>> so lumber over the past 12 months is up how much? we had it there earlier. >> 275% from where it was. >> it's way up, it's tripled or something like that. there you go, one year, up 180%. i was a passive bystander there. i guess we've got to go. look at that newlumber talk. >> soft wood. "closing bell" starts right now. we'll see you tomorrow thank you, kelly and tyler and welcome to "closing bell." i'm sara eisen here at the new york stock exchange. stocks drifting lower on this eve of the big fed decision. the dow and s&p are well off of the worst levels of the day. >> should we go join mike at the telestrator? i'm wilfred frost. today there's plenty of new data for investors to chew on, including another red-hot inflation read

meanwhile retail sales missed the mark though april's numbers were reviced higher. energy is the bright spot, the sector climbing as oil prices see a fresh boost to $79 59 minutes left to go in the session. the nasdaq seeing the biggest pull back of the major averages. coming up, ursula burns joins us with a debut of her new memoir outlining her journey to become the first black female ceo of a fortune 500 company and life an quibbe jeffrey katzenberg will join us. first of all, let's get straight to the big stories we're watching mike santoli has a look on the economic data and ylan mui has the results of our latest cnbc fed survey ahead of tomorrow's decision but mike, let's start with you the broader markets down just slightly. >> kind of spinning in place for a couple of days

morning pressure, afternoon bid. there is a little upward bias. we haven't much seen that this week but it is obviously holding firm near the all-time highs we're still just this very, very gentle upward trajectory not even 2% higher than two months ago but chugging in the right direction, even if there's a little wear and tear underneath the surface we mentioned the retail sales number nominally a disappointment for may but april was revised upward take a look at the overall rengd tren trend. obviously way, way above pre-covid trend line we've pulled back in may and it doesn't dent much in the overall picture and doesn't capture the surge in spending in lots of services so that's something where the market can take it in stride and also consumer discretionary stocks, the average one, has really started to underperform

so the market has already gotten to this place. this is a leading indicator of the fed's preferred inflation gauge. after we got today's ppi data, b of a has a model that will try to project ahead what the pce index, that's what the fed keys off of, and it's suggesting this orange line that we do get this high print and then a little bit of a pullback so it would not be inconsistent with the fed's current assumption that this bulge in inflation is probably a passing phase. it's certainly not going to be running this high. obviously that will be very much in focus the next 24 hours. >> what's now expected from the fed if the market gets a surprise or not? only the most dovish statement i guess would be good for markets from here in the short term. >> i actually think it's difficult to handicap. if jay powell just resolutely

refuses to acknowledge that the committee is looking to begin the debate about when to taper asset purchases, i'm not convinced that the bond market would necessarily take that as bullish news for bonds you might see yields go up, because when the market is actually -- the bond market has actually rallied after qe has ended. my point is the fed has to convey that it's aware of what's going on in the inflation front. it's aware the clock is ticking down and has a few months more of employment growth before it has to make a move it's much more about acknowledging what everybody sees out there but not handicapping the timing of its next policy move. >> despite some high profile voices just in the last 24 hours on cnbc. paul tudor jones, brian moynihan, james gorman, all talking about tightening high drama that data does come less than 24 hours until the fed's interest rate decision. ylan mui is here with a closer look at what fed watchers think the central bank will do and what they think they should do,

which may not be the same thing. >> that's right, sara. our cnbc fed survey picked up on a little emptiness over the amount of accommodation in the system right now overall respondents believe the fed should hold steady nearly three-quarters, 74%, told us it doesn't need to raise rates now. however, 63% said the central bank should start reducing asset purchases immediately. according to our survey, 89% believe they're not necessary to help the economy and that's a big jump from the 65% who answered that way last time. right now the fed is adding $120 billion to its balance sheet each month respondents felt the fed should start tapering by $21.8 billion per month. they don't project the fed will actually start tapering until january. they don't expect the first rate hike to happen until november 2022 but forecasts are changing fast. in fact, one economist wanted to revise his answer to our survey

after he tried to go to costco and got stuck in traffic from people going to the mall and going to the beach guys, he told us that's what convinced him the fed should raise rates now because the economy is running red hot back over to you. >> all about the anecdotes thank you. after the break, ursula burns is out with a new memoir about her journey to become the first black woman to lead a fortune 500 company. she joins us next to discuss her path and what the business world needs to do to level the playing field. the dow down 91 points, off session lows you're watching "closing bell" on cnbc.

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corporate boards nearly tripled in 2020. 28% of new directors for public and private fortune 500 companies were black according to a new report, 425 vacant or created board seats were filled, 114 by black directors, 35 from asian directors. 17 going to latino directors, a 1% decrease. the report also finds 75% of the black director appointments were made after the killing of george floyd on may 25th. as many corporations increase their focus on social and economic inequality. women, they saw their appointments decrease from a record 44% in 2019 to 41% last year however, the forecast is for women to make up 50% of new directors by 2023. >> as we saw more women leaders join boards, we also over time saw more women leaders in the executive suite.

and i'm hopeful that as we have more diverse representation on boards, we will get more diverse representation in the executive suite. >> current and former ceos and cfos filling board seats also declined double digits as companies looked beyond the c suite for diversity. back over to you. >> frank holland, frank, thank you. ursula burns among those hoping to spur more diversity in corporate leadership the first black woman ceo of a fortune 500 company, she leads a group focused on increasing black and other ethnic kael diverse directors on corporate boards she's also the author of a new memoir, "where you are is not who you are" which focuses on her own journey of becoming xerox's ceo as well as what's happening in the country with regard to racial and economic justice. ursula joins us now for a first on cnbc interview. >> it's really great to be here.

specifically on day one of the book with you. >> well, congratulations on that it's a book for our time, certainly for corporate america right now. you heard some of the stats that frank just mentioned 30% almost of new board appointments have been for black people is that the kind of lasting progress you're looking for? >> that's the kind of progress i'm looking for. lasting is what we have to make sure happens that's the adjective in front of the progress word or the add verb you know, we know when we take the foot off the pedal of anything that is hard that we can slide back so i'm really pleased with the progress so far. that's one of the fundamental goals of the board diversity action alliance that was mentioned in the piece and we're making progress. corporate america is making progress but we have to make sure that this is not the famous thing that i say from hamilton, it's not a moment

we have to make sure this is a movement, that it keeps going, that we continue to hold seats, grow seats that we grow latinx directors because they're falling behind, et cetera, et cetera, et cetera. that we diversify the board room and diversify the c suite. one of the things that we looked at, i'll go a little bit offline, is because all this data is for publicly traded companies. but if you look at pe firms and vc firms and look at their portfolio companies, boards of those companies or the c suites of those companies, i think that you will find that there is significantly less progress there. actually we'll finding that the there's no progress there. we have to continue to look and continue to push we have educational institutions, health care institutions, the government diversity can't just stop in the corporate suites, it has to

expand across america and hopefully across the world >> what about black fwwomen in particular, ursula your book was a real wake-up call just how rare your path is for black women in america what about the progress there, and why do you think that in particular has been so challenging? >> so your facts are right i mean it has been a paltry number even the pipeline is paltry today so there's a lot of work that has to be done for african-american women or black women anywhere in the world. so we have to get to it. that's number one. the reason why the pipeline is so small is we're a subset of the subset we are always a subset of the subset so everybody focuses on women, they focus on white women. they focus on men, they focus on black men. we fit neither of those categories our needs, our circumstances are

