the street's predictions on subscriptions and said they are not going to add as many subs subscribers. there are so many streamers out there there has to be a war. >> it was cheaper for us to keep the cord than to cut it. >> everyone wants the hulus and the pluses and the netflix plus. and the cnbc thing anyhow, thanks for watching "power lunch," "closing bell" starts right now. >> welcome the "closing bell." i'm sara eisen along with wilfred frost. stocks on the rebound after two days of selling. the major amples firmly in the green with the smau caps leading up % they have been under pressure lately reopening plays are getting a boost following optimistic analyst commentary larnsz and cruise right side making up ground after a rough start to the week. ten days down for the airline stocks stay-at-home favorite netflix is

the biggest loser in the s&p 500 receipt now on back of disapointing subscriber numbers. we will get analyst reaction in just a moment. and strength in the ipo market shares of ui path jumping. coming up, lemonade hits the road we will speak with the ceo dan schreiber as they take up space in the car insurance place plus earnings on many companies, including whirlpool. that stock up 30% this year. first let's get to the market action as the major afternoons see sizable rebound today though still down for the week as a whole. mike santoli tracking the action for news the market sort of found its footing. it was a two-day decline, about

1.5% from friday's high. it says something about what has been a resilient and persistent rally. it was the first two day drop back to back in april. didn't take long to get it back. we are regaining let's call it half of what was lost in the also two days. it is not big tech leading the way. it is some of the declines in small caps that are up a lot yesterday we pointed out only a third of small caps were above their 50-day average so you had this certainly correction it was enough for dip buyers to come in. here's an indicator, the s&p completion index everything in the market except for the s&p 500. this here is a six-month look. i think it is useful because it shows you what a massive lead was built up by everything else. that's small caps, also mega caps that don't have to be in the s&p 500. things like square and snowflake and uber and zoom. it is a good risk appetite tell. that peaked february 15th.

that's when we saw a lot of the racy stuff had its peak. it has come down it is a modest down trend in the s&p 500 itself blue chips reasserted themselves it doesn't change the overall dynamic even though we have a tilt toward stable and quality tough. look at dividend achievers dividend growth might be a sleeper theme that works because as bond yields go up people look for protection against bond losses by looking for things like dividend growth. denobel has taken over the s&p 500. a lot of industrials in here financials as well things like health care are doing well today medical device subsector is up 2% people looking for sort of stability as well as opportunities for entry points on things that pulled back a lot still not ready to say that it is off to the races back up toward mega new highs. but it seems like it is not

going to be easy for the bears to push this market down just yet. >> you have been harping on that theme, dividend yields for inflationary times mike, thank you. jp morgan's chief jamie dimon making new comments on everything from social media to the covid vaccine today. >> he was speaking at a private client event about an hour or so ago that i was able to monitor he spoke about the j.j. vaccine which is currently on hold here in the u.s he said on that, quote, they opened it up in europe, i hope they open it up here unfortunately they are never perfect. they have saved lots of lives. he went on to say that in the united states anyone that wants one can get one by mid may we will urge people to take it one day we may force it. i think woor we are lucky to have it. people should have it to go back to work. by saying we may force it he was referring to the u.s. as whole not jp morgan specifically

on the economy his base case was that the effect of a strong economy will dwarf the effect of rising rates and he was relaxed about the prospect of 2.5% inflation, even 2.7% inflation temporarily and the ten-year yield hitting 3%. he described that sort of outcome as in fact a home run. his bad case scenario was inflation not being at 2.7% and 3% next year the worst case would be another variant and deadly virus that the vaccines don't work on on crypto, he said it is not possible to have a $2 trillion asset that becomes a $4 trillion asset that governments don't get involved with. he said he was surprised it has got this far before the american government got involved. finally he veeld he is on

instagram. quote, i wanted to see what it was, and the advertising he said it's not under my name and that a lot of lists of the people i should be friends with are people i do have friends with and it annoys me how they got do it referring to the fact he didn't put it under his own name i did a search for jamie dimon it wasn't there. >> he's operating on instagram under an alias that is that what you are saying >> that's what he said he revealed it in a client event. it came up at a point where they were talking about people going back to the office and how if people are getting a little bit sick when they go back into the office, be careful what they are doing in their private life or over the weekends. instagram came up. he mentioned he joined it a while back to monitor it as a platform and see the advertising

as business sense. but it definitely gets the mind worrying as to what his handle might be i doubt it is something we might guess. >> check your followers. he's definitely stalking you, wilfred? >> mine is private, so he definitely isn't maybe i should open up and thenland. we have got to pivot from the private client event for jp morgan stocks, s&p 500 up two thirds of 1% netflix though continuing to slide. worst performer on the s&p today. the streaming giant reported yesterday it added under 4 million subs compared to an estimate of 6 million. we have an analyst from rosenblatt who has a neutral rating on the company. those numbers stood out and some of the comments and explanation in the letter that you thought were a little bit worrying in. >> yeah. we are at avoid on the shares as we think there is downside risk

to the 450 level i think the primary explanation -- you got through all of it on the call in terms of the weakness was that they had tough content comparers. essentially the big hits like tiger king that they were copying against in 1q. we think there is a more competitive argument to be made in terms of the weakness here that i think the company is not alluding to. so i think there is a bit more prove it in the second half, if you will, that it is just can tough content compares. >> do you welcome the buyback? what do you make of that when they are not exactly a sort of late stage company with too much cash on their balance sheet. >> yeah. i think it's certainly well timed. so i think it's prudent for them you know, in terms of $5 billion versus $2 billion, they are certainly taking on a bit more

leverage there but i think it is more astutely timed in terms of the weakness that they are seeing here in the first half >> just to play devil's advocate here, mark, the company flat-out says that it's not competition and that that was immaterial and they specifically point to two factors for the lower subs and that is the pull forward in demand that they got during the crisis, and the content slate, which they didn't have as much production during covid-19 they have got a lot of data on their consumers. why do you doubt that? >> well, we put this in our note if you look at actually the content that they produced this year, the new releases this year, roughly was up about 27% so in terms of total titles -- and those are english titles on an apples to apples basis. and they had some big hits bridgerton was one of their biggest series ever that was

released at the ends of december they had loopin, they had firefly lane i think certainly cope against tiger king was a big one but i don't think that answers the entire story the other piece in terms of covid which you brought up, sara, which i think is an important one. we assume that they acquired roughly 9 million incremental subs in 2020 due to covid. and our assumptions this year assume that that remains a deficit. and i think that the true test will be in the second for them oh, and they do have i guess a much stronger content slate to prove that they can, you know, recruit that or move beyond that deficit, if you will so that's the true test for netflix once we enter the third quarter. >> mark, thank you for joining us netflix is down almost 8%. i think toward your price argument of 450.

