to relieve occasional nerve aches, weakness and discomfort. try nervivenerve relief. hello, everybody welcome to "power lunch. i'm tyler matheson with kelly evans. bitcoin continuing to bounce back big up 30% from the low last week. still down 30% from the high last month what does it say about the stocks mystery stock going on a buying spree to capitalize on the reopening, quadrupled over the past year. >> you will never guess it tillman wins the first ever cnbc

nft auction. nearly $200,000 raised for charity. we'll talk to the generous winner as "power lunch" starts right now. we begin today with the crypto comeback. bitcoin is higher today near $40,000 once again still down 30% in may and down 40% from the all time high over the past four years bitcoin tended to be a leading indicator for stock just the tops proceeded short material tops in the s&p 500. like wise for bottoms. way on the right side. you can see the recent drop in bitcoin. what does it mean for the s&p 500? let's ask jc o'hara, chief market technician at mkm partners what does the chart tell you >> thank you for having me everyone seems to look for leading indicators to help forecast the next directional

movement of stock. currencies, commodities and bonds and bitcoin did a good job of signaling economic market tops and equity market bottoms bitcoin is a relatively young asset and don't have too many examples the point to but we found the sample sizes to be meaningful enough to take them seriously. what we see this asset class down 40%, 45% year to date we have to believe it might be an indicator so we take it seriously. >> that said if you look at the chart it is not a hugely dramatic worrisome drop because bitcoin has rebounded. so should we look at that as okay, a shakeout in stocks but not terribly worrisome one or more that we have to simply watch bitcoin price action for a

sense to portend more poorly for stocks >> price action is of pa ro mount importance if you look at bitcoin you're looking at human emotion we believe it's basically a barometer of risk appetite for investors and things are great in an uptrend. everybody is buying the dip. if you look at beginning of this year boiitcoin hardly had two dn days in a row. they saw profits you started to move into the euphoric area. that euphoriaism turned to complacency and then on top of bitcoin we get nervous because we think the complacency has shifted to a level of anxiety. right? we are not seeing back to back up days in boipt so those investors learning did buy the dip easy money and couldn't

lose well now they're not gratified right away so what does that mean they're anxious. we believe there's one more downdraft lower to cause panic, fear i think that will cause a bottom that we believe will be buyable. yes it is up today things don't move in straight lines but trends are negative. sentiment starting to shift. we believe there's a further shakeout for bitcoin. >> and then the s&p 500, as well >> yes you have to believe if they pull back the s&p 500 is currently 10% above the 200-day moving average so we are not negative the equity environment just yet but cautious because the leading indicator of bitcoin is weeks and month that is the signal is generating and seeing that risk tolerance drop we start to get cautious here. now let's watch the s&p. if it is breaking into the 50

day moving average the next step is the 200 day. >> what do you make of -- given everything we describe, you have the ev stocks up significantly today, amc and gamestop flying this week. what does that tell you? >> that tells you the dip buyers are still there in the equity environment. a big cat lalyst that keeps the engaged is yields. they send the high valuation, high risk sort of names to the downside as yields move higher yields have stabilize so that has given the dip buyer the ability to look for areas of the market trading at discounted prices ipos, maybe spacs. if you look at bio tech, the ark funds that we have been talking about recently they're all acting well today so i think the equity market is seeing a rotation back into the high

valuation names and that bounce could be meaningful because they pulled back from the recent highs. >> then it comes back to interest rates in the nasdaq or the more speculative parts of the market or the crypto all the more reason to watch the data so my last question for everyone puzzled by interest rates, we talked to rick santelli last hour and there's strong demand for 5-year treasuries at a large sized auction and flies in the face of conventional wisdom. can you tell us what you think is in the cards for interest rates from here? >> to me looking at investor sentiment around interest rates and bonds i think the entire market is now of the thought process that yields will be higher what happens when everyone moves to one side of the trade when you see a camera trend rotation bonds higher, yields lower

