i'll continue to do so i just saw some call buying. i think the stock is ready to bounce higher. >> you'll own some kathy wood stock. don't play it off like you won't. >> i own this for free i got to tell you, it's great. >> all right thank you. thanks for watching. "the exchange" starts now. thank you, scott hi, everybody. i'm kelly evans. here is what's ahead of us for this hour. the meme stocks have back and crypto rebounding today too. we look at companies that mine b b bitcoin and an analyst says one of his picks could rally more than 80% hundreds of smaller banks are offering clients access to crypto big banks are softer on crypto maybe they are falling behind. when will they catch up? the inflation debate gets political. we have the very latest.

we start with the markets. as always dom is here with the in your opinions >> we're just about at or near session highs. it might seem modest because it is the dow industrials up fractionally we are trying to move back towards the record highs we have seen the dow industrials we are now down 2% from the record intraday highs. the s&p 500 at 4200 is down roughly 1% the building stocks as represented by the i shares dow jones home construction etf. it's up 1.5% we have mortgage application data out there morning we're down about 9% from the record highs we have seen earlier from this past year. third up day in a row here and third, three out of the last

four days we have been higher here for sure. take a look at those names also because it reports earnings later on this afternoon. it's fractionally higher now an out performer it's up 20% year to date the s&p 500 tech sector is up 6% just for indication on how volatile it could be, the options market is pricing in what could be a 3.5 to 4% move up or down in that stock after earnings i'll send things back to you >> can't wait to see what they say. thank you very much. the massive rally from earlier this year, pit's finding its leg again. 11% for game stock amc is almost $19 equity the highest level since january.

let's get tout to indicate witha closer revival what the reddit trade or crypto might be having to do with it. >> the meme stocks are back and so are some of the speculative crypto trades this week. we have game stock amc as well. seeing double digit rallies as chatter picks up on social media. game stop has been up, 11% today. that brings the weak today gains to almost 40%. amc is on track earlier for about 50% gains for the week just last week, game stop was still one of the most talked about tickers. it had fewer than 8800 mentions on reddit.

also says it's hiring engineers for an ntf division. elon musk tweeted about bitcoin mining council and plans to address crypto currency. plussi musk denying he has influence over the market. please note there's no formal organization and no one reports to me. my ability to take action is limited. kelly, some on reddit disagree with that based on how much crypto has moved on his tweets

>> i want to go back to the game stop thing for a second. it's interesting to watch them reinvent themselves. the nft move is an interesting one. what about amc it seemed to me the simplest explanation that ties this all together is something like liquidity driven or cash driven or interest driven it's odd it would come right as we're about to go into memorial day weekend when the economy nationwide feels like it's about ta to open up >> these two companies are so different yet they trade in tandem they are seen as the reddit favorites. it's really divorced in some ways from fundamentals i think a lot of folks on red dreddit are looking at mentions and the momentum than they are at any of the fundamental.

i'm sure there are some analysts that thought it was over sold. it does steam be more of a momentum trade >> what do both of these names have in common they do benefit from foot traffic. amc helped by the equity or i can't remember what they raise game stop, even the physical stores you're starting to see people go back into malls. maybe they are classic roping plays and retail traders are way ahead of it. >> nostalgia aspect. people think about game stop and amc are the sort of buy what you know mentality folks might say, exactly things are reopening i'd like to go back to movie theater. why not get in and see this as reopening trade.

>> what if you want to invest in crypto but in a less volatility way. joining me is the analyst behind this call. lu lucas, it's great to have you. tell me about marathon digital and how much upside you see. >> thank you for having me great to be on the show. i would say marathon is really a unique company because they are generating really attractive returns from this and pricing. i would describe this as something different. there's a market price for bitcoin to pay nearly $40,000 at that price, i see running about 179% on every increment rate that's a very attractive return

on capital they'll scale very quickly here over the next couple of quarters >> you say i'm a value investor. a different case than we heard a lot of traditional value investors have to wrap their heads around the fact they are betting on a currency that didn't exist ten years ago on the notion it was going have a fixed supply let's put that to the side and say given all of that. tell me what they doing to bring down the economics or improve the economic and bring down the break even price for bit coin mining that's what you're betting on. some of what i read about the break even costs are way below where a bit coin is trading today. >> that is absolutely right. >> you need to compete on a couple different levels. first, there's the cost of power. no question about it

it's number one input. marathon has arrangement they made an announcement on monday that's really meaningful and get more details about that. it's about traditional rigs coming in and quarters to come down to texas at very attractive power rate. that's less than 5 cents powers really important. we have been talking a lot about the need for miners to compete on power prices. i think that only takes you so far. you have to compete on two other important metrics. it's very difficult. the retail market is shut out and marathon is ordered a large supply it's coming for it

