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 stricter

compliance chris weber will join us he was part of the fab five. turning the war on drugs taking people training them for jobs in the cannabis industry. interesting concept. "power lunch" starts right now we begin right now with breaking news out of the federal reserve. hi, steve. >> hey, tyler. the federal reserve announcing another step at looking at the possibility of issuing essential bank digital currency this summer on the been fits and risks of a central bank digital reserve asking for comment and on the risks and chair powell saying that the fed made available along with the

statement that this represents the beginning of a thoughtful process coming to thinking about essential bank digital currency and doesn't say there's a conclusion to issue one but here's some quick sound of what the chairman released in his video. >> we are committed at the federal reserve to hearing voices on this important issue before making any decision whether and how to move forward with a taking account of the broader risks and opportunities it could offer. >> he also says the cbd should be designed for public use and a compliment for cash. hard to know exactly how big of a step this is the fed is talking about thinking about issuing a cbdc for quite some teem and now issuing a paper and the paper will be coming out in the summer. >> it is interesting to look at china with the experiments with

digital kourns it might make it harder for your fed because china does more tracking of the citizen's use of the currency it does seem like they'll have to face down concerns on a number of different fronts and maybe delineate what it can and can't do. >> you have got that absolutely right. there are majorprivacy concern that is come with this currency and the federal reserve has congress that they essentially work for that would have to approve of such a thing. unclear what the public temperature is for this sort of thing so we are trying to -- look the way i describe this is the fed is the main train that takes you from the suburbs to the city all of a sudden over time these other tracks have been laid on

the side there's a bitcoin train and other train kind of promising to do the same thing and the fed trying to figure out how much a threat it needs to be on board with and inching and slow walk this thing but the technology is moving faster i think than the fed is ready for. >> in terms of our competition with other countries for being a dominant player in cryptocurrency are we behind the chinese? behind others but ahead of some? what >> i understand the bank of england is doing a similar study. i think we are behind china and one of the things that powell makes a point is i want to find this exact comment towards the end of the speech to keep pace -- irrespective of the conclusion we expect as in the fed to play a leading role in

developing international standards, engaging with central banks and regular tors and i thk we are behind the other countries out there. >> thank you, steve. with the dow up 200 let's turn to a central question of the market, can stocks continue to go higher or are we already at peak everything dom chu is looking at stocks in sectors reporting strong results and the market shrugged them off. >> we have seen markets, the s&p off roughly 2% to 3% is there a catalyst to get these new record highs in place. it was supposed to be earnings but everybody expected them. if you look at the s&p 500 so far it is towards the tail end these won't change that much but

you could see 51% earnings growth over the last same time last year. things were not great in the first quarter but 13% revenue gain just we expected things to be pretty good with that effective comparison over last year but look at the stocks indicative of the trend of good results out there and then have the stock lose momentum. kohl's and macy's. kohl's is the white line over here see the move lower but raised the guidance macy's a similar story that's the consumer discretionary side now the technology side. apple and microsoft. each stock, the microsoft one is interesting seeing over the course of year to date slowing momentum here and been down since. apple a bit of that slide there around the earnings report data as well. and then one last place to look

is industrial sector we did see the moves in caterpillar and a pullback here as they reported the results but the highs again. these are results where the earnings results are better than expected but the stock sold off anyway so what is a good earnings report when the stocks are near the highs back over to you. >> thank you. the next guest raised the s&p target amid the selloff. now seeing 4500 for the s&p by the end of the year. a reason is strong earnings. but if investors aren't buying those blowout earnings what can push stocks higher bring in the man behind the prediction, brian beleskey always good to see you why move higher now? >> tyler, always great to dine with you at "power lunch."

