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 pmi hitting a record high. and airline stocks, they're getting a bit of a pop as well this after the tsa screened the most passengers since the pandemic began over the holiday weekend. boeing is higher as well on an analyst upgrade. 59 minutes left to go in the session. coming up on today's show, we'll talk about today's energy surge and how high crude prices could climb with a chief oil analyst. plus the ceo of citizens financial joins us with why his company is doubling down on brick and more tar bank branche. >> and shares of zoom are red hot. they surged 40% last year amid the work from home boom. earnings hit after the bell. that's coming up. let's get straight to the big stories that we're watching. mike santoli is tracking the market action. kate rooney has a look at meme

stock amc. mike, start us off with the broader market. >> the s&p 500 starting june the way it spent most of may which is really minimal index moves at the top line very close to all-time highs but not cracking through then the majority of stocks higher and volatility pretty low. you see this that's when this started about mid-april. there's an old wall street adage, don't short a dull tape the market tends not to give you that many chances to sell the all-time high. we'll see if that holds up right here because about six years ago we were exactly half this level. we spent months at 2,100 and actually it did finally fail the nasdaq has consistently been the weak point it's up off the lows but we're trading at a level on the nasdaq 100 that was first reached back in february. in fact this february high has sort of not been exceeded except for that one little burst higher back in april.

so it's still struggling if you look at the year-to-date drags on the nasdaq 100, it's apple, amazon, tesla, netflix, pretty much the favorites of last year are the ones dragging things down. biotech stocks is a group down 20%, 25% from their highs as well take a look within the market. some of the winners and losers separating over the last few months rgi's equal weighted industrials, equal weighted discretionary, recent ipos and cloud. right back there in that february/march period we saw this massive separation pricing in a reopening it is probably significant that we're below the highs on the cyclicals and above the lows on the growth names we'll see if this is just less a binary tape and if we'll see a slower re-rotation or if this is kind of a rest period. that's what people are preoccupied with right now, guys. >> kind of a value tilt today. energy, financials, materials all doing well

mike, stick around if youyou wo. amc is announcing a big new capital raise. they have rallied around 160% since last monday. kate rooney with a look at the latest pop for the meme stock. >> amc shares have been up more than 20% after the movie theater chain says it's doing another capital raise. this is an equity deal it's selling 8 million shares worth about $230 million there was a stock sale to mudrick capital management they'll use the funds for upgrading its theaters and paying down debt as well as potential m & a. mudrick already sold all of its stake in amc at a profit they did not immediately respond to cnbc's request for comment. shares roughly doubled last week on way higher than normal volume that was helped by some of that speculative trading activity driven by reddit and a lot of

these online chat rooms ramping back up. we had ceo adam aaron 'em embracing this reddit frenzy this morning aron tweeting about it trying to rally investors he painted amc as an underdog. he says in our view this is not mindless dilution, a very smart way of raising cash and says, watch out naysayers, amc is going to play on offense again back to you guys >> kate rooney kate, thank you very much. david, you've been looking -- what a deal. >> yeah, interesting mike joined us on "squawk on the street" this morning and we were talking about this and speculated mudrick didn't get back to me. it's a stressed asset management firm i called him in this morning but i speculated they might sell the stock very quickly and they were beneficiaries as well because they had been a creditor to the company. they played on the liability side of the balance sheet and

concerted some of that into stock in the past. the same levels -- far lower levels where silver lake sold the stock, once one of its bigger investors and who controlled this company sold out at a level less than half we are right now. they made $30 million on a day trade and also benefit if they do have a bond position which we expect is the case. >> exactly it's a small detail, but when they did buy these shares, it was at a slight premium to where the stock closed on friday, which probably builds in the expectation that simply what happened was going to happen, which is just the announcement of another couple hundred million dollar capital raise was going to inflame the excitement of traders to buy this stock and send it higher and that enabled this kind of quick day trade

you have aron saying mind its dilution but it's dilution all the same the company has gone to the full extent of what it can do, to sell as much stock as possible they have taken on more debt it's unclear if they have the runway to add further debt to what they already have and all to pay down some debt and, you know, buy some other troubled theater companies. so we'll see if that's a strategy that can kind of keep the excitement inflamed at this point. >> he's going to have a lot of fresh capital and there appears to be a lot of distress in the movie theater business by the way, another potential catalyst is that the box office numbers were really strong over the weekend. we got new data showing domestic theaters brought in $100 million. paramount's "a quiet place 2" brought in $48.4 million from friday through sunday, slightly shy of the $50 million earned by the first movie during its

weekend opening in 2018. it's important to note only 72% of theaters were opened for the sequel this time around. the film earning $57 million during the four-year period. disney's "cruella" earning $27 million in theaters. it was also released on disney plus as part of its premiere access option for $30. this weekend's sales were far below the $232 million earned during the same weekend in 2019. still, there's a lot of optimism, david, that the box office is going to come back and you've got these new blockbuster hits kind of surprising that a sequel to a horror movie -- >> i haven't watched 1 i have to watch 1 before i watch 2 but i couldn't find it for less than a lot of money the question for amc, this is a company whose market value has never been higher. they have gone from 150 million to 460 million shares

outstanding. >> the glory days of the movie theater business are going to come back. >> yes, they may but it was still a challenged business before the pandemic. >> we had them on six months ago, adam aron asking if the company would survive. so it's a pretty remarkable turn-around. >> they have done a good job managing their capital i guess you have to say that. >> it's going to get back to somewhere near pre-pandemic normal but you have cinemark that's about 60% as big as amc its stock is up 40% year to date so we can talk about good feelings about movies coming back and the savior of cinema, but it's not really working across the board so there's a lot more going on at amc. >> mike, thank you mike santoli. up next, fin tech company sofi entering the public market via spac but another firm doubling down on good old physical branches.

we'll discuss that bet on bricks and mortar with the ceo of citizens financial next. you're watching "closing bell" on cnbc. we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. ♪ usaa ♪

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sofi making its trading debut days after finalizing its spac merger deal ceo anthony noto was on cnbc earlier and gave his take on tailwinds that have helped the fin tech company move higher in the past few years. >> the biggest trend that we've ridden over the last three years is just the sector acceleration from physical financial services to digital financial services. that has only moved faster over the back of the stay-at-home phenomenon over the last year. >> some banks like citizens financial is still betting big on physical locations. they are going to acquire 80 east coast branches.

