following the money for us. >> nfts are not for tyler. can we tease that we might have a lot of discussions about crypto, nfts and the rest of it in a couple of days here we'll do a whole crypto hour by special request. but that's it for "power lunch" today. let's hands it over to "closing bell." we'll see you tomorrow. >> welcome to "the closing bell." i'm wilfred frost at the new york stock exchange. stocks remain near record highs. while there's little movement on the major averages, there's a lot going on beneath the surface. >> i'm sara eisen. let's look at what's driving the action the meme trade is alive and well with some new names being added to the mix wendy's surging double digits after increased chatter on reddit and clover health is spiking as well job openings jumping to a record high in april pointing to some difficulty businesses are having in finding workers and crypto assets are seeing

big drops today, perhaps in part on news that the u.s. was able to recover some of the ransom paid in bitcoin as part of the colonial pipeline hack 59 minutes left to go in the session. small caps and technology outperforming again. coming up, what's it like to watch your competitors' stock jump 2,500%? we'll ask the ceo of cineworld what he makes of amc's surge. plus stitch fix is climbing on the back of their strong quarter, up 15%. we'll discuss with the incoming ceo. later former presidential candidate and current new york city mayor hopeful andrew yang will join us for an exclusive interview with just weeks to go until the primaries. >> first, let's get straight to the market as the major averages remain near record highs mike santoli is tracking today's action and joining us is lori

the zs&p 500 is hovering right t a record close. >> the index has been playing a game of how close can you get to it without touching or crossing that line about a point from the closing high give or take we're right there the past three days the index has spent most of the time in the 4220s. you could call it just the upper end of a range really looked like it extended flatlining period. probably what the market needed going into that late april surge. not too long of a time duration. there's been some stealth strength in old tech these legacy companies, names from the '90s and before relative not only to the s&p 500 but to the overall technology index. here you see oracle, cisco, ibm the top three performers on this list on a year-to-date basis and doing better than both the s&p

and the technology sector. why is that? obviously the huge names in the tech sector have struggled since last september to make headway but also i think there's a dividend growth inequality theme that is emerging in parts of the market as well and those stocks would qualify on those fronts as well take a look at the credit markets relative to stocks over the last few months here so this is a high yield relative to treasuries, so it's essentially the high yield spread proxies using atfs. it's firm near pretty good levels but has basically gone flat since the end of the first quarter while the s&p 500 has continued to make headway. before that they were going up together it shows you that the last little spurt of upside in equities was not fully endorsed by credit. we have to keep an eye on it it just shows you maybe that's

why equities have gone sideways for a bit because the macro inputs such as credit indicators have not a whole lot better from very strong levels >> just looking at some of the other cross currents today that are notable. 10-year yield as a one-month low, 1.53. so a decline in yields which has been going on exacerbated by that trade report, the dropoff in imports you've got bitcoin falling pretty hard today. i'm wondering which correlations you're watching. the meme stocks are up again if any of it is a tell for the broader market. >> it's not clear to me that there's a quality bid in treasuries because of the volatility in meme stocks. if that volatility is not going to knock the overall equity market into a tailspin, i don't see it putting people buying treasuries but people are feeling like they're onboard with the fed not doing much of anything the taper conversation looks like it's going to be very

protracted and nobody is going to rush to anything. you mentioned the trade numbers, we might be seeing a little bit of a restraint on economic acceleration right now just because of these bottlenecks in the world system as well as labor shortages. i think all that fits into the mix. >> mike, just quickly, if you were to put an s&p 500 intraday chart over a bitcoin intraday chart, they'd look pretty similar together, particularly with that gut check around 11:00 a.m. does that give us a sign that it might drag down equities or do we think they'd be able to keep in terms of separate performance? >> i would say that's a show-me relationship it's not necessarily something that's going to persist day after day. bitcoin was cut in half and the equity market sat there near the highs so i don't know that i want to make that correlation. i think semis arguably get

whipped around by the intraday in crypto because there is a relationship between those sectors. so i would wait and see. i think we're trying to scrutinize relatively small moves for some motivations that i just don't know if they're there. >> i think he shot you down. >> no. the intraday chart, by the way, is what shot me down based on percentage moves but they are actually pretty similar if they were mapped alike. for more on the market let's bring in lori from rbc good to see you as always. you've been looking into some of the most owned stocks at the moment and large caps. what was your takeaways and conclusions? >> well, it's interesting. mike was talking about how the market has drifted sideways the past few months. we've actually seen some stabilization. that contrasts with last year where there was pretty severe underperformance these names generally are not doing so hot this year but there

has been a little stability that's emerged just very, very recently what that's translated into is it's helped active manager performance. even though their favorite stocks aren't doing so hot, that stability has allowed a lot of active managers to outperform this year. there have been other things that have helped butt end of that blood letting that we saw late last year has definitely been one of the positives. >> what are your sector preferences in terms of big cap for the rest of this year? it does seem like a bit of everything has already done well so far. >> it's a great question you know, i think our sector picks are somewhat boring at this point in time we really haven't changed them since back in january. we're overweight financials, materials and energy we see strong valuation appeal in all three despite the fact we've seen good moves in energy and financials in particular these are areas that outperform when inflation expectations are rising we think that pressure point is

very much here in focus. the last thing i'd add is these are three pillars of the value trade. we think that growth to value rotation has wedged through the end of 2022. we'd stick with it because we see a lot of runway longer term. >> does it need higher treasury yields to work the financials especially and other cyclical parts of the market everybody thought yields were on a one-way ticket higher and then boom, they're back to the low 1.50s. >> i do think you need that for financials ultimately. we actually find that energy and materials don't trade as much in sync with 10-year treasury yields as financials do. it's financials and industrials that have that positive correlation in terms of their relative performance in terms of the 10-year. when we look at the financials call, we just see a lot of runway from the strong economic backdrop that's in place when gdp in real terms is

tracking above the ong-term average, which is 2.5% in any given quarter going back to the 1970s, value tends to outperform growth the real big pillar is financials value doesn't work without financials ultimately we think that economic runway is there if you look at consensus expectations next year, they're tracking at 4% and have been very, very stable recently, so we think there's a lot of cushion there. >> so you expect another hot inflation rate on thursday it sounds like? >> fortunately, i don't have the job of forecasting the cpi i leave that to my colleague, tom. we think the inflationary pressures are here i'm in the camp that i don't think this is going to really undermine the u.s. economy i do think it's manageable from a profit margin perspective. but we do know those pressures are in place >> lori, thank you for joining us with some of your picks >> thanks for having me.

up next, shares of cineworld are up 40% this year but that pales in comparison to its competitor, amc, and that meteoric rise. we'll talk to the ceo about the meme craze and fundamentals of the box office business. the dow is up 26 points. ♪♪ ♪♪ ♪♪

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amc taking a breather today with shares slightly lower as we head into the close by 2%. a small move for amc the stock has soared among this year's retail trader revolution rallying by 2,400% compared to competitor cineworld at 41% higher and cinemark at 40% higher good to see you, thank you for joining us. >> thank you for inviting me >> so you must be -- despite a decent share price performance, must be looking on at great envy with the share price performance of your rival, amc

