think it is a good buy right here. >> it felt like ten. but that's okay. court? >> alibaba i think the valuation is extremely compelling here. this is one of the absolute best plays on china consumer growth. >> all right josh brown, just a name, please. >> nvidia. >> good stuff, everybody >> thank you that does it for us. the exchange is now. >> thank you, scott. hi, everybody i am kelly events. here's a look ahead this hour. the complicated relationship between the fed and the market isset cragg points of contention ahead, what investors actually want from this fed. oatly hits the market as a traditional ipo. it is off to a decent start. are direct listings and spacs pulling the out of favor. timber prices are whipsawing around after their climb to record highs but the cycle could

last a couple more years we will speak with one executive about how his lumber disis faring right now first, dom chu. >> lumber is trying to find a base but we have seen the stock market trying to bottom out a little bit here. we are trying to try and snap a three-day losing streak for the stocks overall the dow up 180 the s&p 500, 4154, the last trade there. moving deisn'tly above his 50 day average price. 4080 was the level we were watching the nasdaq composite yot performing in a big way, up 1.5% outpacing the rest of the overall indices. momentum, tech stocks, cryptocurrency, innovation the arc innovation etf and stocks that underlie it. tesla, square, roku, teledoc,

some of the biggest holdings there. we will keep those stocks in mind then on the retail side of things there has been a trend better than expected earnings reports, maybe even raised guidance for some of the companies this week yet the stocks react effectively kohl's and bj's, 10% down for koelds, and 4% for bjs even though they had better than expected results mind you they have both had good runs speaking of complicated relationships, what about the u.s. and crypto investors? how about that one bitcoin is still up 2% 39,653 look at the intraday action. we were at 41,500. the reason why headslines from the treasury department saying they want to track some of the crypto transactions happening now because they want their cut. if we were doing this in rapid fire i would say maybe that's

the u.s. government incrementally legitimatizing cryptocurrencies saying let's do it we want our takes. >> i saw you tweet that. that's one of the smartest takes i had seen i am going to pretend i came up with it in rapid fire. the stocks are married to the fed. the relationship is often codependent. they are hanging on each other's words and actions, working together sometimes and other times at different ends of the debate right now they can't decide what they want. what do the markets actually want from this fed bob pisani has more. >> it is complicated the federal reserve maybe trying to protect a coherent vision of what it expects on policy and put rate hikes, but the market can't seem the agree on what version of the fed they want it to be. hawkish? dovish

to begin tapering and raising rates in the near future or do they want to put it off as the fed seems imply it will? a couple of months ago the markets were concerned the economy was going to be so strong the feds would raise rates sooner than anticipated. that sentiment was stoked yesterday when they said approximate the economy continued to make progress towards the committee's goals it might be appropriate to begin discussing a plan for adjusting the pace of asset purchases. surprisingly, this comment, the stock market barely moved on it. it is up today it is suggesting that perhaps the market is getting more comfortable with the fed becoming a tad more proactive. many want communication from the fed to begin right now they want to hear now in a the fed is thinking about thinking about changing its stance on tapering and raising rates that might be a short-term negative for the market, potentially, but many

participants believe that it is a long term positive you can see that today it is very clear here, kelly, that a lot of people feel that this is good news, the statement they made yesterday that implies the fed is not going to fall behind which was another concern they had, they are not going to have to slam on the brakes later if they communicate to us slowly the process. they want slow communication and a clear idea of what the fed is going to be doing. >> bingo this is the debate everybody is having right now they are not sure if the fed is sure about what it wants is it serious about the socioeconomic goal of letting things run hot because it has more of a political agenda or not? is it going to be more like the fed we know from back in the olden days when of course if things started to run hot they would talk about the taper it is interesting to me, i wonder what you would boil it down to especially after the numbers that show the supply numbers are slowing down the economy.

