but it's what you do with it, that makes life worth living. principal. for all it's worth. good afternoon, everyone welcome to "power lunch. welcome to all of you on this first day of june. markets are heading into summer with lots of optimism. will the sun continue to shine on wall street, or are there dark clouds on the horizon >> we'll also talk about things booking on the strip tillman fertitta telling us las vegas has never been bigger.

major league baseball taking a swing at nfts. you need to figure out how to split it up. you can believe players, owners, everybody will want a piece of the action po "power lunch" starts right now. we begin with a check on these markets where the dow is higher for a fourth straight day. the s&p 500 got within four points of a record earlier the nasdaq has been the laggard. oil is a big story, jumping to its highest level in more than two years, as opec agree to say gradually increase product chevron one of the dow leaders boeing is also higher. >> thank you very much, kelly. >> interested in investing in the ipo market seems to be cooling off a bit. the data shows the potential share price pop in u.s. ipos has been pretty much cut in half

compared with as average pop of only 20% in april and march. in addition the ipo pricing has also gotten higher, posting 40% of those listing beat their price ranges, compared to just 25% in the first quarter of this years. an 11% since the beginning of the second quarter back in april 1st. look at this chart of the renaissance ipo etf, now negative for the year. let's focus on the woes, if they are, of the ipo market is it something that wall street should be worried about? what are we see here, herb >> i think we're seeing things getting back to norm at. what they're doing is just coming off the period that was a

moment in time these numbers are being compared to january and february. everything was going crazy i think now you're seeing things cooling off are there, herb, any sort of talismans in that action that could apply to the broader market so go ipos, so goes the broader market and we all to be ready for a quieter time >> well, i don't think anybody can give you an answer to that question what you've really got to look at is, when you're looking at ipos, it's what happened to spacs, it's really about the quality of what people have been shoveling out to the market. i think that's central to the

whole thing, tyler >> that's the great next story of what we're talking about. >> and i take from that, maureen, herb is saying watch the quality, because he senses the quality is not going to be what it was, not as good as it was, and now more companies are going to grab for the money, come to the market, maybe they won't be as high quality do you have that same fear and do you see the same explanation that herb does for why things have quiets down? in other words, back in january, that was the apex of all things sort of mania? i think as you talk to

investors, this is a constructive and healthier balance. yolk that i think it's clear investors are not going to accept justening, but there's still a rush to markets. they think it's a time to go we're still on track to the highers volumes. inch they had to go out there now, because the prices are high, the demand is high, but mau maureen, and then herb, i would like you to walk the viewer thus history here, if you look back at ipos, in the decades, is it

true or not true that most of the time ipos sell at a lower price than the day they came public there's the ipo price, and we've seen thinks dramatic prices it's heart to get above -- so just for this question, that is one reason a lot of companies do find this the less extreme probably more constructive it it gets to be dangerous

it hesitates a bit >> can you shed in lice on this and where ipos eventually settle a year, a year and a half after they come public whether they are lower than the first-day pop and lower than the opening price? >> there's a time, tyler, a year later, but i think that, you know, one thing maureen was talking about was something i think the direct listings was trying to get at yesterday you've had direct listings going i think square space was another one? or oatly, one of those but i have to say one thing

here, tyler, the one headline i saw that got me going on this was the krispy kreme is going to go public again. for all of those who have any sense of history that just says it's like you sit back and go, oh, my, it's back what is that the sign of >> here we go again. we appreciate your time. the white house today accusing russia on the world's largest meat supplier. eamon javers is in washington with the latest. >> kelly, the company is jbs, and the white house is saying a criminal gang likely operating out of russia is responsible for the cyberattack they saw on sunday jbs says a number of ships have been canceled. they're telling workers to

simply stay home until they can work through some of necessary i.t. issues. they're saying that jbs notified -- came from a criminal organizations, likely based in russia the white house is engaging directly with the russian government and delivering the message that responsible states do not harbor ransomware criminals. we have a come are more details from jbs here, saying it attacked the north american and australian companies the backups were not affected, which is good news t all of this comes after the colonial pipeline hack which wreaked havoc, and just before the meeting in geneva coming up this month between vladimir putin and president joe biden, so a lot to talk about at that meeting, as you're now seeing alleged