>> sure. >> i think we are moving into a fundamentally driven market. last year was momentum we do think that analysts have their projections for second and third quarter numbers too low and lastly why earnings are so good in the united states is we have the best companies in the world and will continue. i think from by and large we are seeing things broadening out i think investors are too short term operated and not believing the strength of the bull market and feeding more on the rhetoric of inflation or bitcoin or the other stuff that's a side show by and large we remain very bullish. we were a first people to put out the target for 2021 back in november at 4200 so we typically

like to increase the targets when the markets are down. we don't want to chase the markets so we have a process and discipline and thought last week was a great time to raise the number. >> talk me through the analysis of the selloff in technology why the idea that multiples compressed in many technology sectors. talk me through that and tell me whether you think now is a good time to be buying more technology because it's sold off for what. >> it's a great question your network did a wonderful job talking about the different parts of technology and the sector is massively different than 2000. if we think about worldcom and these companies that were poster children for the tech wreck, the technology sector is much less diversified and about a capacity led recession that too much tech

flooded the marketplace. looking at recently some high flying stocks have clearly been humbled. whether or not it is tesla or not, you have to be humbled sometimes in life and the markets and that is what's happening and i think dom chu was helpful with the comment on apple and microsoft and different with earnings and we think those companies in particular, the quality of cash flow is really what's going to drive technology higher so the favorite sectors remain technology, communication service and consumer discretion na their where we see the growth and we would be buying the consumer staplish technology names on the pullbacks and stay away from the high flying names that probably have humbling to go. >> i know you haven't been a big crypto fan so i wonder if you take the correction as a healthy

sign or a warning sign aboutly widty given the soft patch with the spacs and ipos. >> evans, you have been chomping at the bit to go to bitcoin and laughing hitting new highs. >> no. some say the correction in bitcoin is a bad sign for the broader market to tend to be an early indicator. others say it's a healthy sign i'm assuming you are in the latter camp. >> we are in the latter camp for the record i love bitcoin tacking focus from worrying about a bubble in the stock market there's bubbles but i'm still in the camp that bitcoin and cryptocurrency is a category gold in fact has come back but a healthy pullback you get people out of the type trading with no business to trade those names. let's see if it can consolidate and find a price level as supply

comes back in and the demand stripped away the last week or so and defines a trading instrument versus an asset. >> all right. >> thank you, brian. we appreciate it as always does this sound familiar trading above 60,000 bitcoin that is. if you think i'll buy under 40k then that happens but you worry. the treasury department and you don't make the trade so this time should you buy the dip? let's take a look at dogecoin up more than 12 elon musk tweeting moments ago i haven't and won't sell any doge. "power lunch" is back after "power lunch" is back after this ... your mover, rob, he's on the scene

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welcome back bitcoin giving upmost of today's gains after the u.s. treasury calls for a crackdown on crypto accounting bitcoin is down nearly 30% in a week now 40% off the recent highs kate rooney with the details and a look at what investors are doing during this downturn or reckoning. kate >> we did get the headlines out of the treasury department taking some wind out of the recovery today saying it will require transfers of $10,000 or

more reported to the irs and describes crypto as a significant detection problem when it comes to taxes this is part of president biden's proposal to crack down on tax evasion it might be a bigger tax bill for big bitcoin buyers we have new data showing what those so-called whales have been up to lately past two days they have swooped in to buy the dip as bitcoin fell to around $30,000 investors who hold at least 1,000 bitcoin selling or at least not buying up new bitcoin lately they said it's more cautious and sold a cumulative 51,000 bitcoin in the last two week just you flash forward to tuesday and wednesday of this week they came in to buy 34,000 bitcoin which today right now about $1.4 billion worth at prices where they are right now. they compared that to march of last year, that's when bitcoin

sold off sharply the response by this particular cohort not as strong saying it suggests some jinvestors room t reason and likely more whales in the market and so investors tnd to have accounts open and trade at places like coinbase. back to you. >> meaning in other words that institutions might be buying the dips here? >> exactly instead of selling into the dip they came in to buy despite being cautious for two weeks so a change in heart saying they were tempted potentially by did $30,000 mark. >> thank you. the news out of treasury could call into question bitcoin's futures. david rubenstein had thoughts on that topic this morning. >> i think it's yhere to stay

