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

trade. tech shares are leading the comeback tesla outperforming. the ark innovation fund up 3.5%. jobless claims moving lower setting a new pandemic low of 444,000, but the philadelphia fed index well below expectations. crypto had been staging a comeback but lost some ground after the treasury department said it was cracking down on bitcoin cash transactions. coming up today, chart expert tom mcclen an says it's only a matter of time before the market runs higher with its hair on fire. he'll tell us when exactly he thinks that will happen. plus, remember this? >> charlie charlie bit me >> charlie and his brother are all grown up and turning that classic youtube video into an nft. they'll join us to explain we have been discussing this for

the last hour. i've got so many questions for them both. >> 881 million views on youtube. it's about to come down. big decision, how much will they get for the nft and the brother has a name it's harry. >> it was great to learn his name. >> harry and charlie coming up later after the close. let's get to the big stories. mike santoli tracking the market comeback ylan mui with the crypto saga and wilfred with the shakeup at morgan stanley mike, start us off every sector up except for energy. >> definitely led by the big growth stocks. actually the market is looking a little similar to the way it did late last week we had the pullback in the first three days thursday we had a comeback day from the lows but it was choppy and indecisive and friday was melt-up mode that's what it looked like yesterday and today. where does it leave us

still right in this range. it's been about five weeks we're not quite back up to these levels that indicated the breakout area so it's still working things out, i would say, on an upside it could be like what we saw back in february and march where we did have the six-week period of choppiness. it's selling the recent winners like the cyclicals and reflation stocks it's buying what has become the haggard stocks so i think the market just keeps going back and forth right now it is a little bit unclear where we are in terms of the macro trajectory here's something that's come back a little bit, the goldman sachs commodities index. it was rising from late last year and that's a pretty sharp break. nothing too unusual when it comes to commodity prices but it has sort of changed the feeling about these bottlenecks and cost increases and maybe we had a little bit of a crescendo of concern around those inflationary impulses last week

and the week before. and take a look at one indicator is the put/call ratio. it's as high as it's been since october of last year we had deeper pullbacks earlier this year but we didn't have downside protection buying as we did recent ly. it's net bullish if you see this as a contrarian indicator. usually you want to see it go up and start to come back down. it's actually done that today. so net-net that's probably what you would want to see as sentiment and positioning moderate, guys. >> how are you reading all these data misses on the economy, mike i know you've been looking at the misses but philly fed missing for the first time since december is there a sign that this economy is topping out >> i know there's a sign that we're seeing kind of a stutter step at least or a pause in the rate of improvement. so that's probably how i think it makes sense to characterize it right now and it's just

uneven one thing that some economists keep pointing out is this is not the 2% predictable milquetoast type expansion we've seep n in e past it's uneven. it gobbles up labor and resources fast and so maybe you have a little fits and starts in the data that's probably the most upbeat way of interpreting it until further notice that's probably what's going on. >> mike, thanks for that krimt crypto had been staging a comeback after yesterday's roller coaster session but some news from the treasury department did pull bitcoin back off its highs. it's around the 40k mark let's get to ylan mui for that story on bitcoin >> wilfred, the treasury department said today that cryptocurrencies would be subject to broad new reporting requirements that the agency is preparing to stop tax evasion. these new rules would apply to crypto asset exchange accounts

and payment services and to businesses that receive crypto assets worth $10,000 or more treasury emphasized that bad actors may be using cryptocurrencies to hide their assets and said, quote, such comprehensive reporting is necessary to minimize the incentives and opportunity to shift income out of the new information reporting regime now, the irs has already pointed to crypto as driving up the gap between what the irs is owed and what it actually collects. it found that today it estimated that the $584 billion tax gap was what was calculated in 2019 but it could add up to as much as $7 trillion over the course of the next decade treasury projects stricter reporting requirements alone for cryptos as well as for financial institutions and for certain kinds of businesses, that would raise $460 billion in ten years. guys, they say that's because more people would voluntarily comply with this law back over to you. >> i love these projections over

ten years, ylan. we'll see which of those numbers actually materializes. either way, to what extent are they trying to single out crypto as the most prominent reason for why taxes aren't collected or as another one of many areas on a long list? >> i think it's one of many areas on a long list but one that they say is certainly going to be growing and prominent and dominant over the course of the next few years so what they are trying to do is create a comprehensive reporting requirement that are better able to track flows into and out of financial accounts they want to ramp up third-party reporting as well, particularly for businesses like s-corps and partnerships they want to increase all of those so that they're better able to track where the money is going and they say that kind of pressure, knowing that someone is actually watching and that there is filing information on your accounts, that will

actually incentivize people to pay the taxes that they're owed and not try to avoid them. >> ylan mui, thank you wilfred, i know bitcoin had a big down day yesterday the fact that it remains higher off this 1-2 punch of the treasury rules and the fed coming out and saying they're doing a white paper this summer shows that there's some resilience there. >> definitely resilience, but down 20% on the week. meantime, morgan stanley announcing a big shakeup to its senior ranks just a few days after jpmorgan made a similar move what can you tell us >> they both had their agms this week james gorman made a number of promotions this morning laying the grounding work for his succession ted pick, who runs institutio al securities and andy sapperstein have been named co-presidents. they are in the lead to succeed gorman pick fractionally ahead as he gets a co-title which he shares

with dan simkowitz sharon yeshaya will replace pruzan as cfo. i spoke to gorman earlier today and he made clear that his top two main priorities is grooming his successor. he is in no rush, unlike when he took over back in 2010 the guidance of three to five more years for him is, i'm told, his once and final guidance on the matter he will not extend that. i get the feeling that the intention is to be on the shorter side of that, possibly including a transition to just chairman for part of that time period i think there's some disappointment that all four are men and white men. morgan stanley has been working to rectify things but from lower down for the next generation following today's changes,

gorman has 13 direct reports, of which six are women or people of color. as you said at the top, sara, another one of the three banks that has an over 10-year ceo making a bit more clear who the successors could be. brian moynihan at bank of america the other one, of course. >> so what is the time frame here >> three plus years was the guidance i do think that's, as i said from a background conversation today, going to be it. three to five, perhaps the shorter end of that, and it's not going to be each year still three to five, still three to five type position we'll see what happens in the next couple of years but definitely those two co-presidents in the lead and ted pick fractionally ahead given his background and titles announced today. >> glad you can keep all of these names straight for us. wilfred, thanks. 15 minutes -- lightspeed is down 20% from the recent highs the ceo will join us to discuss the quarter and what he's seeing