>> i think it's phenomenal what is happening they're much bigger. we are happy with where we are we are very happy to have all our cinemas open all around our ten territories. and we are more than happy to see how the customers are embracing the cinema, going back into the cinema, and we're really waiting for a very strong season to come >> what about the relative advantage that amc has had in being able to raise quite a lot of capital, whether they used that to pay down debt or for acquisitions or other forms of investment are you envious that they have been able to do that >> look, cineworld also raised something which is close to $1 billion since covid started. we didn't need so much as amc

needed on the other hand, amc had this really amazing ride of the share price and that helped them in the last two or three months i think we are in a good position and i cannot talk about the future of my share price, i'm not allowed, but i'm confident that we will see more of this. >> what about the future of the industry, do you expect to see a lot of consolidation here? >> look, i think the industry was already in the process of consolidation. if you look at us, we consolidated with cineworld. we were a big european player. we consolidated 2012 with cineworld in the uk. we took over regal in 2018 i think consolidation in the

industry will continue we are looking with interest in other countries but also in our own markets at other opportunities. but at the end of the day the industry as a whole is going to come back very quickly, much quicker than people think, to 2019 numbers. >> and you are expecting that to be a global phenomenon as we know, you've got much higher exposure in places like the uk and europe. are you seeing people come back quickly? i think the uk only happened a couple of weeks ago for you. >> the uk opened three weeks ago and we were even surprised ourselves by the results with movies, it played very well like peter ran it, cruella, quiet place. the numbers are still very good. we're still ahead of the big titles, fast and the furious, which are on the way the same in the u.s.

i think if we think one step backwards and look at what happens in china, in japan, in korea, korea just hit the highest weekend since pandemic started last week. one of the best ever weekends that they had, china broke a record these countries were ahead of us getting out of the pandemic, but we see now that the numbers are going -- i can say where i come from, which is israel, just a record-breaking week this is only the second weekend since israel opened. so we see the people really are missing the cinema, wants to go back to the experience as much as you can have it at home, there is nothing like going out to the movies. there's a big difference you can love movies, see movies at home, see it in the sin mass, but in the cinemas it's a

different specious. >> -- experience >> one thing that has fundamentally changed is the streamers are up and running and growing and all big companies are prioritizing them which has shortened the theatrical window for you. how much do you expect that to change your business >> i don't expect a huge change. with some of them we already have agreement part of the real big move into streaming was really a result of the fact that the cinema was closed or at least very, very restricted you know, the restrictions in new york, for example, are going to disappear once new york reaches vaccinations of 70% which will happen in the coming weeks. governor cuomo announced yesterday. restrictions are falling down in many other places. in places like texas and california, there are already no

restrictions so i think once we are coming back and we start to produce money back, the window we stabilized is not going to be as long as it was before the pandemic but everybody that plays in this market understands that the platform, the way to platform the musics, first in the theatrical and then, depends on the success, depends on the results in the cinema, the movie will ngo not directly to streaming, there are other ways studios want to make movie like the premium vod, the vod itself, the physical distribution of dvds and all these other things. and then, of course, the streaming. so this is where we are and i think that we will stabilize the window that will be a bit shorter than what it was, but there will be a window for

theatrical. >> mooky, thanks for joining us, we appreciate it. >> thank you very much, bye. >> we'll let you pivot back to your family and have a nice evening. after the break, ford doubles down on pickups. the automaker already up 80% and hoping to get another boost from the compact maverick later, businessman and merylal candidate andrew yang will join us we'll hear his vision for a post-pandemic new york. check out some of the top search tickers on cnbc.com clover health tops the list. hey, guys! they have customized solutions to help our family's special needs... hey, graduation selfie! well done! and voya stays by our side, keeping us on track for retirement... ...giving us confidence in our future... ...and in kevin's. you ready for your first day on the job? i was born ready. go get 'em, kev. well planned. well invested. well protected.

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tesla having an up and down session after the company announced a departure of a long-time executive and the company got good news on china phil lebeau with the details phil. >> let's start with the departure of jerome guillen most recently overseeing the gig factory outside austin, texas. his departure comes after he has been a key figure, this is us talking with him at the gig factory out in sparks, nevada. he was instrumental in ramping up model 3 production. but he left as of june 3rd the company putting out an announcement yesterday saying he's no longer with the company. the company reporting good news out of china in terms of delivery they rebounded in may.

that was coming out from the passenger car administration there. they had an increase of 29% of deliveries in may compared to april. it was a week or so ago there was a report circulating that perhaps they were going to have really bad reports for sales in may. that is not the case, according to the chinese government. they were up tw29%, guys. >> phil, i also want to ask you about ford and its latest pickup truck, the maverick. what's the takeaway on that? >> look, this is what ford does well ford knows trucks, ford does trucks and now they're going to the low end of the market. this is going to start at 19,995 this is a compact pickup truck you are not buying this because you want to tow a boat, you are buying this because you are an urban or suburban buyer and you like the idea of a pickup truck but you don't want the big mon

traus t straus tee ford believes there's a market here selling a hybrid with great gas mileage for those miles an hours who want a pickup truck but want something that's much more manageable both in terms of size as well as price. >> i like it >> i do as well. i was literally just thinking is this small enough, phil, to be a new york city car? >> they're aiming at urban markets. how comfortable are you driving a pickup truck in new york city? >> it's kind of cool. >> but if you're in a suburban market, absolutely i know a lot of people who would love to drive a pickup truck but they feel like it's too big. in a garage attached to a house in a suburb in the u.s., it's hard to park a full-sized pickup truck. >> and you can still haul jet skis. >> but not boats >> look, the towing capacity is limited. towing capacity will be much more limited than a full-size

pickup truck. >> we're very interested in this. >> we both want one. >> i love pickup trucks. i can't manage them, though. >> kaleigh's family is long pickup trucks. we'll talk about how the world should prepare for the next health crisis when we're joined by ian bremmer and the chairman of moderna. first we'll speak with the incoming ceo of stitch fix about the company's blowout quarter and what drove a 25% increase in active clients. as we head to break, a check on bonds yields are moving south today. 10-year yield 1.53 they ticked lower on the back of disappointing trade numbers earlier as we saw imports fall a bit. the dow is up 11 points.

