>> steve >> volkswagen still the cheapest best growing auto company out there. >> keep your eye on the market too. the dow is down about 90 points. nasdaq the only one green. interest rate is a big story the ten-year note yield 145. that remains a big story good weekend "the exchange" is now. thank you, scott welcome to "the exchange." what happened to great rotation? growth has been out performing over the past month. from your morning bacon to your afternoon coffee, we'll wake you through the part of the day where consumers are starting to feel the inflation squeeze cooling you have a the nft business exploded seemingly overnight. just as quickly, frenzy has started to dissipate

we look at why and whether nfts are a smart place to put your money. we begin with a quick check on the markets >> not stocks but bonds. the big rally in bonds stocks drifting lower. the s&p 500 basically flat for the week the dow is on track to snap a two-week winning streak. the nasdaq high r in the green the cruise lines in focus today. we monitor the situation aboard a royal caribbean cruise where two passengers tested positive we know close contacts were tested aegive. the important thing here is cases don't turn into an outbreak the stock under pressure today employs for its worst weekly performance since mid-april. ch chewy on pace for its worth day in two months.

>> we do thank you very much. yet's cpi did see the biggest climb in inflation in more than a decade the pen ten-year yield continues to follow. hit the lowest level since early march. this having a big impact in stocks bob has more on this reversal for us bob. >> hello, kelly. value has done great this year but growth is starting to reassert itself. it's early but that's what we're paid to do take a look at the sectors the sectors associated with growth, technology and health care have done well for the year you see some of the weakness here put up the screen on the month today and what's going on. the important thing is we're seeing technology and health care associated with growth tending to outperform in sectors that are associated, for example, with cyclicals like industrials and value banks and materials. they tend to be a little bit

under performing in the last couple of weeks. you see that here. the market has opinion really thinking the narrative a little bit. they have gotten some things rite and some things wrong second quarter will be fabulous. third quarter will be good what markets have gotten wrong is inflation leading to higher yield. the fed might be right in claiming inflation is largely transitory here is the new narrative. the second quarter and the third quarter is the peak of everything peak earnings, peak market, peak economy overall. we have gotten inflation out there but it might be transitory yield will stay low. what does this cause this causes everybody to be off size the pain trade is rotating back into growth. that's what's happening on an early stage right now. even on some of the speculative tech names tech has been good

remember the kathy wood stocks that got killed in february and march. they stopped going down. things like zoom video, roku and shopify and spotify. all these stocks are started stabilizing. >> ichs gthe work from play homs working. the spread that's been having in the difficult time people are having is it possible that covid itself rearing its head again may be the one thing nobody is anticipating but the market maybe is >> i don't think that has yet hit the market i hear that as an issue. in the latter half on an

economic expansion, traders are trying to believe that growth will do better traders have used an old play book the whole covid thing may that i think the bplay book. great growth in the second half of the year but not quite as robust as say what we have got right now. that makes some sense to me and be interested in growth. >> yeah, one growth is scarers it definitely works. bob, thank you for now the value vtrade just getting started. charlie, welcome

literally up to last week we would have said your trades are winning. this is -- the market is coming around to your view and just as quickly, here we go. what going on with bond yields and this growth trade lately >> the last week has not changed the total narrative. if you look year to date, the fund is up 28% versus 13 for the tech heavy s&p value is crushing growth year to date we had a bad week and a half that doesn't make a football game yes, the big debate is inflation transitory because if you look at the actual numbers, the worse inflation numbers this 32 years and the core inflation rate the numbers in april and may up .6 and .7% in two months. we've got a lot of inflation it's not going away. that will put pressure on tech stocks

i don't understand why people put so much weight on the bond market stocks have beaten bonds bond investors are accepting low returns right now. i'm not going to bank on what the bond market is telling you >> this is the debate they were having an-time which is if you see somebody like tom lee who says i want to be in the tech trade, can you be in that with rising interest rates? >> i don't think you can a 33% p/e premium. today it's 65% it's way out of line this idea you're being contrary yan by buying growth doesn't fit

the number >> one is tech is traying permanently higher because of the pandemic changing society that much more quickly do you buy that? >> absolutely not. that's so important so many things are returning faster to where they were pre-pandemic and any of us thought. even office rates are hanging in there. the headline is less has changed because of covid than most people thought and lastly, earnings are coming in very strong is there anything about the market trade that says it's positioning for covid resurgence

or that kind of surprise so much of the rhetoric focused on inflation transitory or is it not? we are still dealing with the global pandemic. do you think the trade is behind us do you see it rearing its head >> i am glad you thought that up that's the one thing i think would be bad for the market. i think is market is pricing in we're done with this and if we got another wave, which i don't think will happen, so far the medical data says the vaccines are good against the new variants, but if that ended up being true, the good news is i don't think we'll make the mistake of closing down the economy again but it would not be good for stocks s >> i know we talked about your picks.