different from both. there's some commonality but they're different from both and most people haven't gotten around to us yet literally they don't think about us they get the women thing, check, done they get the black men thing, check, done. someone raises their hand and says we have no female that looks like x oh, my god that's right, you're so right so we fall in between the cracks literally in these two massive groups the second thing is that the pipeline for us is -- for the other areas it's not as stark as it is for black women. for us the pipeline is thin and we absolutely have to spend significantly more time in corporations and educational institutions as mentors, people like me. white mentors and male mentors as well. we have to spend more time with black women encouraging them to actually stay committed, to even start participating. once they participate, to stay

committed in corporate america quite honestly they are discouraged by the low numbers they are discouraged by the literal lack of attention, the lack of specific knowledge about how to deal with just the low numbers. so we have a lot of building to do the good news, though, sara, is if you look around us now, we now have three women one retired and two active who are literally leading full-fledged main industry firms. no excuses i mean roz is amazing, these people will be phenomenal. that should help us as well. and we finally have people like you in the media, people who are on business councils, people who are in the government, people who are in business in general

who just know that because we're screaming about it that this additional class of people, this additional class of diversity has to be focused on as well >> ursula, with that in mind i was fascinated reading some of the extracts of the book you in fact get a little bit annoyed when people describe you as unique or describe you as spectacular. is that right? can you expand on that for us a little bit >> yeah. so i do get annoyed, more annoyed as i got older about it. in the beginning it was a little bit flattering but after a while i started to realize the context under which this was being said. there are two problems with this, and i feel them -- there are two problems with me that i have with this categorization. one is that it was a way for people to feel comfortable with my ability to be in the room of the only way somebody who looked like me and had a background

like i had who just didn't fit the mold, the only way i could be in that room is if i were spectacular. that makes it such that they can feel very comfortable with having me around obviously there would be more -- we're spectacular, you must be spectacular. they're not spectacular, i must not be spectacular the second thing is if i were not spectacular, there would be a real question about why there were not more of me in the room. why is it when you look across corporate america, in every situation you can look at, there are no other i'm the only one there are thousands and thousands of ceos of the fortune 3,000. there are 3,000 of them, right there are thousands of directors on boards. how is it that you can have so few people that look like me and in the ceo suite how can you only have one. the only way people can feel comfortable with that is i must

have leapt tall buildings in a single bound. i must be able to run faster, so on and so on it's a way to justify the small numbers. it's a way to justify the fact th that i were in the room with them both of these things are not 100% of the case all the time, but the number of times that i'm called spectacular actually -- i had to think about this. am i really? i went to school, i studied exactly what they studied. i did well in school i had every job in the company just like they did why is it spectacular, therefore. i studied well, i performed well, i served -- i did whatever you had to do. i had a track that was very much like them. once i got out of the beginning part of my life, and nobody even talks about the beginning part of their life. so i know i'm ranting a little bit, but it is something to really think about to really think about the

language that we youse and whats the subtext and the context of the language >> it reminds me, ursula, of christine lagarde who used to encourage people to -- encourage ceos to bring women onto their boards and into their executive leadership team. they would say to her, we would love to. we just don't have any qualified women. we don't have any people that meet the merit qualifications to have these jobs. what do you say to people -- she would pull a bag of names out of her pocket and say here you go, here are some women. what do you say to your fellow executives who say i'd love to have more black women on our executive leadership level or on our boards but i can't find them >> i think i would not be as graceful as she was and pull a bag of names out i would point out very clearly how small-minded this whole statement is what has happened in corporate america is that the rules -- the playing field of the field we play in was defined by white men.

the rules of the game were defined by white men the referees are white men and then we say, oh, we have nobody these white men say we have nobody who fits this game that i specifically designed for me except for people who look like me you go, well, surprise, surprise what i say is two things one is i can give you a list of names if you want. but be aware that your criteria, everybody says it, you said it the number of black directors go down because the criteria for being a black director was that you had to be a sitting or past ceo. guess what, there were probably 20 of us so after you run through the 20, you're not going to get any more if that's the criteria i just think that we have to step back. i would say to them you send me your spec, i'll fix it for you, help you fix it, and then i'll give you a load of names that you would not believe that would

be phenomenal directors. the specifications are biased. the specifications are biased. not the people are incapable some people are, but this is not what we're talking about here. they specc spec'ed in such a way five or ten people could fit those specifications all of those guys are boarded up some of them are getting too old to serve. >> because you're a member of the exxon board which is interesting in itself, particularly on this issue, the oil and gas industry does not have a great track record or reputation for diversity at the high levels or really through any levels on gender and on race why did you decide to join this board? and are there changes happening in that industry which you think of as so old school on those issues >> one of the reasons why i chose to join the board after being asked by rex tillerson,

who was the ceo at the time, one of the conversations with him was just this topic. you know, we need to move forward on a lot of different issues obviously diversity, equity, inclusion is one of them and we need help so we keep -- we can't be continually screamed at to fix this thing if we have very little skill in fixing this thing. so can you help us come on board by coming on board and helping us think about that. i'm a full-fledged director, i've been on the board for more than ten years, and i do a lot more than just diversity, equity and inclusion. i can tell you one thing we have at exxonmobil, which is kind of surprising, a diverse board. we have two african-americans, five women -- four women, five with me. so it's a diverse board, which is very, very good and we know that to get change, to have it in a company or anywhere, you have to start

close to home and at the top so you can't -- you literally have to start at the top you have to have a board that's diverse. you have to then go to the c suite and the whole suite of important leaders in the company. you have to diversify that and then the rest of it comes out in the wash, right it comes out in day-to-day operations in the company. exxonmobil and uber quite honestly are the two boards that i'm sitting on, are very, very progressive in that sense. there is lots of work to be done in both of these companies, but they are making the right moves, at least at the board level from a diversity perspective and that's the first step in change. >> and climate too for exxon now. ursula, thank you very much. i hope -- i hope a lot of your fellow executives were listening, there was so much good stuff there ursula burns, congrats on the book catch ursula at cnbc's evolve global summit tomorrow she's going to be there along

with other innovative leaders sharing strategy in business cnbcevents/evolve. she'll talk about some of that new board membership that happened as a result of big corporate governance changeover. >> another great conference. we're down just slightly on three major averages the s&p and dow just down 0.2. amazon upping the stakes in the bricks and mortar battle in its first amazon branded grocery store. we'll tell you about the high-tech innovations that set it apart and the traditional gr grocers that could be disrupted. we're back in a couple of minutes here on "closing bell.