not there yet. still above $500. up next on the show, shares of lemonade higher today after the company unveiled a new business line. last month remember we asked the ceo whether a pending announcement was coming. >> i am sorry wilfred i am not going to announce it. >> keep smiling if it is auto insurance. >> does that count >> i think that was a big hint, actually because that's what it was after the break, lemonade ceo daniel sliber with a look inside his company's new strategy to take on the car insurance giants you are watching "closing bell" on cnbc. dow is up 258 points 48 minutes left of trading

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lemonade stock up, the company announcing it plans to enter the auto insurance sector later this year. joining us now in an exclusive interview is ceo daniel schreiber. welcome back to the show. >> great to be with you. >> so this was pretty much anticipated not just because you gave a huge hint in our last interview. >> only after my deep investigative reporting last time around. >> you got the smile out of him, which gave it all away, daniel still raises the question why. why enter auto insurance which is dominated by some of the biggest players, legacy players, geico, progressive, allstate >> i will try to avoid wilfred's jedi mind tricks today in 1950s they caught willie

sutton and asked him why he robs banks. he said, that's where the money is you asked why are we entering car insurance, i would have the same answer. car insurance is 70 times bigger than renter's insurance and 70 times bigger than pet insurance. we have customers today who are already spending over $1 billion on car insurance they are not spending itwith lemonade not because they don't want to but because we haven't been able to offer it to them yet. there is pent up demand. our customers are spending extensively on car insurance we sell lot of homeowners insurance. customers want to bundle it with car insurance. there is tremendous demand as for the legacy providers, you have got geico and progressive and other brands that are spending billions a year on brand building and have been doing so close to a century.

we are not in that game, not spending those kinds of sums but there are dramatic changes happening in the car and mobility space, once in a generation changes that are putting some of the incumbents flat footed going into this era of connected cars, connected devices. and there is so much transformation coming to this space that actually having done this for 70 years might be a disadvantage as opposed to come in naturally digitally native. it will give huge advantages to companies going forward. >> so there's the question of the legacy players we were also talking about this in a meeting mike santoli brought up the arc thesis on tesla. arc invests super bullish on this stock they could insure half of their cars by 2025 not that that's going to happen but is it possible that some of the manufacturers themselves

could start providing insurance? >> tesla is an example of the connected car, electric car, cars moving from being mechanical platforms to being computers on wheels. it has profound impact on insurance. one question is who insures what you go to phoenix today and order a ride sharing cab some come without a driver who owns the car, the insurance policy there is no driver there is going to be massive dislocation in the entire sector the the data implications are profound and they aren't good for incumbent insurance. tesla can do what you are saying because they have live data feeds from the device which tell them how much you are driving, whether you are driving on roads that are prone to accidents or safe roads, whether you are driving eerratically or responsibly. all of the insurance companies had to price based on a big

aggregate. once you can break apart that monolith and price it based on individual use as to them, based on pricing to an average, you don't want to adopt these new technologies because suddenly you will find that half of our customers have been overcharged and you have to reduce their premiums the others you have to raise premiums, and that's not good. warren buffet and others are dragging their feet about adopting these technologies. this does not favor legacy providers. >> it also raises a question for the likes of tesla and other self driving technology providers and designers. i mean, who is the person that needs to be insured in that sort of world going forward i mean, is it tesla that will need to protect itself against lawsuits as opposed to the passenger or the owner of the

vehicle? >> quite possibly. this goes even one step further, which is today bebuy teslas but you can envisage a future which not too distan where you merge tesla and uber and suddenly you are ordering a self driving car and it becomes a service you don't own a car you use a car and it becomes a service rather than a piece of hardware parked outside your home in that case the question is further, who is going the insure there. in general car insurance might shrink if you are on the board of directors of one of the incumbents it is daunting because the pie will shrink. accidents are going the decline. car ownership will decline some of the policies might move to businesses insuring fleets like uber style scenarios rather than individuals owning them when you are starting off with a

$40 billion business and you are worried about it shrinking, this is different than when you are en entering the sector and adopting these technologies as they hit the industry. are you happy with the markets you are in at least for the next few years or are there other big markets like the car insurance sector that you will be entering in the next year or so >> we are rounding out with car insurance the core components of a household's insurance product. i have taken care of the major items. these are three major launches in the space of just 12 months certainly we have been stretching ourselves to the limit to bring exciting new products to market but i don't think we are going to rest on our laurels this is a $5 trillion industry and there are many, many products, customers, and countries that we are not tackling yet

so we will launch this we will digest and then we will look for the next thing that we can hunt down >> daniel, separate question, unrelated question we are talking to a lot of executives about this this week, that is climate, which i know is a huge issue for you i am wondering how a company that has to insure against all of these climate disasters, snow, hurricanes, the texas freeze, which was a huge issue for you last quarter is thinking about citie climate change and reducing its carbon footprint on its own. >> insurers in the united states are the second biggest investors in polluting agencies across the nation lemonade is the first and to the best of my knowledge the only insurance company in the united states that has promised not to invest in polluting industries

it is absurd when you think about it i take your premiums in order to protect you from whatever i am insuring you against home insurance, the hurricanes and the wildfires. it is health insurance it is against the hazards you might encounter. life insurance, of course. whatever i am insuring you against investing in polluting industries is bound to be increasing your risk rather than reducing it. other insurance companies will take premiums to protect you and then invest them in the things causing those ills is beyond comprehension. it doesn't require anything other than enlightened self interest to foreswear those investments. >> daniel schreiber thank you for joining us the stock is up 9.6%

you talked it higher through the course of the interview. we appreciate it ceo of letmon aide. apple finding itself at the officer of a ransom ware attack th one of its suppliers. what the hackers have stolen and what they want that's coming up next. s&p up .7%

apple finding itself at the center of a reported ransom ware

attack what has been stolen. >> the victim here is a company called quantitia computer. they trade in taiwan the bad guy group is a group that calls itself r evil they say they have gotten into quantitia's systems and stolen a bunch of data including what look like schematics for new apple products they posted those on the dark web. we had a chance to look at some of those today here's the statement from r evil explaining what they are doing it's the basically a heist for money. they say tim cook can say thank you quantitia. what they are after here is about $50 million in a payoff to stop releasing this data they say they are going to continue to do that drip by drip unless the company pays them it is decision time now for kwanna and for apple and also quantitia's other companies. do they want the take the risk or simply pay the hackers? wilf, just as we are talking about this today the department