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investors are taking note of oats today and they're buying. alternative milk company oatly making its public debut. shares are up around 18% right now. they were up 20 on the first day of trading the company ceo was on "squawk box" saying the goal of the company was to make a milk that was better for people and the planet wilfred, it's obviously a high growth category at a time when regular milk has been in a long secular decline. the company's revenues doubled last year. they're still not profitable but they have had a singular focus on this play, better for the environment instead of getting regular milk from cows two things to point out about why there might be a lot of enthusiasm for a name like this. if you look at the hottest categories of growth in beverages, hard seltzer and energy drinks. both are dominated by smaller

companies. it's monster and red bull in the energy space in hard seltzer you've seen a lot of these brands like truly come up, and they're not necessarily the big players. they're singularly focused on their consumer they were early out front on the trends and they're authentic when it comes to their mission statement. so perhaps investors are seeing oatly as an example of that in a fast growing category. i do think we need to see some longevity to make sure oat milk is not just a trend. a few years ago everyone thought soy milk would change the world and then almond milk and now oat milk. >> resident milk expert. you prefer -- >> i like regular whole milk. >> maybe they should launch a spiked oat milk drink? >> maybe >> merge those two trends. i don't think alcoholic milk like that would be very nice. anyway, moving on, shares of lightspeed moving on following

its earnings before the bell it posted a smaller than expected eps loss and beat on revenue. it also provided better than expected guidance for q1 and the year ahead the stock outperforming its main competitor, shopify, rallying by more than 250% both have done fairly well joining us in a "closing bell" exclusive, lightspeed's ceo. thanks for joining us. >> thanks for having me back. >> congrats on the quarter and on that share price performance that we just mentioned i guess the headline question, it's hard to argue obviously with any of those numbers, is what level of competition in your space are you starting to see? we mentioned one of your rivals there in shopify, but clearly more and more companies are starting to try and do the sort of cloud-based empowerment for retailers that you offer. >> yeah. so we serve retail, hospitality and golf merchants you know, i think what's

different about lightspeed is we serve the physical part of those businesses, the locations. through covid a lot of those businesses have lit up the digital channels that we also offer. as the reopenings happen, we're seeing customers that pivoted to digital now light up both and all new business formation i think is fair game for lightspeed and that's why we're quite bullish on what's about to happen in terms of the global reopening of the economies. >> you mentioned retail, hospitality and golf it feels like there's more room to expand, maybe just about adding more sports but probably more broad than that is that the plan ahead >> i think those are pretty large categories within those categories we have subsegments. we do the complex verticals. for example, in retail, we do bank, toy, pet, toy, jewelry

anything with higher, complex inventory. in hospitality we do restaurants connected to resorts or hotels and fine dine. golf is a bit of a hybrid of retail and hospitality because you've got pro shops and also the restaurants. so we're doing those complex merchants that have been very served for the last 20, 30 years by legacy systems. the challenge with legacy systems is they're really not an option in this modern economy with consumers that are shopping and dining on their own terms. you know, they're going to do -- they're going to visit you physically or discover you online or order from you online and your system, your commerce engine has to be prepared for that you want to see that in a unified view, not through disparate siloed systems so i think we have a big opportunity to replace legacy. there's 140,000 merchants on lightspeed but a potential of 7 million complex merchants out of the 48 million s & bs around the world. >> dax, shopify.

you guys are always drawing comparison you're both canadian, both seeing tremendous growth the stocks have gone way up. i think cathie wood is a fan of both of your companies what is important for your investors to understand about the distinction and similarities between what you do and what shopify does. >> i think one of the bigger distinctions is that we're serving a segment of the market that's got complexity. our average customer is doing about 600,000 in annual revenue. shopify merchants are much, much smaller because there's a lot of drop shippers, smaller e-com merchants. and so there's lots of opportunity for both we're working with those merchants with the work flows that were served well by legacy. what covid has done is accelerated the move off of legacy onto modern systems and so i think we've been the beneficiary of helping them -- we've been a crucial lifeline to

them during the pandemic now when the reopening is happening, we're seeing a lot of new business formation we're going to be there for that segment. we hope to be the category leader for that segment. ike the m & a we've been doing and the consolidation of the market we've been doing is helping us build that global leader >> which is a bigger driver at the moment for the next 12 months, new businesses forming or legacy businesses updating their bearish software portals >> new data is showing that it used to be about a third of our business is new businesses forming. now that number is much higher and so we're going to see a lot of new concepts, a lot of hybrid models between digital and physical, you know, coming to market i think that differentiated, innovative business models are going to meet. there's a great desire to shop local. i think one thing the pandemic has highlighted is how important

these local businesses are to our communities. we want to shop local. we want to dine local. we want to support those businesses, whether we're visiting them or ordering from them online. and so that, i think, is going to really -- that's really going to drive, i think, drive community to support those businesses new businesses are going to form that meet the taste of the modern consumer that's sort of chooses how they want to shop and dine with you as a business. >> stocks up 15% right now dax desilva, thanks for joining us. >> thank you so much. we've got just about 40 minutes before the closing bell. take a look at where we stand. tech is leading the gains. nasdaq has gone positive for the week it is up almost 2% as i week the s&p is up 1.25%. the dow is up a nice 270 points so a real rebound kind of day. the only sector that's down -- actually energy just flipped into positive territory.

now all 11 sectors are higher. coming up, america's trucker shortage is kicking into high gear it could lead to higher prices at the pumps and beyond. as we head to break check out some of the top search tickers. 10-year yield back on top followed by tesla, coinbase, virgin galactic. news on that in just a moment. and bitcoin, which is on the rebound despite the treasury coming out with new irs tax rules. we'll be right back. so you're finally supporting his rock star dream... because you know you have a plan to pay it off.

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welcome back gasoline prices have pulled back a bit from their peak following the colonial pipeline hack, but a growing shortage of truck drivers could hit customers at the pump and beyond. frank holland with the details frank. >> hey there, sara the u.s. needs at least one million more truckers over the next decade to meet demand, but right now there's actually a shortage that is pushing rates to reach record highs. generaltrucking, how almost everything gets to stores, we're talking sneakers to laptops, 50% higher than it was back in may of 2019. trucking for grocery and food, that's 44% higher. moody's says grocery companies and general retailers, we're talking about an albertson's or walmart, they'll be the first to see the cost increases because they get daily deliveries via truck and need to restock their do inventory so often they have 56,000 fewer drivers thousands stopped driving because of the virus or maybe

even new job opportunities the pandemic also reduced the average class size of trucking schools by 20%, lowering the pipeline of new truckers coming into the industry. if you didn't know, the shortage of drivers is already costing you. up to 25% of all gas tanker trucks are idle because of the driver shortage. it's causing gas prices to rise 17 cents over the past month. >> frank holland, thank you so much. shares of ford charging higher today, now up 40% on the year as the company launches its electric pickup. we'll see what ceo jim farley is seeing in terms of early demand in just a bit. plus the brothers behinds the "charlie bit my finger" video will be with us to say why they're taking their video off youtube forever. yields are lower today the 10-year around 1.63. part of the reason stocks are higher we're at session highs 1.4% higher with the s&p with 34 minutes left

