age appropriate for steve. he didn't like my other books. these are more age appropriate for steve plus for nap time he's got "good night moon." >> steve, just a name. >> moderna reports thursday. joe t. >> i sold seagen personally. >> the exchange starts now "good night moon" that's one of our favorite books around here here is what's ahead this hour it's been calm, mainly too calm. overall we have been enjoying a pretty low drama rally can that last into the summer months shares of pin tpinterest, twittd peleton are struggling while some enjoy hand

picking stocks, others prefer the steadiness of self-driving money. rival robinhood comes under tough criticism this week. we start with the market and dom is here to kick things off >> my family, my daughter a "hungry caterpillar" person. the dow industrials up almost 300s point we'll call it 346 points. the s&p 500, one-third of 1% the nasdaq composite up 1% a lot more under performance has been happening in certain parts of the market, specifically today with regard to many of the electric vehicle flames. check out tesla, fisker. some negativity around sentiment.

some regulatory concerns in key plarkts around the world driving some of these types of names. the stock so far today would you believe if i told you that yes, avis budget group, the car rental giant is high than it was at any point pre-pandemic. it's also a record high in trading today. it's off about 1% off the session highs. still avis budget group catching some tail winds because people are renting cars more during the pandemic people will be renting cars more and they sell used cars too and guess what prices have surged. yes, used cars avis budget, i highlight this because over the last five years up 277%. it's up about 140% on year to date basis and kelly, they report earnings after today's cl closing bell back over to you

>> that's quite the build up thaupg thank you very much. the dow and s&p are coming off the third straight months of gains while they continue their winning streaks from last fall is the calm about to give way to a choppier summer. cnbc commentator is here with a closer look. >> there's precedent but this market has refused to do that. that's been the case for a while. i have some context here in terms of the june 30th to now. what i want to draw your attention to is that little bounce, the choppiness, the anxiety around the election that gave way to this orderly up trend. it really has been pretty unflappable. compare it to 2012 into 2013 that was another election period and you'll see same kind of thing. a little bout of anxiety around election time and a very, very low drama rally. this continues through the end of 2013. one of the strongest year in memory it was up 30%. the s&p finally, the last

election before there one, 2016, very similar pattern the issues were different. the anxieties were different and it had the same market effect and you'll see this very same low volatility up to now can we expect exactly the same kind of rerun that would imply maybe no progress over the summer and a strong finish to the year it's a bull market it could do anything this has opibeen much more drami pace of increase maybe we have a little more pay back to give but the actual rhythm and behavior of the pl market is not giving you much reason to think there's stress building >> one is just everything has been going on with game stop and frothy aspect of the market as you might want to call them but the other two the things drying up at some point we talk about the liquidity coming back out of the

market people start going outside again losing interest in the stock >> we're dealing with peak acceleration, peak growth. make peak savings. all the things that fed this 90% gain over 13 months. maybe we have gotten most of it. >> they are telling us we're supposed to look in camera and not each other but we can't pass up this opportunity. >> it's so rare. >> when's the last time. speaking of get back normal. mike, thank you very much. appreciate it. can this drama free rally keep going. for more let's welcome in tracy mcmillan it's great to have you both

here how would you recommend investors be positioned now? >> we look for things like earnings and the underlying fundamentals of the economy. both of which are really strong right now and granted we had a great start to the year, so if investors are over things like equity because they have been doing so well, you can take some profits here and rebalance >> if you take profits in the market, what are you supposed to buy real estate at all time highs? bonds? crypto where are we rebalancing to? >> those areas of your portfolio

where you're under weight. we do like equities over fixed income tactical allocation should be higher to things like large caps, small caps, emerging markets. emerging markets haven't done well this year that might be place to go. where is something that's not at an all time high i guess other than the high value bas kket tht mike mentioned a moment ago? >> we're trading at 23 times consensus for 2021 the earnings this season are running at 25% higher than consensus. that sounds like enough. that will get plult apmultiples around 20. there's nothing dirt cheap these