of justice separately announced it has its own ransom ware task force it's putting into place. look at what the d.o.j. says the task force is going to do. they are focused on increased training, intelligence share and coordination within the government and identifying the links between the criminals and the nation states. that will be the key here because there is always speculation in the cyber security community that i talked with today about what the timing of this apple-related hack means in terms of vladimir putin and the russia sanction has the united states put in place last week some people in the cyber community speculating now that this is a response to what the united states government did last week, this is vladimir putin saying, careful, i have all of your corporate secrets and we can leak those out on the internet and make it difficult for your private sectors companies if you don't get along here >> would law enforcement tell

apple to pay >> i'm sorry say that again. >> would law enforcement recommend that apple pay to protect the secrets? >> law enforcement never recommends you pay they always say you should not pay. but the simple fact is companies are paying all the time. hundreds of millions of dollars were paid directly from american corporations to global criminal gangs last year. they do it through intermediaries they pay with bitcoin or with mannero, which is a harder to trace cyber currency cryptocurrency they are paying because they realize it is an exist tension is threat to the company they can't do business if they can't get access to their data a lot of companies feel like they have to pay once they pay the hackers almost always give their data back and live up to the bargain because hackers are trying to create a market to convince the next company to pay also. >> that is a predict men for apple. meantime, the fda completed

its inspection of emergent biosolution the company behind the ruined batch of the johnson & johnson vaccine. meg tirrell with the messy details of this report >> literally, sara so the fda issued what's known as a form 483, which details nine observations it made of things that are going wrong at the emergent plant that it needs to fix before the fda will allow them to start manufacturing the johnson & johnson vaccine at that location or to release any of the vaccine it has already made there now, among the observations, the first one the fda made was there was a failure to conduct thorough investigation into unexplained discrepancies at this plant, particularly around the cross-contamination that happened with the astrazeneca with the johnson & johnson vaccine. the fda concluding there is no assurance that other batches have not been subject to cross-contamination. this among multiple observations including that the building wasn't kept clean and sanitary,

procedures to prevent cross-contamination weren't followed and that employees were not well trained in response, the company says while we are never satisfied these shortcomings are correctible and we will take swift action to remedy them. this is the only facility in the united states making j&j covid-19 vaccine drug substance until merck comes on board everything that has been supplied here in the u.s. so far has been from overseas until this gets fixed we will have to see where the j&j vaccine would come from. >> and the temporary pause as well perhaps even more pressing. thanks, meg, as always time for a cnbc news update with rahel solomon. the mayor of columbus ohio promising release of more body cam video were the fatal shooting of moo kya brian.

he says the information is being released as quickly as possible while protecting the investigation. get the latest on this shooting on the news with shepard smith. people in moscow demonstrated for the release of alexi navalny. 400 people have been arrested. overseas, the indonesian navy searching for one of its submarines that went missing it failed to make contact following training per size. it has a crew of 53 people. earlier we showed you snow in buffalo, new york storms are also hitting large sections of the midwest. parts of kansas have broken snowfall records that about back more than 100 years. guy, according to the national weather service some 80 million americans are under some sort of freeze or frost warning. so lots of company there i will send it back to you >> crazy there was frost in cincinnati this morning i got a text early

>> colorado, too >> the ceo of m and t bank will join us to talk earnings and a new initiative to create 1,000 tech job in its home city of snowy buffalo new york. here's check on bonds for you. stocks are bouncing back today in a big way yields are mixed the ten-year holding just around 1.56 or so a little bit down. 1.55 we'll be right back here on "closing bell.

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24 minutes left in the session. we are up 315 or so on the dow basically up at session highs. the nasdaq up a full%. up next, shares of m and t bank rallying. we will talk with the coanmpy's voechlt about the quarter and what areas are driving growth, ahead. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade.

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m and t bank is off to a strong year. the bank out with its q 1 earnings leading on both the top and bottom line known noting the strong growth in mortgage. joining us in a "closing bell" exclusive, ceo renee jones thank you for joining us. >> thanks, wilfred.

>> i wanted to start with some sort of macro outlook points earlier in the show we had comments from jamie dimon today, who seemed to suggest that the positives of a growing strong economy would outweigh the risks of higher inflaigs and higher rates. is that something that you agree with >> right now i think we have got to get our economy back on firm footing. of course we have seen a nice rebound across many of the segments but what's unique about the pandemic is it has affected certain segments in an extraordinary way like restaurants and travel and entertainment. you have a lot of low wage employees still out of a job there. i think the stimulus and the monetary poll sew has put us in place where we will see a robust recovery in the economy. there will be an increase, the question is is it transitory or

does it lass some time that remains to be seen. so i would agree. >> how important is scale. and what is your view on the acquisition front. >> part of our success has been about having a local scale and being a dominant player in the markets we serve not only from a depository share perspective but from an ability to immerse our employees into those environments if you think about it when we combined the two firms, we are going to ends up with the 11th largest commercial bank holding company in the u.s more importantly it is going to be concentrated in the mid atlantic and the northeast so if you think about that, we will have the most dense

franchise in terms of distribution with just under 1,200 branches, 2,000 atms -- the only institution to be bank of america that would have more. so that local dense is it really important to our operating model. >> if you wanted to boost that density locally even further i guess you must be looking at hsbc's u.s. assets which started in the same location and seemingly on the chopping block? >> we are really patient i would say we look at everything, even things people don't think we would look at but, you know, focusing on doing it well, and expanding into the new england markets is going to be really key. i will give you another statistic. if you think about it one of the hallmarks of m and t is it's very profitable and it has also been consistent. this past quarter was our 179th consecutive court of not having an operating loss going back to

1976 that all comes from doing banking simple and owning the depository and being the core operating bank for your clients in these regions >> renee, i don't often think of regional banks as centers of technology or hiring the next tech gurus but you are doing that you are opening a tech hub and hiring more than 1,000 people. what is that going do? >> we are excited about it if you go back to the financial crisis n the first tenniers after the financial crisis you had about 70% of the u.s. population growth and 80% of the job growth occur in the big cities, most on the east coast and west coast a lot of the small and mid tier cities were losing out to jobs and talent needed to fuel the digital economy. we first started off by how are we getting our own tech down we don't believe it is about tech spending. it is about do you have the

technologists the engineers and the scientist and are they willing to come work for you we decided to create the tech hub, which is is the old hsbc headquarters and we decided to hire 1,000 of the technologists that we need for the future then we will move 1500 of them into the tech hub we have set it up so it is a community asset. so wean a lot of start-up companies moving into the space. what is important about that is we have got to attract talent and tech talent that can have optionality when they come to our community. modern class or creative class talent they don't really care whether they are working on a banking problem or an audio problem or health care problem, they want to solve friction post and they are willing to do it on

whatever platform they have. >> keep us posted. it is an interesting niche testify. renee jones thank you for joining us we have got to get into the close. coming up, thank you very much mr. roboto. ui path wrapping up its rst fi day of trade we will wrap up how it performed next when we go into the "market zone."

