welcome to "power lunch," everybody. and everyone, everyone is talking crypto today s.e.c. chairman, jp more began stanley ceo. we'll speak with an analyst saying he sees correlation.

and stocks of vaccine makers are crushed today as president biden wants to wave the patent protection. all those stories and more coming up as "power lunch" begins right now first let's get a check on the markets. you can see the dow hitting a record high again today. the nasdaq lagging and as you can see across sectors hoelt care, energy and discretion nation are laggards and this chart. bitcoin versus ethereum. >> all right let's stick with crypto. jamie dimon spooking at the investment company institute annual meeting today he shared his thoughts on what's lacking in the crypto world. oversight. here's what he said in a conversation with the ici ceo

that they shared with us exclusive. >> someone should be saying what do we want to do around crypto there should be legal regulatory tax relatted framework around crypto. it's now worth $2 trillion when are they going to say, oh my god, this is worthy of our attention? if i were them i would paying a little attention at $5 trillion and grandma is buying it and people ripped off and ransomware you will have an uproar about what was allowed to happen. >> very provocative remarks. maybe this year they get the spotlight in washington as gary genzler takes over bob pisani has more. hey, bob. >> tyler he was set to testify about gamestop and he did but he

was asked about regulation of the crypto market and made it clear there was room for more regulation. >> i think that this market this is close to $2 trillion crypto asset market is one that the benefits from greater investor protection it would be good to consider if it was -- if you would ask my thoughts to consider whether to bring greater investor protection to the crypto exchanges and if that were the case because right now the exchanges trading in these crypto asets do not have a regulatory frame work either at the s.e.c. or sister agency the commodity futures trading commission that could instill greater confidence right now there's not a market regulator around these crypto exchanges. and thus there's really not a protection against fraud or

manipulation >> gensler is not asked about a bitcoin etf and curious. he is however going to have to give a thumbs up or a thumbs down to those applications later this year. >> an etf audience didn't ask him about a crypto etf that's mind boggling there let's ask you this what do people in the crypto world say generally about the prospect of regulation that he was talking about, that mr. dimon was talking about? i assume they say, oh, we welcome it, but do they really >> it's split because think of who's in the crypto world. there are people who are there who believe in the prospect of bitcoin and the prospect that this is a whole new world financial world out there particularly in block chain and then the libertarian community and a lot of them don't want a lot of regulation at all it is split down the middle but

i can assure you listening to gensler that regulation is coming. >> thank you very much. the head of the s.e.c. and a world biggest bank in agreement on that point. what kind of regulation? let's bring in katelyn long and ryan selkesmarsari katelyn, let me begin with you in a freshman crypto course here teach me if you wouldn't mind, what's the difference between bitcoin and ethereum and doge coin we tend to compare and compare the returns. are we making a false comparison >> it is a false comparison. the technology's quite different. especially between bitcoin and ethereum bitcoin does one thing really well which is to be a monetary base, a base money

either yum does something el really well which is a smart contract capability why they are quite different and doge coin is getting attention these days but it is the bitcoin core code from several years ago that engineers have recently picked back up and it is not that different from the original bitcoin code. >> is doge coin real or a joke >> it is both. >> it's both it is like certs, a breath mint and a candy mint >> sure, right the code is real and it is ent entirely voluntary that's what's great. these are voluntary open permissionless lists you can join them if you want. whatever people choose is where the hash power the processing power in the noerng will go and

there's more in doge coin than into other coins. >> let's bring in ryan for his reaction i'd like to get your responszs to her response to my first question which is, we make the comparison all the time. are we right in doing so or totally off base >> let me say that i think that both katelyn and myself are in that professional and libertarian camp that you alluded to and not necessarily mutually exclusive katelyn is right gamestop is a real company but it became a bit of a meme with the retail trading audience why coming to bitcoin that's where the real staying power is and the example i like to use is a central bank in an investment bank bitcoin you think about in competition to central banks and distributed central bank whereas

ethereum is on the investment banking side and many applications it powers in the decentralized financing realm you can think about in direct composition to jpmorgan and the other big banks and exchanges of the world. >> then the natural question i would have, i get kelly in here in a sec, are the two then competing with one another or not really >> i think you want both if you want access to the industry they are both critical components of an investor's basket to get exposure to the block chain crypto economy. >> my question is what we were talking about with bob that regulation is coming and bourn out by the irs getting the ahead to go back and look at the transactions people have done with crypto over the past four years on exchanges and seems to be underreported and i don't

