the s&p rising to another record virgin galactic taking off to fly passengers into space. i have one question for you -- would you rather go on a cruise or a space flight? >> neither. >> i'm with you. thanks for watching "power lunch," everybody. >> we'll end is on that note "closing bell" is right now. >> i would rather go on a cruise welcome back s records are being set against this friday afternoon. on pace for a record close let's have a look at what's driving the acts today nike the standout today.

the nasdaq is underperforming today. 59 minutes left to go. any close higher for the s&p would be a record. nasdaq, too. coming up on today's show, what it's like to get caught up in the meme frenzy we'll talk to the ceo of blackberry, and his take on earnings, which are weighing on the share price today. morton's jeremy siegel says it's a positive for the market, but there's two big events that investors need to keep a close eye on. b. mike santoli is tracking today's market action. sara has more on the big winner today, nike, but mikie -- it's -- >> you couldn't have done it with a straight face people have tried over the years. good try, though

we're kind of levitating it's a march, not a spring higher, but still a bit of noise. then we're riding this upward line it looks like it gets to the top end of the rally range and just hugs that line a bit although only just up a bit more, you could also make the kay the market has been flat ying out a bit that's what remains to be sign on the s&p year to date. we're talking about the russell rebalancing later it including

very large companies like square, like uber, like zoom. as we get to the halfway point of the year, if you own stocks and bonds, right now would indicate you probably would be trimming back on equities to pick up some bonds, because right now if you had a 60/40 portfolio and you haven't toughed it, it's 65/35, you want to bring it back into balance.

see, this is the price of long-term bonds index. it's actually picked up a bit in price, meaning yields go down. i wouldn't expect really fireworks from any allocation moves, but it's something to be aware of. >> yields, of course, not down today, mike. on that note, we have asked the question if some of those cyclicals have rolled over for the last couple sessions, showing a strong rebound i don't know if that's because of the yield pickup or because of those results. >> right interestingly, the bangs we're indicated lower in the morning, and we did get the yield pickup. it seems like they got a bit of is a boost they definitely have had little pullbacks, same type of thing, it came down, but still held above from the early part of

this year. so far, it seems like no major trend change. >> mike, grate stuff thanks so much let's got to the standout winner of the day, nike up around 5% after yesterday, but took another leg up higher after the conference call. how come >> it is a stunning move, adding 130 dow points all by itself it boils down to a huge beat, better guidance for 2022 and stronger long-term outlook here's a taste of the numbers. revenues growing 21%, compared with the same quarter in pre-pandemic 2019, so stripping out all the store closures and distortions, it gives you a sense of how strong the brand momentum is right now. why? north america was the strongest region for a change lately, actually, 141% growth. if you thought the reopening

meant no more athleisure some shopping online, direct sales, which includesing digital grew more than 70%. that helped margins jump, along with pricing power europe came back strong, as stores reopened there, but china did miss, as the social media backlash surrounding the controversy on cotton weighed on sales there, but the company did say it's improving in china every month and nighter has long roots there. it's been there for 40 years, the number one sports brand on t-mall, and investors don't seem worked about it. nike dgave a long-term view and they include higher profitability, high teens ebit margins. it explains the rerating why? because the brand is so strong

jordan women's business tripled in the last quarter. it really is the transformation of nike to a direct and digital company, which started years ago under the former ceo mark parker, got supercharged by the pandemic and by ceo john d donahoe. everyone knew this was the case with nighter, but because of the china worries going into the quarter, and not having a sense they would have a comfortable long-term prediction, that's why it's such a huge surprise today.

>> they have a much more profitable story to tell they talked up the olympics, track and field, the wnba as well we will be joined by the ceo of online sneaker seller, goat, which completed a huge round of financing on its own resale for sneakers is also a good business. >> leading the way in their own way. after the break, blackberry in the red they're selling off today on the back of their earnings we'll speak with the ceo about the move. plus the reddit-fueled swings of the year you're watching "closing bell" on cnbc.

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blackberry is up in the reddit surge it's down 4.6% joining us is in a first on cnbc interview is ceo john chen thanks so much for joining us. thank you for having me. >> i have to starred on the headline point year to date. did you find that distracting? is it something that races morale, or is it distracting >> well, i don't think it's nei

neither. >> it's not a distraction. i'm sure the employees have their own views, but we are more fundamentally building driven. >> do you think all investors fully units the pivot you are putting the business throughth pivot will obviously take a while. a numb of years ago, maybe four, five years ago, we went from hardware, handset to security software now we are pivoting to the security software both on to maintaining security software, and getting into kind of the antiviral side of the equation, as well as the enterprise side

of the equation, in addition to that working on devices, especially in automobile so i think there's a level of appreciation there, and we have some good progress in thor areas. >> a bit of a disappointment today with the numbers, and it does mant make you wonder whether it's valuation concerns, because it's run up so fast, because it's been agreed into the meme trades, or whether you're making enough progress on the turnaround >> i think one area we're making a lot of progress, the other areas we could make more progress, but i will only say that we have a very strong fundamentals, great product lineup, tremendous market customer bails so it takes a little while and you have to have the patience for it i wouldn't be overly concerned there's no fundamental issues.