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just 12 minute to go in the trading day, we are now in the "closing bell" "market zone." commercial-free coverage of all the action going into the close. cnbc senior markets commentator, mike santoli, is here to break down these crucial moments of the trading day. and josh brown joins us. the dow up 230, the session high, mike, still down on the week, which kind of fills in the story of a bounce after a couple of soft days. >> definitely a grab from this minor dip. one of the reasons why there is buying in terms of the leader groups today is it is essentially down a lot more. five weeks ago, march 15th is when you had the peak moment of the enthusiasm for the reopening, cyclical stocks, beta stocks, growth stuff and they corrected hard. today you have buyers looking to come into areas like regional banks. they were down 2% from their high by dwroe tech. the overall market has helds up well various sorts of pullbacks but

overall you had churn at least on a day like today gets people interested in buying into a market that didn't give much in the way of downside to let people in. >> josh i know you always say that the rotation is good. whether it is being led by technology on a given day or being led by the value in cyclical sectors is there a sector or a trade there that you prefer at the moment it feels like the market has been wishy-washy over the last few sessions about which sectors work, who leads. small cap in there as well. >> i guess what becomes really important is setting expectations if you are a professional like myself and work with investors and making it clear that the game not let's capitalize on every rotation or let's be overweight whatever is at an all-time high on any given day you obvious low can't do that. then the question becomes what's the big picture? are you winning in the big picture. >> i am looking at transports

hitting all time highs csx -- what a dime stock is ridiculous. material, new all-time highs, industrials super strong there is some wishy-washiness but every time the bottom looks like it is going to fall up the buyers show up, exactly where they are needed. as an example. look at the russell 2000 it was looking vulnerable. the narrative was it is the canary in the coal mine. up 2% today like yesterday never even happened. it is important that we don't focus on day to day, what is leading, what's lagging. strong stocks with strong charts you could find hundreds of them without a lot of evident as long as that's the case i think we are okay here. >> one of them that is not working, not such a strong stock at the moment netflix, getting hit hard by weaker than exempted

subscriber growth. julia boorstin with the details. a lot of price target cuts today. >> that's right. netflix shares are down about 7.5% right now this is the company's worst trading day since november now the stock is negative for the year this comes on subscriber growth falling far short of expectations with less than million new subscribers added in the forecast and a forecast said that number will slow further to 1 million in the second quarter. netflix adding the shortfall was not due to increased competition but due to covid, pulling forward subscriber numbers they would have seen this year into last year. and the lack of production during the shutdowns of covid. they will have more content hitting, both shows and movies in the second half. >> julia boorstin, thank you

with netflix, josh, i feel like it comes down to whether you believe the company or not, whether you buy this dip what are you doing with the stock? >> i think the dip is buyable but i agree with what julia was talking about. the production -- the content is terrible right now lets a keep it real. there is nothing good on if you look at their top five shows. >> did you not watch bridgerton? >> that's twop months ago. this is 2021 i need new shows every week. >> were you fan of bridgerton? >> no, my wife -- sprinkles watched the whole thing. >> i am surprised that josh was alluding to anything like that >>s i wasn't that into it. my life is bridgerton, okay? i don't need to watch a version. when you look at netflix, this is interesting, over the last three years, this stock is up 55%. which is exactly in line with the return of the s&p 500. so you paid up big for the

stock. you had a lot of fundamental growth for the stock but in the end, after 36 months of holding, you don't have much more to show for it than what you would have had just buying the index. i think that's the case with a lot of these large company growth stocks because they have been lagging now for six months, nine months. in the case of netflix, back to july levels. so it's a roughly ten times sales here that's in line with where you have historically been able to buy it i like the name. i think it will work as they get better content quality on. historically, they always have they have had these lags, people have given up on the stock and then they come right back at you with five or six hit shows i think they will do the same thing. i would use this opportunity to get back into it faster than i would sell it. >> ui path an ipo today. >> jumping 20% in its debut

today. this level puts the software company in line with its valuation of $35 million inked two months ago then, in february, software stocks had been on a tear. since then you can see from the chart they have traded much lower, that affected the price by which ui path could market its deal throughout the course of the trading day investors bid up the price of ui path which helps companies automate seemingly mundane tasks like data entry. it is still a great market to raise capital according to the ceo. >> it is a bit of a choppy market, but we are one of the unique companies that got a lot of attention from the investors. i can tell i enjoyed quite a bit understanding how the ipo process works. i am happy with the price that

we got. >> that price came in at about $56 a share raising $1.3 billion for the company as well as its selling shareholders >> leslie, thank mike, i guess we are seeing here that if you are high growth and high margin software company, you can still deliver on those premium valuation fund-raising events. >> right, especially if the pricing sems to be relatively rational and attendive to what the private value market had been i think you can isolate it as a win for the ipo process. spacs are a little bit suspect direct listings -- it has been spot audio how the direct listings have traded out of the gate i do think the fact that you are almost always looking something in the realm of 15 to 20% off the trading price. everything seemed to come together and you have a relatively distinct story here

in terms of the better mouse trap type narrative attached to this company. >> this guy is keeping 90% of the voting rights. >> that's the game now >> he couldn't have done -- he couldn't have done a spac. there is no sponsor that would have had shareholders sign off on let this guy who moved the company here from romania five years ago, let him have 88% of the voting rights. it wouldn't have worked. >> have you seen the companies that have dual share classes right now that are never going to be in the s&p 500, including coinbase. >> yeah. >> it is the way it is, right or wrong. >> yeah. listen, i think there are some cases where -- i think there are some situations where you can make the case. actually, this is better for shareholders, because they are betting on a visionary, and the visionary doesn't have to get distracted with carl eye can -- eye kahn you could say that for facebook and google