think people realize it is a taxable event. >> right. >> what's the biggest threat to crypto >> the biggest threat is something that ryan talked about previously which is u.s. dollar banking services there does need to be connectivity between the two and something happens in the industry yesterday which is that the federal reserve released principles or payment system access for uninsured banks and other uninsured financial institutions of which the industry has many and the great thing is that the federal reserve opened the door for those to get access as long as they meet the same standards as traditional insured banks and that's a big deal. the federal reserve did not mention that it did not mention digital assets or my native state of wyoming where i went home after 22 years on wall street to help enact 24 different laws we walked very slowly and

deliberately and worked in wyoming for three years to create a welcoming legal and regulatory regime and funny to hear jamie dimon talking about the need for regulation. he has homework to do. >> ryan, for a lot of people holding valuable crypto currency assets what should they do to protect the gains and tap that liquidity in a way that will be kosher with regulators >> the good news is one of the biggest trends of the past year is explosion in so-called decentralized finance and really been a primary catalyst for the rupp-up in ethereum allowing you to -- allows users to borrow against the existing crypto currency holdings. if you take a loan and cash out against an existing position you're not realizing a gain.

you're not creating a taxable event and many of those investment proceeds have been reinvested in other up and coming applications so you worry about systemic leverage a little bit. >> exactly. >> but and it's a big but it is much smaller in magnitude than anything in the traditional realm. most of the loans are overcapitalized, o overcollateralized and don't have a bank-run risk as you might expect or as some people might have you believe if they look at the headlines. >> that's the line of discussion that i think regulators will be pursuing thinking back to the housing bubble and created risk. like you said, we are nowhere near the levels but as the prices go up we might get there. thank you both for talking us through the exposures. whether you are considering investing in crypto or already have, there is something else to

consider the irs as kelly mentioned wants its share and eamon has the details on that. >> reporter: that's right. the currencies are virtual but the taxes are quite actual take a look at the ruling coming from yesterday, late yesterday from a northern california federal court and what they have done now is authorize the irs to serve john doe summons on cracken which is a crypto exchange out of san francisco and allows law enforcement to go after people whose names they don't know but where they suspect wrongdoing the irs here is seeking information about u.s. taxpayers who conducted at least $20,000 worth of transactions from 2016 to 2020. that follows a similar move by a federal court in massachusetts which authorized the irs to serve summons on circle which is a crypto currency exchange out of boston. i exchanged email with them

saying they're hoping to work with the irs to solve all of these issues so the question here is what is the tax law? you heard jamie dimon talking about taxation on crypto there's a primer saying those converted into traditional currency are property and taxpayer can have a gain or loss on sale or exchange of virtual currency and it depends on the cost basis getting into the currency in the first place so it's clear that this irs has its eyes very much on this whole emerging market and they're determined to make sure to understand what u.s. taxpayers are doing in terms of realizing the gains. if you have a capital gain you have to pay the taxes on it. >> let me ask you a question here i pay for something with the cr crypto currency. okay i have to cash out or somebody does and there's a tax liability because i bought the currency at

a lower price and paid at $50,000. okay but then i've also own crypto currency that may have gone way back down. i may have bought some at 60,000 and now 50 how do i offset the gains and the unrealized loss there? >> reporter: yeah. my sense is -- tyler, i'm not a tax lawyer. >> neither am i. >> they'll probably email at me or tweet at me with the right answer but my sense is it depends on when you have the sale and convert this into dollars. you might have a taxable loss and same thing on the gains side the question that i have about this, i don't know the answer to this, but is what happens if you have something like a more anonymous crypto currency and then exchange it for bitcoin on an exchange and then exchange that for dogecoin. are the gains vis-a-vis the

