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. existing home sales missing

estimates falling for a third straight month but a key read of manufacturing activity is a record high. it's another volatile day for crypto investors bitcoin falling well below $40,000, on pace to lose about 25% for the week, so around $37,000 as we speak. 59 minutes left to go in the session and the major averages could turn in a positive week if they push higher near to the close. coming up on today's show, the president of zillow joins us to discuss some of today's home sales data and the trends she's seeing across the country. plus footlocker shares are higher today the company ceo will join us to discuss results and how long the consumer surge can last. later, three tech stocks to buy following a wild week for the sector investor eric jackson shares his shopping list in just a bit. >> let's focus on the big stories we are watching today. mike santoli is tracking the

market action. josh lipton has the latest on tim cook's testimony and gene munster is here to break down the implications of the trial for apple investors. mike, let's start with you and the broad markets. well off the session highs. >> a little listless not a lot of directional conviction all week there's been a lot of whipping back and forth and also just switches of leadership and air pockets all over the place sounds like a frustrating tape, yes, but pretty much in the context of going sideways since about mid-april. that's that period right here. i keep pointing out february, march, similar length of time, six months or so a few downside scares and then it resumed the uptrend we'll see what's going on right now or not we could have something of more amplitude because we're getting more of these little episodes where the rally has stalled out and we'll see if that matters. take a look at a sozoomed-in

version of this. it shows you how the s&p intraday is obeying this high. this is in the 4185 area 4188 is where it closed that day on the 10th of may you have these two intraday highs the last two weeks, actually both on friday. so it seems like for whatever reason these index levels are holding. the market is doing whatever it needs to do under the surface to trade around that area and the index itself stays kind of stuck. sometimes these levels are obeyed and the stuff down below has to go up or down to fit that take a look too at a slight turn toward the defensive in terms of sector work here this is the equal weighted versions of these different groups consumer discretionary, consumer stap les and health care. this isn't showing you a dramatic divergence, but what you do notice is the consumer discretionary has kind of had this little jog to the downside, even though it's great retail

numbers and the consumer is in good shape then staples and health care just getting a slight bend it's part of this churning and not being sure if we have the macro momentum to take us to the next level. >> mike, are we seeing again today the impact bitcoin can have on risk appetite with that intraday sell-off or was the bitcoin selling before that? >> the s&p did continue up into that intraday high after we did get the first drop in bitcoin. it seems like there's attention being paid to it in terms of the dollar is up, for example, since bitcoin did roll over this morning so i do think it's part of the mix but net-net i think the equity markets have with stood these bouts of volatility and blowups in crypto which came after the other ones in the more speculative pockets this year. >> all right, mike, thank you. apple stock is lower

apple ceo tim cook taking the stand in his company's battle with epic games. josh lipton has been following all the developments for us and joins us now with the latest on cook's testimony. >> sara, tim cook is just about to wrap up his testimony here. he's been on the stand for more than three hours today cook stressing that the company's focus is on the users. the app store has been an economic miracle in his words and the competition in mobile devices and mobile operating systems is fierce. lawyers then pressed cook on the app store's profitability. he says apple does not break out profit and losses for each unit. on the other hand, we know that antitrust cases are typically tough for plaintiffs to win. in this case that means epic this trial will ending monday and then we wait for the judge's decision. >> great stuff we look forward to more coverage

on this let's break down where we stand. gene munster from loup ventures joins us gene, do you think apple will win? >> i do think apple -- i'm not an attorney specializing in monopolies here and an antitrust attorney, but the fact that only 7% of epic's revenue comes from apple, it just makes it hard from my perspective to see monopolistic behavior in place obviously there is a lot of standards around these 30% app store rates. so if i had to make a wager, i think that apple would win this. i do think there is some room based on judge rogers testimony or some of her commentary in this, and this is a bench trial so she alone will make the decision on this i think there is some room that apple may and other developers may be required to allow app developers to advertise that you

can go outside with netflix, for example. you can get a subscription outside of the app store i don't think that's going to change i think consumers are lazy i don't think they're going to take that step to do that. so when i put all this together, wilfred, i think it will have little to no impact on apple i do think epic should be prepared here, because there is a counter suit apple is suing for what i estimate to be about $100 million for lost revenue for breach of contract with the store. epic makes about $700 million a year so they can clearly afford the $100 million but i think that's ultimately how this plays out. >> so as you say a lot of this centers around that 30% commission fee, gene can you just give us a little context there. is it excessive? is it unique that apple charges that and how many developers are actually paying that >> well, the majority of developers pay 15% but they're

small, less than a million in annual revenue the majority of revenue comes from developers that pay that 30% rate ultimately, as i've been listening like josh has been listening to the testimony, i have been listening too. it seems that most of epic's approach here about the 30% take rate is that apple is making too much money on this as they needled away on tim cook, he has kept his composure but that seems to be the substance of their approach, apple is making too much money in fact that is the standard in the industry, this 30% separately is that other developers make a lot of money as well. i don't think there's anything that precludes apple from building a business that makes a lot of money developers are making a lot of money too. so to answer your question, sara, is 30% in line with the industry i would add one fun fact i think it's close to a fact

here if apple were to lower its take rate with these largest developers from 30% to 25%, that would have a negative about $1 billion impact on their revenue. they're about a $350 billion revenue company now. it would have a greater -- excuse me, about 1% effect on revenue and 2% impact on earnings for those of you who want to play out all the scenarios here. >> gene, regardless of whether they win or not, and it sounds like you think they will win this, will they live to regret letting things get to this stage, get to a court case, and could they or should they have tried to settle, alter the rules, alter the percentages in advance so it never got to such a head as it is at the moment? >> apple has been making changes to the app store take rate there's been two significant changes. i mentioned that small developers get 15% to answer your question, will apple regret that it got to this point, i don't think that they

will there's over a million developers that sell on their two respective app stores. this is probably the highest profile example. i think at the end of the day, it's pretty straightforward. eventually someone is upset about what they're paying. everybody wants a better deal. so does epic this is just part of apple, i think, maybeprotecting, defending what is in my opinion that they have properly built and provided value to developers so i don't think that they regret this. i wonder what's in it for epic i don't think that they're going to win i think they're going to spend some money here and i don't think that they're ever going to come back on apple's platform, which means that 7% of their revenue goes away. so maybe they feel emboldened that they stood up to in their view goliath but i think that victory is, in my opinion, short-lived. >> gene munster, thanks for talking us through this. good to see you. >> thank you.

>> apple, the biggest drag taking 10 points off after the break, the average daily coronavirus case count in america falling below 30,000 for the first time in nearly a year. so is that an all clear for businesses to get back to normal life we'll ask former fda commissioner dr. scott gottlieb next you're watching "closing bell" on cnbc. the dow is up a little over 160 points my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. voya. be confident to and through retirement. these days you have to keep everything moving and reinvent the wheel. with a hybrid, you can do both.

