. hi, everybody. welcome to "power lunch. i'm kelly evans. tyler matheson joins us in a moment it's a crypto crackdown. china leading the charge but now countries are stepping up regulation and the u.s. is starting to think about a possible competitor. an epic battle tim cook taking the stand in apple's court case as the company is called the app store cut criminal a power struggle millions in texas lost power after the big storm and now turning to homes to survive off

the grid "power lunch" starts right now >> good afternoon, everybody welcome. thank you. i'm tyler matheson we start with the markets because stocks shaken off most of the early selling the nasdaq positive for the week now. check in with bob pisani at the new york stock exchange. >> tyler, it's been a wild week. today we're right about right in the middle here. mega cap tech stocks growth is back most are up this week. apple might be down fractionally see weaker in the middle of the day. basically growth is back what do i mean look at the winners and losers this week. it is the growth sector. clean energy stocks. ark innovation fund is up nicely the cyclical, the value sector,

energy and industrials and materials all down it's been a pretty wild week if you look at the dow we have a 1,000-point swing in the dow most of that is around the fed announcement the fed minutes. the big story this week was the minutes because they started to talk about the fact that some people want to talk about tapering and maybe raising rates down the road. that's enough for the market to have a discussion that it started. what's the effect? essentially you see here we are really flat for the week even interest rates. remember the bear case for the markets. this is it peak everything. peak earnings. peak economic growth doesn't get better than this but the bulls saying what if the fed is successful communicating on whether they're tapering and when the rate hikes happen they hold your hand your across

the street and then there's no fraekout and no taper tantrum and get very strong earnings well above expectations? a lot on depends on the communication error or not but the bulls are saying we started the conversation and nobody is freaking out that's the most important thing to happen this week. back to you. >> thank you. we are tracking bitcoin's wild week of trading with governments around the world cracking down. this is the entire week playing out here on the price of bitcoin. started on sunday. elon musk tweeted. he clarified that early monday and didn't help bitcoin recover. tuesday the chinese government banned companies from providing services and then wednesday bitcoin plunging 30% and coming within

$2 of breaking below $30,000 that was almost a two handle on it we rebounded off that level sharply. and then the u.s. treasury called for stricter compliance the irs saying it poses tax evasion risks and now today climbing back above $40,000 we slid back. you can see the intraday drop and at 37 and change on bitcoin now. why? hong kong reports that they are now limiting crypto exchanges to investors with more than a million dollars or professional investors and limit access to the retail public and then the fed this week is looking into launching a digital currency kate rooney is here with that. >> hey great to be here instead of my living room. jerome powell saying they're

working on a digital dollar. and that's stable coins. they have been booming so far this year. unlike bitcoin they're prices 1 to 1 with the dollar for all the advantages of a cryptocurrency and the stability of a major currency the big driver this year nfts. people have been using stable coins to buy the collectibles and a global demand and told investors in emerging markets looking to get exposure to dollars. bitcoin might not be the safer option it is down about 18% so far this week circles u.s.d. coin saw the market cap jump 300% this year and there are dozens of others why facebook's project project libra and that price not jumping around like bitcoins and there's risks according to the fed powell saying that they quote carry potential risks to users

and the rest of the broader financial system china's digital currency is one to watch and any competition may be putting pressure on central banks to roll out their own versions kelly? >> i want to rewind. okay i will say something what is a stable coin? what is a stable coin? i hear this all the time is it fundamentally different in nature from other crypto properties or calling it stable coin for another reason. >> it lives in a block chain it is similar except the price it's not a dollar. it is backed by a dollar instead of trading based on supply and demand it is pegged and where dollar is trading. they have other versions for the euro, yen. pretty much any of the fiat currency. >> i think the regulators are cracking down so what's the

appeal of stable coin other than tax evasion or capital flight from another country >> if you think about the nft market people buy digital collectibles why the bank closes but you might be able to trade immediately on a saturday night and that within the sort of ecosystem of nfts and the decentralized apps it is native and fits within the rails and might not know you bought them they might take the dollars and cone vert them so that's the next level of this that you might not know. >> the fed might be launching a stable coin? >> exactly a robust private market working on this and the fed and some players saying we have done this a threat there. >> stay right there. as we bring in the next guest. ty >> yeah. that's right the next guest is ron insano