joining us it citizens financial ceo. bruce, i get confused because it's the afternoon but i'm usually here in the morning or broadcasting in the morning. why the purchase of these branches why is this still a business that you want to actually grow in >> well, it's very attractive locations for us we have a gap between our new england franchise and the mid-atlantic franchise so to be able to acquire 66 branches in the metro new york region is an important market that we want to serve. we also go south a little bit into the washington, d.c., area and then pick up five branches in the miami area. we recently opened a wealth center in palm beach and another one over in naples so that gives us a good nexus in the key areas of florida i should point out also that about 6 billion of the 9 billion deposits we're acquiring are also coming through the hsbc

online customer base so it's not just branch-based customers we're acquiring, half of the customers are on the online bank we have a successful online bank called citizens access and this allows us to scale up quickly and accelerate some of the development efforts we have under way. >> what do you find with branches i can remember even many years ago predictions that branches would disappear with the growth of online banking. we all know and many people know that is certainly here to stay and a lot of people are quite comfortable with it. what is the business case with why you want to have still bricks and mortar in our business >> well, i think our most satisfied customers actually use all channels they desireto have an omni channel experience where they can go into the branches particularly for complex transactions or when they need advice increasingly they're using the digital tools to be able to manage their balances and take a picture of their checks and make

deposits also they want to use your contact center so they can call 24/7 if they have an issue you have to offer that seamlessly to your customers when you get that right, those are your most satisfied customers. >> bruce, we mentioned sofi at the top. these fin tech companies are just continuing to grow and continuing to offer more services that look increasingly like what you do to consumers. paypal's valuation is now $300 billion, square is $100 billion. how much of a competitive threat do you view some of these companies as >> well, i think those -- paypal and square have been really smart about how they have attacked the payment space so certainly taking some market shares from the banks. but many of the fin techs actually we've partnered with them we have 25 fin tech partnerships you talked about sofi and i saw anthony's profile earlier, but we partner with them we're a float partner so we'll

buy some of their originations and put them on our balance sheet. if we can access that more for our customers or run the bank more effectively, we're all in on that. a little more competition also keeps you on your toes and raises what we need to do with our customers in terms of improving the customer experience where the fin techs do a very good job. >> another thing they're trying to do specifically is get rid of overdraft fees i bring it up because it was the topic of a pretty heated back and forth between senator elizabeth warren and jamie dimon last week when they were questioned before the senate finance committee and the potential harm that those overdraft fees do to low income consumers especially in the middle of a pandemic where are you on that? you probably get 1% to 2% of your overall profits from overdraft fees is that a sustainable business line >> well, i think overdrafts do

allow folks to access funds ahead of when they actually have the cash so if designed well and used well, it is a service that you're providing to customers. it also can trip up customers. so i think there's a move by many banks, and we're studying this and starting to offer products that really protect against the inadvertent overdraft so it gives you a cure period of 24 hours or waives fees under a certain size limit. today we have a $5 overdraft pass so if you go $5 into overdraft you won't incur a fee and we're likely to raise that and other banks are looking to raise that i think this is an area that is evolving and banks are starting to introduce some new products which i think will help overall in kind of resetting the bar and bringing this down to be a smaller source of revenues for the banks over time. >> finally, bruce, many of the areas you serve if not all of them are fully reopened or about

to be so-called fully reopened, what are you seeing in terms of just the broader economy as we move into the summer, and what are your expectations? >> we're really encouraged so the fact that vaccine rollout was so successful and life is getting back to normal has been great. so our corporate customers are optimistic, individuals are optimistic i don't know if you got out an about over the memorial day weekend, but it seemed pretty close to life as we knew it pre-pandemic so we expect to see some significant growth and the sectors that have been most impacted by the lockdowns and the people who work in those sectors are actually going to benefit greatly over the second half of the year. >> bruce van saun, thunderstorm watch for the update good to see you. on the deal as well from citizens. >> thank you. up next, the mlb gets into nfts major league baseball taking a page from the nba's playbook to fo crypto collectibles.

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coinbase announcing that starting today it will allow inbound transfers for dogecoin on its coinbase pro platform trading in the cryptocurrency will begin on thursday dogecoin up around 5%.

coinbase missed out on a lot of that business last quarter, which they referenced in their last earnings. major league baseball also making a play for the crypto market launching nfts in collaboration with fanatics. the first digital collectible will drop on the fourth of july featuring lou gehrig the news comes amid a volatile stretch for crypto assets with bitcoin and ethereum well off their 52-week highs. let's bring in sports reporter tabari young what can you tell us about what the mlb is planning here >> sara, thanks for having me. mlb is not just getting into the nft space, they have already been there in 2018 they signed with a company when nfts were trying to figure out what they were and the pandemic helped people understand what nfts are and i think the mlb figured out, hey, this is where it's going, let's get in one of the more highly

collectible sports items out there are mlb-related items from baseball cards and what have you. i think they're just looking at the future, understanding what nfts are, what they will be and this is the first inning for them as they look to kind of bring in new revenue opportunities via this licensing deal. >> any idea what it could entail they have some good stuff, obviously lou gehrig and those memories are pretty important ones, but there's no shortage of things that perhaps big baseball fans would want to say they so-called owned. >> david, this is a first time for me and you, man, so good to connect with you finally listen, i'm looking at this as jackie robinson, people like babe ruth, the baseball icons, i think those nfts will be very, very big in this particular deal a guy like michael are rubin of

nat naticks, i think mlb trusts them once they create those, the icons of baseball, mickey mantle, babe ruth, hank aaron, jackie robinson, those are going to be the big-time nfts. ones they're going to figure out what the market is and once they figure it out roll those nfts out and i think that's when the big bucks will roll in we expect all the leagues to get into it. we've seen the success i think candy digital is hoping for the same type of outcome and they're going to start with baseball and move over to entertainment and music after that. >> yeah, interesting i'm glad you mentionedthe choice of partner because those are important. tops has been doing baseball cards for a long time and they spent public or are going through a spac jabari, thank you. and good to see you too. still to come, joe moglia on the resurgence of the meme

trade, this as amc shares continue to soar plus zoom is gearing up for results after the bell and investors will be looking on any color of how the reopening is impacting that business. the stock is off 40% from its highs. we'll bring you those numbers as soon as they cross. as we head to break, let's give you a check on bonds. yields, well, they are moving a bit higher to start the month. you can see the 10-year right there, 1.615 we'll be right back.

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31 minutes left to go in today's trading. let's check in on individual market movers. wall street is bullish on the honest company four firms out withpositive notes. morgan stanley and jpmorgan initiated at overweight. citigroup with a buy high risk rating they mentioned jessica alba's role as founder and brand ambassador that stock up 2.4% a lot of them say it's a pretty

attractive and exciting opportunity for revenue growth within consumer staples overall. shares of abbott labs sinking today. the company cutting its full-year guidance citing weak demand for covid-19 diagnostic testing. that stock down 9% i guess the more vaccines, the less you have to test. >> fewer tests those brick and mortar testing places have not been particularly busy lately and thankfully. let's move to an update on the discovery and warner media deal the combined entity will be known as warner brothers discovery. the company also unveiling a logo and a new tag line. quote, the stuff that dreams are made of inspired by a line from the warner brothers movie, "the maltese falcon." do you know who the star of that was? >> humphrey bogart >> good job. >> i'm not as old as you but i know some stuff. >> you are, you are.

hbo and hbo max being the key assets discovery, well, a lot of people may not know hgtv, food network and tlc are part of discovery. i mention that because at some point you may see the discovery name go away i don't know that, but it certainly seems possible and you'll just end up with warner brothers yet again. >> so the one before was warner media. before that it was time warner before that it was aol time warner >> and then before that it was time and warner, right >> never warner brothers originally warner brothers. >> originally warner brothers. >> got it. f full circle. >> and "the maltese falcon" was humphrey bogart. well done. >> thank you i'm glad i passed the test it's time for a cnbc news update with rahel solomon >> hi, sara. here's what's happening at this hour the biden administration working

to suspend all oil leases in alaska's arctic national wildlife refuge. politico says an environmental review could lead to restrictions on oil exploration and could nullify existing leases. heavy rain for weeks leading to flood levels at a lake in north texas. forecasters don't see any let-up as well. the risk for flooding continues across parts of texas and louisiana. belarus activist on trial stabbed himself in the neck while in the courtroom he was carried away from the courtroom and taken to a hospital where he has since been put into an induced coma. and grand slam tennis tournament is promising to address players' concerns about mental health. this is in the wake of naomi osaka's stunning withdrawal from the french open. the same tournament threatened her after s-- with suspension

after missing a news conference. energy stocks popping today as crude oil touches its highest level since 2018 up next we'll break down whether the energy price surge is here to stay. the names up 9, 10%. here's a check on shares of cloudera it's being taken private by kkr and clayton dubal ier and rice surging 24%. "closing bell" will be right back [squeaky shopping cart] [sniffing]