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not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. as vaccination rates near 50% in the u.s., there's some interesting alternative data offering a read on the reopening. data firm sentillo took a look at the relative performance of reopening stocks versus traditional stay-at-home names, for example, clorox versus dave & buster's the klline for clorox has come back down. look at netflix versus live

nation a similar trend for peloton versus planet fitness. some new wall street notes are also showing bullishness in names in the stay-at-home and reopening business stifel reiterating a buy on six flags calling it the most compelling name in their coverage, up 1.5%. grocery stores have an abundant supply of hand sanitizer some stores offering four for one specials and others giving it away for free sara, i bet you're snapping that up. >> i'm still conditioned to buy sanitizer and clorox wipes whenever i see it on the shelves. apparently i can just it for free let's bring in dr. scott gottlieb, a cnbc contributor

it's good to have you on a friday, dr. gottlieb the numbers continue to look better and better on cases, on deaths at what point in this country can we declare the pandemic over >> well, i'm not sure we're going to be able to declare it over i think we'll have a very quiet summer with respect to coronavirus spread and have to contend with it again as we head into the winter. right now we're at eight cases per 100,000 a day. the cdc calls low transmission 1 case at 100,000 people per day we're dropping a point every two or three days so next week we'll be around five cases per 100,000 people for day and as we get into june we might approach that one level. cases have plateaued in california i'm hopeful they'll continue to come down and we'll have very little coronavirus transmission as we get into the summer. certainly by june i think we're going to see that. >> a significant portion of the u.s. population, though, dr. gottlieb, is not vaccinated and

will not get vaccinated, that's a fact yet you're citing some numbers showing that the overall u.s. cases continue to come down. does that imply that we've reached some sort of herd immunity or close? >> we might be approaching it. we've now vaccinated close to 50% of the public that has at least one dose remember a lot of people have been infected. at least a third of the population has been infected my guess would be that the infection level among the unvaccinated population is probably higher because a lot of people probably aren't getting the vaccine because they knew they were previously infected. probably people willing to forego the vaccine are people out and about a little bit more. a little less concerned about it maybe because they're young and at less risk if you assume that it's more than that third and we've given one dose to around half the population, we're approaching pretty high levels of immunity and contributing to the decline in infection also contributing is just the

seasonality and people are being more cautious generally. people are more cautious about their interactions, so some of that is still having a downward effect on transmission. >> should we be opening up international travel more than we have? >> well, i think certainly with europe i think europe is going to probably experience similar trajectory to what the united states is experiencing right now. they're a little further behind on their vaccination last summer europe had very low transmission levels as people migrated out of cities into the countryside. i think it's going to be safe to travel to europe other parts of the world are a little bit more suspect. i think you can certainly travel to asia, but it's going to be hard to travel to asia because a lot of the asian countries are putting in place restrictions that make travel hard. south america, india right now, you're seeing parts of asia like thailand, infection levels starting to rise there's parts of the world that look more suspect than europe and the united states right now. >> prediction, dr. gottlieb, do

you think that we will ever have in this country another surge in cases tied to a variant that is resistant to a vaccine >> it's hard to tell so far every variant that we've seep, the mrna vaccines seem to cover it pretty well the experimental evidence on the indian variant also suggested the mrna vaccines cover that as well could these mutations combine in a new strain that reduces their efficacy of the vaccines perhaps. but so far the vaccines seem to be effective sometimes the vaccine efficacy declines to the 70% or 75% range based on some of the estimates, but that's still pretty effective. that's still effective enough that we have a high portion of the population vaccinated. it's going to be a backstop against those variants really getting a foothold in the population. >> what do you think about these ideas of global vaccine passports?

are they likely? are they hard to establish and should they be pursued if possible >> look, i think they're hard to establish, but i think we're going to see them in the travel sector right now in the united states, the impediment is that many people can't get access to their vaccine status in a digitally verifiable way that data is owned by these state jurisdictions and not every state makes their websites accessible to consumers. consumers might want to pull it into apple health vault. so we need someone to go around state by state and negotiate with the state's mechanisms and allow people to pull that into the app so if they want to use it, they can you don't have to use it and if you need to demonstrate vaccination status for certain settings, you should want access to that application. i think there might be domestic uses as well there might be circumstances next winter when the virus flares again where nursing homes might restrict visitors unless you've been previously vaccinated or hospitals might restrict visitors unless you can verify

you've been vaccinated so people will want to verify that they have been vaccinated i think it's going to be important. >> dr. gottlieb, a recent study in nature founding that a lot of vaccines protected against severe disease for years without boosters what is your guess at this point, because i know we're just looking at the data as we go, about how long these vaccines will protect us and whether we'll even need a booster shot >> yeah, it's unclear right now. but i think that it's likely the case that at least older individuals who have been vaccinated a year ago. remember, we vaccinated our most vulnerable individuals december and january, might need a booster. people who have been infected and antibody levels that they are persist over time, after seven or eight months you see the antibody levels decline in older populations to levels where you probably wanting to reinvigorate them or boost them.

vaccination probably confers better protection than natural infection so it's probably not going to degrade as rapidly as protection afforded by previous infection. but the best study is the danish landmark study and they looked at the population seven or eight months all, 65 and over is only protected 47%. i don't think you're going to want elderly individuals going into next winter without the benefit of being afforded a booster if they want to get it. >> dr. gottlieb, thanks for joining us good to see you. >> thanks a lot. we are slipping a little bit in this last couple of hours of trade. only up now 200 points on the dow. bitcoin, which we're keeping an eye on as well is now down but low 37k. coming up, some industrial names have pulled back as the future of the biden infrastructure plan remains in question we'll tell you the names to watch and new details on the

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seeing a little steam up now, the dow is up 200 points as we head into the final half hour of trade for the week. the biden infrastructure plan being changed.

>> reporter: sara, the white house has scaled back the price tag from $2.2 trillion to $1.7 trillion it's reducing spending on broadband from $100 billion to the gop target of $65 billion. leaving out some funding for r & d to be addressed in a separate bill the senate will take up and reducing the money for roads and bridges to move closer to republicans. but the white house spokeswoman, jen psaki, said that the president is not budging on some items that were left out of the gop proposal clean energy, the power grid, more money for rail. also worth noting, the new white house number is still more than double the republican offer of $600 billion back over to you. >> thanks for that update. something to keep an eye on in the days ahead. shares of deere moving higher today but a number of industrial names have pulled back over that infrastructure agenda >> deere hitting the ball out of

the park with profits surging 170% as demand remains strong for construction and agriculture equipment like tractors and combines interesting enough, shares of deere and other key beneficiaries of an infrastructure bill have come off their highs in recent weeks as the biden administration faces pushback from republicans on the size and scope of an infrastructure deal. you just heard about the white house's plan to reduce the size from $2.2 to $1.7 trilltrillion. i want to draw your attention to shares of united rentals trading well below all-time highs. and then honeywell and caterpillar are a bit closer to their recent highs but both tracking to ending this week in negative territory analysts say prolonged infrastructure talks is one of the reasons this group has underperformed in recent days. sara. >> seema mody, thank you. still to come, tech investor eric jackson gives us three