the there's bitcoin bears speaking out. here's what barry dillard said today on "squak box." >> i think it's a con. >> you think it's a con? >> yeah. absolutely i watch some of the people you have on and talk about it. 40,000, 12,000, whatever i think, this is nutso talk. >> nutso talk. my next guest with a similarly stern warning writing yesterday that the pied pipers of cryptocurrency are leading investors to their doom. let's bring in ron, senior analyst, commentator i spent 2 million this week on the ron nft. i hope i didn't make a mistake mack a case -- >> i didn't. >> for why you think -- but why you think cryptocurrencies and bitcoin may be particularly are

going to lead investors to their doom. >> i agree with barry dillard 1,000% we have entered crazytown in crypto land. there was day trading and my very good friend david getting into that. he recommended safe moon which is five zeros to the right of the decimal point and not knowing whether it's a scheme or a legitimate cryptocurrency or whatever you want to call it today down 30% two nights ago clue coin launched and value to 125 million in hours sovereign governments will outlaw as kelly was suggesting the cryptocurrencies there will be a digital dollar you don't need a safe coin i would agree with barry dillard that this is a mania, a fad, plain nuts.

>> are people going to go to jail over this one way or another >> i don't know. it's hard to say elon musk for whom i have respect and so many ways a genius and a transformational figure in business and so mercurial about how to use bitcoin. used to buy a tesla? yes. one month later, no. i don't know what happens when the guys are on twitter saying buy doge or other recommendations that the public takes to heart i think it's extraordinarily dangerous. i don't know how long they put caveats in the commentary is there's legal risk. >> let's bring kate back into the conversation to get her to react what you have just said but also ask a question, kate, if i might assuming kate is still there. it is this i hear all the time,

well, listen, bitcoin is a fixed number there's a fixed number of bitcoin. who says >> that's the way it was created. 21 million to be mined and might take - >> why can't they create more? why can't say somebody now we will do bitcoin 2.0? it is going to be another tranche of 21 million? >> within the ecosystem this is the way that the code is written and why people have said that supporters think it's brilliant to only hit that amount. you would have to go in and change the way it was made and it is apparently not possible and why the other bitcoin kind of not exact copycats but you have seen other cryptocurrencies pop up to say we are the next bitcoin or the next ethereum and seen a robust other ico market of smaller cryptocurrencies that claim to be -- whether they have unlimited supply

dogecoin is an example you can create some of these and out of thin air and seeing people come in and make the unlimited supply and bitcoin is unique in that way. >> i think that goes right to what ron is talking about here you use the phrase things created out of thin air and feels like - >> tyler >> let me just in full disclosure say that. >> if i may, this is exact will i the criticism that people level at the fed that they create dollars out of thin air which is only partly true. the dollar is backed by the size of the economy assets in the country. business dynamism. this is more fiat than fiat. backed by nothing than

algorithms i have been wrong on price i think this is nonsensical just as some internet companies in 1999 remember a fish and bone meal company that changed the name? and the stock went crazy and then they disappeared in a certain sense. i just think it's no more than that and a flight of fancy to be caught up in the speculative episodes and in my mind this is just another one and wildly dangerous forindividual investors. >> cannot wait for ron to check his twitter account. >> i know, kelly i know. >> he put the stake in the ground all right. have a good weekend. >> taking on the whole world. >> thank you. coming up on the 11th anniversary of the first bitcoin purchase 10,000 bitcoin for 2 pizzas. made the purchase as an experiment to prove it could

work they called the local pizza place and had two pies set to the house and it was less than a penny per coin and now the equivalent, the pizzas cost $400 million and underscore what the they're concerned about. >> can you imagine saying i spent the bitcoin on the coin? i could have bought a house on the water and a yatd and i would think that this episode and a reminder of this episode would make people think twice. if you think it rises "x" amount in 10 or 15 years why would you ever use it? >> if you have losses on it you can deduct them on the taxes and sort of get a pizza for free. >> that's true. >> that could -- >> sounds the irs is taking a closer look so - >> at any and all of that.