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oil prices jumping today after opec plus met and committed to boosting production wti crude hitting its highest level since october 2018 brent crude crossing above $70, highest since march. energy is the top performing sector in the market by far.

joining us is the founder and director of research at energy aspects. was this a surprise, what opec plus did today and wouldn't increasing production have the opposite effect on the market >> no, but this was already agreed on. they had already said they would increase production for three months, may, june and july 840,000 they're bringing back. this was decided a long time back this is just ratifying what was already agreed prices are $70 so why not go ahead with what they agreed on the question is whether they will bring back more barrels in august and september and for now they're going to hold tight and see what iran does >> what is the expectation from the market as far as what will happen between the u.s. and iran and whether they will be releasing more barrels >> you know, expectations have been very high about a deal being reached.

if you recall the pullback in prices we had just a couple of weeks ago was very much around very positive head lines coming out of vienna. we've been expecting a deal to be reached around april, may if anything, on our expectations, the deal is actually -- talks are going a little bit slower. right now the noises out of vienna are suggesting that maybe the deal doesn't get done before the iranian elections which is the 18th of june and then if you pass that deadline or pass that date, it's very likely we'll get a hard line government in iran so then negotiations would continue for a lot longer we've been expecting iranian production to come back from july suddenly now it's looking maybe it's going to be closer to september, maybe even october. so things are slipping and that's the biggest reason why we rallied today. >> what about demand isn't it the story just as the economies continue to reopen, europe looking good with its

data and its vaccination progress, that will continue to drive demand for driving and flying and everything else oil consumption related? is that primarily what's driving it, or is it this opec and iran supply side issue? >> i would say today is more about iran because that's been the talking point in the market, that iran is coming back and what does it mean. but you're 100% right. this summer and this year it is all about demand the recovery that everybody is anticipating, i think all of us are sick and tired of being at home and wants to get back on the road we are seeing signs of that. in the u.s. it was a very strong memorial day holiday even in the uk and europe you're seeing traffic numbers pick up sharply. commuting for work isn't back fully but discretionary travel is and that's what's boosting gasoline demand. ultimately if demand picks up as we are expecting, we will need iran, we will need opec plus because we are expecting very

strong growth and that's why the market was unsure that demand in asia doesn't look great. if iran comes back too soon we could get a glut but the later in the year iran comes back absorbing it won't be any issue. >> are you seeing global demand returning to 2019 levels any time soon? >> yes, we do expect it. we're definitely not in the camp that doesn't expect it to go back, but it will be next year around midnext year is when we're expecting it, the main reason being asia. chinese demand is booming but india is struggling and a lot of other asian countries are going back into lockdowns of some form asia is obsessed with zero case count rather than learning how to live with covid, which is the west is doing like ear flu effectively. vaccination rates are low there. so we need asia to get vaccinated, which will take q1, q2 next year that's when globally demand can get back to 2019 levels.

>> amrita, thank you. >> thank you up next, we're going to take a look at sofi's first day of trading and preview what to expect from zoom's video results. we'll take you inside the market zone that's next. as a reminder, you can always watch or listen to us live on the go on the cnbc app "closing bell" is coming right back ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ esg is responsible investing.

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with 16 minutes left in the trading day, we are now in the "closing bell" market zone commercial-free coverage of all the action going into the close. mike santoli is here to break down these crucial moments of the trading today. today we've got peter here as well welcome back, peter. stocks are losing steam with the s&p 500, nasdaq now dipping into the red. energy is still the best performing sector as oil prices rally strongly mike, it's been pretty soft after the open really, which was a strong open, and then a loss of momentum. what's the narrative what's fueling the move as we do see pockets of the market like banks and energy stocks outperform, but most other things are lower. >> yeah, i think the opening pop is a combination of the fact that world markets were open yesterday and almost all higher. also we did get the sort of reflex first of the month kind of upside try. then it really was the mega cap growth stocks once again and some of the hypergrowth tech

that are the culprit here. they're not cooperating with this idea of kind of an all-inclusive rally. they are a drag today. also i don't think it's necessarily the driver it's very difficult to say it's a causal factor. but whenever the meme stocks are running, the rest of the market has tended to have a hard time getting in gear. that just seems like it's one of those things where traders are still a little wary of just that idiosyncratic type volatility coming from that area. >> peter, anything you're taking away here from the first trading day of june? >> yeah, i don't -- i don't envy s santoli having to opine on what may be driving the market but sentiment does hinge around how some of these meme names are doing. i'm not taking much away from today's market action. i do think and i'm guessing we'll talk about it later that when we see a meme stock like

amc rally, it tells you that those sort of speculative juices are still present in the market. boy, they sure are extended and something like amc is certainly emblematic of that fact in my view >> yeah, i'm glad you mentioned it we will get to it. by the way, we talked amc all day. gamestop is up 12% today year to date, 8,975% is gamestop's -- >> are they just not as savvy as amc in terms of capitalizing on that >> well, they did sell stock. >> it took a while. >> they have done quite a few things there are many hopes that ryan cohen will come in and change up the business model that's not the case with adam aron he's going to keep doing what they're doing. the question is should it be worth ten times what it was worth not that long ago. sofi made its debut on the nasdaq this morning. company shares are up. it's been trading as a spac for some time. it was taken public via spac

run my social capital's chamath palihapitiya virgin galactic was one that they did anthony noto was asked whether he will hang on to this position in sofi. >> chamath is bound by any restrictions by trade windows and he has the ability to sell just like any investor outside of those two restrictions. he's been a great advocate for the company and one that we've really enjoyed partnering with we do not ask our shareholders when they're going to sell. >> still waiting to hear if his latest or next one will be equinox. but he put out this annual letter last week that a lot of people gave -- before i read it i gave him a hard hiem too

he had gross returns, but not net of fees. he had irrs that were very hard to follow exactly what they actually meant it was an interesting read, i'll give him that. but it was unclear as to -- >> so you're skeptical on the financial analysis he's doing? >> listen, there's -- i don't want to speak specifically about sofi which has been a win for them so far, but the incentives are misaligned when it comes to the spac sponsor and the targets they often choose given that the stock can go well below 10 you can make money as a spac sponsor down to as low as 2 if you do a sensitivity analysis on that of course we talk often about the projections for some of these companies. the s.e.c. has been looking at it closely and been cracking down on the way they account for warrants, on the projections and some of the interrelationships involving those who also buy the pipes, who are the spac sponsors and everything else.