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just under 30 minutes left to go. oatly surging in its second day of trade at the nasdaq the company's ipo was priced at $17 a share and opened yesterday at $22.12. it is up about 9% further today. shares of ford also moving higher on momentum over its new electric f-150 lightning pickup truck. the company said in the first 12 hours it took in around 20,000 orders the stock up around 13% since monday, up some 7% today we want to take you live now to tim cook, california, where he is coming out of the elevator after having just testified as a witness in the epic games case against apple bringing on an antitrust case

epic the maker of fortnite we had the live shot. >> he looksed relaxed as he was on the way in. >> smiling. >> we don't know he was smiling. he had his mask on >> after defending the company of course over a serious case that could have reverberations for apple services and its app store. time for a cnbc news update with rahel saolomon. minnesota's attorney general will lead in the daunte wright case one attorney faced severe criticism for only charging the officer with second-degree manslaughter the attorney general's office is now reviewing the evidence and charges. kyle rittenhouse making his first in-court appearance. he is charged with killing two people in a protest against police violence last summer. the trial is set to begin november 1st and last up to two weeks.

a former fbi employee has been charged with stealing classified documents over the course of a decade a justice department official calls the amount of information simply astonishing. and a letter from albert einstein has sold for $1.2 million. it's believed only four examples of the world-changing equation written by einstein and the only one still in private hands you're up to date now. sara, i'll send it back to you. >> rahel, thank you. just under 30 minutes to go before the close here's where we stand in the markets, the dow remains higher, 182. s&p up a tenth of one percent. financials are the best performing sector. the nasdaq is down a quarter of 1% footlocker posting an earnings beat with same-store sales up 80%. up next the company ceo joins us first on cnbc with a look at

what's driving growth. check out bonds today, the 10-year hovering a little lower, around 1.63. factory activity rising to the higher in may in more than a decade 10-year yield very little change on the week we'll be right back. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

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welcome back bitcoin just touching session lows, down more than 10% now on the day, below 36k as you can see. it did dip of course earlier in the week briefly, that flash down to the low 30s. but as we stand, down 10% or 11% on the day for the week as a whole, sara, it is down a fairly sharp 28%. >> it doesn't appear to be having an impact on the major averages, though, as we go into the close, which is notable. something mike santoli pointed out. footlocker rallying today after reporting an earnings beat comp store sales surging 80%, even seeing growth of 2019 however they didn't give full-year guidance

joining us is footlocker ceo dick johnson great to see you. >> great to be back, sara, thanks for having me. >> clearly you're seeing a lot of growth as the u.s. economy opens up give us a little more color and why you didn't guidance if you are getting more visibility and more growth. >> we certainly have more visibility here in the u.s., but as we reported this morning, our european doors were only open 38% of the time that they could possibly be open in the first quarter. and while we've started to see some openings there, the vaccination rollout is trailing where we're at in the u.s. and continue to have less visibility as it relates to our european market so as we start to get more visibility, we'll get back to the point of giving full-year guidance, but there's still a lot of caution around the european market. >> what are you seeing so far this quarter in the u.s. market? is the pace of spending still as strong is it stronger

>> we don't give quarter-to-date information but a lot of the things that were good in the first quarter certainly will continue we've got a great product assortment right now we've got great hot launches our consumer is starting to get out and about, certainly in the u.s., which gives them reason to have a fresh pair of kicks on their feet as they get out and about. >> does it, though or does it take attention away from spending on goods and direct it a little bit more to services, as we are able to go out and make the most of reopening? >> well, wilf, i think for our consumer they want to be out they want to be where the action is but they want to look good when they're doing it. a fresh pair of kicks, a fresh fleece piece, new t-shirt, those are all part of their uniform. for our core consumer it's critically important that they look great when they're able to get out and about again. >> are you seeing any supply

chain disruption >> well, the west coast ports have freed up a little bit the backlog is still there, but as we've worked through the quarter, we've seen expedited freight that's been able to help us flow goods in they're getting to be a little bit more efficient in the port, so we're seeing them come back closer to normal but still a little bit of delay on the west coast. >> what type of footwear do you think people will be wearing in those businesses where they do fully go back to the office in the smartest of business lines where suits and ties are required >> wilf, i've been an advocate that you can wear a pair of sneakers with anything i've got multiple colors of sneakers that can go with most anything that i have to wear or choose to wear i think certainly the dressiest of businesses, people will probably go back to dress shoes but i think about our core consumer they're really comfortable in

sneakers and i don't see that changing quite honestly. >> wilfred is in sneakers and a suit i think he agrees with you. >> perfect. >> do that point, i know we always talk about nikes focus on direct-to-consumer are you getting the hottest releases in a way that you were ten years ago? are you getting the coolest new retro jordans where people line up for those releases in a big amount >> sure. again, the world is a lot different than it was ten years ago, sara. as nike is focused on dtc, we've talked about this before we can coexist in the ecosystem. while we don't want necessarily in a world of covid, even post-covid people to be lining up, i can tell you that the bot attacks on our website on the morning of hot launches and the people queueing to get those launches continue to be incr incredible we have a ton of activity on our websites and our stores on the

morning of launches. nike takes some of the product and moves it to their dtc and sneakers app we get the air force ones and things that are really moving the consumers. >> what's the hottest sneaker right now, and who makes it? >> well, it's a nike sneaker for sure right now the dunk is coming hard and fast. aj 1s and air force 1s continue to be incredibly hot really keeps that energy around those key silhouettes. >> dick johnson, good to talk to you. thank you for joining us on this earnings day. >> always, thank you thanks, sara thanks, wilf. straight ahead, nvidia jumps and barry diller sounds off on the changing landscape those stories and much more as we go into the market zone the s&p is only hanging on to a fract fractional gain of four points

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[ding] don't get mad. get e*trade and take charge of your finances today. ♪♪ 14 minutes left in the trading day. we are now in the "closing bell" market zone, commercial-free ac coverage of the all of the action heading into the close. mike santoli here and we also have shannon with us as well good afternoon, shannon. let's kick things off with the broader markets. the dow and s&p 500 were higher. the s&p just dipping negative moments ago. the dow still is up 0.4% the nasdaq is definitely lower, down 0.4%. mike, eyes on bitcoin as welch

as we said has dipped below 36k. whether it's that or not we are at the session lows with 14 minutes left. >> yeah, it's, again, a little bit of a kind of a low energy type backdrop here we've had a little wear and tear i think on the trend we've been falling out of that relentless rally mode a few weeks ago. i don't think there's been a lot of net damage to the overall market but it's been spinning its wheels as we contend with this idea of as good as it gets macro readings, some bottlenecks in the economy and not a lot of resumption of leadership in tech even though it gets oversold fright a lot of opposing currents right now. i wouldn't say bitcoin has had no impact it's just one of those reminders that we'll have mine blowups on the sides of what the equity market is going through but i don't know that it's a definitive driver of what's happening here. >> for a change, shannon, the

