omo good afternoon markets are hanging around near all-time highs today airlines, orel travel stocks are heading higher we will get a check on the reopening of america with our friend tilman fertitta. >> and during this period of timing healthcare, a company that can monitor your heart from across the room. >> and bill ackman the internet is dying to know his secret

"power lunch" starts right now we begin this hour with the markets, stocks have turned negative, but still hanging around all-time highs. it's the reopening trade leading the way today. bob pisani has more. bob? actually right at the open a little disappointing, but a lot of agreed volume today royal in alaska, they'll be selling there, but good volume in the airlines delta and american have a good day. when will quiet le, big mess acentering, bank of america, all 52-week highs today. it's really on the reopening

story. here's a group i isle bell you didn't think would you hitting new highs. >> reit index is at a new high, and. avalon, camden properties, those are two of the biggest apartment owners, and cbre, this is the old coldwell banker. it's a commercial t. and realogy holdingsle at a high gold has been doing nothing all year the last month it's just been roaring up. maybe some alternative place to say go with people who weren't happy with the bitcoin volatility right now, but we're right here a high for the year guys, thanks for you. >> let's talk about consumer

conferred. it is still nearly as high as it has been since the pandemic began. as you see right there, up about a tenth of a percent and our next guest thinking the strong consumer will be pushing higher russ, welcome, good to have you with us. >> thanks, tyler >> it loose like there's a lot of pent-up demand is there anything in the way of this consumer rebound that you can see? >> yeah, you can always find reasons why the consumer struggles a bit, but i think the reality is u.s. consumers are arguing they're in the best shape they've been no decades. we estimate there's somewhere between 5 and 6 trillion dollars

of excess savings with global households a lot of pent-up savings here. we have household wealth relative to income at all-time highs. you have a consumer with the wherewithal to spend people have had more than a year where they've been restricted, mobility is picking up. >> so let's talk a little bit about what you mentioned there we keep hearing practically every day about major companies increasing their minimum wages and so forth does that concern you at all from an inflation standpoint

often wage growth is a main driver, if not the main driver of inflation. >> it does concern mer, but i think ear talking about a longer phenomenon the last decade, it took ten years and the unemployment rate to get to 3.5%, before they really started to see the type of increase in wage growth that a lot of policymakers were looking for. more economic terms, that philip curve that many people talked about was much flatter over the lost term, if wages go up, there's inflationary pressure, but even there it's a different economy from the 1970s or '80s. the last time for sustained inflation, one was lower union membership, particularly on the private sector side, and some pretty powerful disinflation forces in the form of demographics, and all of the disinflation between technology.

that was very prevalent then it's largely tied to a slick cyclical bounceback, industrials, materials, you have made the argument there. are there particular names you want to mention or say, go in, buy a basket of these and be happy? >> i'll meet you halfway >> i do think it is about finding the parts of the market that are most geared to that expansion. what does that look like manufacturing, we'll see mo on shore, parts of transport, the more cyclical parts of materials such as the miners, the financials, as you pointed out, they're doing really well. we like the u.s. banks, european banks, even within tech, tech is a cyclical sector. parts of it is very defensive. online retail, because they were the state at-home plays, but there are other parts of tech, whether you're talking about

payments that are geared to consumer spending. semiconductors, where you're also going to benefit from this very -- and quite honestly we're experiencing today. >> russ, always great to see you, thank you very much. >> thank you, tyler. kelly? moderna shares are climbing on news that the vaccine is 100% effective in teens our meg tirrell is here with us with the latest. >> the company saying they're going to file for regulatory clea clearance. in early june based on the data from the trial they looked at kids, more than 3700 participants in this trial, which met its goals, showing efficacy of 93% to 100%, depending on how you were measures 93% was after one dose no significant safety concerns were identified. we had already seen it was 96%

effective at an initial look a few week action, so this is updated data to allow them to file for regulatory approval pfizer's vaccine is already on the market to kids down to age 12 we learned in the cdc in the first week it was giving to 600,000 12 to 15-year-olds, and we have a timeline from pfizer for younger kids, down to age 2, expecting data in september, and in november, data down to six months moderna also testing its vaccine in kids that young throughout the course of this year wield get more data on younger population for these vaccines. >> what do we know about side effects? >> as of right now, the profiles look very similar to what we see in the adult studies, so while there is some side effects after the second shot that can make

you feel crumbmy, there was nothing different. as you now about the myocarditis, as of now it does not link the events to the vaccine, but the cdc is looking into it and telling doctors to be aware of it. >> thank you, meg. coming up, cnbc unveiled its disruptor 50 monitor and shake shack shares -- saying that fast -- higher today, after not one, but two upgrades. why wall street is bullish on burgers.