do you think the market wants the fed to taper >> yes here's what they want. look how the market evolved? they have gone from in february everyone was stacared to death that the economy is going to heat up and the fed will have to taper and raise rates sooner than expected. that was the big fear. now it's involving to the thinking where it is almost the opposite they are concerned that the fed may wait see long at this point that they may be behind the surf and suddenly have to slam on the brakes we know that causes a lot of problems i think the market's mental evolution indicates tell us slowly, we know you are not going to do something, but we want a gli path. the statement yesterday was what people were concerned about two or three or four months ago and it barely moved the market >> fascinating we will speak more about it. will the feds start talking about tapering sooner rather

than later how will the market react to that we have two guests in to talk about that ellen, it is great the see you your view is that the fed starts the actual taper next spring but begins to speak about it clearly, signal it more clearly this fall. is that at odds with its stated goal, though, of letting things run a little hot, so to speak? >> yo. i don't think that's at odds at all w. the tapering what the fed is doing is continuing to provide accommodation but at a slower pace. you are still growing the balance sheet, stig providing support. but with the economy recovering as it is, you don't need to press your foot on the gas pedal that hart with $120 billion purchases of securities every month. and so at some point, you need to acknowledge that you have seen the kind of progress you want to see, that it is likely to continue, and you should start taking your foot off the

gas pedal. >> would it be fair for me to summarize this as the old fed would have already started talking about the taper and maybe doing it by the fall but the new fed is going to delay that time line by sick or even 12 months? >> yeah, i think that's fair to say. one thing that we noted, when the fed put in its new framework, that framework was a structural change in the conduct of monetary policy intended to change the shape of policy making over the course of a business cycle if you had put the same framework in place in the last cycle they might not have raised rates until, say, 2018, not 2015. >> uh-huh. >> so this is very much a fed that wants to run a high pressure economy that will be very lagged in the way it removes policy accommodation and that's why, even after tapering we don't expect them to start raising rates until the third quarter of 2023. that's how long they are going to wait. and that is a -- very much, as

you noted, a new fed. >> yeah. so, jeff, do you as an investor want them to start tapering now. are you concerned about the supply chain pressure asks the pace of growth do you want them to move that time line up >> not necessarily i think it's all about communication. this is almost the opposite of that fed pivot you know that we had earlier where how basically they said we are so far away from neutral just don't be extreme. i think ellen gets it right. we want the fed to be measured after all, we are not at full employment and we are still in transition, going from stimulus-induced growth to hopefully more organic growth as people come back into the work force so i don't think it is time to, you know, just really be vigilant here. i think what the market really wants to hear is that they are looking at the inflation data, don't predict the data let's see how it does kind of shake out, if we get this

transitory base effect rise in inflation. be watchful, but don't be behind the curve and ignore the fact that the inflation is accelerating i think the measured approach is really good. >> speaking of inflation it is extraordinary to look at the change in market leadership where we have seen financials doing really well, energy companies doing really well. technology in some ways has moved sideways how would you place your bets for the next six months? >> you know, we remain balanced. we think that that really is the key. so we want a blend of both growth and value yesterday is just a great example. we had a wonderful day in the portfolio as we retained a fair amount of technology exposure, pockets of health care and consumer discretion father and yet we also increased some exposures to financials and energy as we have seen this rotation but i don't think it is time to just be extreme or heroic in one direction or not we are going to get chop and

volatility and i think you want to be balanced and some of these things with technology, they are not going away, earnings are not going away and some of the stocks, non-faangs are very attractively valued. >> let's bring it back to what investors should watch for out of the fed in terms of communication and timing is jackson hole the kind of timing when they might lay this all out. eve in the meetings, in the minutes, what kind of language signals to you the old fed is back, they are going to have to lean against this or no, they are serious, they are really going to wait longer than people might anticipate >> i think on both sides of that, you know, vice chair clarida used the words they are watching inflation, they are attuned to attentive to higher inflation. the first thing is when we get past this near-term surge in the inflation data which is because of the easy year on year comparison and the covid unwinding of distortion, that first data print is really the june data print that comes in