cryptocurrency is not going away yesterday is not a good day for it but that's true of anything that's relatively new and i don't think you'll see crypto going away it is here and here because people in the market want something other than the traditional currencies and whether that's right or wrong it is something that the market wants. >> kind of indicating that institutional interest perhaps in crypto. joining us is luke kerner. lou, you are super bullish on bitcoin so i assume you think this is a buying opportunity but what do you think of the demand and the rest of it >> yeah. i am looking out ten years and think that bitcoin will be at least a million dollars in ten years. i'm pretty sure it will go up

and down in very wild swings because that's what it does. i think we had six down swings of about -- more than -- if you have been in bitcoin a while you have seen this again and again. >> i saw your stat about a million dollars and trying to do the quick math you're talking about maybe 25 milli mil >> translator: -- $25 trillion and all go into bitcoin. is there support of those levels >> my guess is the u.s. treasury is going to print that up in between now and then so they're creating massive amounts of liquidity. i'm getting that million dollar figure and assume half of the

stored market which is 10 trillion today and i think go to 40 trillion over next 10 years because it is not that bitcoin is a little bit better storer of value than gold but 10x, 100x. when you get things that much better the markets grow dramatically. >> why is it that much better than gold and why is it a stored value at all if it's that volatile >> it's a fair question about the volatility looking to minute by minute, day by day it's tremendously volatile f if you telescope out over any two to three-year point nobody's lost bitcoin who held it for three years so it goes in one direction and that's up. i apologize. who was the other question >> that was it

that was basically my question i suppose another question i have would be for retail investors, i got off a phone call with a very educated business school professor asking me what about bitcoin. i fumbled around with my answer. if i were interested in investing in it what percentage of my portfolio is a fair and safe amount to put in it if i'm an ordinary mid career individual family person >> sure. i think that depends on what your risk tolerance is there's still risk in bitcoin. i'm not saying it is not risk but it's a massive acy metric. >> is it for money you don't care at losing or for money is kind of a flyer money, mad money

as jim cramer might call it? >> it depends on who you are having 1% in if you're risk averse is a good amount but if you're more aggressive 10% is probably a lot for people who don't really understand it so much, for people like me with a deep coin vix about it, i have more than 50% of my wealth tied up in it i buy bitcoin every day and from my perspective going down like today and has been, nine straight days, that just meant for me to buy it cheaper and cheaper. >> i think some day we should devote this entire hour, kelly, to cryptocurrency. >> maybe tomorrow. >> not tomorrow. i can't study up that quickly and explain it because i think people are

intrigued and interested you did a great job explaining it to me so it's depending on the risk tolerance, 1% or up to 10% for you it's 50% because you understand it and trust it are we talking about an investment i should be looking to be holding for five years or longer >> i have a ten-year time frame. we have seen bull markets or bear markets last more than two years. so i think if you have a short term time horizon the volatility is hard to handle but going to five years, ten years out and don't look at it i think you'll do extraordinarily well. >> thank you >> thank you. that was the premise of the "snl" skit over the weekend. what's dogecoin? so what is it? so what is it? >> explain it.

he explained it but -- but you never got to the bottom. >> and why he sold off. >> he said it was a hustle. talk about mcdonald's. the annual shareholder meeting is under way and appears the fallout of the removal of the ceisauinthcoano hntg e mpy. so we get to work. we mend, fighting for every person in every neighborhood; we, the coming of the common good. so dare to care, to be hope-sided. we're never divided, when we live to give, we always live united.

