sgla you want to give me a quickie, less than ten seconds >> is green play the suburban flight to florida i would really focus on that here is what's ahead these narcotics plus d digital knomads the ceo joins us in the exclusive ahead.

dom has the numbers. we saw the lows earlion this week an outperformance up over 2% look at the sector action over the last week. in that time it's been the consumer staple stock. that sector is the only positive in the entire s&p 500. it's cat gorized by the s&p.

i'm not going to show you stocks. supply constraints they are now falling so. still very much near elevated levels huge gains we have seen over the last year. we're pulling back a bit could this be the top. some traders are condtemplating now. yes, dthat is big a question about the reopening trade.

what is the combination of all these factors mean for stocks? joining me now is hugh johnson hugh, what do you think? is this transitory or not? sdp >> i think it is i do a lot of crunching on the inflation numbers. we're fwgoing to have some troubling numbers not only for the second quarter like we saw this week but for the coming months when we get past 2021, when we start into 2022, you're going to see much better numbers. what do i mean i really mean we're talking three to four percent year over year numbers for the time being and that means say the next one, two or three months. those are pretty numbers that will be pretty disturbing. when we get into 2000, late 2201

and 2022, in numbers will come to 2%. there's a lot of stocks to hit hard concerns about higher inflation and higher interest rays and those are the ones, the ones that have been hit so hard, dom referred to them he talked about consumer discretionary and technology that's where you can find some real value now and you won't have this value for very long. >> disney is taking a little bit of a lit year to date. it's down another 2% plus percent today. you like it. why? >> it's obviously everybody's troubled by the numbers and the streaming numbers, the number of new sub skrscribers was a littli disappointing. the other news, theme park, movies was not good because of

the long term lockdowns and problems we've had with the u.s. economy. it's going to show up in numbers of disney and show up in their earnings this is an opportunity in my judgment it's a little risky. i understand that. i understand the concerns about valuation. maybe take half a position now and wait for the other half of the position have to step up and maybe start to build your positions.

why is now a good time to buy it >> i wish i had a nickel every time somebody said or i told somebody i wanted the buy apple and they said you shouldn't do it look at the big run we've had in the company. the cash flow in company, the success of all of their products which keeps getting better and better it's hard the bet against apple. here is another case in point. you get opportunities. the opportunities come along, my appearance is you take advantage of that. if you feel a little

uncomfortable whether you're talking about disney, talking about apple, staging it is always a good idea for an investor which really means buy a third of your intended position now maybe wait a month for another third, for another third stage it in or dollar cost average your way into the position if you feel uncomfortable. >> we're going to add to our position on experts. something interesting happening in fixed income. now it makes more sense, again, you say. >> yeah, absolutely. we're very much in the same camp as the fed

inflation is transitory. are we likely to see inflation that's materially above, perhaps not. i would caution viewers to not extrapolate from short term prints and make long term decisions. to your point earlier about fixed income, the fact that if you remember the world tina, now there is an alternative to equities certainly prior to february the ten-year yield was below the dividend yield now it's well above that >> all right always good to have options as opposed to when there's no

alternative. thank you. >> you're welcome. now over to the municipal bond market where investors have poured 39 billion dollar into muni debt funds this year. the most over the same period since 2008 in fact, muni returns have beaten those of court bonds and treasuries my next guest points out there more money, nearly a trillion dollars to be distributed to state and local governments which will ring in something of a golden age for public finance. let's bring in todd head of credit and strategy. tom this is a lot different than what a lot of people were looking at a year ago when we saw all the business shutdowns, the concerns about local tax revenue and the idea that even munis weren't safe is it stimulus that's really turned all that around >> it's a combination of stimulus but even though there are many people expecting the worse and a lot of forecast through the end of last summer through the fall that were pretty negative. for the most part, overall

revenues didn't really drop as much as many of us thought i think that really the demand is really up because credit quality as a result assume to be strong but also that tax advantage from municipals is something that folks are really considering also >> even illinois, right, we're seeing three year bond sold at yields near 1% illinois is got issues that makes me wonder if the embrace of munis on this side of it now, a year later might be over dose. >> in the near term, you know, near term meaning next year or two, maybe three one of things that we're expecting is something like a gold of age republic finance there were 350 billion i should say there is starting to be 350 billion of federal relief that will flow through state and low governments. there's another 300 billion that's going to flow through to other sectors like the school