july that would give them a sense of how much is inflation backing off of this near term surge? if it doesn't back off much more of them will probably express concern, are we getting this right? is it transient or something more underlying this that we should be worried about. also we will have more employment reports by the end of summer as well so far it has been a disappointing start. do we catch up play catchup remember in the statement -- or in the minutes they said they want to see rapid progress and so, you know, it's subtle, and it's ague, and that's something that markets don't like they don't like vagueness. it will be up to the fed to really describe how they are thinking about that rapid progress in their speeches n the june meeting, in the minutes from that meeting, in the july meeting. and absolutely, you know, any time from the summer onward they can provide for concrete guidance on the balance sheet.

still, that could mean that's an early heads up and tapering still begins in the first quarter of last year. >> it is fascinating how little phrases like rapid progress are important. i appreciate you highlighting that jeff -- thank you both for your time kicking thing off here with a great discussion. we have a news alert on snap let's get over to julia boorstin with more. what's happening. >> snap shares popping as much as 4.5%. that stock is now up about 3.5% on news that the company now reaches over 500 monthly active users. previously, snap reported daily active users that number is 280 million daily active users now, the company also saying that nearly half of u.s. smart phone users do use snap chat

monthly. and about 40% of its youers are now outside north america and europe with over 100% growth in daily users in india in each of the last five quarters now, to put snap's monthly users in context, facebook has 2.8 billion monthly active users with 66% of those monthly users accessing daily. pinterest has 478 million monthly users. and twitter hasn't reported a monthly active user number since february 2019. back then they had 321 million monthly users. >> snap chat has more than twitter. that's important why do you think they are disclosing this metric now, especially now in a twitter stopped reporting. >> listen, those numbers were back in 2019, things could have changed for twitter in the past two years. this is all coming out in a developer event happening as i speak. the company wants to give a

better sense of what its reach is the daily numbers crucial because it shows really tighten gaugement, people who think of snap as a utility that they use daily. they also want give a broader sense of the reach right now they are talking about new tools we are unveiling i will be back with more at the ends of the hour as they make more announcements about what they are doing for their users and content creators. >> snap shares up 3.5% on this jewel why, thank you >> oatly making its public debut, it is going over better than it is cringy super bowl ad. the stock is up 27% right now. what does it stay about the health of the ipo market that's next. plus -- says this cryptocurrency has a better shot at becoming a commodity in a good way and bitcoin and what's ahead still ahead, on "the exchange"

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welcome back oatly is bucking the recent soft patch in the ipo market. shares of the oat milk maker are up 26% right now they open at $22 and change, above the ipo price of 17. it comes after square space's lackluster debut yesterday

and bumble, koop -- and koins coinbase all off of their opening highs. i'm joined by -- i guess i am curious if this tells us that this particular product category is so hot it can override some of these problems that we have seen lately in the ipo space >> thanks for having me. it was literally two years ago i think when i was on this show with you and we were talking about beyond meat in may 2018. then i think beyond meat caught consumers and investors by surprise here we are two years later where the ball is moved each more forward, the roads progressed from a health and wellness perspective and plant is now more more part of our popular culture you mentioned the super bowl ad for instance it was bad in a lot of ways, but

genius because it got people talking about brand. i think people were anticipating this ipo it is a brand that built brand loyalty in a category that typically is a kmod teased market. >> i would rather be starbucks than oatly in this environment if you are starbucks you get to ride from one hot trend to the other to the other you have enough purchasing power to get all the oatly supply, we heard in the last hour no one can get it if they are a smaller coffee shop. costco makes a great oat milk. why do we need to have oatly's in particular? they might have a disrupter, a track record, but ultimately, do they have a moat >> when we look at investments we look at category. total addressable market is expected to go to $790 billion

and plant based dairy is 3%. for now, how we look at it, they don't need to get a total market share of t.a.m costco can have similar offerings. they have a great brand and that's why they have that loyalty. it is not a winner take all category they are the dominant leader they are not just milk des desserts and go into yogurt and other category as well. >> an interesting point. corey, let me bring you in and broaden it oud to the ipo market more broadly it hasn't gone well in

