- [crowd] grubhub. welcome to "power lunch. markets bouncing back today but the nasdaq negative as stocks are still staring at a wall of worry. inflation the big one, of course looking at the other issues of stocks. >> we are talking to the ceo of thread up. that stock falling after the first report as a public company. are the trends working against the secondhand retailers tesla in reverse backing up over bitcoin "power lunch" starts right now

i'm jon fortt and the bounce back in stocks fading. the nasdaq briefly dipped into negative territory and now barely positive. let's bring in bob pisani now. >> we are up as you mentioned but well off the highs the problem is there's selling pressure against in the thematic tech space that we love to cover. look at the sectors. we started off with technology well in the lead tech still up but off the highs. energy is lagging today but a good day yesterday oil near a new high. mega cap tech up but off the new high semis were high right at the open and have essentially been sliding throughout most of the day. want to keep an eye on the

thematic tech. cathie wood's ark funds. that's the thematic technology a darling last year. a tough time this year and you see these up today after a big down move yesterday and now turned negative. watch particularly cloud computing stocks and talking about them for last two weeks and most 50% off the 52-week highs they hit back in february as interest rates started to move up. started up about 1.5%, 2%. they have by the middle of the day moved to the downside. still not a clear bottom we have been debating when there will be. these tech stocks down 15% to 25%. we have fundamental people, investors don't want to touch

them and momentum people figure out when can you go back in? today not the day. major tax bill is unlikely is a big positive for the market. recently more confirmation of that yesterday i think that's a major theme and the big issue is the federal reserve and whether or not inflation is sticking and that's a major market risk right now and the unresolved situation who's right? will the fed do something earlier or is the fed right and most of this inflation is transitory back to you. >> thank you. let's ask rick santelli the very question tracking the question at the cme. >> bond yields are down but from six-week high close in yields yesterday. here's a 30-year bond chart. the auction is not pretty. we spiked at 1:00 eastern.

here at 2:39 and right around 6:30 a.m. the high yield of 241. here's the 6-week chart on 10-year note yields. down 3 because yesterday's close was 6-week high and we are up .74 plus basis points from beginning -- end of 2020 on a year to date and if you look at a year to date on the guilds and on bunds both are basically at two-year fresh high yields the bunds are up 45 basis points on the year. so the global sovereign picture is painting higher rates but looking at the states it seems though treasuries digest the news rather well back to you. >> thank you. stocks still rebounding today and trimming the gains nasdaq briefly negative as we

said now positive 10 of 11 s&p sectors higher. only energy falling at the moment if your look to take advantage of the week's dip what should you be buying? let's bring in yana bartman, manager of the eaton vance focused growth opportunities fund there should be a bumble to find stocks like that you won't give specific names but what do you look for to find something mispriced in the market where valuations are so high >> i think for backdrop first and foremost while we have seen a return in the volatility with vix finally up above 20 level think it's important to say that the correlations are low and declining and the dispersion is high and the reason i mention

that is this the the optimal time to be a stock picker and picking the spots when there are the unforeseen market selloffs and seen a few of those particularly within the growthier areas of the market. actually obviously very much in i.t. as well. >> i see health care is area you have robotic surgery. life science tools is the elective surgery return part of that story why do you think some of those are mispriced? >> that's exactly it i think one of the themes that we learned during this earnings season which was a record beating earnings season for us is there's really this resurgence both in potential activity relating to the med devices and expensive equipment relating to robotic surgery and increase in trends and

surgeries. thinking of genomic sequencing we went through the biggest experiment of our lives where within two days we sequenced a virus and then had the batch that became the vaccine that by the way was 95% effective. it's forever changed the landscape of drug development and therapies within the rare diseases 80% of which are genetic in nature. >> an area you have got is consumer staples select discretionary we have seen the disruption there not only with the pipeline stuff, we have the canal earlier. what's causing the dislocation there as far as where the value is >> i think the ultimate reopening trade. you have got approximately 46% of u.s. population that's received at least one shot of the vaccine which means we're all eager and willing to get out