days there are a couple of opportunities. one, consumer discretionary is red hot from the spending, the consumer those earnings surprisings are coming in at 60% over consensus. there we think the opportunity is to tilt towards the online retailers. we know part of that reason is the trend towards higher market share. let's think about the inflation pressures. there's a big offset there look at the amazon results the costs are coming down for distribution you have a big advantage there if we do have inflation creep up a little bit >> interesting a couple of different ways to play the markets a tricky time with so many asset classes at or near all time highs. thank you both we have some knew coming in on amazon and the nfl. what's going on julia? >> kelly, amazon and the nfl had announced they would be teaming up for thursday night football starting with the 2023 season. now they have just announced

they will be accelerating that and amazon prime video will become the exclusive home of thursday night football starting with the 2022 season they are bringing this digital distribution of these thursday night games a year earlier up to 2022 back over to you >> this exclusive meaning if i want to watch a thursday night game and i understand they are not the best games but i have to have amazon prime app in order to watch that starting in that season >> the 2021 season, that's the season that starts this fall will be the last on fox. they will continue to produce the nfc package on sunday afternoon games but tlhursday night football will be on amazon prime. it has 200 million subscribers. this is broadly accessible really interesting to see how they will use this to draw over

new subscribers to prime >> i take your point that most people have exposure but that doesn't mean it's always the easiest thing to find and watch. i'm curious as well, if you would kind of go back to what's been happening with roku and youtube this past week where they are in a huge spat. these are where the new spats are happening between carrier and networks making youtube inaccessible on a platform like roku it just feels like there is -- we have rerun the script but now with all these new apps and this whole new way of accessing these games. >> look, i think this is a very different situation than what's going on between roku and youtube tv they are talking about youtube tv which is the subscription service to get live tv they are not talking about watching regular ad supported videos on youtube. i think amazon will make sure if you're a prime subscriber, they will let you know you have football to watch on thursday night on their platform. they will feature it and make it

easy to find it's an interesting time when you have these content platforms. you can watch it via fire stick which is similar to roku devices. you have connected tvs in a way they are frememies. i think we will see some sort of compromise between roku and that tv app, that conflict you were just rerefeferring to >> this is such a sign of the time amazon shares are down about 2%. wooe we'll keep an eye on them this hour why this stock is being called an under appreciated reopening trade. the name and how much one analysis expect dprs here. analysis expect dprs here. sbest deals on all smartphones.

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crypto kate rooney joins me with more on this and a special guest. hi, kate >> wealth front has been known for more passive investment vehicles also known as robo investing. the company announced some new features that give clients a little more say over what goes into those portfolios. first, it's planning to let clients invest in crypto they are letting clients edit kp existing portfolios by adding or deleting etfs and build from scratch. it's letting clients choose to invest in spercific categories joining us now to talk about that in a cnbc exclusive, andy radcliff he's a founder and former partner at venture capital firm, benchmark. thank you for being here >> thank you for having me

>> of course we got to start with what sounds like a big change to wealth front's strategy you described there company as more self-driving money, kind of a set it and forget it invest vehicle. has that changed should we expect wealthfront to move into active investing that we have seen a lot of this year? >> heavens now we just allowed our clients to express their values more. people want to be able to control things even if they don't control them the only change is we let them make changes but everything is still automated. we still reinvest your dividends in a tax efficient and automated way. we reambubalance your portfolio it creates value that's a multiple of the fee that we charge all we do is give you a little more say >> we got to ask you about

warren buffet's comments if you haven't seen them, you call the current investing frenzy a acasino he said it's driving casino trading activity and do you agree about the trading behavior and what's gone on with some of your competitors >> sure. we see this about every ten years. we saw this in the late 1990s with the internet bubble we saw it around the time of the financial crisis and now we're seeing it again. when ever the market goes up by a sizable percentage in a short period of time, it drives the creation of day trade. we know that never ends with el. they're not going to take the advice of their parents or older people who were hurt by this they have to learn for themselves all i see is history might not

repeat itself but it sure does run. >> thanks for joining us for those who say if you put yourself as the safer invest vehicle or the bumper lane, so to speak but you're still allowing access into crypto. explain that move and what you're allowing there and why you describe that as different from kind of the other casino like platforms and trades that are coming under criticism >> that's a great question our target audience is millennials who save people who are 25 to 40. we have a bunch of gen z because we're only software based, we do everything in software there's no adviser to talk to although we do have outstanding customer service it really appeals to a younger audience the younger audience has a great interest in crypto currency. we're different from others in that we're a fidufiduciary.