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welcome back s&p off 0.2 of a percent amazon making a fresh push into physical grocery stores today with some new high-tech innovations. courtney reagan with the details. courtney >> hi, sara. a combination of what they have been working on and this happens on the four-year anniversary of amazon buying whole foods. they are announcing its first full-size amazon fresh grocery store with that just walk out technology that's been used at the smaller amazon go stores so this location opens thursday in bellevue, washington. the just walk out technology uses computer vision, sensors and deep learning to automatically fill your cart and check out, though you can use traditional check out if you prefer interaction with a human. shoppers simply scan a qr code

in the amazon app, but you don't have to be a prime member to shop either. once you're in, you shop as normal you just walk out, rescanning your entry method and that's how you're charged reaction, though, to the announcement muted with amazon's physical store revenue falling the last two years, it does remain to be seen if an expansion of this type of pilot will really begin to move the needle for amazon in the grocery space. >> which raises the question, courtney, about how they're doing in the grocery space when this deal went through, kroger stock plummeted there was so much fear they would totally disrupt the entire industry now that we've had a global pandemic where grocery store shopping online has taken off and you'd think it would be prime for amazon, i feel like walmart is still the biggest competitor in the room with their lower prices is amazon making a dent here on the competition? >> you're totally right, sara. amazon is not making the dent

that we all expected you mentioned kroger stock but there were even grocers from around the world that saw their stock prices crater on the announcement of amazon buying whole foods and you're right, amazon is still number one when you look at total groceries, it's just over 3%, making it fifth on the list according to estimates from industry experts because amazon doesn't really reveal the nitty-gritty details like that when you look online, amazon is number two for online groesh reechl grocery. number two to walmart. they actually lost share the last two years in online grocery, again, according to estimates from digital commerce 360 that is the one most use. >> court, does this more formal move into bricks and mortar spell the end of the whole foods brand or vice versa at some point in the future? and if not, which is the sort of more premium brand

because they kind of both, when you shop online, stock each other's products >> yeah, exactly, wilf i think we don't really know if this new pilot that combines this amazon go technology with the learnings from having whole foods running as a pure grocery store and physical component will supplant what we see as whole foods currently. i think they're using learnings from their own technology and a traditional grocery store to figure that out. it's just going to be some time before we really know. a lot of analysts that i talked to and i said, hey, but it's been four years, they haven't made a denting, said give them time it's amazon. if you're a traditional grocer, you're still afraid of what could come, even though four years in, it hasn't really been the disrupter as was feared. >> thank you very much as always. time for a cnbc news update. leslie picker has it for us. >> here's what's happening at

this hour. in northern mexico individual vaccine arriving from the u.s. it's enough for 1.3 million people the donated vaccine is being administered to adults in cities along the border with the u.s. mexican officials say that once the shots are given out, there will be no reason to continue restricting travel over the border a study has found five states had coronavirus infections weeks earlier than previously thought researchers looked at 24,000 blood samples and found seven with covid antibodies. the earliest was from january 7th which means the virus could have been spreading before christmas. the samples came from states including wisconsin, massachusetts and mississippi. and in florida, a convenience store robber ripping open a lottery machine to make off with arm loads of tickets, but that wasn't enough the man came back for the cash register and the safe, but only after changing his outfits police are seeking help in identifying the suspect, so they can put him in another set of

clothes, perhaps one belonging to a prison inmate orange, guys back over to you. >> let's hope they're successful, leslie, thank you. coming up, we just heard about amazon's grocery innovations. later we'll talk about the intersection of shopping and technology when we're joined by the co-founder of neuro, the startup that just announced a partnership with fedex. but first, godaddy is making its first foray into digital payments taking on the likes of shopify and square the ceo will join us to discuss why now is the right time to make that move. here is a check in on bonds. the 10-year hovering around 1.5% we'll be right back.

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s&p and nasdaq pulling back a little bit from their record highs. let's check in on some individual market movers shares of sage therapeutics under pressure after releasing phase 3 data for its

experimental depression drug the study finding improvement in symptoms but raising concerns about the longer term efficacy of the treatment that stock down almost 19% shares of vroom falling also after announcing a $500 million offering of convertible notes due in 2026. they will use the net proceeds for corporate purposes such as marketing and technology that stock down 10.5%. >> can't do by vroom noise impression when it's going down. >> there's no opposite. >> the world is lucky to miss out on that this time. shares of godaddy is slightly higher on the year and 86% of analysts say it's a buy up next we'll talk to the company's ceo about the stock's performance and the launch of itfit ymtss rspaen platform. we're back in a couple of minutes. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online

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shopify. the service was made last december godaddy's ceo aman bhutani joins us now thanks for joining us. >> thank you for having me it's great to be back. >> so talk us through this move. is it aimed at directly rivaling likes of shopify as mentioned? >> wilfred, what our offering is focused on is our customers needing a seamless intuitive experience for their entire commerce experience. so today our customers are working in their physical store, they're working their online store or working across the platform at godaddy and working with multiple interfaces for multiple needs what godaddy payments does is give them the seamless experience as a merchant with their payments, with their inventory, with everything they're going online as you probably know by the end of the year we'll launch an omni commerce solution so they can handle their offline store, their online store and sell on

the big platforms, all from one place. >> so at the moment, aman, for all of your customers in that commerce space that have to process payments, which services do they tend to use the most and whether it's immediately or in due course, will you exclude those services if they were to want to continue to use them as opposed to your own in-house payment system >> so on our side today, for customers that builds a website and online store, we give them the offering of the best payment offering in the world. our customers pick one and we direct our customers to one of our partners giving the customer the choice is the best option what you'll see online, godaddy payments is offered as a choice amongst other choices for our customers. what we're finding is that a majority of our customers are picking godaddy payments which

is fantastic because it tells us that customers want it from godaddy and want it in a manner that godaddy does well, which is simple, intuitive offering supported by guidance and care which they can get any time they call us or text us. >> is it cheaper are you running this as a service to attract customers or keep customers as opposed to a payments business in itself that's going to be profitable? >> so we've started with industry standard pricing but our goal is to experiment with lots of pricing models you'll see a lot more on that from us over the next couple of quarters we encourage folks to join us to offer new options to our customers as well. >> aman, just general business update, you had added almost 1.5 million customers last year. what happened to all those small and microbusinesses that needed to get online during a pandemic now that we're opened back up and brick and mortar stores are

open and thriving? >> sara, it's a fantastic time for customers in the u.s with the stores opening up, they have traffic back and it's a super hopeful time in terms of their online business, just because they now have a physical store that's open doesn't mean their online channel is going away. in fact for a lot of our customers, we saw fitness, wellness, photography, transportation all going well in the last quarter because now our customers have the online channels and have a few customers that continue to buy online our view is there's a step function change there where customers -- our customers' customers are going to buy online and they'll buy in the store too. >> aman, thanks for joining us good to see you. >> thanks for having me, guys. coming up, shares of draftkings are under pressure after getting hit by a new short call should you bet on a bounce-back? we'll discuss next in the market zone we're down 83 poin othdotsn e w.