>> we just showed a graphic of your customer base it's fairly broad. uk government, asian banks, u.s. tech firms does that mean you're too broadly spread or does it give you opportunity to add many more companies, because you do have such breadth in the types of companies who are your clients >> yeah, there's two vertical, we call it a regulated industry. one is the majority of the g20 countries around the world the other one is the financials. we have all the big financial institutions globally, for that matter so it gives us a little maturity going forward i don't think this is spreading too thin any business that is global, we want much more footprint everywhere, though we said to

make sure that ises number one thing we lead with, then we'll expand our channel to reach the so-called nonregulated verticals. >> can you give us an update on the status of the sale of the licensing business, the patents? >> it's ongoing. it's taking long, because it's complex, but we have made good progress in the last 90 days unfortunately i can't tell you more, because i'm under a confidential agreement the only thing i can tell you is we started the discussion. it may go through some twists

and turns but we seem to be heading in the right direction there's reports on your pay hitting price targets because of this meme trend, and whether that could be adjust ed if you meet those charges, then the share price drops back should they be realized on where the share price is >> well, that's really a question more from, you know, it shouldn't be answered by myself, it should be answered by somebody else, but the arrangement was put together march of 2018, so at that moment in time, none of us, i'm sure including the both of you would expect what had happened and transpired in the marketplace.

it aligns with the shareholders' benefit here the last point i would make about this is during 2018, i don't remember the exact stock price when we signed up for the target that we talk about i think it was about 10% or 11 should clearly it was shareholder friend ly the shareholders base liked it, and they gave a lot of feedback. i think we all serve the shareholders and the shareholders benefit from it, i think that will be fine. >> well, you have a lot more fans now john chen, thank you for joining us >> thank you. 42 minutes left before the bell the nasdaq is positive any positive close would be a record

s&p is already there, it look like most sectors are higher, finances are the biggest winner. the russell 2000 small cap up next, ready for liftoff shares of virgin galactic are taking off and some of the top search tickers, virgin galactic is up near the top of the list nike, of course, with the 15% move higher. tesla with a major comeback week, and apple as well under a little pressure. we'll be right back.

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the faa granted the license to fly passengers to space, following the successful completion of a test flight last month. let's bring in michael sheets, who has been following this company closely. was this unexpected? >> great to be on. it certainly was expected. they had previously -- this is dating back to last summer before a number of development delays had forecast they would get this faa license to an operational status within the

next space flight or two so this was the next one they completed it successfully everything went off without a hitch. now they have this expanded license, which takes them from flying their own members, so the employees and crews, and add in what are known as space flight participants underneath faa regulations. it is just one of those ticks they needed to get done. now it's moving into the period of final development testing, where they have three space flights remaining, one of some will fly richard branson >> give us the timelines is bezos still going to beat branson? >> that's the big hot button question, when i pressed the ceo on it yesterday, he really didn't give an indication one way or another the next flight test was supposed to be one with four

members in the cabin to test the cabin experience, and then the second one was going to be branson's. there's been talk about pulling that flight up you know they're competitive they both probably want to get to space first the biggest thing now is deciding whether or not they can get it turned around in time for the next space flight, whether branson is on it or not. we looked into some of the numbers between the past space flights and the average turnaround time is somewhere in the ballpack of 60 days. that puts you past the july 20th date so they really have to pick things up it's not impossible, but at this point, you know, we have yet to see any indication. >> really quickly, the size of the move is up so large, i didn't even realize the faa had

a role here. did they give a similar license to bezos, and are they in chacharge of the safety in these flights >> the faa's role as a regulator is very much determined on everybody else outside of the companies. this goes back to some older congressional regulations passed in the early 2000s about space flights and participants so they are essentially concerned with making issue the design wouldn't cause damage to others and you're kind of flying at your own risk that's obviously, you know, flying into space is not a small risk to be taken, so their role is more tentative. it really opens the door to they're flying 600-some reservations they have for future paying passengers there's a significant step

forward, but the big thing is the last three development testing flight. >> michael, thanks for that. after the break, returning to the high seas, a live report from the first crews to set sail from an american port in more than 15 months and jeremy siegel joining us here's a report on the bonds "closing bell" back after this retirement income is complicated. as your broker, i've solved it.

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cruises are finally return to u.s. ports. yesterday we had this conversation about the timeline to set sail. >> concerning u.s. cruises, we're excited. we finally are going to get

people back on the ships so july 3rd, can value visa, july 4th, "carnival horizon" out of miami later in july we'll have "carnival miracle" out of seattle. and we have ships sailing elsewhere around the world we're excited to finally get going, and to get guests back on board. we're pretty pumped and psyched about it. >> tomorrow, royal caribbean "celebrity edge" will be the first to set sail from an american port in more than 15 months seema mody is live on the ship what a moment for this industry. remember we saved this shot for you. i'm at the highest point of the "celebrity edge. roughly 1200 passengers will come on board, nearly all vaccinated for those who are not, they'll be subject to certain

restrictions and costs associated with testing. this comes one day at two kids tested positive on another ship. the ceo is saying it's unrealistic to think that ships will be is100% covid-free. >> i think it's important to make sure they don't become an outbreak. >> reporter: they're pulling out all the stops for this historic moment guys, back to you. >> seema, thanks very much nice moves for those stocks. >> nice "titanic" shot for her. >> my heart will go on. >> we have news on the ppp program. kate rogers has that for us. >> hey, wilf, the federal

reserve out with a release, saying it will extend for a final time the ppp-lf, by an additional month to july 30th. the extension here will allow for banks, cdfis and other financial institutions to pledge the facility, the ppp loans approved by the sba through the june 30th expiration of the ppp program. it will extend several cried, ception them ago class rule. let's get to an update hi, tyler. >> nbc news reports manhattan