so it has slowed dramatically in terms of issuance but it's still worthy of a great deal of scrutiny. >> there's still some positive reception to things that are happening. mike, what do individual investors need to know before buying into a spac, sofi or any of them? >> i think you have to draw some distinction between the spacs that merge with a company that is very early stage and purely concept and really needs that personality out front to endorse it and really pitch the idea and wild projections which is a lot of the deals that get done, and something like sofi which is a little bit more mature it certainly would have been ipo ready had they chosen to go that route. the big investment decision here with this company is the spac sponsor, chamath, going to stick with it. i don't think that matters in terms of the business and where it's going to be in the fin tech field, which is very crowded it has great growth in terms of customer accounts and things like that but ultimately is a

financial and they're looaskingu to look at adjusted ebitda and things like that so it's got to stand on its merits as opposed to the spac operator it's a different type of company that's really venture and concept and you have to be careful about what you're being sold. >> peter, on that note, mike and i have talked about this, there was a period of time when many of these spacs were speculative in nature but going up dramatically, lucid motors is one, for example, and any number of other ones. that's been largely extinguished in the market and the market itself has been able to maintain a good amount of momentum. do you see this as an encouraging sign >> well, you know, relative to spacs themselves, i want to make the point and amplify what mike said not all spacs are created equal. just like in any other ipo, there are good companies and bad companies. for spacs, it's largely about

the sponsor. for better or worse, you know, spacs got caught up to some extent in this, i would call it something of a speculative frenzy that we saw in some of the meme stocks. you know, it's sort of part and parcel of that speculative frenzy so why should we expect the spac market to really act any differently than the rest of the market relative to what they mean for the rest of the market, again, it's hard to say i feel like it's really difficult to find value just about anywhere innic equities a the credit markets as well i've felt that way for some time and certainly since the 10-year yields have started to rise in february i've even been more convinced that that's the case >> many of them are trading below their debut price, which is i guess a phenom nall that has changed. we've got electric car makers reporting mixed monthly delivery

numbers. xpeng motors despite monthly declines, citi upgrading nio to buy mike, what do you make of the demand figures coming in from china on evs which is one of the most promising growth areas? >> yeah, it's pretty impressive just in terms of the gross numbers. obviously you have tremendous incentives being built into that market to go pretty wholesale in this direction pretty notable tesla shares struggling today. they have struggled for a while. a lot of noise about whether they're going to have a genuine opportunity to get their fair share of the market in china but, you know, as one of the thematic plays, it's the one that seems to have a lot more going to it longer term. it traded a little bit in sync with some of the stay-at-home

stuff and got mixed up in the sort of all in speculative names. and now it seems as if there's obviously a much bigger picture, multi-year theme in evs that seems exploitable, even with all the volatility >> yeah. you know, it's funny, mike, there was a point at which the stock was off its highs. but speaking of speculative in nature, this certainly was one, nio, that had to fit into that but it's been able to maintain a price i think few would have anticipated as little as a few months ago. >> yes, for sure and we're not talking about something that's valued along the lines of regular old legacy automakers or anything like that it's obviously -- it's obviously its own thing and it sort of catches these breezes with the overall chinese tech market. >> all right speaking of stocks that soared at least at one point, som set to report quarterly results after the bell

deirdre bosa has a preview for us >> zoom has beat expectations every quarter since its 2019 ipo but by now that performance has been well baked into the share price which has doubled over the last 12 months but it is negative on the year as investors look for what is next. the key for the story going forward, zoom has to prove that it can be as much of a post-pandemic play this is a competitive space, however. if it does beat on revenue again, we could see zoom's first billion dollar revenue quarter investors are likely to care mostly about outlook back over to you >> okay, thank you let me come to peter what are your thoughts in terms as we get closer on a name that has come down substantially since the big run-up with everybody very excited for the prospects of work from home but

obviously has watched its business grow dramatically in the last 12 months >> well, you know, look, i think zoom faces a number of the same challenges that many of the work from home stocks have. many years of growth arguably have been pulled forward and once again, it's very difficult to talk about valuation in these names, even taking that into consideration because valuation really isn't a part of the conversation at this point for many of these names and other names for that matter. and so what a stock like zoom is supposed to be worth really is about, i think, how satisfying the story is coming out of earnings and how investors take today's story. i think it's right to say that it will be about what the expectations were, given that i think people are digesting the fact that a lot of this stuff has been -- a lot of the growth has been pulled forward. >> mike, the high was what, last october or so when zoom was trading above $550

it's now trading around $330 where's that left the valuation? >> look, it's still pretty rich. it's no way kind of come down to a level where it looks anything like the rest of the market. in fact it's interesting for as many differences as there are and as many distinctions people want to make between the specific company dynamics, it's traded almost perfectly with peloton, since peloton's ipo in late 2019. so it sort of gets thrown into the we just think this is a -- the momentum is off from stay-at-home dynamics. it's trading at 80 something times forward earnings it was 200 times and wasn't really profitable a year and a half ago so everything is going in the right direction but it's just a very long process of continuing to grow into the valuation. got a lot of credit for that vast headstart that the company had and probably has to prove in a reopened economy that the subscriber count is pretty

durable. people are not cancelling. they can get some product extensions out there that seem like they can stay relevant in this world i'm not sure how much one quarter's numbers is going to make on that whole story but in general it's still way up over the last couple of years it's just taken a back seat toward reopening plays. the s&p 500 is flat, treasury yields are a bit firmer, the dollar is weaker mike, what are you seeing in the market internals as we head into the close? >> they have stayed pretty positive the weakness has been on the headline big cap indexes and not under the surface. if you look at market breadth at the new york stock exchange, it's more than 2-1 to the positive side. it is also been a global move toward the highs we're obviously not at new highs

for the s&p 500, but if you look at quarter to date, the efa index, a global stock index, it has now pulled ahead on a global basis from the s&p 500 you've got the german market breaking out so that's pretty much an endorsement of the global reopening theme the volatility index, it had given way last week and fell below that 18 mark to close. it's rebuilding a little bit that happens after a weekend but i think just the wild activity in the options market with a lot of the meme stocks tends to give an upside bias to the vix as dealers try to account for the fact that you do have those flows of highly volatile stuff moving through the market, david. >> yeah. and coming back to those meme stocks as well i did wanti to restate somethin that i said earlier. i misstated gamestop's move. it's roughly 1,200%. this type is really small for an old guy. >> what did you say?

>> i think 8,000 but the volume for all of these stocks is enormous amc trading 472 million shares >> it's the hottest stock in the market. >> but it's a name we watch so closely today given that great day trade by that firm mudrick [ bell ringing ] there is the bell. dow closed higher. s&p 500 and nasdaq just slightly lower. small caps won the day welcome back, everyone, to "closing bell. i'm sara eisen along with david faber who's in for wilfred frost and mike santoli take a look at how we finished up the day on wall street. gave up the rally. as you can see the reopen was strong, up 319 points at the highs of the session and closed lower. biggest contributor to the dow gains, goldman sachs adding 67 points boeing was a big winner as well. the losers, united health care,

amgen and j&j. energy stocks jumping 4% after crude oil caught its highest close since 2018 materials also strong. health care, utilities and consumer staples were the weak links. the nasdaq closing just about flat microsoft was lower, adobe, apple. weakness in media stocks like comcast, netflix also lower. the small caps were the winners of the day up 1.14% off the back of energy, materials and financials investors are now awaiting a pair of quarterlyresults from zoom and hpe we'll have instant analysis after they are released. peter is still with us greg branch from veritas financial group joins the conversation i will sendin it to you, mike you can opine on today's action or anything else we got an ism manufacturing

number which continued to point to very strong growth from manufacturing, near record levels, but it doesn't seem like moving much on these economic reports. >> no, not at the index level for sure, sara that's been a theme for a while right now. 11 or 12 of the last 30-something trading sessions, the s&p has crossed 4,200 or traded within a half percent of it basically it's been this magnet. and it's happening, though, through a lot of splits below the surface. divergent performance between mostly the cyclicals managing to hold up and the bigger growth stocks weighing on it. that's been the pattern in general. there have been some day-to-day swings in that relationship and today was a similar story. most stocks up, industrials and financials doing better. energy a huge leadership group and you have things like the mega caps just not really being able to get out of their own way. that's been a pattern that's relatively benign right now, even if it does mean the market feels a little stuck right here.