dollars taxable events in i don't know. >> it would have to be, right drawing the analogy to property, if i traded my house for tyler's house and traded for your house it is all taxable. >> right it is measured in dollars. so the question is do you measure the dollar amount of the moero for bitcoin in the instant that you did that exchange do you have to have the records around that? >> yeah. you do you have to keep track of where -- for example, if we talk to tillman last week who said he's accepting bitcoin at the raunlts. if i pay my bill my $100 restaurant bill be bitcoin i have to keep track of the price of boichbt in that moment because it's a taxable sale if the gains -- >> what was your cost basis? >> exactly exactly. >> bought a different prices. >> you have to track -- yes! yes! >> last in, first out? >> this is why jamie dimon was

saying it's a nightmare. we have trillions of dollars in these crypto assets. how many people keeping track like this? >> eamon is. eamon is >> there's an app for that >> thank you. >> we appreciate it. going to take a quick break. coming up, we have heard from business leaders saying they can't find workers is the shortage a threat to the record rally plus check out shares of vaccine makers down today and all week the president wanting to take the patent protection. what problem would that solve? we'll ask after this

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peacock, starz, showtime, and hbo max, all year long. just say "watchathon" into your voice remote to add a channel or streaming service and stay caught up. welcome back a new record high for the dow today. trying for a fourth straight day of gains i should say as the nasdaq lags behind still there's a key concern lurking near the surface of the investments and it's inflation business owners can't find labor. does that create a threat to earnings and therefore to stocks let's ask the panelists today. susan schmidt and chris hinesy welcome to you both. susan, is inflation the reason why the dow is outperforming the nasdaq so handily? >> i think so.

i think inflation is a key indicator here people are worried about prices going up the question is, is it transitory or is this the new normal we're ramping the economy back up supply lines are definitely strained and that again lack of workers is going to push prices up if companies can't get those supplies, raw materials at that lower price. i do think that inflation is the issue here and that's why the dow particularly up and stocks and the dow certainly more sensitive to cyclical names and interest rates and they move together. >> chris, what would you add to that >> i think we are going to all hear the word transitory for at least the next three or four or five years, a favorite word in financial markets, but i would say when you have worker shortage you have the employment cost index going up and the companies to pass on the higher input costs in the pricing pressure and push that off and maintain margins are the ones to

increase the profits it depends on is ek or the we see it in the food companies, higher input costs and labor costs as it is delivered seeing the prices passed on and some comp companies hedging the cost inputs going up and the transportation sector is a catch-up phase right now and part of the rotation in the market. >> the nasdaq is underperforming but the biggest names are arguably the companies with the greatest pricing power in the world. amazon and google. these are not companies whose future earnings are so sensitive to interest rates. they have hue mown gous profits and pricing power. why would the nasdaq be underperforming? >> an element of portfolio positioning at least the first couple of phases of it you tends to use the areas with profit and take a little profit in those areas. the risk budgets are so wide

went the capital appreciation. so you tend to trim those areas. bring them back down and lower the risk budgets and use that element and that cash to invest in areas that were underowned in the portfolio that were owned in that point in the cycle. that's what i tense is going on and the highly weighted areas of the nasdaq 100 or nasdaq in general are the big cap tech names. having said that, they're also an opportunity set right now for long-term investors that want to own the high free cash flow areas that are actually going under a consolidation and profit taking that's an opportunity. >> susan, let me get your response to transitory inflation. we have heard a lot of it. about that. >> that is the big question. >> so what would you - >> that is going to roil the market for the next several

quarters that's going to be the back and forth. is it temporary or longer term >> my question for you is what would tell you it isn't transitory and is something that is longer than transitory and then what would you do with money in response to that signal if you saw it? >> i think what we ire looking for from my team is really listening to managements and watching what they're saying about their cost pressures going forward. we're just started to hear about it in this quarter if you start to hear about it and still there in the third quarter that's a good indicator this is not so transitory and will persist and we have a rotation in the market there's more value cyclical names in favor they continue to be in favor and then a period where it really becomes a stock pickers market because people will balance out their asset allocation and going

to go off of irnings beats and free cash flow. >> energy worth investing in >> absolutely. opec showed tremendous restraint and control on the supply/demand balance. and the global economy is starting to recover. with that the demand for energy goes up and seeing strong pricing and gooddiscipline. >> all right thank you. appreciate it. india's covid crisis is worsening daily, growing urgency to deliver more vaccines president biden said he supports waving vaccine patents. plus as many americans are vaccinated some companies plan to return to the office and others say work from home is here to stay or at least an option. "power lchwi brit ckun" lle gh