district attorney cy vance set to file charge involving tax evasion for alan weisselberg derek chauvin's sentencing hearing is underway. chauvin offered his condolences to family members. a decision is due southern. in southern germany, three are dead, several others injure in a knife attack. police shot and arrest a suspect they identify as a 24-year-old somali man living in the city. they're discouraging speculation on any motive right now. vice president harris met privately with five young girls from central america as part of her first visit to the border with mexico. about an hour from now, and then again on the news at 7:00

eastern time, shepard smith will record from florida. >> tyler, thank you. the inflation calls keep coming bank up next our cup your inflation series, we will chat with citadel about what he expect going forward. june is pride month. here is cnbc's rye -- >> my advice to the future is that it does get better. the world is changing around us. look how far we have come. from marriage equality to workplace protections, imagine what we can all do together in the next ten year. don't give up. know it will get better. this is how you become the best! [wrestling bell rings]

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very important thing going on here at the desk. shares of carmax surging

as people opted for cars over public transportation. total revenue for the quarter came in around $7.7 billion, an increase of 137% and credit suisse upgrading netflix. the firm expect subscriber arer growth to normalize in the fourth quarter the stock is up 2% >> basic of america pushing back on the notion of transitory inflation today. in a new note, the firm says it expects inflation to remain elevated for two to four year, arguing that cease, mottie, are all deemed permanent joining us is michael depass thank you for joining us it seems that nobody agrees on this even inside the fed there's a strong debate. where are you guys at citadel on it. >> thanks for having me. so, we have a fairly wide and

brought client base. as you can imagine, a significant number of views around the topic i think, where we shake out and where the bulk of our clients shake out on it, we're in an environment where, for the first time in a very long time, you have fiscal and monetary policy really working in unison, in tandem that's a very powerful reflationary force for the economy. >> is that a long-lasting inflationary scenario? >> i think there's a couple components you clearly have the transitory pressures associated with the reopening. i think what you're seeing with fiscal and monetary policy being supportive of the economy really driving growth and inflation expectations, that can be sustained for a couple years at least. over the medium term, our

clients are certainly looking for the reflationary theme to persist. >> what does that mean in your world? is that -- have they already run up and become fairly expensive themselves >> we've seen it expressed in a number of different ways a desire to own tips is certain woman. curve steepeners is another. an avoidance of fixed income generally, those have been the preferred expressions that we have seen. >> why is the treasure require yield at 153 if we're seeing these inflationary pressures and very strong growth rates?

>> $80 billion worth of trea treasuries, and that's a very, very powerful source of demand. >> are there still a lot of foreign buyers out there as well? >> -- versus the rest of the developed market foreigners buys has been had an impact pensions buying as they reallocate away from equities into fixed income. that's been a powerful slope we have seen as well. >> michael, thanks for joining us. >> thanks for having me. up next, fedex and nike seeing sharp moves we'll break those down and how to play the stocks going forward. that's in the "market zone"

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to help you find opportunities, 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. commercial-free coverage coming in. mike santoli here to break down the crucial moments, and today we've got scott wren from wells fargo. good afternoon, scott. let's kick things off with the broader markets. nasdaq not quite, in fact, in the last few moments down six basis points

financials lead -- interesting the way that yields have picked up a bit obviously not in general dereal sentiment. it's been a strong week. >> interesting how yields responded. i don't think it was hot inflation numbers, yields going higher it was much more about inflation, numbers actually moderated a bit. core pce was about on target, so it doesn't exceed expectations therefore it suggested that the fed could still play the transitory card, which tends to mean the longer end, bonds can sell off a bit so, i do think that gave a bit of headway for financials to do pretty well. it's another day where it's most by about the overall s&p trend, the gentle kind of increases we have seen in a bull market that survived a minor shakeout. >> the other thing that was

interested yesterday is there was no distinction between value and growth today there's more of a value tilt, even a bit of defensives, technology is underperforms. what is that -- >> i think it's back to the rotation, sara you're right it's an odd at the top, because it's staple utilities. it's an odd mix for one day. we're even weight technology, so we certainly think it's going to participate to the 4900 we see at the ends of next year so i think it's just a bit of rotation you know, we're not overly concerned about inflation. we think it will decelerate. i think the market is pretty well convinced we're not in a

three, four-year run of inflation. this infrastructure deal is going to be spread out over a number of years. are you a buyer? >> we've been overweight industrials for a while. we'll continue to be overweight industrials, but really, sara, you don't know what the dollar amount is. there's still a lot of uncertainly, to given the global growth we expect, we've liked industrials for a while and we're going to stick with it. >> i think you always mike small caps, and it has the annual rebalances of the stock indozens despite massive rallies meme stocks are currently still in the small-cap russell 2002000, but gamestop is graduating

by may 7th, that was the deadline the reason there's a heavy rebalance in particular is what small caps have done. that means a lot of the stocks are way above the threshold gamestop has multiples of that, so you have a lot of stocks broadband sent over. in the etfs to the russell 2000, than to the 1000 so a smaller piece with less money behind it, so net-net, there's probably selling of the larger russell 2000s, and that's one of the reasons they've been weak. >> is the norm expected to -- in the s&p 500 ramp-up in advance and kind of that marks the top

or what? >> it's not so much a ramp-up and then that's it, because it really isn't an enormous amount of money index it's about the funds that need to re-weight themselves, have been preparing to do may 7th is when you give them the list, and then the proportions and you have that. it should largely be done in terms of directional moves. >> so for the week the you're a fan of the small caps, scott? >> we are, early in the cycle, you saw gigantic earnings growth beat the s&p by 20%. it probably will do the same early in a cycle up to be in small-cap stocks people do these things early we have seen low volatility in the russell 2000 today