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welcome back i'm rahel solomon. a significant move toward resuming travel to europe. eu lawmakers establishing a standardized covid certificate for proof of vaccination once it is final approval fully vaccinated people kepter any eu country. the pfizer biontech vaccine is expected to be 70% against the india variant. the united conditioning dom recently made people 34 and

older eligible for a vaccine shot and prince william getting the first dose more than 70% of british adults receive ds at least one shot. here in the u.s. all adults are eligible new york joining the states with incentives cuomo rolling out vax & scratch. reminds me of that "snl" skit. >> i think there are other states that tried this with some other success. >> oh? >> i think yes. the whole -- you can get people to do anything with a lottery attached. >> name the price. >> name the prize. mcdonald's shareholder meeting today. kate rogers is monitoring the headlines and a look at the fallout from the controversy around the firing of that former

ceo. kate >> hey, kelly. that meeting at an interesting time for mcdonald's as the business in the u.s. is very strong but the company's also staring down franchisee tensions, staffing challenges, several lawsuits accused the company of racial discrimination and strikes of pay just yesterday. shareholders did vote to re-elect the board but that doesn't mean there wasn't some controversy tied to the former ceo steve easterbrook. cte investor group campaigned re-electing the board's chair and the compensation director over their handling of the firing and severance franchisees sought guidance according to an email viewed by cnbc while the board itself did not propose changes but shared a

recommendation from a firm that said the two board members should not be re-elected mcdonald's praised the leadership and the board and said in part that the board taken swift and unprecedented actions to address easterbrook's lies and deception the company is suing him to try to claw back some of the severance package. >> just goes on and on thank you. ahead on "power lunch," energy leading all s&p sectors this year up 35% we'll look at what's behind the boom and whether it can keep going. there you see it energy and financials leading the it way ... best burger ever. intuit quickbooks helps small businesses be more successful with payments, payroll, and banking.

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jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. . the oil market is closing for the day. pippa stevens has the details. >> hey, tyler. oil ending lower for the third straight day west texas down about 2.2% at $61.95 global benchmark brent crude falling 2.5% to $64.99

wti below the 50-day moving arch for the first time in about a mopt month. sentiment weighed don today by supply concerns. oil on track to snap a three-week withining streak anding in for the month but traders saying it's temporary weakness and i'll send it back the you. >> thank you the oil outperformance is boosting energy stocks to new highs why now a look at what's behind the boom and why some say there's more room to run brian? >> yeah. prices all right. down a couple bucks but so what? it is a heck of a round trip for oil. look at a five-year chart. crude is pretty much exactly where it began last week

pre-pandemic almost to the dollar and cent. so as oil has gone up so have the stocks and etfs and both surprised many in the market all the letters of oil services up more than 35% this year and a ton of single stocks also soaring but what's dare i say random but interesting is while the etfs have gone up they did not keep pace with the price of oil. check this out there's a highlight of this in the excellent recent note just the last few times the price of oil was here december 2019, april 2019, january 2018 the xle was at $60, $65, $73 in 2018 respectively

today though oil at $62 the xle at $51.50. the biggest energy etf from $9 to $22 below where it was when oil was at the same price before the etfs shows the same thing so kind of what gives does that mean that oil stocks are undervalued? maybe not. it could mean that oil stocks wildly overvalued back then. right now even with the gains the street is bullish on oil stocks we found that the oil and gas stocks with the higher relative price where the market sees the most upside and some little talked about names have come up. new fortress energy, west edens,

extraction oil & gas, talos energy and berry corp. in texas doing the business in california that's the biggest upside seen why but be careful with the run there's stocks above the targets. a few other names, range, pbf and ovintiv which is a merger and southwestern oil stocks have done well not as well as as oil itself. historically they're not linked up. >> so here's a couple things do they have higher debt levels now through the pandemic you could get to the same price for a different reason or because the futures chart shows they don't expect oil to stay at these positions? there's a lot of different

things to untangle this one. i don't know. >> the balance sheets are better. >> better? >> many went bankrupt. right? interest rates are low 6 billion in collective free cash flow in the first quarter doesn't sound like a lot of money as google or apple the balance sheets are better and wall street actually likes oil. i think it's more that everybody was pilling into esg and institutions they're doing it for esg which is fine but underowned and underloved and here's the thing if you're a fund manager and own apple and apple down on the year and chevron is up you might sell apple to buy shef roen to say to the clients, look, we own chevron. >> but i guess you would