returns on this are very attractive you need to purchase scale that's a key value driver. the other important aspect that i think marathon and other institution miners can compete on in esg. the public, especially younger public where esg is very important to them. >> it's really critical. the companies understand

they're doing a good job on the g. on the e, i think we're going to see a lot of improvement where are we today and where do we want to go. the announcement marathon made on monday was noting the target of 7% from carbon free sources from power input >> we'll talk more about the correlation with bit coin but a really intriguing way to play the crypto boom without owning crypto directly especially for people with tax and regulatory concerns thanks for your time today hope to check back in again. >> thank you let's turn to the results of the five year bond auction

rates have been coming down, rick >> yes, that's interesting e kelly. that's called lack of a concession concession when you sell off, if you're looking to buy in an auction, you think it's sold off. maybe a good time to buy it's been doing the opposite it's been rallying we have a chart quickly. we close at the lowest yield since early march. that didn't matter sometimes it's better to buy something that you believe is turned and will continue to go up because this auction was solid. a minus and it was 61 billion five-year notes. the yield .788 a bit below the one issue market of 79 basis points yelds trading. that's a good thing. look at the metrics. so hot.

the best, the smallest amount since september of '20 the 61 billion fives moved out the door one word of caution, pre-covid, this was a 40 billion dollar auction, so the size keeps getting bigger >> you're telling me demand was so strong that this was basically an a auction in other words for everything you hear out there, these major investors are rushing in to buy five year bonds here that says they're not really worried about the them losing value because of inflation

>> or they believe they can train between the rain drops they will be able to liquid ate at a better price. do remember tomorrow, you're looking at inflation tomorrow is personal consumption expen expenditure. a component of gdp that will be important >> they want to get if front of that train it's really fascinating. you throw everything at them and they are willing to hoover it up thank you for bringing that to us we'll continue follow that story. coming up, forget inflation. that's what we have been talking about. the big bank ceos share a common concern. what it is and what it means for the industry right after this. don't go anywhere. it's official. mgm is buying amazon studios i amazon weighing a push into

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it's all as hundreds of smaller banks are racing to meet client crypto demand. here to talk more about is president and chief investment officer of mendon capital advicers let me start with your reaction to these big banks on the hill today causing barely a ripple in the public consciousness and kind of begging but also warning about access to crypto what does that tell you as an investor >> it says the banks are in pretty good place. that he are not the poster child for any problems out there in terms of crypto space, that's

a really challenging question and i think that at the end of the day, digital currencies will be really important in some of the smaller banks got a big leg up in providing access there's lot offens of ways to ds it's payments vehicle. i think that's a great tool for payments if you start going towards crypto it's a great tool for anonymity it's a question of do you want to lend on it. >> i want to ask about your recommendation one more big picture concern fin tech players who are eyeing the bank's traditional turf. crypto is one way in which the war is playing out

how much market share do either the big banks or the smaller players stand to lose from the rise of fin tech >> well, i've worked a lot with fin tech and i think banks and fin teches will be great partners many the future i think triple p is a really great example of that how banks work with some of the fin teches like enumerated to really help facilitate getting that process accomplished i think a different is that banks really are fdic ensured and the fin teches are not i think at the end of the day it's going to come down that difference right now nobody can see the difference but it's real >> stay right there. we have some breaking news le leslie, what's the latest? >> this was a very fascinating proxy fight. it was seen as a long shot for

engine number 1. it appear ts they have elected w of the candidates for that board. both of whom have energy, experience and the petroleum refining and marketing side of things the candidate that's still too close to call, alexander karsner.

a very small shareholder which was once the largest company in the world. here you have what many believe a david and goliath situation. an upset for a meeting that began as 10:30 eastern time this morning. it was delay ed delayed it was a long q and a section. >> it's putting a lot of corporate network on notice. you can turn a vote like that. thank you. i want to turn back to you before we go and button up this discussion where do you think people should invest their dollars >> i continue to believe there's

a lot of growth in the south and southwest. energy texas is a good place to invest. trades at a nice discount to the rest of the group is conservative cost consumptions and is being very conservative with its cash. what that meansis there's a lo of cash to lend when demand gets big enough that will really increase earnings very quick. they're not buying curts >> thanks for your time and patience today appreciate you joining us. coming up, republicans are trying to capitalize on inflation fears.

a look at who is proposing what. we are wrapping up asian american pacific islander heritage month here is fast money editor in chief. >> as a child of immigrants from two different asian cultures who grew up in a predominantly white community, i think i developed a sense of empathy nfor others who felt like they were outsiders or didn't fit [typing sounds] [music fades in] [voice of female] my hus in. ben and i closed in our history. when the pandemic hit, we had to pivot. and it's been really helpful to keep people updated on google.