>> check out share of phet ex, taking a leg lower, the company says widespread hiring challenges are weighing on its operations however, the company expects the labor shortage to improve. i'm z fedex down a bit, obviously nike kind of blew that out of the water. >> yeah. >> we've had some this might have disappointed in the ways u.p.s. did earlier. >> some of the fedex issues don't seem within its control, whether it is the bottleneck, the labor shortage, the fact that it's an incredibly high friction part. that doesn't always mean that fedex can take full advantage of it obviously the backdrop is great,ed idea of shipping more

parcel will be in place for a long time, but after a huge, huge run from last year, it's figuring out the pacing of the improvement and whether they can absorb a lot of things on the cost side. >> you talk to anybody out there, there's plenty of business to be had we certainly think a company like fedex would take advantage of it. certainly the logistics industry looks good for the foreseeable future. >> well, from the worst performing to the best today, shares of nike surging on -- it is the best performer on both the s&p and the dow. digital sales up 41% compared to last year, 147% versus 2019 pre-pandemic meanwhile, the company growing concerns for china at the company.

it did grow double digits in the region, but still that was a step down in the growth rate it saw last quarter there are concerns it reps a chunk of nike's about is >> bottom line, we're confidence about what we're seeing in china as we drive long-term growth we have a long-term view about china. we have always taken a long-term view the biggest asset in china is the consumer equity. consumers feel a strong, deep connection to the nike, jordan and converse brands in china we have a strong consumer franchise in china, and they feel very connected to our brand. so we're going to continue to invest >> he basically said that in three or four different ways, because he got a lot of questions from analysts about it it has been a weak spot and has been a strong spot the last few

years, about you it doesn't seem to matter today. a, he gave reassurance with the consumer, and the fact they're seeing better results, and everything else is working so well, including an enormous shift where they project higher growth rates it was sort of brushed off a bit, but will continue to be a risk if nike is forced to speak up, for instance, on human rights controversies >> in terms of the share price performance, obviously flattering the dow later today sara was saying how it jumped up to the 19th best performer with this one-day move. what is the valuation? >> it's rich clearly people caught a bit flat-footed about the strength of the quarter and the outlook it was the 2025 outlook. >> and everybody was interesting -- this cycle this

year that's not what nike is about. i made the analogy before. they're not cheap and they've been revalued, but it's the growing business within the company of direct to consumer, they're considered to be in control of their destiny, and their brand can kinds of rice above whatever else is going on. >> scott, does it make are more optimistic about other big u.s. companies that do business in china? starbucks? disney there was a lot of concern about some of the western brands, maybe more in retail, but with all that backlash and social media boycotts, nike managed to have a tremendous report. >> well, night nike did. from a consumer discretionary sector, we had literally been overweight about five years. we thought valuations for the sector as a whole were pretty

stretched. as far as china goes, you're still going to see plenty of controversy about doing business in china, how china does bills, but a lot of these u.s. companies with good footholds in china, in our pin, will continue to do well and benefit from the opening of the economy, which we expect to continue. >> should nike and perhaps starbucks and -- that when rates go up, they'll get slapped more than others? >> maybe at the margins. they do have a huge base of present earnings it's not as much that the future earnings stream is so weighted to the stand 10 and 20-year future as it is perhaps. >> let's get to the breaking news on the derek chauvin

sentencing. >> wilfred thank you convicted murderer and former minneapolis police officers derek chauvin has been sentenced to 272 months in prison. that is 22 1/2 years the sentencing guidelines would called for 12 1/2 years, so the judge added an additional ten years to the sentence of chauvin in the killing of george floyd a year or so ago he cited the circumstances of the crime, the deapppravity of. the prosecutor matthew frank had asked the judge go even further and sentence chauvin to 30 years, but the judge, in effect, split the difference between the two, the 12 1/2, which is mandated or recommended under

the law, and the 30 that the prosecutor asked for so, once again, 22 1/2 years, 270 months, compared to the 150 months that is the general sentencing guideline mr. chauvin, the former police officer, now convicted murderer, that is remanded to the department of corrections, he is leaving the courtroom, as you see there, in the custody of the sheriff. that is the story. of course, mr. chauvin's case is under appeal the defense attorney eric nelson has said on multiple occasions that publicity tainted the jury pool among other things, so there is an appeal in this case. on the other hand, derek chauvin, along with the other officers, face civil rights federal charges. as i wrapped up here, earlier today, mr. chauvin did speak in the courtroom and say there was little he could say.