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24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. 12 minutes left in the trading day and we're left in the "closing bell" market zone mike santoli is here to break down these crucial moments of the trading day. today we've got chief market strategist joe terranova with us as well. major averages are under pressure after new data point to rising inflation and weaker than expected retail sales. the s&p 500 and nasdaq are lower for the first time in four sessions just slightly lower for the s&p and dow. the nasdaq is down 0.7%.

mike, whether we're looking at things like lumber prices or the retail sales data, you're getting that setup that's giving the fed cover to stick to its message, though it's not helping stocks, the expectation that that's the message we're going to get. >> right the idea that you still wanting to wait and see if the force behind the recovery remains powerful through the summer, the idea that you had some misses on economic data actually more consistently than we've had in prior years. i don't know that the fed needs a tremendous amount of cover, as long as there's an acknowledgement that we see what's happening on the inflation side there has to be a pretty affirmative message that they are not going to put blinders on about it i think the market would probably be receptive to that. but i think the idea that we're past peak acceleration for a lot of things in the economy is pretty well incorporated into the market expectations at the moment you can see it in all the sector work as well. >> so what do you make of the price action, joe? the s&p is off a tenth of 1% the nasdaq is up 0.6, also as a

record high. it's been strong and rotating in terms of the group leadership. what does that tell you? >> well, it's kind of like forrest gump's box of chocolate. you never know what you're going to get inside from day to day. clearly dispersion is emanating through the equities market. when i look at the collective sectors, the only thing that i want to overweight is the diversification of owning all the sectors. since the middle of may we've really been in a sideways pattern. i think it's the better outcome of two potential outcomes, sara. and that was the 50, 100 and 200-day moving average were very far away from the s&p price. the furthest distance it had been in about ten years. the 200-day was 14.5% below the 200 day so either the s&p will fall to meet those moving averages what we got was sideways price action that's allowing the

moving averages to move up to more reasonable levels you've got the 200-day at about 10.5% below the s&p price. so we're in a sideways pattern until we understand from corporate earnings how real the inflationary pressures are >> let's talk commodities. bye-bye bitcoin because long commodities is now the most crowded trade according to a new bank of america fund manager survey pippa stevens with the details pippa. >> hey, sara well, commodities overtaking bitcoin popularity is definitely not something you hear every day. in fact it's the first time in the survey's history that commodities have been voted the most crowded trade bitcoin moved down to the second spot followed by tech stocks now, some of the enthusiasm for commodities is fading a little bit here recently, most notably with lumber, but oil continues to be a winner trading at its highest level in more than two and a half years energy stocks are rising on the back of that

exxon an outperformer today, gaining more than 3% after bank of america reiterated its buy rating on the stock, saying it expects the company to hike its dividend by the end of the year. the shares jumping 40% to $90. back to you. >> pippa stevens, thank you. joe, commodity trade getting a little too crowded >> in certain areas it is. in those areas where you've seen the excessive speculation in particular, you're seeing fiscal policy from the chinese policy makers that's kind of pulling back liquidity so copper pulling back on the lumber side we've experienced a retreat from the parabolic move in april and may where lumber went from a thousand above 1700, it's a little below a thousand now but that is still well above the f five-year average at 580 and

10-year average at 489 there is still a structurally sound bull market as it relates to oil pricing understand that disincentivizing production is the way that you move society away from traditional hydrocarbons if we're going to be electrifying vehicles and power generation, your going to need the raw material of copper that's how you transmit it and how you store it so copper and oil, absolutely they are at the beginning stages of a long, enduring bull trend. >> what about gold and silver, joe? >> i think both gold and silver have lost some of the demand appetite to cryptocurrencies, whether it's bitcoin or ethereum clearly gold and silver has been in that retreat. you did not see the actual physical demand for gold because of some of the deterioration in terms of covid in particular in india and parts of asia that you

traditionally would. so you lost some of that fundamental demand i'm not necessarily sure if it provides for investors the real store of value that they thought it once previously did. >> shares of lordstown motors staging a late-day rally phil lebeau has the explanation for us >> wilf, they're getting a bit of a bounce after executives made to auto reporters during a webcast within the last hour and a half as you take a look at shares of lordstown, that's where they moved higher after the executive chairman, who was the independent director, angela strand, said this is a new day for the automaker and nothing has changed in terms of their production plans those plans, just to remind everybody is planning on starting production by the end of september which has been their guide absence for some time now they say they have firm orders for production in 2021 and then into 2022 and are looking to raise money to possibly increase

production by the way, lordstown is still seeking a capital infusion as well as considering taking on a strategic investor next week is a big one, guys it is the start of lordstown week at the plant there in lordstown, ohio, where they're going to be talking with reporters and other people saying this is what we are all about and this is our plan let's see what happens over the next couple of months as they look for capital infusion and perhaps a strategic investor guys, back to you. >> thanks for that lordstown was targeted by hindenberg research when it was called the lordstown motors mirage they are now going after another company taking a short position against draftkings they question the promotional spending and alleges that sb tech generates revenue from questionable gambling practices overseas in a statement draftkings says this report is written by someone who is short on draftkings stock with an

incentive to drive down the share price. our business combination was completed in 2020. we conducted a thorough review of their business practices and we were comfortable on the findings we do not comment on speculation or allegations made by former employees. nikola and clover health taking a leg lower. i guess we could argue some of these stocks were ripe for any negative spin to bring them back a bit. on the draftkings point, it's been out there but it's getting focused look as of late. >> the merger closed more than a year ago pand it seems like it has not been enough of a revelation the stock was on the defensive before this. it opened down more than 10% today and has firmed up, but a lot of things come together here you also have a decent short position already, more than 10% in draftkings.

does this become cat nip for the wall street bets types to essentially say this is a possibly ripe target, let's go after it also it's a big holding of ark investment, cathie woods so there's a lot of the hot money elements that might come together i think the bigger picture is they have never come close to proving this is a good business. they have never come close to proving they can earn their market spending. >> an analyst rated the buy -- >> everyone agrees it's a burgeoning trend and nobody agrees it's a profitable business. oracle is set to report earnings after the bell. kate rooney with a preview. >> oracle's recent stock performance has set the bar pretty high for this fourth quarter report coming out in just a few minutes the quarter is all about the cloud and the speed of oracle's recent transformation. that company has built a public

cloud business called oracle cloud infrastructure to compete with amazon, microsoft and google analysts say oracle needs to show more acceleration on that side of the unstory to justify the stock price. oracle has been one of the biggest performers in tech this year, up about 25% since january. back to you guys. >> kate, thanks so much for that one. 1.4% slippage. two minutes to go in the trading day, mike. what are the internals telling you? >> if you look at the new york stock exchange, about one to two positive to negative stocks. it's firmed up a little bit so still this undertow of selling has been in there below the surface for a while now. take a look as we look at commodities. the chart of crude oil is distinctive. that's just an amazingly steady uptrend in the last couple of weeks. it looks like it's a trend following systematic traders

have full hope of this plus the demand story coming together as well as things reopen. volatility index, it has been in retreat under 17, but it did bump up to above 17 as the course of the day went on. that's a lot of it is i think just a little of the unsettled nature but also ahead of a fed meeting. it's a known potential catalyst and so i wouldn't make too much of it. it's not a trend changer but it definitely has been reluctant to go below 16 on this run. >> one minute until the close. take a look at the market. the dow is currently down 97 points we're off session lows but it's been a down day overall. the wbiggest drag on the dow is salesforce, jpmorgan and disney. the biggest contributor to the gains, american express. an interview with jim cramer said travel bookings in may are 95% of what they were pre-pngd