what does that mean? we tell you about the risks that you're likely to incur by adding specific invests and number two we're going to limit the amount of crypto that you have in your portfolio. >> it's kate again question aboutygamestop. >> i think that robinhood's growth rate increased very significantly as a result of all that having been in the venture business for over 25 years, one

of the lessons that i've learned that is surprising to many is that when ever there is news that people might perceive as bad about a tech company, it actually increases the growth rate because it increases the awareness. now, as people try day trading a and they don't succeed then they are likely to try something more responsibility it's like the person you wouldn't date in high school because a lot more attractive when you're in your mid to late 20s. >> we'll have to leveave it thee thanks so much for joining us. kelly, back to you >> thanks for bringing that to us come up, it's the epic court battle that could change the way apple does business. why this matters to investors. >>

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on record. the s&p hanging onto one-third of a percent gain. the nasdaq is down no much here are some of the individual movers this hour we have some of the meme stocks. those are all lower right now. microvision is down about 10%. also got our eye on virgin g galactic the retail stocks hire across the board led my gap hurpt by sluggish demand over to rahel for a cnbc update. >> new york governor says that

most capacity restrictions are going away across new york, new jersey and connecticut on may 19th restrictions will remain for out door stadiums but the capacity l limits will go up to 33% social distancing rules will stay in place. see how the latest easings are getting more workers back in the office on the news with shepard smith. mitch mcconnell slamming president biden's sfrur and do plesic spending plan and criticizing tax increases meant to pay for the plan. >> i don't think it will be any republican support, none zero for the 4.1 trillion dollar grab bag which has infrastructure in it but a whole lot of other stuff >> south of miami, a large brush fire has torched 5500 acres. it's also getting close to one of only two roads connecting the florida keys to the main land. back to you. >> that's something to watch thank you. speaking of things to watch,

an epic court battle kicks off with the under appreciated opening trade and tickets to twitter. all that and more in today's all that and more in today's rapid fire, right after this . but this is worth. and that - that's actually worth more than you think. and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth. ♪ ♪ ♪ ♪

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welcome back let's catch you up it's time for "rapid fire. we welcome julia back and steve grasso epic games and apple square off in court today part of sit the 30% of purchases apple collects through the app store. fortnite was kicked out for installing its own payment system to avoid these charges. how long will this take? >> i think we can expect the trial to take about three weeks. we expect to hear from tim

sweeney, ceo of epic lit be interesting to see how this unfolds i'm looking at the headlines from opening statements. apple is accusing hamster of saying invising, they invested in lawyers, pr and politics in order to get the benefits apple provides without paying. you have those barbs thrown there and epic trying to get to the anti-crust contrust concernt apple. >> remember when they said if you buy a computer that has windows, you can't be required to use internet explorer you have to let other browsers compete. under that basis, why shouldn't apple be told, look, just because you have an iphone doesn't mean you can only offer the app store. you can offer the google store and the other stores that might have different pay structures. i think apple says it's for security reasons it wants to own that relationship but will that argument hold? >> it's not just the security

reasons part oift. it's also that apple truly believes that anti-trust law is on its side. epic will have to prove consume harm which means prices going up on other services and apps they think they will be really hard for them to prove on the other side, you have epic making this claim that the margins that apple makes are in the high 70% this thing is massively p ly profitable if they are investing so much in the app store, they are still raking in tons of profits and squeezing out competition. i think those are the two key things to watch here >> absolutely. there's this whole eco system is at stake in which way this goes. steve, do you have to have an opinion to own the stock is this going -- i could see a case for if this doesn't go op l's way, it does change the value of the shares.