districts and higher education illinois is going to get a decent chunk of that, 350 billion and they're going to get an advantage from some of the higher education money, k through 12 pmoney. this is why a lot of folks are expecting credit quality overall. >> is this a golden age or is it a golden moment? how long is this going to last what should investors think about or worry about as they examine munis right now? >> it's a good question. for the next year or two we're not expecting downgrades to out pace upgrades. i'm expecting that upgrades will be out pacing downgrades for the next year or two that being said, investors need to remember there were several -- there are a handle of meaningful states and some cities that structurally imbalanced before covid. i am not certain that this is going to be enough for them to be able to correct those structural imbalances that are

years and some cases decades in making in the near term, i think that overall, a downgrade, excuse me, upgrades will up pace downgrades >> very often there's a political backdrop to this are there particular signals x elections you would be watching, balance of power to determine when this golden moment might be over >> i think that it's lot that, couple of year period is locked in right now the run off elections in georgia really helped decide that. i think that it's going to be up to how it is that state and local governments and other entities plan and then spend this relief money and make decisions going forward that's going to really help determine that >> all right tom kozlik, thank you. >> thanks very much. coming up, cities across the country paying people to move to their state. some giving up to $20,000.

we'll look at where, why and who is eligible. businesses are responding to the cdc's new mask guidelines in very different way we have details. "the exchange" is back in two. blan

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. welcome back dozens of cities are offering cash while they continue to work remotely diana joins us with more on these digital nomads. >> reporter: there were a few of the programs before the pandemic but it's taking off and demand is off the charts. almost kpakly a year ago, when covid was at its worst, lindsay marvel backed up her brooklyn apartment, bought car online and drove to tulsa, oklahoma >> you're just in this survival mode and i was terrified. >> reporter: a tulsa nonprofit offers remote workers $10,000 to move in. a year later >> it's been a blessing. i wouldn't want it any other way fearing a pandemic or any other

time. >> reporter: lindsay bought this home thanks to the $10,000 and to the fact that tulsa is much cheaper than new york. she's plet a large network of so called digital no mads like herself. >> i made more friends during a pandemic than i have or college or any other time you're supposed to be connected with many people. >> reporter: tulsa is offering cash incentives to remote workers. gnaw program in west virginia is offering up to 2$20,000. >> west virginia is the house that built me. >> reporter: it's funded by the executive chairman of intuit and brad smith he is capitalizing on two new trends >> those happen perfectly with west virginia most valued assets which are welcoming communities and out door recreational

amenities. >> reporter: they are in big depend. >> we are from cities like brooklyn, seattle, we don't really have a sense of what we're supposed to pay for something. people are willing to pay a little more. >> reporter: because the return can be invaluable. >> i know i've made the right decision >> reporter: they are adve advertising wireless speed, distance to shopping centers and the local tractor supply

>> are these people going to stay or go a lot of the program says you must be a resident for a certain amount of time lindsay bought a house she intends to stay for the long term she's seeing a lot of the people she met through the program are buying homes they may use it as their primary home that's the point is to get people to stay >> thank you now coming up, it wasn't looking so good before the open but shares of good rx rallying we'll speak with the co-ceo about that and the threat coming from amazon. the exchange is back aerhi ft ts. with a bang, energy and change came to every part of our universe.

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welcome back to the exchange markets right now higher across the board. you can see the dow up 350 points s&p up almost a percent and a half and the nasdaq leading that up 2%. here are some of the individual movers this hour door dash leading the flexible economy stocks higher and it's on pace for the best day ever. the company delivered guidance

for 2021 after revenue tripled from the previous year shares of zoom video also heading higher that stock is leading the nasdaq 100 today on pace for its best week since february as it tries to break a three-week losing streak amc, the movies on pace for its sixth straight day in green as the roping trade gains steam it will be the longest daily winning streak since the summer of 2019. now to rahel for a cnbc news update >> the city of clum bos, ohio will pay a $10 million settle to the family of andre hill he was shot to death by a white police officer last december hill was coming out of a garage holding a cell phone it's the largest settlement of its kind the police officer has pleaded not guilty to murder charges a national circuisecurity cl has nothing to say if the u.s.