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the dow is little changed, up 14 points the s&p hovering near a record close. we are seeing big moves in the chip stocks lower.

kristina. >> we are seeing price action in the chip stocks today. let's start with smh down roughly 1% in the last hour of trade. among the biggest laggards, there are names like micron, teradyne and taiwan semi conductors and there's one notable outlier. marvell smashed earnings estimates last night guys, keep an eye on these chip stocks as we monitor the global shortage we keep talking about in semi conductors back to you. thanks for that. time for a cnbc news update. tyler mathisen has it for us. >> here's what's happening at this hour. nbc news confirming capitol hill police assistant chief chad thomas has resigned. he is the latest official to leave the force. leaders are seeking to chart a new course in the wake of the capitol hill insurrection on january 6th. thomas served with the capitol hill police 25 years. french president emmanuel

macron got slapped in the face by a man during a visit to a small town in southeastern france video shows macron turning away at the last moment, making it more of a glancing blow. macron called it an isolated act which wouldn't keep him from public events. and some holy grails of coins and stamps breaking records at auction the only 1933 gold eagle that's legally in private hands sold for just under $19 million an iconic block of four u.s. stamps went for $4.9 million a new record for u.s. stamps the seller of both lots is shoe designer stewart weisman they were bought by david r reubenstein. >> big prices surprising by a seller also i expect the way macron

went straight back in to keep greeting the rest of the crowd he wasn't whisked away. >> it seems like they missed him with the slap. >> still. when we come back, shares of stitch fix soaring today after reporting strong earnings. a board member weighing in this morning. >> this is one of the most exciting companies i work with, one where i have the most optimism about how far things can go from here i really think it's the next wave of e-commerce i think the company is at the forefront. and i think you're going to see some super exciting things out of them over the next few years. up next, we talk to stitch fix incoming ceo elizabeth ataulding. th exclusive interview when "closing bell" comes right back. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast.

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she stakes over as ceo in august elizabeth, thank you for joining us clearly americans are shopping because they're going out more but you're seeing higher growth rates than other retailers why do you think that is >> well, first of all, sara, great to see you, thank you for having me on again yeah, we really have seen broad-based strength across the board. our men's, women's, kids, uk business we've had year on year, quarter on quarter strength in terms of our success rates with our clients. we're bringing them what they want clearly the category is absolutely coming back but people are coming to stitch fix. we have seen record client growth and additions for the last several quarters. this quarter we added 230,000 net new clients in these first three quarters alone of fiscal '21, we've added more than any full year on record since fiscal '16. i think it's our product innovation a lot of the things we've been working on are starting to really deliver we brought this new fix preview experience to half of our u.s.

clients. it's fully rolled out in the uk. we've added new features to our new direct buy experience and those things are starting to pay off. consumers just wanti to shop in this new way online. with the category shifting online, we're taking advantage of that as the new way to shop. >> you talked a lot about what consumers are buying mini skirts up 80% rompers and jumpsuits up double digits men are buying shirts again to go to work, jeans are back in. does it matter to you? is that an improvement in your financial performance given the type of clothing we're buying? >> that is a great question, sara i know you have tried stitch fix before one of the things we pride ourselves on is really matching the consumer with what they want and using our data to trend spot these signals. so we're really agnostic the power of us understanding ahead of time what people are putting in their fix we've seat button downs

trendsing in our men's clients we've seen clothes relevant to going out. 300% in vacation requests from our women clients. but we have a broad-based asso assortment this trend toward active and athleisure is our highest growth category but we would anticipate that will decelerate as consumers want to go out again, they're going back to work for us we're lucky we have this signal of the client notes we have this signal of people playing style shuffle. all of these different sources allow us to lean into the right inventory at the right time for each one of our clients. >> we've got it on the bottom of the screen saying scaling back on sweats. is that because of the season and because of the weather or because of the style and the factors of people going back to work they're okay for zooms but not okay for being in the office. >> yeah, it's interesting, wilf, on that question consumers are saying they want to be a little more comfortable

but they are going back to work or out again we still hear from our women clients. 70% of them wanting to see activewear and athleisure but that growth rate has been astro astronomical it's still growing but it's decelerated. the ones growing are things related to going out bright, seasonal colors we're seeing strength with the idea of a little bit more structure. words like blazers are coming back or records like dresses so i think people will still be in this hybrid work mode and we're anticipating athleisure is here to stay but we also think we'll see a real surge in these product categories that took the back seat for the last year and people are excited to dress up again. >> you do not need to wear a mini skirt to zoom. >> me personally >> you or anyone else. elizabeth, if you had to pick one thing that was a disappointment, net revenue per customer did decline, i think 3.4% from last year. what's driving that? is that the new customer not

spending as much >> yeah, that's a great -- we actually weren't disappointed by that it grew quarter on quarter the way we calculate that is a trailing 12 months it's divided by our total customers. our customers have grown so much and many of them are new on their spending journey so it's actually exactly what we anticipated. because that denominator has been growing so quickly, it's appear actual thing you'd expect to see in terms of that average spend. so it's really just a sign of where people are in their life cycle. one of the things we're most excited about is the impact that direct buy is having with each of our customers one of the things we mentioned is that we're seeing each new cohort of client kind of within those first 30 days spending more with us opting in earlier to direct buy. so that's the signal we're most excited about is getting way more people to stitch fix and getting them to experience our entire ecosystem. >> so you heard bill gurley, we

played a sound biete of him earlier. a board member, super optimistic about the future i know that you have pushed beyond the style box which is what made stitch fix famous. going directly for users t buy online, nonusers to buy. talk about which initiative is driving the most growth right now in actual users and revenues. >> i think bill made a great point which was talking about how inefficient it is to go into a store and see tons of things that are not relevant for you versus the couple things you want wouldn't you rather we send you one new pair of great white jeans for summer versus going into the store and knowing tons of jeans and not knowing which will fit you and ending up empty-ha empty-handed we're excited about this ui of your own personal store front and having that as a new entry point for new customers. what's exciting is delivering. it is growing. customers are signing up for that we're seeing increasing

penetration of direct buy. what we're gearing up for is this period of accelerated innovation and opening up a new front door to stitch fix where you can enter through this personalized shopping feed over time we anticipate you'll wanting that experience, you'll wanting our styling services we've been incubating live styling calls over zoo with our stylists which have been successful as we think about consumers, their behavior has just changed in the last year they're more comfortable with technology but their expectations of things being highly personalized have increased. we've been purpose built for that motion and i think that explains some of bill gurley's optimism for the future. >> people just want to know what is in style. it's like we all missed out on a year and everything has changed. elizabeth spaulding, it's great to talk to you thank you for joining us. >> thanks, sara. >> ceo of stitch fix, takes over in august. >> mini skirts are a no, though? >> a no for zoom

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with 14 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 steven weiss back as well welcome. we'll kick it off with the broader markets. stocks are losing steam into the close. the dow turning negative just a few moments ago. s&p 500 currently trading just below its record high closing level, mike, which we were watching 4132.60. >> 4232.60 is the number so close that we have to shave it into subsets of a point because that's how narrow the range has been the market has given you weeks really to try to sell to all-time highs and people have not aggressively done so it's probably in that positive

you have another day where you have more stocks up than down. that's also been the pattern in recent weeks so it's sort of just churning here but to no net damage the question is, is it decelerating a little bit? there's not a lot of energy or action aside from the short squeeze names. >> steve, is inflation still the biggest threat to markets, or has the market got a bit more comfortable with that over the course of the last month or so >> well, i think it's gotten more comfortable we'll find out on thursday when cpi comes out and the following tuesday when ppi comes out it's not going to be a surprise to anybody that we see a hot economy. the feds say they expect it so now is not the seminal moment. the seminal moment will be if you see these hot numbers month after month. you can tell from where the 10-year is that the fed -- that the market is buying into what the fed says that it's transitory, which i believe.