>> avoid things that will not work well. it's coming in worse than i expected the market is assuming this is transitory that's just no evidence for that avoid bonds. avoid reits. avoid dividend high yielding stocks are people are going for yields second, play things that are reopening and are going to work with the reopening that's theme of madison square garden entertain mmentertainmen. we think lazard is extremely well positioned with a cheap stock. does that answer your question >> i think you did well stated on number of fronts. it's been a pleasure to have you on thank you. >> thank you let's get to the nuews out f the g7 summit. world leaders are set to endorse a public tax rate of 15% it's part of the push to update international tax laws as the world becomes more digitized will it work

robert frank is here to discuss. it seems to me that every one can pat themselves on the back saying we're going to make sure companies can't hide these -- will it really work? >> yeah, that is the big question will it work and also at what cost did we get this victory this was a victory for the biden administration at some point you have to draw the line they did draw the line the line for the biden administration was 21% now in order to get it done they brought it back to 15, which is a big relief for a lot of global multinational companies. the question is, at what cost. you've now got a digital sales tax that will apply to companies like amazon and others

the big part is the corporate rate he wants to go from 21 to 28% well known as the gluilty ta which we put on corporate earnings but want to bring that profit back to the u.s the biden administration proposed 21% it's impossible to have a 21% rate on repatriated profit ifs the global rate is 15% otherwise u.s. companies are not competitive. the big question is what do they do with the two rates? this raises more questions than e in way than it answers >> i hear people focusing on amazon, in particular. whose shares are down half a percent.

>> it's a little unclear because it will be in a country by country basis. on the one hand companies like amazon are happy that they now have at least one rate that they can try focus on globally rather than this patch work there were threats from politicians from certain countries that they were going to raise the tax rates on amazon there's a bit of relief from them yes, amazon will face higher tax rates on their sales in certain countries as a result of this and this will apply to other companies as well. again, it removes some uncertainty. it will depend on what they have to pay to bring that money back to the u.s that's the big unknown biden was thinking 21 and every one is asisuming it will be lowr now. we don't know. >> thank you very much coming up, inflation nation. prices rising at the fastest pace since 2008. we'll look at places showing up

from the time the sunrises till the time it goes down. a third fda panelist is resigning over the approval of biogen's alzheimer's drug. calling it the worst drug approval decision in recent u.s. history. we'll have latest on this controversy, coming up

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welcome back from food to gas to retail of all kinds, higher prices seem to be here to stay. we have a closer look at how it's showing up. >> you've got demand as well as supply issues, fiscal, monetary policy there's many reasons contributing to the biggest surge in inflation in nearly 13 years. to prepare you for sticker shock, let's break down a typical day. bacon prices soared almost 13% the yearest biggest price increase orange juice is up 21% in futures market over the past two years due to tighter supplies in the united states and mexico you're a milk drinker. that's up 4.4% year over year.

the price of roasted coffee is up 2% because of draught in brazil after the filling breakfast you hop spoo your used car to head to store thankfully you bought it before the recent spike used cars and trucks jumped 30% in may as the demand for cars is out pacing supply. you realize your tank is am empty. you gas up as prices hit the highest level in seven years higher crude as well as production problems play a major role in the spike. once inside you get dwyour favorite big box retailer. you're on a keto diet. you throw in some fruit and veggies which rose 3% year over year along with some fish prices have gone up 5 to 12% on washers and dryers key commodities like steel and oil have climbed higher. you're ready the go home but you run into your old friend and ask

if he's noticed the price increases. >> whether it's labor soupply from child care to unemployment benefits to the virus fear, as they dissipate, supply will respond and you'll see less pressures on prices. it is true that we're going to see an environment in which at least for the nx ext year, prics and inflation will be higher >> you say good-bye to gregory, you shake your head and walk back to your car you hope they're right the the price increases are a temporary byproduct of the pandemic. >> i can't wait for greg to watch this >> i hope he does. sd >> we turned him into a whole narrative. inflation is pushing up many prices everywhere. just this week chipotle hiked prices by about 4% to cover the

cost of rises wages. >> thanks for having me. i think that has less to do with the inflationary pressures and a lot more to do with the fact that people have more money and spending it. we're seeing top line beets that are well above expectation even if you get a little bit of labor pressure or commodity pressure, your sales will be more than enough to offset that pressure you'll make more money at the end of the day that's why we like this pace very much. >> this is a key point that sort of explains how people can digest all of these price hikes.