i am not sure every ipo deserves that lack of scrutiny or true shareholder participation. in the case of this name it is a great company. 90% revenue growth and 90% revenue margins. completely unheard of. all of these rule of 40 stocks that's the rule of 90. it is impressive i just feel like it wouldn't have been a spac. >> two minutes left. mike what do the internals say >> positive. the new york stock exchange volume split it has been a comeback it. has been weak the last couple of days the volume in advancers versus decliners lopsided, more than 85% of the volume is inness have aing stocks nasdaq new 52-we can highs versus lows. pretty much an even split much of the day new lows were outperforming. it seems there is still a little bit of an undertow in some of the smaller cap nasdaq stocks. the volatility index, we

mentioned yesterday, even with the two-day weakness there was no real panic here there was no real rush to hedge or bet on downside here you see giving back back down to 17 the down trend is still intact the rotational market good for keeping the s&p 500 relatively orderly which feeds into a relatively tame volatility index as well. it is staying out of its own way in terms of going back to old highs. >> less than one minute to go. stocks near the highs of the session. dow is up 305 points the biggest contributor in the dow's gains today is ibm, continuing to respond positivity to earnings that were better than expected and showing signs of growth. dow is down today, so is the s&p 500. the leadership groups, materials and energy technologies also having good day. some of the more defensive groups are under pressure.

utilities and communication services, utilities are the defensive ones financials are up. consumer discretion father, transports are up, headed for this 12rth week in a row of gains. bullish for the transports and the relative competent the russell 2000 is up 2.4%. lower for the week it has gotten beat up lately there depose the bell. near the highs of the day. >> up almost 4% for the s&p and the dow and the nasdaq up 1.2% i'm wilfred frost along with sara eisen, and mike santoli, cnbc senior markets commentator. the dow up .94%. 317 points, just a handful of points from its session high, s&p up .9% as well the russell 2000 up 2.4% only two sectors negative.

communication services and utilities. earnings from chipotle, las vegas sands and whil pool will across soon. then whil pool's ceo will join us to discuss those results before his analyst call. plus the jp morgan analyst behind a bearish bitcoin call and what it might mean for stocks and risk assets josh brown still with us and alija joins us as well mike santoli i come to you first. a lot of the analysis the last couple of weeks has been positioning is fairly full what are the other factors to look out for that would make you concerned about the positioning? >> i think that still remains the backdrop, wilf people are pretty fully allocated to stocks based on history, based on all the other indicators make not maxed out where they are throwing money indiscriminantly but i think that's one of the factors that argues for the idea

this you shouldn't be surprised if themarket has seen most of its gains. or put another way, if it takes increasing amounts of good, incremental economic news to move the market up by whatever unit so i think we can maybe agree that's the backdrop. but i will say in terms of rhythm and performance of the market, how it has behaved it has really only ever surprised to the upside in the short-term. if ever you said we can get down 5% from here it tends not to hit the downside targets i don't think anything that determines how this path goes. late in every month this year we have had a little bit of a dump. it has been 3 to 5%. no big deal in retrospect. we haven't even had that yet i think you have to throw that into the pot and be agnostic about the next few percent, which way it goes. >> a, i feel like what people aren't talking about as much with regard to covid is the global picture yes in the u.s. it continues the

look good. cases coming down. vaccinations going up. reopening is happening globally it is a different story, with many lockdown asks slow vaccine rates is there anywhere that's being reflected in the u.s. market i thought airlines were down for a long streak. coming into today, they popped today. but is there anything you recommend that investors do about this lopsided recovery. >> it is certainly interesting this year has been the year again of u.s. exceptionalism from a covid perspective, the u.s. is once again leading the charge vaccine rollouts that improved dramatically since the start of the year we have seen better covid cases, better trends generally speaking of course when you think about china and north asia, they were probably ahead ofs by three to six months and perhaps europe and the rest of the world is behind us now by three to six months. but in the near term we are certainly focused on u.s. assets we have seen that as well. there has been this flight to safety to not only u.s. equities, u.s. fixed income and

also the u.s. dollar we are seeing that reflected as well keep in minds when we came into the year a lot of people thought the dollar down trend would continue it is up 2% year to date part of that is because the covid trends we would say over time we think there is a catchup trade to be had in europe. we are watching their vaccine rollout closely. when they do get their act together we think there are opportunities there for sure. >> josh do you think it is possible we get lieu the whole of this year without a 10% pullback >> well, anything's possible we did that in 2017. and i think we did it in 2019. so anyone that tells you -- how could we say anything's not possible we just watched crude oil trade at a negative number is it probablistically likely in i think it is more likely that we will have a correction or two than we will have no, just statistically.

you know, you want there to be a correction if you are under the age of 70. ostensibly if you are putting money into retirement accounts on a regular basis you are not looking at buy at all-time highs every single purchase. so there should be more volatility than we have seen so far. i don't know what will bring it on maybe a flaw with one of the vaccines or a new strain everybody bugs out about or kanye says something. if and when that happens, if your instinct is -- [ no audio ]

on revenues for whirlpool, an 36 billion, massive 33% above consensus beat there looks like this is higher margins, strong demands, driven by those two factors they are raising their full-year earnings guidance, 2350 to 2250. the estimate was 2089. that's higher.

raising revenue guidance as well they announced previously dividend and buyback news. shareholder friendly action. there you can see the spike in whirlpool shares we will talk with ceo in just a few moments. this is a company that finds itself at the intersection of two strong trends in the u.s. economy right now. the hot housing market and strong manufacturing and it continues to show that they have got pricing power and very strong demand. >> anything obviously housing related and durable goods. and sort of anything that uses a lot of the raw materials people are now conditioned they are going to have to pay up. i think that's in the short-term the story. that 720 that they earned in this quarter, better than the 541 estimate -- well, at december 31st, the stmt for this quarter was 392. that's when you talk about when you say earnings momentum in cyclical groups. it usually has a little bit of life to it that's why when she is stocks look a little more expensive at the ends of a cycle or at the

beginning of the cycle it is because the earnings are going to ramp more that story is intact now it is exactly how long the sweet spot lasts. >> pivoting back to the broad, markets. industrials and energy led the market higher though they have pulled back in recent weeks. does that make sense is it a good time to get into them now we started the year strongly with this value rotation into value and cyclicals. as treasury yields peaked at the 1.75 range pulled back to today around 1.56 we saw growth and technology once again take the lead again now we are at an interesting point where perhaps we are set up nice low for one last value rotation especially as we are getting into the earnings and economic momentum as we enter the summer months here in the u.s. that being said to the point earlier where we are thinking that in any given year one to