but the debate will be can the market stay as patient as the fed is going to be and that's the question. from my standpoint, i think it's interesting to talk about, it's interesting to hear what mike says, it's interesting to hear what strategists say at the end of the day, say you sell where are you going to go? you going into a 10-year that's at 1.5 no, you're not going anywhere, so just stay in equities, period, end of story guess what, since the beginning of time, markets go up they can take a little longer to recover, but they recover. so don't worry about that. just do research on stocks in your sectors. >> that said, is your total exposure as highs as it has bee the last six months? gauge how bullish you are relative to the last six months. >> that's a great question so i'd say about a month or so

ago i got up to 35% cash, waiting for a pullback i got the pullback i never believed that reasonably priced growth names that i've talked about on the show before, whether it's sky dmtworks or coo or amazon or google are going to suffer when rates go higher. they will continue to thrive those stocks i mentioned with the exception of amazon and possibly google are selling at major discounts to the market. yet skyworks is growing at 50% on the front end of a ten-year cycle. i think it's crazy it's crazy like the meme stocks. so my exposure is just about as high as i will go. >> let's get to lordstown motors some news crossing there phil lebeau has the details on lordstown for us. >> take a look at shares of

lordstown now down about 12% remember last friday we talked about the fact the company had not filed a 10-q in it the company says it may not have enough cash or the cash levels may not be strong enough to start commercial production they also are amending their annual filing with a going concern notice they say we require additional capital to implement our business plan and it it may not be available on acceptable terms if at all, creating substantial doubt as our ability to continue as a going concern the company also says it does not have sufficient liquidity to fund commercial production and launch the sale of electric vehicles that raises questions about its ability to continue as a going concern. there you see shares of lordstown motors down more than 11% after filing this 10-q they are supposed to, at least the plan is as of right now, to hold lordstown motors days all

next week in lordstown, ohio this was a chance for them to show to analysts, the media, other people, what they were doing, what they were building, what they plan to build. the question is will they have that and will this company come up with the money needed to start production. >> phil, thanks so much. the question is will anyone focus on anything other than the going concern. >> they're basically telling you. the other question is there's so many ev startups of so many different sorts that it's unclear whether this one company with a prototype and who knows what else underlying the market cap, what remains of it, is necessarily going to remain viable that's pretty much what they're telling you. >> hey, wilf -- >> steve, go for it. >> let me say this i think what phil laid out was the perfect case for a meme stock. so i look for this stock to move up to $300 a share as reddit

shareholders get involved. we've got a promotional ceo, going concern issues, they're not making money it's doubtful they'll ever have a viable business. perfect. look for this to move up 300% in the next month. >> currently down 13%. >> i can't tell if you're joking or not. >> let's get to wendy's. leslie picker has the details. >> hey, wilf wendy's poised to break record highs today, surging up more than 25% right now on the heels of, well, no news. but the name caught fire in the reddit crowd alongside some investors. algorithmic trading and the like the stock absolutely soaring today but it's not your short squeeze anti-hedge fund meme stock movement we've seen in recent months. in fact, less than 4% of shares outstanding are held short the chairman of the company is a very well-known hedge fund manager, nelson peltz.

he's the largest shareholder with a 12% stake in fact his firm today made well over $100 million. guys. >> sticking it to the hedge funds. leslie, thank you. leslie picker. wendy's up 26% i think they glommed to the chicken tendees. >> that's their currency. >> is that the fundamental reason >> that's a tendee >> it's the colloquial version >> i love chicken tenders. >> but it's a pure pump. it's really not a squeeze. 4% of the shares are short it is not one that's been bullied around by the shorts it's traded today 83 million shares, okay so maybe we're 8 million shares short if that is the way the math works

they could have covered ten times over most of these are not short squeezes, they're one day pumps. this is a stock with a lot of fundamental investors involved already who theoretically have a price they believe is fair value. as impressive as that stock looked, it opened at 27. y you bought it at 27 and you were down most of the day and you're up a couple of bucks now. >> gamestop up 7% today. >> clover is the winner today. >> that's a genuine squeeze. >> like 40% sold short. let's move on to target, which is also jumping. it got an upgrade to buy from ubs which predicts the company will maintain momentum even as stimulus benefits fade they have averaged traffic growth of 4.8 over the last 13 quarters, on par with home d depot, lowe's and costco steve, this is a name you've held throughout, whether you're

raising cash or not. >> yeah, and it has. it's been a great story. clearly the analyst is late to the story. he's had a neutral on it since march of 2018. so nothing has changed now he's raising his estimates from 8 and change to 12 and change and just catching up to consensus. so look rumpelstiltskin could have recommended this talk after having been a sleeper for a hundred years. it's expensive relative to what it was before we had cornell, the ceo, take over, but it deserves now this valuation it's getting at about 19 times earnings so i have stuck with it and will continue to be with it he's an excellent ceo. >> who are they taking market share from, steve? they have proven to be a pandemic winner. first because they were essential and, second, they capitalized on it by attracting customers to their private label, which is higher margin, and just getting people to continue to come

so who suffers on the other end? >> so the ones that suffer are the smaller players as well as the supermarket firms, the drugstore firms, because they're in all of those. so it's like the diaper -- toys "r" us had diapers we'll give you the diapers for next to nothing because as you point out the money is in the clothing and the private label their online business is just killing it so the ones who aren't amazon, who aren't these big boxes with the online presence are losing share. >> we've got about three minutes left in the trading day, mike. as we go into the market internals, losing a little bit of team. we've been in a pretty tight range for most of the trading session. what are you watching? >> well, obviously the market itself, the indexes have just been kind of hovering here for a while. unusually tight range. take a look below the surface.

there are more stocks up than down about twice as many, not quite, on the new york stock exchange the nasdaq is similarly firm under the surface as well as the small cap leadership we haven't talked about that, that the russell 2000 is up on the day, what, more than 1%. 1.2% now, a lot of that is because the heaviest weights in the russell 2000 are not community banks and widget makers but they are these kind of high concept, highly volatile stocks like gamestop is one of the largest holdings, so that's one thing going on below the surface as well take a look too here at banks versus the nasdaq 100, because i keep talking about the rotational action in this market you see at the open it was, oh, yields are down. let's buy the nasdaq 100 and sell the banks almost immediately it just reverts. the machines say, eh, not that much of a move, there's not that much change in macro, we'll just bring them closer together

here you are, they're basically flatlined. so when the market is flattish like this, there's not a lot of fresh flows or fundamental headlines driving things it is just like what do the algorithms need to do. the volatility index has remained under 17. it's a huge premium to the actual experienced volatility of the market that's something that usually would drag vix lower but right now maybe the jumpiness in the microcaps and squeeze names is keeping this higher than it would be. >> not much moving at the headline the s&p is just above the headline the range was plus 29 at the high, down 177 at the low so we're well off the lows which was a brief flash crash. crash too strong a word, around about 11:15 a.m. we've been flat for most of the time since then. the nasdaq is the best performer of the major averages, up 0.3% amazon helping that.

