good afternoon, everybody. welcome to "power lunch. join us on a steamy monday across much of the country and the letter of the day is "c." we are talking cyber crime, capital and climate. that massive heat wave across the country is leading to interest in solar storing companies. solar energy, storage. we'll tell you which stocks could benefit.

yeah, and the one thing keeping executives up these days is fear of a cyber attack. what would you do if your business were being held ransom? would you pay them money and what should companies be doing to protect themselves before it gets to that point plus, what are banks going to do with all that cash now they've passed the stress test, we'll discuss that and we're talking crypto and the consumer there's a lot of cs. "power lunch" starts right now let's get a quick check on the markets, the nasdaq leading the way as it hits an all-time high. the s&p 500 hit a high but is struggling to hold its gains and here is the dow down 170 points, we're about 100 points off the low. last check it was down about 3.5% in terms of what's powering the nasdaq higher, zoom, nvidia. >> record setting heat is

causing lots of disruptions across both coasts excessive heat warnings issued for many parts of the pacific northwest. temperatures above all-time records and not by a little bit. above average temperatures baking the northeast today, extreme weather set to stress the grid but consumers are taking matters in their own hands. turning to solar and residential energy storage, and that is creating new opportunities for investors. pippa stevens has more that's right record breaking heat in the pacific northwest this week, 112 degrees in portland and forecasts call for even hotter temperatures today this is stressing an electric grid already under pressure. the west is also facing a historic drought which means hydro power resources are running relatively low residents in texas and california are already being asked to conserve power. the north american electrical liability corporation says it is a, quote, significant concern for the summer and amid the

threat of blackouts and outages some consumers have had enough and they're turning to solar power to keep the lights on. an on site battery storage system means your house will still have power even if the central grid goes down energy storage deployment jumped 155% during the first quarter. that's according to goldman sachs. while the market is still small, analysts say energy reliability is a key revenue driver for companies looking forward. etf is up 5% up 13% for the month of june kelly, tyler >> pippa, with all of this solar storage that replaces the need for a typical generator, it uses stored power, not just stuff that's created >> that's exactly right. previously you had a backup generator from a company like

generac. then solar companies now also offer on site battery storage. this means your solar -- rooftop solar panels will be making energy throughout the day, powered by the sun and storing it in a battery on site. and then you can tap into that should the main grid go down there's economic benefits here because some states have energy policies where there's a lot of demand when energy prices are high and then charge and great reliability when you have the storage on site you can reap some economic benefits from the battery. >> climate change is a big reason why he's bullish on these names. collin, welcome. we looked into this in our house

a few years ago and i understand technology is changing very quickly. the main issue back then was in order to have enough power to last more than a couple hours if the grid went down you would need what looked to us like maybe a couple of tesla power walls at $10,000 each. are the economics today better and, if so, how long would these batteries last in powering your house? >> it's a good question and i think it's important to start with the fact that solar plus storage is now the most economic form of new generation whether it's at the utility level or at the home level in about 35 states it's cheaper to put this storage system on your home. >> is that because of rebates, collin how do you get to that figure? >> one, the big driver is really the scale of the energy industry and the big change as we serve the electric vehicle industry. you've seen a lot of cost reduction in the manufacturing base also any form of upgrade for the

home has a rebate whether it's local or national. we are still seeing a 30% investment tax credit to support this there's energy support whether it's at the utility level. >> so let's take my house as a case study since we've already looked at it we do have a backup generator. we needed it last year when we lost power for five days we have like baby formula in the freezer and stuff that can't -- we have to hang on to it tell me how many battery storage units would i need to keep my house powered for five days and at what cost >> the math that we're doing is really be two systems, two power walls plus your solar system would keep you going indefinitely at this point and that's something in the market, it's functional. we are seeing end phase rollout

in the last 18 months which is quite economic as well and companies like sun power and solar edge as well >> to do something like what kelly wants -- i heard her say, take my house. take my house, please! what would it cost and when does that cost start to xes as so many evolving technologies do? >> we talked about it at the beginning of the segment, it costs you zero down at this point for a company like sun run. you pay your monthly bill as you would the utility and it's actually lower than what your utility bill would be. you can either own and operate your own system, all in for a 25 to 30-year asset or zero down and pay on a monthly basis >> all right, interesting. >> my follow-up question, which of the names do you recommend and is there going to increase -- we always just talk about solar in a group that

