and the coverage i think that we have a really strong trend for the underlying health of the individuals which will drive the health of the economy. >> marco, does that click with what you think right now is it the deep value cyclical super b type sectors that are starting to benefit from an economy that

keeps reopening? are those the plays? is that momentum still going to be there >> six months ago, folks were still pulling their hair out thinking there's a chance of a deep recession right now no one is doing that it's already priced in, the extraordinary growth in the u.s. i think i agree that the global cyclicals should be part of the portfolio here europe is not going to be incomp tent on vaccines and dealing with covid forever and the rest of the world will benefitcommod. the dollar had the nice rally which was a problem for global cyclicals. it's come off pretty convincingly that's a real positive reason to own non-u.s. assets. >> all right non-u.s. assets a big focus for sure thank you very much. thank you.

speaking of those cyclical type sectors with the markets at all time highs, airlines are taking flight this year as well. hawaiian, american, southwest, alaska air, youniunited, you nae them they are all up since january. we are joined by phil. the man with the pulse of what's happening in the skies phil, this airline, the constructive move we have seen, does it have legs? >> depends on who you talk with and not all carriers is the same which isn't a surprise certain companies will do better than others depending on what's happening. in terpsms of the reopening, les focus on what we're seeing in may. we're seeing the airlines add capacity this is in comparison to prepandemic. you're comparing this with 2019. they are domestic oriented

they don't have the international aspect you get with american, delta and united. as you take a look at the airlines, in particular, let's take a look at delta yesterday when they reported their earnings, delta came out and said they are expecting revenue to be down about 50% in the second quarter and it starts to build from there. what you're looking at are the tsa passenger levels they are off right now anywhere between 30 and 40% the expectation not just when we talk with delta but when we talk with other airline executives is it will continue to grow throughout the summer and heading into the fall they expect it to be maybe not all the way back but it will be back maybe 80% compared to where it was pre-pandemic right now we're down 30 to 40% the thing you'll be watching for if you're an investor, where do the airline stands when it comes to debt levels they will be spending a lot of the generating paying

off their debt bottom line is this, a lot of people right now are focused on southwest because they have a cup of things going in their favor. the domestic route structure, demand for domestic flights and they don't have as much debt as some of their competitors. that's one reason you hear a lot of analysts say take a look at southwest right now. doesn't mean it's the only trade. we'll hear from southwest along with alaska, united next week. >> phil, thank you very much we appreciate it we are talking of jamie baker, jpmorgan senior analyst. we have seen him before.

thank you very much for joining us again. >> we think we can rule out the potential that covid is aftermath presents any long term structural impairment to the industry we think we can rule that scenario out debate we're having, that we suggest investors have is whether covid's aftermath simply represents a return to normalcy or possibly even a return or an escalation of margins. could the covid aftermath prove to be a positive for the industry we think there is that potential. that's one of the driving factors behind the ratings change that we made this week.

>> what are the factors driving those ratings? >> it's the resilience of demand recovery among consumers these are airlines that carry very little corporate travel they are not dependent on international borders reopening. we get to see the tsa data as does everybody all of those are very encouraging. >> it's not all positive not all airlines will participate equally. are there airlines within your coverage universe that you think are due for underperformance

given the performance we have seen over the last several months in. >> no. we're not looking for material downside unless something really goes sideways. the group has rallied pretty constructively we think that's one reason we have an of weight rating on delta. we think that stock is well positioned to take advantage of the next reopening legs that have yet to begin. >> all right jamie baker, thank you very much have a nice weekend, sir now we have a news alert on square space kate with the details there. kate >> square filing were a direct listing. they are going with the new york

stock exchange ticker will be sqsp. this is a software company reminding people to use square space to make websites and it's profitable going into this direct listing they reported 30.6 million in net income on about 620 million of revenue last year revenue is growing about 20% year over year profitable going into this event. the company was last valued at about $10 billion in its last funding round. they had submitted a draft to go public confidentially. we're getting a couple more details. this is the latest company to f forego the traditional ipo. >> i guess they don't need investment bankers there's one sector of the market that's rarely talked about but could be a big beneficiary of an infrastructure

plan we'll break it down. a store you don't want to miss man taken into police custody, charged with stealing taxpayer money meant to help small businesses during the virus pandemic that big cnbc investigation coming up next keep it right here stay restless with the icon that does the same. the rx crafted by lexus. get 0.9% apr financing on the 2021 rx 350 experience amazing at your lexus dealer.