never -- not sure -- never is too strong a world but it would be much rarer for a fund manager to explain why or they own chevron or exxon to an endowment. >> don't be afraid to say never. art said it. never run away people have been running away from oil stocks because of esg but now with carbon credits you can buy credits, offsets people scoff at it but you look at any major investor relations website they talk esg. carbon neutral barrel of oil is what occidental is trying to do. they're trying to slide themselves into esg. >> of course. >> some have done it depending on what they do.

>> it's coming. >> the idea to buy wind credits and call yourself a socially responsible whatever you are good to see you, my friend three virginians on the same screen it's almost too much to take. >> 24-hour chart says it all drifting lower in yields higher in price and if you look at a one-week chart see the three bottoms. 160, 161, 162. many traders are looking towards where's it asked to the upside anything above 169 on a close. commodities are a big topic. remember the jobs report with a dismal 266,000 look at a chart that starts april 1st with lumber, corn and wheat and what you will notice

is all three peaked on may 7 i'm sure it is no coincidence that speculators paid close attention to that report but there's issues to look at with commodities but in the end they look at it, too, and from's froth in the prices and the dollar index hovering close to the lowest levels since early in the year back to you. >> sub-90. thank you. deere is set to report tomorrow before the bell shares having the worst week since last march will the company's investments in technology get the tractor out of the mud check out the broader market green on the screen and the nasdaq leading the way up 1.7% stocks higher for the first time in four ys are back in a moment.

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welcome back to "power lunch. we are watching deere. the company a rare hybrid at the

cross roads of industrials and tech its r&d investments in tractors and drones getting investors like cathie wood on board. it is an etf and the stock up 31% this year. let's talk about this stock. on the team today is gina sanchez and michael banger gina, this is a company in the agriculture construction space but given the investments in technology how do you value the stock? is it an industrial or tech company? >> i think its investments are real so if you look at what they do they're allowing farmers to do precision farming. not just getting the seeds in the ground but putting them in the place with the best chance to grow. that's interesting and something to pick up at 22 times forward earnings we think that it not only just meets the conditions of the market which is that it's not

overvalued but has growth potential. >> it is a company that's seen as a beneficiary of an infrastructure bill and you say the positives are already twiced into this stock. is that right? >> yeah. when they report earnings tomorrow expectations are high and i think they'll deliver robust earnings but deere is still an industrial stock and cyclical and investors look to buy at the end of the cycle and sell at the later part of the cycle so i think they're doing well in the near term. but a couple things are popping up having some supply chain issues right now and there could be excuse missteps. inflation is driven up crop prices helping deere if that's temporary that will drive the stock down in the near term things are good

but buying at this point after the stock is run from 100 to $400 pull baded back a little bi would be weary so if you don't own deere you missed it but don't step in at this point. >>y gina and michael, thank you. tyler? thank you. we'll speak with nba legend and soon to be hall of famer chris web w webber and how he's hoping to level the playing field. now the latest from trading nation.cnbc.com and a word from our sponsor.

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welcome back to "power lunch. we are keeping a close eye on shares of viacomcbs. they were up after getting a double upgrade from underperform to buy at bank of america merrill lynch. the discovery warner media deal will spur further consolidation and view viacom as a potential target for more on the note itself and its contents from bank of america head over to cnbc pro on that section of our website for our subscribers. it has been a wild year for the stock itself down 60% from its march highs before it plunged in the archegos capital management fallout. >> dom, thank you. it's a big upgrade for viacom after that deal. coming up, we'll talk to power player chris webber about his investments helping people find jobs in the cannabis industry and the brothers behind this adorable viral video. oh, they're coming up on "closing bell," ty