still implies waure're talking solar panels which do you think is the best investment >> the command and control area. increased intermitten si with wind and other renewables we're really looking at command and control. you have sunrun but, for us, i think the real pinch point in the market is managing the power assets and harmonizing it. >> listen, i would love to go off the grid to just have solar linked up to a battery, throw in an electric car. it seems like that would involve signing my life away to one of these companies indefinitely for a monthly charge >> i would disagree with you

if you're going to pay your monthly utility bill you are going to end up paying that wherever you live. and if you own and operate the systems, which is not a real hardship because they're automated and you have a service agreement, you're putting that money to work on your own and getting what amounts to a 7%, 8%, 10%, even if you're putting the money up front >> and then the issue where to put the panels on the house. you can see how this is the wave of the future. there are a lot of details to be worked out >> colin, thank you. we appreciate it coming up, some cfos saying that's not always the plan a game changer for patients and a windfall for investors

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welcome back, everybody. one of the biggest worries for corporate executives right now, a ransomware attack, putting companies in an impossible position, pay a ransom and give to hackers or risk a prolonged disruption to business we asked business lead bers it the results of the cfo survey. >> if you had no choice, would you give in to hacker demands? colonial pipeline paid $5 million in ransom to a russian hacking group to restore

service. nearly half of all cfos say colonial pipeline had no choice but to pay the ransom including more than 60% of the cfos that filled out the survey. only 17% said colonial shouldn't have succumbed to the pressure attacks have crippled and disrupted supply chains and reveal no firm big or small is safe from a cyber attack cfos are on the lookout. 85% of those surveyed say their company's board has had a formal discussion about recent security cyber events and their aftermath as well. more than half of all surveyed say their company is better protected than just a year ago words we want to hear with the recent increase in cyber attacks. >> by the way, the main question

people have is does cyber insurance help out, right? if they're talking about we have the fbi officials saying we don't want to you pay ransom but another said we were able to get our business back up and running in a 24-hour period. if it was out of our control doing that, they could have taken weeks or who knows how long to get back onboard. >> when you do that you're setting a new precedence and standards for hackers in the future which is why we're seeing that constantly erupt. there was, just to continue on this point, a new study that came out today from the international -- i should say the international institute for strategic studies, a british think tank, the united states is number one when it comes to cyber security and china is a decade behind. they ranked -- >> in terms of protection? >> they looked at how well the cyber security is integrated into the military, digital economies, the infrastructure for these countries. the united states is in the top

tier the second chtier, china, franc, israel the third tier, japan as well as india. >> surprising. >> are small companies any more or less vulnerable than large companies? you would think they would go after the large companies because that's where the money is >> everybody is potentially at risk of an attack, everyone. forget the money part or the bitcoin or another cryptocurrency, you have the information and that information is even more valuable. >> great point scary. thank you very much. >> so let's continue the conversation if you are part of a company faced with a ransomware attack, what options do you really have? and should the government be doing more to help companies deal with these attacks? let's bring in david kennedy, former hacker and founder and ceo of trusted cyber security firm that helps companies respond in real time to ransomware threats do any of the findings surprise

you? 85% of boards have had a discussion about it. 39% said they made the right decision, they basically had no choice but to do what they did >> these are some of the most difficult decisions they will ever make in their life. these are the victims, and their entire organizations are crippled they have no ability to recover. and this is literally the last resort they have i've dealt with hundreds of these. the ceos are literally in tears crying because their 100-year-old family businesses are completely shut down it's unfortunate we're in this type of situation. it's the only option available to them. granted when you make those payments it gives them even more capabilities to go after larger targets. at the end of the day that's the only option they have to recover their business and to stay

operational. >> when a company makes a payment, whether it is a large company or a small company, what percentage of those paying companies have coverage that reimburses them in all or in part for the payments they make? >> cyber liability insurance is what we call it, and cyber liability insurance is kind of this really gray area. there's a lot of catches and gotchas, to even receive the payments in the first place. some are covered, i would say 40% to 50% get reimburse many. usually not the full amount but to help them recover >> so the insurance helps but like all insurance there's a lot of fine print in there >> that's right. >> a lot of government people say we prefer you not to pay