>> thank you great having you here ty >> yeah. nice to see kate in the house. folks, we are looking ahead to next week's earnings and which is the most important to the markets and which stocks you might be snapping up before they report. and virgin ga llactic to th moon that stock soaring this week more when we continue. tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. what happens when we welcome change? we can transform our lemmworkforce overnightplans?

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welcome back to "power lunch. shares of virgin galactic up for the sixth straight day and poised for a largest weekly increase since march of 2020 they got a big boost yesterday announcing plans for a key space flight test tomorrow now to put the recent gains in context they come after six straight weeks of decline and more than 60% below the record february highs but investors may see an attractive entry point. so keep an eye on the shares up 9% back over to you. >> all right my friend, thank you. it's been a wild week for the markets with some big swings for stocks and we got earnings but more are on the docket for next week. here now to look ahead is stephanie link chief investment strategist and

portfolio manager with hightower. calling it looking ahead with link good to have you with us let's talk through the stocks that are producing the earnings next week including nvidia you like it but high priced. >> it is and up 195% from the march 2020 lows so it's had a nice run earnings are going to be important not only just for nvidia but for the tech trade. it seems to be that tech found the footing so if they putt up a good number which i think they will maybe that gives confidence to investors that the worst is behind us in tech and help the semiconductor sector that is beloved and this is 81% out sell side analysts so high expectations but a good quarter is expected because we have been getting data points throughout

the quarter. taiwan graphic chip o 34e ems with sales up year over year i don't think this company gets any credit for auto and that is a nice tail wind and crypto, even crypto is good for them let's listen to what they have to say about arm holdings and that transaction because we are waiting to see if they get approval but they don't expect closure until 2022 so we have time. >> let's talk a little bit about a couple of retail names that are on your look at list or reporting next week. one is best buy and costco >> yeah. so just real quick on consumer we got great numbers this week we saw the stock sell off so i look for the reactions not only

what consumers doing best buy stay at home stock beneficiary. great job at product introductions, services and cost cuts 6.8 times ebitda and costco, that he released monthly sales for us but they have very tough comps going forward why the stock is not cheap i used to own it and sold it i regret it. but i expect solid numbers going forward from both of them. >> let's did do a check-in on the stock draft and you are in second place right now you picked will have l sands and boeing you are in second place. oz pearlman is in first place and had roblox and you can see since we began sands is up and boeing up 3% so you must be feeling pretty

good. >> it is a marathon, not a sprint as i will tell you all yearlong. >> true. >> these are reopening names and i feel confident that the reopening will benefit them both and maca u. >> all right great having you and have a great weekend. >> you, too. thank you. >> that was fun. tim cook takes the stand in day 15 of the epic apple trial what's at stake in this battle of titans. "power lunch" is back in a moment stay restless with the icon that does the same. the rx, crafted by lexus. lease the 2021 rx 350 for $439 a month for 36 months. experience amazing, at your lexus dealer. lately, it's been hard to think about the future. $439 a month for 36 months. but thinking about the future, is human nature.

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welcome back i'm rahel solomon. here's the covid update. in the last hour california's top health official announcing the state will not require social distancing and will allow businesses to operate at full

capacity as of june 15 having students and teachers wear a mask reduces covid spread in schools that's a conclusion from a cdc study. cases were at 37% lower when masks were required an earn 40% for schools with upgraded ventilation. the cdc said fully vaccinated people don't generally need to wear a mask but some are finding it hard to take them off. today at the white house dr. fauci was asked if this is irrational. >> you can understand that when people have been following a certain trend for a considerable period of time it may take time to adjust so i would not say that's irrational but understandable and also at that briefing white house officials promoting a new partnership with several dating apps. highlighting the user vaccination status as a way to

encourage more people to get the shots. cupid says that would be daters who are vaccinated or plan to get a shot get 14% more matches. apparently just add that to the nonnegotiable. intelligent, kind, vaccinated. >> a lot of boxes you have to check in this world of dating. >> i mean -- >> i guess. >> is that asking for a lot? >> right yeah all right. time for power movers. world wrestling entertainment. wwe. climbing and on pace for the best day since marmg since the company is returning to live events with a 25-city tour to begin july 16th in houston there you see it up 86%. target trading at an all-time high. after delivering in its earnings report this week

and check out hims & hers health stock up 40% this week after strong earnings. another 8% today on this news item it is partnering with alex rodriguez on a concealer for men called blur. how do you like that blur from a-rod. >> i think that -- all this men's makeup innovation reminds me of the innovation i saw as a teenager i think it is mainstream and those of you in the tv business i think everyone else in the zoom business over the last year will realize they like the way they look with a little cover-up. >> i give makeup tips to my friends. for zoom. >> i heard about it. >> little be the of the mud on the -- little dust on the dome we call it here. the dome of the people all right.