is responsible for the dark side hackers to close down their operations the criminal group has lost access to their digital infrastructure including the ability to accept payments dark side is believed to be responsible for the cyber attack the u.s. cyber command chief saying cyber security is national security. the government needs to do more as hackers become more s sophi sophisticated. tonight a look at how the colonial po col colonial pipeline attack has heightened vulnerabilities a check on check ins unmasking new business policies, influences on crypto price and target pulls pokemon cards for safety reasons it's rapid friday and it's time to look lead for what's in store for your money next week

here is your "friday fast forward? >>retail ramps up. the sector is up 37% in 2021 can the run continue lords town motors releases first quarter results on monday. all eyes will be on electric pick up orders with shares down 60% since it went public florida is set to unvail the lightning. the all electric f-150 pickup truck. mcdonald's holds the annual shareholder meeting and there's two big names set to go public website building company square space will begin trading via direct listing on the new york stock exchange on wednesday while oatly nasdaq ipo is thursday we'll get a read on housing with the national ohassociation of hm builders survey.

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let's get you up on a few stories that should be on your radar. it's time for rapid fire here to break down the

headlines, bob and casey newton. first topic, shares of air bnb are higher after beating first quarter estimates and an upgrade at wells fargo saying air bnb is the strongest play on the future of remote and hybrid work. the ceo says he expects demand for longer term stays to keep i creasing post-pandemic >> fewer and fewer people are being teethered to one city to live and work. as people become more flexible, more and more people decide that staying at air bnb is a great option for a week at a time, a month at a time or a few months a t a time >> he expect a travel rebound unlike anything we have seen is his gauge good this time. a year ago they were laying off people thinking it was winter was here but they seen quite a snack back >> yeah, they have they laid off people in the corporate office we have seen in the financial

results that hosts have stayed pretty steady on the platform despite them seeing a huge leg down in the early days of the pandemic it did bounce back quickly he says they are ready for a hot vax summer they have enough supply online even as their competitors try to poach some of their super hosts. jon, we talk about this in tech check. that whole idea of living somewhere in an air bnb for the longer term, more than 28 days that made up nearly quarter of bookings in first quarter. that to me was sort of the most remarkable piece of this what kind of opportunities does that open up for air bnb in the future that's what that note was talking about, the longer term opportunity here >> if you can do the diana thing and get them to pay your for moving there, that could be good hustle it seems like the reopening trade is working

people think the pandemic trade isn't but look at door dash. up 20% i love air bnb look what's happened to it it was 220, 230 in february. it's 140 now it's lost 30% of its value for good reason. when interest rates go up, these companies that don't make money get clobbered. there's only like 80 companies that have a bigger market cap and they made 5 billion dollar a year and they're not going to make any money for several years. maybe next year they will make 8 cents or 99 cents they have a p/e of 1,000 these kind of companies get clobbered. it's a wonder it's not done more

as much as i love, love the product. is it going to have the valuable platform to make huge amounts of money. >> i think there's a will the of room for optimism here you saw it in first quarter numbers. a will the of people are already living this lifestyle. they didn't wait the get vaccinate vaccinated they just got on the road and started working remotely a will the of employers said you will have the rest of this year and not come back to the office. the hybrid roles will be very, very common. if you're a white collar, silicon valley worker it will be exciting to work from six or seven different cities year. i don't think it's wrong to bet on the future. >> another thing is doss at air bnb, particularly marketing costs have come way down during this time.

when we talk so much about how much company vies have to pay in tolls, the fact they don't have to pay so much is a big deal, right? >> yeah. their competitors are spending more every time i talk to bryan, i ask do you still feel confidentable with where your marketing costs are. he said, we think we have a pretty good thing going. they get 90% of their traffic organically. he's talking about how he's turning guests into hosts and how this next evolution of supply and demand is interesting. he says because of discovery features and the data they have, they are able to direct people to where there is supplies >> next, some companies are unmasking new policies in the wake of new guidance from the cdc.