>> the short answer is yes i am a shareholder in apple. when you really look at it, i think price action tells you a lot. they have great earnings and the stock didn't do anything it should have taken off that 145 level. it didn't do that. i think the other key point is that no matter what happens, you just ask julia how long it should take, julia said about three weeks. that was the straightforward question three weeks. what is it really going to take? no matter who wins is going to appeal, this will drag out forever. the bottom line is if it's too onerous, if it's too much money for apps to be in the app store then they shouldn't be there, then they wouldn't be there if they couldn't turn a profit. at the end of the day, the cost structure usually frees itself

up i think apple while could be greedy, all these companies are greedy epic has its own agenda to this. i'm staying along apple. i think ultimately this price action in apple will resolve itself and the stock will be much higher. >> julia, quick last word. >> i think that every one has agenda here is right epic wants to play closer to 12% fees instead of 30% fees if apple wins, it's business as usual. if epic wins, we'll see a compromise in some sort of fee structure that's more than 12% but less than 30 >> that will be a good outcome compared to you can get it off the google store which might be another option wells fargo is calling the real real, the real deal which asked which of the opening n names under appreciated, and it's real real

analyst saying this may be the last under appreciated reopening story in their coverage space. steve grasso, would you buy it >> i think they make a lot of great tale -- the stock. i could see how this could play out. this is a recovery story it was nothing to be had as far as 2020 was concerned. 2021 could be the reopening element that you need. it's all about supply. i think the environment has changed dramatically i'd have to see this one play out before i put money to work in this laggard becoming a leader approach. >> steve, you have an opinion on these consignment platforms. i'm going to save my comments but i dabbled in them a bit. i'm not making a bunch of money. clearly they must be what do you think?

>> kelly, i think it's hilarious that you're asking me if i use consignment shops. >> i want know i need know. >> i definitely do not it does play, it does play into this idea that people are stuck at home. i read a story many times about people repurposing garbage found on the streets of manhattan and selling it they way too. these really cool like creative ways people are making money during the pandemic. i guess real real capitalizes on that >> go ahead, julia >> i have to disagree because i think on one hand the real real capitalizes from people being stuck at home and cleaning out all their closets but i think it's a reopening play because there's these fascinating statistics about how the real real is benefitting from brick and mortar stores. they are planning on opening up about ten other small stores around the country and the data shows when people go into the

stores they consign more and they shop more it's not just about what people do in their second home. >> sometimes i don't fit my nice dresses so i went to put a bunch on this platform zach dresses costs hundreds of dollars. i'm looking through my sales history. i sold it for $41. my commission was $20.63 i'm a chump. why would i part with several hundred dollar dress for $20 i wonder about the supply argument in the long run what's the real incentury tifr -- incentive to part. i'd rather just donate it. >> the pricing varies from demand to mands. they use a lot of artificial intelligence al go rhythms to price things i don't know if you're wearing your dresses hard before you're trying to sell them.

i think so much vary ability i think there's a lot of incentives to get you to consign your whole closet. >> jason woo sold for $70. i got 35 bucks i could make something with that fabric and get a better deal that's what i'm watching is that kind of supply availability. over the weekend, charlie munger had strong words about crypto currency let's listen >> of course i hate the bitcoin success. i don't welcome a currency that is so useful to kidnappers and extortionists and so forth nor do i like shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin

air. i think i should say modestly, the whole development is d disgusting and contrary to the vest interest of civilization. >> steve grasso, do you disagree >> i think the world probably disagrees to a certain extent or critical mass disagrees. i understand what he's saying completely i think face value, i think he's the general direction is probably shared with a lot but he's strieing to move a mountain of a stone uphill now. you have to look at the crypto currencies that have some sort of supply limitations. bitcoin is one of them etheream is another one. you have to stick with the household names. did you ever think we would think of crypto as household names? it's becoming that way i think charlie and warren have to think of it in other ways