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welcome back to "power lunch. analysts at goldman sachs and w wedbush viewing it as a buying opportunity for shake shack. the stock is down more than 15% for may.

kelly, back over to you. >> cn. is also unveiling the disruptor 50 list, poised to become the next generation of billion dollar businesses. coming in at number 26 is nateera. it's completely contact free it can reduce the need for a caregiver and measure vital signs through clothing let's kell wonderful in the founder and ceo. congratulations. explain how you can track things like heart rate from across the room. >> thank you for having me essentially what we are doing is taking advantage of science that was developed at the point of the century, in 1920, where heart pumps and lungs are activated, we have some mechanical signs going through our body microskin motions,

into, hard functionality, blood pressure, bio-i.d., that are being a lot of value, and mostly stress-less, so think about today, we have cell phones, we can talk over the phone, we can put our phone on the mattsh to avoid wire, but here, when we talk about humans take off clothing, and we are going to change them talking about completely stress-less way and the insights of what is happening to them.

>> i didn't realize you were the former ceo of mobile eye i can see some of the applications you're speaking about from that world now into the world of healthcare. what would this do -- you mentioned some of the conveniences like having to not undress. where did this go? >> anywhere. as one customer said this should be every end north you're in contact with any potential think about hospitals. today with covid people are coming into hospitals. before they step in, they can be tested outside -- and some machine that can detect, or finding emergency level, going to sleep at night, something is monitoring over them think about the average citizen

who wants to be monitored. instead of wearing a wearable, he has something that can look at him in bed or whether he wall street watching tv the combination, we can see the trends changing, or the functionality, heart rate and other aspects, and that gives these positions the ability to understand and treat and define the care in a better way that is best for the patient. >> my final question is, a lot of us have been frustrated by our experiences with the healthware system, whether it's the technology in the room you're describing, obviously the insurance, the costs aspects of it, the lack of transparency, the layers of regulation, the way it's carved up in terms of who can even access care what would you say, and a lot of the entrepreneurs coming into the healthcare field

could this hobby to accelerate the pace of play, so we're looking at a better experience in a three to four to five-year time frame >> absolutely. >> it's more simple to administer and monitor% it will help to change some of the mindset we see we have a very large project with nephrology, and you can see if a patient can crash or something that happens at home or in the clinic when he's undergoing dialysis. a lot of the questions are we're asking, who cares? who is pay fog it? who's going to benefit the patient is going to benefit. we need to change our mindset that we are not only giving better care, okay, but who is getting better care? i think at the end of the day, that's how we'll built, in that

respect. >> absolutely. isaac, thanks for joining us. >> thanks for having me. >> for the whole list, you can go to cnbc. still ahead, new york and new jersey taking massive steps, how vital is it for the economy. we're going to talk to tilman fertitta all this and more, coming up. which stocks will benefit most airlines, cruisers or online bookers? we'll be right back. if you wake up thinking about the market and want to make the right moves fast...

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> . the federal government still requires the traveling public to wear a mask on public transportation it's possible to four your mask. >> i do it all time. crypto is poised for a decline. you can see the comments at cnbc.com/pro. amc up 22% this.

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the markets have turned low are. let's go out to energy reporter pipa stevens for more. >> hey, kelly. moving between gains and losses today in a pretty tight trading range, wti crude futures currently down four cents. brent crude advancing about 0.1% to $68.55. now, it is the first down dade for wti in the last three, and while it is still a small move, traders are point to go a number of tailwinters ahead and falling covid cases, a seasonal buildup heading into memorial day weekend should lift sentiment. later today, weekly oil data from the petroleum institutes as well as official numbers out -- that no doubt log market moving. thank you, pippa >> to the bond market.