it's sort of a 55/45 net positive outlook on this flat six-week period that we've had in the market. >> yeah, let's talk about the broader er market and bring in gregory branch we spent a lot of time talking about meme stocks given that move in amc. since we are a month away from the start of the second half of the year, where are we in your opinion and what's coming when that second half begins? >> right so i look across the sectors and i still see consensus light of what the true earnings power probably is. when you look at a lot of these sectors, consensus is reflecting 60%, 70% of what pre-pandemic earnings power represented now, between here and there, we will have to deal with, the market will have to digest inflation. what it's going to be and what the impact on the market is. so at the top of the show you talked about the sectors that have outperformed and that's largely the inflation trade. when you talk about financials showing strength, that's on the

back of an improving net interest margin environment. when you talk about energy, that typically has performed in inflationary environments and i think that that's right. but at the same time, i think the fed will have to move off of its posture that long-term inflation has a 2.5% outlook the monthly sequential data is not supporting that. both cpe and cpi came in well ahead of consensus on a month-over-month basis so i think the market is struggling with how to deal with that right now. >> it feels like, though, the market is still in the fed's camp, greg, that it's going to be transitory. we don't have any proof yet that this is going to be anything beyond just the great reopening, the surge in demand and coming off of the base effects last year which were very depressed. >> right you're right we don't have any proof yet but certainly have some size and so with regard to the base effect, yes, it contributes to a

large year-over-year number but we can eliminate the base effect when we look at the month over month numbers. when you talk about what's transitory and what might be a little more lasting, i look at certain commodities. lumber is up over 120%, copper is up 140% i'm not sure that that's transitory like when we're dealing with inflation from depleted retail stock, like inflation that we're dealing with from broken down supply chains that haven't sufficiently repaired yet so that's the work, figure out what of this is transitory and what of this we haven't even experienced the full effect of like the homing effect home prices when we're talking about rent typically trail home prices by 15 to 18 months so we haven't even seen the burden of that yet in the inflation numbers. >> all right i want to get to josh lipton now. we've got hpe earnings coming out. josh, take it away. >> hpe reporting q2 results

here 46 cents versus expectations -- i'm sorry 46 cents versus expectations of 42 cents so a beat on the bottom line. revenue up 11% q3 they're looking between 38 and 44 cents that's a bit conservative at the mid-point relative to expectations of 43 cents they are raising their guidance for the year and looking for $1.82 and $1.94. the street was at $1.84. i did speak to the ceo and asked him about that ramp-up in enterprise spending that clearly a lot of companies have been flagging here. he's saying we are seeing strong demand in activity, compute and storage and data analytics he said they're confident in back half demand given the momentum they're seeing in orders customers need more i.t. right now not less on the ongoing chip shortage, he said they have taken actions for

an ongoing short supply. they have factored that into guidance and is well positioned with its inventory and the type of solutions offered remember, this stock was up about 35% year to date heading into this print. conference call is at 5:00 p.m. eastern. back to you all. >> interesting comments on the chip shortage how they take that into account we'll watch that closely later as well. josh, thank you. you can see the stock looking down just a bit. let's get a check on shares of amc after a wild day for that stock. it surged over 20% let me just check where the close was actually yeah, 22.6%. of course this after the theater chain disclosed that it sold more than 8 million shares to investment firm mudrick capital which then sold them as well during the course of the day for a profit it's the latest in a series of capital raises that the company has done since the stock first began. reddit fueled retail investor mania. amc is up 1400% just since the beginning of the year.

the ceo adam aron took to twitter to defend the decision saying amc will use the extra cash to pick up important theaters from other faltering chains but i tell you, sara, the more i learn, the more questions i have mudrick did not return my calls this morning you know, they were involved in a junk convert for the company i just feel as though we're going to learn even more about exactly what occurred. as unusual as it is -- >> they provide the debt financing during the depths of the crisis. >> right, exactly. i'm wondering whether there was perhaps, you know, it moved through the strike and beyond and they converted the debt which resulted obviously in a decrease in the amount of indebtedness which you could argue is an increase in equity i'd still like to do more reporting here on exactly what went on. but it's extraordinary enough, just the move today. the ability of the company to raise capital and of course what was essentially a day trade that ended in probably being worth as much as $30 million in profits to this firm well done.

>> it's an unbelievable deal a flip of 23%. who's on the other side of this? is this still a short squeeze? >> i don't think so. i think many investors are afraid to short it and have been quite some time and are simply standing back while they watch this well, we'll see. perhaps what is in store for amc but it is $13 plus billion market value, far, far beyond anything it had prior to the pandemic of course its large shareholders have all sold out. >> but the box office is coming back we've got zoom video results just out let's get them with deirdre bosa >> once again, zoom handily beating expectations but shares are falling in the after hours as the street has come to expect big earnings beats and perhaps this wasn't as huge as what they have become used to still strong numbers, though earnings per share coming in at $1.32. the estimate was for 99 cents. revenue was $956 million

that's up 191%, so not that 200% number that investors have become accustomed to the estimate was just $906 million. there were some expectations that perhaps it could hit a billion dollars in revenue this quarter. it did not do that q2 outlook was strong. expecting 1.14 to 1.15 versus 94 cents for earnings per share revenue between 985 to 990 million. that's better than the street expected they were looking for $932 million. strong eps and revenue guidance. shares are down about 3.25%, guys they are making up some ground but these are still strong results as this stock has doubled over the last year. >> thank you don't miss the zoom cfo on "squawk box" tomorrow morning 8:20 a.m. eastern time greg, one other number that stood out to me, just about 2,000 customers contributing more than $100,000 and trailing

12 months revenue. that's up 160% from the same quarter the last year. that's one of the keys that analysts were looking forward to in this report to show the sustainability of what's happening with zoom, with the higher paying, bigger enterprise customers. what do you do with a stock like this >> you're exactly right. one of the fears on this name is that all of the gains that they had in covid, how much of that is sticky. how much of that is sustainable. when we get numbers like that on the higher end in terms of the revenue, that gives us something of an answer those are not transitory revenues and so zoom has several legs that i think are underappreciated by the market not only in terms of the growth of its video business but its phone business is growing by triple digits. i expect they'll have to raise their full-year guidance where it's sitting at right now seems overly conservative. they'd have to add about half of the incremental revenue in each

quarter that they added in the fourth quarter in order to just beat their current top line estimate for the year. so we'll see some upward revision there we'll see, i think, more stickiness in terms of their customers than the street was expecting over the next quarter or two but i'll admit, we're going into a few tough compares in terms of the quarters so i think the market will take a bit of a wait-and-see approach as we go through the toughest quarters, this and the next. on the other side of that, i think that the market will have to account for all the growth drivers here that i don't think are priced in at this level. >> all right, yeah, full fiscal year '22, total revenue expected to be $3.975 billion greg, thank you. peter, thanks to you as well appreciate both of you joining us up next, we're going to be hearing from president biden, so stay tuned