there which means it's good news for food distributor, restaurant oper operators and park and entertainment and when there's been disruption to the industry and consolidation and could lead to pricing power for those that have taken the costs they needed with covid and can remain strong and have the scale to continue to operate in the sort of post-covid world. >> all right yana barton, thank you. now we have a news alert on that colonial pipeline hack. eamon javers joins us. >> reporter: i can confirm that colonial pipeline did pay a ransom this according to a source familiar with the situation. colonial pipeline playing a ransom to the criminal hacker that is shut down the systems last week. this source familiar with the situation not telling me how much colonial pipeline paid or

when that payment spoecifically made one outlet reporting that happened on friday and another reporting that that happened on monday other outlets putting the specific dollar figure of the payment. my source simply confirming here that colonial pipeline did in fact pay that ransom but no dollar figure or date associated with it. we saw the president of the united states asked today whether or not he had been briefed on the fact that colonial pipeline paid a ransom. the president declined to comment on it so you get a sense of the sensitivity around this question of the whether the u.s. entity had to pay folks in russia to get access to a major strategic pieces of infrastructure on the east coast of the united states but that said a source confirming the ransom was made. >> do we know how they paid and what currency and if there's

thinking for that money to be tracked. >> reporter: that's a good question we don't know from our sourcing how they paid. traditionally in these ransomware attacks they pay with crypto currency. nanero is requested because it's said to be harder to be tracked. we don't know if it's all in one lump sum or pieces based on pieces of information returned from the hackers that information not available but traditionally done in crypto currency because the hackers believe that that is more easily ab secured and on abscond with. >> is this expected or an expectation or hope that they could get around paying this or pay in a way where the perpetrators would be caught >> reporter: there's been some real confusion around this

point. jen psaki asked several times yesterday whether or not colonial had paid, whether the white house was aware of the decision to pay or not paid and she dodged the question. there was also some reporting yesterday that suggested that colonial pipeline in a position where it did not feel it had to pay a ransom as of that time now not clear again on the timing of all this but it's possible that this payment was made well before the reporting that said that colonial felt it didn't have to make a payment and people saying a lot of things around this and i think it's important to do the best we can to report with just the fact that is we know as of right now and a payment was made but no timing associated with that. >> thank you. the white house now for the covid briefing. >> when you press harder. we can do this if you're not vaccinated yet now's the time with that over to dr. walensky

for an update on our progress. >> thank you, andy good afternoon i'm pleased to be back with you today. let's begin with an overview cdc reported more than 34,200 new cases of covid-19. the 7-day average about 36,800 cases a day. this represents yet another decrease from of about 23% from the prior 7-day average and every day with daily case us continuing to fall we remain encouraged the 7-day average of hospital admissions is 4,100. another terrific sign with another back to back decroce of 12% from the previous 7-day period and 7-day average daily deaths declined to 587 per day today i have several exciting announcements to share with you. first since becoming cd c director i have seen firsthand the current frail state of the public health infrastructure in

this country i'm committing to upgrading the public health system so the nation is ready for whatever comes next today we are announcing the upcoming release of $7.4 billion in funding from the american rescue plan to hire, train and support public health workers across the country reflective of the diversity within the communities they serve over half of the money being released $4.4 billion will support states and localities creating tens of thousands of new jobs in communities across america, expanding the overstrechled public health departments with new hires to support the efforts and $3 billion to build a public health workforce for the future though many threats increased in complexity and scale and recent years the nation's public health workforce has gotten smaller this support will immediately

add more staff and help departments across the country it will add school nirss to k-12 schools to support safe reopening and support vaccinations as vaccines are authorized for younger people. it will expand the number of cdc epidemic service intelligence officers to respond to local outbreaks and help curb the pandemic it will expand public health career paths, rekrurt and train future health leaders and launch a public health americorp for a long and highly skilled workforce that's ready to respond. it will create new programs sbepded to increase staffing at the nation's laboratory and build preparedness for the future we are really excited about what this support will mean for the public health capability now and into the future. second last night i endorsed the recommendations of cdc's advisory committee making the