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30 minutes left to go. let's check on some individual market movers. in the retail space, shares of ralph lauren dropping despite posting an earnings and revenue beat same-store sales are down 4% also gave weaker guidance, citing pandemic uncertainty. there was high expectations going in the company has restructured, sold off club monaco and is seeing a rebound, but not quite the results that wall street was expecting. kohl's is getting crushed despite an earnings beat digital continues to grow, that's pressuring the stock which is now lower by almost 10%. coming up next hour we'll talk about the retail landscape with the ceo of saks who joins us for an exclusive interview. final for a cnbc news update with rahel solomon. >> here's what's happening at this hour. president biden and egyptian president asisi discussing a

cease-fire white house press secretary psaki says the movement is encouraging. department of homeland security ramping up its social media tracking as part of the efforts to prevent violent extremism. they are well aware of civil liberty concerns and they will focus on stopping violence, not policing speech. just in time for summer, the cdc is warning about disease outbreaks linked to germs and swimming pools they found 208 outbreaks lenged to pools, hot tubs and playgrounds. 13 people died, linked to legion ellie or crcryptosporidium whic can survive in properly chlorinated pools for a week. here's where we standing we're climbing back up in this final hour of trade. the dow up 300 points almost yes, 300

s&p 500 up, the nasdaq up 2% big comeback for big tech. the rest of the groups are higher as well small caps up 0.75 of 1% ian bremmer says there's one group approaching that of governments in the corporate world. we'll talk about the group he's talking about and any market impli implications. plus palo alto networks and ross stores and deckers will have the numbers [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪ ♪ nothing's gonna ever keep you down ♪ [triumphantly yells] ♪ you're the best! around! ♪ [ding] don't get mad. get e*trade and take charge of your finances today. ♪♪

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from the global semiconductor shortage to recent scrutiny of apple and whether it's making concessions in china to please the government, the geopolitics of big center are front and center ian bremmer wrote there's one group of actors that holds power approaching that of governments, the world's largest tech companies. ian joins us now what is the upshot, what is the takeaway from your research to how this shifts the geopolitical landscape, the growing power of big technology companies >> to the extent that we think that there is a global order that's coming that doesn't just involve states, increasingly the

tech companies are the ones that are setting the rules. they're setting the rules not in all of our environment, but in the digital space. given the fact that increasingly our national security is at least in the digital space as it is in the physical space, that the way we consume not just products but also information, political information, is as much in the digital space as it is in the physical space then the companies that are sovereign in the digital space increasingly wield real geopolitical power and that becomes very important if we want to understand the future of our world. >> so is it a good thing for america that they're all u.s. based? >> well, they're not all u.s. based, of course if you look at the most powerful tech companies in the world, i would say about half of them are u.s. based and half of them are china paced. they're nowhere else that is clearly good for the united states insofar as china is a closed market and the united states is not so to the extent that you're

particularly interested in aligning with the advanced industrial economies, the wealthiest economies in the world, the one that you'd want to bet the most on in the long term, the fact that the united states happens to have those companies based in the u.s. is very important but the fact that they're based in the united states doesn't necessarily mean that they're all aligned with the u.s. government by the way, the same thing is even true in china with the chinese government and i think those points are important. >> in focusing just on the u.s. mega cap names, are they all kind of similar to each other or are there different brackets between them and implications based on those brackets? >> i think it's very clear they're very different i would argue that there are a few different models first you have companies that are increasingly becoming national champions, kind of like the lockheed martin of the 21st century. and those are companies that are primarily more b to b and they're companies that are more looking at the u.s. government

as principal contractors on the domestic securities side i see amazon increasingly moving in that size very opposite to that you have people like elon musk and mark zuckerberg who i consider techno utopians and they operate in a space that they assume the u.s. government increasingly isn't going to play in in the case of mark zuckerberg, it's the civil space remember, after the events of january 6th, politically nothing happened to trump. but in terms of his ability to get information out there to the population, facebook and twitter took him down. that's pretty interesting. in the case of elon musk, you look at what's happening with spacex, nasa is not very relevant in that space anymore they used to look to the russians and others to be able to lift things now of course they're looking to american tech corporations, in particular elon and spacex who's increasingly becoming a dominant player

that's a fascinating thing to talk about, inconceivable ten years ago. >> as you know, there's a live debate from politicians on both sides of the aisle about whether these tech companies in the u.s. are too big and whether they are monopolistic and whether it's harmful to the consumer and to society. how would you view that discussion in light of some of the geopolitical more global aspects that you're looking at should politicians want to shrink these businesses? >> well, it's an easier argument to make if china doesn't exist then you're just saying, well, we obviously wanting more competition. we don't want dominant firms that can buy up competition because they own the data space and make the rules what happens if the alternative to big powerful tech companies, the chinese companies become dominant no one is talking about breaking them up. they're much more aligned with the chinese government big companies like huawei and smic on semi conductors and

sense time on ai no one thinks -- we've seen what happened to microsoft back in the '90s it was a very long process you know, you want to take five or ten years to have antitrust in the united states while the chinese are investing strategically into their national champions, that's a much harder argument to have so it's tricky for congress to engage in this conversation, not to mention the fact that congress doesn't have a lot of the technical expertise to understand, you know, what kind of regulations would actually be good for the consumer, for the citizen of the united states >> ian, whether they got to this position by stealing ip or not, is china as innovative today as the u.s. is in terms of looking at the next 10 to 20 years >> in some areas they clearly are. if you look at voice recognition, if you look at facial recognition, certainly if you look at where they are on 5g, they're well ahead of us

in terms of semi conductors, they're behind us by a couple of generations, five years or more. i think it depends on what you're looking at. but i don't think you can say that where china is today is purely about stealing ip there is real innovation the chinese are the dominant data market in the world there's virtually no privacy in china. we're getting there in the united states but they're well ahead of us in terms of no privacy. the europeans are lagging. and of course that data is consolidated in a small number of super apps and that allows the chinese government and private sector corporations to make more advances in terms of big data and deep learning from that big data. so a lot of innovations actually are coming out of china even though the americans still have the advantage in terms of entrepreneurial environment and some of the leading scientists in the world >>y y ian, great conversation. thanks very much.

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with 15 minutes to go in the trading day, we are now in the "closing bell" market zone commercial-free coverage of all of the action going into the close. mike santoli is here to break down the crucial moments today we've got stephanie link back on a thursday as well we'll kick it off with the broader markets. major averages are in the green for the first time in four sessions the dow is off the highs but up 251 points the nasdaq is actually the leader today, up almost 2% steph, you have a day like today where tech leads, yields are lower, and you forget that there's been this massive freakout over inflation worries. which is it? >> oh, my goodness, i know, there's so much going on there's a lot just in general churn in the broader markets but it is interesting to your point, it's the second straight day that growth has outperformed value. it still has a long way to go. you know the xlg is the growth

index, russell 1000 growth index and that's only up 4.7%. the xlv, value index is up 16% i still think value has a shot at continuing, only because of the valuation gap. historically growth has traded at a 5.6 multiple point premium to value today that number is 10 times premium. earnings for value are going to be better for growth, about 10% better so to your point, tons to debate is the fed behind the curve. is it inflation, is it transitory or not? the economy is recovering, we're seeing reopenings coming much faster than expected high frequency data is accelerating, especially on the labor market, so lots to consider, lots to ponder i think this rotation is absolutely going to continue >> mike, could people take the opposing view, it looks like we're reversing the rotation now? and either way, at this stage does it highlight the easy gains of passed for the market if we haven't got another set of

stocks that haven't yet played catchup? >> yeah, i don't know about a reversal of the rotation, but i think maybe it's just a little bit less one or the other every single day really the key thing to me in terms of what's going on in terms of the nasdaq leading today and beaten up growth stuff, people had sold out of them in a pretty comprehensive way. if you look at the merrill lynch fund managers survey about the lowest allocations toward tech in many years, i think people had sort of turned their back. now the rebalance move is to rebuild a little exposure to growth we saw, again, things like this back in february and march too where they swap back and forth banks run too much relative to tech and close the gap i don't know that it has to be a real inflection point for the overall relationship it's not all about one or the other every single day and is a little bit more of a balanced market. >> ford unveiling its f-150