particular for square space. josh brown said who wants to buy a direct listing because insiders can sell at whatever point they want to and that creates an overhang on the stock. do you think the traditional ipo could come out of this whole period of direct listings and spacs and all the rest of it as back to being the main way to go public >> i think it is too early to tell and hi, thanks for having me on. obviously square space's ipo yesterday was a bit of a struge. we all saw the reference price was pretty low to begin with, little below the last fund-raising round for square space, and then shares opened below the reference price. that's the first time that happened for a direct listing, at least those we have followed. that's never a good thing. we have seen one we have seen other successful ones with a tough market.

nasdaq was down. it has been down the past several sessions i think it will be early to call the end of direct listings. >> fair enough what would you say we know now having been through square space and oatly today about -- what is the current status of the ipo market broadly speaking? how healthy is it? >> in addition to oatly and square space another company did go public last night and start trading today, procure it is a construction planning software company its shares are also up a lot today. it priced its ipo a little bit above expected range between that and oatly, those are both good signs, i think for the ipo market i am not saying that we are going to see it go gang busters again. but i think those are good signs. everyone i talked to has said there is a lot in the pipeline waiting to possibly come out in june and a lot of those companies and

underwriters are going to be making those decisions in the next week or so. i think this is a good signal that for a good, quality company that has strong growth, maybe not just single digit growth, but has strong growth that they can get done and trade well if we will leave it there what do you think you will be on to talk about next yooek >> i think you will still see the he mergence of plant growing. there haven't been a lot of high growth consumer brands tapping the markets. i think these companies that have esg components that are better for you, you are going to see more of these coming down the pipeline and the market should like that. >> then we will be seeing you again. brent and corey thank you for your time talking about this ipo as oatly surges. lumber prices are up 60% this year.

one of the nation's largest lumber hole salers joins with us vi on the ground impact that's hang don't forget, you can watch us at any time using the cnbc app the exchange is back in a moment get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

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finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. welcome back to the exchange here are some of the movers this hour bitcoin briefly turning negative after a comeback earlier on. now up about 1%. all of this the result of the

irs calling for any crypto transfers over $10,000 to be reported now both china and the u.s. appear to be cracking down heavily on digital currency. social stocks trading higher snap, pinterest higher as well and the video game stocks are powering up. take two tracking for its best weekly gain since november finally, look at chipotle getting an upgrade to buy at ubs. a lot of people seem to like companies that can straddle both worlds let's get over to rahel solomon for our cnbc news update. >> the house has approved $1.9 billion to upgrade security at capitol hill the measure passed by a single vote some republicans supported the bill but many argue it is too

expensive, including some democrats. others oppose the use of national guard troops to prevent attacks. get ready for another busy hurricane season federal forecasters are predicting an above average number of storms including three to five major hurricanes and between 13 and 20 named storms the first named storm could happen before the official storm season on june 1st find out how that tropical depression is tracking tonight on the news with shepard smith. tim tebow has signed with the jaguars as a tight end he will be playing for his former college coach you are an meyer. talk about longevity he hasn't been in an nfl jersey since 2015. >> there was a guy from monday night football who went back into the nfl >> we will see. >> i think tebow is older, though. >> i think he's like 33.