pfizer vaccine available to anyone is 12 years and older i want to thank the acip for reviewing the science and providing a recommendation on the safety of the vaccines this is an important step forward in our efforts to vaccinate as many people as possible and to stop the pandemic and finally,i want to provide you an update regarding cdc's guidance for fully vaccinated people over the course of the pandemic we are continuously gathering data and evidence to inform the guidance and decision making we now have numerous reports in the literature that demonstrate the safety and real world effectiveness of the authorized vaccines on this slide there are three recently published studies, one from israel in jama on the top and two from the united states, both published in cdc's weekly report which all show that

covid-19 vaccines work in israel there was a demonstrated 97% vaccine effectiveness against symptomatic and 86% against asymptomatic infection in over 5,000 health care workers. in the united states vaccines were 90% effective against any infection in nearly 4,000 health care workers and 94% effective against hospitalizations from covid-19 in an evaluation across 24 hospitals in 14 states. we are accumulating data that our authorized vaccines are effective against the variants that are circulating in this country. on this slide you can see a study published last week that demonstrates how e foektive a pfizer vaccine is against the common variant in the united states as well as other variants like b 1351 additional studies con foirm the

johnson & johnson and moderna vaccines are effective finally we know that in the rare event that people get infected after a vaccine the resulting infection is more likely to have a lower viral load, be shorter in duration and likely less risky of transmission to others. considering all of these factors the data on vaccine effectiveness, the science on the ability to protect against s circulating variants combined with universal access to vaccines for those 12 and older today cdc is up dating the guidance for fully vaccinated people anyone who is fully vaccinated can participate in indoor and outdoor activities large or small without wearing a mask or physical distancing. if you are fully vaccinated you can start doing the things that you had stopped doing because of the pandemic

we have all longed for this moment when wn get back to some sense of normalcy. based on the continuing downward trajectory of cases tscientific data and our understanding, that moment has come for those who are fully vaccinated now if you are immune compromised you will most definitely want to talk to your doctor before giving up a mask also locations such as health care facilities will continue to follow their specific infoex control recommendations and lastly this past year has shown us that this virus can be unpredictable so if things get worse there is also a chance we may need to make change to these recommend daises but we know that the more people are vaccinated the less cases we will have and the less chance of a new spike or additional vair i can't wants emerging if you develop symptoms under put your mask on and get tested.

the science is also very clear about unvaccinated people. you remain at risk of mild or severe illness, death or sp spreading the disease to ores. under be masked and get vaccinated right away. this is an exciting and powerful moment it could only happen because of the work of so many who made sure we had the rapid administration of three safe and effective vaccines and an adequate supply of those vaccines for everyone 12 years and older in this country. >> we have been listening to the white house covid briefing we should mention that the markets are climbing back to session highs. s&p 500 up 1.25% and nasdaq turning positive it is higher by .6%.

let's get to meg tirrell for more on this and the guideline changes you brought to us earlier. >> this is a big moment. the cdc director saying essentially for people fully vaccinated getting back to that sense of normalcy in a way we haven't since more than a year ago saying fully vaccinated people inside or outside don't need to wear a mask. the size of the crowd doesn't matter if you're fully vaccinated you don't need a mask. that is a really big step and only a couple weeks ago that the cdc had guidance for masks outside and i'll be interested in the q&a session of this briefing in a few minutes and sure that the first question she will be asked is, how do you prove that somebody is vaccinated how does a business feel comfortable that somebody not wearing a mask is fully

vaccinated essentially the director saying there's universal access to these vaccines and that real world evidence shows just how effective they are in preventing disease and asymptomatic spread of disease that they are comfortable making this guidance that if you have your two shots of the pfizer or moderna or one shot of j&j and two weeks out from that you don't have to messing up. >> it seems to me that this means potentially concerts are on colleges can go back to having dorms full if students are fully vaccinated restaurants. and what it seems to be is that if the infection rates shift, if lord forbid the death rates change then maybe they revisit and won't know who's vaccinated or not where they want to throw the doors open they will do that. right? >> it seems that way, jon.