lightning. the company has already received 20,000 orders for the all-electric truck ford ceo jim farley was on "squawk box" talking about the car maker's big bet on evs. >> we have three electric vehicles that ford will be out in the next ten months one is sold out for several months and we have 70% of the customers new. we have the new e-transit coming at the end of the year america and the globes most popular van. and then we have the lightning coming next spring so in the next ten months we're going to have three high volume vehicles >> meanwhile shares of lordstown motors sinking after they were graded to underperform with a $1 price target the firm saying the electric f-150 reinforces its view that loa lordstown will not be competitive in the ev space. steph, do you think we really are now in an era of genuine

widespread deep competition for the likes of tesla >> it sure seems like it, wilf, right? it's an $803 billion addressable market the industry only has a 2% market share so there's so much room to go the news today on ford was great. it was exciting. and all the product reviews are really impressive. i think that actually surprised analysts, quite frankly, myself included in terms of style and speed and fun and being useful it's kind of like an image changer for ford we know what gm is doing they're actually ahead of ford ford had to do this. but i think it makes sense just given the growth potential in the marketplace. this is one of the reasons why i've always kind of wondered about tesla, especially at the valuation levels i get it i get the growth but i just don't understand given all this competition that's ahead of it. >> well, the lordstown ford dynamic is pretty interesting, mike on this analyst call, which was a pretty dramatic price target

decrease, part of the rationale is that the ford announcement on the f-150 and that was part of the value that lordstown was going to bring about with this electric truck so you've got this battle between the new entrants which were so hot and now the big guys catching up. >> and specifically the price point ford is able to come in at with the new lightning the idea that they can leverage -- >> 40,000. >> -- their mass scale under 40,000 to start and basically leaving kind of a boutique producer unable to really match it very well of course never mind the brand and marketing and all the rest of the things ford can do. ford is essentially trying to do what every kind of legacy company is trying to do, which is pull a disney everyone knows where the world is going and you just need to have a killer offering in the new space. this is evs, that allows the investors and the customers to look past the fact that the old

business is going to potentially fade over time and there's no growth there so if you figured out the future, the market will give you some credit for it ford's $50 billion market cap and tesla is $550 billion. >> ford's stock is up 40% this year lordstown is down, tesla is down, fisker is down virgin galactic shares are taking off today christina explains why. >> so the reason is you've had so many delays in december and february vurjin galactic has confirmed its upcoming space flight test this saturday. the news comes after a successful maintenance review of its carrier aircraft trading volume does remain high today but the share price overall is still roughly 70% off its 2021 highs the stock was hit hard as of late over concerns virgin galactic would delay the test and of course increase competition from jeff bezos blue origin saturday's test will fly with

just two pilots. fingers crossed for good weather on saturday. back to you. >> kristina, thank you mike, what do you make of the action in virgin galactic? a relief to shareholders who were worried about that delay. looks like it's going to happen and they have a date. >> short squeeze, no doubt it became a heavily shorted stock. it's a story that you can latch onto because you have sign posts to look for in terms of finally getting commercial flielt. it's a good reminder if you go back a couple of years, they did this whole spac and they were thinking they would be way up and running by this year and there would be $200 million in revenue this year. so, you know, wait and see, to see exactly when people are going into space on virgin galactic. >> some significant insider selling as wellwell, which affe those names. do you think we're starting to see a spac pullback bottom more broadly or are there not definitive signs of that yet >> i do think you've seen the

real deep part of that is probably done. you've had a real drying up of new supply to some degree. the s.e.c. had a chilling effect on some of the guidance so i do think it's probably more of a selective market we actually have seen enough spac deals happen where it seems like a fairly rational merger so i do think it will probably be a viable way of going down the road it's not just going to be buy every spac and effectively pay a premium on the cash they have in the back that probably is over. >> blue owl going public today it's up 3%, having a nice run. this is the massive alternative asset manager spac complex through a merger having a good first day. steph, just quickly on virgin galactic, are you buying into the enthusiasm around space flight >> i mean i wish i could i like it thematically i think it's great that they're going to get commercial service by 2022 and the fact that they have reservations already and

they charge $250,000 and have 600 reservations it makes a lot of sense conceptually but from a stock picker's point of view, it's impossible to value. snapchat's parent snap announcing new roducts julia boorstin has the details for us. >> snap shares gaining about 6% today after the company announced it has over 500 million monthly active users, previously only revealing daily active users at 280 million. the company unveiling augmented reality features for developers, including the ability to scan a product and find similar looks to buy plus tools to try on clothes virtually and for businesses, new profile pages. for creators, snap introduced gifting to basically enable people to tip their favorite creators there are new pro editing tools and a marketplace to connect creators with brands and poshmark which announced a

snap shopping experience saw its shares gain about 9% on that partnership. guys, back over to you. >> julia, thanks so much for that the market likes this today, mike it hasn't really pulled back that much relative to some of the other 2020 tech outperformers in the first place. >> no, it hasn't, you're right, even compared to something like pinterest. it seems like the story is impact in terms of the pie growing fast enough in digital adds the whole thing that's been the snap story from the outset because it hasn't been about revenue, multiple of revenue that somehow looks reasonable. i do think it all makes sense and it seems like snap has a very defensible piece of this market that nobody is exactly doing the same thing >> the poshmark piece of it, steph, is interesting as well. it seems like huge exposure to a really good core group of customers, younger customers the poshmark mini on snap will let users shop posh parties,

posh its entire catalog and top selling brands that is up almost double what snap is up one in two smartphone users in the u.s. is on snap. that's a big boost for this newly public company. >> my 14-year-old and all of her friends are all on it today. i asked her today -- of course i bought twitter and she's doing snap but look, i think they're doing all the right things, i really do, and they're executing better things have seemed to settle down there's clearly growth and momentum the problem is, sara, it's 29 times price to sales if you think about twitter, that's about 11 times price to sales. now i know that twitter had a crummy quarter, but it's not going away and they have a lot of tailwinds as well on a risk/reward basis i prefer twitter but applaud snap and all that they're doing. >> up 213% just over the last 12 months we've got a little over two minutes to go in the trading day

and we are coming down on the dow. up 200 points, still a nice gain, but we were up more than 300 at session highs. >> the market had a couple of little thrusts in there. it seems very mechanical, very much like last friday. not to say it's a doomed rally but it does seem to be obeying these particular levels out there in the market. 4180 or so is where the s&p 500 stopped on friday at the highs we didn't quite get there today. >> what do you see in the internals? >> it's improved the new york stock exchange was very much a 50-50 split. now, you do have a significant amount more volume in the advancers versus decliners so that is certainly to the good. just to point out this rotation back into kind of the virtual software based names as opposed to the hard asset ones you see on a week-to-day basis the cloud computing etf up 3.5%. materials has been a great performer for months, backing off by about 2%. so again, re-rotation after the

cyclicals have gotten a little tired. the volatility index giving up most of that premium that they built up, though not all of it it went from under 19 up to 26 in a couple of days. and so we have a spike on that chart but still holding above 20 as the market remains a little on guard a lot of put buying to protect downside and we do have expiration as well coming up this week, guys. >> just under one minute left, up 1% exactly on the s&p 500 half a percent on 181 points on the dow. that is quite noticeably off the session highs. you can see a little slippage into the close the nasdaq is still up 1.8%, healthy 236 points tech, communication services unsurprisingly with that setup the best performing sectors. rounding out four sectors above 1%, real estate and health care in there too the only one in the red as we approach the close, energy but it is those cyclical names that are towards the bottom today.