russian hackers impacting the gasoline markets, these are fundamental staples of our economy and our lifestyle, and the russians are signaling that they can disrupts some of those patterns. >> maybe it's not quite as fundamental, or maybe it is, but we talked with molson coarse last week about their attack earlier this year that had the systems overline here's my real point a lot of corporate america, even small, meanium sized businesses feel like sitting ducks. what is going to be done about this >> that's a piece of agenda no the big summit in geneva can you even negotiate a settlement to this all the experts in the united states will tell you putin is at least tacitly allowing this criminal activity to take place if his government is not aggressively not taking part in it on some level these are separate criminal

elements, but presumably the putin government could crack down if they wanted to so it's a diplomatic solution, but also a technological solution, in terms of u.s. companies to beef up their cybersecurity defenses i do think that beer is a stating, kelly, i would disagree with you when you're talking about made and beer shortages in the summer >> is this ransomware or not >> the white house is saying this is ransomware this is a criminal enterprise behind this and they are demanding a payment. it's not clear if the company feels like they have to pay it or not if they have the backups and can get up and running white house paying, you would imagine they would do that. in the case of colonial pipeline, they decided to pay. they must havconcluded they had. >> that was the discussion last

week, whether crypto shooblts band, because it's the conduit >> leave our hamburgers alone, you guys. >> yeah. coming up, major league baseball saw the success of the nba's top shot now it wants some nft money for itself we'll tell you why restaurant stocks are falling even amid the optimism "power lunch" will be right back there's a quartet of them, all lower today.

welcome back to "power lunch. i'm seema mody we are keeping an eye on the action of some of the fast-curable outcomes. names like bringer international. dine brands global, darden is down more than 6% right now. you see right now. it did maintain an overweight rating, but many of necessary stocks -- with cheesecake factor up more than 50% so far this year trader debating whether the reopening is already priced into these stocks kelly? >> appreciate it, seema. major league baseball wants its pies of the nft boom the first will launch on july 4th, the anniversary --

>> day i consider myself luckiest man on the face of the earth. >> it will commemorate lou gehrig's famous speech that's just the beginning. they'll be partnering with a company capitalizing on the entire digital catalog we know it could mean big bucks. when the big bucks are on the line, there's always a problem how to split it. jabari young and patrick riche joins us jabari, what do we know about this deals, how lucrative it is? >> i appreciate you having me. it's particularly a licensing deal, so whatever candy digital makes off, the mlb will get royalty, as it continues to

accumulate mlb get more money they're trying to reenter the nft space. they kind of made a note to me, back in 2018 they were already in that space, we just didn't know what it was now that we have a feel for what the nfts are, they're back in it, and hopefully want to capitalize on the popularity and see where it goes from here form i think that gives them more aslurns that will work out in their favor. >> a lot of the early ones seems don't about raising awareness, with als and lou gehrig involved, more like we've seen in the nba, where i believe the players' union already negotiate with the league of what players share with their own nft rights. what should we expect in this space? >> i expect they will take

advantage, but i also think they should roll it out -- remember, scarcity is king the nba with their top shot, they have teen in february and march they did well, but things have tapered off so i think scarcity is king. and also baseball desperately, more than any of the other major sports, is trying to reconnect with younger fans. i think this is the way to do this with gaming and gambling, now more states that are passing legalizing gambling in states, maybe there's a way creatively to connect the gaming world with this nfts? i think baseball can reach out and also boost fan engagement as well >> explain what, if you know, this geric nft is going to be.

obviously the speech itself it out there. you can get it a million places, so what is being created here inch there's only one of one, and remember, that money is all goods to charity tomorrow lou gehrig's day, the first for mlb. that's a charity initiative that's happening then they can make it scarce enough that people want -- what is it going to look like are you going to have the home pop up and hologram pop-up

what is it going to look like in the future that's do you think the line baseball is only in the first inning of this game. >> maybe it just depends on who it is who's auctioning it off. i'm also curious, as we think about a lot of issues you race ed could this change, maybe even increase the value of leagues? there aren't that franchises that aren't that great, but were great 20, 30 years ago, and have great moments their fan base may be wealthy enough to own personally >> i don't know how much value it would create for individual franchises it could be a nice boost of

revenue. i think it has more potential revenue for media networks i know bally sports is heavily involved in the regional networks is there a way the individual teams can use their regional sports net provider and picket those famous moments and rolls thousand out, again with scarcity in mind and therefore, bring value, to boost the franchise value of some of the lower teams in the league i don't think it's going to quite do that for the viewers or the loyals of the league. >> that's a fascinating point. and of course we work for a company that has a lot of those same sports networks >> gentlemen, thanks thank you very much. take a check on the markets today, folks higher today following a holiday

weekend. will the lack of supplies, higher costs, missing workers lead to a summer of inflation? we will debate that one. plus 100 years ago black wall street was shattered in tulsa, oklahoma, one of the healthier black communities in the country at the time burned to the ground. how companies are looking to address racial inequality today, when "power lunch" returns it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