worst performing sectors were energy, industrials and materials and not technology the nasdaq is actually higher for the week have you been been taking any opportunities in some of these pockets of weakness we've seen to add to positions? >> we have we actually added to paypal this week a new position for us and we are thinking about barbelling our portfolio. we still like technology we like some of the compelling names in health care and we do like industrials even though they have had as you mentioned a tough week if you look out across the trade and look at things like energy, we've seen a lot of great gains in those stocks this year, they're just not as compelling for us in the back half of the year being air to barbell some of these cyclicals that we think will get a lift from an overall spend in the u.s. economy along with selective growth names we think is the right way to be positioned in some of this choppiness which i do think will persist the next couple of months. barry diller was on "squawk

box" earlier this morning and here's what he had to say about the media streaming landscape, starting with the at&t/discovery deal. >> the scrappy mr. zaslav and malone and the new houses get to control it it's certainly in better hands how could it have been in worse hands? disney is certainly going to do okay whether by the way when you balance it all out and say what they gave up and what they received from the middle man to what they get in direct is ever going to actually pay off, it may just be survival for them. netflix won this several years ago. they're the only ones who have the scale and the momentum to keep making these somewhat lunatic investments in programming. brian roberts and comcast have a route to all markets they have, i think, gone about this streaming thing smarter

than anybody >> barry diller on all the names. mike, one of the interesting comments is that netflix is the king and doesn't expect this new at&t/discovery deal to change that. >> certainly i think it's fair to agree that netflix is basically the incumbent in the new world but it's not entirely clear they are a world apart in terms of their capacity to spend on content i don't know that we want to take the $20 billion that at&t -- i mean warner media/discovery is promising as being completely comparable to what the others are doing. but nonetheless, i think what's interesting is that netflix, the stock, has been almost exactly sideways for ten months. people just kind of get what they are and everybody else is trying to aspire to it disney, it's fascinating what he says about that. i think it's true that world living off of cable affiliate

fees forever is probably gone forever but it's a bet on franchises and intellectual property that only they own. netflix is the new tv. disney plus is essentially where you're going to get the leading character franchises in the world. >> but i thought it was interesting, shannon, because what he was saying implicitly was whether the multiples will last forever and maybe disney, this is a survival move as opposed to fully in due course replacing potential lost revenues the points with comcast, our parent company, i thought also particularly interesting because he was commending the approach that hasn't been rewarded by the market on peacock and the fact that comcast offers a good hedge given whatever happens in the land landscape. >> well, i think it's the difference between where we were

at this point last year and where we are today i think any company that you put in your streaming basket at this time last year was seen as a winner because we were all going to be stuck in our houses and have engagement over the course of the next who knows how long so now i think there is a bit of differentiation in how you deliver the streaming model. i think that this deal in particular between at&t and discovery is interesting i wasn't all that blown away by discovery plus and i love content owning netflix, comcast and disney over time you do start to see some winners and losers. companies need to balance what the spend is i disagree on disney, i think disney has the opportunity to really grow disney plus based on their parks' cash flow which will come roaring back i'm not any more interested in discovery plus than i was prior to this deal announcement but i think there's going to be continued consolidation and we

should be very thoughtful about some of the synergies being promised. >> mike, i just looked worst performing s&p stock of the week, discovery, down 12%. why did it get such a thumbs down >> i think basically the challenges are right up front. i don't think it's about an implicit premium it's not the way the deal is structured i think it is much more of a reminder that you're getting a lot of debt put on the combined company. yes, they'll have the cash flow coming along with it but they're in the exact parts of the media industry, the entertainment industry, that is in secular decline. it's a matter of running fast enough on the other side to offset it with streaming those are the things i would say. although 30 is not really low for this stock it just had that crazy spike with the value momentum archegos

run and has come off of that. >> on this topic, tune in to "squawk on the street" on monday for david faber's exclusive interview with chairman john malone giving up a lot of his voting power but going to gain a large economic stake in the new company. shares of nvidia rallying today, the company announcing a four for one stock split january 20th this would put the share $150 post split the time to split is last year when you've got a nice run-up in your stock. >> that's when it was very trendy one way that it does functionally matter as opposed to being cosmetic and pr is in lowering the cost of smaller options contracts. options contracts are on 100 shares so if you care about refreshing the demand among smaller retail traders or really just coming back into what you would consider a more reasonable

share price, i get it. there's really no downside to doing it at this point also this isn't a company that necessarily has to do things like gimmicky things for fans. it's obviously still got great fundamentals as well but it's interesting to see another mega cap go the split route. >> do you like it, shannon >> i think mike makes a great point. so a couple of years ago i would have asked why with fractional shares coming in, but i do think there is a different sort of investor here and it's a different sort of investor that's very interested in companies like nvidia. so i think from that perspective you continue to fuel that interest i don't know if it really makes all that much difference to institutional investors over the long term, but i think in the interim these types of moves are likely to proliferate given the options interest. shares of amc under pressure after one of its largest shareholders sold most of its

stake. >> amc stock is lower after one of its largest shareholders got rid of almost its entire stake in that company. wanda america entertainment, the u.s. subsidiary of the chinese entertainment company wanda cut its holdings from 6.7% t to 0.002%. amc used to be owned by wanda. wanda executive lynn zhang is the chairman so there were questions whether he would exit that company this really took off around gamestop in january and is down about 38% from that all-time high guys, back to you. >> kate rooney, it has been a wild ride with that one. good to see you at headquarters. mike, i remember asking adam aaron about why wanda was trimming its stake and clearly that trend has continued is this still a meme stock >> yeah, you'd have to say it was a meme stock

amc was able to raise so much equity by selling shares it's clearly because it was a meme stock nobody was quite sure if in fact they were going to remain solvent frankly through the pandemic and the fact that the stock is down 30% from its high but they sold so many more shares that the enterprise value of the company is at an all-time high, that gives you maybe some kind of a hint of what that anchor shareholder might have been thinking how much more can you expect out of this? after all, nothing changed about the long-term movie going trends even if things go back to what we think is normal following the pandemic and the reopening. >> shannon, quick question on the meme stocks. is there a risk that they can derail broader markets or have we gone through the biggest threat that that sort of thing had to markets earlier in the year >> well, i go back to that period and i think that we thought this was going to

represent a real structural or systemic change in what we're trying to look at from an investment perspective now you look at what's happening with bitcoin although it creates the acknowledgement that there is some additional speculation given the ample liquidity in the market, i think we've come to expect the fact that with that ample liquidity could come pockets or bubbles and some volatility with it so i wouldn't say i'm fearful of it derailing, i'm more fearful that we get into a situation where we have less and less alternatives and that would really be driven by the fed an that's my main focus. >> just under two minutes left mike, internals, what are they showing us >> somewhat softness in the internals. if you look at the volume split, it's still to the positive side on the new york stock exchange it's a little more negative on the nasdaq but not dramatic either way pretty much befitting a relatively flattish day. it has not been that severely

lopsided take a look at the home builders etf. down close to 5% because of lack of supply out there this week. so that's one of those leadership groups that has been really flagging and consolidating for a bit. the vix has been sticking in the 20 area the last couple of days. we did that spike last week and early this week above 25 20 kind of qualifies as roughly neutral these days we're threatening to kind of pull out of that downtrend that we got into in the spring. we'll see if that changes next week, sara. one minute left of trading it looks like we're heading for a mixed close and mixed week there's the dow, it's up 116 points, well off of session highs. you have strength and contributions from boeing, goldman sachs, caterpillar apple the biggest drag on the dow. so technology is underperforming. s&p 500 is pretty much unchanged. real great strength in groups like financials, utilities and industrials today.