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welcome back small businesses across the country got a much needs boost from the government's paycheck protection program, ppp and economic injury disaster loans the programs rolled out last year now notices are making their way to businesses and individuals to pay back those loans the notices are very real but the loans in numerous cases are fraudulent part of a staggering nationwide scheme to rip off taxpayers and steal money meant for main street in a cnbc investigation piece, kate rogers joins us now to dig into some of the problems around stealing from main street. >> reporter: with guns drawn, police in florida order the driefer out of his car responding to an unrelayed complaint, officers discover the suspect has an out warrant government for defrauding the small business administration. >> put your hands behind your back.

>> reporter: it's one example of a potential overall $84 billion frauds to steal money plents to help small businesses. richard clark is a detective with the lauderhill police department >> a lot of people have taken advantage of lapses in the system to benefit personally from applying for loans either deceptively or using other people's information. >> reporter: he was able to obtain $81,100 by stealing personal information from a business owner facing multiple fraud charges he's plead not guilty so far, $626 million has been seized or forfeited as a result of several or criminal investigation of the paycheck protection program and economic injury disaster loan program according to a report by the house select subcommittee.

victims around the country tell us they are astounding how easy it was for criminals to exploit the system max lives in wisconsin and fulfills grocery orders for walmart. after being deployed in ukraine last year with the national guard, the sba sent him this notice to pay back a $45,000 with his name pomisspelled he said there was a loan taken out in his name. >> they recommended i go to file an identity theft report. >> reporter: it allowed small businesses to borrow based on temporary losses of revenue due to the pandemic. he doesn't own a business. >> you're not planning to repay it, i assume >> i don't really have a good way to repay that. $45,000 is more than i make in a year. >> reporter: the agency says the loan is on hold pending further review >> next tax season will they try to seize my tax return are they going to try to garnish my paycheck if i don't resolve this situation in time

there's definitely a lot of things to be worried about. >> reporter: he's not alone. korena keys on a digital media firm in north dakota she received a loan under ppp which offers loans that can be forgiven she didn't need another one from the sba. then this payment notice came in the mail for a $150,000 taken out as well. >> the shock turned to a lot of frustration and anger. >> reporter: even though the application listed inaccurate details. the loan got approved. the sba notice says she has to start paying back in november. >> do you think it will get resolved >> i'm a very trusting person. i want to believe it will get resolved >> in response, the sba says the biden-harris administration takes seriously to safeguard

taxpayer dollars and prevent fraud, waste and abuse new enhanced checks have been put in place to intensify system validations in the economic disaster loan and paycheck protection program the sba went onto say it is working with various federal law enforcement agencies to combat the fraud but it would not discuss individual barorrowers back over to you >> this is a crazy story the small business administration says new enhanced checks are in place. what are some of the changes being made to ensure in the process this does happen again >> the office of the inspector general has been look ing and saying a lot of the guardrails are in place or removed.

some of the new checks put in place, identity system validation, looking into people's bank accounts and validating hose. they mention ip address and device screenings being put in place. this was ridiculously easy for criminals to access funding through the different programs i think a lot of eyes are now on the more recent iterations and there's a lot of people working to ensure this will not continue to happen. we'll have to wait and see >> massive fraud with the paycheck protection programs thank you for that report on cnbc investigation go to cnbc.com for more on that big story. coming up, the nfl is doing something it's never done before betting big on betting the details and the stock winners coming up. the magic number of the day is 495 million. that story after this break.