wynn las vegas saying fully vaccinated againsts and employees can stop wearing masks. lit will require non-vaccinated guests to mask up. delta mandates all new hires be vaccinated before starting work and will bar current staff refusing the vaccine from boarding international flights the cdc recommends masks for anybody entering airplanes, transit or health care facilities this is complicated because it get ss into the issue of should people will required to show proof of vaccination whether it's in public places where that's not being done or even in private places >> i agree with you. i'm baffled why the cdc made this announcement but didn't say there should be a requirement of proof of vaccination they didn't. i don't understand why

i work at the new york stock exchange i had the show them proof of vaccination. the card to go work there. i went back on monday. i gladly did that. that made a lot of sense to me one thing that's interesting, some people are starting not to wear masks on the street i get a few dirty looks because i walk around recently without a mask there's a will the of mental adjustment that will have to be made some people want to stay masked for a long time, if not physically there's real mental adjustment that's starting to occur now >> casey, are you in california right now? >> yeah. the dirty look that you get in california, is if krouyou're not wearing mask but if you're in a red state, you get a dirty look for wearing a mask you sort of have to pick your poison >> it's become a culture war people have deep feelings about this stuff i was talking to source at

amazon yesterday, amazon has started asking are you vaccinated or not. some employees don't want to give up that information companies can mandate that they share it i think there will be a ton of anxiety that comes out of this people will have strange and mixed feelings >> you probably didn't ask this but i wonder to what degree companies like air bnb are recommending or not recommending that hosts ask about the vaccination of potential guests. what they are doing corporate policy wise? i suppose this plays into the platform as well >> it's a good question because we have seen tech companies come out on social issues, not just tech companies but a lot of corporate america so why can't they come out on this vaccine mandate and not just ask but

require their employees and potential even customers to show proof of vaccination and i note this is such a truck iick i -- topic. where does a vaccine or mask mandate fit into the social welfare of society i'm in the making a statement on that but it's good question to can when you have progressive companies in silicon valley. >> don't come for dee. she wasn't make a statement. do it on other side and people won't know which way you're coming down. another treat from elon musk moving the crypto matter the price of doge coin surging more than 40% after he reveals he's working with the token developer, whoever they are, to improve transaction but it looks promising.

he call doge a hustle, ha ha an it tanked over the weekend here is a guy that is moving crypto all over the place. >> if you made a huge bet it's pure gambling. there's no fundamentals here to discuss to make a theory of the case the one thing we have learned over the past few months is that there are a lot of americans who love to gamble in this way and the risk of losing is something that can be accounted for by the potential thrill of winning.

>> finally, target is halting sales of pokemon and sports tratdi ing trading cards the stores due to safety concerns. target in wisconsin was forced to go on lock ddown after a figt in the parking lot a rare card sold for more than 300,000 bucks at auction while a michael jordan rookie card recently sold for more than 700,000. bob, they are taking the cue from my kids elementary school which banned pokemon cards th these are adults fighting in the parking lot. is the nft craze crossing over into the physical world. are people with crypto bucks -- i don't know people just need to grow up. >> well, desire for collectibles there's a couple of cross

currents here. there's growing desire in general for people to have collectibles, to own physical objects. nft is separate but it overlaps a little bit we're seeing this in comic books. we're seeing this in baseball cards. i collect old 60s rock posters those have gotten more expensive too. you get the idea people want to own some physical object there's some obsessive aspect because there's games that are involved it's more than a collectible there's gaming elements associated with this i'm very agnostic. you might say what kind of idiot will spend as much on pokemon? who will do it for comic books somebody paid $3 million for super man the other day.

>> what do you think would happen if elon musk tweeted about his favorite pokemon >> i don't want to think about that you'll probably have to rush whatever exchange he was listing it on would probably crash collectibles are seen as investments. i want to mepntion one thing. i'm looking at casey's background you promised you would upgrade it where's the orchid where's the book >> i got to call you out >> there's another bottle back there. >> if cnbc could send people to my house to fix it

i would pay any price to solve this >> take that back. >> you need some collectibles, casey. get some pokemon cards your room radar will go to ten >> bob send him some posters >> look at my room raider. >> excellent rapid fire. have a great weekend, everybody. coming up, this fintech stock is up 75% over the last year the name and what's driving the gains next the ceo will join us live. don't forget you can watch us live using the cnbc app. the exchange will be right back.