the weakness in the tech sector, consumer discretionary and communication services the nasdaq islower on the day by about half a percent but is the only one to actually close positive for the week and that breaks a four-week losing streak for the nasdaq actually higher on the week, lower on the day s&p 500 going out with a loss of about a tenth of 1%. this does make it lower for the week by about 0.4 of 1%. >> indeed, red on the screen for the s&p 500 on the session and the week at the close. welcome to "the closing bell." i'm wilfred frost along with sara eisen and mike santoli. as we just said, the s&p in the red at the close, down 7 basis points which is down 0.43 for the week as a whole. the nasdaq down half a percent but eking out a slight gain for the week as a whole. the dow is up but down on the week

sectors led lower by consumer discretionary and information technology coming up, tech investor eric jackson on whether the sector can bounce back after its recent turmoil and where he's finding value right now. shannon from boston private wealth is still with us and michael zin joins conversation as well. mike santoli, to you, first of all. what a roller coaster week it's been whether you come away thinking only half a percent of declines for the week as a whole or whether that's a negative, i guess it could be a lot worse. >> right and like a roller coaster, it basically brings you back to where you started after a lot of up and down. that's been the story the past couple of weeks. kind of a push i don't think anybody feels that confident whether they have it all figured out here, whether it's bulls/bears, tech/cyclicals there's a lot of churn that

we've seen treasury yields having been sideways really for months now they're not giving you much of a signal the inflation story kind of flared up and backed off a little bit and the markets did not get alarmed about it so i think a lot of things feel as if holding pattern, consolidating a big run and then figuring out what it means as we get closer to that point where we're going to lose some economic momentum. stimulus will wane a little bit, yet the economy will recover and bring the fed back into the conversation that's why i think we're stuck just a little bit here in this pullback. >> mike, is the market with the fed at this point in the whole transitory inflation idea or pushing back against it? it feels like this narrative changes every week. >> i think mostly onboard with it if you look at the way the market is set up but definitely with their guard up, that can change at any moment in other words, not really confident that the markets and other investors will have the patience that they believe the

fed will have in engaging in this whole conversation and this whole process. >> michael, what's weighing on sentiment at the moment? >> i think michael hit on a lot of the points. you had growth and value equally matched this week but not either being able to sustain a longer upward momentum play to michael's point, you had a huge massive upside to inflation trends last week that had been the motivating factor and the value trade growth, tech, health care, that's kind of been in a slight downward trend i think investors did find some foothold on support lines this week but not really enough to make people hoo feel like they're in a sustained long-winning trade what i think might be occurring here is some kind of peak enthusiasm about growth. what we may be left with here is kind of what we saw around the last earning season cycle. as we get closer to earnings

season, the second quarter earnings season, as we get into this june 15th to july 15th kind of preearnings season release period, then the market begins to find maybe a foot hold there as it anticipates stronger earnings i think it's going to take both growth and value working together at the same time to make the market go to higher highs. >> i think you're a value guy, right? are you still into some of the value sectors and cyclical sectors over growth, even though presumably the valuation differential has narrowed with a big sell-off in tech and growth in recent weeks. >> that's right. i think this year we've had many, many years of growth massively outperforming value, particularly since 2016. and so i think you are seeing this phenomenon of this massive high cap growth trade being somewhat of a source of funds for value. there's still a lot to like for

value but i think a lot of that has played out already as we anticipated a lot of this growth we do like financials, we do like industrials, we do like energy and materials, but i think tech will have a place for this remaining balance of the market and international too. i would say more than i can remember in the last five years, there is a case for broader diversification, because you are getting broad reopenings, but you're also going to have the specter of the federal reserve tapering, beginning to tighten, drain cash of the treasury all of those things are kind of anti-liquidity kind of regimes so that means there will be a crimping and secular growth will come back into play. >> shannon, stock choices aside, do you think the broad indices could continue this recent chop for most of the summer >> i think it's highly possible. we're really shifting from this main street versus wall street narrative from last year where

wall street seemed ahead of main street now we're going to continue to see relatively strong economic prints, although we will see some missteps there as well. and so if i look out over the course between now and say the end of august, you know, we're really looking to see catalysts for these companies that show that they're able to take advantage of this upswing in economic growth. i think it's going to be difficult for companies to post results that get people very excited because there is such enthusiasm about the economic reopening. so i think we do need to wait until the end of the summer and come back into especially the fourth quarter to really understand and differentiate between those companies that are just benefitting from reopening or whether they're taking that next step forward to take advantage of the capital they have had on hand and looking for those next companies, growth, sectors and industries for the next four years which i think

will be an uptrend for stocks. >> let's hit on apple because ceo tim cook just departed a california courthouse in the last hour after taking the stand in a legal battle with epic games, the maker of fortnite josh lipton with the highlights. >> it was a long three hours for tim cook on that witness stand today. he just wrapped up his testimony last hour. here you do see him, sara, as you pointed out, exiting the court house, giving reporters the peace sign maybe the most interesting part came at the end when the judge pep pered cook with questions. did they really cut store fees in half because of covid or was it from pressure from lawsuits and regulators cook explained the company's focus is on the user the app store has been an economic miracle and that competition in both mobile devices and mobile operating systems is fierce. the epic lawyers pressing cook

on the app store's profitability. cook explaining they do not break out profit and loss for each business unit investors are paying attention to this fight because if apple loses or is forced to make concessions, it could impact app store growth going forward analysts estimate that it probably represents about 30% of total services revenue at this point. back to you all. >> josh, thanks for that one iac chairman barry diller and snap ceo aaron spiegel were both on cnbc with different ideas on apple julia boorstin breaks it down for us. >> media and tech moguls taking opposing views on the issue at the center of this lawsuit barry diller, who has a range of apps in the app store, saying of the 30% apple charges an app, that apple overcharged disgustingly >> if you go through let's call it the equivalent of an app store, a credit card, the

transmission cost is about 2%. that's what credit card companies cost for putting up that whole 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%. i mean it's criminal >> but in contrast, snap's ceo evan spiegel praised apple and its business model. >> snapchat wouldn't exist without the iphone and the amazing platform that apple has created. so in that sense i'm not sure we have a choice about paying the 30% fee. we're happy to do it in exchange for all of the amazing technology they provide to us, in terms of the software but also in terms of their hardware advancements. >> snap's rival, facebook, criticizing apple's new system that minimizes ads