is that a practical choice, the government to ban the paying of ransomware >> well, there's no question that organizations need to do more to protect themselves and that's the issue they run into a lot of the companies are unprepared to handle the threats and need to enhance their capabilities at the same time the u.s. government doesn't consider these types of groups, if you look at russia, the high-end, large organized crime groups operate out of russia. until we hold those countries accountable we're not going to see a shift in change. it's not -- you can say, listen, don't allow any payments whatsoever, and you would literally have 100 companies overnight that would not be able to recover and would completely shut down. it's not fair to say that. it's this delicate balance of pushing on governments to give

these people up and getting organizations to shore up their defenses >> better defense, better offense is what i'm hearing you say. >> absolutely right. if we can shut down these organizations, go more on the offensive, we have a better chance in the future >> if we were to ban cryptocurrency tomorrow would that stop ransomware attacks >> it would. and i say that lightly because what would happen is you would have an influx trying to get as many attacks off as that happened there would have to be a staging period where the department of treasury came in and said after this certain date we're not going to allow bitcoin transfers anymore. during that period of time you would see a heightened attack and a major dip because they're essentially cutting off the currency of the organizations. it would be a bad short period

of time because they would be nonoperational >> would they ever recover yeah, if you put that barrier up >> a lot of these companies have no ability to recover, i'm talking manufacturing plants shut down. unless they pay the ransom there's no rebuilding from scratch. everything is gone and they would be shut down, unfortunately. >> i thought you would say even if we banned crypto there would be attacks why can't they still pursue those goals? would it be possible to ban crypto your thoughts on those points? >> it's a possibility. organizations can violate the law with other ramifications most don't want to violate the law so you would see a

substantial reduction in the payments occurring here is the thing. it's so easy for money to be sent to these organizations through cryptocurrency if you were to ban it there are wire transfers and things to that effect. the same type of organizations you limit it from a law perspective which would cut all funding and they would move to different countries to try to go after these different organizations. it's very monetary driven. it's very much focused on getting money. you cut that off, you see a substantial reduction. i'm not saying complete but a major reduction. it would have a very high cost here in the united states for the organizations that would no longer be able to recover. >> we're running a little over time are these ransomware numbers negotiable in any sense? >> oh, yeah. you can definitely negotiate with these groups. you can like, you're asking for $5 million, hey, i can only pay $1.5 million maybe can you do $2.5 million. we're not going to settle for anything less than that.

you can definitely negotiate on the amount of money you pay them >> what if it was you? what would you do? pay it >> that's so tough to say. our general stance is please don't pay because you're helping the adversaries get better with more capabilities and going after other companies and targeting individuals. again, i've sat in the rooms with these people that their entire lives are ruined, their employees' lives are ruined. you have no other option but to pay. that would be our advice >> always fascinating to have you with us. i know we'll be talking more, sadly. >> thank you so much >> you bet up next the latest on the miami building collapse with at least ten people now dead and 151 still missing, where does the search stand the s&p 500 is flat after hitting interday highs earlier we have one technician who says one sector is flashing a bear signal delivering some choice words for the federal reserve, comments and more as "power lunch"

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yee-haw! go left! i'm gonna go were navigation says. ah! - turn left. thank you navigation. >> reporter: i'm valerie castro in surfside, florida, where families continue to hope and pray for any information regarding their loved ones who

have been missing sin the building collapsed here just a few days ago, unfortunately, this morning, the sad news was announced that yet another body was recovered from the rubble bringing the death toll to ten people official say more than 150 people are unaccounted for, so search and rescue and recovery efforts continue the miami-dade county mayor says teams will continue to work until they exhaust every possible option in this search at the same time the investigation into how all of this happened continues and as teams work to remove the rubble they are doing so carefully, piece by piece, because that is evidence in this investigation that is how they are going to sort out how this all happened as you can imagine this has been extremely difficult for families watching this take place, agonizing for them, waiting for more information many of them are turning to religion and faith we'll have more on how they are dealing with that aspect of the story coming up on the news with shepard smith. we'll send it back to you.