rick santelli is tracking the action at cme. >> tyler, everybody is talking about inflation, very nervous about the pricing pressures, but interest investigates, especially sovereigns are easing back if you look at a two day of tens, it's gaining momentum, and a very important technical area. if you open up the chart for one month, yes, you've got it right. we are right on pace if we close this to be closing at a one-month yield. if you look at the nasdaq, the most sen tiff lately to movements and interest rates, it's unbelievable every tick almost seems to be the indirect relationship rates up, nasdaq down, vice versa, but in the big picture, many still believe the direct correlations are important what are you going to hedge stocks with otherwise? currencies the dollar is not doing well against any major currencies

the commodity currency, the canadian dallas is at a six-year high, and the euro versus the dollar, close to the lows of the year on the dollar side, and not too far away from the lows going all the way back to 2018 tyler, back to you. the u.s. hitting a major milestone today. 50% of all u.s. adults considered fully vaccinated, of the top five pennsylvania plans for fully reopen memorial day, california by june 15th, new york has not announced a specific days, but most capacity limits and curfews have been lifted these five states contain about 40% of the country's population, setting us up for maybe a roaring summer for more and how it is affecting his businesses, let's bring in power player and friend, tilman

fertitta he's a "new york times" best-selling author. what doesn't he do welcome. how is the reopening of these various states, including new york now, including new jersey for which you've had bones to pick in the past, how is it turning up in your business? >> well, it's amazing, but business is coming back. it's really coming back strong in certain parts of the country. new york is lagging some, because you don't have the tremendous tourism from around the world, and you don't have all the conferences and conventions, but if you just start tacking about your transient person who is out there spending money, there's so many trillions of dollars out there that people are spending money. you're transient business is up, business and convention business and tourism is down. on the east coast. around the rest of the country, business is really good. >> does that include in, for example, las vegas, maybe

houston? does that include some signs that those business travelers are coming back and business -- presumably later in the year >> you know, this is really interesting, tyler vegas right now is as busy as it has ever been, okay? >> wow. >> there's so much spendable income out there my las vegas golden nugget will have its best month it's ever had in its 75-year history it's not conferences and conventions. it's all the people that have been locked up in california and arizona, and all the surrounding states, including texas, including new york there's trillions of dollars that have been in their pockets. there's so much stimulus money out there, that people are using it for entertainment right now the reason that people are out, they want to spend money, they

want to get that entertainment that they missed last year, and they're all trying to get it in right now. the question is, how long does it last? >> let's talk a bit about two things that are showing up on the radar screens of many businesses one is the inability to attract labor. talk to me a bit about that, whether you're having trouble finding workers, whether you're having to pay them more to attract them, and to what do you attribute it >> well, part of it -- and we all know this. i think i was probably the first person to say it four to six week ago, that the stimulus is killing us, in the sense of that extra $300 a week. this is really one of those situations, where if you're a business guy like me, i love the stimulus, and i hate the stimulus everybody is getting the extra $300, people aren't working, so they're going out, having dinner, going to the casinos,

but at the same time i can't find employees, they're spending all the money with me. it's one of those balance acts that, what is good and what isn't? what did the country do to fix the issue and help businesses? they crammed money to every american out there, which is great, but at the same time we're truly, truly struggling. that's what's causing a lot of your inflation right now, you don't have the workers remember, you have to slaughter at least 660,000 cows a week to keep up. if you're only slaughter 620 are -- or 630, beef is up. that's why everything is up, every product there is. >> one assumes that supplemental unemployment insurance will lapse, as we get to the fall, who knows, there may be some push for more. there inevitably will be, but whatever are you finding that the workers you're having to pay more to attract workers, and is that

going to be one of the engines of inflation >> it is one of the engines of inflation. it's truly happening right now there's all this talk in congress right now to raise the minimum wage and raise the tip credit you don't need to capitalism is working right now. every sing the business out there is outbidding each other for hourly employees, manager. i'm having general manager who are getting ridiculous offer right now to go to work for other companies, okay? i'm stealing people at ridiculous numbers so let capitalism work let the government stay out of our business and everybody will be better off. >> you certainly do see more and more businesses, promcdonald's all the way up to the bank of america, they're going to raise their minimum wages for their

lowest paid employees to either $15 or $22 or $25 eventually, so it seems the market is raising those prices let's talk about inflation you mentioned beef costs, where else are you sealing inflation in your formulas >> you know, i'm going to just give you some statistics from '19 versus today just raw costs beef is up 60% ribs up 100% corn, which is the driver for everything -- that's how you field your cattle, your chicken -- is up 60% all crab meat is up 50%. so why is crab meat up people have been locked up they're out splurging today, what is a delicacy, lobsters,