>> julia, thanks so much such a great debate and we await of the results of the court case in the meantime, shannon, what do you make of apple's recent pullback is it attractive and do you think there is a serious risk regulatory or otherwise coming from this sort of court case? >> i think the challenge here is what is the fair number. and to the point that all of these app developers are looking at a platform that we talk about apple in terms of their services this installed base is just seismic in size. and so if i think about it in terms of an antitrust or anticompetitive vantage point, what do we have this to compare to i think that there really is no equivalent and so i would say as an apple shareholder, i'm concerned in that i want to make sure that

there is nothing that can cut into that services revenue that is supposed to offset the lack of growth that we might anticipate over the next couple of years between handsets and wearables. that's really why you own the stock right now. but longer term i don't think this will upset apple's potential profitability and growth it's certainly not causing me pause in the near term. >> mike, one of the questions i have in this story is what does epic games really wanting here why are they doing this? the company just raised a billion dollars and was valued at $29 billion in that latest funding round so it doesn't appear they were hurt by apple are they just trying to prove a point? >> we've spoken to the folks at epic and they clearly have a little bit of a passion about this as a principle. on the other hand they would probably prefer not to pay fees quite as high as the app store

charges, especially when the popularity of your app gets to a certain threshold where it's not as if the app store is introducing it to people so maybe there's some kind of a graduated school that some apps enjoy. i guess this is probably what this is all about. you know, it's interesting in the sense that apple is now on a couple of different fronts in these adversarial roles with developers, with other apps, with frenemies >> shannon, michael, we have to leave the conversation there thank you both for joining us. have a great weekend, everyone. up next, investor eric jackson on why he is still bullish on the tech sector and the three stocks he thinks are most attractive right now. plus mike santoli looking at whether value stocks are still a value after ouerrmg tpfointhe broader market this year we're back in just 90 seconds here on "closing bell. so when something happens that could affect your portfolio,

you can act quickly. that's decision tech, only from fidelity.

the nasdaq lagging major averages today closing in the red. it has led for the week posting its first weekly gain in five weeks. joining us now, eric jackson, founder and portfolio manager at emj capital. eric, thanks for joining us. i guess one of the factors why tech stocks have pulled back of late has been rising rates and i just wonder big picture when you decide to buy or sell your investments, what portion of that decision-making is where

the discount rate is >> hey, wilfred, thanks for having me. absolutely it weighs on me and i think all investors because it's going to affect all stocks, obviously depending on if inflation keeps up here and that's the million dollar question that no one knows the answer to. so if we are back into a world of inflation, that's going to be bad for all stocks that's gravity to all stocks but especially so for tech stocks they're going to be the most affected by it the growth stocks have been the canary in the coal mine so far this year in terms of being pulled down by the threat of inflation. and so really the question here is, you know, are the lows in? are we going to bounce from here the remainder of the year, or are we going to see things start to roll over and affect other sectors as the summer plays out. >> let's talk about some of the names, first of all, that you

think perhaps are still a bit vulnerable before we get on to your picks and the ones you're positive on. what's your view on tesla at the moment and why >> so the growthier parts of the tech sector, and so i say tesla is there, i'd say several fin tech companies are in this category, several sas companies, the multiples of these companies, including tesla, are still very elevated to where they were trading at pre-pandemic and you compare that to a lot of the faang names, a lot of the older tech names, a lot of the ibms, the dells and those kinds of names those companies are trading actually mostly back pre-pandemic levels now. they have been cut back to the pre-pandemic in some cases like salesforce, they're at a discount to where they were trading pre-pandemic so it's not a one size fits all tech market. there are definitely some stocks

that look frothy i would say tesla falls in that category another one i'm short is square, falls into that category, so i do think you need to be cautious. >> you could have said that about tesla, though, so many times over the last year and -- the last few years, and the valuation never seemed to really matter neither did the so-called frothy market action. all the shorts got burned. why is this time different >> well, i mean the bottom could begin, sara, no question the one thing the bulls can take heart in is for a lot of these names, tesla is almost at this level, a lot of names have been cut in half basically from their all-time highs that's really unusual over the last 20 years for tech stocks. it's kind of common place, especially for smaller, growthier tech stocks to see 20%, 30% pullbacks 50% is extreme the really other times where it's more than 50% is the great financial crisis or the dotcom

bust so are you willing to bet that we are on the precipice of being the third event like that in the last two decades not sure the probabilities say probably the bottom is in and we'll see a short-term bounce from here. but it's all what are you comfortable in and the kinds of stocks that i am owning right now are ones where i still think there is either a fundamental mispricing if it's a growthier name or it's more of a value oriented tech name that i don't think people really fully understand yet. >> let's talk about some of those picks. one of them is salesforce. >> salesforce, like i said before, has a cloud hanging over its head because of these pending slack acquisition and integration. so it's now at a major discount to where it was pre-pandemic it's still dominating brand in the tech world it's the most mature of all the cloud companies. but it's still a fundamental

go-to, must-have product for most businesses. still growing extremely well they did get an upgrade from morgan stanley a couple of days ago and i think people are going to start to focus on it and saying, hey, you know, yes, it's a big acquisition of slack but it's a great product as well i think people will say this deserves to be re-rated higher. >> yeah, the price was what caused the most questions on that eric, two other picks while we have you upstart and sonos. upstart you recommended and it has done particularly well why stick with it and why sonos? >> upstart was not well known back when i mentioned it in january. i don't think it's still well known. it's an ai fin tech company that matches consumers looking for personal loans they are expanding into auto loans. they do it in a much better way than the traditional fico score.

even though they raised guidance twice this year already and the stock has had a great run, it's not even being valued at a multiple of a paypal or a square and it's a much faster growing company with a lot more opportunity that's not really priced in by wall street, especially into 2022 so i think it's just getting started. >> and sonos quickly >> sonos is more of a value play people thought it would be dead after apple, amazon and google got into the smart speaker space. now they're the kings. they're the ones that as people are -- the housing boom is going on, it's a go-to product people want in their house, whether it's home audio, smart speakers, what have you. they're getting into exciting new services and launching new products this year they have a big patent lawsuit there's going to be a decision on in august that i think will be a big catalyst for the stock and it deserves a higher multiple it's gone up slightly from where it was pre-pandemic but it's

still not like logictech and garmin. >> i guess when compared with some of the others eric, thank you. good to see you. >> thanks. >> eric jackson. let's send it over to mike santoli now for a look at growth and value stocks and how the valuations stack up, mike. >> yeah, sara, trying to inject a little nuance into the conversation this is the kind of chart a lot of wall street strategists have been sharing for a long time now. pointing out that value stocks, however you want to slice that category, still look like they trade at a pretty large discounting to the overall market and, therefore, by definition to growth stocks. this shows you a longer term look at this this is the number of forward pe points that value is trading at, at a discount to the overall market what this means effectively is values are 13, 14 times earnings, the overall s&p is 21, 22 fair enough. we've had a little bit of a comeback it does not seem to make up a lot of ground. but if you defined this as the vir

value pe as a percentage of the s&p pe, we're around 60% here and up here 70% or 75% my point is it's really just the overall market valuation has gone up a lot and that's why you have more multiple points separating value and growth. the other point is i've made the case before when value really outperformed after the tech bubble burst, a lot of that was because growth just crashed. so it came back to value as opposed to value surging so maybe a little nuance about exactly what the upside opportunity is there and now value is very decide ely momentum, so that is where a lot of the flows have been going, where a lot of the performance is this has happened before, of course it happened like 2011 into '12 and of course also after the tech bubble. so it shows you maybe why there's been this hesitation in the cyclical and value groups because they have had a lot of performance. while they are relatively cheap, they are maybe not as cheap as maybe think. >> mike, thank you very much for that existing home sales falling

for the third straight month we have zillow's president on whether the housing boom is slowing down amid higher mortgage rates. plus fubu founder and ceo da daymond john we're back in a couple of minutes.