of course she did note that things could change. this is an unpredictable virus and they may need to step back on this guidance but it's been fascinating to watch how businesses, schools, hospitals have dealt with requiring vaccines we spoke with a hospital ceo this morning where they require them and not common for all hospitals. this is just for their employees. colleges have been much more out there with saying that they require vaccinations among students coming back in the fall and so we'll see how this guidance affects businesses. but they are saying of course in health care settings and still saying people need to abide by recommendations in those settings but otherwise this is a very big step coming from the cdc. >> thank you so much for that. you had mentioned concerts we are watching live nation up by 3% and spiking on the back of this news and cruise lines is an area to watch. they had been complaining about

very, very strict requirements in order to restart sailings and so you would think with the easing of these guidelines that perhaps the cruise lines have a better timetable of when to start operations. coming up on "power lunch," stocks facing a wall of worry. a look at the issues of inflation affecting stocks a look at big tech and retail but fist the home builders which don't have the workers or materialto ks eep up with demand stay with us

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comcast business powering possibilities. welcome back to "power lunch. it's been a wild day for crypto after that announcement from elon musk that tesla will stop allowing customers to make purchases with bitcoin bitcoin now trading well below the $50,000 mark and it's also taking a leg lower this afternoon as bloomberg says that regulators are probing crypto exchange over concerns of illegal it in the market and boipt down more than 10% at this hour back to you. >> thank you. it seemed like this was an unstoppable rally. stocks of new highs and investors mostly overlooked any concern but that seems to be changing in this hour, a look at three sectors and the potential head

winds. kicking off with the homebuilders starting to face big issues. rising rates lots of supply shortages joining us is buck horne, raymond james analyst. you have three major concerns from investors like the impact of a spike on mortgage rates, shortage of materials as well as whether or not the suburban boom will continue. what is the concern that you have in the space? >> well, the concern i have is really just how -- you know, we think it's a very prolonged and multi-year cycle we see so the challenges are really near term speed bumps. the lumber issues and supply chain and really i guess the biggest concern is maintaining a supply of finished developed lots so we continue to see

builders meter out the sales holding back the pace at these levels running out of finished lots and need the improvements and the infrastructure in place and the land is probably the biggest limiting factor in the equation right now i think more land is getting developed. full speed ahead but it is hard to really materially increase the rate of single family starts or new home sales much further without a lot more land being developed so the whole supply chain is reordering itself but it's going to take time to get there. >> how much incremental demand of the suburban flight create? i'm trying to see if this could reverse. the reopening with the lifting of the mask mandates et cetera we just heard about. what does the landscape look like >> it has been a remarkable

phenomenon this population realignment in the country. the relocation buyer into sun belt buyers, the southwestern united states. and into other more inland areas, more affordable market has continued at almost a record pace and it's happened even with the idea of a reopening and vaccines on the horizon and not abated one bit and even with this back to normal if you will i think that does reopen some optimism for the cities but poom are voting with the feet and making lifestyle decisions on a more permanent basis. i think it's a shift people are taking stock of the lifest lifestyle. and they're choosing to move away from higher cost, high tax and tougher weather environments and looking for more an affordable lifestyle. >> any chance that the cdc news

makes things tighter was there a sense that people are holding back from going out and i know the market was hot and physically looking at homes before and maybe that will be more common now? >> there was some of that but i think for the most part buyers adopted to shopping online and more familiarity with the technology and going out and shopping online so i'm not sure that it will change much i think there's still a huge incentive for buyers to migrate into single family homes so maybe makes it easier to walk into a community, into a model home and pick out the carpet and the flooring you like. but probably very, very nominally on the market. >> all right buck, thank you. now shares of thred up getting crushed today after the first report as a public

company. stock's down nearly 15%. way off the high from debut day topping $31 a share. even though the analysts are mostly positive about the results and guidance and joining us is courtney reagan and ceo james reinhart. >> thank you let's start right there where jon left off you put up a good first quarter as a public company. some analysts light wells fargo say the guidance is conservative is the guidance too conservative are you setting yourselves up for a big beat the second quarter as a public company? >> thank you for having me we are four months into the year and didn't want to get ahead of ourselves. i think the news from the cdc today is great news but i don't think we're at the point yet where we're willing to say the pandemic is totally behind us and being thoughtful about q2 and the rest of the year. >> processing time is really important part of your business.