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welcome back at those highs the dow industrial is up 220 points. you can see we shaved about half of those gains off, about 100 points to the up side. the s&p 4,177 in the last trade. gains being led by materials

right now. energy stocks are some of the worst performers on the day alongside communication services here are some of the big movers this hour. shares of alcoa higher a surge in aluminum prices the main tail wind there the shares up 8% check out lumber finishing the week out with a fresh high today that commodity is up 15% in just this past week here. those shares, the commodity up about 30%. take some of the home builders wells fargo initiating coverage on that group with a huge upside bias let's send it over to courtney for a cnbc news update. >> hi, dom president biden has signed an executive order that will speed up the admission of refugees into the u.s biden has not raised former

president's trump historically low cap on the number of r refugees allowed in this year. learn about one mother's fight to get her son out of government custody. heavy metal guitarist from indiana is first person to lead guilty with the capitol hill insurrection on january 6th. he was among the rioters who used bear spray on capitol police officers. liberty university is suing jerry fallwell junior seeking more than $10 million in damages. the school is accusing the former president of breach of contract and breach of fiduciary duty merrick garland rescinded an amendment that curtailed consent degree that were used to force change at police departments dom, back over the you thank you very much. coming up, the nfl calls an

audible on gambling. turkey turns against crypto and disney just dominates. that's all ahead in rapid fire it's friday and that means it's time to look ahead to what's in store for your money next week here is your "friday fast forward. >> the earnings parade marches on next week net fflix reporting results more people leave the living rooms. we'll hear from chipotle which is up nearly 10% this year johnson & johnson will deliver numbers amid a pause in the covid vaccinations as the cdc evaluates risks. new ipads are expected to be announced. this ahead of its testimony alongside google

the white house holds a climate summit new and existing home sales for the month of march give us a read on the tight housing market as economies reopening, airlines including united, american and southwest will report results. the sector is up 27% in 202 is can it keep soaring. at yr id ft rwd.

welcome back to the show let's catch up on a few stories that should be on your radar it's time for "rapid fire. ladies and gentleman. the nfl is inking it's first deal with fanduel. contessa asked the ceo of fanduel why the company would enter an agreement with its competitors. >> for us we're playing the long game we look at the fact we're in the

early stages of growth in this industry we think a lining is not just good for us but for the industry and we're willing to share with a couple of our competitor because we know on the open field of competition, we'll win. >> all right you have spoken to draftkings. they weighed in. what did they say? >> draftkings is excited because it gets the exclusive partnership on fantastiy sportsa well that's a big deal for them i talked to ceasars and they said this is great for us. they get to integrate the nfl con content and in las vegas when it has the draft and pro bowl, it makes a great cross partnership possibility happen there they think this is going to boost the industry overall

the possibilities on the deal at year and and they may ask for more money >> does the make you want to bet on football? >> joe jackson and pete rose might have a pretty good leg to stand on we know what's been going on state by state new york with a clumsy release on sports s betting and online gambling last week draftkings are the two ways that investors have played that they already have such a big footprint and the valuations for investors don't make sense you're buying a land grab and

buying that linear relationship between growing addressable market and where you think the companies will be in the future. >> it's a big story there for sure formalize ties between a major league sports league and betting applications next up, trading apps like robinhood weren't the only ones benefitting from the rise of meme stocks. digital investment adviser doubled new clients and net despe deposits in first quarter of this year. what it's done is shining a light on investing generally kate, this seems kind of within the realm of reason. more attention means more accounts opened up >> right sort of the rising tide argument people often have multiple accounts that they are doing their long term investing and

betting or day trading with some of these other start ups she did say that she encourages people to get on the momentum. she wanted people to, as she put it, not miss out on some of those fomo trades. she's a former viacom executive. she recognizes this moment and the excitement around the market they want to capitalize this she was worried about the gamestop rally talk about engage m and sports betting. if you look at where the app store is right now, you're look at apple in particular thinking about investing and trading and stealing yaeyeballs away from things like tik tok. we're in a moment here

>> it's funny because i saw vlad, the ceo and founder of ro ro robinhood tweeting about it today. i went and looked because coinbase pro is a related app. it's down to like 176 or something like that on the list right now. tim, my question to you is when does dom of those coinbase people go to pro route because they are getting more seasoned >> i think it's happening. they are not putting money into a new merrill lynch account. with all due respect, love bank of america

think of what they are doing to the housing market too you think about the delta and the incremental new buyer in the housing market it's not just the exodus from the cities it's an exciting time. if you think about the impact, we spend a lot of time on fast money and this network trying to determine the impact overall in markets. it's not all about kamakaze investing and going with the mass crowds. this is a guy that made a call on stock and it's paid off massively. >> contessa, is this a good thing in. >> look at my illemillennials. it's also gen z. we have talked about the ways they have taken a page out of video gaming and gambling apps and they are making it relevant. they are making it easy to use the upside is that you have