>> ancient rahel, thank you, we will see you soon. still ahead, is ford the demise of lortstown motors why ether has the upparttick on bitcoin. all that is coming up in rap reid don't go anywhere. new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home.

welcome back lets catch you up on a few stories. it is time for rapid fire. joining me to break down the headlines are dominic chu, casey newton, and in her rapid fire debut, cnbc reporter christina partson nevellis wolf research downgrading lordstown motors to underperform and putting a $1 liquidation target on the shares saying there is thou way they can compete in the ev pickup space after ford revealed its f 150 lightning. wolf says lordstown can't match

the price or reliability they say it would be best for shareholders to sell out the shares are down 13.5%. they have lost half of their value. >> the competitive aspect is the thing that gets you. it took while to play out but you knew the big automakers around the world not just ford but everybody from volkswagen to toyota to honda to every one of the u.s. automakers is getting in on the action here. the idea that now you have a high-profile entrant in ford and president biden making a trip out there to see the facilities, drive around in the vehicle. what it comes down to is whether or not there is a future for anyone outside the ones with massive balance sheets when it comes to the ev space. tesla is witness we talk about all the time the signer truck i am waiting for it, but the f 150 is the most popular pickup truck in america. the internal combustion one.

you have to figure that's going to carry over to the ev market for them. >> normally an analyst would say i am going to sell not i am down fwrading it and saying it basically has liquidation value. that was shocking. >> tell us how you really feel clearly he is enamored with the f 150 electric pickup truck. the market cap is at $42 billion. s that company that is just -- this is a company that is just -- the f 150s are so popular with everyone. it is one of the largest consumer products out there, after apple, iphones we know there is a dominant player in the market but we can't bash lordstown there is no debt so there is some light. >> i would like a cyber truck.

elon, if you are out there, send one my way. >> the deed is making a body evaluation on bitcoin. eer the is an engine that helps drive blockchain transactions, bitcoin is speculative and lacks an ends game eer the is outpacing bitcoin by triple. >> this is a conversation that has been going on for sometime i was at a party somebody at the party said they of ether like a giant foundation a platform where you can keep building licks i goes, keep providing smart contracts. it is going to be the center of decentralize tds finance which means you are going the bypass banks, those companies, and deal directly through the technology. bitcoin doesn't offer that platform that's the major difference between the two. there is a lot of room for

ethereum the grow. just in july there is going to be a revamp: we could see volatility but it could make it more scaleable. >> there are drawbacks about ethereum, it has an adverse network effect but it gets more expensive the bigger it gross. when you read into the nft phenomenon it appears to ride the rails of ethereum as well. when you say you can get all in one, that argument works until it doesn't >> there are a lot of smart people out there who are believers in ethee yum i saw people tweeting how much they were big when the stock crashes. it has a core base of super fans but we are several years into it and we haven't seen a breakout hit come off of this platform. at some point ethereum is going to have to put up or shut up here what about nfts. >> i think that's something that is worth watching. i think a lot of folks are going

to get into the idea of digital collectibles we have seen some successes there. i think the question is do you need ethereum for that. >> right. >> or are they going to invent their own coins. >> dom, last word. >> three years ago i was at a cb insights conference doing a fireside with the cofounder of ethereum his notion is this is web 3.0, decentralization, i would also say it is about utilization of it it is faster if you are will being at transaction based, this is the one. that's where bitcoin is probably falling more out of favor. >> i hope you bought soom some ethereum after talking to him. >> i should have back then. >> from web 3.0 to 1.0, microsoft is pulling the plug on internet explorer after 25 years in service next june it will shift focus by only supporting microsoft edge on windows 10.

a change might have been necessary because after dominating in the 199os, as of last month it and edge only had 4% of global market share, compared to 64% for chrome and 19% for safari. >> this is a platform that microsoft owned and then really underinvested in internet explorer may be dying officially coming up soon. but i think it really died in 2008 when google announced chrome and immediately had a faster, better browser on the market i think it will remain a mystery why microsoft let this one get away. >> didn't it die because they had the biggest anti-trust case of all time? wasn't -- this was like -- yes, they had kind of let it linger anyway but it is a big deal when they start telling you you can package it with every operating system. >> precisely. >> i --? go ahead. >> to your point, yes, you are

right. that was a huge problem for them they did make it through that case they could have continued to invest in web browsing. >> i was going to say rest in peace. >> it hasn't been popular for the last five years. they cut support last year and it killed netscape now it is time to go. >> dom >> i would say this. how many of these platforms are actually used -- i can't remember the last time i used a web browser, here at work. but i am always on my mobile phone. >> what do you mean? >> ipad. it is safari or a chrome related event for a android device everybody is mobile. yes, these are desktop based but i would say safari or some kind of google chrome browser is what people are using. >> investors can laugh all the way to the bank. why what do we care about a browser. that's so 1990s. look at what sar della has done with this company? it doesn't make any difference.