when you get clothing sent in you were at 20 weeks down to 8 weeks right now. you are hoping for 2 to 3 weeks. how do you that? speed up the process of inspecting the clothing and putting it on the platform without sacrificing the quality of the clothing you're accepting? >> we did peak at 20 weeks now down more than 50% we love the trend and two to three weeks is the target. it is all about staffing up capacity and brought on the larmgest facility in atlanta which has a huge capacity for inbound processing and so we're going on to that facility and we feel good about where we are heading and we had great supply in the business and supply fuels that growth and we'll be well positioned to take that supply and put it online and delight our buyers. >> speaking of supply, you have a number of partnerships i think

more than 20 at this point and seems obvious what you get but what do the retailers get from partnering >> think they're thinking of reselling as a new channel so i think where brands and retailers are headed is thinking about where's the consumer going and the consumer is shopping secondhand at high rates and what retailers and brands get out of the relationship is meeting the customer where they are and where they're headed and we want to help them get there because we feel like the opportunity is very big. every year we run the data on the market it's bigger. >> and the real reel as a competitor in the space but in a different sta tros to fear experimented with retail stores. is that something that you would

consider in the future >> we've dabbled with pop-ups over the years we had some here in california but the real reel strategy for stores is to get supply. you know i think as we have said we had no trouble with supplies or supplies and we are focused on building an online business to meet where the consumers want to shop resale over time. so i wouldn't expect to see a huge store footprint in the future but continue to experiment there's lots of apparel bought in stores so i think it's something to continue to look at. >> speaking of apparel being bought, what trends are you seeing now as the economy is beginning to reopen? folks go out now still selling sweat pants or different categories >> selling dresses these days. i think searches for dresses

really come back in full force and i think definitely the lee chur wear, lounge wear act i wear trends have subsided. we see them down 10 pistons and dresses, formal dresses, midi and maxi dresses up 20% since the first quarter so i think definitely seeing this rotation back to going out clothing and i think speaks well for the future of our business. >> james reinhart, ceo of thredup, thank you for joining us here. back over to you. >> if they're bouncing that much the economy is fully reopened at this point. after the break the wall of worry of retail as inflation brings costs and dreams and fewer customers, is the space at risk

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help vaccinating the people. the leadership struggled to accelerate inoculations. kovacs is the united nations led program that helps distribute doses to smaller, poorer countries the covid-19 pandemic could have been prevented. that's according to a new report commissioned by the world health organization overall the findings suggest a lack of global preparedness. the report also says that the w.h.o. waited too long to declare the crisis a pandemic. and pennsylvania will become the first state to test gubernatorial pandemic powers be on the ballot. they'll add two amendment just the changes would give lawmakers not the governor more power over disaster declarations for future pandemics or natural disasters back to you. >> thank you. markets right now rallying off the lows since 1:45 i

believe. they have been bouncing back the dow is now up more than 1.5% s&p up about 1.5 nasdaq up almost 1%. starting the show the nasdaq just peeked into positive territory and see the russell there up 1.5%. let's take a look at the reopening trades that have gone positive following the cdc announcement that vaccinated people do not have to wear masks outdoors or socially distanced going forward. airlines all in the green near session highs and the cruise lines as melissa positive on the session as well. hotel names like marriott and hilton higher and the casino names las vegas and mgm now in the green, as well and the oil market closing for the day. go to dom chu at the cnbc commodities desk. >> it is not helping oil prices. they're trying to bounce off the