three connection corrections are the norm 5 to 10% we haven't had that yet in 2021. something to think about as we get into this seasonal, the sell in may, go away type heard. perhaps not exactly may this year but maybe we should consolidate a lot of the gains the s&p 500 is still up year to date everything has done fairly well this year. when we think about heading into the second half of the year, keep in mind we are looking at peak growth rates in the u.s. perhaps behind us rates may start to grind higher again. the tax conversation comes to the forefront and of course we have the fed sitting out there as well. at some point they will have to think about removing some of this crisis level accommodations some of the head winds we are thinking about heading into second half of the year. for now we think we are set up nicely for one leg higher in the value cyclical trade but be mindful that we might

consolidate some of the gains. >> that's where i wanted to go to the feds. maybe kanye can cause something to happen but more than likely the fed. -- that's not the direction that jay powell and the federal reserve is going in. they want to see signs of prok not just forecasts of it josh, how big of a lift factor is that not just to a correction on the way higher but something -- a more meaningful trend change for this market it certainly reminded us when we saw that move from canada. >> the fed is basically following apparel costs and

rent excluding energy not paying much attention to college tuition. health care costs are kind of a factor they are looking at rent basically as the things that swings up and down they will see some inflation there. if the fed instead were looking at asset prices if that was a big part of their model we would already be tapering. there are 45 sis stinkt separate kks, huge air quotes on currentsies that now have a billion dollar or more the coin with dog on it is $50 billion even after selling off 15% overnight. like we are going to have to talk taper at some point this year or else some fundamentally bad things are going to happen in the financial markets because of all the leverage, all the gambling, all the speculation, and just the lack of anything having gone wrong in a while so that's a conversation that we will have to have. i don't think the markets will react well to tapering my only evidence of that is they

never have before. 2013 might be a good way to think about what kind of market environment that will be you have this taper tantrum in j june had a big impact on risk assets. then everybody grew up a little bit. and by december of 2013, the fed was able to actually taper and begin the rate hike process. so i think the scare will be worse than the actual tapering i do think that could be the source, to your point, of the next bout of sustained volatility not one day's worth, but like real volatility. again, if that's the reason, things are too good, if that's the reason we get a selloff in stocks, you buy them. >> chipotle earning are crossing. >> beat on eps, 5.36 adjusted, about 10% above the estimates of

4.89 revenues $1.74 billion for q 1, right in line. same store sales up 17.2%. digital sales continue to really grow here. up 134% accounting for about 50% of sales that's nearly $870 million for the quarter. the company projected it would have a strong q 1. it pointed to new menu items, price hikes marketing, digital sales and a tail wind from government stimulus contributing to revenue growth. it is guiding for comp sales 20 to 30% with the second quarter but the company not giving full year 2021 comp numbers due to ongoing covid. we will talk about all of the details tomorrow with the ceo brian niccol he will join me for a first on cnbc interview on the exchange around 1:00 p.m. eastern, guys

back over to you. >> kate rogers looking forward to it. big headline, digital sales are half the business. las vegas sands results are out. contessa brewer. >> there is a miss coming in on revenue at $1.2 billion versus the estimate of $1.4 billion a loss per share here of 257 cents adjusted when we look at the all important metric for earnings at property level before taxes interest dereerks and all that $244 million the estimate was $195 million. there we are seeing a bit of a beat macao still not fully reopened singapore still has a lot of restrictions we started to see movements in the latter part of march in las vegas. that explains what we are seeing here in terms of performance the las vegas earnings at the property level, a loss of $29 million. i want remind you, las vegas sands is the only casino that has continued to pay all of its employees throughout the panhandle. they have $2 billion in

unrestricted cash, $4 billion in credit they announced they are selling the las vegas property and operations for more than $6 billion on the call we are going to wait and hear what they have to say about the ramp in business coming down the pike for macao and song pour. those are very important for las vegas sands. the stock down now 2.5%. >> a miss for las vegas sands on the revenue. mike, chipotle is interesting because the initial response would lower, now it turned around, up 1.5%. is any other restaurant chain guiding in the 20s to 30s on comp store sales growth? >> none of this scale. no, none that are this size. but i also think you have to keep in mind just what is already baked in i don't know what more you could want out of this stock if you look at a longer term chart, 1550 -- it is super

expensive. always has been super expensive as a to be in terms relative earnings now it is at the upper end of the range. it is a great story. everybody embraces it. they are still growing stores, 8% of the -- everything is working. i wonder how much is left stock wise not company wise. huge credit to chipotle for not just giving year other overpercentage gain but giving dollars because it is material >> they are saying it is 50% of over all sales also talking about raising menu prices. we have got to leave it there. thank you for joining us today appreciate it. when we come back, bitcoin has fallen 10% over the past week our next guest says the selling could just be getting started. arh tc morgan onnist behind a beisbioin call straight ahead. and mike meek looking of the the bond market and implications

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short run things are very frothy and i think we are going to have to have a major correction in bitcoin. i have said it before. i think we could pull back to, you know, 20 to $30,000 on bitcoin, which would be a 50% decline. >> joining us now is nicholas -- a global market strategy for jp morgan thank you for joining us good to see you. you have been keeping a close eye on this bitcoin pullback where do you think it heads from here >> over the past few days the fourth major episode of liquidation of long positions -- last november, mid january, ends of february, and the fourth one over the past few days and there is significant not only because the size of the liquidation but also because it

represents significant -- here for bitcoin to sustain its momentum exactively with the challenge of breaking out above $50,000 and it has failed twice so far in that challenge. trying to close at that level in the middle of march for the first time and then it failed again over the past few days to sustain a level of over $60,000. and the significance of that is that the longer bitcoin price stays below $60,000, the more traumatic the decay of momentum will become and the higher the likelihood of previous long positions by momentum traders. it is not only about --

investors that they follow quantitative signals there is also momentum traders that can be following the trend up in bitcoin intrinsically, not explicitly by following certain quantitative measures. other institutions of investors have been up vesting over the past month because of the trends up and now that trend up is being terminated. >> if you are right, do you think it will drag down broad market indices like the dow or are we talking focused or highly correlated to bitcoin and their part of the market >> i think the common factor in the equity market could be retain investors they have been a major force for equity market year to date and maybe the stimulus, too. the stimuluses that were too

close to etch other played a big role and bitcoin has also got some support from retail and bankers this year. so if the force now is slowing because there is going to be no fourth rounds of stimulus checks and the third round is already behind us, then that could have a negative impact for both bitcoin and market. >> interesting note today. thank you for joining us we appreciate it on "closing bell." let's send it now back over to mike santoli for a look at the moves in the bond market, where it has been surprising, mike, to see lower yields. >> it has. i mean, obviously after a huge run, sara. after we get a wobble in the equity markets it makes sense to look to bonds to see if there are any signs of stress or broader flight from iske are here is the ten-year note yield. as you see, yes, it has pulled back from the high, 1.7.