materials, financials, industrial sector only slightly higher as we approach the close. yields have slipped a little bit. the 10-year, 1.63. the dollar softer today. and a little bit of a decline in gold and oil prices as well. at the close, we are higher by just over 1% on the s&p 500, just over half a percent on the dow and a healthy 1.8% on the nasdaq stocks breaking a three-day losing streak finishing higher welcome back, everyone, to "closing bell. i'm sara eisen along with wilfred frost and mike santoli take a look at how we finished up the day on wall street. the dow closing up 186 points. lost a little steam as you can see into the close but was a higher dale overall. the biggest contributor to the dow gains, boeing and microsoft. biggest laggards, caterpillar.

we really did fall off a little into the close but most sectors did close higher everyone except for energy was up technology the leader, communication services right up there with it and so was real estate the nasdaq was the winner on the day, 1.75% higher. on track to break a four-week losing streak for the tech-heavy nasdaq we still have tomorrow's trading of course. the small caps closing a little higher on the day. a little more than 0.6 of 1%. tom mcclennan says the stock market may run higher with its hair on fire find out what he thinks will happen and what drives the gains. plus we'll have the results from applied materials, palo alto, ross stores and deckers outdoors first stephanie link is with us. ally mccartney joins the conversation welcome, ally. first to you, mike, on sort of a loss of steam into the close but

overall a strong day and a rebound day importantly for technology. >> yes, so technology was -- you know, yesterday was a really strong intraday kind of comeback off the lows for the nasdaq in particular it was indecisive at the ending. this happens a lot because once you've been under a little bit of stress, the market has been in pullback mode and you've broken the short-term uptrending, every trader becomes very tactical. today much more of a clear story about some of those more abandoned tech names, especially in the smaller side of things. did finally find some -- i think really it's much more in the mode of rebuilding exposure there and taking profits on winners in the cyclicals this is the kind of back and forth action that we have right now, five weeks into the sideways choppy phase for the broad markets. >> ally, have been encouraged that we didn't see a more pronounced spike in yields and the pullback in stocks following the fed minutes yesterday coming so soon after that inflation

data last week >> yeah, look, i couldn't sum up what the market and may has been like better than the two data points that you just pointed out. the two things that the market has been looking at and super focused on, especially during earnings season is the ceos have all told us that the labor market is tight and input costs are raising, inflation and jobs. in the last number of weeks we have gotten surprisingly confusing and sort of narrative shifting information on both of those. so to have that followed by tax day, so probably a lot of retail selling both in cryptocurrency and in nasdaq-like stocks and then the movement down in crypto, yesterday felt terribly, terribly heavy and retail was not there to pick it up. so i think we're going to continue to see what we saw today with this growth value seesaw which really has very much to do with that same tug of war you just mentioned in terms

of is this game of chicken between the fed and yields going to materialize, who's going to be right, who's going to be wrong, and i expect that for this phase of recovery, which is more data dependent, more confusing, more specific to different industries and geographies that you're going to continue to see volatility >> so what do you recommend your clients do, alli we just don't have a clear economic picture we don't know who's right yet about inflation and whether this is going to be a more lasting, potentially dangerous phenomenon so we're going to have to wait and it's going to be data point by data point. in the mean time, what do you do >> my first answer is tongue in cheek and easy answer. that's why you're diversified. you invest across all assets, geographies, capitalization structures but there are some things you can do the first, you can have as many uncorrelated assets as possible.

you can invest thematically, so think about long-term themes 5g, infrastructure build, et cetera and look, if you have been invested over the last 18 months, let's say, certain parts of your portfolio have appreciated much more than others and so you have to rebalance back i'm with everybody on this program that has said just because you're going to have a daily push and pull of value versus growth, the reopening trade is very, very real if you walked around today in new york city, you can see, feel, touch and smell it and i want to be long that trade. >> in part because it's perfect weather today as well. it's sunny and clear, but not too hot, i quite agree applied materials numbers are out and deirdre bosa has them for us hi, dee. >> hey, wilf some strong numbers here and this is from the largest semi equipment company. a beat on the top and bottom lines, plus strong guidance. adjusted eps at $1.63 versus $1.51 expected revenue $5.58 billion versus

$5.4 billion, which is what the street was expecting as i said, guidance is strong here third quarter eps forecast between $1.70 and $1.82. expectations were for $1.56. revenue also stronger than expected at $5.92 billion versus $5.5 expected. shares are moving higher 1.5% on the back of these strong results. but remember this is a stock that is up about 50% year to date, 130% over the last 12 months it did have its analyst meeting in april where many thought that it played it kind of safe with long-term forecasts but certainly benefitting from the chip shortage that we've seen, more manufacturing ahead no comments in this quarterly report we'll certainly be listening for that on the call which kicks off in less than 30 minutes. wilf. >> mike, not too far from its recent high, 145, 146.

>> and in line about what's been going on with semis and semi cap in general which is a very, very exuberant peak and a pretty sharp pullback they had their correction you might say. they were down about 12% off the highs and as a group up close to 3% this week so i think the results sort of confirming that broad story that everybody is pretty excited about but not really breaking out of what was expected in terms of just this >> steph, where are you? the stock is moving 2% higher after hours. the commentary is going to be important. is this one that you like of the group? >> i like the group. i also like the fact that it has lagged i don't own applied, i own lamb research, it's cheaper it's dram recovery, it's nand recovery, it's equipment recovery i want to hear what they have to say about what they expect fwe

to be for the year because the numbers have been creeping higher and higher. $76 billion is now expected on the year i mean this is up from $58 billion last year, in the last couple of years, so quite frankly that is going to be the thing that drives the stock i think on the conference call but i like the space i like the fact that this group as a whole is down about 2% quarter to date with the s&p up about 5% kinda feeling like a little bit washed out at this point so lamb research is the one i would own but i think you could own both of them on the same theme. >> steph, broadening things out in terms of sector preferences, the banks have been a little soft of late, even on the days when yields are picking up last week and inflation was picking up did you think that sector in the short term has at least run its course >> i don't, wilf i think at the end of june you're going to get a catalyst in terms of capital allocations and being able to buy back more stock and increase dividends and that sort of thing

we know the capital levels are huge and they have the with where all to do so much. the valuations are still very attractive you can't say pbroad based that they're attractive but you can pick a couple of names where there's strong execution, good balance sheets and positioned well going forward i still like financials very much the other part that i like are consumer if there's one thing we're getting consistent data points on in the economy, it's the consumer, whether it's personal consumption, income, savings rates, right, retail sales, that sort of thing. as i mentioned earlier, we are certainly getting high frequency data points out there especially on the labor market so i expect in the coming months to see a real recovery in the labor market and i think that's going to continue the spending in the consumer and the consumer is 70% of the u.s. economy so it's important to keep an eye on. >> speaking of the recovery and the reopening, just a headline here that is really a milestone.