he did say that he hoped that the floyd family would find some peace, and that he would reserve further comments for a later time and sort of cryptically that other things would come out that might serve to deliver some sense of peace to the floyd family but, again, those comments were cryptic, but we conclude once again 22 1/2 years for the convicted murderer and former minneapolis police officers derek chauvin. sara, wilf, back to you. >> well will more on this story tonight on cnbc on "the news with shepard smith," 7:00 p.m. eastern time as always, to get more reaction to the sentencing, 22 1/2 years for the killing of george flowed sara >> we have about 30 seconds of trading. just want to give you a snapshot of the market here, near session

highs, we're up about 250 on the dow. s&p 500 will close at a record high, as long as it closes higher today it's financials, utilities and staples taking us higher nasdaq not quite making it, close flat, but below -- [ bell ringing ] -- technology slipping into the red, wilfred, off the highs. still positive mostly around. welcome to "closing bell." a record close just about for the s&p 500. we did lose a bit of steam right at the end of the session. it had been briefly around 340 it shot up for about a minute or so, ten minutes or so from the end as you can see there, still up 240 points, 3.5% for the week

the nasdaq just negative, missing out on a record close itself, but great returns for the week as a whole for all the major averages there is rebalancing in the last 10, 15 minutes of the trade. coming up, jeremy siegel is here to weigh in on president biden's infrastructure bill. eddie lu from goat, will join us first on cnbc to discuss scott wren is still with us. kate from grays capital joins the conversation as well

mike, i come to the first just slipping, giving up most of today's gain, off a very strong week particularly just mechanical drivers of that. it's the largest component of that index are being sold to essentially go into a different index. that was the effect seemingly on the russell, probably doesn't change much about the trend, and in general the s&p for the week just sort of reasserted the upper trend. we had five of these three 5% to 3% pullbacks they've usually been associated with some kind of scare, and people came away with the conclusion nothing much has -- has changed. if there's quibble it's not

particularly broad you're seeing some data that says the nasdaq, might be culminating in this run to the up side. the real fundamental inpulse remain the same. earnings photograph for this year up a lot more than 13%, which is the flip side of what we got last year catherine, you think this market is overvalued and has been for a while? why? do you see any you like? >> yeah, there are a lot of things i like. thank you for having me. a lot of things i had like remember, we just set it's up 13% on the year. last year it was up 18%, year before that it was up 30%. so i've been saying this for five years, and guess what i've been wrong. but i'm going with the steady eddies, adobe, sherwin-williams.

web designers, illustrators, using it for art this is no longer just photoshop and adobe acrobat. they even have a products that competes with docusign it's expensive, always been expensive, but growing its top line 9% a year another one i like is sherwin-williams same thing, love the company, love management. they are proud of what they do you want to see a bunch of grown men get emotional about stocks listen to their podcast. so in the market that's. >> scott, what is your take on some of the biggest cape tech names like the adobes of this world? >> wilf, i think i mentioned

last time i was on with you and sara, when we downgrade the sector i just mentioned, we also downgraded technology. as a whole, the sector looks expensive to us, but let's face it, if we're going to hit the targets for year end this year and next year, at about 20% of the total market cap, technology has to participate you're not going to make it to those levels unless tech participates we're leaning more toward the cyclical names, leaning less toward growth, but we certainly want to continue to hold at a full weight technology and the consumer discretionary growth will participate. it has to, for the market to work its way higher. speaking of consumer u.s. consumers are feeling a little less upbait the university of michigan's sentiment gauge falling short of expectations for june.

on the flip side, we saw big rallies in consumer-facing names today olive garden, apparently compete, after a strong quarterly showing of results an upgrade, clearly things are good now for consumer companies. we saw that last quarter around how much more of these will we see? >> that's a good we. the market is behave as we we're past the peak, but the darden thing is interesting you're probably seeing a shift over toward services, as opposed to stuff, which was the big story of the fourth quarter, and i do think that there's still enough in the tank, it's just a matter of how much the market has sorted that out. the market gets antsy when we get to the part of the cycle

with great news on the consumer side might referenceius feed into slightly tighter policy the used car thing is fascinating, at the prices coming off, but car demand is still strong >> kate, do you like consumer discretionary? >> i do. you have mentioned all the reasons. there's employment out there steer getting stimulus checks, unemployment benefits. if you listen to darden's call, carmax, they are showing strong numbers. people are coming into olive garden people are out there i think there's a lot of pent-up demand i don't think the consumer will even demand going into debt to have some fun i think there's

even more room with carmax there's not been a lot of cars out there to sell, so as the car production on the new cars ramps up, they're going to have a lot more supply which i think will continue the results >> scott, why did you downgrade the sector >> well, you know, we're certainly optimistic about the consumer, but you have consumer discretionary basically being controlled by about five to seven really big growth companies. so those we felt were very highly valued. if you look -- you know, people do want to get out just try to pick up the phone and make a reservation at your top three or four restaurant for tonight or even tomorrow night,

and you probabliant do it. we're looking for the unemployment rate to hit almost 4% next year, so there's a lot of reasons to like the consumer, but all the market cap is jammed into whether it's home improvement retail, that's what controls the direction of that sector they're just at the top of their range for us. >> scott, i also noticed you like -- do you think the recent kind of bounce in the dollar is done and dusted? or is that irrelevant on your call >> we felt like in the nearer term that interest rates differentials were going to widen in the dollar's favor. as europe and the recent of the world pick up later this year,

we felt the growth would be better in europe, the interest rate differentials would narrow. the bund is only minus 15-point yield right now, but we think as we move into 2022, we expect a modest decline in the dollar that's always helpful for commodities, which we like but china, south korea, taiwan, all continue to do well. so we certainly like e.m >> the s&p had its biggest week since february, but comes off the worst week of the year so we're still in this -- we don't know if this was a bounce back from the big drop last week or just breaking out higher?