i wouldn't be surprised to see yields lower i believe the economic expansion will continue. i do believe the 10-year will push higher and seems everyone on the same side of the trade here what does that mean? a pullback in yields keep in mind seasonally this is the time of year to buy bonds for the next few months so the seasonals are shifting in favor of lower yields, higher bonds. >> thank you for joining us today. >> thank you. as stocks climb higher the next guest raised the price target to 4,600 on stronger earnings fueled by a red hot economy and says while fundamentals might be peaking doesn't mean stock prices necessarily are peaking. here to explain jonathan galub at credit suisse explain what you mean there. i think you mean corporate and

economic fundamentals but doesn't mean that the same is true for stog prices right? >> what we care about is that the earnings are getting better, what a company earns now is better than a year ago and next quarter is better than now that's going to be the case throughout this year and next year what is happening is that the growth rates are reaching levels that they're not going to be able to sustain. for example next quarter we think that you will see something like a 75% -- this is the second quarter -- eps. 75%. the third quarter's not going to do 100% but come down. why is it that the second quarter is so strong it is mostly because things are compared to an easy quarter a year ago but the fundamentals

improve and supposed to happen. >> so i guess what i'm hearing you say is that profits will continue to rise for companies and we know obviously that profit boosts are one thing that prices are based on but if the profit gains slows will the price gain for stocks slow >> it -- probably. the stock market given 80% in the last year plus and i don't know anybody who thinks that we get anything that even resembles that if we got 10%, 15% in the next year, i think people would be pretty darn happy with a nice soft landing and a continuing upside for the markets but you're 100% right. the kind of things that we have seen in the last year or year to date very hard to match up. >> let's talk about the areas

that you like. i'm guessing that like many people in your business right now you like more cyclical areas of the market. finance. health care. materials. manufacturing. et cetera. rather than the more stable or defe defensive ones of consumer staples. >> we do we think that energy and materials and industrials and financials are great we think the banks will probably singed most attractive area and your prior guest jc was saying when everyone is on one side of the boat it is time to -- the boat may tip over. sometimes when everybody is in the trade the trade is a right trade and pushes things higher so i think the call i have is consensus and doesn't mean it's wrong. health care which we are overweight is a call that health care is much more attractive than the other defensive areas of the market.

if you have a choice between telephone phones or reits or consumer staples or health care we think health care is better better than the overall? that's harder. technology is interesting in that the companies look great. the valuations are reasonable. but they're just not as exposed to economic improvement and we think that they'll be the source of funds for investors to rotate probably more -- >> a quick final question if i could. we talk to executives and lately almost to a person they have been pointing out cost increases that they're having to pass along to their buyers. is this a concern to you or is a little inflation not a bad thing because it does enable companies to pass along price increases? >> it could become a problem

hire's what's happening. companies have massive pricing power. an analyst covers a beverage it's a metal can and gasoline to get that -- those cans of soda on to a store shelf and every one of those input costs going big and what's happening they're able to raise prices and their margins are rising in an environment like this and you are seeing that everywhere that's the big story pricing power is stronger than the input cost increases and drives margins higher. >> consumers are pretty stall worth with the cash and not holding back i guess because the prices are up a few percent. jonathan. >> 100%. >> thank you so much kelly? >> we knew it was going to happen just a matter of where and when.

the first in arena sports book is opening and contessa brewer is live in the capital one arena today. contessa >> reporter: three years ago when the supreme court overturned pass the leagues fighting tooth and nail against legalizing sports betting. today they're inside the sports arena betting in the first full service sports book in the nation inside a sports stadium we'll talk about why this matters to the future of the industry "power lunch" continues right after this it's the biggest thing that ever happened to small.ede.

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welcome back to "power lunch. let's get a check on the meme stocks amc and gamestop at this hour both soaring here today now for gamestop in particular some traders might be getting excited over the launch of a cryptic website. now if we take a look at how the moves compare to the january highs, today amc hit an intraday of $19.70. gamestop has a longer way to go still trading around 50% below the january high of $483 a share but the meme stocks back in action. >> thank you. as caesars closes the deal

it opens the first full service sports book inside a sports arena. contessa brewer has more >> reporter: hi there, tyler here we are smack dab in washington d.c. at the capital one arena. where the capitals and wizards play now you can walk inside a full service sports book inside a sports arena you just got to be careful where you step this is william hill's big launch now of course owned by caesars and you can come in. you can sit down at a restaurant by a michelin chef take a look at a real jumbotron. i talked to caesar's ceo and ceo of monumental sports and about what this means for the industry >> digital is where all of the growth is coming