lowest levels of the day wti crude futures currently $63.68 3.5% declines there. now the downside snaps a three-day winning streak for oil prices now for context oil prices near the highest levels in over a year given optimism as the world e m emerges from the preponderance of the evidence but hot spots keeping a lid on the news. with the pipeline coming back online traders and consumers fr trying to see if the prices drift back to where they were. >> seems to take longer to come down than going up thank you another area of the market

sensitive to rising costs is consumer staples manufacturers all expecting rise in commodity inflation some retailers warning of decreasi decreasing spending habits how much worry should there be joining us is nick mody and for the consumer standpoint what we are facing are price increases proctor and gamble with price and starting in september and yet you say that companies are leaner and more efficient and deal with increases so why are we seeing the prices increased on us? >> yeah. thank you for having me. there's multiple ways to get pricing. there's no question these companies have to get pricing but the way they do it more

diversified is more than we have been accustomed to you can reduce promotions or ineffective promotions and innovation a coke with coffee as an example or a taco pocket, they're charged at a higher price and serves as pricing and then productivity to help them offset rising costs and they don't have to rely on pure price increases to offset inflation but other mechanisms. >> what are the chances even if these inflationary pressures abate as the fed says they think it's transitory that the pricing increases will be rolled sfwhak. >> we have seen that is not the case right? there's situations of it going back through 0 promotions but more temporary than structural and with a private label product

you might see the permanent rollbacks and not expecting to see broad base rollbacks and we think that's why profitability is building for the industries and based on price. >> michael, you cover the big box stores which are best equipped to handle the environment some are able to demand that the supplier of the goods to them eat the cost as opposed to them paying more but who's in that position >> right certainly scale helps in retail and the bigger you are the you do have a greater ability to push back the pricing on to the suppliers but we think that the retailers observe some price increase and then pass along to the consumer a shared response if you will with the skconsumer absorbing some some areas in particular of names that are really well suited to pass on inflation is home centers the lumber costs up quite a bit

and has been passed on generally to consumers but again i think scale matters and the big ger you are the more able you are able to push back. >> what about hope do you have any sense of whether this cdc news was expected across retail? and if not, does this give potentially a boost to certain types of retailers to see better demand >> sure. i think it's soon and more positive than retailers were expecting and i think they generally expects the economies to open up, to have a no mask mandate or the mask mandate lifted this quickly is probably a surprise when i think of no masks i think of ulta beauty we think about more dresses.

to me dresses and makeup go hand in hand and in our mind that is a beneficiary of this announcement. >> sounds like you don't expect men to look better thank you. >> thank you for having us. the wall of worry for tech will there be a squeeze on the sector earnings for airbnb after the break. can it bounce back our traders will discuss one of the many things you could expect when you're with amex. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential

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and who wins? you. welcome back to "power lunch. airbnb set to report this amp after the blockbuster ipo in december shares down 37% in the last 3 months as competition ramps up marriott with 30,000 homes listed on the home platform. analysts are forecasting airbnb growth to improve quarter over quarter. let's bring in todd gordon and

boris slosberg expedia said that booking trends for summer homes above 2019 levels and putting effort in approaching homes and would you own expedia here has surged or airbnb the incumbent >> i think the price action tells you all you need to know expedia is doing better. vbro is giving airbnb a run for its money. vrbo is much, much better positioned in the vacation rental property which is where most of the people want to go. in addition to which you were saying competition is really becoming a problem for airbnb. a lot of comments that a room lists at $109 is actually $200 after fees that is a far less compelling proposition for the end consumer than it used to be what is happening the swan dive in the price is that it's lost the imagination of wall street

wall street has lost faith in its model at this point. very tough going for the company going forward. >> todd, looking at a price action in airbnb was down as much as 6% today and now down 3.5% and perhaps has to do with the cdc easing mask guideance indoors. where are you watching at 134 a share. >> only been trading for six months and hold this 1.30 area if you do vrbo, you have to get an entire house. they have 20% of the entire u.s. lodging market bigger than the top five hotel brands combined. so, again, we really need to hold 138 and million more hosts are required to fill the demand as more guests are traveling and pent up demand is ease of