s&p 500 is lower you've got strength -- tech is lower. tesla, microsoft, apple, google% p paypal are all lower dragging down the nasdaq just a bit from record highs, ahead of what we've all been talking about which is kind of a nail-biter of a fed meeting which is coming out in less than 24 hours. will jay powell acknowledge inflation and make any changes we will have to wait and see, looking forward to that tomorrow we are down but only slightly at the close here welcome to "the closing bell." i am wilfred frost along with sara eisen and mike santoli. all three of the major averages lower, the s&p by 0.2, the dow by 0.3 and the nasdaq 0.7% energy the best performing sector at the bottom of the file, real estate, consumer discretionary citi sliding 1.8% into the close. comments from mark mason, the

cfo, just spooking investors a little bit, downplaying expectations in investment banking ahead of the next quarter's earnings it is down 1.75%. oracle set to report earnings just moments from now we'll have instant analysis 69 results. plus jeffrey katzenberg, his big bet on the digital security business joe terranova is still with us and j.j. kinnerhan joins the conversation j.j., good afternoon to you. we talked about some of the bigger movers. you've been keeping a close eye on apple, ending down only 0.6%. >> big jump yesterday. >> what is the latest move telling you? >> it seems to exemplify somewhat the neutral situation in the market in general right now. the market is not overbought, even though we just clicked to a new high the market is also not seeing a lot of selling pressure but is having a hard time gathering up

energy on the upsight. apple has been laboring for a while but it's inched higher, trying to get some traction and maybe is about to break its downturn amazon not too dissimilar in the sense of having very long sideways convalescence period it's been dealing with for some time so i don't think they're bellwethers really of tech it's really the defensive trade, the mega cap growth trade, but it tells you about this very muddled leadership picture we've had. values have become less cheap and growth is less expensive and crowded and therefore they're leaning into each other a little bit. >> j.j., what are you seeing in terms of the data in terms of main street investor behavior and positioning? >> well, i think mike hit something important on the head. apple, microsoft, you know, these are stocks that people throw them in the technology bucket i disagree a little bit. that's where people go when they're unsure what to do next

so we can continue to see stocks like that, our imx that you guys are nice enough to have me on and talk about, what our clients did and are doing. apple and microsoft continue to lead the way last month a little sell in apple. microsoft, something people trust going forward. i think there continues to be this what's next on the economy. you guys have talked a lot about the fed meeting tomorrow we see it in the volumes outside people who are going to meme stocks and looking for volatility what we're seeing is a bit of uncertainty as to where to go next so people are going to more trusted names. in some ways, if you will, a storage spot we saw last month in fact our clients were net sellers of equities and putting money in some of the interest rate products, i don't think they're there long term. >> joe, apple obviously slowing a bit today as we just mentioned. i mentioned as well how banks slid into the close and we'll

have to keep an eye on them as we approach earnings season. it does kind of highlight the fact that there's no real clear sectors that have underperformed so far year-to-date. with the seasonality and years in to come, do you think it's worth sitting on the sidelines >> sometimes the best trade is no trade i think if you reflect back upon the last 16 months, clearly the last two or three weeks have been the worst environment if you are an active trader so volatility continues to compress itself. there continues to be this game of daily pro rotation in terms f pick your winner that's not a favorable environment for trading. i think it's more looking towards what the investment strategy should be as we move towards the end of the year into 2020 you're going to get very valuable insight from

corporations i would argue that the july earnings period might be one of the more relevant earnings periods that we have had in multiple quarters. that's really going to tell you the story looking forward, in particular relating to wage and input pressure on corporations. >> mike, i wanted to bring up trade because there was big news this morning that is the u.s. and europe have now -- they're meeting in brussels have now suspended all tariffs related to this long-running dispute related to airbus and boeing as a sign of good will. they want to stand up together against china and so this is a very different approach than the last administration. you've had that and other tariffs coming off u.s. alcohol like whiskey and bourbon as signs of something faith. the market doesn't appear to be reacting too much to it, which is a little auld odd because th represent a tailwind in this administration, don't you think?

>> nothing is changing in regard to china at the moment those are being kept in place and those are the ones that did intensify a lot of concern about this also it's unclear if this kind of process of deglobalization and people trying to onshore their production and try to make sure they have redundant capacity because of these supply bottlenecks and trade clogs will be reversed just by loosening up these things i would say it's a net positive but not something the market is fixated on. we've got some breaking news on starbucks kate rogers with the details kate >> hey, sara some executive moves at starbucks to update you on first up, john culver will be promoted to group president north america and also chief operating officer. he's currently group president international channel development and global coffee, tea and cocoa. michael conway will be promoted to group president international and channel development and michelle burns to executive vice president, global coffee, tea and cocoa.

the moves are eektffective june 28th culver is most notable for the coo role culver has held roles in varying retail and channel expansion positions and been with starbucks about two decades, leading starbucks international for the last 15 years. back over to you. >> thanks so much for that joe, where do you stand on this stock? >> starbucks i have long i believe it is the ultimate reopening mobility type of play. management has done an excellent job in particular with the digital strategy so i think it's back towards what is your investment philosophy looking forward my investment philosophy inclusive of mobility returning both domestically and globally and now adding a new revenue stream, which is the ability to digitally be able to access the products that starbucks so excellently delivers to the

consumer >> we are getting oracle numbers. it looks like a really big bottom line beat let's get to kate rooney with the numbers. >> yep, oracle's fourth quarter results out here eps at $1.54 adjusted. that was a 23-cent beat. the street was expecting $1.31 there. revenues, $11.2 billion also a beat those were up 8% year over year. and cloud revenue, that came in at $7.4 billion for the quarter, up 8% year over year, so an important one there. stock is looking like it's mostly flat, down slightly here after hours. sara, back to you. >> kate rooney kate, thanks very much joe, do you have an opinion on oracle it's been sort of a surprise winner this year >> and it's amazing the amount of skepticism regarding oracle's ability to continue the price appreciation you've got 27 analysts that cover oracle

sara, do you know there's only five buys on oracle? the price right now is $81 the 12-month price target is $69. so guess what? analysts in the coming days are going to have to revise -- >> they're wrong. >> they're wrong and they're going to have to revise both revenue estimates and price targets. i like oracle. it's established growth, it's quality growth that works in this environment >> reminder again it was one of dan niles' top picks along with jpmorgan and xle. >> i was mocking him for how unsexy it was. it was hard to think of what could be sexy without this tiktok deal going through which it never really happened >> boring is sexy. >> that's the whole point. its steadiness, it's 5% or 6% free cash flow yield it's not really great growth all the analysts that cover oracle will also cover salesforce and stuff that have a more expansive type growth story. that's why oracle does seem like