we got some breaking news out of washington ylan >> tyler, the white house is reducing the price tag on an infrastructure package from $2.2 trillion to $1.7 trillion. this is their counter offer to senate gop republican senators who have said that they want the white house to negotiate in a bipartisan fashion white house spokesperson jen psaki saying they have come down on the number reducing the money on broadband and moving the money from research and development into another package of bills called the endless frontiers act that the senate will take up next week in addition talking about meeting the republicans number for surface chapgs items such as roads and bridges. a thing that the white house says it is still not budging on is that the president is opposed to a gas tax and raising taxes

on people making less than $400,000 but this is the latest step in the infrastructure negotiations as they appear to be moving closer together on the headline number. back over to you. >> thank you still seeing the nasdaq down right now. as we continue to watch the indexes boo the close. ahead on "power lunch," we'll look at the rise of off the grid house after the texas storm knocked out power for millions stay with us that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it.

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oil market closing for the day and pippa stooeevens has th details. >> oil bouncing back today to end the week on a high note. wti crude futures at $63.68 for a gain of 2.8%, the best day since mid-april. brent crude rising 2% to $66.52. the operation follows three straight days of losses for crude as supply concerns weigh baker hughes saying active u.s.

oil rigs rose to 356 last week, the highest in more than a year. still today's gains not much to push crude into the green for the week and posting the first negative week in four and worst week since april back to you. >> new very much. to the bond market with rick santelli at the cme. >> hi, tyler if i have to say one feature is important to treasuries this week it is wednesday's minutes to the last fed meeting. look at the chart starting on wednesday. we popped up traded close to 160. settled around 1.67. the high-water mark and lots of information. the market is nervous that the pedal to the metal is in a problematic situation for yields so we are not right at 1.74. basically unchanged in 2s, 5s,

10s, 30s but we are down from the 1.74 and very little giveback look at bunds and guilds 10-year maturities in europe year to date as well you can see whether it's 89 a high yield close for the guilds or minus 10 this week for bunds they've very little back it's something to pay attention to especially going positive for bunds that haven't been there in two years. the month to date index is down on the week and certainly acting a bit squeamish. back to you. >> indeed thank you. apling ceo tim cook taking the stand. josh lipton has the headlines. >> long day for tim cook he is on stand for three hours and counting he entered the courthouse through an underground garage.

he did a quick peace sign. when questioned by apple lawyers stressing that the user is the focus and the app store is an economic miracle his words and competition in systems is fierce and the lawyers pressing cook on the profitability. cook explaining in court that apple does not break out profit and loss statements for each business unit but disputted the testimony that the margins are 80% the apple lawyers are conducted a quick redirect anti-trust cases hard to win for plaintiffs because the burden on proof on the plaintiff and that's epic. back the you. >> an interesting legal point and i love a good stakeout trying to get the guy going into the elevator. >> and it's the garage shot today. not much. >> a little something. thank you. earlier on "squak box"

chairman diller sounding off on the epic battle and asked about the charges in the app store. >> overcharged in a disgising manner if you go through the equivalent of an app store credit card, the transmission cost is about 2%. that's what credit card companies cost for putting up the system and doing all that stuff. that's what they charge. to the person -- to the producer let's say. here apple says, oh no, 30%. 30%. it is criminal well, it is not criminal it will be criminal. >> snap ceo had a different take here's what he said about the same issue earlier on "tech check. >> snapchat wouldn't exist without aplple and i'm not sure

we have a choice about the 30% fee and happy to do it in exchange of the amazing technology that they provide. >> for more reaction to that and the big day in court bring in tim higgins with "the wall street journal." to be clear the 30% is year one. 15% thereafter but what do you make of the two reactions here by the users or i would say players, developers in the apple app world? >> it is the rebellion amongst some developers that don't want to pay that anymore. that is a key irs in the case. the judge mentioning it is on her mind so at 30% key. but also, other key issues for epic is an idea that the app store is a unique market and the place should be fighting and apple would like to say there's