>> i use microsoft edge on my home laptop. there are some elements and features that are actually better than what you get on a digital web browser on the phone. >> such as >> tools that keep track of what you do, enhanced book marks, there are ways you can enhance productivity with some of these other elements now, i am not a power chrome user or anything but i know that edge is the one that my windows operating system default. >> we might boost market share by 3% if people start checking it out. the ceo of tiktok bytedance is bowing out admitting he's not very social and sending a memo to employees saying the truth is i lack some of the skills that make good manager. despite any management shortcomings, he successfully navigated the company through last year's security battle with president trump and helped grow tiktok to a behemoth

should we buy this mellow drama or is this a power struggle with the chinese government >> that's exactly what it is this cover story is ridiculous this is a shocking story tiktok and bytedance is one of the biggest tech successes in the world right now. it seems like it is ceo is essentially afraid of the regulators that are coming after so many of the ceos of the other tech giants in china is now going to shadow man as the company -- shadow manage the company from the board room. it is how hard it is to build a company under a authoritarian regime. >> i don't blame him someone else can deal with this. >> his college roommate. the new ceo is also head of hr he has a pulse over the entire company. i think it has a lot to do with china and the regulators like you mentioned, 700 million

active users every active month. smaller than youtube at 2 billion but people -- according to a leaked do you mean, people are spending 89 minutes a day on tiktok we need to get on it i am assuming you are not on it. >> no. my husband is a tiktok star. >> i didn't know. >> big in the insurance world. we will let people figure out what that means. dom, i think tiktok is going to -- it is difficult to create content for tiktok, as someone who has tried to do it it is unbelievably difficult it's because it was rujly meant to be a music and dance app. i think there could be somebody, instagram reels or something who step into the market. >> i am going to step down from my role here and spend more time with my family do that sort of thing. that's kind of what happened here i can't make tiktok -- >> you don't want to be a tiktok star, dom? i am not savvy enough to make a tiktok video. >> you are sounding like older

people we have got to get with the younger generation. >> i am a gen xor. i am not a boomer. >> you hear somebody on tiktok say how much they are putting into these things. >> those why there are nunesers who make millions of dollars. >> it is going the cost them millions the pull some of these off. guys, we will move on. christina, a pleasure, dominic chu -- still ahead, lumber futures are higher today, having a wild week, down 15% we will speak with a key executive what's behind the inflation. before we go, look at shares of poshmark. it is up 8%. they just announced a social shopping partnership with snap which will bring poshmark marketplace to that app. julia boorstin will have more on this and all the snap announcements in just a moment don't go anywhere.

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welcome back take look at lumber. futures up about 4% today after yesterday's wild ride. prices were down 19% so far from their record peak on may 10th. the sky high prices -- remember we are up 60% this year. ninefold from last year. we have tight supply but the issue is all of that is slowing demand sherwood lumber on long island in new york is one of the nation's biggest wholesalers it distributes to home depot and lowe's their sales are down 27% in the last couple of weeks let's bring in cfo kyle little we appreciate you being here so much this is a microcosm of the entire economy right now, custom is, prices going up and growth is booming and all this stuff because in a good way that's helping businesses or is it actually harming them? tell us what you are experiencing. >> kelly thank you for having me a pleasure to be with you today. yes, we have seen -- lumber is literally one of the hottest