trust me, every time i think i get my head around this, there's also a new fold to it. it's coming. it's not stopping. >> that's well said. steve, a word on this before e move along >> the numbers don't lie bitcoin, all these crypto currencies are going way up. doesn't matter what charlie thinks people are making money on it. >> charlie will probably hear that and go that's my point. >> twitter is lower today but it's also down 19% over the past week it's about 2.5% lower in the session. this is after we learned that elliot management is taking advantage of this dip to buy 200 million shares that's according to bloomberg. this is after another fund manager said she has bought oaf 1.3 million shares twitter says it will open its

spaces to every user and let users sell tickets to live audio chats. what's the big game plan here? >> i think this is really big deal that twitter is now saying we are not just a platform for people communicating via text. we want to be an audio platform as well. the fact they will allow users to sell tickets opens new revenue streams down the road. they will have paid tickets to get into an audio space. this means that twitter is very serious about diversifying its revenue stream which is of great interest to investors. >> steve, is it going to work? >> first of all, it's not just about diversifying they made a goal to double users and refr venue within the next couple of years. we'll see a lot of stuff trying

on will this work i don't know it will depend on if they can get some really good people to start charging tickets maybe people pay to hear an elo flelom musk on twitter space but will they pay to hear steve kovac probably not >> i would >> you have a higher opinion of me than i have of myself, i guess. clubhouse didn't really take off until elon musk joined, bill gates joined they will have to have someone popular, maybe a musical player. >> i think there's a difference between the kind of copy cat innovation we have seen from facebook coming from a position of strength to fend off co

competitor you can't be all things to all people i'm not sure twitter is a core product anymore. what do you think? >> i agree with you. ident i've owned the stock in the past i'm out of the stock currently i think it's obvious the number one revenue is advertising services you need to get those eyeballs on that website constantly, cont continuously i'm with you if you can't get them on when it's free, it's difficult to get them on when they are paying there is maybe a want to have some sort of a talent, get on there and have a free service, a paid service the more eyeballs, the better. more advertising dollars i think you're right it seems like it's coming from a desperate place. >> i do have it up now we in the news business. i think we're a little bit unique in our reliance on this site thank you all for now. really appreciate it

jewel ja, steve and steve grasso still ahead, oil is climbing today and it's up nearly 33% so far this year. one energy investor is making a big bet on clean energy. we'll tell you who and why, that's next. you can watch us live using the cnbc app any time day or night we're back in a moment

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- [narrator] grubhub perks give you deals on all the food that makes you boogie. (upbeat music) get the food you love with perks from- - [crowd] grubhub. welcome back it's been a good year for oil. it's up more than 30% already as the economy starts to recover from the pandemic, it's trading at about $65 a barrel right now. despite this rally, pickering energy partners is betting on clean energy the houston energy firm is launching merge. it's helping completes convert from gas to electric powered vehicles joining me is dan. it's good to see you again welcome opinion. >> hi, kelly thank you. >> are you throwing in the towel? is this a my life blood is no

longer going to work and off we go is this just an opportunistic way to make sure this kind of disinvestment doesn't hurt you in the future? >> i think the world is looking for lower carbon exploration and we're i to feed that with this creation of merge which as you mentioned helps electrify fleets we like to be at the intersection of that, pun intended we think oil is a great place to be we think electric vehicle s great place to be. we're trying to have our foot in p both worlds. >> it's to get at this concept of if you're an energy investor, after these megasettlements were pretty good investments for the few involved

can it still do well or will it might not do well because it's not just going to enjoy fund flows for the foreseeable future >> i think traditional energy is out of favor you mention oil 65 bucks a barrel companies are making a lot of money. exxon and chevron had gootd quarters i think as the cash flows come back, so will the investors. i think traditional energy will be a fine place to make money. harder over the next 20 years but si sickle sickically cally looks good >> it's not just which ones do fossil fuels and which don't esg starts to get into every aspect of behavior let's take a quick listen of how he described chevron and some of the other investments. >> i think chevron continues to benefit society and will