>> it depends on how you frame it obviously it's been -- that being said, the rate of the -- real really decelerated it's obviously moving in the right direction, but spottier under the surface and has flattened out just a bit so there's somebody for everybody in that. >> or we're back to record highs every day. scott wren, kate faddis, thank you both. when we come back, we'll talk about the market as push with jeremy siegel "closing bell" resuturns in jus 90 seconds

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into the market? >> well, i think it wasn't expected by the way, i think this is part one. i think there will be a part two later on in a reconciliation bill the trend at the market is still deciding upward. just before the fed meeting, i said we would have what i called taper trimmers in the market, and we did we'll have more of those i am not as sanguine as jay powell that is a fleeting inflationary expectation, but at the same time that's not bad for stocks it's bad for bonds, but, you know, spending and moderate inflation is not bad for stocks. >> how big of a tremor will we have, professor siegle when jay

powell -- if that's what you're suggesting -- comes out and confirming that tapering will begin sooner -- >> and perhaps even sooner than jackson hole the next pricing dat data i'm looking at is the cpi on july 13th that will be very important in -- that's the bottom line that often shapes expectations going forward. if we get a hot reading on that, and then the following day, we have the epi, you know, he may be forced into a taper announcement even earlier than the august jackson hole conference again, i don't think that's any -- it will could us a tremor in the market, because i think there's a lot of own reasons why the market is going up, but

nonetheless, you know, these tremors arenot over by any means. >> not just the fed, professor siegle if the fed starts pulling back on the stimulus, at the same time where fiscal stimulus is fading, it was pretty front-loaded, do you notice this is the economy faces a slowdown? >> pulling back on stimulus means statering $120 billion a month, keep interest rates at zero, it's still extraordinarily stimulating, in a strong economy, and in a moderate inflationary economy, any interest rates until 2% is exteriorly stimulating so, certainly relative to what we have seen in the five years, but relative to the history of

monetary policy, this is still a very, very easy and loose fed. i think the money will continue to flow into the stock market. >> so equity is obviously a good inflation hedge, in your mind. what are the other key assets that would be big weights in your portfolio at the moment >> looking at property prices, a median home price up 20% i actually said when this inflationary bump is over, we'll have a cpi that's 20% higher than we did coming into the pandemic so in one way the property market has already jumped there. many of the commodities have jumped there we're 20% on the crb index, so a lot of people are saying, look, lumber is coming down, copper is coming down, but still much higher than pre-pandemic i think what these more

gdp-oriented indexes are very close to catch the housing increases and other inflationary increases that i think will last several years into the market and people will say i can't go into bonds property is up 20%, that's pretty high. i still like stocks, and dividend yields that are protected from inflation look awfully good compared to a 1.5% bond where i'm not protected. >> jeremy siegel, always good to talk with you. >> have a good weekend the footwear market has heated up during the pandemic. online retailer goat is cashing in we'll heard from the ceo about his outlook for the year, after the break.

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cofounder eddy lu. welcome back. >> first of all, i want to celebrate my team. what an accomplishment we more than doubled our valuation in just nine months. it further validates or continued differentiation in the market where we're combining an already robust resale and secondary market, supplies coming from many brands. >> okay. opening statement done i was asking to ask about the doubled value from the last time i raised money what is going on that gave you such a high market value >> well, in the last 12 months, we grew to over $2 billion in gross merchandise value. that's because we already have a massive sneaker business, but it grew 100% year otver year

>> what's driving it is it the innovations from the sneaker companies themselves in nike just posted a blowout earnings or is it the fact that more consumers start to come into the world of the sneaker resale market >> nike and have you a sim boy on theic relationship. their job is to build and create iconic apparel, and goat is to storetell and -- we have a strong point of view on fashion, culture and style. we're not just a transactional marketplace. we're seeing this translate into growth the brands, they see the products look brand acreasive. so we're seeing acceleration and consumers are responding. >> presumably, though, eddy, in the medium and long term you

wouldn't want more grands to do what nike is doing and have their own powerful direct-to-consumer app where they could start resell themselves maybe we're not there yet, but would you not still want most of the market to be in norm at bricks and mortar stores >> we are happy when brands create amazing products. we don't care would they sell. most of the young consumers don't wear a brand head to toe they still need a third-party company to tell them how to mix and match styles that's what's important. we can mix and match for the consumers, high and low, luxury and affordable, new and used, all in one outfit. >> i know it was growing pre-pandemic, eddy, but we have seen an explosion in all sorts of collectibles, and seen the

meme stocks. it's all been part of this phenomenon, whether it's true or not, people staying at home, because we had the lockdowns fresh with stimulus checks from the government do you see that as a headwind to your business? since we've reopened, have you seen the growth rates drop >> we see continued acceleration, a different experience than others there's a lot of transactional marketplaces out of there, but because of our focus on -- we've been able to withstand some of those effects. plus we have three [ jarred mortar stores. we have seen -- and we're excited for both platforms to continue to succeed. >> any discussion of going public >> well, we just raised $195 million recently, from --

>> don't need to right now, i guess. >> great long-term investors, they understand our value proposition. we're happy to continue on our path. >> eddy lu, thank you for joining us. >> thanks very much. still to come, rescue efforts in surfside, florida, still underway we'll be going live on the ground after this break. this is andy, my schwab financial consultant. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab. a modern approach to wealth management.