if you look around the sports book it feels like day trading right? for the millennial and gen z. >> you have to adapt to the way the customer wants to consume the product and the sports betting fits where we all look at the phones. we want constant activity, constant action. >> reporter: the american gaming association says that this is the only market in the nation with both online and retail sports betting and retail is dominant here. in the year that d.c. allowed sports betting three times more wagers through william hill than the d.c. lottery with william hill you bette within a two-block radius of the

low case. >> i can place a bet through my phone? >> that's right. the thing is people are really excited to come to the sports book they opened up a pop-up sportsbook in january. fastest growing business that opened in the pandemic in the district of columbia can you imagine? they have to go out and carve out the radius and can't gamble inside a federal building. the smithsonian is across the street. >> touring the smithsonian and overcome for a bet on the wizards tonight. if i attend the event there at the arena, i can bet from my seat right? >> reporter: you can bet from the seat and what's more upstairs -- look at this big scary case here. if yougo upstairs there's a

hallway into the arena so as long as you have a ticket to the game you hang out with the fans before the game and place your bets and still be betting on the phone. >> in addition to whatever the real estate cost there is i'm sure they get a little bit of the action, doesn't he >> reporter: actually, no. he doesn't >> really? >> reporter: the food and beverage, some rent of course. but really the big deal is fan engagement saying it's so much more engaging for the fans and secondly people coming into the arena all year around not just when there's games. >> i'm rooting for the wizards i think they play tonight. russell westbrook might be my favorite. >> reporter: against the 76ers. >> i'll sure this is coming to many arenas. thank you. we have a news alert for you. you talked to the royal caribbean ceo about the cdc

approval of a mock voyage. >> here's the thing. four years ago seemed like the cdc wasn't going to budge coming to the cruise line so i asked what changed? he said the cdc accept that it's a less risky form of travel. the mock voyage he says is scheduled for june 20th. thousands of volunteers have signed up and if everything goes to plan he says the first sailing out of miami will be july 2 and that would be a huge win for royal crib aribbean ande that reflected in the stock. kelly? >> having a great week up about 11% in tandem with the other trades thank you. ford stock hitting new highs

as they ramp up the ev business. more on that plus check out this mystery chart. the name soared more than 300% in theas pt 12 moths "power lunch" is back in a moment your savings will towe. over you. figuratively speaking." but that's not catchy, is it? that's not going to swim about in your brain. so i thought, what about... 15 minutes. 15 percent. serendipity. 15 minutes could save you 15% or more on car insurance.

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welcome back here's your covid update at this hour president biden is asking the u.s. intelligence community to redouble the efforts to determine how the covid-19 pandemic began this as dr. fauci is questioned on capitol hill. >> so you don't think the chinese would lie to you >> well, when you say the chinese, the chinese are a rather broad group i know the scientists we dealt with have been trustworthy. >> do you think all the scientists have told the truth in terms of the origin of the wuhan virus and not influenced by the communist party of china?

>> i don't have enough knowledge to know. >> and a new study adding to concerns that vaxes may not fully protect people with compromised immune systems scientists looked at a small group and suppresses immune responses. up to a third didn't have enough on the bodies. the tony awards have a new date september 26 most awards on the paramount streaming service and then three mayor prizes and singing and dancing on a cbs broadcast kelly, back to you. >> trying to reinvent the awards show and not just for this year but the future. >> forever, yeah >> the oscars really flopped let me give a shoutout to my wife's show. best daytime entertainment talk

show and best daytime entertainment talk show host. >> you know what i think i told you but i discovered it on my honeymoon. >> that's when you fell in love with hoda and jenna. >> part of the wedding let's start with owen's a health care logistics company. laying out the targets saying they hope to earn more than $6 a share. investors are loving it. up 33.8%. cyber security company zscaler is up. ziprecruiter going public. the job marketplace going public pricing at 18 and now slipped a little bit we were as high as 21. i think under $20 a share. all right. ahead we reveal today's mystery chart. if you hunt for a high flying