it's up a healthy 2% apple is also up 0.7%. oracle up a nice 0.9%. the best sector consumer discretion because of amazon you have utilities at the bottom and staples. but at the headline, very flat 0.01% of gains for the s&p the dow just fraction lower and the nasdaq up about a third of one% -- 1%. couldn't quite get to a record high on the s&p but we closed close welcome back to "closing bell. i'm sara eisen along with wilfred frost and mike santoli take a look at how we finished up the day on wall street. the dow closing unchanged, down 31 points. goldman sachs the biggest drag on the dow sales force, p & f also taking it lower s&p 500 also closing unchanged

4232.60 would have been a record close, didn't quite get there. we saw strength in groups like consumer discretionary, thank you, amazon, and energy, oil closing above $70 a barrel the worst sector was utilities the nasdaq higher boy a third of one% it wasn't just amazon, it was apple, google, paypal all stronger today small caps the winners, i could say, up 1% on the day as they continue their comeback. and also closing near their highs of the session the dow at one point was down 177 so closing flat maybe a victory for the bulls. coming up this hour, new york city mayoral candidate andrew yang on how to create a more business friendly environment and turn the city into a bitcoin hub that's what he wants to do first up on the markets, steven weiss is still with us ally mccartney joins the conversation first to you, mike on a day we saw lower yields, higher energy prices, lower

bitcoin and ultimately that left stocks unchanged. >> a lot of push/pull here because it's not a direct theme coming out of all those different things the market has essentially for almost a month held the 12.5% year-to-date gain. nothing wrong with that. that's obviously relatively positive behavior overall. but we do have this kind of fully invested public meeting past peak acceleration data. maybe the bond market is saying, look, we probably saw the hottest numbers for a little while and maybe brace for something different. who knows. i do think that you can say staying flat is not necessarily bearish, but at some point you've got frustration in there. if you have continued volatility eruptions from the marginal stocks, maybe it causes an excuse to pull back, but so far not yet. >> ali, we talked about the prospect of retail investors getting less engaged but what about high net worth lines is that applicable too or not? >> you know, i think one of the things that's been really

interesting, especially that happened throughout may and that mike just alluded to, i think we've forgotten that there was a world in which and decades of which stocks didn't go up hugely or down hugely every day where you just had months and weeks and years where things either pulled forward or pulled backward i think we are used to a lot of momentum especially when you look at may returns now, clients are sort of a little bit skeptical of what they saw there is definitely still buying there's still buying in the private markets. there's still buying in that reflation trade i think evidenced in the small cap numbers and the energy numbers you just cited even more so we are seeing a lot of and we are advising a lot of buying in europe as a result of the relative positioning and valuation in the two large areas. but, you know, we're also seeing buying of cryptocurrency i talked to a number of people obviously ubs does not offer it

at this point, but i got a number earlier today that said 70% of the average tickets in -- of the tickets on coinbase are buys you have a lot of investors that have been really doing years and years of due diligence in the institutional space in crypto, and a buy at 30, $32,000 is interesting. so there is still absolutely capital to be put to work. the question is what is that urgency, what is that catalyst that will get that moving especially when you saw relative job numbers today. again, as we skdiscussed, the rt of change is on the downtick and we'll have to get used to that. >> cryptocurrency as just referenced got crushed today, down 8% we just showed from bitcoin, depending on what time. kate rooney has the details for us. >> yeah, this was a tough day for cryptocurrencies the u.s. government's ability to claw back bitcoin with the colonial pipeline hackers did

spark some fears about security and privacy with crypto but this had to do with getting the password of those hackers, not with bitcoin's actual network. analysts tell me there's been a wave of momentum sellers, fear of regulation around taxes and the environmental impact has also shaken confidence. the cryptocurrency is down 50% from its all-time high, trading around the $32,000 level today other major cryptocurrencies, down about 10% today back to you guys. >> kate rooney, thanks so much for that one shot. there was a guy who had 200 million and forgot his password and had to ask the fbi for cracking the password going forward. steve weiss, my question is if we do see this broaden out and get much worse for bitcoin, does it hurt equities or is it irrelevant >> i think it's irrelevant people trying to find linkage. it's completely irrelevant cryptocurrency is a very narrow asset class.

i'm being generous when i say asset class. it has no utility as a currency. it would be ludicrous, you go buy a tesla. and before you get out of the showroom the dealer is taking a 10% hit because that's what happens to the currency. i don't even see it as a store of value i don't know what that even means. once you get past these plaurkting tag lines, what do you have you have nothing i have traded it it's easier to trade than the meme stocks because there happens to be a little less volatility in it, but i'm just not a fan, period. and the u.s. government and all the other governments are coming out with digital currencies, and that will kill it. >> it's held above 30,000 for the entire year, steven, so that's one thing you can't use it in transactions so the price action does show you that there's confidence there and so does the institutional investor support behind it that's coming, alli.

do you see this linked to the liquidity trade, the fact that the fed and other banks have been pumping so much money in so we've seen some speculative pockets of the market and money is so cheap. do you see bitcoin tied to that? >> i've seen everything tied to that we've had three years in a row where our clients have had gains of 10%, 20%, 30% in equity portfolios all of that has to do with the provision of liquidity when i think about what the federal reserve in in country and other governments have done, they have intentionally flooded the world with money to avoid a recession from a pandemic and that has worked. there is an obscene amount of money out there. i'm not only cryptocurrencies for the first time in my career we are talking about wine collecting as a way to play

demographics in the world and to play the changing ecological situation. so the creep that this liquidity has done into assets and reflation full stop is amazing the last time i was on this show, we were joking that i was about to go to las vegas and present at a conference. it was the first conference in las vegas since the closure. on the saturday night that i arrived, the hotel i stayed at was at capacity. they couldn't have any more people there so when you talk about are services and goods going to inflate, absolutely. absolutely so i think that this money out there is going over not only financial assets, but it is going to continue to pour into goods and services the issue is how long is it out there, what rate is it out there at and can we retool our labor

force so that if we have 9.3 million jobs but a workforce from 7.4 million people are out of work, how do we get to some sort of work of parity and sustainability to make that go forward and not cause inflation. >> of course the problem with wine is that it can often get consumed quicker than intended. >> in your house. >> i have talked to my clients about that, yes. very fair. >> mike, rounding things off in terms of your inflation hedge, ultimate ly you want equities with pricing power and that's even when inflation as a risk comes up. >> definitely. i think that's a consistent message. yes, you can stay ahead of inflation through equities, especially those with leverage to top line nominal gdp and all that, but you might actually have some multiple compression along the way that can hurt. >> one important data point i

want to bring up, which is the 9.3 million job openings -- >> stick around for the 4:00 hour. >> okay, sorry >> no, i'm kidding >> that's a huge number. >> it's an incredible number. >> it's a number we've never seen before. it shows that the demand for labor right now is very strong and that the power is in the job seekers and that wages go up. >> so there's an inflationary implication but there's also can the economy start operating at potential with so many open jobs >> we'll have to watch this inflation. it's going to be interesting everyone still thengs it's going to be transitory stephen, alli, thanks for joining us. the president of the eur asia group and the chairman of moderna. and andrew yang and his plan to transform the big apple into a bitcoin hub if he'els ected. we're back in 90 seconds here on "closing bell.