>> why is it taking so long? s what the real difficulty there's the obvious difficulty, big pieces of concrete can only be moved as small pieces of concrete because you potentially have life underneath >> reporter: again, they are dealing with the investigation aspect of all of this. all of those chunks of concrete and metal are evidence in the case they're trying to find anyone who may still be under there alive, if anyone is still alive, as well as recover any other remains. but the investigation, the why this happened, that's the question so many people want answers to >> thank you we'll see you tonight on the news with shepard smith. delivering dividends, banks set to announce capital plans later today. will fintech players continue to intrude on their territory

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we are down 200 and change at the lows, up 15 at the highs. we've been whip sawing around but a half percent decline by boeing as the company faces challenging news on the 777x the s&p 500 higher by a couple points up 0.7%. crude is down 1% after hitting its highest level since 2018 this is before the opec talks set to take place july 1st still almost $73 a barrel but taking some profits. time for some power movers or a power mover we're looking at the crisper or gene editing stocks, intellia announced positive results in a phase one study of its gene editing treatment. the other leading names in the space also higher as a result after a rough year so far. >> look at those gains

5% to 7% the ten-year yield falling today. rick santelli tracking the action at the cme. rick >> reporter: hi, kelly i know many were watching the 1.5% level very closely and it is one of those round levels i really think from a technical perspective it really isn't all that meaningful. as you look at the interday of 10s and 30s on one chart for interday we sit 147, down 5. 209 and 30 is down half a dozen basis points this reversing the sell-off that pushed yields higher friday and much of the reasoning goes towards what's happening this week, end of the month, the quarter, the half year that is putting some pressure on readjustments and treasury yields have moved lower. bunds overseas, this market has really turned over and taken its currency, the euro versus the dollar, with it.

a lot of talk by various fed officials but it certainly seems as though there's a lot more talk regarding a taper of mortgages than anything else kelly, back to you >> rick, thank you before we go, can we talk about the comments from randy quarles and the central bank currency? he sticks with the inflation as temporary, supply chain issues, the fed is aware it could be wrong. by the way, i saw the big note on this last night where they think inflation could be back below 2% by the end of next year >> reporter: the issue here, kelly, i followed markets for a long time and technicians can do better they can beat the odds to some extent but nobody knows what the future holds and to that end if mr. quarles is correct, and they could be wrong for a year and pull out the tools to fix it, more power to him it doesn't sound like a very good idea to me. i'm not sure if this is tnt. let's light this string and see

for sure it doesn't sound like a good idea to me and the buying reversed once we get past the end of the month and will see more true colors on the intermediate part of the curve >> the true colors rick, thank you very much. rick santelli. the nation's biggest banks expected to announce their new capital plans after the bell following the fed industry's stress test. the sector is up sharply jpmorgan up higher bank of america 79%. so are the return of fintech stocks like pay pal and square which some view as a major threat to traditional banks. joining us now, partner and senior equity analyst. charlie, welcome, lisa as well charlie, let me begin with you what do you expect the banks to do now that the fed hassish be you'd the results of its test, the big banks at least what are they likely to announce

today, or is it already in the price of the stocks? >> they're likely to announce more buybacks and probably higher dividends they're not making spectacular amounts of money because of the interest rate we're in now we think they're under earning and would make more money in a normal interest rate environment, but they have been prohibited from buying back stock and paying dividends since the heat of the pandemic, the height of the pandemic they're going to buy back stock. we would have loved when their stocks were cheaper. but it's a positive sign that the fed thinks they're in good health >> lisa, as between the fintech companies, the squares, the paypals, the others, and the big sort of main banks and then the mid-size d banks, where would yu be putting money now >> yeah, i like the fintechs, paypal in particular, also square the key is that in

addition to this banking they have part of their business model that benefits directly from e-commerce which we're seeing as we come out of the pandemic continued growth, elevated growth in commerce that's done on line which is a lot of what's driving the next leg of growth to like a paypal and square either from their merchants or consumer side they're being very digital first. they benefit a lot when consumers are doing digital anything, digital banking, digital commerce and we're seeing coming out of the pandemic a concern that might moderate and, in fact, we're seeing the opposite, that is continuing to grow at a very elevated pace. >> merchants are moving the payment systems through these companies particularly for online, but also the consumers are using paypal and square to pay their bills, right lisa >> yeah, that's right. we're seeing this really interesting convergence where these players in addition to