crab meat, steaks. that's what happening now, but also because of home delivery, chicken wings are so damned expensive right now. it's crazy the consumer is making more money, but they're having to pay more for it right now when you go to a restaurant, because costs have risen so much, from a product cost and labor cost. the consumer is making more, but this is capitalism, just let it work itself out. the trump administration, the biden administration did the right thing. they put money in people's pockets, let them spend it. >> obviously there's demand, and then there are the supply for these commodities. that supply will have to catch up with and equalize ize the dd meantime prices are going up how much are the price increases are you able to pass on to the

consumers? the steak i bought in 2019 is now selling for what >> $49 to $52. that's the way it is it has gone up across the board. we keep a record, we do research, we get other people's prices and monitor their price increases over the years, 100 competitors in all different aspects from seafood to beef to italian, on and on everybody right now is having to raise their prices it's not to make more money, it's just trying to stay there, compete, compared to what you paid just two years ago. >> and keep your margins where they need to be. you and i have talked throughout this pandemic, a long time, and you have our sherpa guide through it in many ways. could you have imagined last summer, or roughly this time last year, that you would be

dealing with an economy, a consumer that was so willing to spent in part because of government stimulus, but so willing to spend, really wanted to get out there and put money into the things they enjoy doing. could you have imagined that >> you know, it's funny. we had a meeting last night kind of forecasting, looking out, at 7:00 we all scratched our heads, looking at our base case, our worst case, and where we would be this year at this time and where we were going to end up in '21. we all are in total shock right now. you know, everybody looks at the stock market right now, tyler, and how high it is the problem is the earnings are going to keep coming right now so the stock market is not going to correct until companies stop

making the money they're making. the foreseeable future, the second quarter, the third quarter, i don't see the spigot coming off i think all consumer businesses and all manufacturing is going to continue to go nuts think about lumber alone, because there's so many houses, and now lumber is like three times what it was a year ago lumber there's not a product out there that makes this country click -- corn and lumber are outrageous, and it's strictly supply and demand of capitalism. >> good to hear some good news tilman fertitta, always good to see you. have a good memorial day weekend, sir. >> thank you, sir. enjoyed that still ahead, we are tackling the travel trade, most names climbing with the kickoff of summer just days away. which stocks are the best in this space

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welcome back to "power lunch. travel stocks are some of the best performers in the s&p 500 at this hour shares of the cruise lines higher as sailings for alaska gather pace. airlines also a standout as bookings rite. with demand improving, what is the best way to get exposure to travel we have our trading nation team here today steve, a lot of the travel names are already trading at pre-pandemic levels. rally today temporary? >> we think there's ways to go the last segment with tilman fertitta touched on it

you have savings, we've got locked in our homes staring at screens for the better of a year so the answer is all of the above. it's airlines, it's casinos, it's cruise liners, restaurants. it's really the whole group of them what is critical, because you are facing price pressures, and you do have capacity -- you want to go in with thoughtful -- the ability to have efficiencies, pricing power so they can benefit, and gain share. that's where we're focusing our efforts. >> daniella, you have your eye on the cruise lines, which are pricing in a recovery, but we should remind everyone they're still sitting on a lot of debt. >> yes, they are still sitting on a lot of debt honestly i'm surprised some names have made it thus far, but they have. at this point we are going to see cruise liners start to sell

again. you've already seen airliners come back pretty close to pre-pandemic levels, but the cruise lineser are still deep down i think you have about $30 to $40 up side, and with these in particular, the at the money call options are cheap you can go out into january 2022, or even january 2023, and buy some at the money. if you're looking for it to rise to pre-pandemic levels, you have quite a bit of upside. an options strategy, i like it. for more, follow us on twitter and head to our website. tune in with "closing bell" in just a moment they'll be speaking with frank del rio around 3:00 p.m., and then mark hoplamazian. big ackman has been

promising a deal for months. when could it come and what could it be we'll discuss that, next. >> announcer: now the latest from tradingnation.cnbc.co

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welcome back to "power lunch. let's get you a check on the home builders at this hour and the etfs that tracks these names. it is tracking for its best day in nearly two weeks now. home builders have lagged this may with this fund in particular tracking for its first monthly decline since december but the big jump in home prices according to the home price index this morning helping that group overall with names like kb

home, lennar and toll brothers are all moving higher. toll is set to report earnings this afternoon after the bell. we'll look at how they are navigating the tight supply environment and high demand market, kelly. back over to you. they are hoping to close the deal for a million dollar spac and the reddit forums are dying to know. let's bring in leslie picker with the latest for us. >> yeah, they're clinging on every word here. it's one of the most closely tracked spacs on reddit. it has its own reddit forum under psth with more than 13,000 members. today's daily discussion already has 2,000 comments the conversations range from detailed speculation about what the target might be. many members have coalesced around the idea of a stripe or a bloomberg, although i have no reporting to support that notion that he's negotiating with