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to the most businesses and advanced cybersecurity to protect every device on it. comcast business powering possibilities. welcome back still talking about nfts s5 networks is downgraded. this is one of those work from home winners that has pulled back we're keeping a close eye on it. it ties up with both apple and google, the coinbase card can be added to those apps. coinbase is up 2%. j&j is falling today as the supreme court says it won't hear the company's challenge to the talc adjustment.

j&j is down about 2% over to rahel solomon for our covid update >> let's begin in peru, where a review ah found the official death toll almost tripled to 180,000. more deaths per capita officials say the previous count was too low due to lack of testing. today in the uk the death coun of zero. officials do note that a long three-day weekend might have slowed reporting. tokyo, department stories, mea -- museums and theaters reopening, but not at full capacity restrictions on some businesses have been eased, though a state of emergency has been extended the first foreign team arriving for the oils next month. 29 australian softball players

start practice next saturday after quarantining in their hotel, they get covid tests every day. hopefully it's one of the lower nasal swabs, but a full test every day, that's brutal >> rahel, thank you. 100 after the race massacre that claimed countless lives, companies are donating more than a billion to help create and support black businesses around the country. frank hole liened is in tulsa >> reporter: as you mentioned, company are trying to provide -- as well as other social and economic inequals. so far the $350 million commitment by jpmorgan the largest. black women-owned businesses the focus for several. you have to remember, black businesses were

disproportionately impacted by covid-19 at the height of the pandemic 41% closed just compared to 17% of white-owned businesses. operation hope received a grant and also launched an initiative with shopify to create 1 million businesses over the next decade. >> those employees are paying for mortgages, paying for school fees, paying for gas at the gas station, going to restaurants. the ripple effect in the neighborhood is obvious, relevant and significant the racial wealth gap is conservatively 11 trillion.

and -- if the racial wealth gap was closed, creating a per capita increase of as much as $4300. even if inflation replain at 3% annually remember we saw it back in april, that per capita increase would have more spending power in 2028 than ought of the rounds of stimulus today. how much of that is currently going or being spent with black -- as opposed to other. >> reporter: the short answer is many people say not enough if you look at the total revenues before the pandemic, it was about $270 billion if you look at walmart's rent before the year of the pandemic, pretty much twice as much. so right now black businesses need more supports to sustain themselves and that could potentially help close the gap.

>> i suppose as you look at network and compare white net worth versus black net worth, a lot of the disparity has to do with historic discrimination in housing. >> reporter: absolutely, not only historic discrimination in housing, but also in government programs like the g.i. bill, where many black americans came back and were not eligible from the g.i. bill. >> frank holland, thank you very much we appreciate your reporting today. ahead on "power lunch," it's a clash of the cryptos, bitcoin coming off one of is worst months while ether is thriving this year. is now the time to roll the dice on casinos we'll discuss when "power lunch" returns. as we head to break. june is pride month. we're highlighting all month here is rufus gifford.

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a quick check on the markets which are green across the board. trow up a quarter point. the nasdaq is coming off its eighth straight day. some big gains in oil as well, as crude sourced to mulled year highs. pippa stevens has that report. >> hey, kelly. that's right, oil prices rallying after a meeting between opec and its allies where the group recommitted to gradually increase production. they pulled back slightly, up now 2.4 pushes at $67.89

brent crude on track to settle above the key $70 level for the first time in more than two years. a positive tone after today's meeting saying the demand picture has shown clear signs of improvement. looking ahead, the group will increase their output in july, based on products levels agreed to in april. energy stocks jumping today with the group. >> this move -- this gets us to july, but if demand in prices keep rising, pippa, what do we expect after that? >> yeah, that's a great question, top of mind for many wall street analysts we didn't get a lot of clarity into the longer-term production policy output will be held steady through 222, but rising prices could pressure opec and its allies to increase output, set a