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merkel oppose this call and meg tirrell has more meg? >> reporter: hey, tyler. it's been quite a whipsaw for the vaccine stocks since the u.s. came out in support of this waiver of covid vaccine patents last night companies like pfizer stock actually down a little bit more today and not quite as volatile as the other stocks that depend more on the covid vaccines as a barometer of the business like moderna, novavax curevac with another vaccine we expect results on soon also the industry coming out not just against this philosophically but saying it wouldn't do very much. here's moderna ceo on their earnings call this morning. >> the manufacturinging company in the world, new technology you cannot go hire people who

know how to make mrna. they don't exist we saw the news last night and made -- the news stream tonight. >> reporter: so bancel saying he is not losing sleep over this but experts say what would make is difference is a oirpgs warp speed international style to build up manufacturing capacity and not heard talk about doing something like that. >> where are most of today's vaccines made? are they made in the u.s.? are they made overseas, india? where? >> reporter: well, both moderna and pfizer have supply chains in the united states and in europe. johnson & johnson also has many partners around the world. and there's so many complications about countries not wanting to allow exports of vaccine and the united states and been a problem so the pfizer vaccine is finished in michigan and mostly

supplied the u.s. from that plant and just started to export to mexico but exporting to the world that would help supply the world. >> the need to get more vaccines to those developing countries even more voital now given what is happening in india with more than 400,000 new cases. >> reporter: yeah. it's just astounding looking at the graph of new daily cases in india you can see they just astounding spike in that country this is a record 410,000 cases reported in 1 day in india the deaths approaching 4,000 in day and most experts believe that the death numbers and the case numbers are both higher in india and this is coming at a time when we see vaccinations in india also slowing just really not what they need with shortages and because states in india are trying to purchase the vaccine and some cases competing

against one another and sounds like what was happening in the u.s. with ventilators at the beginning and so india is also the -- has the largest manufacturer of any vaccines in the entire world and they are manufacturing vaccines but having shortages. >> thank you very much ahead on "power lunch," squaring up. the payment stock lower ahead of results after the bell and paypal off a massive beat. which are the better ask plus why workforce equality can be good for stocks an analyst is bullish on esg and may is asian-american and pacific islander heritage month. here's cnbc's dom chu ♪ >> my advice to the next generation is to be prepared and to be bold two old sayings resonated with me chance favor it is prepared mind and fortune favors the bold.

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welcome back i'm rahel solomon. here's the news update two students and a custodian injured in a shooting at a middle school in jefferson county, idaho. all three victims were transported to a hospital and are in stable condition. the suspect has been taken into custody. activists gathered in the texas capitol building to protest the state's voting reform bill which would restrict early voting hours, mail-in ballots and polling locations. they will vote today on the house similar to those passed in georgia and florida. tune in to the news with shepard smith tonight for the update on that vote. australian officials have the sydney mask mandate after the highly contagious indian variant found in a 50-year-old man, the first case of local transmission in the area in over a month. over 50 french fishing boats

protest licensing rules off the coast of the english channel island of jersey today and claim that the rules mean that they lose access to the waters. the group since dispersed but tensions do remain high. you're now up to date. back to you. >> thank you. more companies are now taking a shot at esg goals major alcohol brands new sustainability to attract younger consumers. frank holland has more on that story. frank? >> reporter: hey there, kelly. 56% of consumers say the social and environmental practices of a company influence the decision to buy a product or brand. for alcohol companies leading to a big shift in marketing previously solely focused on the back story of the spirit of the beer the growth offer-commerce alcohol changing the buying expirns with more people reading about what they buy. major alcohol companies responded by rolling out plans

fsh diverse hiring and sustainability goal just the world's larger brewer pledging to get 100% of purchased from electricity from renewable sources from 2025. others leading for 45% of companies from diverse backgrounds by 2030. there's a $1 billion republican fo for diversity and sustainability last month. >> the consumers are resonating to this for sure, particularly the younger consumers. they're responding favorably to the plans. >> reporter: people under 38 are twice as likely to make a buying decision based on the carbon footprint of a company than those that are older so companies, they have a big incentive to address the emerging esg consumer. >> thank you very much. as interest grows in esg with consumers, wall street of course taking notice a recent study by boston