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welcome back hundreds are still missing after a partial condominium collapse near miami shepard smith is live on the ground with the latest for us. shep, what can you tell us >> wilf, the biggest part of the story is there's a fire burning inside the pile of rubble for at least the past 14 hours. they were putting a bit of water on it earlier, but have now brought out a big hook-and-ladder truck to try to douse the flames i don't have any idea how workers are continues to toil away on that pile. they are heroes beyond description. so many of them don't have gas masks. nobody knows the toxicity level of this smoke.

it's great concern the search-and-rescue efforts have somehow kin itted four people confirmed dead, 159 are unaccounted for. cnbc's valerie castro is with us val valerie, you've been talking to a lot of people today looking for loved ones how are they holding up? >> reporter: shep, i have to tell you, those conversations today have been absolutely heartbreaking. the people we spoke to yesterday still had hope they would find their loved ones today the people they have searching for are probably no longer alive. we spoke to a gentleman earlier, he says the thing that hit home, looking for his mother and grandmother, is when he had to give a dna sample, so at some point in their remains are recovered, they can be identified another woman, her aunt and uncle lived on the 11th floor, and she says seeing the

destruction, she knew what had happened take a listen. >> i screamed and cried. i know that they were gone i knew in my heart that they were gone. >> reporter: again, a lot of people now just waiting for confirmation they just want some closure to all of this. they are still hopeful they will get some information shep, we'll have more from some of those people we spoke with later this evening. >> valley cue -- valerie castro >> the mayor reminded me all of these buildings have enormous generators he mentioned they fuel tanks are largely topped off at the beginning of hurricane season. he said that could be what's burning in there if so, it's certainly toxic. and the other big news today, a judge sentenced devin

chauvin to 22 1/2 years in prison prosecutors asked for 30 years the george floyd family wanted a maximum of 40 years. derek chauvin did address the court. >> i want to give my condolences to the floyd family. there's going to be some other information in the future that would be of interest, and i hope things will give you some peace of mind. thank you. >> this was the scene outside the courtroom, afterwards, before handing down the sentence, the judge acknowledged the deep and tremendous pain for the family and throughout the country. he heard for the first time,george floyd's mother >> son is a good man derek has played over and over

in his head the events of that day. i have seen the toll it has taken on him. >> we used to have dinner with him every single night before we went to bed. my daddy always used to help me brush my teeth. >> if you could say anything to your daddy right now, what would it be? >> it would be i miss you and i love him. >> that played in court today. chauvin's 22 1/2-year sentence could increase following a federal civil rights days pending in the courts. david henderson is with us, cnbc contributor, thank you 22 1/2 years in prison, the judge saying it had nothing to do with emotion or public opinion. your thoughts? >> i think he's right when he says it has nothing to do with emotion or public opinion. it doesn't sound like it had anything to do with what

happened in the courtroom. he put his rationing in a document this is the biggest ver i'm aware of in a case like this one, where police officers on trial for wrongfully killing a black person in recent memory. >> you know, we heard briefly and for the first time derek chauvin addressing the court, and he left a cryptic message. was it a mistake to think? >> cryptic is the word i used as well i would say that was actually a mistake. the only caveat is that since cahill's mind appeared to have been made up at first, it probably didn't hurt yond his mom would have helped, either by saying she believes

his innocent, because i think cahill as mind was made up. it sounds like it. we'll have complete coverage of that, in addition to the rescue efforts here in surfside, florida, as well as much more from the mayor hoo about the condition of the smoke with all these heroes on top of the pile. in addition, the vice president's trip to the border that's right after kramer on "the news with shepard smith." >> shep, we'll see you at 7:00 p.m. more of the news on both of these big developing stories up next here on "closing bell," mike santoli has on -- and some of the data may surprise you "closing bell" will be right back ♪ ♪

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over to mike, who is taking a look at how much americans are saving right now >> well, less than before, but still an awful loss, is the answer, this is the personal savings rate

now, remember what this is, this is all of the money that flowing into person disposal income. so it's not like the arch savings rates of everybody in the company, it's sort of the aggregate. as you can see, this would be higher than anything we have seen back to 2007. it makes the prior spike -- i gets that's 2011 -- look really huge there's a lot of spend-down that can be done if in fact consumers get out there and do some severity spending. however, it also means that consumer balance sheets are in very good shape. you see that, all the rest of it at very low levels the stock market is pretty much in tonight with this dynamic it's still holding the advantage here i mean, staples have really done nothing. it tends to go over toward

tech-related growth, as opposed to staples at the moment you see that -- you know, consumer is discretionary off its highs. it seems like it's still in place, though hard to say if this is the absolute leadership area of the market every new good piece of data will come with that. i used the equal-weighted, because it equalizes the amazon and tesla overweights. >> which was the complaint from scott wren >> with how much it's going to be over the consumers. what does history show for consumers? do they always spent those high levels of spending or do they sometimes just save it for a long time?