obsession has many names. this is ours. the lexus is. all in on the sport sedan. lease the 2021 is 300 for $379 a month for 36 months. experience amazing at your lexus dealer. the eurasia group, a group that focuses on inventing solutions to improve human health, nutrition, sustainability, out with a new report titled health security and beyond, a new paradigm for a post-pandemic world. it takes a look at lessons learned amid the pandemic and how the world can better prepare for the next one joining us in an exclusive interview on this is the ceo of flagship pioneering. also the co-founder and chairman of moderna along with ian

bremmer. ian, first to you. this is a sort of call to action for the g-7 leaders which meet next week. what is the main message >> well, first the main message is that we know that the united states is about to start losing interest on this issue it's been front and center for every headline in the united states for the last year plus. and you know that as the americans no longer feel personally endangered, suddenly they move on to the next thing we're trying to argue that that's absolutely the wrong thing to do. there is much more of the pandemic ahead of the world even though there isn't for the united states. this is going to affect us economically so we're trying to get the g-7 to focus, especially because the united states is in a unique position to actually make a real difference because we have the vaccines, because our economic response has been as robust as it has, it really is incumbent not just on the private sector players who we think has done a

pretty good job so far, but also ojt government remember last year the g-7 didn't even meet in the teeth of this crisis. this year, this week, they're about to they need to do a hell of a lot more. >> it does feel like there hasn't been a lot of ordination on this. nubar, you have been at the forefront. talk to us about how moderna is trying to deal with the global problem because the initial shipment really went to the u.s. the federal government was the big buyer. >> sara, thanks for having me. indeed the last year has shown us that the private sector, particularly in collaboration with not only one government but many can have a profound impact coming up with solutions and delivering them to have global impact we're very happy that after some initial period of making arrangements, we were able to announce 500 million doses

stri available to covax and there's a lot going on to create the supply chains and delivery systems to have the same impact we've had in the u.s. through our mrna vaccines. so we want to take the learnings from the u.s. but also with the covid experience and make sure that we're not waiting until it's too late to get activated to deal with this pandemic and many of the health crises that await us as we move forward. >> noubar, do you think, do you hope that one of the conclusions from the pandemic is that pharma in general comes out with its reputation more intact than it has been the last couple of decades or do you think that might be short-lived and the focus will go back to pricing and negativity in the years ahead? >> well, pharma is a fairly broad term the portion that moderna, the company that i was co-founder of

and chairman now, all fit into the biotechnology category which is synonymous with breakthrough innovation and impact. i certainly think that that industry and the piece of the pharma industry that is predicated on innovation should come out of this having demonstrated the value of its science and its ability to act for the sake of impacting mankind. i do think that it is well deserving in that regard of a balanced view. however, if pharma goes back to nottin vagt very much and to figuring out how to take the current products and have them last even longer in terms of exclu exclusivity, that is what has fed skepticism so we have an opportunity across the board to embrace what innovation can do to help. i could also mention that one of the things i very much look forward to is it just looks like the last year ended up being all about prevention

at the end of the day while we worked on treatments and diagnostics, the biggest impact to society and the industry has been through the acts of prevention today we're talking about the idea of preempting disease, preventinging disease as a highly overlooked part of pharma innovation that we hope can come out of this with a great degree of validation and interest. >> ian, the other thing that you're looking at preventing and that's very much in your wheelhouse is how this health crisis could morph into bigger tensions between the u.s. and china or a national security crisis and other geopolitical concerns, especially with this lab leak theory getting more credibility. where do you think this goes >> this is the thing i'm most disturbed about. we know there's agreement china is the biggest threat to the united states right now. we saw the deputy national security advisor for asia, kurt campbell, saying the area for engagement is over

how do you deal with global climate change you saw how the trump administration left the world health organization in the middle of a pandemic i have to say that if it looks like we ending up getting into this massive fight about this coming from a lab or not, i could easily see the chinese withdrawing themselves from the world health organization and just how we talk about decoupling from huawei and global tech, we'll start decoupling on global health. that is no way to respond to the next pandemic that we're going to have. and yet it's the trajectory we're heading on noubar and i are deeply concerned that we really wanting to avoid that. g-7 cooperation will make it easier to keep the chinese from taking that measure. if the americans are unilateral, it's much easier for the chinese to tell us to screw off. if it's the americans and everyone else who has rule of law, the chinese are more likely to talk this out with us. >> ian, i have a slightly

different question on the next pandemic if indeed ones arrives as to what you think government responses will be in terms of restrictions on how we live our lives and whether or not the balance in this past year, year and a quarter between quality of life and quantities of life will be different the more severe restrictions of course initially were intended to be much shorter in terms of how long they lasted and whether people will put up with another big lockdown next time around. >> well, imagine how much better the trump administration would have been seen in responding to this crisis or a government like t texas if the health average of an american was as robust as the average health of a swede. the fact is that we don't take care of ourselves. u.s. life expectancy was going down before the pandemic hit how is that conceivable for the

most powerful, wealthiest country in the world and if there's one thing that we've all learned in the last 15 months, it's that we've reassessed how we want to live do we want to travel as much how do we want to work how do we engage with our family, our friends? i have to hope that the response to a pandemic that is as a consequence not just about let's get the best new drugs and vaccines out it also has to be let's make sure that the health of the average american, the health of the average citizen on the planet is improving. because the next pandemic that will come we'll be in a much more resilient space to come from we can't view this as a battle after it already hits us. >> noubar, there are so many, many questions about this current pandemic which as you guys know is still raging and these variants that are still happening and emerging

what do you think the chances are that one of these super variants evades your vaccine if that does happen, how quickly with this new mrna technology can you get a new vaccine up and running? >> sara, we are as we've announced working on a variant vaccine which we're testing. we're getting some encouraging results from animal work that we've done and are testing in humans i would expect if things follow the precedents we saw last year, we'll be able to show efficacy and safety with different sequences of our vaccine that will lay the groundwork for rapid response capability. i should say we think a vaccine is working or not working as a binary state of course there's a lot of things in between. what is more likely going to happen is that over time some variants will emerge that will require an even more robust antibody response in order to have the complete protection we've been enjoying against the earlier strains.

with the passage of time, one thing we know, we have to keep an eye on how robust the antibody remains so there's a multi factorial consideration here and our technology is designed to react very rapidly the infrastructure is in place that was not a year ago. it's a computational technology. basically we're making for the first time ever a by logic that is based on code it is essentially an information molecule we can replace the code, we've shown that so there's a lot of reason to believe that that piece of the response is there but there's a lot we don't know. one of the things we are thinking about is in the forthcoming future how much data do we need to collect in vaccinated people to make sure we remain poised and can act in a very definitive way. we just can't wait for hundreds of thousands of people to die again in the u.s. for us to then decide that this is an approach or that is an approach i hope this that will never happen again. >> yeah, i hope there's some

effort to collect that data. noubar, thank you. ian, always good to see you. we appreciate you guys joining us on this. when we come back, tilray shares have been hot, rallying just over 20% in the last month. up next the chairman and ceo on the stuck surge and how its launch of a new medical cannabis brand will impact the bottom line. plus kanye's line finally released today as we head to break check out how lordstown motors finished the day the company said in a current filing that cash levels were not enough to start commercial production and warning of its ability to continue as a going concern. shares finishing down 16.3%. we'll be right back. only nat. new immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars.