they are pays up at the restaurants you covered. if we start to normalize, doesn't that mean people can no longer pay premiums that the chains are requiring >> i think we have seen some structural changes when you lookt the cheesecake factory, pre-covid they were doing a million or so in sales now they are doing four million. it's been pretty steady as dining room capacities have increased. it's unlikely it will stay up 4% but also unlikely it will go back down do a million.

off prem ise is a huge componen. we haveseen the digital usage at these restaurants skyrocket another aspect that makes the operations much more efficient and perhaps most importantly, there's a lot less competition there's a lot more room to grow. there's a lot of good things happening for the restaurant cat -- category now. >> just one follow up question about what's going on with labor force. we would expect at some point this shortage of workers if they feeling the pinch already for that to continue to get worse to pressure profit mar gyps an all the rest of it you don't think that will last when does it start to get better is it in the fall. what are the factors that could cause that to improve? >> i think the first, timetable

to watch is september. a lot of the unemployment benefit, schools are said to reopen we'll see what happens after september. i'm looking at september as the key time period. >> we'll check in with you soon. coming up, rbc is bullish in zoom shares are hirer on call today they are pace for longest winning streak since september as we have been talking about. speaking of the growth trade, is this rally sustainable we'll debate that in rapid fire. there's still time to register for the global summit coming up on june 16th go to cnbcevents/evolve. >> it's a new ere rar for business with singapore.

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you could call the nasdaq slightly higher. the cloud software maker is exploring the potential sale it's now up 14.5%. avis budget is leading transports hitting all time high it's the group's best performer this year. remember when rental cars were going away it's up 150% it's trading at 94 and change. over in the chip space, nvidia is performing 2% and adding more than 20% over the past month the stock about 1% below all time highs caterpillar is moving lower today. it's down almost 10% on the week

over to seema for the news update >> 22 state attorneys general are urging the u.s. supreme court to uphold the cdc moratorium on residential evictions. the ban is set to expeer ire ate end of the month weather forecast calling for temperatures to soar across the southwest next week. the heat wave is expected to worsen throughout many areas with some farmers fearing their fields will dry up without rain. on the news tonight, report on the water shortage from a california reservoir and the impact on small farmers. also in california, 15 people are about to get $50,000 richer the governor is getting ready the announce more winners of the vax for the wicn give away. vaccinations are up 13%. back to you. >> thank you

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welcome back let's catch you up on some headlines sha shthat should be r radar right now. first, we did have some breaking news in the last hour or so. the new bipartisan anti-trust bill that was just proposed and the huge implications it could have for amazon and alphabet, it's preventing acquisition arooifrls and enabling the doj to break up companies if they have a conflict of interest among other factors. julia, this language to me at first blush reads very broad >> well, look, i think there are different pieces of this and some of them are easy. one of the draft anti-trust bills wants to have higher fees so the doj and ftc could better

enforce anti-trust action. there's this broader question of what will dramatically limit acquisitions or a key piece of this is this idea that companies that are platform should not be able to preference their own options. amazon cannot promote its own house brands over other rivals apple cannot preference its own apps over other options. i think there's so many things involved in these bills. so many options on the table and some are pretty dramatic in terms of impact they could have on the companies there's a long way before this could really be put into action here >> i agree i want to quickly go around the horn so to speak and get everybody's opinion on this. it does seem like it would restrain a lot of different kinds of activity, potentially break up companies

does this represent a significant step forward sglit represents another step forward. take a look at prices of big tech companies that could be targeted by this. perhaps they have get action sooner than the doj or lawmakers at the federal level this is more of what we have been talk about but a long way from implementatio, n. what happens if we do something like the most extreme break up who does that provide an end for? other smaller tech companies or perhaps international, chinese companies. sd >> look at the success of tik

tok. what's your take >> obviously, a long way to go i think the important thing here is it would give regular larts new tools which they need. they have been plying to apply laws to the 1900 to the current environment. they don't give them enough tools to really rain in what they see >> dpuz it worry you they go the prevailing paradigm doesn't do what we want it to do have we come to that conclusion? >> i don't think woe have definitely come to the collusion but i think it's clear the concerns outlay what the tools that regulators have >> tim, what do you think? >> fool me once, shame on you.

fool me twice, shame on me i've heard this before and i'm not that concerned exxon was new jersey you break them up and it created a lot more value mov movine ing on, do you know abou chinese uber it will be one of the largest ipos this year it was valued at $62 billion. they have huge backer. it's more than ride hailing.