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i am going to get a new whiteboard. it's not complicated. only at&t gives new & existing customers the same great deals on all smartphones. get up to $700 off our latest 5g smartphones. welcome back the dow is up. it's the under performer today as well. the s&p is up a quarter% the nasdaq is up it's kind of going the other way in terms of monthly performance. the nasdaq might break it's longest streak in over two years. a little bit of a balance as we look to button that up some of the movers this hour include ford on pace for its best month since 2011 as they hold their first investor day. stock is up nearly 8% today. look it's up nearly 20% this month and ford is saying it expects electric vehicles to make up 40% of global sales by

2030. peleton is higher after a survey shows only 4% of tread plus owners plan to return that machine after the company's recall only 4%. the stock is on pace for its first monthly gain since december opinion amazon made it official with mgm. it's all coming up in rapid fire right after this quick break tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to .

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welcome back let's get you up on couple of stories that should be on your radar now. it's time for rapid fire joining me to break down the headlines are bob, julia and casey newton welcome, everybody our first topic is amazon and

mgm signing ta ing that agreemr the tech giant to acquire it amazon's most ambitious move in entertainment. moments ago during amazon's annual shareholder meeting, jeff bezos highlighting the vast content catalog saying the company could help reimagine it. i wonder what that will look like >> it's not just about the library. the library is the category of 4,000 movies, 17,000 tv shows that will be sitting there for people to go watch when they already watched the new original content. there's a sort of perception in hollywood that new movie, new tv shows is what gets people to join a service they stick around and watch the library content later. i think what that comment indicates is he's really interested in taking these properties such as pink panther or legally blonde, not to

mention james bond which we love to talk about but taking those brands and reinventing them with a modern fresh take including the new original exclusive content which is most appealing stuff for consumer sd >> casey, what would you add >> i would look at this in retention. maybe there's a new bond movie coming out or rebooting the pink panther. my guess is amazon is looking as way to keep the prime subscribers from turning. >> bob >> this is battle for global streaming i ing supremacy. bezos talks about the fly wheel effect you want a new way to add value and bring those people in. that's a great way to do it.

>> julia quick last word what do you think about a company like viacon now? he thinks that becomes a really attractive acquisition target down the road. >> there's been some speculation that would. >> acquisition target maybe for the likes of cnbc parent company. v viacom are in the category of prime acquisition targets. that's entirely up to sherry redstone because she has the voting control over that company. >> let's talk about uber the ceo is unhappy with customer service blaming drivers for not coming back to work fast enough as travel snaps back

venting frustrations yesterday saying we're not happy with the etas and price levels we see and that is something we're going to invest to improve on uber announced a quarter billion dollars stimulus plan to get drivers back in the car. they saw rosters plummet 40% in q1 how much work will he have to do here >> i think he is going to have to do a lot of work. he has a basic supply and demand problem. fewer people have been takieing ubers over the past year i think they will start to creep back out there he's going to have to pay the dri drivers. we have seen this before this is how ride sharing platforms get drivers on the road they pay them more it's time to do it again

>> i'm not sure if the ceo is focused on keeping price down which could repel drivers. >> i'm spending 20 to $30 for uber rides that are ten minutes for the last month or two. that's twice what it used to be, easily i'm booking things where they pick me up at a certain time and the last couple of times, they haven't gotten there they haven't gotten there of 20 minutes of setting it up they were too busy horror stories are true. this is all going to go away we're not going be sitting here in september saying, there's to drivers around and we're paying $30 for a $10 ride i think all of this will go away once you see people start coming back uber is ememblemmatic of the whe country. it's slowly getting back to work it's going to take a little time >> this summer could be interesting in term of the pricing environment and wait times.

i know investors are getting impatient with that. let's talk about fedex they are struggling to deliver packages on time while others are picking up the pace. fedex lagged u.p.s the on time delivery was 72% the u.p.s. was 88 prts the postal service was 89% fedex disagrees and says it doesn't endorse third party polls. >> fedex business has opibeen moving i think the thing for fedex is reputation is everything if you start to wonder if they will show up on time then it hinders the brand equity