stock -- that is the hint -- look no further. we'll speak to the ceo of this company. a new lease on looks as the country reopens and people get excited to hit the town a company is looking to drive consumers to clothing rental it is back "power lunch" lle ghwi brit back

welcome back dow up about 100 points at the highs and the underperformer today. it's barely positive right now the s&p 500 up the nasdaq up .6% looking to finish out one of the big down months and russell 2000 small caps up. now rick santelli tracking the action at the cme. rick >> you know that old adage buy low sell high? sometimes buy high sell higher is the way to go that's the auction for 5 year notes today. an intraday of 5 year you can see that after the 1:00 eastern auction the market sold off a bit. somewhat normal but what's interesting is the chart goes

back to march. yesterday we closed the lowest yield and investors piled in to buy. if we look at the 10-year chart it didn't close nearly as good yesterday showing you how the yield curves move. t-bills. something happened at the end of march. supplemental leverage ratio expired why there's cash out there and parked by using the reverse repo market at the fed and keeps rates low. see that rate? it is going to keep the curve steep and finally the dollar index. year to date chart here's having a rare up day and looks soft with a long view. back to you. >> thank you very much. the great outdoors making a comeback in the past year leading to stocks outper fortunatelying the market why dick's sporting goods up nearly

200% up 15% today on an earnings report yeti, brunnswick leading and surging. but today's mystery chart has been the best performer of them. the name is vista outdoor. up over 300% in the past year and comprised of 36out door brands like camelback, selling everything from kafring good to camping supplies now joining sus is the ceo. people wanted to be outdoors last year. do you think this is a trend with legs? >> we do we think it's been a resurgence in outdoor activity. people are sheltered in place. people got cabin fever and got outside in record numbers but a couple of sustainable trends

that we see that we think have created a structural shift we entered in 10 million new hunters into the sport a lot of which were females, younger population and demographics embracing a field to table type of movement and we saw 50 million campers of which 10 million camping for the first time we saw bike sales growing dramatically we saw people that wanted to eat outdoors predominantly in the backyard increase dramatically some of the structural shifts we think have legs going forward. >> brands are ones this people know i know one that stands out to just get clarity on remington which was a company you owned or bought you now no longer manufacture firearms am i correct on that >> partially we bought remington and just bought the ammunition business

and never in the firearm business but we did purchase the ammunition business and the brand and the intellectual property around that for a 200-year-old iconic brand and well-known in all of sports and gives us the ability to use this brand in a licensing revenue stream going forward. >> hunting and -- so let me be clear here do you have a subsidiary that does manufacture firearms? >> no, sir just the ammunition business. >> yet i'm curious the ammunition and the hunting and sports shooting accessories business has really taken off. who's buying that ammunition >> that's the exciting thing it ranges from high school kids that have embraced trap shooting so a biggest customer is the club sports of america that buy it for the youth and the high school level we go from there to duck hunter,

water foul hunters, to turkey hunters to police departments. armed forces, the military of which both of these were the leading supplier today. >> you have just done acquisitions one is quiet cat with a bike bell helmets which is the brand i have for bike riding and a women's operated sort of hunting and fishing clothing line. am i correct >> that is correct and the exciting part is we have closed on four acquisitions in six months two in the last week so we're putting the free cash flow to good use and we get after a female audience and trying to get into the female audience in a bigger way and this is that. it produces -- think of it as

lue lululemon for the rugged outdoors person. quiet cat is the number one brand leader in the overlanding space. goes to market with quiet cat and the jeep brand and is participating in a category that's exploding across the world. >> thank you very much for your time today people know a lot of company's brands and maybe not the company. it's vista outdoor thank you for your time. >> thank you. let's look at shares of allstate the stock is getting a pop after carl icahn owns a 1% stake in the company and said he supports the move to cut expenses for a direct to consumer model allstate getting a benefit from the disclosure of the $400 million position there's the shares popping on the news only up 1% ford is holding an annual

investor day and expecting electric sales 20% of the inventory by 2030. should you buy houston rockets owner wins cnbc's first-ever nft auction. we'll talk to him about that and call it the crypto aspirations call it the crypto aspirations in a moment. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ting people first. at morgan stanley, a global collective of thought leaders we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