younger people involved with investing. the down side is it has some of the same risks in terms of problem investing or problem trading thatgambling does as well it's manager that i think you'll see regulators paying more closely attention to on that >> we know the virtual confetti is gone from those applications now. turning to where turkey, the country, the central bank has banned the use of crypto currencies and crypto assets to purchase goods and services. quote possibly irreparable damage and significant transaction risks in the legislation. such regulation is one of the biggest risks when it comes to crypto currency and that business kate, you watch it all the time. we say it all the time when governments get involved this is when things could go

awry is this just the tip of the iceberg for a country kind of split between europe and asia? >> a lot of people look at this as what can come out of other countries and there are really different policies depending on the country. definitely pour some cold water on the bitcoin rally if others come in and do this and worry about their own currency about taxes and the idea of sort of evading that and l losing income as a government, that's big issue you think about the u.s. and what they are doing. they are probably more worried about bitcoin taking some of their market share because it is a global reserve currency. it's not potentially as at risk if you think about bitcoin versus the u.s. dollar people see a lot of the same use cases there. i think that is lhuge you think about the idea of a global u.s. dollar that's the next leg of this conversation could they displace bitcoin or

come in with a challenger that's pegged to the dollar and issued by the government. >> tim, you're the emerging markets guy. is this turkey move something that could spread to other governments around the world >> this isn't unique to turkey i want to be clear someone who spent a lot of time investing in turkey, love turkey people, love turkish food the turkey central bank lost credit about five years ago when they with no longer one of the independent central banks. this is a political statement. this is political fear i don't think turkey is necessary leading the charge on this and i would brush this central bank's comment off a lot more than i would other central banks. >> all right big move there by the turkish central bank our last topic if you're looking for something to watch this weekend, might we suggest the falcon and the winter soldier enough people are watching it. the disney plus show premiered back in march and the streaming

service hinting back then it was the biggest debut in its short streaming history. it drew in 495 million streaming minutes. disney inverss seemed happy about the news it's a streaming story has been for a while with disney disney is capitalizing the most on this. are these franchises the one driving all of that viewing? >> think about it, i think families are early adopters on disney, the streaming service. anybody with kids knows there are hours of programming now it's interesting because they getting adults to sign up for this it's going to be drawn in. those of us who already

subscribed might watch what we think of it. >> listen, you're not going to sell me. tim, this is very much a streaming story. has been for disney for a while. we're turning attention now to the covid reopening trade. i know that. this is the driver force behind it how big of a streaming deal with there be >> the sense was even if you get a hiybrid streaming multiple, disney is now trading at about 40 times 2,022 earnings. i still love the story here. i still think that disney has a content machine and a studio that's really getting going again. the crisis in streaming is showing the dual release

dynamics good for disney. i think you stay there >> all right big toipics for sure. thank you. we appreciate it have a nice weekend. coming up, while typical infrastructure plays like builder and energy companies have gotten a lot of attention after president biden proposed $2 trillion worth of spending, the municipal bond market could stand to benefit we'll look at the risk and rewards, coming up next. april is financial literacy month. cnbc is committed to sharing messages from businesses an thought leaders about the importance of financial education. here is former senator from north dakota, heidi highcamp >> one of the foundations of our democracy is the free enterprise system we can all contribute economically and when we all contribute economically, we succeed. having that kind of economic resiliency in american families

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i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow. welcome back stocks are not the only winner high yield municipal bonds saw 1.3 billion dollar in inflow over the past weeks. that's thanks in optimism to president biden's proposal bank of america said we could be headed for a golden decade for muni bonds under president biden especially if congress passes this infrastructure plan for more on what infrastructure spending could mean, let's bring

in nisha patel thank you for joining us the muni bond market is key for so many of our listeners they are looking for the tax free income. take us through what's driving the activity today is it the infrastructure optimism >> it is year to date we have seen tremendous flows into municipal bond funds, municipal bond products muni bonds have out performed pretty considerably in high yield space. i think a lot of this demand is driven because of the prospect of higher taxes and the certainty that taxes are not going be going down from here. if you look at the infrastructure bill, one of the key components is how it is paid for. corporate tax rates being raised is one kind of aspect of that. president biden has mentioned individual tax rates going up but it's not directly tied to