that traditional sort of shopping side of their business now have these digital banks where consumers are using their paypal or their square account as a complement or alternative to their checking account. they can have a debit card they can pay their bills, as you said so we're seeing movement of that activity away from traditional banks, particularly the smaller banks that maybe lack the mobile app or lack a strong website and into these fintechs. >> charlie, does it have to be a zero sum gain? the gains made by the fintech companies necessarily come at the expense both in terms of stock price and performance of the bigger banks i don't see chase sitting still or td bank sitting still and letting these other players eat their lunch and, in fact, i think they're pretty good at what they do >> yeah. this is going to be an expanding business

there's going to be an opportunity cost that is a zero sum gain but this is a growing business that i think everybody in it can grow and i should acknowledge that i have lots of horses in this race. i'm chairman of the board and we supply the software that runs a lot of traps fers. i have a lot of customers involved here, so i'm going to be careful this is a business that's growing for everybody, frankly, digital in e-commerce is good business for chase and fintech. everybody can grow, but the key point here, tyler, the big banks are already making good money at this a lot of the fintechs, this is all aspirational they have a business plan to show profits so far aren't really making much money. >> charlie, my question is about size and deal making in the banking space. only the biggest players can compete with fintech even while we were fighting the last battle of the financial crisis this next generation of payment and banking, whatever

you want to call them, apps has risen and if i'm a banking regulator do i want more regional bank m&a? what do i want so the playing field is level between the traditional banks and the new players who on some level could be riskier >> you're right, kelly there has not been a lot of m&a and, unfortunately, not a lot of novo banks, new, smaller banks getting started. we're in a steady state in terms of the number of traditional banks. the fed, i think, is appropriately watching for risk in some of these players the testimony on capitol hill has focused on capital adequacies and some of the new players and they do have their eye on those players the good news is their businesses tend to not have a lot of credit risk in them, very temporary credit risk. the reasons tend not to apply.

>> lisa, who owns zell, which i see on a variety of banking platforms, and do they make any money? >> yes, zell is owned by a banking consortium so think of it as being associated with the large banks owned by a company called early warning which is a n nonprofit that collectively owns zell, a bank to bank payment transfer service >> do they make any money or is their goal not to make money >> yeah, it's not intended -- the fee -- the payments are free through that service they are not making a lot of money, but that's not -- the primary goal is to drive consumer engagement and keep the consumer using their primary checking account directly out of their bank, like me using my

chase app in order to send money to company else rather than going off to one of these other apps like venmo. >> yes, exactly. in other words, they want to you stick with the home team as opposed to going the other way and charlie, you're nodding. i thank you. thank you both >> this is their response. they don't want venmo -- you to venmo your money to your friend using your northern trust or chase account. chase wants you to go directly to their app and skip venmo. this is a way to avoid this. >> charlie and lisa, thanks. grit to see you. >> i'm so glad you brought this up i was going to say, i use zell now more than any -- there's a little bit of that trust element. it's in the app already. it's easier. it's not a second thing. i remember when it was launched and it was the banking system saying we're going to have our own version of this. and you think -- this reminds me of the electric vehicle legacy

analogy, they could never be te tesla, paypal. look at you and me and how much we use it and i hear it from other people >> i use venmo from time to time, but one of the things about venmo -- i know you can adjust the app, but you see all of what your friends are doing and there are certain friends who are paying for a lot of drinks or getting repaid for having to pay for the drinks >> you can turn off that setting but it does make for fund. >> i go private. anyhow >> i do, too up next, the massive market red flag why the consumer staple sector could be flashing signals. what our traders see after this. the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq like you ♪ ♪ ♪