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welcome back to "power lunch. ford shares surging on the plan to boost did investments in electric vehicles. that stock outperforming industry rival general motors. as gm has its own ev plans saying in january it hopes to go all electric by 2035 which stock should investors back here? let's ask our guests both companies are prioritizing electric vehicles. which would you pick >> i'm going with ford in this

race sales are booming and the announcement of the electric f-150 is massive so you have to think that they've got a lot of momentum going into this race. >> matt, the stock is on fire up 60% this year. shares of ford where does it go from here >> higher. it is getting overbought maybe general motors isout perform. i get nervous when the chairman sold a decent amount of stock recently and love ford because it has a nice series of higher highs and higher lows. and not only that but the stock is broken significantly above the very long term trend line and goes all the way back to the late 1990s and a bullish sign and the bull charts look good. ford is the one that looks better

>> up another 8% today matt and gina, thank you check out our traders' favorite stocks to buy on the dow to commemorate the 125-year anniversary. that's trading nation.cnbc.com ty >> thank you. financing fashion. clothing subscription service castle launching a new program giving a chance to rent first, buy later. the ceo joins us to explain. and now the latest from trading nation.cnbc.com and a word from our sponsor.

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welcome back to "power lunch" why we are tracking some of the big moves in retail and apparel. names of dick's sporting goods and capri holdings

you can see all jumping on the heels of earnings reports that beat expectations now one notable laggard today is nordstrom under pressure after a wider than expected loss yesterday. fran horowitz will join "the closing bell" this. >> look forward to that. thank you. with reopening in full swing everyone seems to have a new lease on life and fashion rental services have seen significant recovery veneering pre-pandemic levels. clothing as a service company has a new take launching a borrow program today joining us is courtney reagan with ceo christine huntsinger.

there's a local brand called borrow baby that i've been using. for adults am i renting new clothing if so, for how long? what happens to the clothing when i send it back? >> you might be renting new clothing or you may be renting something that's pre-worn. regardless of which case it is the clothing will always come looking and feeling brand new. directly from the castle warehouses. >> interesting so it is possible and i think this is almost a selling point. we realize the major environmental impact that the new clothing has and a push back against the fast fashion trend and some partners i believe great clothing sides i might get some used items. this is not -- stays in the ecosystem that way >> absolutely. it is a great play for

sustainability allowing people to access clothing, to have fun with clothing without dipping into fast fashion and we think a critical selling point to the clothing as a service model. >> yeah. so one more question just as for how this works and the economic for the brands for instance far $200 dress i might borrow it for $45 for a couple week just what are the economics for clothing companies and how important is this program for the business in the long term? the kinds of customers might be able to reach and the price points available >> the borrow button which is what we announced today is quite an interesting innovation. it integrates into the retailer's e-commerce site seeing that dlsh 200 item you're able to borrow it for around two weeks. at the end of that two-week period, you can send it back to us you can decide to buy it because

you have fallen in love with it or extend that rental on a day by day basis for a flat fee. >> christine, explain what the retailers get out of this. why would i want someone to borrow my clothing opposed buy t >> the main reason that retailers are excited about this feature is that it should bring in new and aspirational consumers. so if you think about the people who can afford a $200 dress, you're really talking about the upper part of the economy. what borrow allows a retailer to do is dip into a wider range of customers who may not be able to afford $200, but can afford $50 to experience the clothing and so they're able to cast a much wider net to get people to experience the quality of their clothing and turn them into long time buyers. so that is trillion reason

retailers are flocking to this feature, especially in a world where so much has moved online >> so i get that you're expanding your universe of customers that may be able to access your clothing, especially at a higher price point, but do the retailers make any money on this >> absolutely. because once that garment is out for two weeks, if it's bought, they're certainly making money if it comes back into stock, it gets cleaned and then it's made available, again, to be borrowed by the next consumer so, again, what you're doing here is increasing the utilization of a clothing. when you do that, you're able to unlock value from many different consumers as opposed to just selling it in one turn >> fascinating tyler, you look a little skeptical, but -- >> well, let me ask you, christine, are men coming to this product in surprising numbers or are they a little