it has been pronounced really all it has done is kind of gone back to that level that it reached in the first initial burst. we don't have it here but the 50-day averages look something like that. it is still above it no change in the trend look at regional bank stock etf. it is going to be a very similar shape. you have that same kinds of aggressive move up then this decline today. obviously up today but off the highs but still staying above, you know, where we reached in that first acceleration higher all to the good. no real trend change, even if we have moderated the enthusiasm. this is high yield debt, junk bonds versus high grade corporate. that trend -- this is a ratio. that trend is also higher, still firm but flattening out. i think there has been a down shift in risk appetite but nothing saying there is a stress built up. shares of appliance maker whirlpool higher after a

buildout earnings report ahead, the ceo joins us to break down the results ahead othf e analyst calls. still to come, the super soccer league has been shelved just days after being announced. the potential fallout for the sport later.

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whirlpool just out with earnings shares higher an big beat on both the top and bottom lines. up 1% after-hours. the ceo joins us now for an exclusive interview. 24% sales growth, mark, and a raise on guidance to 13% growth versus 6%. talk about what you are seeing from the consumer right to you that is making you feel so optimistic. >> thanks for having me back on the show obviously we knew about the expectations coming in high and we are pleased to beat the most on theistic forecasts. we do see strong consumer demand we see it sustained. we see a multiyear upside from consumers for appliances we see that for this current

quarter, for the mid and long term future. >> but you are also talking about higher prices. a lot of companies, a lot of industries are dealing with higher input costs on commodities and other raw materials. talk us through what you are doing on prices and what you have planned >> obviously we are facing an environment where we just see cost inflation i don't think that cost inflation will go away overnight. we see them on multiple fronts, raw materials and lomistical when we saw it early on we saw the need come up with price increases. throughout the world we either communicated or have already implicated price increases with 5 to 10% it is just the way that we have to deal with the significant raw material inflation and we have done it similarly and successfully in 2018 and 2012 >> it is interesting to hear that you see this demand as

sustained with price increases and with some concerns that this is as good as it gets for the housing market, for the manufacturing sector, because all the stimulus is flowing now, in the next few quarters what do you see down the road that is making you feel optimistic for a longer period >> i think ultimately we need to start with the consumer. you know, we all hope that covid at one point is behind us. but i don't think the consumer behavior will come back the precovid what i mean. the consumer -- many consumers have been at home for a year you don't change consumer behavior like a flash memory and just erase behavior. people have a strong orientation to their house and home. if you listen to all the companies announcing new work policies i would say many workers will stay one or two more days at home. that drives appliance consumption. literally. appliance consumption.

and that not go away any time soon coupled with that, particularly in north america where we see an upside in the housing market, new construction put that together, staying at home, nesting, couple with the housing market i think that gives us the confidence that this is not just a one-time blip paced on stimulus money. this is a multiyear cycle. >> you think it is a multiyear cycle from housing each with concerns about tight innocence the market, that affordability is getting tougher as prices rise >> for many years we have believed in the u.s. for a state housing supply 1.7 to 1.8 million new housings. for decades it has been below 1.3 or 1.4 given the demographic trends given the age of the housing --

existing and rental you need a couple of years of housing starts just to get a steady state. that's to stabilize market house prices may temporarily dampen the demands but the need for housing and trends will not change. >> what about globally you are a big exporter and you have a good global footprint looks like you saw growth around the world despite the fact that we are recovering at uneven rates from covid, the disease, and the economy. >> obviously, we are very pleased as you needed. we have seen growth where, throughout the entire world. i would say in the midterm we are probably most confident about north america, south america. asia and india right now is still dealing with the covid wave in europe, economic main slower

than in north america mgt but over here the trends will not fundamentally change. >> quickly, mark, on prices, president trump extended the washing machine tariff that you fought for for a long time for two years right before he left office between that and what we are about to see here on higher prices due to input costs and commodity, raw materials costs that you are dealing with how much more is the u.s. consumer paying for a washer than a couple of years ago. >> we have not publicly communicated the price increases, but it is 5 to 12%. that is a cost based price increase t if you look at the input, that's what we look to see in terms of cost inflation on the

input side yes, most consumers over time will see a 5% or 10% increase in washingtoners. >> i guess they are still buying them mark, thank you. earnings of chipotle out moments ago. the earnings call is starting any moment now shares volatile despite buildout bottom line results. we will get reaction from an analyst who thinks the stock could rally about 30% from its current level. back in a couple of minutes.

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time for a cnbc news update with rahel solomon. >> hello, everyone 24-year-old wisconsin man has been charged with three courts of first degree intentional homicide vincent is accused of opening fire in a crowded wisconsin bar killing three and injuring at least three people he would face life in prison if convicted on any of the counts. >> reporter: iran has installed more centrifuges and plans to add even more. that's according to reuter's this news comes as talks continue on reigniting the 2015 accord. and amazon is expanding its system where you can pay with your palm. it lets customers pay bills with a swipe of the hand. starting today a whole foods store in seattle is using the technology then or whole foods stores will get the scanners in the coming

months is this something we really need in. >> in covid times that's pretty good you don't have to handle the card, have someone else touch it. >> that's a fair point i was being a bit of a conspiracy theorist here but i am going to -- useful. >> it could be convenient. we will see if it picks up traction rahel, thank you. rising cauliflower results playing a bit on chipotle results. find out whether food inflation could cake a bite out of that stock. plus a revolt from fans and players killing the european super soccer league before it even came close to kicking off the fallout it could have on the clubs and on the sport it has been crazy blow up to watch. wilfred you know is all over it. that's ahead on "closing bell.