continue to do so. we'll be very glad we got them i do think the world is moving away from them too that could change. i don't like making the moral on stocks >> there you have it from the oracle himself >> we think this is big market when you think about the fleet vehicle market, there's 13 million fleet vehicles out there. we sell three, three and a half million a year it's a very big market it's going to electrify. the question is how do you take a complex process going from a gasoline fleet to an electric fleet, how do you make that easy our job at merge is to help select the right vehicles, what kind of chargers do you need how do you get the electric off

the grid and into the right spots, how do you monitor the vehicles that's the process we'll bring to the equation and obviously we think liit will be a big market. >> do we know if electric vehicles are better for environment if we take into account the production chain, the charging stations, that whole infrastructure >> if you're buying a vehicle there's no question that an electric vehicle, depending on how it's powered but it's anywhere from 50 to 100% lower co2 particlate the electric vehicles have some manufacturing components that are carbon intensive

>> the energy plays and the big oil firms >> i think you'll see us do a couple of things we're thinking about places that folks aren't focused copper is in everything associated with copper in everything et cetera. we like copper in metals as a play i think we are also going to look closely not necessarily at the evs themselves but the infrastructure around it to us that's the underserved market we might be overcapitalized ompb evs and undercapitalized on services. >> the picks and shovels. >> exactly. >> we appreciate it. >> thank you. coming up, small business owners and warren buffett agree that costs are going un. what it means for consumers next don't miss the cnbc small business playbook tomorrow

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welcome back small businesses across the country are experiencing price hikes and they're not the only ones here's what warren buff fit had to say about rising costs. >> we sere very sub instant inflation. it is very interesting we are raising prices. people raise prices to us. and it's being accepted. we have nine home builders in addition to the manufacturered housing and an operation that's the largest in the country we do a lot of housing the charges are just up, up, up. steel costs, you know, just every day, they're going up. >> our kate rogers is here now with more on how main street is dealing with the price hikes kate >> costs are on the rise and main street is taking notice

nearly half of small business owners polled in the most recent survey said that the costs of raw materials would increase over six months and leading the pack are businesses in mining and constriction with 79% saying raw materials would increase the most compared to 30% saying that labor costs will rise and 18% saying the cost of capital to increase labor costs likely on the rise and the job market is tight. a quarter of small businesses say they plan to increase the work force and nearly the same amount say they have open positions that they have been unable to fill for three months. we last asked this question in q1 of 2020 and only 16% said that they were facing the same shortage no surprise here but seeing the economy reopen those in accommodation and food services facing the biggest shortage, 34% have hope positions and 31% said they plan to hire more over the

next year. >> which would suggest they do well all things considered what do we know about the state of small business? >> so overall sentiment did increase to 45 for the score for this quarter why that was 43 in an all-time last quarter 65% of small businesses say they can survive a year that's just over half the last time we asked and a third said that the current business conditions are good and things seem to be moving in the right direction. >> do we know which are -- obviously some are kind of in a better position than others and i don't know if you're directly affected by covid like a restaurant with blockbuster demand or saddled with debt and all these issues from trying to operate while things were really tough. >> the most common narrative i hear from restaurants and retail in particular are that kurs hers are coming back and don't have enough employees to deal with all of that demand

we've heard it from basically every restaurant company and people are coming back stimulus of course is a boost and labor is really the top concern right now. >> absolutely. kate, thank you so much. that does it for "the exchange" today. coming up on "power lunch" the ceo of home depot. i'll join tyler matheson for that and more on "power lunch" that and more on "power lunch" right after a quick break. you can act quickly. that's decision tech, only from fidelity. (♪ ♪) you can act quickly. whether it's a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all

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hello, everybody welcome to "power lunch. i'm tyler matheson dangerously close to kelly evans but we're okay americans now have more of their financial assets in stocks than ever before. >> wow warren buffett is blasting spacs calling them a killer. after the initial frenzy the returns have been anything but spectacular. >> the reopening stocks versus the stay-at-homes. should you bet or uber or lyft we'll talk to an analyst throwing in the wipes on one stay-at-home darling