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the housing market is on fire but supply is tight sales of existing home sales slid 2.7% in april, the third straight monthly decline, with supply down 20%. the strong demand pushed the median sales price of an existing home up 19% from a year ago, a record high now a new report out from zillow shows the time between listing and accepting an offer on a home is just seven days on average. joining us now, the zillow president. susan, thanks for joining us a brief glimpse on the data we just ran through what does it all imply are you getting concerned that pricing is getting a bit too frothy >> great to be here, thanks for having me back wore not concerned so a few things. one, the housing market has just been this incredible bright spot

during the pandemic, and we believe that vibrancy is going to continue. despite what we're hearing today about home sales, there are a couple of things we need to remember that are really important. one is we are still at record pace here for home sales we are on track to beat home sale volume from 2020 which was at a 15-year high. back to the supply and command piece, we're starting to see these signals of inventory listings creeping back on, which could signal this rebalancing of supply and demand, which would be welcomed. >> so what is the outlook on the supply side? do you think it can catch up in the short term or are we quite a long way off of that happening >> yeah, i think it will take some time, but again we're starting to see those signals. buyer demand is still really persistent we're seeing this great reshuffling as we call it.

people are on the move they have reasons they need to move, they want to move, they have to move and so with that compounded by these millenials who are just getting into their home buying time, we're going to see it keep going and that balance keep shifting. >> specifically, susan, what are you seeing in the big cities as they have been the last to open up but are now starting to open up, new york, l.a., chicago. is a migration reversing is it coming back in any way that matches what it was before? >> so it is certainly coming back activity is looking really good. new york is a great example of that lots of rental activity. days on market is coming down significantly from where we saw it people are swooping in so it still looks different than the rest of the country, but as offices start opening, people are expected back at the banks and the law firms. i think we'll continue to see people come back and post

vaccination look for that city vibrancy. >> what are the hottest cities that really jump out to you at the moment >> we're still seeing like these mid-march -- mid-sized market cities, so columbus, ohio, cincinnati, even some places in the sun belt and what that is, is this real desire to have a metro, but then the suburban rings outside of it, so people gravitating toward the conveniences of a more urban area but still being able to have a yard, a larger house that they wouldn't be able to get in a true city like new york or san francisco. >> cincinnati is hot, hot, hot i do know about that susan, if you're not seeing any signs of peak housing, what do you think is going on with your stock, which is down for the year it's doubled over the past year, but has lost some momentum lately. >> you know, we had a great quarter. we did $1.2 billion in

consolidated revenue we are founded on innovation and we always have our eyes on the horizon. we're moving towards this one click nirvana and we just see so much potential we are super bullish we're in just a great position to capitalize on this idea of customers coming to us to help them with their move, no matter whether they need a loan or they need title or they need to buy, they need to sell, they need an agent. all of those pieces, we will be able to help them move we just feel great about where we are. >> do you get in any way nervous when you do see mortgage rates tick up a little bit and rates rising further the rest of the year >> yeah, the mortgage rates, we're still at these record lows and so there's a lot of room still for them to rise and still be, you know, low historically the other piece that's really

important is back to the millenials and why are people moving and this great reshuffling. they're moving because they need to and they want to and then that really outweighs the mortgage rate as well. >> susan, thank you for joining us really good snapshot into housing. good to see you. >> sure. thanks for having me. bitcoin has rallied 300% over the past year, although it has fallen more than 30% this month. now one hollywood actor and financial author is sponsoring a bus tour to build crypto knowledge and wealth in communities of color details on that story coming up. plus what you need to know ahead of another very sy wbueek for earnings "closing bell" back in a moment.

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that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. welcome back here's how we finished the session on wall street, slightly lower for the s&p 500. down 0.5% for the nasdaq the dow did hold on to gains of about a third of 1%, but well off its session highs. for the week as a whole, s&p and dow slightly negative. nasdaq slightly positive. time for a cnbc news update with shepard smith >> here's the news at this hour. another state announces the lifting of the mask mandate. new jersey governor murphy is set to announce monday that the mandates in his state will go away next friday, just in time for memorial day new jersey is one of the last states on doing away with mask

mandates for the vaccinated. danny masterson, the actor in "the 70s show" will stand trial on three counts of rape. a los angeles judge made the decision during a fourth day of a pretrial hearing that included three women testifying masterson raped them in 2001 and 2003. he denies the charges and said the encounters were consensual. more video published today by the associated press of the deadly arrest of ronald greene it happened in louisiana two years ago. police arrested him following a high-speed chase this newly released footage show louisiana state troopers repeatedly tasing, beating and dragging him while he was handcuffed a long, secret autopsy report also revealed by the a.p details on the ultimate cause of death plus use of force experts weigh in tonight on the news, right after jim cramer, 7:00 eastern on cnbc. >> shep, thanks so much. we look forward to it. up next, fubu founder and

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welcome back retail earnings season is officially under way and results are largely coming in above analysts' estimates. really strong sales growth the xrt has seen gains of 40% so far this year as more businesses open and return to a new normal. joining us now by phone to discuss the changing face of retail is daymond john, ceo of fubu and shark group it's great to talk to you. one of the questions einvestors are asking executives on the call, is it more than a short-term boost from stimulus and reopening and that pent-up demand what do you think? >> thanks for having me. i think it's definitely more than a short-term boost from stimulus i think there are incentives to support local restaurants, obviously, so what are you going to do? you're going to invite friends for the restaurant and everybody has to get dressed up. summertime is coming around and

look at all these people that are migrating, going to other places now they have to go shopping as well so i see it out there and the sentiment is great and people are spending money. >> do you see this labor shortage that we hear anecdotes about from the retail and restaurant industry? is that something that's affecting the businesses that you're involved in in some of my restaurant businesses it is because somebody could have stayed home and made more money than working at the restaurant or equal, they're taking advantage of that but i also do see that a lot of people are trying to open up their own businesses you know, it spiked in 2020, 24% up of new business applications. that's 4.5 million, you know, that went into opening new businesses in 2020 because they probably said i'm working on somebody else's dream and they weren't able to keep me employed and now it's time for me to work on my own dream. >> is that something that trend you're universally positive about or are there any words of