three carnival cruise lines will plan to resume cruising in the u.s. with alaska sailings in july this is all vaccinated cruises i guess arnold dawonald worked out with the cdc as far as bringing sailing back for the summer the cdc said they could do but with all sorts of testing and restrictions so it looks like they'll be able to do this, three cruises going out to alaska. it is a milestone, alli, for an industry that has been idled for the last year and a half with no cruises. they were one of the early poster children are how contagious and dangerous this covid-19 virus was where do the cruise lines stack up in your recovery trade? >> so it's definitely part of the whole theme of travel, leisure, services that have really been just curtailed i was just in miami and you can just see all of these huge ships just sitting off the horizon

costing money, taking talent, but earning absolutely nothing and i think that that's a huge part of this discussion, which is that we are talking about incredibly high savings rates. everything that stephanie just alluded to a lot of that has been forced, because there are only so many goods and very few services over the last year, year and a half, that you could spending on and so this conversation that we've been having of when the cork comes out of the bottle i really believe is going to happen i just booked two hotels in las vegas for august for a road trip that we're taking. i could not find a hotel in vegas in august for under 200, 300, 400 a night places are booked. so the pent-up demand is really outsized and i don't know that people are giving that enough credit in terms of what human behavior is going to be like coming out on the other side

>> we will have to leave the conversation there, guys >> i would say you're jealous. >> i was also going to say with this rationalization from the cdc and others is the travel corridor with the u.s. and uk which is needed next on the list, if you're watching cdc steph, alli, thank you very much for joining us great to see you both. up next, tom mcclellan and why he says the market is about to run higher with its hair on fire. plus the boys on video are hoping to cash in on the nft phase. >> charlie charlie bit me >> now the brothers are -- >> we laugh every time. >> i love it i've seen it too many times in my life. too many times today but still love it. maybe i'll have to bid for the nft. they will join us to discuss their plans to take it from youtube aonn nft coming up later on "closing bell." our bror t

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1.175 billion. eps for the next quarter expected between $1.42 and $1.44 and that is also slightly above expectations some comments here from ceo and chairman of palo alto saying that the work from home shift earlier in the year and recent cybersecurity issues have increased the focus on security. he said he's pleased to be raising guidance for the fiscal year and see these trends continuing into the fourth quarter, boosting their confidence in the pipeline shares for palo alto are now up nearly 3%, guys. but it is an underperformer for the year, down 3% year to date back over to you. >> thank you don't miss jim cramer's interview with the palo alto's ceo tonight on "mad money. a roller coaster week for stocks with the dow and s&p on track to finish lower. let's bring in tom mcclellan

tom, thanks for joining us you've been analyzing the likely impact of seasonality going forward in the short and medium term what's your conclusion >> well, seasonality is working. it's still going to work this year as evidenced by the fact that it's working great up until now. we are in a corrective period as part of that leading to a low that the ideal annual seasonal pattern says is due in late june it's from that low in late june that we get the big rally up into july. thanks for reproducing the chart, that looks good so it's a great time to buy low and sell high. buy low and sell high. repeat daily between now and late june. but it's different, interestingly, in the first year of a new presidential term and that's what is shown in the chart i sent you of the

presidential cycle pattern it does the same sort of math as the average seasonal pattern but here we're only looking at first years of a presidential term as opposed to all years this pattern says it's more like mid-june and the rebound off of that goes way higher we'd say sell in july in the first year of a presidential term and go away but that's not as catchy and rhyming. >> where's the hair on fire? >> it's coming out of that mid-june bottom, at which point i'm hoping that everyone who comes on your air will be speaking fear fully and the market will never go up again and the fed has lost traction and the sky is falling and we're all going to die if we can get everybody muttering to themselves about mid-june like that, we can get a great strong rally to that july top. >> well, we will see what people are seeing in a couple of weeks' time, tom. in the meantime, what's your take on gold at the moment, which has had a decent tick up in the last month or so but

perhaps not performed as well as it could have done. >> gold is having a great uptrend lately but interestingly in the bigger picture, it is not matching something that one of its fellow travelers is doing the chart shows the share price of tip, which is the ishares treasury inflation protected securities etf most of the type gold and tip do exactly the same thing they do it to different magnitude but their dance steps are like fred and ginger, running right together it's when they do something different from each other that it gets interesting. what we're seeing now is gold is rallying momentarily but it's in a pattern of lower highs and lower lows from a longer term perspective ever since the august 2020 top, but t.i.p. is making higher highs. when we've seen that before, it's not very often that it's bad news for both of them. it says that the people who trade t.i.p. and the t.i.p.s generally are overestimating inflation more than what gold is

saying the problem this year may be what's driving up t.i.p. generally as a class is the fed is acting as a buyer of treasuries generally and so the fed may be ruining its own inflation measure by skewing it. we don't know yet, but it's not a good sign for gold but it's failing to keep pace with that so at the point when this rally ends, and gold rallies typically ending in spiky eiffel tower tops, then i expect gold to take out the recent low and continue downward until 2025. it's in an uptrend at the moment, but it's looking shaky >> what about bitcoin, how does it play in we don't have a fancy one for you on this, but just given the steep price correction we've seen this week and the question about bitcoin versus gold and around this whole inflation story. how does the chart look to you >> the interesting thing about bitcoin, and i didn't bring a chart, is that its movements tend to lead to the same

movements in the stock market about a week later not the same magnitude so when we saw the 30% down move in bitcoin, that doesn't mean that the s&p 500 is going down 30%. it's not the same magnitude, but it's the same dance steps. and so the rebound today in the stock market was nice, but the downward trend in bitcoin over the past week says that for at least the next week or so, the trend should be downward again for the stock market and today was probably a good selling opportunity. >> tom mcclellan, always interesting. thank you for bringing your charts let's send it over to mike santoli for a look at how this bull market is shaping up compared to history. >> yeah, we check on this once in a while for the last several months and really it continues to send a pretty stark message these are the huge rallies that began off major market lows in 2020 and before that 2009. these are the only rallies of at least 70% in about a year's time that we have had in modern times. that's why the comparison is

interesting. clearly you can see why people are also focused on it because after the first year point of that rally, the markets previously in those rallies have flattened out or had some downside chop. this is really in heavy circulation, i will have to say, so everybody is looking at it and half expecting that something like this might happen or they shouldn't be surprised if we do some of this or even worse, maybe down like that, because we are outperforming those. i will say what happened in those prior two instances is that the fed did get incrementally tighter when the market started to flatten out. so if you go back to 2009, qe 1 ended in the first quarter or so of 2010. that's exactly when this started to happen to the orange line and also back in 1983, the fed did start to tighten after having eased after '82, that was the major market low so similarly around this point is when the fed got tighter. so maybe that would be the mark herb of when the market here

gets concerned or maybe we've already started this period of just digesting that humongous rally we got starting in march of last year. >> and anticipating the taper. mike, thanks. up next, sak ss ceo on whetr rising prices could ending up hurting spending. plus it's one of the most viewed viral videos of all time. >> ow! ouch charlie ow charlie! that really hurt >> i love that i love those guys. the video is set to be auctioned off as an nft and we will be joined by those two guys, which they're enerteags now. can't wait to meet harry and charlie later on "closing bell."