- stand up if you are first generation college student. (crowd cheering)

stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent, but it doesn't equally distribute opportunity, and paths are not always the same. - i'm so proud of you dad. - [man] i will tell you this, southern new hampshire university can change the whole trajectory of your life. (uplifting music) let's sending it over to mike santoli for a look at stock valuations as earnings forecasts continue to rise here, mike, after a flat close. >> earnings estimates keep going up s&p 500 in the next 12 months expected to earn almost $200 a share. what you see here is the pe, forward pe of the s&p is getting compressed i talked about the market being range bound, this current flattening out of the market started in mid-april that's exactly when the earnings season really kicked in. so we had this massive upside

beat in earnings, further estimate revisions higher, and the market is more or less sideways since then that tells you the market anticipated the surge in earnings and it's getting less expensive relative to those earnings. it's pretty typical of a year two of a profit cycle. morgan stanley ran this version of the chart and they're calling for continued multiple compression although it's unclear really how much less expensive the pe might get just given where yields are on an absolute basis, where real yields are and the trajectory of that line for earnings is going to be very important a lot of folks wondering if in fact we've seen the peak for that upward earnings revision trend. >> which sectors in particular are getting the most upgrades in terms of earnings expectations >> it's all the cyclical stuff so things like energy. analysts were very far behind and that's where the news has continued to be good heavy equipment like caterpillar, the machinery area. so all the deep cyclicals are where you're seeing the

revisions higher something like alphabet and facebook, everyone knew they were going to do what they were going to do this year and it hasn't really changed all that much since we reopened. >> mike, thank you we want to take you to tulsa, oklahoma, where president biden is honoring the victims of the race massacre of 1921, 100 years later. let's listen >> well, thank you please, if you have a seat, sit down and i've got to make one check. i just had to make sure the two girls got ice cream when this is over imagine how excited you'd be

when you're 4, 5 >> almost 5. >> almost 5 years old, coming to hear a president speak my lord. in my faith we call that purgatory. lauren, thank you for that gracious introduction. in case you were wondering, i -- in delaware, we are a small state. we have the eighth largest black population in america and we have one of the most talented members of congress. and so if i didn't walk around and pay my tribute to lisa blunt rochester, my congresswoman -- [ applause ] how are you, rev good to see you. we've got a distinguished group of people here and i want to thank lauren for sharing the powerful story and for helping the country understand what's happening

here and to all the descendants here today and to the community and civil rights leaders and members of the congressional black caucus that are here, thank you for making sure we all remember and we never forget. you know, there's a verse in 1 corinthians that says for now we see in a mirror dimly. but then face to face now i know in part, then i shall know fully. it is -- i just toured the hall of survivors here in greenwood cultural center. i want to thank the incredible staff for hosting us here. thank you. if i didn't say what my father insists on, please excuse my back, i apologize. but the tour -- in the tour i met mother randall, who's only

56 years old god love her and mother fletcher, who's 67 years old. and her brother, her brother, van ellis, who's 100 years old and he looks like he's 60. thank you for spending so much time with me i really mean it it was a great honor, a genuine honor. you are three known remaining survivors of a story seen in the mirror dimly but no longer. now your story will be known in full view. the events we speak of today took place 100 years ago, and yet i'm the first president in a hundred years ever to come to tulsa. i say that not as a compliment about me, but think about it

a hundred years and the first president to be here during that entire time. in this place, on this ground, to acknowledge the truth of what took place here. for much too long the history of what took place here was told in silence, cloaked in darkness but just because history is silent, it doesn't mean that it did not take place while darkness can hide much, it erases nothing it erases nothing. some injustices are so heinous, so morehorrific, they can't be buried no matter how hard people try. and so it is here, only with truth can come healing and justice and r repair. only with truth, facing it

but that isn't enough. first we have to see, hear, and give respect to mother randall, mother fletcher, and mr. van ellis. flaw [ applause ] and to all those lost so many years ago, to all the descendants of those who suffered, to this community, that's why we're here, to shine a light, to make sure america knows the story in full. may, 1921, formerly enslaved black people and their descendants are here in tulsa, a

boom town. an opportunity in a new frontier on the north side across the rail tracks that divided the city already segregated by law, they built something of their own, worthy, worthy of their talent and their ambition. greenwood, a community a way of life. black doctors and lawyers, pastors, teachers, running hospitals, law practices, libraries, churches, schools black veterans like the man i had the privilege of giving a command coin to, who fought, volunteered and fought and came home and still faced such prejudice. veterans back a few years helping after winning the first world war building a new life back home with pride and

confidence mom, there were at the time, mom-and-pop black diners, grocery stores, barber shops, tailors. the things that make up a community. at the dreamland theater, a young black couple holding hands, falling in love friends gathered at music clubs and pool halls at the monroe family roller skating rink visitors staying in hotels, like the stradford all around people living together side by side for blocks on end mother randall was just 6 years old. 6 years old living with her grandma. she said she was lucky to have a home and toys and fortunate to live without fear. mother fletcher was 7 years old,

the second of seven children the youngest being mr. van ellis. he was just a few months old the children, former share croppers they went to bed at night in greenwood and say they fell asleep with wealth a wealth in culture, community and heritage one night -- one night changed everything everything changed while greenwood was a community to itself, it was not separated from the outside it wasn't everyone, but there was enough hate, resentment and vengeance in the community enough people believed that america does not belong to everyone and not everyone is created equal. native americans, asian americans, hispanic americans, black americans, a belief

enforced by law, by badge, by hood and by noose that speaks to that lit the fuse. it lit it by the spark that it provided, a fuse of fury it was an innocent interaction that turned into a terrible, terrible headline allegation of a black male, teenager, attacking a white female teenager a white mob of a thousand gathered around the court house where the black teenager was being held, ready to do what still occurred, lynch that young man that night but 75 black men, including black veterans arrived to stand guard. words were exchanged then a scuffle then shots fired

hell was unleashed literal hell was unleashed through the night and in the morning the mob terrorized greenwood. torches and guns, shooting at will a mob tied a black man by the waist to the back of their truck with his head banging along the pavement as they drove off a murdered black family draped over the fence of their home outside. a couple knelt by their bed praying to god with their heart and their soul when they were shot in the back of their heads. private planes, private planes dropping explosives. the first and only domestic aerial assault of its kind on an american city here in tulsa. eight of greenwood's two dozen churches burned like mt. zion across the street at vernon ame.

mother randall said it was like a war. mother fletcher says all these years later, she still sees black bodies around. the greenwood newspaper publisher, a.j. smitherton -- excuse me, smitherman, penned a poem of what he heard and felt that night and here's the poem he said kill them, burn them set the pace, teach them how to keep their place rain of murder theft and plunder was the order of the night that's what he remembered in the poem that he wrote 100 years ago at this hour on this 1st day of june, smoke darkened the tulsa sky rising from 35 blocks of greenwood that were left in ash and ember,

razed in rubble. less than 24 hours, less than 24 hours, 1,100 black homes and businesses were lost insurance companies, they had insurance, many of them, rejected claims of damage. 10,000 people were left defenstitute and homeless, placd in internment camps. i was told today they were told don't you mention you were ever in a camp or we'll come and get you. that's what survivors told me. yet no one, no arrests of the mob were made, none. no proper accounting of the dead the death toll records by local officials said there were 36 people that's all 36 people. based on studies, records and accounts, the likelihood, the

likely number is more in the multiple of hundreds untold bodies dumped into mass graves families who at the time waited for hours and days to know the fate of their loved ones are now descendants who have gone 100 years without closure. but you know, as we speak, the process of exhuming the unmarked graves has started and at this moment, i'd like to pause for a moment of silence for the fathers and mothers, the sisters, sons and daughters, friends of god and greenwood they deserve the dignity and they deserve our respect may their souls rest in peace.