other places that people can buy fortnite if they don't like the 30% to pay. >> it is interesting following ben thompson whose take on this is it seems like -- tweeted about this that apple could be accused of similar practices in the past and doesn't seem to be public outcry is this an issue that the public isn't directly affected by >> that's -- you hit on the issue is that the user most likely isn't aware of what's going on here. apple doesn't allow for a developer to say maybe if you go somewhere else this app is cheaper. epic is arguing that they require those app developers to use the in-app payment system they say is unfair and want a payment system which they think could be cheaper.

>> two quick questions number one, i assume that the 30% commission applies not merely to the moment where you buy the app but to every in-app purchase you make. number two, how do you make an anti-trust case against a company whose market share of phones worldwide is not dominant >> this is the unique parlt part of this case and the challenge that epic has and arguing to the judge that apple had a monopoly on the operating system and illegal monopoly is that they control how apps are distributed on the phone and where they dominant and using the power to harm other developer why is the idea that apple won't have an app store by a competitor is what's at debate here so that's

what the judge will have to weigh into it is on the forefront of the legal debate. >> all right tim, we continue to follow the trial, thank you for joining us today. ty up next, microsoft on pace to break a six month winning streak in the market is the decline a buying opportunity? we'll ask our trading nation team after this.

welcome back to "power lunch. microsoft ceo sitting down with cnbc today to discuss the workplace of the future. >> every meeting will be a teams meeting. even when people are together. real structural change coming out of the habits while at the same time celebrating the human connection. >> predicting microsoft teams is here to stay even as workers return to the office what does it mean for the stock?

the trading nation team -- danielle, i know you have been invested in microsoft quite sometime do you build a larger position here >> absolutely. i love microsoft it is one of the favorite long term growth stocks it is so consistent. they have so many product segments continuing to grow. earnings are consistent. quarter over year. year over year this is a fantastic pullback buy and bounced at the 100 simple and targeting 270 in the near term. >> craig, what about you any concerns here? >> no concerns this is a bullish chart. if you look at the chart we brought we pull back toward the lower end of the upper trendsing channel. great job with the analyst looking for 305 on this and so 23% upside but if you look at the track record here it is

amazing. up over 565% outpaced aplple and a better record than steve ballmer. teams will be the future. >> let's see what happens. two buys there for microsoft thank you. for more trading nation head to the website and follow us on twitter. tyler? >> thank you. coming up, self-powered home are on the rise. after the break a look at what the rising risks of climate change mean for off the grid housing. "power lunch" is back after this >> and now, the latest from trading nation.cnbc.com and a word from our sponsor.

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welcome back to "power lunch. shares of oatly are jumping for the second day of trading today above the $17 offering price but not fash from the$22.12, its first trade. as far as publicly traded plant-based players go, oatly is currently holding the valuation crown in terms of market value landing between the $10 and $13 billion value. that's almost twice that of beyond meat. tyler, i'll send things back over to you. hurricane season less than two weeks away, but extreme weather risks from climate change is now a year-round worry. now home builders are changing the way they design and power homes, even taking them off the grid diana olick reports. >> reporter: this year an

unusual ice storm struck the southern u.s., hitting texas particularly hard. it took out much of the state's power grid, plunging nearly 10 million people into a cold, dark, deadly disaster. more than 150 died and at an estimated $200 billion it was the costliest natural disaster in the state's history. >> more severe storms each year are going to further and further indicate the needs for resilient development. >> reporter: professor ben keys studies the effects of climate change on real estate and the growing need for housing that can survive off the grid. >> we're not just talking about slapping solar panels on the roof, right? >> that's right. these houses can be built in much more efficient ways not just solar but they can have their own water filters, their other sources of electricity generation and a number of other efficient ways to manage their utilities. >> reporter: a growing number of small builders like california-based dvele are stepping up. >> the whole idea came from the

california wildfires where grids were shutting down. >> reporter: dvele builds its homes in a factory the average size is about 2,600 square feet, though it can be larger the cost around $1.2 million that's about 20% higher than a comparably-sized tract home. they have solar, battery and other construction and insulationelements as well as smart technologies that allow them to use far less energy and operate longer off the grid. >> we're seeing things that we'venever seen before and tha grids simply aren't made to manage since all of the events in texas, the interest in the self-powered concept has really gone off the charts for us. >> reporter: most of dvele's projects are on the west coast but they see big expansion coming major grid failure or blackout events impacting 50,000 or more people jumped by 60% since 2015.