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welcome back to "power lunch. the s&p 500 may be sitting at record highs but one of my next guests said one of its sectors is flashing a bearish signal welcome to both of you consumer staples, really, as a market gauge >> yeah. a bullish one. we're saying this is bullish for

the market the act and receiving consumer staples exemplifies how difficult it's been to bet against this market. so consider this, the tracking consumer staples ticker xlb has fallen to a multidecade relative low. its lowest value since the year 2000 yet only sits 4% off an all-time high. so, to us, this speaks to the broadness of the advance that even some of the worst underperformers are underperforming by rising at a lesser pace not by breaking down and why we think it's bullish for the market and why we think this bull cycle continues. >> you see strength. nancy, we spoke last hour with sam stovall who said we're overdue for a correction for a pullback and yet do you look at the market internals like ari and see strength ahead or signs

of exhaustion? >> yeah, kelly, i've been 100% wrong on this. we expected a correction starting six to nine months ago and we're yet to see one i think part of that is because companies have declared more share buyback than pre-pandemic. every time we get a sell-off the companies come in and put a floor under the stock. i think breadth has its positives. we were advocating for technology three months ago and that seems to have gotten a trade after relative underperformance unless you're an income investor, these things have traded like bonds. and so you get some appreciation but as ari rightly points out, you also are relatively underperforming those still performing well. we're trying to go look out further and see where we can add in consumer discretionary space because we do like the consumer here still >> and the return of corporate buybacks may be, once again, a

hallmark of this rally as it keeps defying expectations thank you both ari and nancy. head over to the website or follow along on twitter at trading nation sever the tether growing concerns amid regulators about the reliability of so-called stable coins we'll bring you the latest warning from the fed next. and now the latest from tradingnation.cnbc.com

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tethered is build as a stable coin, which means it's a crypto pegged to the price of the dollar, but it's raising some alarm bells at the fed kate rooney joins us, back in san francisco, with the story. >> reporter: hey, tyler, we have heard jerome powell and others

mention cryptocurrencies before a fed official calling it out a systemic risk. he was talking about tether in a speech on friday, the controversial cryptocurrency pegged to the u.s. dollar, and described it as a potential domino in short-term credit markets could easily be triggered, as they become the more important sector, nels -- making is a more stable stability to what's being marketed to the stable market. >> this digital currency has quietly risen to the third largest in the world mostly used by trait ors and on

exchange by some but it's also not backed 100% by dollars that was part of the risk potential that rodsen kranz talk about. tether is monthly backed by dollar leg assets, including short-term debt. according to jpmorgan. tithe ser now the seventh largest holder of commercial paper in the world maybe different countries are talking about digital currency what would that do to they i think more recently we've heard that it could really hit the stable coin market that you have

the thought is why would you need something like tether >> they sees it as the most liquid and easiest to use. so, you definitely have two sides to that argument we'll see, when you fed comes out, more details. we're expecting more information on this. kate, we miss you here on the east coast come back soon. >> you too, guys thanks let's look at shares of video, coming up more than 5% after broadcom and voice technology shall -- the deals are reviewed by uk authorities, but here in china regulators

will have to clear the transaction for it to go forward. the stock after gaining 53% this year, includes a 5% pop on the session. up next, one top economist says -- and perhaps another downturn as well we'll explain when "weluh" rern tus.por nc

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>> every day i see more evidence of inflation not being transitory, and i am concerned that the fed is falling behipped, and it may have to play -- and history makes you very uncomfortable if you live in a world where the fed has to play catch-up. >> normally we have a recession because you have to slam on the brakes >> it's an interesting point there seem to be so many people using word transitory and is a spasm, but remember two things inflation measures price change. what usually happens when inflation goes up, prices stay there. they usually don't come back down. >> i think for this year, the question is what happening in

2022 goldman sachs put out a note yesterday, where they think core cpi inflation will be and 2% by the end of 2022. if they're right, though, that's what the fed is looking at, saying especially knowing monetary policy -- that includes higher higher shelter costs i think they have to make their case as to would that should be true. >> and we're willing to settle for a hotter than normally rate for a while. mohammed put it well when do you take your foot off the accelerator so you don't have to hit the brakes too hard. i remember 1982 when the voelker

had to hit the brakes hard and it was a double dip. >> so he says it's just as much of a risk to let it run hot and then slam on the brakes. should we wrap it up, at least for this monday? >> he yes. thank you for watching "closing bell" starts now. and stye cool wherever you are. welcome to the closing ball. >> the dow, as wilfred mentioned, lagging today, on news that it's unlikely to secure faa certification for the jets under mid to late 2023. and energy is lagging as well all down sharply and tech knocks is the big win today.