either company pershing square has declined to comment, of course there are also some pretty entertaining memes as well bill actman as wonder woman, with subway footlongs, one for each day that goes by without a deal announced so you can pick your favorite and pick the day the creativity is fierce nonetheless. the speculation is enough to drive the spac price well above the value of cash held in trust, about 1.5 times net asset value. you can see there $25 a share. so investors in pershing square were clinging to his words on the investor call where he said he started working on a transaction in early november noting they have done their homework on the deal, they like the business, like the management team. will work to get it done in a matter of weeks. if they can't get the deal done, they'll move on to target number two. he'll make an announcement if his first choice doesn't happen.

it sounds like it's a matter of weeks. >> it sounds like if you are the ceo of a lot of these companies, you can getting endless pitches from all of these spacs because they all have to make big acquisitions it's actually putting the companies in the catbird seat. >> what's interesting about this one is the size. it's 4x the next largest spac. it's $4 billion. he has an additional $1 billion he can put into this deal to make it work, so we are looking at a very, very, very large company. so the universe of large companies to acquire is not one that's tremendously large so his supply of targets is very small compared to most spacs. >> if you invest -- this is the classic case where you're betting on the jockey, right >> oh, yeah. >> let me mix my metaphors i think of bill ackman as a guy who hits a lot of home runs but may strike out more than you'd like as well.

>> yeah. in the last few years he has done very, very well he runs a concentrated portfolio of stocks, a lot of consumer names he's looking at so this in some ways -- he'll be taking public a massive spac. it's his first one at this scale. but $4 billion is a lot of money to invest. >> yeah. leslie, thank you. leslie picker. reminders that cnbc's first nft is up for grabs. we are honoring mark haynes for the bottom call. it was made in 2009. all proceeds goes to autism speaks, one of his favorite charities, and to the council for economic education which focuses on financial literacy. there's a bidder that has just outbid mark cuban and pushed the bidding to nearly $30,000. what did we say it was 11 ether. >> 11.11 ether. >> this bid was placed just moments ago.

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story under the microscope. >> it's a tax bill that we're talking about. the caveats first. you should always talk with a tax advisor, financial advisor, some kind of attorney or accountant before you pursue a tax strategy crypto losses could reduce your tax bill because they're not subject to something called the wash rule for stock and etf investors. if you sell those things for a loss you have to wait 30 days before you get back into them to claim that tax write-off in crypto, you can buy back the crypto immediately and still book the loss against your other capital gains because the irs needs crypto as property and not as securities like stocks or etfs or bonds. with that in mind, an example. take a look at the chart of bitcoin. near the highs, let's say you were at $60,000 in terms of buying a particular bitcoin and you sold it for around $40,000, meaning you book a $20,000 loss. you can immediately buy that bitcoin back at $40,000 but still take a look at this

example. if you had stock profits elsewhere for $20,000, you could take the $20,000 loss on crypto and have a zero tax bill with the option to immediately buy back those crypto if you think they'll go up in value again so kelly, tyler, for the full story go to cnbc.com i've also tweeted out the link to the story @thedomino on twitter. >> it's interesting if they're going to close this loophole because it behaves more like a stock but they can't do it retroactively, right >> they could if they wanted to. but it takes a while for them to enact this kind of movement. first of all, the irs and treasury are still trying to figure out what's going on regulators at the s.e.c. and ftc are figuring out how to treat these moves. but from a tax perspective this is still available but the caveat is they always look to

the irs and treasury department to seize and close some of those loopholes so there may not be that can for folks to do this. >> so you can take the loss on one asset and offset it against a gain on the other asset even though the assets are a completely different type. >> correct you can do it with bitcoin if you think it's going higher bosses it's not subject to a 30-day wait. >> thanks, dom >> thanks for watching "power lunch," everybody. "closing bell" starts right now. >> thank you, kelly. welcome to "closing bell." i'm sara eisen here at the new york stock exchange. a triple digit pop for the dow has evaporated major averages alternating between gains and losses a real seesaw session as we head into the final hour of trade. >> i'm wilfred frost let's look at what is driving the action today a slew of data hitting the tape today. consumer confidence coming in just shy of estimates while march home prices saw their biggest jump in mo