10%, 15% growth is unimpressive. >> we have some breaking news. >> a source tells us that the white house plans to tap lena khan as chairwoman federal trade commission she was just confirmed by the senate to be a commissioner at the ftc today by a vote of 69-28. but now a source telling us that she would actually lead the agency someone who is noted as a vocal critic of big tech companies one industry group called net choice said her activism detracts from the federal trade commission's reputation as an impartial body that enforces the law in a nondiscriminatory fashion. she is someone who has worked at the house judiciary committee on that big antitrust investigation into big tech companies like facebook and google. now a source telling us that the white house plans to tap lina khan as chairwoman of the ftc, back over to you. >> ylan mui, thank you

it's considered a progressive win for those who were pushing biden to do something on big tech ftc already has an investigation going against amazon and filed an antitrust lawsuit against facebook she wrote the paper on amazon and some of the monopoly concerns there this is potentially a worrisome time for them. >> ftc, congress, the justice. it's pretty much everybody in concert going in a similar direction. >> is this a threat, joe, to some of these share prices >> potentially, i dwagree with your comments. i think we'll have to wait and see what occurs but this certainly puts a little bit of a mark in place towards a lot of these tech giants and the potential for some regulatory efforts to move forward. i think this is somewhat surprising >> i just want to pivot back to j.j. and what retail traders have been doing over the course of the last month. we were just talking about boring is sexy with the likes of

oracle are your traders, your investors, more interested in some of those type stocks at the moment or still focused on the meme stocks with the past month we've had with those being back in front of the crosshairs >> well, obviously, wilfred, with the meme stocks we've seen particularly a couple of weeks ago, we saw activity pick up significantly in those names this week it's been a little bit slower, but one of the interesting things about it is actually, you know, before the first of june where we really saw more of the buying and this in terms of what i should say leaning to the buy side as the month has progressed, it's really been much more of a balanced picture in terms of what you would see in the meme stocks from buying and selling because i think some of those who were long previously used this as an opportunity to sell some of the holds they had so the volume has significantly sloan down one of the things that's been interesting and we've continued this a couple of months in a row has been as the vaccination type

stocks have rallied. the pfizers and modernas of the world, our clients have been continuing to sell those people are like what's next. you put so much of your effort into these products, into developing these products, you know, what is it next in your pipeline, where do you go from here and i think that's really an interesting question for those companies that they're going to have to kind of reconcile with a little bit as we head out toward the end of the year. it still seems given foreign demand there will be more than enough there, but after that where do you turn to next so very interesting from those point of view. sara, talking about nonsexy, one of the stocks that has been a sell has been walmart as it's continued to rally so again, as we have the reopening trade, getting more competition as the rest of the country opens and people can go into different stores, et cetera, i findi it very interesting people are taking some profits there a little bit more of a can you

continue to have the market dominance that you've had when the competition space was certainly significantly less. >> yeah, consumer staples worst performing sector of the year. we will leave the conversation there. joe terranova, j.j. kinehan, thank you for joining us. still ahead, hollywood mogul jeffrey katzenberg on his move to joining the board of aura. plus domino's has been testing self-driving pizza delivery with nuro since april now nuro is teaming up with fedex. we'll speak with the president and co-founder in just a few minutes. we are back in 90 seconds. ♪ ♪ i had the nightmare again maxine. the world was out of wonka bars... relax. you just need digital workflows. they help keep everyone supplied and happy, proactively. let's workflow it.

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there's a new unicorn in town aura just raised $150 million led by board member jeffrey katzenberg they are valued at more than a billion dollars. jeffrey joins us now in an exclusive interview, along with the founder and ceo of aura. very good afternoon to you both. it's great to see you. hari, i'll start with you if i may. give us a quick breakdown of what aura does and why it's different from some of the other digital tech cybersecurity firms out there. >> thank you for having me, i really appreciate it so aura really is focused on a

one-stop shop solution for consumers. its identity, security, privacy all integrated into one. we just launched our new product last week. we're super excited and we just closed a round of funding. so it's been a pretty exciting and fun week as we get this product out to consumers. >> jeffrey, it's not exactly the classic type of company that we have learned to know you for what exactly attracted you to this company and your involvement in it? >> thanks, wilfred good to see you. i guess you always start with a problem or a need that i think consumers and any of us have in this case hari and my partner, c.j., looked at this device and said, hey, we have moved our logs onto this and at the same time we have not had the kind of safety and protection that we need. we know we've traded away our privacy, but what we haven't

done is traded away or want to trade away our security and our safety and that is the mission of aura is to provide each and every one of us real protection. you know, you think about how many things that we've done over the last couple of years to protect our homes. so a ring doorbell, nest cameras, alarms. but what we've done is, is that we've left a window open and our vulnerabilities today are extraordinary. every seven seconds there is another crime being committed on these devices. that is actually going through the roof so that's the problem that we've set out to solve and aura has, i think, really created a world class state-of-the-art product to give us all that protection that we need >> jeffrey, i just wanted to follow up on wilfred's point about you and sort of what your next chapter is because we all followed the drama of quibbe and

the decline of it. i see that you stepped down from the motion picture and television funding are you now venture capital investor and board member away from hollywood >> thanks, sara. well, i would think buyer, builder, investor. here's the way i would frame it for you, which is if you look at from 2010 to 2020, the impact of digital technology on all of our lives has been extraordinary it has touched every single thing in every facet of our lives. if you look at 2020 to 2030, the impact of digital technology will be 10x what ithas been today. to me this is the lane that is the most exciting. it's where there are incredible entrepreneurs with phenomenal ideas and things that are going to improve and make our lives better i want to be a part of that ride and what hari and c.j. have

built with aura is exactly that opportunity to actually create something that will make people's lives better. >> hari, i wanted to go back to that sort of first question of why you guys are different from all the other cybersecurity type companies that we have on our network all the time one aspect when i was reading about the company that stood out to me, it's not just about protecting from attacks due to come but you're more proactive, searching the dark web for possible attacks about to come on an individual when you see a bit of the data that's already out there. >> so the way you can think about it is at the core of the problem, you've got financial protection for families and consumers, then you've got family protection. so a lot of people have come at it with a very vertical solution whether it's just protecting your devices, maybe protecting your identity, but all these things interact and interface with each other so you pretty much have to have a holistic

view many solutions in the market are almost like fire alarms. if your house is on fire, it sends you an alert if you get an alert, you have to do something about it. we're trying to find all those different intrusion points and making sure we're preventing entry of negative elements to protect the financial core of a family and the family protection job that's also very critical for a lot of our consumers >> are you planning on going -- >> so the breadth of the product is just much, much wider. >> i was going to ask are you planning on going public because there's so much money and so much capital going into this we've had so many high-profile cyberattacks lately, these stocks go up. >> yeah, i think the public ecosystem is definitely the place to eventually land because any size company of any scale, there's just a lot of opportunity in the public markets. but you've got to get there when you're ready if you go too soon or if you end up coming out to the publi

markets without a fully baked product market fit you can also fall on your face. we do want to get there but get there in a very thoughtful manner. >> jeffrey, i wanted to ask your perspective on all the media m & a we've seen of late and whether you think in terms of the big deals that it's done now or could some of the big companies outstanding, our parent company, calm om comcast, viacomcbs, do you think they'll be drawn into a deal in the months ahead >> all of those will be of obvious benefit to aura. having said that, i'll move on listen, i think that the moves that have been made recently are certainly going to be very effective. they are very smart, very strategic. david zazlov, putting them under him is very smart and very

valuable the acquisition of mgm by amazon gives them scale the marketplace continues to get more and more competitive, so that would probably lead to further consolidation. but there's a lot of winning going on right now, which is the good news. consumers are excited about the content that they're getting on the other side of covid and the acceleration of production, the best is yet to come. i think when we get into the fall we're going to see just an amazing lineup of great content and entertainment for all of us as consumers >> what about how movies are released that's another thing that's really changed, jeffrey, as a result of covid. luka going to disney plus. we've been talking about amc given all of the hype and that it's become a meme stock where do you think this model is going where movies are being released on streaming services at the same time or on a shorter theatrical window.

where does that go >> i don't have that crystal ball to tell you i always look to see what consumers want and where their interests are. i still believe that the idea of going out of your home to have a great, you know, experience at a movie theater with a couple hundred other people is going to be highly, highly prized and valued what those windows are and finding that right formula, we're at the very beginning of that i think there are different models being tested by different distributors they're going to find it and find it quickly. by the end of this year we'll find whatever the pattern of consumption is but the movie theater experience i actually believe will continue to be a valuable part of just the media rollout of movies. >> jeffrey and hari, thank you for joining us good to see you both >> good seeing you, thanks.