my fellow americans, this was not a riot this was a massacre. [ applause ] among the worst in our history, but not the only one and for too long forgotten by our history. as soon as it happened, there was a clear effort to erase it from our memory, our collective

memories from the news and everyday conversations. for a long time schools in tulsa didn't even teach it, let alone schools elsewhere. and most people didn't realize that a century ago, the second ku klux klan had been founded. a friend of mine, john meacham, i had written when i said i was running to restore the soul of america, he wrote a book called "the soul of america" not because of what i said there's a picture about page 160 in the book showing over 30,000 ku klux klan members in full regalia, reverend, in full robes marching down pennsylvania avenue jesse, you know all about this in washington, d.c if my memory is correct, there were 37 members of the house of representatives who were open members of the klan.

there were five, if i'm not mistaken, could have been seven, i think it was five of the united states senate open members of the klan. multiple governors were open members of the klan. most people didn't realize that a century ago the klan was founded just six years before the horrific destruction here in tulsa. and one of the reasons why it was founded was because of guys like me that are catholic. it wasn't about african-americans then it was about making sure all those polish and irish and italian and eastern european catholics that came to the united states after world war i would not pollute christianity the flames from those burning crosses torched every region of

the country. millions of white americans belonged to the klan and they weren't even embarrassed by it, they were proud of it. and that hate became embedded systematically and systemically in our laws and our culture. we do ourselves no favors by pretending none of this ever happened or it doesn't impact us today, because it does still impact us today. we can't just choose to learn what we want to know and not what we should know. [ applause ] we should know the good, the bad, everything. that's what great nations do they come to terms with their

dark sides and we're a great nation the only way to build a common ground is to truly repair and to rebuild. i come here to help fill the silence because in silence wounds deepen. [ applause ] and only as painful as it is, only in remembrance do wounds heal we just have to choose to remember we memorialize what happened here in tulsa so it can't be erased we know here in this hallowed place we simply can't bury pain and trauma forever at some point, there will be a reckoning, an inflection point, like we're facing right now as a

nation what many people hadn't seen before or simply refused to see cannot be ignored any longer you see it in so many places there's greater recognition that for too long we've allowed a narrowed, cramped view of the promise of this nation to fester a view that america is a zero sum game where there's only one winner. if you succeed, i fail if you get ahead, i fall behind. if you get a job, i lose mine. and maybe worst of all, if i hold you down, i lift myself up. instead of if you do well, we all do well. we see that in greenwood this story isn't about the loss of life but a loss of living, of

wealth and posterity and possibilities. it still reverberates today. mother fletcher talks about how she was only able to attend school to the fourth grade and eventually found work in the shipyards as a domestic worker mr. van ellis shared how even afterenlisting and serving in world war ii, he still came home to struggle with a segregated america. imagine all those hotels and dinners and mom-and-pop shops that could have been passed down this past hundred years. imagine what could have been done for black families in greenwood. financial security and generational wealth. you come from places like my family, working class, middle class family, the only way we were able to generate any wealth was equity in our homes. imagine what they contributed then and what they could have contributed all these years.

imagine a thriving greenwood in north tulsa for the last hundred years, but that would have meant for all tulsa, including the white community. the people of greenwood rebuild again in the years after the massacre but it didn't last. eventually neighborhoods were red lined on maps, blocking black tulsa out of homeownerships a highway was built righ through the heart of the community. i was talking about our west side, what 95 did after we were occupied by the military after dr. king was murdered. the community, cutting off black families and businesses from jobs and opportunity chronic underinvestment from state and federal governments denied greenwood even just a chance of rebuilding we must find the courage to change the things we know we can change that's what vice president harris and i are focused on,

along with our entire administration, including our housing and urban development secretary, marcia fudge, who is here today [ applause ] today we're announcing two expanded efforts targeted toward black wealth creation that will also help the entire community the first is my administration has launched an aggressive effort to combat racial discrimination in housing. that includes everything from red lining to the cruel fact that a home owned by a black family is too often appraised at a lower value than a similar home owned by a white family and i might add, and i might

need help with this, but if you live in a black community and there's one on other side that's a white community and built by the same builder and you have a better driving record than the guy in the white community, you have to pay more for your auto insurance. shockingly the percentage of black homeownership is lower today in america than when the fair housing act was passed more than 50 years ago. lower today. that's wrong and we're committed to changing that just imagine, if people own their own home and build generational wealth, we made it possible for them to buy a home and get equity in that home and provide for their families small businesses are the engines of our economy and the glue of our communities. as president, my administration oversees hundreds of billions of dollars in federal contracts

everything from refurbishing decks of aircraft carriers to installing railings in federal buildings, to professional services there's a thing called -- i won't go into it all but i'm determined to use every taxpayer's dollar that is assigned to me to spend going to american companies, american workers to build american products as part of that i'm going to increase the share of the dollars the federal government spends to small disadvantaged businesses, including black and brown small businesses right now it calls for 10% i'm going to move that to 15% of every dollar spent will be spent there. i have the authority to do that. just imagine instead of denying millions of entrepreneurs the ability to access capital and contracting, we made it possible to take their dreams to the

marketplace to create jobs and invest in our communities. the data shows young black entrepreneurs are just as capable of succeeding given the chance as white entrepreneurs are. but they don't have lawyers, they don't have -- they don't have accountants, but they have great ideas. does anyone doubt this whole nation would be better off from the investments those people make and i promise you, that's why i set up the national small business administration that's much broader because they're going to get those loans instead of consigning millions of american children to underresourced schools, let's get each and every child 3 and 4 years old access to school, not day care, school [ applause ] in the last ten years, studies have been done by all the great universities that shows that it increased by 56% the possibility of a child, no matter what

background they come from, if they start school at 3 years old. they have a 56% chance of going all through all 12 years without any trouble and being able to do well and a chance to learn and grow and thrive in a school and throughout their lives let's unlock more than the incredible creativity and innovation that will come from the nation' historically black colleges and universities. i have a $5 billion program to invest in research centers and laboratories in high-demand fields to compete for good-paying jobs in industries of the future like cybersecurity. the reason why they don't -- their students are equally able to learn as well and get the good-paying jobs that start at 90 and 100,000 bucks, but they don't have -- they don't have the money to provide and build those laboratories so guess what, they're going to get the money to build those labs

so instead of just talking about infrastructure, let's get to the business of actually rebuilding roads and highways, filling the sidewalks and cracks, installing streets and high-speed internet. creating space to live and work and play safely. let's ensure access to health care, clean water, clean air nearby grocery stores stocked with fresh vegetables and food i mean these are all things we can do does anyone doubt this whole nation would be better off with these investments? the rich will be just as well off. the middle class will do better and everybody will do better it's about good-paying jobs, financial stability, and being able to build some generational wealth it's about economic growth for our country and outcompeting the rest of the world, which is now outcompeting us.