commodities that we have seen in the recent past. what we are experiencing today is literally unprecedented it seems like a word that's been overused in many, many ways. one of the key metrics that we look at specifically in measuring short-term demand versus, and pace of sales is looking at our current shipments relative the our actual sales base over the last six months, we have had accelerated that sales pace relative to the shipping rate, upwards of double and triple the amounts. in the last two weeks, we have seen a decrease from the peak that we saw at the end of april over the last two weeks of 27% i think we will see a similar reduction this week as well. volatility is all over the place. we expect it to continue to be that way on lumber however, at the price structure that we most recently moved to, we definitely are starting to see some real time changes in

the demand curve. >> we have kind of surveyed a few analysts who follow lumber, and i know this is your own opinion as well. i thought maybe okay the drop from the recent highs, maybe that was it for the highs and we are going to settle down here. but you seem to think, no, this bullish price cycle who go on 18, 24, maybe 36 months. what happens to business if that's the case? >> our team has done a tremendous amount of research at the ends of 2020 trying to understand cyclical ways of prices and what have you what we found in our analysis are two specific data points that would tell us that lumber -- what is happening in lumber has happened before in fact it happened seven times before this. in those seven times the cycle lasted as short as nine months or as long as 41 months.

we are in about the 11th month of this cycle. we believe it is here for the foreseeable future it doesn't mean we won't trade off of the recent highs, but the lows will tends to be much higher than they were in the past because of the lack of supply and the high rate of demand that's out in the marketplace. >> to have huge impacts on everything from the cost of building to get renovation projects done are you having to turn customers away because you don't have enough supply? are you getting the lumber that you need and a matter of the price and are customers battling to get their hands on the product? >> i would say that we are not turning customers away we continue to work on and build upon the relationships that we have had over many, many year just however, in regard to the products that the customer needs

for that job site we are seeing other things that sherwin lumber doesn't supply that are holding up the activity at the job site level. there's fasteners, other items, roofing, insulation, gypsum, they're heavy allocation starting to put a backlog on the projects currently in the field. >> we saw that in the philly fed survey this morning. what happens to the profit margins? normally people go they're price gouging and blah, blah, blah do you tend toen crease profit m margins? what's happening right now >> the profit margins i would say in times of hyper inflation it is all about timing so historically you would see profit margins increase but

moving to the higher part of the ranges inventory are narrower. so margins are starting to tighten, no doubt. >> makes sense love to check in with you as this plays out and will be a while still. >> it looks that way thank you. >> thank you so much coming up, shares of snap climb as the company hold it is partner summit with a bunch of headlines. stay with us on "the exchange. e. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪

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welcome back we have had news from snap this hour let's get back to julia boorstin with the latest. >> snap's partner summit starting to wrap up there's new tools and options for developers and content creators, reaching consumers including one to allow people to scan products and find similar looks to buy in snap and

augmented reality lenses to try on bags with motion and voice commands with tools for accurate sizing for eyewear and jewelry and now building profile packages and new connected lenses will enable people to play with augmented reality games together pretty cool stuff to make it more appealing snap has gifting, a way to tip snap stars. editing tools and an online destination to watch the content for snap automotive platform plus a new marketplace with the snap creator connect with partners like instagram and then had the poshmark news and building a layer map for the 250,000 developers and now news that partnership sending that stock skyrocketing

we'll be talking about this and more with evan spiegel, snap's ceo. that's tomorrow. >> looking forward to that are poshmark involved in the virtual try-on >> yet another platform. it's a mini app within snapchat for a social game in the platform. >> investors seem to love it thank you. we appreciate it. that does it for "the exchange" today. bitcoin turned negative after a comeback early in the session. up about 2% right now. is this a buying opportunity that's next "weluh"onpor nc right after this break the lexus is. all in on the sports sedan. lease the 2021 is 300 for $369 a month for 36 months. experience amazing, at your lexus dealer.

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or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. good afternoon and welcome to "power lunch. i'm tyler math son with kelly evan just stocks continue to bounce back. the nasdaq up more than 3% from yesterday's lows but is there room to go much higher >> bitcoin is up nearly 40% from the lows yesterday it is still well below the all-time high. should you buy the dip as treasury calls for stricte