caution or advice you have for early stage entrepreneurs? >> there's always caution on educating yourself i'm not the type of person to say burn all your bridges. listen, i worked at red lobster five years while getting fubu of a t-- off the ground. you can literally start your business from a laptop or a phone these days, other than trying to open a structure or open a place of business such as a traditional retailer so there's a little bit of skepticism and a little bit of it's easier now than ever before. >> one question i have about these new businesses, and small business as a whole, daymond, you're seeing big businesses really taking steps to raise wages. under armour, mcdonald's last week does that put pressure on the small businesses can they boost wages at this time isn't that a huge cost >> well, i don't think so. i think it's the right thing to do i think that the labor force,

you want good talent there's a lot of talent out there that's available i think that is the right thing to do is to boost wages. i don't think that it hurts small businesses a lot of small businesses as i already said, they're doing it virtually and digitally and they have a lot of margin they have got to be careful about the first people they hire they need to know that it's a true investment but they're also going to get good talent that's recently been available. so i don't think it's going to put much pressure on them. >> what's your outlook, particularly in the summer, particularly under reopening as to whether consumer spend does shift meaningfully from goods to services >> well, moving from goods to services, absolutely i think that people will want to get out there and enjoy the quality of life that they were used to having or maybe they said that they were not enjoying life as much as they should and they're going to want to spend more time with loved ones and experiencing things. that's i think that services are going to be in high demand

everybody is saying we're going back to the roaring '20s and people will want to get out and hug people, kiss people and be with family and celebrate life that's a lot of services. >> i don't know about hugging and kissing yet. -- >> i'm talking about your family. >> yes, hugging and kissing family, 100% so, daymond, within this very bullish outlook you have, what's interesting to you what's exciting to you when you think about the investments within retail and restaurants as we are seeing this great comeback >> i'm really excited about the travel industry right now. i think that as i just previously said, that people will want to travel and going to want to experience and i think the travel industry will really see a massive boost as well as med tech i'm seeing a lot of things happening in there people are more conscious about their health we've all been a little scared or a lot scared, and some of us have even lost people unfortunately, and people are taking more care of themselves

as well. >> daymond, great to see you thanks for joining us. >> all right, thank you. >> see you again soon. bitcoin prices falling, under 40k earlier in the week, rattling some crypto investors down towards 35k in fact as we speak, briefly below that level earlier in the week. but hill harper says he wants it to fall even further find out why, next

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hill harper is hitting the road and making a major push to try to spread the word to investors of color frank holland here with us. >> 10,000 fractional bitcoin shares will be given away during a bus tour that hill harper has launched for his fin tech, the black wall street. he is advising people of color to dollar cost average to bitcoin. that tour made the argument bitcoin's 25% rise in 2021 makes it an ascending asset as opposed to the dollar that's basically flat on the year >> we want to show and prove by giving free money away, and say here's where they will sit

this is how you can access them. this is how you can move them around we want you to dollar cost average into this asset class. it's important to do that by me putting my money where my mouth is >> bitcoin adoption by investors of color is already on the rise with black and latino investors more likely to hold the cryptocurrency according to a recent poll. wilf and sara, back over to you. >> frank, one wonders straight away about the risk of this as much as the positive trends behind it. is he attaching a lot of disclaimers, a lot of warnings with this advice when he gives it >> yeah, absolutely. he's trying to tell people that if you want to invest in bitcoin, that's part of your strategy that you want to add it to your portfolio, that it's a long-term investment because it obviously is very volatile i think we're seeing that today with the fall of bitcoin today. >> i wonder if there's an argument, frank, that bitcoin and enthusiasts have made that it helps with communities that

have been underrepresented in the banking community at large in america and whether it opens up possibilities that way? >> yeah, absolutely, sara. we had limited time for this story on this version but one of the things harper pointed out, previously when he lived in nowhere, he would try to hail a cab and would have difficulties. but now it's uber and the car shows right up it's very similar to bitcoin and digital currency it doesn't have any of the systemic problems that you might find in banking or venture capital. >> very interesting. frank holland. frank, thank you. up next, big banks and a full rundown of what we're watching as we head into a fresh trading week. may is asian-american and pacific islander heritage month. we're spotlighting people and here's a familiar face on our show, tom lee. >> being raised as a second generation korean really did prepare me for my career today

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let's take a look at how we finish the day on wall street. we were higher on the dow by a third of one percent and well off the session highs up 123 points s&p and nasdaq both lower on the session as we've been discussing for the week as a whole, nasdaq eeked out again and other major indices did not. now to our wall street look

ahead, one key event will be bank ceo's testifying before the senate banking committee on wednesday. there's more earnings on deck, including nordstrom, work day. salesforce best buy gap and more don't miss we have a special summer unmasked series all next week we'll talk about the reopening with the president of live nation and ceos of hyatt -- hawaiian airlines all sectors set to benefit from the reopening looking forward to increased demand mike, what will you be watching heading into next week, after a mixed week, bitcoin was front and scenter and a lot of volatility. >> one thing to keep in mind with the swings in bitcoin it does trade all weekend you have to have in the back of your mind that it can be

whipping around and stock markets and financial markets don't have an opportunity to react or not until monday. that's one thing that maybe has people slightly apprehensive though the market shrugged most of the crypto stuff this week. on the inflation front late next week we have a batch of economic data including the pce inflation gauge out of the government. that's obviously what the fed looks at i don't know if people are expecting it to be necessarily a massive market mover because we've seen cpi and expecting hot numbers but it will inform the whole debate because it's what the fed target is based on for inflation. i think that's one thing to keep in mind in addition to the retail earnings which will tell us how april played through. >> yield have settled back down to the low 1.6 after being at the high 1.6 handle and mike as you said on bitcoin it's down to the low $35,000 at the moment. continuing to trade of course since the market closed. as for market leadership, mike,

are we kind of looking to see which is going to pick up the cyclicals after both now starting to have a bit of a pause. >> yeah, it's pretty different right now. i think it really is okay that you don't have one group carrying things. but at the same time i think a lot of the cyclicals have, you know, big moves, commodities ar pulling back off the highs, yield haven't the done anything, therefore financials and materials have a tough time building on recent gains while we have seen big tech, especially semidconductor respond pretty positively once they were out of fafrp and over solded doesn't seem as if they will be the group to put everything on their back and rub higher that's -- run higher that's the mix we're in. doesn't always have to be a clearly defined leadership theme but that's what we've got everyone used to the rotation is still working but slipping along the way, not acting perfectly in a way to keep the index marching higher.

>> i will watch as well, the retail etf, not a big surge this year but get earnings from gap next week, and best buy, and reaction overall to retail this week wasn't that great a lot of this was priced in and the outlooks are going to be the most important thing. >> a lot to focus on next week have a lovely weekend. that does it for "closing bell." "fast money" starts right now. i'm melissa lee, this is "fast money" tonight's trader lineup karen finerman, steve grasso, james mcdonald and nadine, big break down on crypto collapse today power traders are playing wild move plus cook gets grilled, after landmark anti-trust trial what it means for investors and chartmaster sounding at lamar on the u.s. --s alarm on the u.s. dollar starting with monster truc