>> thank you up next, mike santoli will look at the percentage of s&p 500 stocks breaking below that 50-day moving average and what that means for the broader market. plus home builder sentiment falling to a 10-month low. finding out what's behind the drop and whether that's a red flag for the housing market.

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welcome back we've got a market flash on roblox moving lower after hours. contessa brewer tells us why contessa >> well, wilf, the stock is declining on news that roblox daily active users declined from the previous month, down 300,000 to 43 million. but the hours engaged actually climbed 1% from the previous year and while hours and daily active users and bookings, that is what robloxsells to the user over the lifetime of the average user, all of those metrics are up year over year. get this, the average bookings per daily active user, what they're selling, is down 2% to 3% over last year. so that's one reason why you're seeing the stock now retreating down by about 5% in extended trading. sara >> contessa, thank you contessa brewer.

let's go back to mike santoli now for a look at narrowing market leadership, mike, as the market broadly holds near its highs. >> yeah, sara, this is a subtle trend. it's not necessarily like just a few stocks holding up the market but it's noteworthy for the average talk, the equal weighted s&p 500 outperformed the major s&p 500. you're seeing them neck in neck and right here there was a pretty big lead by the equal weighted s&p a few weeks ago and that has eroded. below the surface, the percentage of s&p 500 stocks that are above their 50-day average. this is just a measure of leadership and market breadth. this has eroded. it was above 90%, which is very overbought now it's a little over 60%, even as the index itself as we know just hit a record high yesterday. so this sometimes means that you're getting a little bit of uneven activity below the surface, kinds of a sputtering of the rally, but also it's just

pure math because the index has gone mostly sideways a couple of months therefore, it's very difficult for every stock to stay ahead of it so it isn't necessarily kind of a pull the rip cord and get out of the market type of thing but it sometimes precedes weakness or choppiness in the index itself, guys. >> a few big questions hanging over the market which could determine what this means or where it goes. the fed is one of them mike, what else is happening with earnings expectations they were so strong coming into the previous quarter are they still being marked up >> incredibly strong not at the same pace of markup but during earnings season last time you saw massive increases this current quarter is almost certainly going to be the peak pace of increase so for the full year they're still going up the problem is the market is also up, you know, 14% or so year to date including dividends, so it's kind of caught up to some degree to the upgrade in earnings estimates. we are going to see lower year-over-year earnings growth rates which probably means

sector by sector, stock by stock, it's going to be spotty or not lifting all boats that also can explain some of this action in the market. >> mike santoli, good one, thank you. when we come back, delivering the goods from pizzas to packages, the co-fouc co-founder of nuro on the autonomous delivery and the partnership with fedex. june is pride month. all month long we've been spotlighting contributors, leaders and our own anchors. here's suze orman. >> being a lesbian has been the greatest part of my life be proud of who you are. stand in your own truth. tell everybody because if you know who you are, i promise you it will get you to exactly where you want to go that's what happened to me that can happen for you as well. this is the gap, that opened up when everything shut down.

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the world is going hybrid. so, why not your cloud? a hybrid cloud with ibm helps bring all your clouds together. that means you can access all your data, modernize without rebuilding, and help keep things both open and secure. that's why businesses from retail to banking are going hybrid with the technology and expertise of ibm. time for a cnbc news update with leslie picker. >> convicted sex offender harvey weinstein is getting sent to california a new york judge approving his extra extradition. the former movie mogul is already serving a 23-year sentence for rape and sexual assault in a new york prison house speaker nancy pelosi says the house will move forward with investigations of the january 6th insurrection now

that legislation to set up an independent commission has stalled in the senate. the white house says it wants a week to ten more days of negotiations on a bipartisan infrastructure bill before assessing the next steps in the process. senate majority leader schumer says he hopes for a july vote on an infrastructure bill but says a second measure would be needed in order to incorporate climate and infrastructure proposals. tonight on the news, what's working and where the u.s. lags behind wilf, i'll accsend it back to y. fedex announcing plans to test self-driving deliveries with roblox. the head of nuro discusses this erarr rtnership and whethe the e plans to take the company public it's the sound of low cash mode from pnc bank giving you the options and extra time needed to help you avoid an overdraft fee. low cash mode on virtual wallet from pnc bank. one way we're making a difference.

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♪ ♪ ♪ ♪ ♪ ♪ monitor, check and lock down you money with security from chase. control feels good. chase. make more of what's yours. with so many of us shopping from home during the pandemic the demand for e-commerce has absolutely soared. now delivery companies are trying to become even more efficient and faster at getting packages to your home. fedex and self-driving robotics delivery company nuro announcing a new deal to test autonomous delivery within the fedex networks joining us now is nuro president

and co-founder dave ferguson dave, welcome to the show. we followed you a bit because you're doing a test with kroger on groceries and domino's on pizza delivery how does this fedex pilot work what's different about it? >> yeah, thanks. thanks for having me again we're really excited to be partnering with fedex. for us this represents the first time that we've entered into the package delivery vertical. so as a company it's a really big deal i think even more important than that, this is a multi-year commit meant by both parties to really build the future of on-demand and local delivery using self-driving vehicles. so we're really excited about it >> so are they trucks? what is self-driving deliveries of packages look like? >> yeah, so for us right now as we talked about before with cnbc, we're often rating our second generation vehicle, which is a smaller on-road vehicle that travels amongst regular

traffic. it's used for transporting things locally with fedex, one of the things that's really exciting is this is a commitment to use our third generation vehicle, which we have not yet announced, and it's a bit large are so it can hold more packages and more items in general. but the basic premise is the same this will be a vehicle that doesn't have anyone onboard. it will interact with both partners and consumers at curbside and so folks will be interacting with the vehicles. it will have we hope very easy-to-use interface where the compartments are easy to open and you'll be able to get your packages very securely from the vehicle. >> what, dave, is stopping this from becoming very widely adopted at this stage? is that inevitable in the short term or do you need different regulation or a little more innovation on your side? >> yeah, great question. a little bit of all of the above, i would say so we're very proud of the progress that we've made on the technical side

obviously we have active pilots going with our custom vehicles out in the world on the regulatory side we've also made pretty big strides the r-2, the second generation vehicle that we have out doing deliveries with domino's was the first and only vehicle ever granted an exemption by the department of transportation to be a fully self-driving vehicle out on the roads so we feel pretty good from all of these aspects but there's still a little bit more work to be done. on the tech side there's still a little more work to be done before we can scale to the level of the entire country which is obviously what we want to do and obviously what we're aligned with with fedex. >> so fedex delivery workers be threatened by this >> one of the reasons why nuro as a company is so excited about local last-mile delivery is we're incredibly confident that it's going to be a net increase in jobs. like in massive numbers, millions of jobs we actually partnered with an independent company, the steer company, to do a report on what