return to the market also u.s. producers having all mean that we could see an unexpected increase here for the back half of the year for opec and its allies the group will next week on -- >> pippa, thanks for now pippa stevens. all right. ism manufacturing data out today, but also showing some growing problems the chair of the ism writing that all segments of manufacturing you are under appreciate from, report long lead times survey respondents also highlighting labor problems, lack of qualified candidates, still experiencing labor shortages rick santelli takes a look now at the market reaction rick

i mean, the headline number improved, the problem is we're still in the upper 80s on prices, which you unbelievably high the employment numbers are right at the expansion line, 50.9 let 'look at some charts. the day -- the week we made the all-time low in 2020 for interest rates interest rates have basically gone up and sidewises at 1.75. dollar index tried and tried, but dow jones industrial average, it's raining stimulus checks, and we can see what's propelling stocks, but at the end of the day, this is a pretty

easy problem all the things that you discussed their negatives are because of growing pains, as we come you've covid. the problem is that those growing pains are taking away a lot of the horsepower from interest rates that reflects two things we're nervous about -- all the debt we're issuing and the potential tsunami of higher prices once we see some of these other issues like labor, logistics and transportation start to ease back a bit kelly, back to you. >> rick, thank you is this about to become the summer of enflation? kevin, i will start with you do you have a lot of price pressure concerns? >> no, it really isn't you know, over the last year or so, all of the consumers having

buys goods we think, as the economy reopens that they're going to have to divert some of that money to services, as the, you know, service sector reopening we think that may bring some -- well, hope up some of the bottlenecks we are seeing in goods, and will also, because service are so labor intensive, we'll get a lot of people back to work. we're hopes that will also damping the affects of inflation. at the end of the day we're still in a global economy, and everyone, you know, competition is still out there i think that's going to help mitigate some of the base effects we are seeing. do you share the enthusiasm? >> not entirely. i agree that -- are part of it,

but they're really two factors that investors should consider last year, the m-2 money supply grew ought a raise that surpassed -- it -- it's going to be a year or two before we see the effects of that. for two, one of the primary ingredients is expectations, to paraphrase "field of dreams" if you build it, they will come so what matters for investors is whether it ends up coming or not, but what's already priced into the market and market expectations seems to be assuming that it is transitory, so investors have the ability today to insulate that portfolios like real state does well, and have good pricing

power. >> in terms of investments have to leave it there, gentlemen. thank you both coming up, kelly, tilman fertitta tells us vegas is better than ever should investors place their bets on casino stocks. plus zoom reports after the bell it was, of course the hottest work from home play in the last year, but now down 19% in three months should you zoom out of the stock now that people are heading back to the office? our traders will discu wn. ow lchrerns.he

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a job created when you buy this tea at walmart. you need to hire. i need indeed. 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. welcome back to "power lunch. zoom, know it, love it or hate it, the company posts results today. down about 20% as the reopening rolls on still up about 60% for the year, with plenty of pandemic uncertainly lingers.

michael, this will be a big earnings report, right i'm back at the office, but still attendsed a zoom meeting this morning your thoughts? >> i was going to mention the exact same things. while they revolutionized how we work, and the markets continue to try to figure out, what is the post-pandemic workplace look like, we have taken the stand internally at rockefeller any meeting you can have via zoom that you would have had on a phone call, to continue to use video. i think it brings a whole new demeanor and dimension to the workplace. the question is how will they monetize with such stiff competition? how are they going to monetize the future and what it looks like what do you subscriptions look like what is a -- how does it translight into revenue?

i wouldn't zoom out of it just yet, but i would wait to see how they set up earnings 9 next one or two quarters. i don't think it's something you need to jump into right now, but definitely video workplace is here to stay as you mentioned, you know, we're talking to people all the time on video that were formerly just phone calls. >> if you're an owner, todd, do you sell the stock ahead of its report how do you trade it? >> at this point don't sell. i think a reentry is possible. it's a great company they have great customer service, good gross margins 70%. expect to make $3.75 this fiscal year, which puts it 87 times forward earnings i'm cautious this is a situation let technicals meet fundamentals, meaning wait for the chart to break out. so it will break about 350, and then tonight in the earnings report, watch small business attrition, to michael's point, large companies will continue to

renew. i think the small businesses will meet in person, will start to drop off. so watch that tonight. >> the stock currently trading at 328 a share. it's the summer of positivity and possibility, as the country reopens. we're going to look at the casinos. plus is ether the new king of crypto? why bitcoin is facing tougher competition, right after this. >> announcer: now the latest from tradingnation.cnbc.com, and a word from our sponsor.