supply chain issues come and more rooms become available as investors are able to kind of let out that pent up demand. gross bookings decreased by about a third in 2020 due to covid but less impacted by hotels those problems are transitory and people will reemerge in this market i'm bullish and would like to see technical support and reversal coming in and would not give up yet. >> the average home is 30% more expensive than this time last year a report we will watch after the bell airbnb todd and boris, thank you for joining me recovering the faang trade which of the tech titans could face more downside find out on tradingnation. up next, the final brick in our wall of worry. washington continues to take aim at big tech. potential tax hikes and anti-trust suits and risingeracy. which remains the most at risk "power lunch" is back in two

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remember eeorye from winnie the pooh we're looking at the various worries facing different sectors of the market and now turn our focus to big tech high valuations even after a few days of selling and proposed corporate tax hikes both pose serious threats to the biggest names in the sector. joining us now is paul meeks portfolio manager. paul, it seems like in a way it's not the big tech names that you're worried about so much as perhaps tech overall in this environment based on how far it's run >> yeah, you think about the last couple years the tech sector is measured by the xlk

tech etf has gone up 40% back-to-back years and was having a pretty nice rally before things caved in recently and i think that even though the nasdaq is down 7% in the last couple of sessions, you know, the last time we had this nastiness which was triggered by a threat of inflation and rising rates was back in the fourth quarter of 2018 and in that particular quarter tech stocks went down 24% on average before they rallied so i'd like to be bullish about my sector, but i think it's too soon to do that. >> of the names that you're relatively feeling good about, i see facebook and alphabet on the list, so does that mean that we shouldn't worry so much about the regulatory stuff maybe even in light of what we saw out of the eu this week getting told to back up a bit by the courts on some of those fines. >> it's an excellent question. i do think we need to be concerned not only about regulatory action abroad but here in the states but as we saw with the last quarter and the outlook for both

of those two companies, man, we have a real nice tailwind with digital advertising and i think that will trump all. and of the faangs, two of my favorites. as of the other ones, i'd stay away >> you say you could probably hide out include paypal and square, paul i'm curious about those two names because they are considered high valuation names. paypal 51 forward earnings and off 52% from its 52-week highs what about it says to you this is the stock where you can be in, in this environment? >> yeah, i don't think those are necessarily hiding stocks but i think what we saw in the most recent quarter of the reports that they are nice, indirect ways to play crypto. i know since elon musk was on "saturday night live" last weekend and the comments were following that, crypto has been in the swan dive the last couple sessions and it will return and

these are nice ways to play. i think square is particularly attr attractive square is down 4%, 5% today and broken 200-day moving support and it could go down more. but square and paypal the processing companies i think will be good investments almost regardless of valuation. >> quickly, paul, if reopening is happening a bit quicker than some expect would the cdc, are there tech names thatt might benefit? >> i think so. most of them are not necessarily your pure tech names that you and i know and love but some of them are more communication services and telecom bent. you know, think companies like crown castle with the teleco rate and corning, these are some kind of modest tech companies, not aggressive tech companies. definitely cloud computing companies but should do well and be reasonable place to hide as techish names versus pure tech

names. >> paul, great to speak with you, as always paul meeks >> thank you going to be an interesting close here, john just eight points off the session highs for the s&p 500 at this point >> yeah. good to be with you, john. >> good to be with you >> thank you for watching "power" out there. "closing bell" starts right now. thank you, melissa and ohn welcome to "closing bell i'm sara eisen along with william. the dow and the s&p 500 gaining back a chunk of this week's losses the nasdaq is in the green, as well, but off its high let's look at what is driving the action the dow is up a little more than 500 points right now following the worst session since january. the nasdaq had given up a 200-point gain briefly going negative and marching higher on the data front the consumer price index jumping from last year another side of rising inflation following consumer price surge and bitcoin is getting