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you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo as marijuana legalization or decriminalization continues across the country, there is a push to bring more diversity into the industry and my next guest is taking it one step

further, creating cookies you, an all-expenses paid three-month experience designed to bring students from underserved k d communities and give them the tools to succeed as business people in the cannabis space one of the people behind it is chris webber, 2021 basketball hall of fame inductee, entrepreneur and broadcaster chris webber, welcome. good to have you with us. >> thank you for having me. >> we're delighted what attracted you initially to the idea, well, number one, of investing in cannabis and attracting people of color, blacks most pointedly, to this and to starting a school >> i just think the cannabis industry is a new booming industry and we did not those targeted unfairly by laws in their communities to be left out of these opportunities so i really want to thank my partner, jason wild, jw assets

for him creating this program. now we can take it all across the world. those that were affected, those that are entrepreneurs, those that just want a good-paying job in this industry that's going to be here, that we're granting access that's all we want to do is grant access to information, grant access to opportunity. >> so it's in part to compensate for the fact that communities of color were overly, quote, targeted by the war on drugs i get that will your prospective students in this experiment opportunity be people who necessarily were arrested or did jail time for possession or distribution, or can they just be people who came from those communities >> it can be for anyone, first of all for the millions of people that just want to be in the industry. but specifically we're making

sure that there are scholarships available, that there's information and access for these communities that have been disrupted by these terrible laws and we're trying to just make sure that we show on one side jason and myself and our fund that you can give access and be profitable on this side we're trying to make sure that we just give information and access >> so cookies u, is there going to be a campus if so, where is it you will then recruit students and they will be all expenses paid where will they live who will be the teachers how do i become a tenured professor? >> great hopefully you have some experience -- >> we're not talking about my experience >> well, the name cookies is one of the best brands right now we already have a campus in humboldt county, california for those that are in the cannabis industry -- >> they know humbolt. >> -- they know what humbolt

represents we have child care for women or men that have children on the campus it's three months intensive hands-on impactful program that allows you to go through it vertically, from cultivation to finance. the great part about it is not only is it job training, it's job placement. throughout the whole cannabis industry, specifically with cookies university and all of their departments. other companies are on board so really what this is going to do is just let people have access. >> so this is really from seed to store is what you're going to be teaching and you'll have experts in the business as i assume the professors there. it's a fascinating endeavor, i've got to tell you, chris. cookies u. let's switch and talk a little bit about basketball and a little about you your name was in theheadlines last week. apparently you're leaving a post at tbs are you going to continue as a broadcaster? >> i love broadcasting

i'm sure that's something i'll always do. but also i love opportunities that i have as an entrepreneur, that i've had as an entrepreneur i'm not going to leave the game of basketball. i'd love to come back as an owner as well. so right now i'm just working hard -- >> that's a good path. >> right now i'm just working hard planting seeds. for all of your viewers, they know what that's like and hopefully one day continue to reap the rewards. >> i can see you and lebron and magic ultimately owning the lakers that's my bet. be that as it may, let's look at the nba playoffs as they're shaping up lebron hit a magical shot last night to put the team ahead and win over a very good team from golden state and steph curry who do you like in the eastern conference who do you think gets through in the west there's the shot >> i tell you what, lebron, i know came on a little slow last night but i can't bet against lebron i think they have the best team.

they're great on defense and well coached by coach frank vogel. you have philadelphia, you have milwaukee and you have brooklyn, so i'm just going to go with brooklyn because they have the three best players maybe to ever play on one team together, the most talent ed players to play on one team and not going against k.d. >> chris, we'll hear more from you. thank you for your time and thanks for playing for my hometown washington wizards. >> i loved it there. we've got a scholarship for you at cookies u. >> i want a professorship is what i want. >> and if they offer child care, sounds good to me. thanks for watching "power lunch. welcome to "the closing bell," i'm wilfred frost at the new york stock exchange. major averages all in the green. the nasdaq outperforming, currently up 1.8%. i'm sara eisen let's look at what is driving the action in this final hour of