>> it's probably going to be sticky at higher levels. from here on out will probably look similar. >> which would be a good boost mike, thank you. up next t. concerns surrounding, running rampant as new mutations continue to make adnes. dr. scott got lien joins us with his take after a quick break (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you,

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delta variant cases, considered the most contagious yet, now makes up 20.6% of the u.s. cases, this as the u.s. hasn't hit yet 50% of fully vaccinated population. dr. scott gottlieb, how concerned are you about the two stats and the delta variant getting in the way of this recovery, doctor >> look, i'm concerned it could have a public health impact. i think the impact is to the fall the best proxy is the uk right now, where it represents 93% of all infections, and there's been about 93,000 of documented case

with the delta variant and the death rate is about -- so i think it reflects that you have a vaccinated population and death and disease is substantially lower this time around than without the vaccine. that's like lip to be the experience here as well. to about two thirds of their population, there is suggestion that it's not as effective against the delta variant as some of the mrna vaccines. i think it's likely to have a wave of infections here. it's likely to be hyper-regionalized, particularly in parts of the south. but i think the overall impact of the delta variant is likely to be substantially reduced from past waves of infection. more of it will be in younger population >> just to build on that, how likely, if it is stroding with half the population of up

country unvaccinated, how likely is it that it can't mutate isself and eventually threaten people who are vaccinated? >> it already has -- the delta variant is five different variants the one that's become prevalent in the u.s. does seem to be covered by the existence vaccines so do the other three, if you will, but there's one version, that doesn't -- the vaccines appear to be -- and again, this isn't clinical evidence of the antibodies to neutralize this strain tighter there's variant of the delta strain >> dr. gottlieb about this variant in the uk and what is and isn't stopping it, my take is that those that are fully

vaccinated are holding off any infection or serious hospitalization from them, as opposed to it being astrazeneca vaccine versus the vaccines available here i just wonder whether that once again brings forward the advantage of the j&j vaccine, because people can get fully vaccinated much quicker. but trying to speed thing up, to just get people vaccinated, to this variant doesn't spread more widely >> yeah, look, the i do think there's -- that shows that some vaccines are more effective than others i think it's prudent to try to deploy a more, the j&j vaccine is effective, but supply has been the issue there there are indications among vaccinated population, about

50,000 cases in the uksh about 7 thousands are people fully vaccinated, so people who are fully vaccinated are getting the delta variant, but the evidence shows they're getting less sick, and they're not succumbing to the infection. 6 those under the age of 50 who have died from the delta variant, eight individuals, none have been fully vaccinated >> so we need to get more people vaccinated, president biden missing his target by july 4th to have 70 percent -- why don't we do what israel did, you can't do anything virtually unless you have a vaccine morgan stanley announced you can't to have vaccined to come back, and most company also are not, in some parts of the country, the vaccine coverage is very good. in california, it's high in the northeast it's very good.

particularly rural parts of the company where you see low rates of vax flation -- vaccination. if you remember, the wave of infection started in the midwest, in rural parts of the midwest. wisconsin, for example, which lit up first, and then it eventually spread out. that's likely to be the case again, but serve parts of the country will likely be impervious the models shows an upsurge in the fall, but no uptick and we also have to factor in prior infection. it does seem to be protective, perhaps less protective than immunization, but it does seem to be protective there's some evidence of people got reinfected that also has to be factored into this. it's the total immunity in the population

dr. gottlieb, the -- saying it's very important for business particularly over the summer months is that a foolish move >> the variant is already vaccination rates substantially. both the u.k. and the eu as a whole. europe experienced this first because it had closer connections to some regions of the world where this is spreading, but this is likely to spread around the entire west europe and the united states i don't think we're in any different situation than the eu, and i think travel can be reopened this is going to be the most prevalent strain in the united states, but if it's 90% infections on a daily basis, the question is is it 90% of infections or 20% of infections. i think it will be the former,

but we won't see a surge of infections until the fall. until then we can get more people vaccinated. i think as more people contemplate going back to work and school, more people will get vaccinated >> doctor, great to see you, as always have a lovely weekend. >> thanks a lot. plus banking on a box office boom "f9" expected to hit the box office after delaying for more than a year. what this might mean for entertainment stocks, next smart. let me break it down. you got your new customers — they get our best deals. you got your existing customers — they also get our best deals. everyone. gets. the deals. questions? got it. but, why did you use a permanent marker? because i want to make sure you remember. i am going to get a new whiteboard. it's not complicated. only at&t gives everyone our best deals

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up next, we are looking a held earnings, accrued data and projections for next week. first, can the debut of "f9" kick the box office into full gear we'll discuss and we come right back

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i have a mil . with death but of universal's "f9" and 80% of the theaters open, it's set to shape up a good weekend at the box office >> that is shaping up to be the biggest opening of the box office in 18 months. "f9" already brought in $7

million from thursday night pre views, and the studio says it's expecting $60 million at the box office, and some say it could be as high as $75 million amc entertainment is trading higher they're waiting to see if this big box budget film brings people back to the theaters. on monday, mobile world congress kicks off tuesday we have some killer data including home prices and consumer kfls. krispy kreme makes its debut on thursday, and on friday, the jobs report at 8:00 a.m. eastern time julia was talking about "f9.

>> gamestop is half the peak price it was in late january, but it's still multiples of where it was similar story with amc obviously they raised a ton of money and they're out of the woods with the balance sheet being an imminent threat this is going to translate into something besides survival >> on monday we'll probably get around 4:00 p.m. all the banks' actual capital returns i just wonder whether today they already kind of priced in some of that move there is definitely room for one or two of them to surprise, but stanley definitely along with wells fargo. >> it bolsters the overall bull case if yields get moving again and

you get a little of the capital terms story falling into place >> does the market want a strong jobs report or a not too strong jobs report? we're still in an unusual place. >> you never know how the market is going to get skittish about things >> we're out of time have a lovely weekend. "fast money" starts right now. overlooking new york city's times square, this is "fast money. tonight on "fast," retail in rally mode they're laying out the case for three stocks ready to break out in new records we'll tell you what they are plus we have lifted shares of virgin galactic as the record gets ready to put passengers into space what should we be doing with winners an