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welcome back a pair of retail reports out deckers and ross both with their updates. >> let's get started with ross stores here beating on the earnings per share pretty handily, reporting $1.34 estimates were 88 cents. revenues also stronger than expected, $4.5 billion compared

to $3.87 billion however, both the guidance for the second quarter and the full year earnings per share well below what the analysts were looking for. you can see shares are higher, but have come off the highs after hours here they're also announcing a new $1.5 billion stock repurchase program and giving a same-store sales as compared to the same quarter in 2019. this is of course because the stores were closed in 2020 same-store sales up 19%. the reason for the guidance, ceo barbara rentler does say they are expecting increased freight costs, higher wages and covid-related expenses but do believe they can remain competitive over the longer term. let's move on to deckers outdoor. this is the company that owns ugg. this earnings per share also stronger than expected at $1.18 compared to 64 cents expected by the street revenues $561 million. that's up 50% from a year ago and much higher than the

street's expectations. the full-year earnings guidance is a bit below the street if you look at the range. it's very wide and most of that is below the street's expectation for the full year earnings the full year revenue guidance is a bit above the street. ugg brand sales specifically up 53%. that's the biggest brand they own. the next biggest brand sales were up 74%. this company is increasing their stock buyback program by $750 million. you can see shares of deckers outdoors up by 6%. if i can tack on one final retail headline for you all, let's take a look at home depot. this company, dow component, just announcing a $20 billion share repurchase program remember, this company reported pretty knockout results earlier in the week and shares are up here slightly after hours. back over to you, wilf and sara. >> the ugg fluffy slides,

courtney i feel like those are very on trend right now and have clearly been working for people. >> that's right. >> courtney reagan. >> they say ugg head to toe did well. >> interesting i like the rainbow ones. courtney, thanks it's been a big week for retail earnings overall, walmart, macy's, target, ralph lauren all beating estimates and seeing huge surges in e-commerce sales. joining us now for an exclusive interview, saks ceo. >> thanks for having me. >> now that you're running the e-commerce part of the business exclusively, tell us what you're seeing as economies do start to reopen and people do start to go back to stores. >> yeah, i think we're seeing -- first, the e-commerce business for us continues to be on fire we feel very good about it we're in a strategic pivot and so a lot of good growth from the e-commerce side. we're also seeing the customer is really from an energy

standpoint responding well to everything that's going on right now, so really it's sort of a really good time for retail. >> i've been watching the xrt, the retail etf in the market and it's been down it was down today, even though the market really rallied for a third day in a row, despite these blowout reports we're getting from the retailers does it tell you, mark, that maybe the market doesn't necessarily think this is going to be lasting? stimulus is going to fade. the pent-up demand and reopening is ultimately going to fade or do you see this having longer lasting roots? >> i think about luxury specifically and i would tell you what might be concerning folks overall from a consumer standpoint, which is any inflationary concerns, isn't going to impact luxury so i think this is going to last i think the consumer we're seeing -- this is going to be an evolution. we talked about it even through the pandemic we were seeing comfort spending, we are seeing them splurge on themselves just to get them through this now we're seeing a different

emotion which is revenge spend so as she comes back out, as she goes back to dinner, as she goes to the theater and starts to go back to the office and travels, we're going see that spending. what i like about it most, that spend is going to go from she was in the sweats, now she's going into the dress and flat sandal then she's going to go back into the ball gown and high heels so it's going to be great evolution that i think will carry us for quite a bit. >> not there yet, the ball gowns. >> why is that labeled revenge spend? >> i think they're like ready to go it's very exciting i think they're emotionally on a high i think there's a lot -- you know, they have been pent up, they have been ready to go and i think now it's kind of an unleash. so it's super exciting you're seeing it in all the results that are coming out now. >> does that also mean, marc, that price points are going to increase as well, average ticket items? >> look, i think that we are, especially on the luxury side of

it, as demand increases, price points can move. again, just to control that and keep the market kind of moving and keep scarcity real in the market on the luxury side, we could expect to see a little bit of that over time for sure. >> what about supply chain issues, marc, have you had any trouble getting inventory to customers because of all the bottlenecks we've been seeing and hearing about in the news? >> no. i think, look, we've been able to move things through the pipe. i don't see that as an issue for us right now and we're obviously planning and getting ready for what we expect to be a very exciting back half of the year for sure as we head into the holiday. >> so does that mean athleisure is not really cool anymore >> i don't say what's not cool i'll just say i think people are going to be certainly coming back out the sweats are coming off, the dresses are going on if i'm a guy wearing cargo pants, it's going to be back to

getting dressed again. that's what fashion is about it's about doing something new, not doing the same thing and we're going to continueto see that and i think it's going to be a dressier story as we move through the balance of the year for sure. >> marc metrick, thank you very much good to check in with you. >> thanks for having you. >> the sweats are coming off i like that. i support it. >> and somehow it's called revenge. >> after the last year and a half you know, getting back. >> i know what he meant i'm not sure i would have used that word. >> it's happening fiercely even ugg slides. >> i do like sweats. anyway hot sales in the -- >> says the man in the suit. >> mcdonald's outperformed in the dow recently, but tensions with franchisees may be even hotter as the fast food giant hosts its nu sreldanalhahoer meeting. details coming up.

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your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪ a news alert on wework deirdre bosa has the details dee. >> wilf, i have some of the latest quarterly numbers from wework this is from a person familiar with the company's financials because they do not publish them as a private company net losses, they were in the billions of dollars, but they are seeing a recovery in terms of occupancy and desk sales. the net loss of $2.1 billion includes several one-time expenses, including a close to $500 million payout due to the settlement with co-founder adam

newman there is also about $300 million in restructuring expenses, primarily related to building exit activities, so that's pulling out of profitable -- unprofitable locations as they try to embark on this recovery in terms of that recovery, though, rising desk sales, 38,000 in march is up from 25,000 in february and 24,000 in january. total contract value signed in qup q1 was the highest since the start of the pandemic. quarter over quarter was up 50%. enterprise, this is key because they see the future signing up more corporations, that now makes up about 51% of total memberships with the company guys, this is mostly in line with the story of wework post adam newman. we are seeing a recovery here, but still far from those levels that we saw pre-pandemic during the really high growth stage of

the company. back to you. >> are they still going to go public soon? >> that's the expectation, at least speculated through a spac. i should note that i did reach out to the company and they responded with no comment, so we'll have to see what happens with those spac plans. and if we get some financials as part of that >> yeah, absolutely. thank you. deirdre bosa. time for a cnbc news update with shepard smith hi, shep. >> thanks vecry much. we could see an end to the fighting between israel and hamas as early as two and a half hours from now the israeli government has announced it will accept a cease-fire the egyptian government, which brokered the deal, said the truce will begin tonight 7:00 eastern time just as the news begins on cnbc we'll have live coverage. also the world's biggest iceberg has broken away from antarctica it's 106 miles long, 15 miles wide and a third larger than rhode island

researchers say that iceberg's creation is not linked to climate change and that it won't raise ocean levels because the ice was already floating in the sea before it broke free from the coast. prosecutors want to add new murder charges against three former minneapolis police officers involved in george floyd's death. specifically aiding and abetting third-degree murder. tonight we'll look at the judge's responses and why defense attorneys say the new charge makes no sense. the news begins right after jim cramer, 7:00 eastern, cnbc sara, back to you. >> see you then. thank you, shep. one of the most popular viral videos ever is about to jump into the nft craze. remember this? >> charlie charlie bit me >> those two brothers are now teenagers. up next, they'll join us to discuss their video hitting the 'lauioblk. wel be right back. stay restless with the icon that does the same. the rx, crafted by lexus.