consulting group shows companies with diverse boards have better profitability. jeffries decided to put the theory to the test joining us is jonathan matazuki. i hope i got your last name right or otherwise you'll be jonathan. >> great job thank you for having me. >> thank you what did you study and what did you find >> sure. so this is the second chapter in our work on the topic of esg we were seeing consumer interest on environmental sustainability and now from investors asking about workforce diversity and we looked at the companies in the home industry and benchmarked them across managerial level, workforce diversity and saw some with inners and others who are catching up and we saw an interesting relationship between

the workforce diversity of companies and expansion. >> we set aside for now the idea of environment and sustainability in this study and we are looking really at board composition, executive compensation, workforce composition. which one of those three were most associated with outperformance or above trend performance? >> yeah. so that would be workforce diversity and the way we framed diversity was having representation from females in the employee population or employees who are part of an underrepresented racial or ethnic group and so what we saw was a pretty nice correlation of companies that had a higher representation from diverse candidates in the workforce and stock returns and you can see that, for example, with the

company like rh, the stock up over 600% the past few years, it has one of the leading ratios in terms of females and underrepresented minorities in the workforce so i think that's a classic example there. obviously other things impact stock performance but really workforce diversity is what we saw as the driver of performance. >> let me get two more quick ones in. you say that public companies can learn from what proivate companies have done. what did you see that? >> so obviously we see esg investors push their public companies to disclose measure. right? seeing that in proxy season thus far where the number of inquiries into diversity and racial equity audits are up significantly year over year and also seeing it on the private side great examples are companies like brook land and in the dtc

space and we are seeing them disclosing statistics than some publicly traded peers are. parachute home reallocating the budgeting to more diverse influencers. and so they're doing interesting things that i think public companies will be doing more of going forward. >> one more in here. it's been more supposition that the best way to make sure you get the environmental sustainability diversity governance things is to tie executive pay to metrics that measure those things in other words, what gets mushed gets done. what you get compensated for gets done. am i wrong >> no. i completely agree and an area disappointing. we dug through the proxy filings and didn't see most of our companies linking back executive compensation to progress against esg goal just a standout is

tempur sealy with 10% of their senior leadership long term about incentive program linked to esg goals and something i expect more companies to do going fowards. >> the mattress company. jonathan, thank you very much. we appreciate your time and insight today. >> thank you. let's head over to the bond market and rick santelli tracking the action at cme. >> thank you a 3-day chart shows you 10s. ta taking bites out of the support. still a downward bias. look at a 2-day of the dollar index. slipping under 91. a lot of that is strength in the euro the bank of england today announced they're scaling back the purchases and joined central bank of norway to raise rates later this year and last week

okay bank of canada hinting as a taper but looking at the pound versus dollar drifting lower and the 10-year drifrting offer of a yield of 83 almost unchanged on the session. back to you. >> thank you. still ahead, it is all about earnings medical device maker lower despite an earnings beat. square reports after the bell today and payment stocks having a massive run which name shows the most payment prowess? our trads llissserwi dcu lately, it's been hard to think about the future. but thinking about the future, is human nature.

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yes. yeah. if you ride, you get it. yeah, they will. geico motorcycle. fifteen minutes could save you fifteen percent or more. welcome back to "power lunch. square is out with earnings after the bell the stock falling into the report even after paypal reported the blowout quarter let's bring in the trading nation team. michael, i guess there's the cash app crypto currency trading top of mind but what will you be looking for? >> i think this company fits squarely in the middle of the

technological transformation happening within the society they were able to pivot, adapt and grow during this pandemic even though small businesses weren't using the app. they -- although the stock quadrupled in 52 weeks we believe there's upside to go they have quality management very high customer satisfaction rate and we think this cash app will continue to drive cash flow in the foreseeable future as our whole society continues with this transition and fin tech companies only get stronger as we move forward. >> todd, payment stocks have been a winning trade but square is selling off here down 6% ahead of the report. does it have to do with the fact that bitcoin is down today >> i think it's an overall rotation out of tech it's strong. they have a strong crypto offering peer to peer payments and