all righty, folks, welcome back as vaccinations increase and

restrictions are lifted, casinos are back on the comeback trail landry's chairman and ceo telling us last week that he's seeing a big surge in his las vegas business. >> vegas right now is as busy as it has ever been, okay there is so much spendiable income out there my las vegas golden nugget is going to have its best month that 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. >> so does all that mean it's time to roll the dice on casino stocks what do you say, david i know you like the area how do you react to what he just said >> we concur

the amount of pent-up leisure demand is considerable, not just for casinos but across all of our coverage but certainly within casinos however, when we're picking stocks today, i think that that has been an evolving trend, an increasingly more positive trend but not a new trend. what we're looking for are three or four several reasons for stocks to work other than just that pent-up recovery trade. >> you see that in caesar's. >> that is true. they have acquired william hill. it gives them the entirety of the enterprise in the united states for igaming and sports betting. it gets them control and the economics of it. caesar's is known for total

rewards. we think it should be quite compelling and that is a strategy that is quite compelling so we have yet to really feel the full thrust of what that strategy could be. >> and mgm is not ceding that space one bit. i believe they have an on-site betting parlor i guess was the word it seems like such an antique word to use, but a betting location at the washington nationals ballpark that's either opening or opening very soon >> mgm is playing a big role with their joint venture out of london and we watch those numbers on a monthly basis we've been tracking a lot of social impressions data, lots of different forms of fact-based information. we see bet mgm continuing to gain momentum within that digital space as well as the several other things that are going on with that company, which is why we like it. >> david, we've also been talking about the run-ups in these names.

what are the next catalysts for these stocks what are the events on the horizon that could be bullish catalysts other than now facing the risk of disappointment as the reopening continues to get under way? >> in the case of caesar's and mgm, and let's focus on mgm for a minute because yes, there's sports betting and a vegas recovery trade which has not yet hit the midweek convention business that is something that is still in the early stages of evolving and we're watching the first citywide convention next week called the world of concrete, which is supposed to bring 60,000 under normal circumstances. in mgm's case, new management, additions to the board, spinning off mgp which is a reit they created several years ago, margin gains, so there's lots o reasons to like mgm. >> i was going to ask you about

the return of business travelers and convention business and it's important to those names i think that's probably a later year phenomenon in 2021 and 2022 as those businesses come back. we'll be watching, david katz, thank you very much for your time. ether is outshining bitcoin over the past month and definitely year to date. are we seeing a changing of the guard in the crypto space? that's next. and tune in tonight at 6:00 p.m. eastern for "on the edge" atr. scott wapne th's 6:00 p.m. tonight on c thbz (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back.

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welcome back all this crypto and volatility in crypto lately could be creating a major power shift over the past two months, bitcoin is down, ether is up and kate rooney has more on all of it for us. >> ether is the world's second biggest cryptocurrency and ended the month of may in negative territory but it held up a lot better than bitcoin. ether was down 12% for the month. bitcoin lost more than a third of its value since crypto winter in 2018. so far eithther is up 900% this year bitcoin meanwhile is seen as a store of value there's also talk of shifting

the ethereum mining process to a less energy intensive period known as proof of stake. there's been headlines weighing on bitcoin that have not hit ether as hard. for example, over the weekend the financial times reporting that u.s. regulators are taking a closer look at crypto. bitcoin didn't really move on that news. analysts say that could be a silver lining and signals some deleveraging it may show bitcoin finding a bottom or at least a new resistance level guys, back to you. >> tell me a little bit about ether and its blockchain i didn't know this, maybe you can educate me does bitcoin have its own blockchain and other currencies have their own blockchain and other assets that aren't necessarily currencies, do they have their own blockchain? >> they do i learned this at a conference i said the blockchain. i was told there are a variety and they're all different. ethereum uses ether and bitcoin

has its own blockchain so they're separate there. >> and nft is your favorite. >> not for tylers. >> we'll see if we can get you to come around, kate, thank you so much. >> nice to have kate in the house, right >> very nice. >> crypto kate thanks for watching "power lunch. "closing bell" starts now. thank you, kelly and tyler welcome to "closing bell." i'm sara eisen here at the new york stock exchange. major averages are mostly higher to kick off the new month. stocks are well off the session highs, holding on to gains as we head into the final hour of trade. >> i'm david faber in for wilfred frost. energy is the best performing sector crude is touching its highest level since 2018 names such as devon energy and marathon oil are jumping significantly. some key manufacturing data pointing to more strength in recovery