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remember this viral youtube moment >> charlie charlie bit me >> 14 years and over 880 million

views later, the infamous charlie bit my finger video will be auctioned off this saturday as an nft. afterwards, the video will be removed from youtube together. joining us are the stars of the video, charlie and harry davis along with their father, howard. guys, so great to see you all. and i have to say, first and foremost, harry, it's great to know you're name you've been sort of nameless to us a little bit for so long and, howard, great to see you as well guys, first question, charlie, has got to be to you, first of all, to why exactly you're doing this and not just auctioning it off as an nft but pulling it from youtube are you done with that wide exposure >> i think it was 14 years ago and youtube was the new thing but now nft has now become the

new thing so that's why we decided to put it up for say silent auction. >> harry, clearly this has been viewed by hundreds of millions of people. it makes the two of you two of the most famous people in the world. i can recognize you both now relative to seeing the clip but only because we've been watching it all day have you been famous celebrities amongst your school friends? >> well, i wouldn't say famous celebrities amongst school friends, it's more of it's exciting for a couple of weeks and then it's kind of in the background but yeah, it's really cool to know that it's one of these big videos on youtube. >> howard, i've got to say watching this several years later today as a mom, i have a whole new perspective. as a mom of two boys, your children are so well behaved and so sweet to each other actually. i mean if my -- one of my sons bit the other one's finger, he

would punch him in the head and scream and cry and the other one would keep doing it. so i think that's part of the appeal here. i'm sure everyone sort of relates to it differently. howard, talk to us about how you made this video and why you made this video and how it unintentionally became such a viral craze? >> yeah, so my plan was always to video the boys as they were growing up and this was just another one of those occasions where they would be busy during the day, i had a moment to get the camera out and just started filming. and there's about 20 seconds before this video where harry is saying cheese because he thinks i'm taking a photograph so he has no real concept of what i'm doing. and then this moment just happens. and you can't predict these kinds of things. as parents we've probably encountered them but probably not put them on video. >> harry -- sorry, howard. >> harry, how much did it really

hurt was it agony >> yeah, i'm sure it was i mean i don't really remember >> howard, the other point i was going to ask is whether you've ever been contacted by google or youtube and, frankly, whether they thanked you, because this was one of the very first wildly successful viral videos that put youtube front and center for so many of us i wondered whether they had been in touch over the years or not >> that's an interesting point of view. i've definitely spoken to lots of people in youtube and i've been involved in looking at metrics and new applications that they're bringing out. but i think youtube's market is quite different to us. we are, i mean if you like, it's a one-off. we never sought subscribers. people know to go to youtube and

look for charlie bit my finger and maybe the audience is adults and grandparents it's very different, i think, to the majority of the kind of content that you'll find on youtube. and youtube has changed over the years as well in the way they engage with us so the answer to your question is no, not really. >> it's pretty bold to take a video, howard, off of youtube that has 182 million and counting views how much do you think you're going to get from the nft? >> so it's -- yeah, it's a bit of a gamble. it's a bit different i think the main reason we're taking it off youtube is we're very much embracing the nft collectors, because the nft collectors are looking for things which are scarce, which are rare and we could have left it on youtube, but we made the decision to take it off because we very much want to engage in a

different way. there's a lot to this, but in essence we're taking back control of the video as opposed to youtube being in control of it and we're sharing it with a different kind of person and these from the nft people. and if you look at what -- if you look at what nft is doing, it's moving into a different direction and we're going to have virtual museums nft owners will do lots of different things with the content, so it's a big change. >> howard, i didn't mean to talk over you there, there's a bit of a delay. charlie, i plan to ask what you plan to do with any of the proceeds and what's in the future have you enjoyed being on camera or other plans as you continue to grow up >> yeah, i think any money that we do make is going into our schooling. so it goes to our schooling and

then university. and i've been streaming a bit on twitch it's really opened our eyes to what can be possible through media and the different things that you can do. it's been a great experience >> well, good luck, guys, with this nft auction i hope you raise a lot i hope it doesn't all goon education. i hope there's some frivolous spend as well. best of luck in the future charlie, harry and howard, we appreciate your time >> thanks very much. >> thank you >> if you're in a bad mood, just pull up the video until they take it down, that is. because it does make you smile every time. shares of mcdonald's gaining more than 25% over the last year, but the company is facing some heat from franchisees and shareholders around its annual meeting. we'll tell you why when "closing bell" comes right back

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like a coffee run... don't just sell it. ten-x it. mcdonald's holding it's annual shareholder meeting today, there's been some drama >> that's right. the shareholder meeting coming at an interesting time for mcdonald's as business in the u.s. is very strong but the company is starring down franchise tension, staffing and lawsuit over racial discrimination an fighting for higher pay fall out from the firing of

former ceo steve easterbrook split several investor looks several successfully campaigned against reelecting the chair over the handling of easterbrook's severance. the entire board was reelected according to preliminary results today. before the meeting mcdonald's praised the leadership of the board saying the board has taken swift and unprecedented action to address easterbrook's lies and mcdonald's is suing him over the draw back from that. back over to you. >> thanks so much. appreciate it. green across the screen this afternoon during the session and also continuing in after-hours session. there are some of the post-market earnings reporting 'lmpanies all higher wel break down what is driving the strong moves, next and unmatched overall value. together with a dedicated advisor,

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retailer, decker it's and ross stores beating expectations and announcing stock buy backs, ross stores mentioning the stimulus payments helping out as well as the reopening and the vaccinations >> up next, wall street look ahead, key things we're watching ad we head into the final tring day of the week.

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now to our wall street look ahead, key earnings we'll be watching tomorrow, deere vf corp and footlocker and don't miss our interview with foot locker creon the back of the earnings report here on "closing bell." tomorrow mike, interesting set up as we go into friday's trade which is higher now for the week as a hole for the nasdaq. still lower for the s&p and dow for what's been a choppy few trading days. >> yeah probably a surprise if you tell people the s&p is down 1.8% from a record that was less than a week or two ago so it does seem as if there's been a lot of churn and running in place and a lot of these little air pockets i don't know if we can really desire when it -- decipher

whether the market is resilient or there's urgent buying here. i think growth-type to120ks -- stocks getting reprieve, makes sense with situcyclicals not giving a lot. >> disaster girl n ft bought for $500,000, wonder how much "charlie bit my finger" will go for. >> more. >> that does it for us on "closing bell. "fast money" begins now. i'm melissa lee this is "fast money. tonight's trader lineup guy adami, tim seymour, dan nathan and jeff will join us shortly. tonight on fast, big down grade for motor on the skids, one dollar price target on this stock, time to unplug from this ev-name and kohl's despite big beat and bullish outlook, so what happened. and to the moon, sent virgin gal attic rallying i