welcome back cloud software is real small and medium size

businesses up nearly 75% in the past year joining us now is founder and ceo bill.com good to see you. i'm particularly interested in getting insight from you following this latest cdc news so many small businesses have been under such distress over the past year. >> every month is small business month. this may is the snb month. i grew up around snbs, every day you live and breathe it. you work hard to make a difference in the world and you work hard to bring your service and products to customers. what we have seen is they are getting back to work some example s year over year growth in our transaction

volume three quarters ago it was 10%. then it was 16% and 19% this past quarter businesses are doing more transactions total dollars moving on the platform was up over 44% year over year. this deals with data we have used and gotten from the research we did to over 1,000 s&ps across the country that said they were focused on driving new products 75% wanted focus on new products 80% wanted to focus on their back office solutions. then there was 85% that were very focused on revenue addition this is so different than year ago. we're seeing businesses getting back to work they are excited and ready to open back up >> cost management is still

important. that's why you're buying divy for more than $2 billion tell me where that fits spoo your technology portfolio. >> it's a great question it prouldly constituted around 70% of the b to b spend. that remaining 25 to 30% up there that is b to b spend, a lot of that is on corporate. this is a spending program solution that is super elegant, super modern that helps businesses manage all of their spend across not as much in the past year but definitely gearing up. people are using corporate spending cards to really manage other expenses that are recurring. that might be digital ad spend that they doing in marketing

we're able the talk to them and understand what they are doing we're able the see the data and transaction ons our platform about which corporate cards ta are using. >> sounds like you had a decent amount of overlap. that's part of what drove this how is this going to work then is it bigger share of wallet or also a significant portion either of your customers who aren't on divy that you think kroul you'll be able the cross over and vice versa. >> still the dom nants form is paper. we have 115,000 customers. there's six million businesses we are champions for all of them we want them to have a simple financial life as they can get what we see is there are -- we

have thousands of customers that are using spend management out of the 115,000 our focus is really how do we get all of them in one solution. what we hear from customers is they want a one stop shop. they want the ability to manage all of their b to b spend in one place. they want to do it from their phone. we think there's plenty of customers that will want the solution that divy has and we think there are customers that will want what we have they want this one stop shop they want one. >> that cloud and mobile and digital tran formation they need efficiency like never before thank you. shares of good rx, higher right now.

the stock has had a enough year so far down 25% we'll ask co-ceo what is holding them back. the exchange is back in two. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth. (♪ ♪) whether it's a technology first, (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all

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welcome back goodrx out with first quarter earnings revenue grew 20% year over year. the company also announcing the acquisition of discount drug company rx saver the stock up 8% right now but down nearly 40% over the past year where amazon's moved deeper in the space doug, you're experiencing the flip side of really high valuations at the market but the results have also been coming in pretty strong. tell me first about rx saver and where that fits into the portfolio of offerings across prescription and telehealth. >> we had a fantastic quarter. delivering across all fronts and a thing to do in the quarter is acquired two companies rx saver as well as healthy

nation healthy nation is focused on video content. rx saver is a complimentary business to ours and so again it helps us goat to the mission of helping people get the care they need at a price they can afford. >> is healthy nation sort of an answer, an expert answer for webmd? for people that under n't -- you shouldn't be paranoid but go to the source >> it's amazing content for years. they produce amazing content but consumers like video and this video content is incredible and just as importantly we have lots of manufacturers who would like to talk to skconsumers.

and so we can combine great content with an advertising platform it is a win-win for everybody. >> it sounds to me like you're moving in a direction of diversification as you address the health care customer with prescription, telehealth talk to me about how that's playing out as we see an economy that appears to be shifting toward reopening and maybe not so much telehealth but perhaps more prescription as people go back face to back with the doctors. >> you nailed it we are seeing a transition from the covid era to the reopening of the economy and so the transition from the covid crisis to the people can't afford the care and we'll meet them with incredible products and services we have almost a million skub scribers

not just for prescriptions but for telemedicine and mail delivery we have a wide variety of solutions for consumers, brands and professionals to meet the new world as we emerge from the pandemic. >> the people would think the story is one thing but the markets all over the place lately what kind of stability are you seeing >> put the markets aside why the business is both durable and highly predictable we're really proud of our results and we just know this behavior and most people that use goodrx have chronic conditions and taking prescriptions and showing up at the pharmacy every month we have a very reliable revenue stream and opening up to communicate as well and we feel like the business is rock solid

and supero excited about 2021. >> interesting additions to it video information from doctors and then rx adding more on the prescription side. doug, co-founder, co-ceo, thank you. >> thank you. millions are still unemployed the businesses say they can't find workers that is ahead after this quick break.

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hello and welcome to "power lunch. tyler will join me in a moment i'm melissa lee. there are millions of openings employers say they can't find workers. the real reason for the disconnect. plus, dogecoin to the moon bitcoin rebounds above 50k. grape expectation just a wine company going public via spac maybe investors can buy what they know. "power lunch" starts