>> we didn't anticipate it would go this side nationally but we're excited for the growth. >> reporter: whole communities that can have their own microgrid shared storage. >> so off the grid doesn't have to mean you're living alone in the woods. >> i think you're going to see more and more people looking for ways to protect themselves from an increased risk from storms, more utility disruptions and more need for resiliency. >> reporter: retrofitting older homes to be off the grid is expensive. funding this type of housing is a big challenge because while the investments pay off big in the long run, they don't pay off right away part of president biden's infrastructure plan earmarks funds to be more energy efficient so perhaps that will help grow this market and in turn lower those up-front costs. back to you guys. >> diana, you've got the pandemic, you've got climate change, we have locusts coming,

we have a potential cyberattack that could take down the power grid i've got to think that there are a lot of people out there who are thinking about doing this, but the price per square foot of one of these homes is really high. >> reporter: yeah, it is very high that's why right now it's really for those who are looking on the upper end of the market. but the more homes you get and if they start to build more developments of these, perhaps townhomes that are attached, perhaps they could be less expensive. it's the way technology always starts you think of the first tesla the more people have them, the cheaper they get. >> diana, watch out for the locusts. we'll see you next week, thanks. up next, we will have a look at the state of america's saving new data from 401(k) plans that may surprise you 'rba itwwiouthwee ckn o tht e locusts. hey, dad! hey, son! no dad, it's a video call.

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welcome back fidelity is back with a report on 401(k) plans. >> if you look at the way things are shaping up, the stats are staggering just about a year after the depths of the virus pandemic and maybe the first quarter of last year, we are now seeing the most number of millionaires in america with regard to 401(k) plans than we've seen passing last year's record the measure we're using is

fidelity's 401(k) plan they are the biggest plan administrator for retirement service accounts in america so they're a good proxy you can see some of the numbers out there right now. if you look at the account balances, they're also higher than they were before and it speaks to this idea of a k-shaped recovery. meaning those people who hold assets, financial assets or real estate assets have done better during the coronavirus pandemic than those americans who don't have exposure to those assets. so if you do see this phenomenon happening, what it does suggest is that maybe if more people are involved in the markets, you start to kind of narrow some of those gaps, that k, so to speak. >> 401(k) balances is a pretty broad instrument it's an encouraging sign that they're back above peak. >> and we're seeing some stats with regard to fewer people

taking out hardship withdrawals now than they were during the depths of the virus pandemic over the last six to nine months or so, that's starting to tail off. you're also seeing people actively engage that their retirement accounts, whether it's their traditional ira, their roth ira, their 401(k) or anything like that basically there's a lot more attention being brought to the notion that there can be outperformance, not just passive investing out there. so people are seeing perhaps some of the gains in cryptocurrency or meme stocks and saying, hey, why can't i get in on that so it's a double-edged sword do you want to see people actively trading in their 401(k)s more than they have been. >> ty? >> average balances are up, there are more millionaire 401(k) owners than in the past but still the average balance is about $120,000 that's not going to last very long. >> yes, you're right, tyler. certainly it's going to change in different parts of the

country. here in new york, in the new york city metro area, it's not going to go as far as it would in other places in the country, like the midwest or mountain west areas the issue is whether we do start to see more people contributing to those balances. that's going to be key, ty. >> go get a coffee with oat milk. >> in the cafeteria. we'll see you guys all tomorrow thanks for watching "power lunch. "closing bell" starts right now. >> thank you, kelly and tyler. happy friday and welcome to "closing bell. i'm sara eisen the dow is holding up, the nasdaq is negative and the s&p 500 giving up most of its gains. >> i'm wilfred frost let's have a look at what is driving the action today tech shares are dragging down the indices apple is the worst performer in the dow as tim cook takes the stand in the epic games trial. another day of mixed data.