more suspicious of this? >> well, i can't speak to their mental state, but i can say they are using the -- >> if you can get into our mental state, christine -- >> yeah. so we launched -- during the pandemic, we launched express men's which joined scotch and soda men's for subscription services the next client that we're launching is vince and the borrow button will be available across all women and men's product. so we do expect to see an uptick in men joining the rental economy. we certainly -- >> i like vince, by the way. i like vince i think vince is a good stuff. i have some of the products. >> vince has great products, absolutely so i hope, tyler, to see you as one of the borrowers on vince.com. >> all right thanks >> someone might get his used clothing >> yeah. yeah >> christine, thanks very much christine hunsicker and courtney, thank you for bringing

that stick around, after the break, we'll speak with talman fertitta, who has become the 'lta t of the first cnbcfc wel lk about that and a little bit more.

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that's for the main asset in total, the auction honoring the so-called mark haines bottom where he called the turn in the market back in 2009. raising about $98,210 for autism speaks that was a favorite charity of mark's as well as for the council for education which focuses on financial literacy. tilman joins us now on the cnbc news line. it's great to talk to you two days in a row. i know you have been an early adopter of crypto currency tell me about your experience with nfts. was this your first such purchase and what do you think of them as an asset class >> well, you know, it's really an interesting question, tyler it really is my first purchase and we've been looking at different things and as we all know, just like all the media conglomerates, everything is content today. but what -- there's so many people don't understand, even

what nft means it's a nonfunctionable token it's a digital asset like a painting or a video. but it's always stored in the block chain. it can't be kaepd. it can't be recreated. so it lives online and stays online but remember, we stare at screens a lot more than we stare at walls so it's not as crazy as people think and you own that. that is your visual forever until you decide to sell it. >> and so this was obviously also in part motivated not only by your curiosity in owning one of these assets, the but by charity, as well, i'm sure >> no, i mean, absolutely. autism speaks and the council for economic education, i mean, 100% you know, would not have done these. i can just be perfectly honest i have two connections here. when i went public my first time in '93, mark was one of my first interviews and he interviewed me

many times and then, you know, like i said, great charities it was for charity and why not there's nothing better than to have with my relationship with cnbc for so many years to have the first nft that y'all ever auctioned off. so i was really excited and proud to do it >> timan, we've reflected in part on how far we've come from that stock bottom in 2009. you took it private back when you thought the markets were undervaluing it. and i wonder if you reflect on the past year and think, you know what? anyone in your cities who is able to hang on and ride this thing out might be about to reap the rewards. >> you know, totally, kelly. you know what is so weird is it was so bad in 2009, this is something i preach, you know, all the time is when things are really bad, we forget that they're ever going to be good again and when things are so good, we forget that they're

going on be bad again. but i was public for 17 years and i never made the forbess 400, but as soon as i went private, i was able to make the forbes 400 because of the fact that there was such a crash in '09.was able to make the forbes because of the fact that there was such a crash in '09. and he called it mark said this is the bottom you know, this is capitalism and it's always looking for an opportunity and we're all tunists. >> and as you talk about these nfts, how do you assess value, tilman, quickly? >> it's kind of like how do we assess value to any content today. and if people just look back and if you remember 30 and 40 years ago, even 25 years ago where you would hear, oh, the beatles sold their -- >> their catalog, yeah >> you know, for -- and i'm making this up i do not remember so nobody, you know, send me a bunch of, you know, tweets at me and tell me how stupid i am. but if it was for $200 million,

whatever that was, it's $2 billion today or $5 billion today. and everything is content today. that's what we all know. and from a basketball team, there's only 30 of them and it's the content. and these new nfts and famous pictures and famous statements and famous things that happen in life are going to be very valuable i don't want to say pieces of art because -- but in a sense, they are it's online and it's in the block chain forever. you own it and regardless if you created it or not >> we look forward to the next tilman nfts to come. thank you and thanks to everybody for watching "power lunch. closing bell starts right now thanks, guys i'm will fred frost in the new york stock exchange. the major averages trading in a fairley tight range. nasdaq and russell are outperforming as we approach the close. >> i'm sara eisen. let's look at what is driving the acti