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shares of chipotle up a bit in after-hours trade on the back of its quarterly results earnings topped wall street estimates. revenue met or exceeded expectation. digital sales overtook in-person orders for the first time. i let's bring in nicole miller

reagan of piper sandler. she has an overweight on this stock with a $2,000 price target if you look, by almost any measure that was a very, very strong quarter more than 130% growth in digital. they opened more than 30 stores. not a lot not to like. it barely moved in after-hours raising the question whether there is still somewhere to go with this stock. >> i think what you see is each quarter they of the hit those numbers, they meet the print as expected then you have to come back take a deep breath and pause and revisit what's the long term thesis again >> nicole, in terms of the report we just saw, what stood out in terms of the hits and misses and your take on the share price reaction >> i think the hits are the digital mix, growing, that's important because it feeds into

the value of a customer. customer lifetime value paired against strong unit economic there is 21 million loyalty members and that relationship is really value, more value than core customer. and development, chipotle will be the dominant large company growth stock restaurant. but they are still waiting for the store volumes algorithms to kick back in to what they used to be. >> higher menu prices were able to pass through. what's going on with fast-food prices in general. specifically for chipotle, how are they balancing the higher cost of commodities and food. >> they are being intelligent and strategic about price. they are using a third party

sfis caited model. they are doing this in the delivery channel if you go to the marketplace it is 13% more on average for any entree you order if you go direct to chipotle it is the same price as it would be in the restaurant. the beauty is they drive the customers to them for delivery it is a better economic profile and they retain the customer information and russian along the way. >> in terms of the long term, nicole, with this stock, what is the potential of their tech platform should it be rolled out more aggressively in other regions, possibly more aggressive into totally different restaurant concepts >> i think the power of the text platform is that it leverages the brand equity this isn't about what chipotle was but what it is going to be it is a brand with mass appeal the brand is about finding the

customer outside of the four walls. that's what they have done in person it is a profitable customer they allows them to open more doors. while technology is important ultimately i think it is about the many, many, many thousands of more stores they would have globally. >> is that what gets it from 1500 or so to $2,000, the price target what's the long term thesis here >> that is one of the pieces we are talking outsized versus the industry really strong same store sales performance expected to continue one point of differentiation we have in our base case model is more stores this year the pipeline is 200 if they don't quite hit 200 -- it is only permitting restrictions and ground breaks that challenged them during covid. but next i don't remember they are looking for 250 store openings >> nicole thank you for joining us much appreciated. >> thank you. he enolwi an update to a story

weavbe flongll week. the european soccer league which has now collapsed after a few days of intense backlash from teams and fans the latest when we return.

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we talked about the european super league on monday's show. it was less than a day old it didn't make it to two days old. last night the project collapsed following a severe revolt from fans and players alike in the least, a pr disaster for

the 12 club owners that were behind it. possibly worse for them. those owners either totally misunderstood their stakeholders, the players, and the fans or more likely greedily decided to stream roll their interests. but they also underestimated the power of those stakeholders particularly in the social media page and the shareholders have been defeated. it remains to be seen whether there will be lasting problems for the owners stan we will have to see what the long term impact of this is, sara, in the short-term, a car crash for the 12 own snoers it has been amazing to watch. what is interesting is the finger pointing and the blaming of the u.s. owners in particular

the american owners who have entered this sport and tried to make it a more u.s. model, which completely backfired and failed spectacularly. i guess we got the verdict on that they learned the hard way. you can't go the american way when it comes to this kind of league, i guess. >> i think it is all of the owners involved, which come from various different places interestingly, of the six uk clubs involved, most weren't british owners, though one of them was whether or not it is the u.s. versus russian or -- i am not so sure but i do have a mod couple of sympathy, only a small amount with the u.s. owners who may have looked to this to say look it works for nfl, we make more money, we play the players more and the fans are happy. >> right >> each with that tiny bit of slack one could give them it is unbelievably short sighted you would think they would at least survey the fans, survey

the players before doing it. again, the starting point matters. the starting point on these things are based on merit in europe you can't tear that up and change it straightaway not to mention the fact that it would have accentuated the different in wealth between the top clubs which were already so on all those levels it was very short-sighted approach and would have been other ways to do this to get the fans behind them and pr execution was atrocious as the 24 hour, 48 hour turn around and collapse shows >> and now it's being painted as a total money grab greedy move that back fired. up next, on the show, your earnings run down, featuring blow out result from whirlpool and revenue bust for las vegas fans and april is financial literacy month. cnbc is committed to sharing messages from business and thought leaders about the importance of business and education. here's business entrepreneur.

>> when this country set its sights on traveling to the moon the education system shifted to focus on science and technology. this country today is facing a wealth and income gap unlike anything we've seen in almost a century. it's time we shift the educational system to include the financial education that will get us to that moon shot. ♪ >> they call them moon shots ideas so grand they seem impossible 50 years ago we took our own moon shot and discovered that greatness was among us it's in what we do and how we get there it's in markets, technology, and people but to realize that greatness, that's a moon shot and we'll never stop taking

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and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. quick check on shares chipotle d digital sales more than half the business las vegas sanderss under pressure whirlpool missing both top and bottom lines, their ceo expects sustained demand and raised guidance for the year. up next, intel earnings on deck for tomorrow giving investors a key first look how shortages are effecting u.s. chip makers this year we'll discuss that and oer bthig reports to watch when "closing bell" comes right back

wall street, look ahead, is sponsored by c 3 a.i. this is enterprise a.i now to our wall street look ahead. another big day of earnings

we'll hear from at&t, american airlines, southwest airlines, and more after intel and snap report credit suisse should be interesting. look forward to hearing the tames -- tapes to following fall out of archegos on that interview. >> that sounds great, mike >> go ahead, sarah. >> no i was just 2k3w07ba ask. >> i was just gonna ask -- >> mike, all you >> i was just going to point out the airlines they've been talking to us, we know the story, they keep coming on our air, but it will be interesting to see what the market does with the result from american and southwest march 15th is when we have peek optimism for the reoprahing and risk

optimism for the reopening and risk trades. the airlines did fwouns today. -- bounce today. >> i was going to ask you related to earnings preview, netflix was a disaster, miss on subs, i wonder if that's a warning signal for other stay at home plays what could happen when demand is pulled forward and who you look at. >> peloton, in terms of investor extrapolating the fact there will be demand fatigue in a lot of these names netflix has been a bit of its own thing in terms of what drives the dynamic it's a very long term shift and you already had mass adoption before this bump so the whole bucket of work-f work-from-home, stay at home is probably suspect right now but same time people wonder if it's time to bet on a mid-cycle play opposed to by straight come back on reopening. >> gold and silver finally

getting back a little bit of their losses >> it is kind of interesting seemingly trading inverse to bitcoin, makes some logic, that plus the fact treasury yields have been tame and -- real yield on