investing within the ecosystem so look at earnings. operating operations expensive and doubled. trade 185 times next year's earnings from a tactical point of view looking at the charts, hold $215 through earnings and as michael mentioned they operate the cash app which is popular they have been advertising the joe rogen show for years it is the top ten most downloaded apps with a broad ecosystem and the crypto and jack dorsey is very bullish on the crypto space. i think there's $2 billion in revenue from crypto activity specifically bitcoin and jack dorsey said he thinks it's the universal currency within ten years and kind of tangled up in this tech selloff right now. >> todd and michael, thank you head to trading nation for more

analysis ty >> thank you. amid the covid crisis you expect medical companies stocks to soar but for the medical device maker becton dickinson everything else is lagging the ceo will join us to explain. we'll be right back. and now the latest from trading nation.cnbc.com and a word from our sponsor.

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this is the strongest signal yet that we've seen indicating that he'd be willing to go as low as 25%. that's where moderate senate democrat joe manchin said that he would land and that he would accept now it seems president biden would go willing to go as low as 25% himself. again, that's what he said as he was speaking in louisiana about ways t o pay for his infrastructure package. >> we have lotmos re "power lunch" ahead stay with us, we'll be right back lmost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq

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becton dickinson moving lower. they are the largest syringe manufacturer in the world. it provides a host of covid diagnostic products alongside that but despite being an integral part of the covid supply chain, the stock has lagged the market in the past year joining me for a "power lunch" exclusive is tom poland, ceo of becton dickinson thank you for being with us. >> thank you for having me. >> you're a syringe maker at a time when syringes are very, very popular and in demand explain why you think the company's performance in its business and the performance in the stock market have not lined up, synched up. >> we don't reflect on fluctuations on the stock but we've been executing our strategy and delivering very strongly on that quarter on quarter. we've had a tremendous role, as you said, in providing not only

covid diagnostics but critical products used to treat 90% of people who end up in an icu in the u.s. today we actually shared, we have commitments for devices to deliver 1.7 billion covid vaccines between this year and next year through our syringes so we're continuing to focus on executing that strategy and play a role not just in covid but in helping to advance health care around the world. >> i know you're a global company, you're locally based here but you're a global company. as you look at what's happening around the world, in india specifically and south america as well. what's the way to solve that problem? >> you know, certainly the -- we've been in touch with our teams and the governments throughout latin america and s india. we have large presence in manufacturing in both places you

mentioned. first off it's making sure the patients have the right devices, oxygen and other critical health care products to treat the patients who have covid. the next thing is making sure we're able to deploy diagnostics to stop the spread there's tremendous efforts happening both locally as well as from the u.s. working with each of those countries that you mentioned to help control the spread and help prevent resurgences. >> how tricky, troublesome, use your word, have supply chain issues within over this past year it's a complicated business that you're in, to put it mildly. how have you kept up with that and adjusted to pressure points in the supply chain? >> it absolutely has been. i never thought i'd have calls on status of our products in the suez canal like we have this year but we've been able to maintain supply of all of our critical products throughout the covid

pandemic and that includes everything from having to work with countries who maybe we have suppliers who are making one product for us that's critical to delivering care to a patient in the icu, but the local government thinks they should shut down because most of their business is servicing something that's not critical. so we work with the state department, we work with embassies around the world to make sure that our critical suppliers can stay open to supply us, that we can continue to supply our customers, and of course on top of all of that we've had a number one focus of making sure that our associates are safe two-thirds of our associates never stopped coming in throughout the covid pandemic because two-thirds of our associates work in manufacturing, work in our warehouses and on the front lines servicing our hospitals. >> how is business looking this year business was up strongly last year what about this year >> we announced revenue up a little over 12% this quarter

we see recovery of care, as people are going back to the doctor for routine procedures. >> tom pollen, thank you for your time. thank you for watching "power lunch. "closing bell" starts right now. >> thank you very much welcome to "the closing bell." i'm will frid frost along with sara eisen it's a tale of two markets the dow hitting another record intraday high but the nasdaq in jeopardy of turning in its first five-day losing streak since october. let's have a look at what is driving the action jobless claims better than expected at their lowest level since the pandemic began totals 498,000. tomorrow we'll get the jobs report tech stocks are pulling back we're seeing big losses on the back of earnings from uber, fastly, rocket, etsy and twilio. and we're keeping a close eye on vaccine makers followin