the impact will be on jobs of local delivery with av and so we know that we're going to be growing this enormous market we're going to be adding a lot more jobs. with fedex in particular, you know, fedex touches about 18 million packages a day and within that massive, massive scale that they have, there are a ton of opportunities for us to work together in ways that are really complementary to their existing team and their existing operation. if you think of just some of them, there are the on-demand package deliveries that require signatures, there are pickups, there are a lot of elements in different use cases of what fedex does where av can interact and can contribute pretty seamlessly without needing to impact in anything but a positive way the existing really strong workforce that they have. >> hold on i mean clearly there are definitely going to be some jobs lost, that last-mile delivery

driver, for example. so what are the extra jobs that you're adding? is it going to be a totally different job by building these robots that you're producing it doesn't seem like it's like for like >> well, so if you look at the total personal vehicle trips taken in the u.s., this is one of the statistics that we pay a lot of attention to as a company. over 200 billion personal vehicle trips are taken and almost 43% of those are for shopping and running errands and so those are trips that, frankly, shouldn't have hanyone in the vehicle at all and we hope we can replace when we have services that can bring you things faster and much more efficiently than you going to get them yourself. so that is a net increase in total market and demand. with fedex in particular, the standard method of doing package delivery where you have massive trucks and you have a driver that is driving those trucks around on a fixed route, that's

actually very, very efficient. that's not a great application for autonomous vehicle delivery. so that's a very strong existing workforce and existing application that is not at threat in any way from self-driving i think there are a number of additional new services. so things like pickup is one where you're at home and right now the market for picking up packages from consumers is very nacent because it's super expensive and difficult to do in a way that would provide a great customer experience. that's the sort of new market that we're really excited about exploring along with fedex where we think we can create an entirely new product and really delight consumers and fedex as a partner with it being something brand new as opposed to replacing something that they already have >> is it safe to have all of these nuro self-driving vehicles on the road with nobody driving them >> yeah, so for us as a company,

safety is our top priority really it's part of our core mission to be improving the safety of communities and roads. and one of the things that we love about focusing on just goods delivery is that by not having anyone inside our vehicles, we can focus entirely on the safety of other road users. so pedestrians, cyclists, other vehicles, as opposed to really worrying about what's inside our vehicle. and so we've taken, just as an example, we've taken some of the safety innovations that have been created over the last 50 years protecting the cockpit and the driver of a car and turned them inside out. so our next generation vehicle has external air bags, for instance, to help protect vulnerable road users in the unlikely event of any collision. and so we're very committed to making sure that our vehicles are not only the safest drivers on the road but really the next step function in on-road safety

by being able to remove passengers from them. >> dave ferguson, thanks so much for joining us. >> thank you up next, a key read on the housing industry today we get home builder sentiment and that data is shedding some fresh light on the red-hot pandemic real estate bou bounce-back. we'll break down those numbers next or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

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10-month low diana olick with more. >> builder sentiment fell from a record high last november down to the lowest level since last august builders are blaming the price of materials and the delay in getting those materials. the price has come down but it's still 275% higher than pre-pandemic levels. higher costs are passed on to buyers pushing new home prices up 20% from a year ago that in turn is sidelining some buyers and causing sales to drop here's a new one, smaller builders who make up two-thirds of the market say they're now losing construction loans because the appraisals aren't coming in as high as the new home prices. if they don't get the loans, they can't build the houses. back to you guys. >> diana, i was going to ask what is the biggest swing factor for volumes of housing transactions is it things like lumber prices or is it things like mortgage prices >> it's actually not mortgage rates. mortgage rates have been sitting right around record lows for

about a year now so that helped fuel the price gains now it's really the commodity prices it's lumber, it's copper, it's concrete, it's all the things that go into a house being passed on to the buyer home prices rising so much the buyers have to pull back i do think that appraisal one is really buyer have to pull back. inflation causing home prices to rise faster than appraisers can keep up so you're not going to get the loans, that's hitting the loan market for the builders, it's trickling to everyone >> a lot of people think if the fed talks taper, has the market peak that this is as good as it gets and has turned a corner >> perhaps we've been seeing home sales come down, we've seen new home sells come down prices may continue to go higher mostly because demand is still high demographics are fueling that demand and supply is still very low

if mortgage rates come up that would help because it would bring prices back and allow more buyers to get into the market. >> diana, thank you. up next, president biden's much anticipated b ilateral meeting with russian president vladimir putin on deck tomorrow a sndlew of hot topics, live for you from geneva, straight ahead ♪ ♪ ♪ ♪ ♪

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quick check on shares of oracle down 2% the company reporting a beat on the bottom and top line. oracle also seeing q4 revenue jump 8% from last year, the best growth rate for oracle in at least a decade cloud infrastructure growing 100%, it's been a winner this year road block one to watch after hours moving lower after updated on metrics users down 1% from april and user down 2 to 3% may from last year but tremendous growth over the last year or so. coming up, president biden e--oing up or highly-anticipated ononne meeting with russian president vladimir putin in

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now to our wall street look

ahead. investors will be closely watching tomorrow's fed decision and j powell's news conference and president biden's bilateral meeting with russian president vladimir putin, eamon javers with a preview for us, hi, eamon. >> hi, president biden landed here in geneva couple hours ago and bedded down in anticipation of tomorrow's events here in geneva take a look at the schedule. the arrivals be stagger, putin will arrive at 7:00 a.m. east coast time at the summit site. biden will follow him on his way into the venue the meeting is estimated to run four to five hours, they have an opportunity to stop for breaks if they so choose. each leader will hold their own press conference afterwards, president biden doesn't want to do that to see people counting to see how many seconds each leader spoke and jockeying for position, all that that's the lay out for tomorrow. the issues on tap, obviously the

cyber attacks and ransom wair we've been seeing and the situation in ukraine and election interference including the united states all of which are on the table -- we will see those two leaders in a beautiful lake-side villa in geneva tomorrow to see what they agree to >> and just watching the body language and everything is always interesting eamon javers, thank you. we've also got the biggie, the fed meeting. >> really excited for that you can't go stages three or four in a row with no surprises. we're into the territory there could be have surprise >> interesting what powell will say around inflation and policy around the stimulus. >> it's getting delicate, you can't reiterate we're nowhere near the target so have no change to report, so they will

have to acknowledge the hot inflation numbers. i don't think we're talking about naming months when a taper might start or when that process might get under way but probably clues how the committee is leaning at this point. >> you're excited. >> it's never a snooze fest >> everyone hangs on to every single word at all times. >> make a point of viewing tomorrow, don't miss that. for now that's it for "closing bell." "fast money" starts now. live from the nasdaq market site over looking new york city time square this is "fast money", i'm courtney reagan filling in for melissa lee. tonight's trader lineup we have dan nathan, guy adami, tim seymour and karen finerman tonight on fast, we are all over the after-hours action on shares of oracle, the stock under pressure after the company just reported results the call is getting under way. we'll bring all of the big headlines from the quarter plus, what's the micro strategy looking to sell up to $1 billion of shares to p