this if tax rates go up considerably, you could see them coming buy more municipal bonds >> the prospect for higher taxes in this infrastructure plan that's driving the plmuni flowso could it be other factors as well what does that whole trade kind of look like in your mind? >> yeah, so, if you take a look at the details of the bill, give tenn en the main bill is infrastructure, a lot of money in that breakdown is for transportation it's for clean drinking water initiatives. it's for affordable housing. a lot of this overlaps with municipalities and the type of debt they issue. one of the key components that we're looking out for is how exactly does this affect supply. there's no doubt about it that

municipalities will have to play some role in this. do they roll out a program like they did back in 2010 where they issue a loan under this new program or receiving some sort of another incentive from an standpoint, there's going to be certainly more opportunity i think possibly from an issuance perspective, and as a resurgence of esg investing is coming about in many aspects of the market, we are starting to see that in municipal bonds as well so i think that's something that i think investors are looking out for, more esg friendly, clean drinking water initiative, affordable housing type of projects that they could take advantage of in the municipal bond market which typically hasn't been done before. >> in the last few moments here, is the demand that you're seeing from munis right now coming from just those high tax states like new york, or new jersey, connecticut, california, those places or do you see a broadening out of muni interest across the country?

>> we see a fairly broad interest across the country, but you know, no doubt that it is coming from high tax states. keep in mind with the muni state and local tax deduction, the s.a.l.t. cap, that has tremendous pressure and effective has raised taxes for high in comb earners in the top tax states, so we've seen a huge demand come in from california, from new york, from other high tax states, since the s.a.l.t. cap went into effect, but i would say it's even more broad-based. you know, if you take a look at the taxable yields of municipal bonds even today in the a-rated space, and you pair it to the taxable counterparts, there's certainly still value there, right? so with cash earnings, with limited options, there's still certainly a lot of opportunity that investors can look to take advantage of >> with a breakdown of municipal bonds misha patel, thank you, have a nice weekend.

>> thank you. have you ever been a victim of a porch pirate? there are some smart home devices that could ensure your deliveries, those details coming up next.

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as people begin to return to the office, some companies are betting on e-commerce spending to continue. frank holland is digging into how retail is going high-tech to take on delivery dilemmas like people stealing packages frank? >> the $80 billion home device market, including the alexa and google home are making e-commerce easier, electric power containers that create a contactless, secure and temperature-controlled way, to get your packages an even your groceries delivered when you're not at home. we all know that remote work is the new normal but those doing it, always to sometimes, falling from 70% back in april, to 56% in february, still, e-commerce, it remains elevated. in 2020, 10% of americans started using grocery delivery almost tripling the number of 2019, new mastercard research forecasts that trend will continue even after the

pandemic walmart is partnering with the startup called home valet and running a pilot program for grocery delivery near walmart's headquarters in arkansas, the boxes can be unlocked by mobile phone or opened up automatically when a delivery arrives. the founders say this new technology also unlocks new business models. >> every grocer, the real value here is they can pick and pack 24/7 and deliver 24/7. >> the real question is how much will consumers pay for this convenience? home valet, they are still figuring that out and trying to figure out the price only for the box, not only for the box but a subscription service. >> and dyno, $400 and yale has boxes that sell for up to $330. >> how big of a problem are stolen package, those porch pirates so to speak? >> it's a big problem. 43% of people say they had a package stolen and the average cost of that stolen package $136 >> it's a big deal for sure.

frank, thank you very much big deal for those on those smart home boxes. well, that does it here for the exchange the markets right now coming off their session highs. you cansee there, the dow stil up on the day. stick around for "power lunch," two-time super bowl champion peyton manning will be joining, to discuss the launch of his and his brother eli's nonfungible ke nfts, after this break. "power lunch" after this break

♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪

good afternoon, everybody, and welcome to "power lunch" for a friday, along with morgan brennan, i'll tyler mathisen, morgan will joins us a sec here we go again, dow and s&p, at a fresh all-time high but how long can the party last? we will debate that very question coming right up plus florida flop? the real estate investor jeff green says the real estate boom in florida could be headed for a correction later this year he'll join us to tell us why he thinks that. and then later from the nfl to nfts, football legends peyton and eli manning, launch can the manning legacy collection of digital art,