>> didi has a monopoly on the chinese market you did say it was profitable. there's always an asterisk when it comes to gig economy. that was due to investment gain. maybe the public market haven't been perceptive to ride sharing. you look at uber stock price massive understand r underperformance it hasn't surpassed the i porks price. didi is coming into a tough

market i'm not sure it's s1 a huge case for investors. there was some questions around the way that accounts revenue showing its ride hailing business despite having china may not be large revenue wide as uber >> it's a good thing if people are concerned about that business model let me ask if this listing would have happened in new york under a trump administration >> well, i think we would have heard a lot more rhetoric. it's hard to argue that didi is a threat in the u.s. since it doesn't operate here i do think the environment is starting to be a little more rational it's a few thing that democrats and republicans agree is a concern. i think didi by not operating in the u.s. wouldn't have had too tough a time under any administration i doubt this will be an issue that gets raised

>> there's more hostility towards chinese listings in the u.s. it was also trying to kind of keep a level playing field what's the environment like both in terms of america's receptivity for chinese listings and also their appetite for them and is didi an exception >> i think the appetite is high. someone has opinion investing in merging markets in much of my career the opportunities in this year's scales is extraordinary. the biggest issue is not coming from here. it's coming from there the regulatory pressure on some of the tech company s part of what will concern this one especially one that has a monopoly presence.

it seems like very heavy hands means already trading at a discount means we'll trade at a bigger discount. >> it's a great point. look at the management of tik tok. bless you by the way rbc capital market sees zoom in our past, present and future. it's at 363 right now. zoom shares are up nearly 5% today but they are down 10% over the past six months as post-pandemic relevance is called into question zoom has staying power it will be a critical part of that future. they see an attractive buying opportunity. do you agree, tim? >> i like the concept of this company being seen not as a

communication method but a hybrid flat foorm. i think that's part of the story here i think there's a lot of margin levels to pull i think there are growth items around phone and sochl the other elements of the broader platform you've had a big rally off of a very, very big pull back i think the technicals on the charts look interesting. the valuation isn't terrible i thought those q1 numbers were extraordinary. >> i would say while the hybrid work is here to stay, i think the biggest issue isn't around that it's competition that as it's hybrid, it sort of place to the microsoft and google that have teams and google meet because u you are integrating the office with communications. it's competing more broadly. >> very, very good point we all learned there's a myriad of these platforms to work off of and apple trying to capitalize on this as well goldman sachs is going back

to the office this coming monday it's no secret that the ceo really hates remote work he's so excited about bringing people back to work that his alter ego, he dropped a single called "learn to love me." not every one is thrilled. the new york post is saying there's resentiment. this is so interesting to me because we are straight face talking about being a dj they are like it's pretty good it is pretty good. look at goldman share price and the performance under him has been really good is he almost bringing kind of an elon musk kind of vibe here to this very tra degsal buttoned up wall street industry this is very strange but very successful >> goldman as someone who has band practice tonight and a gig

this weekend myself, i love it i respect it i also believe getting back to work in the banking and financial services where information and culture are a big part of what they are building and why goldman is so successful i'm not surprised to hear him pushing here i think they will figure it out. i can't wait to hip hop around that >> you're looking for a collab >> absolutely. >> i'm cringing. i couldn't keep straight face during the whole segment i apologize. i don't really see the appeal of this i feel like this is more of a gimmick. doesn't he play swanky hamptons events

it will be interesting to see how this plays out a lot of the ceos that i talk to say that they are kind of shootinshoot ing themselves in foot they are pushing their talent to go to likes of stripe and google and other companies that are prepared to be more flexible this sul about talent. >> fair enough we'll give you a woord on this because it is heating up how are they dpoipg to retain talent over the next decade given all the competition and now some of perks that you could have in terms of working remote. >> i should be clear in tech we're seeing the same thing. thankfully not tim cook as a dj but we're seeing companies that really love the office apple and amazon both having to be more flexible because of competition for talent apple and amazon want nothing more than their employees.