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shares of cannabis company tilray have been on a tear this week the company announcing today a new medical marijuana brand offering an assortment of products at a better price point. the company also partnering with delta to offer customers on domestic flights sweetwater's

ipa. joining us to talk about all the developments is the ceo irwin simon. welcome back to the show good to see you. >> good to see you. >> how is the new medical line different from the tilray medical brands that you already have now that you've combined this company >> so it's a value-added medical product, sara. you know, consumers can order from online or at our medical stores what we looked at here was how to provide products for pain, arthritis, et cetera, at a price point ultimately that is affordable i think what we saw was happening is consumers or patients were not going to the doctors because prices were going into retail stores and just buying the product that was not sufficing their needs so we felt like we'd come up with a product that would be a value added that could not cure, but could help patients in regards

to pain, arthritis, et cetera. so a great product i've used it myself and it works. >> obviously medical is a huge focus for you now, especially after the deal investors are curious on how the integration is going huge lift with people, with cultures, with locations where are you in that process? you've done a ton of deals in your career. how does this one stack up >> so a lot of heavy lifting, but there's great packages to lift here. we've come out publicly and said, hey, we're going to take 80 musplus million dollars of ct and start on innovation. i have a great team that i'm working with, my original aphria team and tilray team we've integrated our international business

we've integrated our manitoba harvest business and with that we like what we see out there so far, but there's still a lot to do and there's still a lot of lifting to do. but i've got to tell you, if you step back for a second, and you said it before, investors last year this time, aphria market cap was $1.6 billion the combination of till roy, aphria and sweetwater oday, ou market cap is close to $9 billion. so the big thing today is the retail investors are coming in to cannabis stocks because they see the value, they see ultimately the growth of the category tilray is one of the most talked-about stocks if you look at reddit and the cannabis world out there. >> irwin, tell us about what's going to be stocked on delta flights? and is it a stepping stone towards having cannabis products sold or distributed or taken

while people are flying? is that going to be a helpful thing to calm people down? >> first of all, it's an ipa, a hazy ipa it's a sweetwater hazy ipa i think if you come back and look at sweetwater today as a beer and a vodka seltzer and it's on all delta domestic flights and international flights right now. but i think, again, there's a lot of nervous fliers out there. when people get back to start flying again, they're going to want that drink. they're going to want something that calms their nerves. whether it's a cbd drink or hopefully one day a thc drink, an alcoholic drink will help them. >> do you welcome the army of retail traders you are talked about along with sun dial on wall street bets and all over the internet. you're like adam aron, you want

them >> well, i don't know if i'm like adam aron, but i'm very, very supportive. we love them they're our consumers, they're users of our products. let me tell you something, and myself having four kids, you know, that group of gen z that are out there trading within our stock today, they're technology savvy, retail savvy, brand savvy. sara, you want them as investors. you want them as consumers we're using them to get a lot of feedback on our products i've got to tell you, you look at our stock today, we trade at close to 30 million shares that's almost on a daily basis so there's a big, big retail population out there that are buying our stock, talking about our stock, and through social media is getting the word out. listen, there's a lot of things you have to do in regards to shareholder meetings and that to be able to bring retail shareholders in to vote, et cetera but it's a great base of

shareholders to have because they're so educated about your company and educated about your products it's amazing when you come back and look at what they're posting about our products and what they know we love having them as part of our shareholder base >> interesting on the consumer angle as well. irwin, thank you good to talk to you. irwin simon of tilray. still ahead, new york city mayoral candidate andrew yang on his plan to bring back jobs lost ri tanmic and helping the real estate market recover we're back in a couple of minutes.

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time for a cnbc news update with shepard smith. >> hi, wilf. from the news at cnbc here's what's happening at this hour. a southern california man is now charged with murder in a road rage shooting that killed a 6-year-old boy he is expected to appear in court later today. his girlfriend is charged as an accessory after the fact authorities believe lee was driving the car and that eras fired the shot that killed little aiden as he was sitting in the back seat heading to kindergarten. in texas, the governor there greg abbott signing broad lentle legislation to avert a power disaster like the one early earlier this year. this provides power providers to weatherize their equipment. and the vice president kamala harris said she had very productive meetings with the

mexico an president and the two leaders will work together tonight our cameras are at the u.s./mexico border for a look at what it's really like right now and what's being done to address the latest flood of migrants that's on the news, 7:00 eastern on cnbc. sara, back to you. when we come back, new york city bitcoin hub that's what mayoral candidate andrew yang envisions. he joins us next to lay out his plans for turning new york into the center for cryptos. plus talk about a jobs jolt. coming up, mike santoli taking a closer look at how the huge jump in job openings could impa tcthe market and the economy we previewed it. we'll be right back. the lexus es. every curve, every innovation, every feeling.

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we are two weeks away from the new york city mayoral primary. once front-runner andrew yang has fallen behind in the latest poll with 16% choosing him as their first choice joining us now is andrew yang. andrew, very good to see you thanks for joining us. >> it's great to be here thanks for having me >> my first question, as you might imagine for our network, if you were to win, what would

be your pitch to the members of the investment community who have over the last couple of years decided to up stakes and leave new york city as their main residence and place of business to other states like florida, but others as well. how would you entice them back >> i would tell them that i get it and that we need to get our city working again for us and our families new york city has been an environment where people could build world class organizations that won and industries like finance and technology because of the talent. so we need to rebuild the value proposition of new york city to make sure that you can continue to build world class firms here but it starts with building an environment that people are excited to live and work in. unfortunately, new york city has not been that for a number of months so that's why we have to turn the page on the political leaders that have failed us and failed to maintain the value proposition for people and families here in new york. >> to what extent are some of

the factors that have drawn investors away out of your control? i mean the s.a.l.t. deduction clearly is a big one would you be open to cutting the city tax or is that not affordable at this point >> i do not think we should be raising taxes here in new york and expanding the gulf between the tax rate here in new york city and florida, to your point. right now that gap is 13% with an up arrow attached to it we have to try to close that gap. and also, again, justify our value proposition. new york city has always had higher taxes than florida but people were willing to pay because you'd be more successful here your opportunities were better, your firms were more successful. so we have to get back to that we're never going to win a low cost competition, but we can rebuild the premium competition if we have the right leadership at city hall that will get back to basics, make sure that people feel safe and excited and comfortable commuting back to the office, riding the subways