but just as fundamental as any of these investments i've discussed is maybe the most fundamental. the right to vote. the right to vote. [ applause ] a lot of the members of the black caucus knew john lewis better than i knew him on his deathbed, like many, i called john to speak to him. rev, all john wanted to do is talk about how i was doing he died, i think, about 25 hours later. but you know what john said? he called the right to vote precious almost sacred. he said the most powerful nonviolent tool we have in a

democratic society, this sacred right is under assault with incredible intensity like i've never seen, even though i got started as a public defender and civil rights lawyer. with an intensity and aggressiveness we've not seen in a long, long time. it's simply unamerican it's not, however, sadly, unprecedented. the creed, we shall overcome it's a long-time mainstay of the civil rights movement as jesse jackson can tell you better than anything the obstacle to progress that have to be overcome are a constant challenge we saw it in the '60s. but with the current assault, it's not just an echo of a distant history. in 2020 we faced a tireless assault on the right to vote restrictive laws, lawsuits, threats of intimidation, voter purges and more. we resolved to overcome it all and we did more americans voted in the last election than any in the midst

of a pandemic than any election in american history. [ applause ] you got voters registered. you got voters to the polls. the rule of law held democracy prevailed. we overcame. but today let me be unequivocal. i've been engaged in this work my whole career and we're going to be ramping up our efforts to overcome again i will have more to say about this at a later date but a truly unprecedented assault on our democracy. an effort to replace nonpartisan election administrators and to intimidate those charged with tallying and reporting the election results but today as for the act of voting itself, i urge voting rights groups in this country to begin to redouble their efforts now to register and educate voters and in june. june should be a month of action

on capitol hill. i hear all the folks on tv saying why doesn't biden get this done? well, because biden only has a majority of effectively four votes in the house and a tie in the senate, with two members of the senate who vote more with my republican friends but we're not giving up. earlier this year the house of representatives passed the for the people act to protect our democracy. the senate will take it up later this month i'm going to fight like heck with every tool in my disposal for its passage. the house is also working on the john lewis voting rights act, which is critical to writing new legal tools to combat the assault on the right to vote to signify the importance of our efforts, today i'm asking vice president harris to help these efforts and lead them, among her many other responsibilities. with her leadership and your support, we're going to overcome again, i promise you, but it's going to take a hell of a lot of

work and finally, we have to -- finally, we must address what remains the stain on the soul of america. what happened in greenwood was an act of hate and domestic terrorism but the through line exists today still just close your eyes and remember what you saw in charlottesville four years ago on television. neo-nazis, white supremacists, the kkk coming out of those fields at night in virginia with lighted torches. the veins bulging as they were screaming. remember this? close your eyes and picture what it was well, mother fletcher said when she saw the insurrection at the capitol on january the 9th, it broke her heart. a mob of violent white extremists, thugs. she said it reminded her of what happened here in greenwood a hundred years ago.

look around at the various hate crimes against asian-americans and jewish americans hate that never goes away. hate only hides. jesse, i think i mentioned this to you i thought after you guys pushed through with dr. king the voting rights act and the civil rights act, i thought we moved. what i didn't realize -- i thought we had made enormous progress and i was so proud to be a little part of it but you know what, rev, i didn't realize hate is never defeated it only hides. it hides and given a little bit of oxygen, just a little bit of oxygen by its leaders, it comes out of there from under the rock like it was happening again, as if it never went away. and so, folks, we can't, we must not give hate a safe harbor. as i said in my address to the joint session of congress,

according to the intelligence community, terrorism from white supremacy is the most lethal threat to the homeland today not isis, not al qaeda, white supre supremacists that's not me. that's the two weeks ago i signed into law the covid-19 hate crime act in the senate my legislation will counter terrorism and violence of the most heinous hate crimes and forms of bigotry i'm going to close where i started. to the mothers and survivors, thank you, thank you for giving me the honor of being able to spend some time with you earlier today. thank you for your courage thank you for your commitment.

thank your children and your grandchildren and your nieces and nephews, to see and learn from you is a gift, a genuine gift dr. john hope franklin, one of america's greatest historians, tulsa's proud son whose father was a greenwood survivor said, and you quote, whatever you do, it must be done in the spirit of good will and mutual respect and even love, how else can we overcome the past and be worthy of our forebarriers and face the future with confidence and with hope on this ache on this sacred day may we find that spirit that gives so much confidence and hope for the future and help to see

face-to-face a spirit to help us know fully who we are, and who we can be as a people, and as a nation i've never been more opt i ammist i've never been more optimistic about the fight urijah than today. about the future than today. the reason is because of the new generation of young people they're the best educated, the least prejudice, most open generation in american history although i have no scientific basis for what i'm about to say, but those of you over 50, how often did you ever see advertisements on television with black and white couples not a joke i challenge you, find today when you turn on the stations, sit on one station for two hours, and i don't know how many commercials you will see from 8:00 to 5:00,

to two three out of five have mixed race couples in them that's not by accident, they're selling soap, man. [ laughter ] not a joke remember old pack dell used to say you want to know what's happening in the american culture watch advertising, because they want to sell what they have. we have hope and folks like you, honey, i really mean it, we have hope but we've got to give them support. we have got to give them the backbone to do what we know has to be done because i doubt whether any of you would be here if you didn't care deeply about it you sure in the devil didn't come to hear me speak i really mean it i really mean it let's not give up. let's not give up. as the saying goes, hope springs

eternal. i know we talk about famous people but colleagues in the senate would kid me because i always quote irish poets, they think i did it because i'm irish and because irish have a chip on the shoulder sometimes, that's not why i did it, i did it because they're the best poets in the world you can smile, it's okay, it's true there's a famous poet who wrote a poem a cure troy and there's a stanza in it that should be the definition of our call today for young people is that history teaches us not to hope on this side of the grave, but then, once in a lifetime, that long forward title wave of justice rises up and hope and history rhyme, let's make it rhyme. [ applause ]

>> president biden speaking to mark 100 years since the tulsa race massacre, let's bring in frank holland live in tulsa. quite a story. of course the president bringing it back to the economy, the loss of life, the loss of living, including two new initiatives from his administration addressing expanding black wealth in this country on housing and small businesses what can you tell us. >> absolutely. president biden speaking about two blocks from where we are now, we're in the greenwood section of tulsa, oklahoma, this the corner was the epicenter of where once black wall street stood a hundred years ago where the bombs were dropped and buildings burns and people dragged out of their homes and businesses, what he called an act of hate and terrorism in the united states a century ago. as you mentioned, the president sent that message forward

looking at the impact of systematic racism in oklahoma, on our nation, in our broader economy in the century since then he launch twod initiatives to increase black wealth and -- one dealing with housing discrimination the president referencing the valuation of houses that are comparable in two different nba debuts, why is that happen he says he's aiming to increase amount of money on small business from 10 to 15%. the message he used over and over, hopeful, eliminating wealth disparities, eliminating hate and domestic terrorism the country itself will be stronger socially, emotionally and economically back to you. fnk holland, thank you. our final thoughts on today's market after this breaking ball.

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today, may auto sales tomorrow, walmart shareholders meeting, what should we watch >> well, all of it i do think the tech stocks on the index level hold the key whether in fact we're at the top end of the multi-week trading range or we're about to push higher to a new high. >> all right mike thank you. sarah, pleasure for being with us that does it for "closing bell." "fast money" begins right now. live from the nasdaq markets over looking new york city's time square this is melissa lee tonight's trader lineup dan nathan, guy adami -- tonight all over after-hours action shares of zoom turning positive after earnings after company's conference call gets under way. we're on that call, muted of course, we'll bring headlines for the quarter. big call on crypto, did something it hasn't done in over a year, own bitcoin baller saying the worst may be behind it and grea