apple would like their employees in the office seven days a week if they can figure it out. >> now i'm in the strange situation of knowing whether i should put dj on my place list it's pretty good have a great weekend nfts were once red hot but there's been a drop in sales lately is the craze over? the ceo of a digital gallery joins us to discuss next don't forget you can watch us live using the cc p.nbap we're back in a minute

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cooling off a bit. soheby's sold a rare crypto punk yesterday. after peaking back in february, the weekly trading volume is down to $35 million in sales last week. my next guest says while the market has lost some steam, it's only because collectors are getting more selective he's so confident in their future he's create add virtual hall of fame roger is the co-founder and ceo of artifacts why is there so little activity in the lately? >> it's a pleasure to be here. we're looking at market correction the fact they are here to stay that's first thing i say we did see some outlier sales. it's to be expected. now the builders step forward and nfts will too.

>> people were saying the peak is when the nba sold 125 million dollar or had that much activity buy and selling basketball highlight clips. there's a tension fuel frenzy and things cool down a bit people have a lot of questions in general there's all sorts of confusion some are exclusive owned licenses others are sort of record platinum type thing where you say i have the bragging rights but the image can still be reproduced an interesting pieoint is they maintaining their position as the middle mesne t --man. they would be decentralized. that doesn't seem to be happening here >> it is and it isn't. any new market whether it's centraled or decentralized, people will want in. brands will want in.

they want to come in for reason. how we break down nfts with three value propositions they are digital ownership why have they been valuable? f there's art, utility and access. heart has opinion valuable digital artist need way to own it. a way to own it and then access. what does it provide access to >> what is the next catalyst for the space? >> let's look at who's going to come in. you mentioned sotheby's. had a $17.1 million sale that wrapped up yesterday so there's a lot of steam here but do we go more towards the next collector baes in the fine art world 1 to 5% express that in digital? it's possible. might it be crypto

they eesh interested in slightly different things and then of course a hybridization of both. >> i wopder if the market needs to mature and understanding evolve so people understand why it's a good investment even if it's what it could do positively for the artist and creator themselves we'll check back soon. >> of course will do. coming up, this might be the worst approval decision the fda made that i can remember that's from the resignation letter of the third adviser to quit of the fda approved the alzheimer's drug he weavthe latest in the controversy next grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones.

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welcome back a third fda adviser resigned after the atrooufl of alzheimer's drug meg tirrell has the latest details. meg? >> hey, kelly. this happened on monday and on its face you think the first alzheimer's drug approved in 18 years is nothing but good news that everyone would be happy about but it's a tremendous controversy. in the scientific and medical world because of the data behind the drug and the fact that back

in november fda's panel of outside advisers, the same kind of panel that met around the covid vaccines you will remember, a different one met for this drug and almost unanimously voted against it based on the data that biogen had and the vote count ten noes, one uncertain and zero yeses saying enough data to support approval of the drug and now the third member of this fda advisory committee aaron from harvard medical school saying that he was quitting this panel essentially saying this is probably the worst drug approval decision in u.s. history and not clear that the fda is possible to integrate the scientific recommendations into the approval decisions two other advisers we have reached out who quit this week had similar sentiments and

others one said he is staying on the committee but is upset. >> this is getting more strak that it's rare to overturn this -- in the first place about 20% of the time and usually closer vote. why now? why for this alzheimer's drug? the als community is saying why not for us and perhaps there's precedent for acting this way but this particular decision seems more and more out of the ordinary. >> yeah. you have done a lot of research on this. that's why i love you. this committee dealt with a drug a few years ago, a similar situation the clinical data really not clear but a much closer vote from the committee this one almost unanimously against the alzheimer's drug and millions of patients that could take it and it's $56,000 a year and there's a key question about

the spending on the drug as a result of the decision why this one got through is another question i've talked with people wondering what happened and the fact that obviously some folks within the fda believe this was the right decision and went forward with it. but some are very concerned about the direction of the agency. >> with now this third resignation i think we'll start to -- thanks to statin news they always do to explain these for us and you, as well. thank you so much. that does it for "the exchange" today but next on "power lunch" the ceo of brookdale senior living, they'll join us to tell us why it might be a good case over the next couple of years. that's after this quick break.

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a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. from retail to healthcare, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. hi, everybody. welcome to "power lunch. i'm kelly evans. tyler matheson will join us in a market investors seem to think they got it made but are they getting overconfident? that and a new sub sector, wellness stocks.