and spending time in new york city >> you've said before, andrew, that you want to make new york city a bitcoin hub how do you do that and what about the environmental concerns you've also wanted to fight climate change clearly it's not environmentally friendly, the bitcoin mining process. >> well, sara, being a cryptocurrency hub doesn't mean that you actually would mine in new york city. we're not a great environment for mining but you're talking about assets with now a market cap of $1.5 trillion firms like morgan stanley are already validating this as an asset class. they have divisions and people advising on these technologies and possible uses. so new york city is the global financial hub. if you have a $1.5 trillion asset class, you have to be the leader in it i've been talking to people who are investing in cryptocurrencies and the block chain technology there's a lot of potential and i want new york city to be a place where we actually prove out some

of the use cases for blockchain technologies >> another area that has lost a significant number of its businesses and highest paid worker is los angeles, particularly in places like silicon valley again, going to places like texas and florida, as we mentioned earlier. is it possible, though, for new york to grab some of those tech entrepreneurs? and in a weird way, would you welcome a correction in real estate prices to perhaps allow the chance to attract some of those people >> new york city should be competing for the number one spot in technology i believe the next generation of technology companies are going to involve technology plus consumer products, technology plus media, technology plus finance, technology plus real estate and new york city's economy is broader and more diverse than any other part of the u.s. if we were our own country, the new york city metro would be the 11th biggest economy in the world because we lead in so many

fields so we should be competing for the leadership spot and we also should be investing in life sciences, which to me is one of the big missing pieces here in new york we have world class hospitals and research institutions. we just don't have the lab space. so to your point, we can make use of some of the vacant buildings right now and repurpose them into lab spaces that will enable us to build on the life sciences industry >> andrew, we've talked on this network to a bunch of real estate developers. many of them are looking to florida and they're not that optimistic on new york and on the economy. they tie the issue of crime to new york city's future already the statistics are pretty horrific with shootings up 68% this year versus this time last year hate crimes are up a stunning more than 100%, especially anti-semitism and anti-asian hate how do you run an that platform of change when you're competing against eric adams, who was in the nypd leadership?

>> nothing works in new york city if families don't feel safe walking in their own neighborhoods or riding the subway my first move as mayor would be to go to the nypd and say we need you to do your jobs professionally, responsibly and justly but if you do these things, the people of new york will be behind you and i will have your back i talk to cops on the streets and in other settings. right now they just don't feel like they have a relationship with the current mayor they're demoralized. and we have to invigorate them and get them to a point where they have the tools necessary to address these concerns, these hate crimes, reduce street homelessness people should not be sleeping on the streets of new york. increase the number of officers who were part of the gun violence suppression division. three of the four shootings in brooklyn are going unsolved right now and that's unacceptable that's unconscionable. if you can't solve only one out

of four shootings, you'll never get violence under control it's one reason why people are so eager to turn the page because we can sense that our bureaucracies have been failing on multiple levels >> finally, just jobs, jobs, jobs we talk about it every single day. the new york city unemployment rate, andrew, is 11.4%, which is a slight improvement but we've only recovered 40% of the jobs lost since covid at a time where there's a ton of demand for labor we reported today, 9.3 million job openings in this country how do you deal with that problem, that gap? >> here in new york city, it does come back to security if people don't feel safe visiting new york city, we're never going to restore the 67 million tourists who came here in 2019, and those tourists supported 300,000 of the 550,000 jobs we're missing in restaurants, bars, hotels, tour bus operators, retail and the like so unfortunately, again, it comes back to crime, to

homelessness, to making sure that new york city is a joyous place to visit if we get those elements right, you'll see the jobs come back and this is exactly what i'm going to deliver as mayor of new york city. >> andrew yang, thank you for joining us here on cnbc. >> thank you great to be here with you. >> it's good to talk to you. up next, mike santoli heading to the telestrator to brk wn teadohat report on jobs and what it may mean for the economy. "closing bell" back in a moment. this is wealth. ♪ ♪

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let's head over to mike santoli taking a closer look at today's job openings data. mike. >> wilf, take a look at the shape of this chart, that vertical line at the right side there, up to 9.3 million open and unfilled jobs, by far a record it's million unfilled jobs bring far a record to race the jolts number higher. lots of businesses cannot get workers to come back and fill positions. yes, sometimes there are job openings not ready to be filled at that waij -- wage clearly there's a log jam in the labor market that's a problem. the nfib small businesses survey release this morning had a down side surprise in large part to

the difficulty in filling jobs so we have a mismatch in the economy. look at the ten-year note yield, seeing an unexpected decline in bond yields from the march highs. it's really taken on the shape looking heavy on the yield side. we talk about foreign investors capturing high yield in the u.s. and other factors, perhaps, also, there's a sense this lack of labor and inability to go full steam ahead on the recovery with a lot of businesses will maybe create an air pocket for economic growth relative to expectations, not negative growth just something that can impede the rebound a little bit. >> i guess it also depends how long it lasts. thank you. after the break. kanye west gallinari line has officially hit

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breaking news on infrastructure talks in washington, we have the details. >> sarah, the white house and republican senators are ending negotiations over infrastructure package, in the statement, it

says senator is disappointed by the decision and said president biden walked away from the talk, despite their progress in determining what spending areas they could perhaps reach an agreement on the president continued to say any spending had to be funded by tax increases on businesses or on individuals which republicans had said was their red line. now i'm told that the white house is framing this as shifting negotiations from republicans to a bipartisan group of senators. there has been a group of ten republicans and ten democrats known as g20 working on a separate proposal and white house feels the negotiations were conduct in good faith and both sides have a better understanding of ic each other's positions but ultimately the per capita is short. this puts a road block for infrastructure this summer as

white house and senator walk away from the discussions. >> thanks for that with some attempted positive spin as welg up next, gamestop gearing tupo report earnings tomorrow, key metric, next ;; up next, gamestop gearing up to report earnings tomorrow, key metric, next up next, gamestop gearing up to report earnings tomorrow, key metric, next this is the sound of change. the sound of a thousand sighs of relief. and the sound of a company watching out for you. this is the sound of low cash mode from pnc bank, giving you multiple options and at least 24 hours to help you avoid an overdraft fee.

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wall street look ahead is sponsored by c3.ai, this is enterprise a.i now to our wall street look ahead. game stop set to report results tomorrow, kate has a preview. >> gamestop first quarter numbers almost don't matter for this stock, for the reddit crowd it's all about keeping the dream alive for the video game retailer, that future includes a new ceo and any details in the turn around plan is pretty vague but online traders are loving this, last quarter the conference line filled up, they delayed the call, and they didn't take analyst questions. analysts do expect a similar outcome tomorrow back to you. >> this is not the adam aron strategy kate rooney, thank you very

much do earnings matter for name traders. >> not for the earnings reported but the plan matters, if there's a big transformal story, gamestop market cap is equal to market to interactive. >> -- we're out of time on "closing bell. "fast money" starts now. ed live from the nasdaq market site over looking new york city's time square this is "fast money. it's good to be back at the nasdaq, i'm courtney reagan filling in for melissa lee tonight's trader lineup, dan nathan, karen finerman, guy adami and tim seymour, tonight on fast, bitcoin goes bust, prices crashing below the $32,000 mark for the first-degree thyme since february will the crypto role in the colonialal pipeline hack mean the world will change for the digital coin