>> we're going back and forth with things like clorox and e-commerce at a higher plateau >> that's right. we know that fedex has historically under invested in e-commerce support because the per package margins aren't as good as its regular business this is a good opportunity to catch up and cash this wave. it sounds like they are committed to doing it but we'll see. >> as we all watch delivery and arrival times. the government is taking action to prevent another colonial pipeline cyber security mess department of homeland security could release a pair of directives as soon as this week. one requiring pipeline operators to notify them the other to designate a cyber security point person. it's first snep gnaw push for the white house to protect our two and a half million miles a much bigger concern here

nothing is getting shook down for these ransoms with almost no recourse when cna is spending 40 or 50 million dollars. this isn't just about the pipeline they always say you should never pay a ransom, it just earn courages the kid 234napkidnappe. everybody is paying up that's one of the reasons people think there will be a bigger correct on crypto coming because bitcoin and crypto assets are at the heart of it. >> here is the problem i got when i saw this, i said wait a minute they don't require them to tell them if they've been hacked before there's not a requirement. it turns out there isn't i was shocked to find this out gas pipeline, there is requirements but with the oil they got an exemption. this is a critical infrastructure for the united states you think you should have that i think so not only should you have it,

there should be security requirements aprparently there aren't in i'm glad something is happening now. i can't believe i didn't exist before >> we should consider making these payments illegal people keep paying them. we may want to look at some sort of measures there that maybe drive down that price. >> what would those measures look like? the people who are doing this are breaking the law by doing it if you make law against it, it's not going to stop them >> i think the idea if it's not legal the pay the ransom but we offer government support on the back end to fix these technical issues and work with companies to get them back up and running. >> that's fascinating point. you'd have to have tremendous capacity to do this.

there's a lot of insurance products that can step up here for the private sector i want to throw this out to everybody. bob, can we talk about what happened over at exxon they just lost two board seats that the ceo staked his reputation on. they were calling investors trying to get them to change their minds and support their slate of directors but this tiny fund was just able to get institutional backing and get two of its own candidates onto exxon's board. what is the significance of this moment >> this is a very significant moment this will be written about this is historically important this is either the most appalling intrusion into a company's business imaginable on one side or it's about time something happened i happen to be in the latter camp not the former camp. they have been screaming at exxon and the entire energy for decades. becoming a true energy company

not an oil company some people have managed force them to do that. >> amazon is having its meeting. facebook is having its meeting all of its board members were reelected. we know that these companies are much more founder control. you go back and think about corporate governance and a company like facebook would be a prime target except there's nothing they can do about it >> it's funny when you have these facebook meetings. it's interesting to see what the proposals are but you know what the outcome will be because you know this a company where the shares are controlled by mark zuckerberg he's not unusual in that situation and we have seen other companies follow in facebook's footstep this is definitely a question for companies as they start to go public.

how much is that going to be the case we saw with at&t, they decided that the combined company of warner media and discovery would only have one class of shares. really interesting to see how some of these companies are handling this. >> i definitely imagine facebook kind of scrutiny down the road minus the ability to do anything about it casey, i'll give you the last word >> i think the mark zuckerberg style is falling out of favor. i think people realize how unaccountable it's made him and facebook to the world. i think we'll see letsss of that in the future. >> i think the point is opposite done you think we'll see more of this these are some of the most successful companies on the planet they look at exxon and probably going we would never change the governance model and who can pressure them to do so >> the government is trying to break up facebook.

i think it will continue to play out. >> they sort of trade the shareholder leverage we'll see. that's an interesting point. thank you all today. really appreciate it comingup, with graduation season under way, we'll take a look at 529 plans and how to e chges ckn ings thexan iba ia thexan iba ia moment ♪♪ machin ♪♪ at t-mobile, we're on our way to hiring 10,000 veterans and military spouses by 2023.

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. welcome back i want to get you a check on shares of zip recruiter. an $18 reference price they opened around 20 buck they are are around 2025 a decent opening in what's been a more difficult ipo market the last week or two national 529 college savings day is saturday.

it's graduation season so our sharon especpperson is taking a look >> senior year i can't believe it. >> reporter: her son ben's graduation from clark university in massachusetts will mark two important milestones >> we're going to be celebrating both his academic achievement and our achievement as a family in preparing for the cost of it. >> reporter: parents guide for saving to college was able to pay with his merit scholarships and money she and her husband put away in 529 plans. >> how does it feel to know that you are graduating debt free from college in. >> it feels amazing. >> reporter: in 2021, an individual can give up to $15,000 per beneficiary to a 529 plan without savoring dollars. saving $100 a month for 18 years

can result in a balance over $31,000. >> alhow did you crack the code >> we looked at our expenses and realized how much we could save had a awful lot to do with what we were spending we add justed our lifestyle. >> reporter: total 529 con tri bugs have increased over 11% in the past year. >> during the pandemic, we couldn't travel, couldn't eat out a lot. that's a lot of savings that can be redeployed to goals and education comes to the fore front. >> reporter: financial adviser says make a plan for spending it >> a lot of people are not aware it cannot only be used for college expenses but also private school. >> reporter: apprenticeships, technical school and graduate students using 529 plans to pay for college is the ultimate goal >> this is one of the proudest moments in my life that our

child will graduate debt free. >> many family will have to use a mix of income, savings, grants and scholarships as well add loans to pay for college you want to check out online savings calculators to help you figure out how much it will cost for four years of college, what your shortfall may be and how much you would need to save or bro borrow to bridge that gap. >> it's great to see you the cost is insane what are some ways to maximize the 529 plan >> if you have to take loans, your goal should be to try to minimize the amount of interest. federal loans have lower interest rates than private loans. if you take out unsubsidized loans, you may want to take as long as you can since the loans start to accrue interest as soon as they are disbursed. you may want to spend down your

529 plan money before you boar re you can use 529 plan money to pay off up to $10,000 in qualified student loans. there are conditions so you need to be sure to double check your plan but that's another benefit of 529 plan money that some people never realized. >> i didn't either your point about timing is a good one as well timing is goode plan money thank you. sharon epperson with the latest. still ahead rick scott calling inflation a hidden tax on working americans how the gop is using the inflation to take on biden ian plan watch us anyim te using the cnbc app. jobs for people like james and lacey and me. me, i love my work family. family here and home, is my life is better for us because of a job.

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indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. which shows will you be getting into tonight? how 'bout all of them. netflix. 'cause xfinity gets you really into your shows. when one burns for someone who does not feel the same. daphne, let's switch. from live tv to sports on the go. felix at the finish! you can even watch your dvr from anywhere. okay, that's just showing off. you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way better way to watch.

welcome back inflation is turning into a political tactic with republicans using it to target president biden's economic agenda. ylan is here with more. >> republicans are trying to drive home the message that inflation is a tax, already here and it is the direct result of trillions of dollars of government spending. >> this is basically a tax on the poor and i keep hearing from this

administration we are not going to raise taxes on the middle class or the people that don't have money folks, it is hitting us right between the eyes. >> republicans see a political opening on this issue because it unifies their party. the national republican congressional committee blasted today that inflation is back and cited warnings from former white house officials about the risk of rising prices to help them bone up on the data they're circulating a memo they believe these numbers show that the economy can't handle trillions more in spending on infrastructure the mel moe calls that proposal down right insane. back to you. >> what's the white house response obviously this is all going to play out as we follow the data tomorrow morning's pce data release is most important event

in the country but probably mostly of interest to our viewers. >> the white house argues one month doesn't make a trend and that this bottom underscores how difficult thes to forecast during the pandemic. they said that look at the mask mandate and one night you end up with an oversupply of masks and undersupply of lipstick. >> so kind of thinking back to the tea party movement which is probably the last time of a populist response, kind of feeling the mood there on capitol hill i don't know if it's the tea party, the debt issue per se and not rankles people how will this play out and be in the thick of the midterm elections? >> republicans are trying to hone the attack on the

president's economic agenda because they find that just the numbers alone isn't generating that type of voter response that you have seen before president trump changed the republican party willing to deficit spend and willing to spend government resources to get the programs he wanted so maybe that's not resonating in the same way with the voters inflation they feel is a way to get at this hitting you in the pocketbook and something people understand each time going to the grocery store or the gas pump and coa lesing around this to attack the economic proposals. >> a final theory i heard is that the republican base more animated by social than economic issues inflation is getting everybody going but the fiscal side maybe just a different mood than a few years ago as they watch fights in the supreme court and elsewhere play out. >> that's right. the republican polling shows a low level of aware ps that taxes are part of president biden's

infrastructure plan so they have to find another way to talk about this and inflation is one. >> thank you so much before we go, here's check on shares of exxon. an activist firm won two board seats, a defeat for exxon that many say likely forces it to reduce the focus on fossil fuels. the shares actually are going near session highs maybe sell the rumor, buy the fact up .7% s&p 500 is less than a percent away from the record high and according to one strategist neither stock prices or goet are near peaks he'll join us to make the case right after this got it. but, why did you use a permanent marker? because i want to make sure you remember. i am going to get a new whiteboard. it's not complicated.

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